AGM 2019

Jun 19, 2019

Slides

UNIDENTIFIED Chairman, it is now the scheduled time. Will you please take the podium? Good morning, ladies and gentlemen. I am Masayoshi san, Chairman and CEO of SoftBank Group Corporation. I'd like to thank you all for joining this meeting today despite busy schedule. I'd also like to take this opportunity to express my gratitude for your constant support to the company. With your permission, I will chair this meeting pursuant to the provision of Article 13 of the Articles of Incorporation. I will call the thirty ninth Annual General Meeting of Shareholders SoftBank Group Corporation to order. Please accept our apology from Director Yu Mar and Director Yashar Alumanya, who are not able to attend today for an unavoidable reason. Today's meeting is broadcasted live over the Internet. I appreciate your understanding. The agenda today is just as set out on Page three of the convocation notice of this Annual General Meeting of Shareholders. Before we proceed, I'd like you to note that questions or comments will be taken after reports on matters for protein and explanation on matters for approval. Now I'd like to report the number of shareholders present at this meeting and the number of their voting rights. The number of shareholders having voting rights at this meeting is 159,475, and the number of voting rights that may be cast at this meeting is 10,531,442. The number of shareholders present who will exercise voting rights at this meeting is 39,998, and the number of their voting right is 6,117,953. A quorum, therefore, exists to proceed. Now I'll report on the first matter for reporting business report, consolidated financial statement for the fiscal year ended March 3139, and the result of audits by the independent auditor and Audit and Supervisory Board of Consolidated Financial Statements and the second matter for reporting, financial statements for the fiscal year ended March 3139. Details are set out on pages from 21 to 57 and on 59 of the convocation notice and are also available on the company website. I'd like to present you a summary video on the matters for reporting. We'll ask for important management issues for the company on Page from 36 to 39 of the convocation notice. In addition to the video presentation, I will provide details later as part of explanation on business strategy after presenting matters for approval. Now let's see the video. So that is the presentation of using the VTO. The results of audit by independent auditor and auditor and supervisory board of consolidated financial statements are reported in independent auditor's report and auditor report by the company's audit and Supervisory Board on pages fifty seven and fifty nine of the convocation notice, respectively. Also, I would like to inform you of two important subsequent events that occurred after the preparation of financial statements for fiscal year ended March 2019. First, on June 10, SoftBank Group retired treasury stock of 55,753,200 common shares to increase the shareholders' value. Second event is related into a variable prepaid forward contract to sell shares in Alibaba Group Holding Limited between a wholly owned subsidiary of SoftBank Group Corporation, a mandatory Exchangeable Trust in June 2016, whereby the subsidiary delivered American Depository shares of Alibaba Group Holding Limited in settlement. Consequently, SoftBank Group expects to record pretax profit of approximately 1,200,000,000,000.0 yen including a gain on sale and a gain from reversal of derivative financial liabilities in its consolidated financial statements for the three month period ending June 3039. Subsidiary received €400,000,000 equivalent to the net proceeds received by the trust from issuance of mandatory exchangeable into American depository shares of Alibaba Group Holdings Limited, of which total offering size was USD 6,600,000,000.0. And that is all for important subsequent events. Now I would like to present the matters for approval. Before we proceed, I would like you to take note that your questions, motions or comments regarding the matters for reporting and approval will be taken after the presentation on the matters for approval and the business strategy. After the last question or comment is finished, we will take votes on matters for approval only. Are there any objections? Thank you very much. With the approval, we will follow this approach. Proposal one is appropriation of surplus. Details of the proposed appropriation are set out on Page eight of the convocation notice. We propose to pay a year end dividend for this term of 22 yen per share. This means the annual dividend for FY 2018, including interim dividend, is €0.44 per share. Proposal two is the election of 12 Board Directors. The terms of office of the present 12 Board Directors will expire at the conclusion of this Annual General Meeting of Shareholders. It is proposed that 12 Board Directors be elected. The details of the proposal are set out on the pages from Page nine through 17 of the convocation notice. Proposal three is election of one audit and supervisory board member. Of the present four audit and supervisory board members, the term of office of Mr. Moris Tsushi Toyama will expire at the conclusion of this Annual General Meeting of Shareholders. It is proposed that one Audit and Supervisory Board member be elected. SGB has obtained the consent of the Audit and Supervisory Board for this proposal. Details of the proposed appropriation are set out on Page 18 of the convocation notice. Now I would like to present the business strategy by incorporating the important management issues that are set out on the pages from 36 to 39 of the convocation notice. As I we show you on the video, our EBIT exceeded 2,000,000,000,000 yen first time. Amongst the EBIT, as you can tell, the blue portion that the SoftBank Vision Fund is the key driving engine for the EBIT of our company, My allocation of my time, allocation of my brain, I would say 97% of those are used for SoftBank Vision Fund right now intensively. In the net income, we were able to record over JPY 1,000,000,000,000 for three consecutive years. After transforming to investment company, SoftBank Group has a more important KPI rather than EBIT or net income, which is shareholder value, which is the equity value of holdings less net debt. That's one the most important KPI to show the value of our company. And this number is actually now 22,000,000,000,000 yen Per share basis, for your as for your asset, yen 20,500, so over 20,000 value there. Currently, shareholder is the share price is about 10,000 yen or so. Your share value per share right now built it in, that share is actually exceeding 20,000 yen That's the status that we've been seeing as a growth of the company. Especially in the past five, six months, I believe we see that especially rapid increase in our group. Here, we transformed to investment company, but what is the SoftBank Group? That's once again that we would like to question ourselves. To see the even more big picture, probably better to see the history. That's the thing that I usually think. That is why we look back to Industrial Revolution, and I want you to think about that. At the time of the Industrial Revolution, about two hundred or three hundred years ago, Industrial Revolution started steam engine, automobiles, electricity. So those Industrial Revolution happens everywhere in the world, especially these are the entrepreneurs led industrial revolution. As you can see the face photos on the slide, they are other one actually injected their motivation, injected their soul to bring such industrial revolution. For example, electricity. Mr. Thomas Edison established electricity supply system. Mr. Henry Ford, commoditizing automobiles Mr. John Rocahera, who provided steady supply of oils and Mr. JPMorgan, who supported the industry with finance. And the bank groups also supported the industry to see such an industrial evolution. So this industrial evolution led by these people actually changed people's lifestyle all over the world. And even in the revenue rankings, nine out of 10 companies, top 10 companies are occupied by oils, automobiles, electricities and so on. Most of them are from United States. Immediately after the industrial revolution, actually, the occupational structure wise, more than 60% of the people were people's occupation was agriculture. But around the Meiji Restoration era, about 90% of the labor population in Japan was in agricultural business. Right now, if you look at The United States, only 2% people are the agriculturals and probably 5% for Japan, so which means industrial evolution has changed people's lifestyle, also changed the definition of occupation. Labor population has been shifted dramatically. As a result of such a revolution, GDP has increased 260x during such 150. Majority are actually coming from those companies who led industrial revolution. Having said that, we are facing even bigger revolution than industrial revolution, which is information revolution. About twenty five years ago, Internet traffic has grown by 1,000,000 times. Just about the second, people's life could not tell or could not spend without Internet. And Internet companies are going public one after another, and the market cap of such companies in the same time has grown to 1000x, Especially in the latest ten years, these red lines is the Internet traffic, which is the information volume of Internet, and the blue lines are the market cap of the Internet companies. So you can see they are relative to each other. So they are showing the same trend of the growth. About twenty five years ago, top 10 of the market cap in the world saw these companies. Interestingly, only one company, which is Japanese, which is NTT, they were actually recording the biggest market cap back then. And IT related only IBM was in these top 10 companies only twenty five years ago. As of today, these are the top 10s of the market cap, of which seven companies, almost seven companies from the top, are the Internet related companies. And also, when you look at the market cap, number is completely different from what you have just saw in the previous page, meaning Internet has changed people's lifestyle, has changed equity market in terms of market cap. But this Internet has revolutionized only in two segments, roughly speaking. One is advertisement. The other is retail business. Amongst the GDP in United States, only 1% for advertisement and 6% in retail business. So Internet was actually influenced to these two segments. But actually, you see now AI revolution has been influencing all the segments in all businesses and also redefining all those businesses. That's how I believe right now. So AI, I think this is the biggest revolution in human history. Like Internet traffic, without intelligence, which is like raw data in the past. But now the Internet, AI traffic, that's added with the intelligence. This AI revolution, actually, as you saw those people, entrepreneurs led by lead the industrial revolutions. But now that here, we see that AI entrepreneurs are leading AI revolutions, and they are putting more efforts to further develop the business. So amongst these entrepreneurs, AI entrepreneurs, what is SoftBank's role? SoftBank Group, we don't develop the autonomous driving technology. We don't develop any AI technology, anything like that. Then what is the SoftBank Group? And I think I want to be the conductor. That's the kind of image I have. When I was a child, about first or second grade, I saw the conductor in orchestra. And I was wondering, what is he doing? Who is he? He is very strange position. He is not playing any piano. He is not playing any violin. He doesn't play any instrument, but he is standing at the center of the stage. Looks like he's leading or ordering pianist, guitarist, violinist. So he was the conductor. So he was like leading. But compared to pianist, can he really play piano? Can he really play better violin than him? He may not be able to play such well, but why he is leading those orchestra? He was very strange, and I was so curious about it. Conductor doesn't play any instrument. However, I'll see if we can see as if conductor plays everything. So although he is not playing anything, but he plays everything. What does that mean? When I grow up, I start understanding what that means. When you hear many orchestras, sometimes I go see a concert, look at on TVs and so on. Even the same songs, but the harmony is completely different. New World, the Dogo Sag, which is my favorite music, I like to hear that, and I will but based depending on the conductor, harmony is different, sound is different. So conductor doesn't play anything, but actually, he plays everything. So only by one person, songs changes a bit largely. Like Steve Jobs, he wasn't programming by himself. He wasn't designing hardware hardly. However, he was able to aggregate and lead designers, programmers to create iPhones and so many great products. For me, I want to be the conductor of AI revolution. So those top players, top pianist, top violinist, cellos, all boys. So those top players, I want to help them orchestrate the AI revolution. So players in orchestra is actually the entrepreneurs or experts in each segment. For example, autonomous driving, that I think we are the rideshare is coming. So sharing the rides, so without you driving, you'll be this is like an advanced platform of taxi, which is growing rapidly in the world. And per day, about 70,000,000 riders on this business, so it's rapidly increasing. And about 90% of the market share is taken by these companies you see on this slide. Those four companies, such as Uber in United States, DG in China, Grab in Southeast Asia and Ola in India. So those four companies are actually taking 90% of market share. So what is common amongst those four are that they are invested by our SoftBank Vision Fund as the leading shareholder. WeWork, New way of office sharing in new world or also proposing a new working community space, again, making a rapid growth So that working community has been redefined by this company, OYO. This is the largest one of the largest hotel network in India. And now just in one year, they became second biggest hotel network in China only in one month one year. And this year, in United States, in U. K, in Southeast Asia, that they are growing their market worldwide. And they will be becoming the largest hotel network in the world. This, again, is the investee of SoftBank Vision Fund. Paytm in India, it's like a PayPay in Japan or Alipay in China. So this they are also the leader in payments in India, and they changed the payment process in lifestyle. Coupon in South Korea, they are like Amazon in South Korea. They are also making great growth. So if I pick up one by one, I think I want to spend forty eight hours, but still I will not be able to speak everything. I'm so excited to see such great investments in such great companies. So every week basis, I have a chance to meet them and also meeting with new investees. But every time we have a meeting, I'm so excited. Oh, that's what you're doing. That's completely new business model, completely new products. They are using AIs in new angles. So that makes me so surprising. So their angle is really new with young generations, young entrepreneurs coming into the market. So I'm so impressed. And there, we have SoftBank Vision Fund as a big sponsor and becoming the largest shareholder and also show that this is the one in the world. This is the one in the market. So that if you have some partnership with this company, you may be able to have a better business, better company. So they can stimulate each other and they can grow each other in synergies. So if we introduce them, each other, they start talking by themselves, and they are so motivated and excited. So actually, it's the strongest and strongest partnering together and actually harmonizing the music. Has become a strategic holding company, as you know. And what we can say strongly is that we are focusing on Information Revolution. And Information Revolution started with PC, and we started selling wholesaling software. And once Internet era began, we entered the market, and we started broadband business to speed up the Internet. And by talking to Steve Jobs, we got a deal to sell iPhone exclusively. So we started growing in smartphone space. And now AI is most advanced in technology space. And at the beginning of AI revolution, we launched SoftBank Vision Fund over 10,000,000,000,000 yen Well, when Internet revolution started, I wish I could have invested more because I knew the Internet revolution I saw it clearly. However, what I missed was cash. I didn't have cash. So unfortunately, I missed a lot of opportunities, investment opportunities because I didn't have enough cash. Well, sometimes, I was able to afford investing in Alibaba and Yahoo! For example. But I wish, if I had more money back then and if I had 10,000,000,000,000 yen back then, if SoftBank had had 10,000,000,000,000 yen back then, the SoftBank could have been much better than we are now, but I don't want to make an excuse. So this time, without any excuse, I will make sure that we will grab every opportunity comes up. So what does it mean? Capturing every opportunity. I loved fishing when I was a kid. And instead of catching fish one by one, why not cast a big net over a river or over a stream? Together with my friends and brothers and cousins, we got a lot of fish by casting a large net. So likewise, there are plenty of tons of venture capitals in the world, And we are investing venture capital one to one. They are investing. And last year, they financed 8,600,000,000,000.0 yen That's all our venture capital investment combined last year. And what we do is only by ourself, we make investment with only one fund. We want to invest as big as 10,000,000,000,000 yen not just 8,600,000,000,000.0 yen by all venture capitals altogether in the world. So unlike traditional venture capital, what we do is to not to invest in start up. Rather, we invest in businesses that are likely to go public and companies that are absolute one in a specific market or specific country or specific space and what we call unicorn companies. We focus on those unicorns. That's what we are hunting. Maybe you may call us as a unicorn hunter. So we have a specific theme, and we have a large volume. Therefore, we find it easy to create synergies. We create and provide synergies. That's our theory. But unless you make money, there's no point to make an investment. Like I said earlier, there are tons of venture capitals in the world. The annual average return is about 13%, thirteen % annual average return of a typical venture capital. But we, only one fund, has a 10,000,000,000,000 yen skill, too big. So some people may assume that the return of SoftBank Vision Fund should be much lower than 13 percent because SoftBank Vision Fund overinvested or just invested in much larger companies or overvalued companies. But in the last two years, not 13%, but we reached 45% return annual return, IRR, that is, 45%. For Vision Fund investors, common stock and preferred stock or 7% effect rate distribution is being provided to SoftBank Vision investors SoftBank Vision Fund investors, rather, and LPNET blended IRR is 29%. For those of you, you are shareholders of SoftBank Group. So from your perspective, the return to those SoftBank Vision Fund investors, get a performance fee. So including that performance fee, how much SoftBank shareholders have made in terms of money, which is probably more relevant to you, SoftBank shareholders? That's 62%, net equity IRR. So 1.6x bigger in the first year and 1.6x and 1.6x more growth in the second year. So all venture capitals include or combined, we delivered a much bigger return than all venture capitals in the world combined. Vision Fund investors are happy. And SoftBank Vision Fund one will be ended pretty soon, I believe. And they expect us to establish SoftBank Vision Fund two, so we do one by one. Once Vision Fund one, yen ten trillion investment is all used up, We will move to Vision Fund two. And SoftBank Vision Fund one investors, most of them want to join SoftBank Vision Fund two be here. So we will start discussing with them more in deep. Two years ago, when Vision Fund was launched, we didn't have experts in investment. Before SoftBank Vision Fund, in the last eighteen years, SoftBank invested in Alibaba and Yahoo, but we were not experts in terms of investment. But rather, it was like my hobby, if you will. By that, what I mean is I made a decision mostly by myself, and I used probably a couple of assistants to make such an investment. And Yahoo! And Yahoo! BB and Vodafone Japan. While we are running those businesses, when we have when I had spare time, like 3% of my time, I used time for investment. That was eighteen years ago before SoftBank Vision Fund. But now it's not my hobby anymore. We have a group of experts, and I spend 97% of my time and brand, rather 3%. And over 400 investment experts are working investment, and it's likely to be over 1,000 employees going forward. What we make is, like I said earlier, SoftBank is conductor and Uber, Didi and WeWork and all of those companies are the players of the instruments. If that's the case, What we do is to make sure that they play the music happily and make sure that audiences come to see the music. I will retire eventually, and my directors and executives will retire eventually. But looking at this Vienna Philharmonic Orchestra, their conductors has changed many times and players have changed many times, but they have over two hundred years of history. And in that history, even though the players have changed and the conductors have changed, the ecosystem of Vienna Philharmonic Orchestra has survived two hundred years. And I assume I expect them to continuously thrive for another two hundred years and more. And what we want to make is ecosystem, not a conductor or not a player of music. We want to make ecosystem by making investment in those potential investees and generating synergies with SoftBank Group companies. We want to create ecosystem. Over fifty years and one hundred years, a tradition and brand should be established. And tradition and brand, once ecosystem is created, even three hundred years later, that ecosystem remain fresh because it preserves tradition and brand. It's not going to be obsolete. So what is SoftBank Group? I said, I questioned. My answer is SoftBank is not just creating a technology or creating a service offering. Rather, what SoftBank Group does is to accumulate aggregated technology and business models created by those music players, if you will. And SoftBank Group is center of orchestra. So SoftBank Group is not playing music but playing every music as an orchestra. So I launched SoftBank as a business. And SoftBank Group works to turn over vision into reality. That's my motto. Saying is easy. So intelligent people might say words, say things. It's easy to say things. You can say anything you like. You can complain or you can say anything. But doing things is not easy. Saying things is easy, but doing things is not easy because there are a lot of challenges you have to overcome. You can make excuses, but in harsh reality, there are things you have to say. There are things you have to think. There are things you have to have. From my perspective, that is a big vision or big dream. Japan misses is a big dream, I think. Mr. Konosuke Matsushita and Soichiro Honda and Sony's founder, Morita, So they talked big. So they said that they wanted to be the big richest guy or our motorcycle will be the best in the world. So they talked big. So they were like crazy, and they talked big. But I think that was a motivation for Japan to become big. But now looking at Japan now, it's very restrained and a lot of business leaders are hesitant and negative. But I think what Japan needs is talk big and having a big dream. In Japanese, it's, say, Obora, and it's in English, it's a big vision. It sounds very positive. Obora in Japanese actually sounds negative. It's dubious. But when you say big vision, it sounds cool, so cool. But I prefer Oboro, which may sound very dubious. But looking back in 02/2004, actually, in this particular place, room, back then, I made an ober or I talked big. And I asked my team to find a video of what I said. It is just a big dream. Please take it as my big dream. If I can achieve recording JPY 1,000,000,000,000 or JPY 2,000,000,000,000 of sales in my 40s, then I would further aim for recording JPY 1,000,000,000,000 or JPY 2,000,000,000,000 of profit when I hand over the business in my 60s. Well, but it just is a big dream, just a dream. Do not take it too seriously. Well, that I said at 02/2004, yen '1 trillion, '2 trillion of profit. I said that. In fact, we lost 100,000,000,000 yen back then. Four years in a row, we made red. We lost 100,000,000,000 yen But I told I said to shareholders, eventually, please be patient. SoftBank will become big. We will do this. We will do that. And they talked, explained our strategy to shareholders back then. And shareholders will say that, okay, okay, but when did you make a profit? When did we see share price going up? And I said, like in the video, well, I talked very honestly. So it was a big dream. I know that I talked big, but that was what I thought in my mind, honestly. But now, fifteen years later, in this room, like I said earlier, in three year consecutively, we recorded JPY 1,000,000,000,000 profit. Back then, I was glad that I was not kicked off. So I have been talking big since I was younger. In the first month of my business launch, I had only two employees. And in front of those two people, we made a morning huddle or morning meeting. At nine in the morning, I spoke for about thirty minutes. I spoke passionately. I said to them, to people, to employees, so let's make ourselves 50,000,000,000 yen in five years and in ten years, yen one hundred billion. And eventually, let's make 1,000,000,000,000 yen 2 trillion yen of profit eventually. Do you know a shop of tofu, yeah, toffee shop? Tofu or count of tofu is Cho. And when they count tofu in tofu shop, they count one Cho, two Cho or 1,000,000,000,000 or 2,000,000,000,000 or 1,000,000,000,000 in Japanese is Cho, and count of tofu is CHO. So I try to make some correlation. So when you count tofu in Japan, we count tofu one CHO, two cho or in English, I would say 1,000,000,000,000, two trillion when you count TOFU in Japan. So but joking aside, I would say that we should count our profit by trillion or CHO, like we count the tofu by CHO, so 1,000,000,000,000 to 1,000,000,000,000. Those two employees were like, they lost their speech. And in one week, they left me. They left the company. And I was alone by myself, and I learned a lesson. I thought that maybe I shouldn't talk big that often. Maybe in once in thirty years, maybe I can talk big. So I try not to talk big for another thirty years. So in 02/2004, in a room here, I talked big. And in 2010, June '20 '5, I explained next thirty year vision. So like we showed you a video, we wanted to count our profit by trillion, yen 1 trillion, 2 trillion, but rather not just 3,000,000,000,000 but we want to make it 30,000,000,000,000 Our SoftBank Group, at the moment, market cap is about 10,000,000,000,000 yen And your shareholder value is about 20,000,000,000,000 yen I believe. But in twenty years later, compared to we launched the next thirty year vision ten years ago. So in twenty years, like after thirty years of next thirty year vision, we want to count profit by trillion, not by 1,000,000,000,000 or 2,000,000,000,000 yen 1 hundred trillion 2 hundred trillion yen We want to count our profit by 100,000,000,000,000 yen 2 hundred trillion yen So if it's 100,000,000,000,000 yen 2 hundred trillion yen just 3,000,000,000,000 yen would be rounding error, just margin over error. That's what I want to say in thirty years. I'm getting excited as we speak. Well, I know it's running over time, but again, I'm getting excited. So market cap, it was JPY 2,700,000,000,000.0 when we announced the next thirty year vision, and we were equivalent to 200 in world rank. And we said that we want to make our market cap up to JPY 200,000,000,000,000, then we should be ranked in top 10 of the world. That's what I said back in 2010, from 2,700,000,000,000.0 yen to 200,000,000,000,000 yen in thirty years to make it happen. What kind of growth rate we should achieve yearly, that's 15%. At this moment, we have been growing 16% per year against 15% per year we should achieve. That's performance achievement. So the more we talk, the more we believe that we can do it. So we should put ourselves into the corner. You can't go back. Say no matter what it takes, we should do it. That kind of split you should have to make things happen. So people would say that you'd go bankrupt and you'd be heavily indebted. And I would say that we are borrowing money for growth. We are investing for growth. That's how we have been doing business. But we delivered results. That's what we have to do, and that's what a winner can do. So against 15% per year target, if you will, we have been achieving 16% per year growth. And from shareholders' value perspective, it's 22% per year, not 16% year. So every year, we have been growing 22% from shareholder value perspective. So share price should come. Eventually, shareholder excuse me, share price should follow. So in theory, So the more bills you have in your wallet, the value of the wallet should grow accordingly. And if you are confident, you feel happy. And when you talk big, it makes me happy. So 200,000,000,000,000 yen if you said 200,000,000,000,000 yen the share price tomorrow or the day after tomorrow. It's not a big deal. Well, I'm sure the shareholders want to ask a sort of question about share price and dividend. But why don't you dream big? So again, just a big dream. Please don't take it seriously. But my dream is serious. Anyway, our market cap has been growing. And Vision Fund is a driver of our growth. And I spend 97% of my time in Sprint as put in Vision Fund. And at this moment, about JPY 3,000,000,000,000 is the value of SoftBank Group's investment. And blue part, SoftBank Vision Fund, of JPY 10,000,000,000,000, 3 trillion yen is invested by SoftBank Group, which has been growing. But assume, suppose that, let's say, SoftBank Vision Fund won 3,000,000,000,000 yen and assume it's not promised or it's not confirmed with the finance, but suppose that SoftBank Vision Fund II has same size of investment made by shareholders or your money. Suppose we put up equivalent amount of money, which is 6,000,000,000,000 yen altogether. And if this 6,000,000,000,000 yen grows 62% year on year, if you grow 15% annually, you should hit 200,000,000,000,000 yen in twenty years. But a part of that is Vision Fund. And if you look only at Vision Fund, and if we can grow 62%, it will be tremendous. Maybe starting from 6,000,000,000,000 yen like this, start small six, This is the starting line. This is money in hand. It's so small, but it's just by scale. By scale, it's so small, but it's small because the later part will be big. Again, let's say, 62% growth. 62% is too good to be true. Maybe you should go more conservatively rather than 62%. Let's say IRR is 35%, not 62%. So if we continue to grow for ten years, IRR 35%, then it will be 20x. So 35% continuously for ten years, it will be 20x. And next ten years, the remaining twenty years of thirty years, next thirty year vision. The first ten years, thirty percent IRR excuse me, the first ten years grew 62% IRR, and next ten years, maybe not that high as 60% IRR. And let's say 35% IRR the next round, 20x. And if it's 26 rather than 35%, it will be 10x. And 20 times 10 is 200x. It's scary, actually. That's the magic of compound growth. So for ten years, 200x. JPY 6,000,000,000,000 by 'twenty, horrific number, yen 1,200,000,000,000,000. Japanese GDP is 500,000,000,000,000 yen so more than double. It is supposed to be a huge, big talk. And so everybody thinks that is going to be too much. Well, there will be such investment opportunities. We are going to possess those shares not only for as long as twenty years, some of them going to be sold out. And so maybe a 1,200,000,000,000,000 yen is too much figure to talk about. Well, instead of 26% 26x, For example, IRR stays at 19% for the period of twenty years, 3.33x. So 200,000,000,000,000 yen So it is in the order of 100,000,000,000,000 and 100 to 200,000,000,000,000 This is a logic, and it is not ungrounded calculation. So you should not take it too seriously. This is not a business plan. It is just a big talk. So you have to take it and give it a discount, but at least, at least, it may be possible that we will be able to achieve this target, maybe 6040%? Well, before the Vision Fund or SVF for the past twenty years, forty four percent increase every year. For eighteen years, forty four percent. And then for the most recent in twenty two years, sixty percent. So if you look at my track record, over 40% in growth, that continued. So into the next twenty years, it will be possible that 19% could be achievable. So this is supposed to be a hypothetical argument, but at least we will be able to be prepared for that scenario to come. This is a big talk, big vision. And based on that big vision, we have the strategy to deliver that vision. Now I was only talking about monetary matters in the order of trillion. Now it may be too much to talk about. Now you may think that I'm a vulgar swindler. So I will not go into all the details anymore. The money is also very important, and the shareholders' value is also very important. But at the same time, money is the result of the business activities and strategy. We are not born for the sake of money making. That is not true. Money making is important, but it is the life is not simply determined by moneymaking. More than that, rather, the information revolution we are promoting, we would like to offer happiness to people. That is our ideal, and that is the vision, and that is the driving force of the creation of this company. So we came up with the next twenty year vision and starting from the very first thirty year vision. So this new thirty year vision is a serious vision. I think years ago that I was talking about the possibility of realization of brain computer in connection with the next thirty year vision. The progress of a computer is accelerating and exponentially growing. Now when it comes to number of transistors, it would go beyond the number of new rooms, exceeding the €30,000,000,000 And it was expected in 2018 that number of transistors will exceed 30,000,000,000. And in fact, this was materialized one year ahead of our expectation. And this growth is continuing. Now not only the number of CPUs, GPU, GPUs and quantum computing, there will be different ways for the acceleration of hardware and AIs to make use of the hardware is going into further grow in the form of brain computer. AI on its part and for its part is going to be the biggest important point. Now in the near future, that in the following years, we started to talk about the singularity. The same story. The computers are created by human beings. The computers with intelligence may go beyond that of human beings. So it is going to be a super intelligence. That's what singularity means. What will be brought about as a result? Not only the next thirty years, but going beyond those years within the frame of three hundred years, the life expectancy may go may reach two hundred years in three hundred years' time. And for that to be achieved, AI is going to be further developed in many forms, and it will be able to give solutions and to issues that human beings were not able to solve. And with this vision, the SVF started to make investments. So for example, Gaudend is one of such envisioning companies. The blood is being tested so that the cancer can be detected, and that will lead into the prolonged life expectancy. These technologies are going to come one after another. And as a result, in thirty years' time, that the life expectancy is going to be expected up to two hundred years. And then the coexistence with intelligent robots, That is something we were talking about in those years, coexistence with intelligent robots, which was expected and anticipated. And SVF, for its part, is now making investment in companies that are creating and developing intelligent robots. And that and the big data in those years are going to be embraced in the cloud computing system, and they are going to be served as our assets, and everything is going to be connected with the Internet. And we acquired ARM, and in this way, that we opened up the world ourselves to the world of 1,000,000,000,000 chips in IoT, audio byte dense that the life that is going to be personalized will be able to be materialized. And the life with the safety food can be provided by Plenty, for example, and then no accident world will be realized with the support of autonomous driving. And we are making a series of investment in that area. And diagnostics of DNA will further promote a world where sad stories and sad deaths are going to be eliminated, and we will be able to usher in such a new world. In other words, we may be grateful to anyone else, but without thinking about that, SoftBank and SoftBank Group and our family companies will be able to bring solutions to every aspect of people's life. And this is something we would like to envision to materialize. As I mentioned earlier, we are talking about the mandatory order of 1,000,000,000,000, 10 trillion or 100,000,000,000,000. But what is more important, at least for me and my any return for my work is that many people in the world will be able to lead happier life. And my company and our company may be involved for in such effort. I hope that our company will be able to share a certain portion of happiness with them, and that would give my utmost pleasure. For shareholders, the shareholders for me are the comrades who share the same vision by owning our shares, my company's shares, you will also devote yourself into offering happiness to the people around the world. And that's what is the goal that we will devote ourselves to. This is what SoftBank stands for. That is my best answer to that question, information revolution happiness for everyone. Thank you very much. UNIDENTIFIED Now again, I'm very happy. I would like to take your questions, motions or comments on the matters for reporting approval or any statement you want to make on the deliberations. If you have any questions or comments, please hold up either sheet of paper, blue or pink, that we handed out at the entrance so I can see it. If I call upon you, please state your admission card number only, not your name. Please be concise in making a statement by keeping to the point. Also, you're kindly requested to ask only one question at a time so we can give you a chance to as many shareholders as possible. We appreciate your cooperation. Are there any questions or comments? My number is 687. I believe in singularity or I call myself singularitarian, if I may. The concept of singularity, Return acceleration, the concept of return of creation, the speed of technology advancement should grow further. But looking at smartphone and devices, I'm not sure about further enhancement of the performance going forward. And I know that Masa is a big dreamer and Masa is a conductor. And if you could give me assurance about singularity. REPRESENTATIVE:] Yes. Thank you for your question. I have a strong conviction. We are it's speeding up. It's speeding up. Or when PC was born from eight bit CPU to 16 bit CPU and 16 bit to 32, and people might say that 32 will be the maximum. CPU won't enhance further from 16 to 32. That will be the end, many people would thought. FloatOS 123 is enough with 32 bit CPU. But after that, that is growing exponentially. Internet is growing. Traffic is growing exponentially, like I mentioned earlier. Or CPU has and will evolve. Maybe GPU, GPU or hardware may be different and software may be different, the Python and everything. So new technology comes in, and they evolve in different ways. But as we as they grew and, of course, deep learning has just started, and Doctor. Matsuo of Tokyo University will become or should become our Board member going forward. And again, we're at the beginning. And I'll ask Doctor. Matsuo to give us a few words later in this area. But as far as I'm concerned, this is just the beginning. AI is just beginning. So Vision Fund has great opportunities. And as far as I am concerned, this is the gold rush of investment. So the growth should be continued exponentially. That's my answer to your question. On this side, with the pink card in the front, is my number. The reason why I became a shareholder was that I respected you, Mr. Son. So just a few words of my gratitude. As a shareholder, I'm making I enjoy the profit. And thank you very much for the introduction of a share split scheme. As a shareholder, forward, I will be able to provide full support to your efforts. Thank you very much. Mr. Son and all the Board members, I hope that you will be in good shape so that you will be able and to skillfully manage the company. Thank you very much. Well, I hope other questions are going to be like that. And person with a pink sheet, please, over there. In the G row, my number is 2006. When I was 23 years old, I start a company, a natural energy related business, and I feel privileged to see you and talk with you in person. I have one concern. In company in America, for example, in you want to get your company registered in Delaware or in Ireland, and they would often try to save taxes. But you are registered in Minato World in Tokyo. You are a global conglomerate merit now. And in order to make sure that you grow further, I wonder if you have any idea to save tax payment or if you have any plan or idea how to save your tax payment. Well, it's a balance. It's important to strike a balance. V SoftBank was born in Japan, and Softbank has been supported by people in Japan. And we want to return to people in Japan. That's very important for us. And contributing to Japanese society is very important, too. In the meantime, global investors do things under global rule. Legally, they can save taxes legally. That's, of course, a smart way. And as far as our investment fund is concerned, there are a lot of investors in our investment fund. So we need to pay attention to capital efficiency, and we want to pay attention to contribution to society. That's the balance we have to make when we run the business, SoftBank Group and SoftBank Corporation and Yahoo! Japan, who are paying a lot of taxes. We will continue running operations. And as far as we can do, as far as we are legally allowed, we want to seek a way to save payments. And tax can be tricky. Sometimes, timing difference takes place. Year or next year, which year we should recognize the profit, we have a lot of discussions actually. And depending on timing, we might be seen as missing payment of tax. But what we have to pay, we will pay. But under the framework of legal rules globally, as far as the investment in outside me, outside Japan, we can do within the legal framework Column A with the blue card, the third row, two seventy nine. Now as an investment firm, there is a new launch. The amount of investment is related to my question. What is supposed to be the criteria to determine the amount? I would like to ask this question of you. Now according to your past comments, about the 30% is supposed to be the size of the return that you would expect from making investment. So I think according to your past comments, that's what you mentioned. But depending on the situation, well, the ratio is going to be varied, larger or smaller. But when it comes to Alibaba investment, I think that the JPY 2,000,000,000 in initial stage and in the case of Yahoo! JPY 10,000,000,000. So there were some different numbers in the starting stage. And 30% is supposed to be the return number. And that's what you have mentioned. But when it comes to WeWork, I think it is closer to 50%. And that's what is supposed to be your aim. So the investment amount or the percentage of investment, they all differ depending on the company you make investment in. Now how what is the criteria for the decision? Is it supposed to be the SoftBank or other partners or the investees? And within this kind of process and the timing of a sell off, in the case of Indian e commerce company, for instance, going forward, I think it is expected to grow. But that said that you made a decision to sell it off, and then you are now enjoying a huge amount of profits. And what is the criteria for the decision? Now NVIDIA was sold off. And what is the reason for the timing? In general terms, 10% until 40% on average and to 20% to 30% is supposed to be the investment ratio. Now we are supposed to be a principal investor in 80% to 90% in cases. The amount depends on the company. And the amount of investment is supposed to be determined by the level of excitement that we may have. And then also, there's going to be a the posture of the investee. So it is going to depend on the two factors. On average, about 20 to 30% is supposed to be the rate of shareholding. And we do not seek taking full control on the investee. So we do not seek to gain 50% equity. Now with regard and to the timing of sale, it depends, as a matter of fact. If we would like and to purchase the company and the management believes that the company needs to be sold off, we do not force them to do so. But the management team of the invest, I mean, for example, Flipkart, the management of the Flipkart. On that occasion, Walmart and Amazon were the two potential buyers. And through the process of negotiation, we decided to sell it into Walmart. And the employees and the management team were willing to work in collaboration with Walmart so that they could expect synergetic effects. And so we also agreed to that idea. In the earlier stage already, as far as we are concerned, we are confident that we will be able to determine the fair amount of returns. And there are also other investors. The majority of the investors have to consent to that initiative. And therefore, it is important to hold majority of shareholders to agree. And then when it comes to our position, 20% or 30% equity holding. And so when the company is going to go listed and depending on how the share prices are going to be, and we also look into the future prospect and IRR, that means the potential return on our investment. We have to make sure that the return is not going to come down. When the company goes mature, we may decide and to sell that kind of a company. In fact, we have some other figures or criteria, and I will not go into all the details. So that's the balanced approach that we take. So in D row with a pink card, please. Okay. Number, 453. My son loves you. In fact, we visited the headquarter of your company. We knew that we were not allowed to enter, but we wanted to see you by chance. Of course, we knew we wouldn't see you. But we went to a shop. And because my son thought that you might be working at a shop, in fact, that's how much my son loves you. And my son is five year old, and he is going to a lot of clam schools, and he is busy studying. And he's wondering what kind of things that he has to learn, and he's too shy to ask you that question. So on behalf of him, may I ask you what he should study going forward for the future, for his future? REPRESENTATIVE:] Well, when I was a kid, well, what most interested me? What most excited me? So interest and excitement. If you go deeper in your interest or your excitement, I think it's very important. And if your interest might be bugs or trains or mathematics or English, whatever. So what you're interested in most, I think one important thing is to go deeper in your interest area. And also, balance is important, too. You may want to study varieties of things in good balance, not just only one thing. On top of that, if I may, you want to think, what do you want to be when you grow up? You want to be a businessman? You want to be athlete? You want to be a scholar? If your son might say that he wants to be a businessman, maybe it's too early. But Tiger Woods, just one year old or two years old, he said he wanted to be a golfer, and he practiced every day. Whether it's a skating or piano at the age of two or three, in many cases, they started having a vision as early as age two or three. So it's not too early to have a dream. So maybe even though he's young, too young, having a specific dream. And so long as you have a specific dream and so long as you have a passion, you will find a way. And you will find what you want to study, and you will get excited and you will get motivated. In traditional Japanese education, so business may sound negative. It's just money and money is something dirty. I don't think so because what Japan needs now as entrepreneur for Japanese future, there are a lot of challenges around the pension system and everything. Unless country is rich, unless country grows, people in that country can't have a dream. So I think it's a good thing young guys, young boys and girls who say they want to do business in the future. So hope that your son will have one or two dreams, very specific dreams that will find your son way? Sixteen oh one. Thank you for limisons. This is supposed to be a big issue. Going forward, we are going to have the Tokyo Olympics and AI revolution involves human power and the first retailing and SoftBank and the shareholders have to deal with the museums. And the museums, if it is going to be contracted by people, that wouldn't have a negative impact. So inoculation is important. And so there should be two ways for the subsidies to be provided. And those male, the men in the 40s and the 50s need to be provided the free of charge coupons and to check the condition. And the coupons can be provided, excuse me, to make an investment. Sorry, Sago san and Professor Matsuo san belong to this age category. And for the pregnant mothers, I'm sorry to intervene. I could ask a question please ask a question related to matters for deliberation. The Snake Farm, which is a Thai hospital, offers such a subsidy for inoculation, vaccination. And that the if you're going into make the vaccination, so I think the company needs to take countermeasures and to prevent the outbreak of measles. So let's think about it. REPRESENTATIVE:] Okay. I want see a female questioner. My number is +1 021. Mr. Son, how long will be CEO? I think that's very important for SBG. It's very big thing. It's a big deal. So up to 99 years old, I wanted to stay on top. You can do it. You can do it. And once you become 100, you'll retire and enjoy your life after retirement as you become 100 years old. I am 75 years old, and I will continue coming here every year for another thirty years. Please, please stay on top until 100 years old. UNIDENTIFIED Thank you very much. At the age of 19, I made a fifty year life plan. And from 60 to 69 years old, I should take over to successor. That was my plan. That was my plan. When I become 68 or 69 years old, I might think that I might change my mind. And if I stay healthy and I still feel energized, I may change my mind. But at this moment, until the age 69 take over, I have someone to succeed my role and have a company continue growing. And even though I pass my button of CEO role to somebody else, maybe I may stay as Chairman, not as a CEO. So it's not all or nothing, but maybe in a different role or maybe step by step, I might succeed or I might have someone to succeed my business. Because still, I am enjoying running a business. So I will continue thinking how I should have my business succeeded. And but I'm grateful that somebody like you are supporting me. Thank you. UNIDENTIFIED REPRESENTATIVE:] So on this side, with the pink card, in the third row, B column, the microphone will be brought to you. And after that, in the backside of the room. And my number is 639. I'm a big fan of SoftBank Hawks. And this year, the Hawks are suffering from a lot of injuries, And I'm somewhat concerned about the outcome that the manager, Kudo, is such a skillful manager of the team. And thanks to his skillful management, HOXA is competing against the top position. That really gives me a big pleasure. And then in this regard, I would like to ask make one request. On TV, that I was enjoying the SoftBank Hawks games on MX, but there are no ball games aired on TV, only games with the giants. So going forward, that information revolution happiness for everyone, that's his motto. So I hope that the SoftBank will be able to purchase a TV station or at least a collaboration with the TV station so that all the Hawks games are going to be aired on TV. And in fact, when I was young, I went to the TV station to purchase one, but I was rejected. So I abandoned my ambition. I have no plan at the moment of purchasing any TV station. Our ball games can be seen on the smartphones. All the games can be seen and enjoyed. Dazun is one of them. I also enjoyed Dazun to see ball games. So in many ways, I hope that a lot of people will be able to enjoy our games. Thank you very And someone on the back are J. Rowe. Fifteen sixty eight, that's my number. Sprint and T Mobile, I heard a report that merger of Sprint and T Mobile is facing a deadlock at the moment or facing a challenge. So Masa, could you tell me your thinking about business in U. S, mobile business in U. S? When we acquired Sprint, back then, we couldn't say officially. But on Day one, we wanted to or even though we acquired Sprint alone, Sprint was far behind the top two giants. So we thought that Sprint standalone was not enough. So if we were to buy business, telecom business in U. S, we should have both Sprint and T Mobile together and made them real competitor to other two giants. But Deutsche Telekom, we were able to convince them, and we agreed with the management of T Mobile and Deutsche Telekom. But in the first trial, The U. S. Regulator didn't approve. In the second trial, which is we are now, we are trying to get approval from the U. S. Government and U. S. Regulators. And in order to get approval, we need two commissions: one from FCC and the other from DOJ. From FCC, thankfully, we got support from FCC for our merger idea. But DOJ, they're still considering. It's in the process of discussion with DOJ at the moment. Hopefully, we should get approval from both regulators. And we have Marcelo here with us today. And Marcelo is Chairman of Sprint, and he took over me. And he has been working so hard to talk to DOJ and FCC and other parties. So he is leading discussion. Maybe I should ask him to give us a few words or maybe share with us his thought. UNIDENTIFIED An honor to be here. Is probably one of the most important mergers in telecom history because it will allow The U. S. To continuously lead in technology, lead in five gs. We feel very optimistic that this merger should be approved because we've made some very big commitments, such as building the world's most advanced five gs network, lowering the prices to consumers, making a commitment to bring more jobs and covering all of The United States. So based on that, we feel very good that the Department of Justice and the other government officials will eventually approve the merger. So in conclusion, we continue to dream big, and we believe we remain very optimistic. Thank you. UNIDENTIFIED Thank you, Marcelo. Like he said, well, in fact, in our presentation, we talked about the Vision Fund, and we have Rajiv, who is CEO of Vision Fund. Maybe I should ask him to give us some updates on Vision Fund. What do you think? Thank you, Masa. The Vision Fund looks like it's been there for a long time. But if you look back, we are only two years old. We started investing May 2017. And as Massa mentioned, we have 75 unicorns. We still remember Massa raising $100,000,000,000 in May 2017. We had 40 employees in January. We are 400 today. So Massa already put a number of 1,000. So we are trying to keep up with him. The last conclusion I would give, the Vision Fund is not a fund. It's a holding company, as Maso said, with a few investors, SoftBank being one of the largest. It has 75, 80 amazing companies, all unicorns from around the world, India, Japan, China, Europe, Latin America, U. S. And Southeast Asia, 70 5 to 80. When we meet in a year's time, we'll be over 100. So it's a holding company, which is an umbrella of the most successful technology companies. As of today, it is the biggest platform of technology companies. And I believe in a year or two, there'll be roughly 150 technology companies under the umbrella. And some of them will be as big as $100,000,000,000 like Uber, Didi, ByteDance in value, And some would be small, but it'd be all interesting companies in every industry in the world. Thank you. [SPEAKER UNIDENTIFIED So it will take time to have all directors to talk with you. But Yanai san, Mr. Yanai, who always gives me hard time, I'm sure you want to ask him a lot of questions. Well, I knew you would call me up. So I always object Masa because Masa is too bold, too bold and too aggressive. I try to stop him, control him. But in fact, he gets bolder now. He gets more aggressive because you are so supportive. It's good to have a dream, but you also want to be realistic to run a business. Well, you see, he's always like that. Well, today might be a bad day because you get so confident now, so confident and too confident. So shareholders, please, please control him. Otherwise, he will get he go out of control. He go out of control. UNIDENTIFIED Mark Schwartz, he's been supporting us for a long time. How many years? Twenty years? And I'll definitely want him to give us a few words. Mark? UNIDENTIFIED Thank you, Masa. As many of you know, I'm stepping off the board at this time at this AGM after twenty or twenty five years working closely with Masa and Ron Fisher and Miyoshi san and this whole Board. As you've heard in this let me stop and As you've heard in this discussion today, this is perhaps the most exciting moment in SoftBank's history. The company is healthier than it's ever been, and we're more optimistic about our growth and the opportunities to invest around the world than we've ever been. So I feel honored and privileged to have worked with all of you over the last two decades. And I'm looking forward to many more years working with a number of companies in the portfolio of the Vision Fund. I thank you very much. Mark was CEO of Goldman Sachs Japan and also Vice Chairman of Goldman Sachs globally. And since then, we have been working together, and he has been a great supporter for us. And we really appreciate his continued help and support. He won't be a Director anymore. But going forward, the investees of our Vision Fund like WeWork directly or indirectly, he will continue to get involved with us. So it's not saying goodbye to him forever. Rather, he will continue working with us. So again, I can't call upon old directors, but rather new director, Ijima san from Mitsui Corporation, he has been supporting us for the last twelve months, and I might ask him to give us a few words. Yes. I was elected last year as a Board of SoftBank Group and have been attending SoftBank Board meeting for the last twelve months. And you are so charismatic, and I assume that you would lead a Board of Directors meeting with your charisma. But as you can see, all the Board members, so it's so open, especially Yanhai san. He keeps saying no, no, no. And Mitsui Corporation's Board meeting, we spend a lot of time to find a solution. So you basically, we haven't heard a lot of no's at Mitsui Corporation's Board of Directors meeting. But SoftBank investment amount is much bigger than Mitsui's amount of investment. So I have been attending Board of Directors meeting with some nervousness and with some seriousness. So my experience is a little bit different from Mitsui, but rather depending on cases, depending on situations, I thought that I should say no sometimes. But again, all I can say clearly that the Board of Directors' discussion is very open and honest. So I believe that SoftBank's weak vision, Masa's weak vision will be materialized. See, it's not easy because people say whatever they say. I think it's important to create an environment where people can talk openly and honestly, and it's better to have a healthy discussion, healthy dialogue. That's how the governments should work. Well, we spend a lot of time. And any motion you have? Guy over there with PINK? UNIDENTIFIED 02/1957. It is not a motion to criticize the current situation for the benefit of shareholders. Propose two, Ronald Fisher. The total amount of remuneration is €200,000,000 And from SoftBank, and I calculated with my device, million. So when it comes to Mr. Gon, that he was criticized for high remuneration over billion euros And I think this is supposed to be too much in my view. I wonder if you agree to me. This amount should be used for the dividend payment. And proposal number one, as President Sun was talking about the dividend payment, 22 per share. Now if you calculate the dividend payment ratio, that it is as small as three point something percent. I think that when it comes to the banking institutions, over 50%, yen eighty for Cannon and 110 yen for Niktetsubusun. So as for your company, instead of 3%, at least it should be raised to 30%. The payout ratio should be around that. Instead of 22 yen $2.20 yen that should be the amount of the dividend. And that would give more pleasure to the shareholders, and the shareholders will be more ready to support your efforts. Do you agree? Thank you for your support. So $2.20 yen should be the amount of dividend payment. It is a kind of a comment instead of a motion, in my view. When it comes into round fishes, remuneration and compensation, I think there was another Board member, Nikesh, whose compensation was much larger. In Japan, when it comes to high compensation amount, there's always a criticism. It is too much there is such a criticism and a lot of complaints are launched. But in outside of Japan, there are some directives with a much higher compensation amount. As far as I'm concerned, what is most appropriate is that to what extent each director is making contribution to the increased value of the enterprise. And that is supposed to be the most important benchmark. Another important factor is that we have to attract competent business leaders. And it is a very competitive market, adding Nykesh as well as Ron Fisher. And there was a huge criticism lodged against Nykesh. But in The United States, for example, these days, another CEO of a company, and he is assigned into the CEO of another company. And I recently met him, and he was in good shape. I think the amount of compensation in the current company is almost equivalent to that we offer to him in SoftBank. So those competent business leaders are living in a very intensifying and competitive market. And Marcel and Rajiv, when they were running their own companies and working in other companies, I think the compensation amount was equivalent to ours or more than that. So in the viewpoint of those business leaders, including Ron Fisher, I think he is also he was also working in other fund firms, and they were invited he was invited to such investment companies. But for many years, he has been staying in the company to making good contribution and to improve the profitability of the company. Therefore, I think balance is very important. But at the end of the day, what is most important is that what kind of a contribution does that figure make in order to make improvement in the enterprise value? And that is supposed to be the most important criterion. What do you think? It's naturally difficult to speak about one's own compensation, but let me try to explain the context of the amount that was reported. About five years ago, Sohnson and I had a discussion about compensation, and I chose to put all of my major compensation into SoftBank stock so that I took very much lower cash compensation because I believed in SoftBank. And that turned out to be the right decision. So five years ago, the SoftBank stock was, I thought, undervalued and was able was prepared to bet and invest my time and effort because I believed in the future of the company. And it turned out to be the correct bet. Five years ago, when the SoftBank stock was undervalued, he proposed that cash value should could be low could be small. And instead, that he asked for the stock payment. And then in five years' time, the stock value increased, and that is reflected on the current status of his compensation. Even if cash was paid in full amount, I believe still that he was worth valuable value to us. Thank you very much. About proposal one, dividend payment, motion was moved. And we will take a vote later together with other proposals. Are there any objection for this approach? Well, now that some time has passed, I will take three more questions before moving to taking votes. So somebody with the pink card in the A row. Please try to be concise, please. Six eighty two. Well, this year, I purchased again SoftBank shares. I had before, and I added shares. And price has been going down, and I had other things I wanted to talk about today. But Masa talked about 02/2010. And back then, I was at the AGM. And I remembered, well, you talked about talking a big and big dream. And you I realized you had an ability to make dream happen. I'm so convinced now. I knew that you were great and have been respectful for you. And I purchased your shares again, and share prices have been going down. So I forgot about what you said back then, and I got more upset now. But now I remember you were you had ability to make things happen. So not a question, but like we saw the video of 02/2010, And I was there. And again, I realized you have such an ability. And Yanai san is outside director. And now I know that Yanai san is also supportive. So again, I feel more confident than before. That's what I wanted to say. You have a motion. Rest assured, my compensation monthly payment is cash. And I convert my cash into SoftBank shares, everything. I didn't know that. I didn't know that. I am a shareholder like yours. Just want to say. Rest assured, rest assured. So I'll make sure I put the leash on him. I don't know if it's JPY 200,000,000,000,000 or not, but I think I'm confident that we can get closer to that. We are in a good position. That's for sure. But if it's too much, you will fail. So be careful not to fail. Thank you. Thank you for your assurance. I didn't know Yanai san is shareholder. He spent his compensation for SoftBank shares. I'm so happy now. I'm so excited. And maybe you can he can say more no to me. In the rear rows, in Column J and with the PIN card, Please raise your card. I shall be brief. 1159 is my number. First, now when it comes to Japanese companies, it is not usually the case. And so I would like to invite your comment on the following topic. AI revolution, which you were talking about, and you mentioned that you would be committed to that goal. And on the other hand, when it comes to the intellectual property, it is getting out of the company, and the national wealth is thus being lost. And from fifteen years ago, I have been talking about this, but any complaints and the Japanese government as well are not being committed into this issue. And how do you view this situation? Japan is going to lose its power going forward into the future. How do you view this situation? Or Mr. Son, you are now working, going beyond the national boundaries, So you are not care you do not care much about the loss of national wealth. Is that your the position right now? And just one question. And the investment in Sprint, I think the amount of sales is basically the same as SoftBank, but the investment amount is basically the same. And in connection with Huawei, that investment is not going to be recouped properly. Is there such a possibility? Now with regard to the national wealth loss, I don't know which specific cases you're referring to, but at least as the business leader and entrepreneur, I am fully devoted into the business of SoftBank Group, and that is supposed to be my mission and my task. So only to that, I'm going to be fully committed. Now in my personal capacity, for example, that traditional scrolls or the writings of former revolutionaries. It is part of my personal hobby to collect them, those writings and scrums. But in the official capacity, I am only committed into the Vision Fund and the SoftBank Group and business, and I will further be committed into that task alone. Now as for the Sprint, Marcelo, do you have any comments on this? MARCELO So as we've been very public, we believe that throughout because of the merger, the Sprint investment will end up being a very good investment in the history of SoftBank because of the amount of the synergies that will be realized after the merger with Sprint and T Mobile. So we believe it's going to be another record investment for SoftBank. Thank you. The last question. Motion? Okay, motion. So be nice to me, please. Eight thirty four. On Proposal one, I would vote against about the dividend. Shareholders would lose 20.315% for sure because of the tax. So rather than dividend, share buyback should be better. When the share price goes down as low as JPY 6,800 at the end of last year, for example, you would want to repurchase shares. So dividend, you are still growing, so you'd rather put dividend money into for further growth. You want to go for another three hundred years, so paying out a dividend or managing our dividend on compound basis. I would rather give up a dividend, and I would want you to continue investing without a dividend. That's why I vote against the dividend for proposal one. I think completely opposite motion of the last motion. So three, against the vote on proposal one, whether we should take as planned or increase dividend or no dividend. So three choices now. So I will take we will take the vote later eventually. Is that okay to take that approach? We will ask you three choices later. So now that we answered to the last three questions, I'd like to move on to taking votes on matters for approval. Are there any objections? REPRESENTATIVE:] So let's take a vote on Proposal one, appropriation of surplus or dividend payment. So approve as planned, as proposed or increase or no? So how should we take vote? The first, propose as is. All those in favor, please applaud. Thank you very much. The proposal has received a majority of affirmative votes and has been approved in the form proposed. With regards to motions, the motions were rejected because we received the majority of affirmative votes on the Proposal one, and it's been approved in the formal proposal. Thank you. I'll take a vote on Proposal two, election of 12 Board Directors. All those in favor, please applaud. Thank you very much. The proposal has received a majority of affirmative votes and has been approved in the form proposed. I'll take a vote on Proposal three, election of one Audit and Supervisory Board member. All those in favor, please applaud. Thank you very much. The proposal has received a majority of affirmative votes and has been approved in a form proposed. Ladies and gentlemen, this concludes today's agenda, and I accordingly declare the 30 closed. And now I'd like to invite new elected Board member, Yutaka Matsuo, up on the stage, so he will give you a few words. Doctor. Matsuo, please. Thank you very much. My name is Matsuo, now Director of Board. In Tokyo University, I specialized in artificial intelligence and deep learning, has been advancing quickly. And in the areas of electricity, car engine, semiconductor and Internet, I think we are in the stage of a huge evolution, biggest in thirty years. In fact, it's bigger evolution than Internet. I think artificial intelligence and deep learning would have an impact on more industries. And I have an opportunity to get involved in SoftBank Group, And I am looking forward to be a part of SoftBank Group's evolution. And I hope that I can contribute to shareholders' value and growth of shareholder value. And your continued support will be appreciated. Doctor. Matsuo, thank you very much. Lastly, please allow me to show you another short video before you leave. Please remember the thirty year vision. Thank you very much for your attendance today. Sorrow is inherent to the human condition. Since the beginning of time, humans have sought to overcome sorrow. Some have turned to religion. Others have sought solace in philosophy or art. Now we see a different solution, And we the world. In the someone, somewhere on the other side of the planet can shed a ray of morning light. A technology developed in one country can solve a problem in another. A brilliant idea on one side of the globe can turn despair to hope on the other. Information technology generates an attractive force between people, ideas and thoughts, a force that drives our destiny and that tells us we are not alone. A force that brings people together and sets us free, overcoming barriers of nationality, age, race, language, time and space. We believe that this new force will help us cure disease, fill education with excitement, eliminate war and live in peace. Ever evolving technology and the ever changing value of human love. Together, we'll open the doors to a new century of happiness and joy.