AGM 2018

Jun 20, 2018

Slides

is now the scheduled time. Will you please take the podium, Mr. Son? Good morning, ladies and gentlemen. I am Masayoshi Son, Chairman and CEO of SoftBank Group Corporation. I'd like to thank you all for joining this meeting today. I'd like to take this opportunity to express my gratitude for your constant support to the company. I'd also like to offer my deepest condolence and sympathies to those who have been affected by the earthquake centered in Osaka. 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 eighth Annual General Meeting of Shareholders of SoftBank Group Corporation to order. Please accept apology from Director Yasser Aumayan, who is not able to attend today for unavoidable reason. Today's meeting is broadcast live over the Internet. Appreciate your understanding. The agenda today is just as set out on Page two of the convocation notice of this AGM of shareholders. Before we proceed, I'd like you to note that questions or comments will be taken after reports on matters for reporting and explanation on matters for approval. Now I would 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 198,404, and the number of voting rights that may be cast at this meeting is 10,887,813. The number of shareholders present who will exercise voting rights at this meeting is 48,575, and the number of their voting right is 6,006,849. Quorum, therefore, exists to proceed. Now I will report on the first matter for reporting business report, consolidated financial statements for the fiscal year ended March 3138 and the result of audit by the independent auditor and audit in the Supervisory Board of Consolidated Finance Statements. And the second matter for reporting financial statements for the fiscal year ended March 3138. Details are set out on pages from 25 to 59 and on 61 of the convocation notice and are also available on the company website. Now I would like to present you a summary video on matters for reporting. As for important management issues for the company, on Page from 40 to 43 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. So please have a look at the video. Thank you very much for your attention. The result of audit by independent auditor and Audit and Supervisory Board of Consolidated Financial Statements approved in the independent auditor's report and audit report by the company's Audit and Supervisory Board on Page fifty nine and sixty one of the convocation notice, respectively. Also, I'd like to inform you of one important subsequent event that occurred after preparation of financial statement for fiscal year ended in March 2018. On 06/04/2018, ARM Limited, a British subsidiary of SoftBank Group Corporation, agreed to sell 51% of its equity interest in Chinese subsidiary, ARM Technology China, for USD 7 and 75,200,000.0 to entities representing certain financial investors and certain of ARM Limited's ecosystem partners in order to form a joint venture for ARM Limited existing semiconductor technology IP business in China. In SoftBank Group's consolidated accounts, ARM Technology China will no longer qualify as a subsidiary and will then become associate and will be accounted for under the equity method. Potential impact of that on SoftBank Group's financial results of the fiscal year ending in March 2019 is yet to be confirmed. That is all for important subsequent events. Now I'd like to present the matters for approval. Before we proceed, I'd 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 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 your approval, I will follow this approach. Proposal one is appropriation of surplus. Details of the proposed appropriation are set out on Page six of the convocation notice. We propose to pay a year end dividend for this term of JPY 22 per share. This means that annual dividend for FY 2017, including interim dividend, is 44 yen per share. Proposal two is election of 12 directors. The term of the office of the present 10 directors will expire at the conclusion of this Annual General Meeting of Shareholders. To further strengthen the management structure, we propose to elect 12 directors and increase by two from the current number of directors on board. Details of the proposal are set out on the pages from seven to 14 of the convocation notice. Proposal three is revision of remuneration paid to directors. We propose that monetary remuneration paid to directors shall be set at an amount not exceeding 5,000,000,000 yen per year, and the remuneration of stock acquisition rights to be allotted to directors as stock options shall be set at an amount not exceeding 5,000,000,000 yen per year. Details of the proposal are set out on the pages from 15 through 17 of the convocation notice. The number of directors subject to this Proposal three is 12, provided that Proposal two is approved. Nature of stock acquisition rights to be allotted as stock options are believed to be reasonable as an incentive to enhance the performance and corporate value of SoftBank Group Corporation. Proposal four is issuance of stock acquisition rights as stock options. We propose to delegate to the SoftBank Group Corporation's Board of Directors the determination of subscription requirements for the stock acquisition right issued as stock option to directors, corporate officers and employees of SoftBank Group Corporation and its subsidiaries. Details of the proposal are set out on the pages from 18 through twelve twenty twenty two, sorry, of the Complication Notice. Now I'd like to present the business strategy by incorporating important management issues that are set out on the pages from 40 to 43 of the convocation notice. When I was 19 years old, I made the first invention in my life. This was the audio electronic translator. And later on, that has been changed to the electric dictionaries, which has been used by the students all over the world, billions of billions of units. And the first, very first one of that was invented by myself when I was 19 years old. And I made a trial and also applied for the patent and put it into the market. If there is no such first invention, I believe that there will be big delays in the birth of the electric dictionaries and so on. But then I was student, I was full of hope, and I made such an invention. But that was that's just one of the many of the great invention in the world. But later on, a few years ahead, what did we do in SoftBank? What myself did I do in the history? Or what did I invent? I will say this one, this one of the very important things is something that I make a verse to the world, and I want to be remembered by that, which is cross sell one strategy. So this strategy, there are many things that are similar to this. The many group companies, Congo Marriott, Raibatsu, so there are many ways to name it, and there are many groups of such. But this is the SoftBank way of class of No. 1s. And I believe there is no such things in the world. As on a limited company, a limited public company, believe that this is the new style, so new approach of the company's way. Since I would like to keep growing for three hundred years, and this is a strategy to keep the company growing for three hundred years. And recently, at the earnings results announcement, I've been explaining about this strategy several times. So you may be familiar with this idea. But once again, here, I would like to make a little bit of a deeper explanation about this strategy. SoftBank as can be seen as one of the star in the sky. And around this star or around the SoftBank, there are lots of other stars around SoftBank itself. So that there are many group companies around us, such as Yahoo! Japan, Alibaba, Sprint. There are so many companies is around us, of which the most growing one is, for example, Alibaba. Around Alibaba, of course, there are many stars around that company. And around that stars, again, another stars around that stars. Yahoo! Japan is also the same. So there are such many group companies are increasing. And we have Mr. Jack Ma, while his busy schedule, attending this shareholders' meeting. Thank you, Jack. And he's made a great company, and the company grows in a tremendous way. I believe one of the biggest listed company is Toyota in Japan. And I assume Toyota, Nissan and Honda, all combine three together, and that will be the same size or the same equivalent size of Alibaba now. In your usual life, you may not really feel that size, but that's how the Alibaba became. So one business or one company that each of those stars has not been able to grow, Some of them are not grown yet, but actually, they are making a step by step growth. And also, they are making another partner stars. So they are creating the clusters by its own. So when you look back, there are three big revolutions in human history. First one was agricultural revolution. With this revolution, human were able to enhance the food. Second was the industrial revolution. With that, human were able to enhance the physical strength. And the third one is information revolution. I believe this one, information revolution, will expand the intelligence or human's brain, and that will be the biggest revolutions in human's history. In this revolution, of course, that we have seen about three hundred years of the industrial revolution so that I believe that this information revolution will also last for over three hundred years. So when you the reason that I come up is this class of one strategy, there are one thing that I referred to, which was the origin of the life. About four billion years ago, on this earth, there was a first life came a bird, which was bacteria. So such a variety of the bacteria was born in this world and bacteria burn another bacteria so that actually, underworld that there are so many bacterias around us. And those bacteria was making self multiplications. So by itself, they are creating their own children's and so that they'll be able to increase by themselves. So this self multiplication function was there in bacteria. That is why bacteria were able to make a big growth in the world. If there is no such self if there is only a function of self multiplications and if only bacteria was the self multiplications organ, then there was no such evolutions of human life. There's another very important element in this life, which is the self evolution. So the function with this function of self evolution, bacteria was the very start of this birth of the life, but that has made a big change. For example, about two hundred million years ago, dinosaur came to the world, and they became the big life and also was very powerful in this world. And later on, not only with these dinosaurs, but now there are so many variety of the life is living in this life in this world and making a big growth here. So along with the change of the environment, like stars clashing to the stars and so on, that or sometimes iceberg age has changed to the another age. And but at the same time, those life has survived and make an evolution. That was very important functions for people to continuously grow. In this world, technology world, especially in this information revolution era, this evolution and also the change of the environment is very dramatic and fast. In the past thirty to forty years, there was remarkable change in this area. You saw in the video about the examples of ARM, but the microprocessor was the starting point. And using this microprocessor, when I was 19 year old that I invented the audio electric translator, but the biggest invention from there was personal computer. With this personal computer, there is a big change in human's life. But not only the personal computer, but there was a connection between personal computer, and that comes the Internet. And this prosperity of Internet was not stays there, but actually making another step and coming to the artificial intelligence so that you will see the even bigger explosion of the change. So at the time of personal computer, there is many superstars around the world in the business, such as Microsoft, Intel, IBM, Compaq, Dell. There are so many superstars in PC world, and some of them has already been gone, and we don't see them anymore, but some of them are still surviving. But actually, the main player is now changed to the Internet from personal computers era. In this Internet area, new stars coming out like Facebook, Google, Amazon, Alibaba. So there are new superstars are coming to build. So the top 10 of the market cap in the world, if you pick them up, from one to seven companies are actually Internet related business companies. That's the kind of situations that we are here. And I believe this growth of Internet will even make a further growth as a next step, which will make the another birth of the technology, which is artificial intelligence so that, that will change the people's life even dramatically. And there, we believe there will be another new stars, superstars, who come into the birth in this artificial intelligence era. So in this with these superstars, not only utilizing the traditional business models of Internet, not only replacing the old media to the new media, not only taking away the advertisement revenue from the traditional business or not only providing the e commerce, But also, this artificial intelligence can go into the medical world, transportation world, construction world. So there are so many segments, so many world that they will be able to change the business model of such segments and make big revolutions in each. So in the past thirty to forty years, there was already big changes with this industrial revolution. But there, with this dramatical change, how can SoftBank survive in this world? Not only surviving, but how can we even grow from here. And I made a big thinking and study and come up with this strategy, which is the cluster of one strategy. This is the way of organization. With this strategy, I believe SoftBank Group will be able to keep growing for three hundred years. So that's the organization that I would like to create in SoftBank. So like I mentioned earlier, the function of life, which includes self multiplications and also we would like to make a self evolution. So with those two functions, we would like to bring them into the organizations of management itself so that we can keep growing. So not only multiplication, but also evolution, and we automatically expand ourselves and grow. So I would say almost creating or almost evolutions, but that's the kind of a strategy I am aiming for. So it's a big picture. And we'll see how we're going to which direction that we are going. That's very important. And there are two big characteristic of the cluster of one strategy. So we always like to promote the one strategy. I one of the person I respect most, two of them are there. Sun Tzu is in Chinese history and Mr. Lanchester is mathematics. And they were talking about win or without pining or strategy for the strong. So those are the two big concepts that we would like to keep it as our pillar of our strategy. There are many battles even every day basis, but rather not to bleeding and fighting. But if we can win without fighting, that will be the most ideal way from the concept of Sonsu. But in many cases, you do a lot of business in the group, but you only ranked at two or eight or 10 in the market. And your competitive edge is cannot be kept. So not with those companies' structure, but within a group, everybody, all the companies that I want them to be one in each segment so that we would like to structure as a one company so that we are always very competitive and strong so that creating the organization of one, so cluster of one. That's the strategy that I am having here so that we don't have to save those companies that became weak because they are already strong so that we don't have to help them. Because without win fighting, they can win the game anyway. And also another important concept is that when we structure these one companies, usually, many people thinks that we would like to keep the control ownership so that we can manage the company so that try to make the company 100% wholly owned subsidiary or more than 51% of the ownership so that we can consolidate companies so that we will be able to manage this operation as our group companies. That's the one of the way the transitional business was thinking as a better solutions, a better strategy so that many traditional people try to get more than 50% of voting rates so that we will be able to manage the company and we can structure the good group company structure. That was a traditional ideas way. But however, actually, I doubt that whether this is the really right concept. And actually, I rather think that we believe around 20% to 30% of the ownership should be the way that we can be more flexible and more appropriate for organization. For example, here, Jack, about year February, I believe that we start discussing. And back then, Jack was already was back then about the employee of 20s or 30s, but the ambition was like already taking the world. And he was really making a shiny eye then talking about the big streams and ambitions and visions and also have a big concept there as well. But the company was small back then, and the revenue was almost zero and non profit. And back then, I was speaking to Jack and say, Jack, I would like to make an investment in your company, but the condition is that if I said that I would like to take a 51% control and not having Alibaba company name, but I would like to change the company name to SBBaba or something like that. If I said that to him, I believe that he has rejected right away immediately because each individual has a pride as an entrepreneur. And you have a big vision of yours and big ambitions as well. So with those high ambitions, entrepreneurs asking to come to our group and asking for the more than 51% of the ownership, and you have to take my orders. If I said that, if I have said that, I definitely think that Alibaba wouldn't be our group companies, and they never take away money, capitals. When it comes to 20% of 30%, then they could consider. Jack was considering and accept that idea. So there was such a discussion. So with that, we were able to have partners with great concept or great entrepreneurs such as Uber, Didi, WeWork recently. So there are many companies has been invested by SoftBank Vision Fund recently. And if we have said, please let us invest in 50% more than 50%, then I would say anybody would say no. But because it was 20% or 30%, it was easier to consider and accept the idea. And always, it's not always at good days. Sometimes the company could go matured. Then they need to graduate, of course. And at the time of graduation, if they have already the company, have SB something or SoftBank something, and if we keep more than 50% of ownership, that will be another issue as well. So divesting will not be easy as well. We may need to and if we fail, we don't have to get too big damage from there, too. So that's why that I believe 20% to 30% of ownership is easy to bring in and easy to divest as well. And also, as a number one a class of number one strategy, we always like to keep the shining stars and number one stars in the group. That's the organization that we would like to create. That's the SoftBank way of class of one strategy. And this style, I haven't seen anywhere in the world, especially in this information revolution era, intentionally making such an organization, I believe that we are the first one, and I never seen the similar one or the same one in the other place. So that's why that I said this is my invention. That is why I said this is unique. New things or unique things, it's really difficult to get the understandings by the market or by the people, and it may take longer time to be digested. But it's not that I am doing this for to get their understanding, but I am doing this to win the game. I am doing this to succeed. And I believe understanding will follow anyway. So that it's not that I am doing this because it's easy for you to understand, but I am doing this to succeed. I am doing this to win. And also, am doing this to keep the growing growth for three hundred years. And I believe that people will understand, and I'm optimistic that they will understand in a way. So that's how I think about this strategy. So this strategy or the concept of strategy, we made some examples. One is that domestic telecom operation, SoftBank Corp, mainly from SoftBank Mobile, is now preparing for the independence and to make even further growth going forward. And of course, they are the one of our core company, but we are preparations for IPO of this company. Decision making will be done by them. And Ken Miyao ji, that attendance here, he's been with me for about thirty more years and has been playing as two of this company, and he will be the CEO of this company. He has he is the CEO of this company, and he will lead even further growth of this company. And Sprint, of course, we suffered a lot in United States, and we made lots of challenges. But originally, it was almost bankrupt. But with Marcelo's leadership, we were able to make a big turnaround of this business. And even with a stand alone basis, Sprint can become the stronger companies to even survive. But actually, as a next step that they are now agreed reached an agreement for the merger with T Mobile US and waiting for the regulatory approval in United States. So these two companies' new stage, new direction announcement was made so that the SoftBank is now no longer a telecom business company. It's not really our core business. Many people thought that our company's main business or the core business is telecom business. But actually, in the past history of thirty five years of SoftBank Group, telecom business was only about ten or some years. Rest of twothree of our time, we had nothing to do with telecom business as a matter of fact. Because SoftBank's business style has been changing, and here, once again, in this information revolution era, I would like to make these transformations of this class of one strategy, which I have been thinking about it about thirty years. So right after the launch of the business of SoftBank, actually, I've been having this concept. And now that I would like to come to this idea and make this happen. In the past ten some years, I've been focusing on this telecom business so that almost all the time allocated and all the brain time allocation of my brain and my body and everything and hurt, about 97% of me has been devoted into the operations of telecom business. Only about 3% of time in my brain has been used for the investment business. Then only this 3% of time in brain, we made about 20,000,000,000,000 yen of the results, as a matter of fact. But with only 3%, we were I was able to make such a result. So that why don't we switch the gear and 97% of my time and brain using for investment, then that we will be coming back to the original ideas of SoftBank, which is C Class Job one strategy. And also, we will be able to accelerate the growth of the business itself. So that with that, we came to this SoftBank Vision Fund, which is the most biggest fund in the world. It's like a 6,000,000,000,000 yen if you combine all the venture capitals in the world. In the SoftBank Vision Fund, only one fund, actually, the 10,000,000,000,000 yen sites. So that even combining all the venture capital in the world, actually, we are bigger than that. And not the startup companies that we are investing, but we are investing in unicorns, and they have the big potentials of already the one players in the market, and we're making investments from there, and we set up one year ago. About 30 companies have become our investees. Speaking of venture capital, on average, I think JPY 1,000,000,000 or up to JPY 2,000,000,000, that is the amount of investment. But in our case, on average, JPY 1,000,000,000 for one company, one investee. So the site itself is completely different, only targeting unicorn companies. We are a unicorn hunter. For instance. WeWork, I think several years after its launch already in the market last year, JPY100 billion revenue. This year, I think it is going to double in terms of revenue. So it is growing so rapidly. Next year, another double. So this company is ready to become next Alibaba, and this is such an expectation I place on it. And it was captured in the video presentation. In India, number one payment company. This company is ahead of us. For example, Alibaba made a huge investment, and it is supported by Alibaba already. And then in several years' time, through a Vision Fund, SoftBank decided then to participate in the equity of Paytm. Alipay, in the case of Alibaba, made a leading role in the world in the area of payment business. And Paytm is going to follow this trend. It has experienced a rapid growth. Now OYO is another case. It is another wonderful company. I really would like to introduce this company to all of you. The founder as of today is only 23 years old. It is amazing. He is so powerful. Only as young as 23 years old, 19 years old when he was 19 years old, he founded this company. So only four years have passed, but it is exponentially growing. Per month, The booked rooms nights on average, about 10,000 rooms increase every month. So it is the biggest player in hotel business. It owns about 100,000 rooms. And in addition to that, OYO is being supported by us in the form of a joint venture. OYO China, it is also exponentially growing. I think per month, the number of rooms net growth is going to continue at the pace of more than 10,000. It is not a travel agent business. It is a hotel chain operator, next generation hotel chain using the Internet service. So that's how this business is. And European number one used car wholesaler and platform auction business, it is also growing rapidly. And turning to The United States real estate business, residential real estate sales platform. It is also growing so rapidly. I think and soon, this is going to be listed. Another one, I think this is something you rarely know about, Food Truck Alliance. In fact, this business is a truck business, Uber. Truck drivers are invited into the trucking truck business platform and so that any business request or shipping request can be made over the platform. And the truck driver is connected with the order placement person. And in this way, those two parties can be combined together on the same platform. So in a new era, this serves as Uber or Didi of a trucking truck business. And all of a sudden, this has gained over 90% market share in China. Three close to 3,000,000 truck drivers are already captured in this network of platform. This is a wonderful company. I think I do believe this is going to be a big company to grow. And it was also touched upon in the video presentation, rideshare business. I think it was quickly referred to Uber, Didi, Ola and Grab. All those players are the top rideshare business operators in the world. SoftBank, in fact, is the largest shareholder of those companies. So there is a global network of those players with SoftBank as the leading investor. The revenue on the annual basis of those companies is over JPY 7,000,000,000,000, and it is growing in the twofold every year. And the volume itself is going to get closer to that of Amazon. Amazon and Alibaba have the market capitalization at the amount of JPY50 trillion. But in the area of ride share business, I think the market size of those companies is going to grow equal into that. We are all the largest shareholders of those companies. And the 35,000,000 rides on a daily basis. What is important in this business is that you own a car, but instead of owning a car, it would be convenient for you to use the ride share service, and it is cheaper to do so. In fact, if you run a taxi, you may pay more than just owning a car. But compared to a taxi service, it is more convenient, it is less expensive, and AI is used in order to predict where the car should be sent. So for example, in New York, Washington, D. C. And Chicago, it is cheaper than owning a car. And this is the result that has already been demonstrated. And the situation is the same in China. And going forward, those rideshare operators are going to advance into the autonomous and driving world. Now autonomous and driving business, for example, General Motors, which is the largest OEM in The United States, we are partnering with GM. And GM's subsidiary, Cruise, we are a shareholder of this company. Allow me to show you the video footage of this cruise without a driver without the driver, as you can see in the video footage. Now this is a vehicle, which is self driving, and you are in that car, and this is an actual demonstration. This video footage is captured from the driver seat, and but it is driverless. So as you can see, if this car sees spots a pedestrian that it stops and then that they're looking around and so that it is going to overpass the car, preceding car. And at the crossings, As you can see that being careful and even the construction site, there will be a judgment made by the AI. And this double lines, this is the area you should not overpass, and you can see a fire engine parking in the front. So if you have to ignore some of the traffic rules, Otherwise, you can't overpass the fire engine. So that means artificial excuse me, the human brain makes a judgment instead of just complying with the traffic rules. There should be a kind of a judgment. Otherwise, you will keep stopping behind the fire wrenching. The AI is used in order to make such judgment. It is already available. Going forward, in the near future, it is going to be commercialized. And then you will see those autonomous driving cars and vehicles on the street. So progress is and it will come to you. And in every area, we have those number one companies, and we are 30% to 20% shareholder of those companies. And those companies are helping each other in order to have more organic growth. And that is what the cluster of number one strategy is. I may be repeating the same message, and sorry about that. I hope that you have understood what I'm trying to say. Now for shareholders, you may be somewhat tired of this kind of a talk. Probably they are more interested in the market excuse me, the share price of the company. And there were some questions that I received in advance, and there are many of them. So I have categorized them into such groups. For example, 50% of them are concerned about the stock price trend. And there were about 50% of the responses were related to the share price. Well, three hundred year business, that would be okay, but most of the shareholders are more concerned about the immediate two years. Let me touch upon share prices now. Talking about stock price, which is very, very realistic, but I'll try to talk about share price, which is probably most relevant to you. Take a look at the picture of the wallet. This is a wallet, obviously. And how much would you pay for this wallet? This wallet, of course, has a worth of this wallet, whether it be plastic or leather. The wallet itself has a certain value and worth. And more than that, the money inside the wallet might be more important than the wallet itself. If the wallet is plastic made, but maybe what's inside of this plastic wallet might be more and more important than the wallet itself, like how much of money inside. Let's say this wallet has JPY100000. You know the wallet has JPY100000 inside. And if we were able to pay this wallet at the cost of JPY100000, knowing that hundred thousand bills are inside a wallet because you know the JPY 100,000 bills are inside a wallet at the cost of JPY 10,000. But if you don't know how much money is inside of the wallet, so how much would you pay for this wallet without knowing how many bills are inside? The stock price of the SoftBank is kind of wallet that you don't know how much money is inside the wallet. So let me talk about what's inside of the wallet. Let's say, now you don't know how much inside the wallet, but let's say that our wallet costs at 8,070 yen 80 70 yen 8 thousand and 70 yen Well, actually, that's the closing price of our stock yesterday. Per share, SoftBank per share at the closing last night was 8,070 yen You all have our shares. And per share, the stock price was 8,070 yen as of yesterday. So 8,070 yen So how much money is inside of the wallet worth 8,070 yen In fact, only Alibaba share has a worth of 13,999 yen So Jack Ma is here. So you should appreciate Jack. So you have about 14,000 yen worth in the wallet that you paid for at 8,070 yen But inside the wallet, you have 14,000 worth of Alibaba share. On top of that, Sprint, it's worth about JPY 2,166. Likewise, Yahoo! Japan, JPY eight twenty excuse me, $9.22 ARM, JPY 2 thousand 4 hundred and 70 1 and others, 700. On top of that, Vision Fund and Uber, Didi, all in all, you can add 3,000. That means per share, you have cash equivalent or listed shares or cash equivalent worth TWD 3,000 per share. That's how much worth a share has. But wait a minute, Mr. Son, you have a huge debt. Well, you have asset, 23,000 worth, but you have to deduct debt. Of course, you have to deduct debt. And how much you have to take out? Per share, 8,954, you have debt. And you may say, wait a minute, 23,000 minuteus 8 thousand 9 hundred, how much left? That's real shareholder value, which is about 14,000. Of 23,000 minuteus debt, you have a share value, net share value at 14,000. Net shareholder value is 14,000. Okay. Thousand is bigger than 8,070 or smaller. That's a simple math. You don't know how much inside a wallet, but the wallet cost 8,070. But what if JPY100000 was inside a wallet, you would definitely buy. But if you're not sure, you are not sure if you were to buy the wallet. But if you know that you have a net value of 14,000, you don't have to worry anymore. No worry at all. Okay. You have a shareholder value, 14,000. And if you compare simply, the light blue is bigger than green. The light blue, again, is shareholder value. By the way, of the shares you have, one is missing. What is that? SoftBank Mobile, Miyaochi Ken's company. And SoftBank Mobile will be listed soon. And after SoftBank Mobile is listed, you will know how much SoftBank Mobile worth. At the moment, it's private, so you don't know how much it's worth. That's why we call it alpha. Whether it's JPY 5,000 or JPY 100,000, we don't know until it's listed. So light blue has to be added with plus alpha. So if plus alpha is 5,000, it will be 19,000. And if alpha is 10,000, it will be 24,000 as a shareholder volume. You don't know whether 5,000 or 10,000. But even without alpha, light blue is much bigger than green. You should be aware of that. If that's the case, you don't have to wait for alpha. Even before Ken goes to public, SoftBank's stock value is smaller than the shareholder value that you already have. And I begin to see your smile now. By the way, you may ask Mr. Son, in February, it was JPY 20,000,000,000,000, but SoftBank's market cap is less than 10,000,000,000,000 yen But back then, in February, it was 20,000,000,000,000 yen but now it's half. So inside SoftBank wallet, if you will, how much was the shareholder value or cash equivalent? Back then, Yahoo! America, Yahoo! Japan and others, that was it, about 608,700 was inside the wallet, and you have to deduct that. That was small, and net shareholder value back then was JPY 4,472. It was in February. To summarize, what matters is what's inside of a wallet, which is outside. So what's inside is more important than outside. What constitutes inside is more important than what's outside. Back then, it was peak in February. In fact, every day, I was nervous because what's inside of the wallet was JPY 5,000,000,000,000. I had only JPY 5,000,000,000,000 inside my wallet. But the market sort of overestimated us. And they said they'd estimate we were worth 20,000,000,000,000 yen And the goose, not the golden egg, So they value golden egg that will be delivered by the goose. The market cap back then was JPY 20,000,000,000,000, and overestimation didn't last long. It went down sharply, but luckily, we weren't able to survive. We didn't go bankrupt. We were able to survive. But compared to the peak back then, we are still half in terms of market cap. But remember, the light blue is shareholder value. And at least what's inside of the wallet already four years ago was over the peak, which was 2,000 yen 2 thousand year. So what's inside is bigger than what it was back then in February. But now it has grown triple in the last four years. Compared to year February, what's inside was 4x more, but still stock price was half of what was in February. So this light blue is what is inside and the green is the outside. The green is much lower than the blue. And so if you would think it would be whether you buy or sell the SoftBank in stock, I think you have to buy because inside is much larger than the outside. So if you compare those two colors, they are intermingled. So you can see some line goes up and the other line comes down. But looking back, the twenty year history, the blue and the green are intermingled, and that is the history, as you can see. So this wallet example, you don't see there how many bills inside the wallet. It is difficult to appreciate or think of the price, but the price is 8,070. But in fact, inside, you can find about JPY 20,000. And that's how I try to explain to you. So going forward, in the website of SoftBank, this portion plus Alfa, Mr. Miyao, which is company, that is about alpha portion, but the rest is going to be disclosed on our website. Alibaba's value, for instance, and other companies as well, such information is going to be disclosed so that people will be able to understand easily how much inside our company. So that every shareholder will be able to have a good and sound sleep every night. What I would like to say here is that when it comes to the shareholders' value, and that is about the inside of the wallet, And you can see those the green leaves are intermingled with this blue wine. You may be worried that the share price this line is going to deviate from this shareholders' value. And Mr. Son, you were talking about Vision Fund, but the share price doesn't go up. This is a sun's discount world, and some people may think in that way. But wait a moment. Those trees and leaves out in the garden will be able to tell you the truth that they will keep being mingled with the shareholders' value line. I think the reality will tell you the truth. Now look at the trees and leaves out in the garden, and you will be relieved. Now what is invented? Again, coming back into the conclusion, I did not invent 1,000 trees and leaves. What I invented is a cluster of number one strategy, the organization that will last another three hundred years. That's what we are going to focus on. So that the blue line, the shareholders' value is going to continue to rise, Yahoo! Alibaba and many others. And so they are going to self multiplicate. And with more companies coming into a group, now the shining star, as a result, is going to have planets and stars and just to form another constellation, just like our galaxy. So that our group is going to continue to shine for another hundreds of years. In three hundred years' time, we would like to become that a company that makes most contribution to human evolution, that the company that has greatest impact on the humanity. And SoftBank needs to become a company that makes most contribution to human evolution. Information revolution, happiness for everyone. I want every people, everyone to be happy. And my management policy is only for that purpose. And at the end of the day, every shareholder will be able to get a little bit happier. And with that, I would like to conclude my presentation. Now I'd like to take your questions, motions or comments on the matters for reporting and approval or any statement you want to make on the deliberations. If you have any questions or comments, please hold up either sheets of the paper, blue or pink, that will be handed out at the entrance so I can see it. Maybe instead of blue and pink, next time, blue and green. Anyway, if I call upon you, please state your admission card number only, not your name. Please be concise in making your statement by keeping to the point. Also, you are kindly requested to ask only one question at a time so we can give a chance to as many shareholders as possible. We appreciate your cooperation. Are there any questions or comments? Then the person with pink card. My number is 250. I don't think you are good at supporting development at universities or education area. And I wonder if you have intention to support development research and development at universities financially or even making it into a business. And SoftBank Group will be preferentially take advantage of the result of research and development done by some universities. Because by leveraging AI, you can easily and efficiently connect research and development results with companies around the world. So I wonder or I hope that you will support research and development being done by universities. Yes, let's do that. In fact, already, some Masayoshi Foundation for Education scholarship is already in place to support younger students. And also, Cyber University is already there. In fact, now they are making money as opposed to losing money. They have about 2,100 students in Cyber University studying. It's been ten years since Cyber University was established. It was struggling at the beginning, but we have over 2,000 students. And Ministry of Education finds it valuable and is completely Internet based education and instruction. And we also have a partnership with Tokyo University in area specifically in AI so that we can jointly do research and development. Also around the world, especially in area of AI, we are trying to strike a partnership with top universities around the world. And also, the businesses that we are interested in investing into are already cooperating with universities and some professors of universities. So we are soon going to invest in those businesses that already have partnership with universities. We know that we have talent and intelligence in universities and education areas. So we definitely want to support that. Any other question? With the PIN card in the front. Card number is ten eighty three. Thank you, Mr. Son. Now encrypted currency is a big issue here. Currently, when it comes to SoftBank and into the future of the company, how are you going to deal with this encrypted currency business? Blockchain is being used for the purpose of different kinds of encrypted currencies or enhanced and security transaction of information. And I think this area is supposed to use very important technologies. Therefore, our group companies are trying to launch such business and preparing for the launch of such business. Now currency using blockchain, the existing currencies, I think a real value instead of real value, a speculation value is taking prominence. And that is the reality is therefore, when you look into specific encrypted currencies, it is difficult for me to make any judgment at this point in time. But the technology that is employed itself has been just launched recently. So going forward, it is going to further develop, and the technologies related into it should be fully employed by our group companies. So person over there with blue card, And it will be followed by lady behind. UNIDENTIFIED I have one question. Talking about stock price. So maybe NBO is better now because stock price is deviating from the real shareholder value or market cap and was significant to you by keeping SoftBank Group market in public. To be very honest with you, in the past, every time stock price went down, why don't I buy it altogether, which is called MBO, management buyout. So instead of keeping it in the market, why wouldn't I own the company? In fact, I thought about that several times in the past. But what would happen then? Because as listed companies, you have to go through a lot of complications and procedures. And without them, you were able to focus on business purely. I thought about that. However, as a public service entity, if you will, we would need a lot of support from the public. And again, we were at peak JPY 20,000,000,000,000 of market cap in twenty year. And if some shareholders have kept our stocks since then, I feel bad. And I definitely want to pay it back to those shareholders who have been with us for a long time. So management buyout or buying it on myself? Is it going to happen? If or when? To be honest, I don't know. However, like I kept saying, I talked about stock prices in detail. So maybe you may now think that why don't you buy your stocks altogether on your own, but my personal wealth is more important is less important than my passion to contribute to as many people as possible in order to grow faster and bigger and keeping it as a public company might be better. That's another thought as well. In the back, the lady. Thank you for your presentation. +1 218 is my number. Now information revolution, happiness for everyone, and that is your message. And what kind of world do you have and do you have an image and to achieve? Now the thirty year program or the plan about five or six years ago, I think at this place, I was talking about the vision for the next thirty years. And the video footage was also shown. I think this is something you still remember if you were there. For those who are not there, and probably, I think if you access the website of SoftBank, you may be able to see it. I think it's still there. If not, I'm sorry about that. We are going to upload that video footage. If not, it is there. So it is not going to be immediately changed in five years' time because of the thirty year program. So I hope that you will be able to see it. I think at the end of the shareholders' meeting, there will be a three minute video footage, and you will be able to see the message AI world is going to expand and the smart robots and IoT and the video footage expects this kind of thing will dominate the world. UNIDENTIFIED And the shareholder over there with pink card, followed by a person back there. 1529, WeWork. It seems you are really focusing on WeWork with investment. So that means SoftBank expects a lot from WeWork's core business or just want to seed, if you will, start ups In order to find next start ups' potentials, you invest in WeWork or you invest in WeWork because you focus on WeWork's core business. And if you have already found the next potential good companies that you want to invest going forward, could you share some with us? Because SoftBank Vision Fund may be a vehicle that you may want to use to invest in those next potential start ups? WeWork core business itself, we expect to grow further. So that's why we invested in WeWork. So the question answer to your question is we invested in WeWork because we were interested in WeWork's core business. But after we made investment, instead of just sharing desks, but sharing dreams. And I suggested WeWork to say that instead of saying that, sharing desks, but we want to share dreams. So in that sense, after we made an investment, I talked with Adam of WeWork. And jointly between SoftBank and WeWork, maybe once a month or once in three months, we have presentation events. And after the presentation event, winners of the event or competition, we make investment in those winners. In WeWork, we've set up two vehicles. One is a Creators Award, which, as Son San said, every month or two months in buildings around the world, we have competition for people to talk about their companies. And at the end of the presentations, the best companies are given an award, which can range on a monthly basis between $10,000 and at the end of the year, 1,000,000. And in addition to that, we, together with WeWork, have created a creators fund to invest in the best companies to get them to the next stage of creating where they can raise external funds. Again, to answer to your question, we invested in WeWork because we wanted to have a core business or investment. H in the back with the pink card in the H column or section. Three twenty eight. Now there was a presentation about the stock price. I think it is a good news for you, Mr. Son. Our fund about three years ago set up a portfolio about the 10 share issues, and the biggest portion is SoftBank. And within five years, this well, that the market capitalization of SoftBank will grow into 18,000,000,000,000 to 20,000,000,000,000 yen stock price, 20,000. That is their expectation and exactly which resonates with your presentation. So actual value is around JPY 20,000,000,000,000. It is not recognized in the market. And on top of it, ARM and Vision Fund, they are excluded in their argument. So if that is added, Vision Fund and ARM, are if they are added, it is going to be a huge amount. And I'm confident of saying this after listening to your presentation. So the share price of SoftBank is going into the bottom price will be around JPY 20,000 going forward. And ARM profit and revenue in ten years or twenty, thirty years' time, How is it going to develop in terms of numbers? Would you please share that information with us? We have Simon from ARM. Simon, over to you. Thank you. So within ARM, since the acquisition by SoftBank, we've been investing into our long term future. As you saw from the presentation, last year, our partners shipped over 21,000,000,000 different chips containing ARM technology. But we think that really is the start of a journey. And in the future, more and more silicon chips will contain more and more intelligence, and we are developing a road map to enable that intelligence. On top of that, we are developing technologies to enable the Internet of Things. The Internet of Things, which again is reliant on embedded intelligence, will generate the data that drives the world of artificial intelligence. So we are developing these core technologies, which will enable the vision that Masayoshi Son speaks about, and that will enable our long term growth. I hope that explains what we do. The SoftBank acquired ARM. I think two years have passed since then. And since then, already about in terms of shipment annual shipment of chips, 40% growth. But that we are still standing at the entry point of IoT. IoT is expected to grow exponentially, not 20x, but 100x and 200x. And that is the level of growth that we can expect. And therefore, there's a huge opportunity that we can capture in ARM was listed. But in five years' time, we would like to see the company being listed once again. So we are making investment in new technologies for the midterm, and they are going to be materialized and realized. And with that achievement, we would like to see the company being listed once again. It is a company that place high expectation on. REPRESENTATIVE:] And the shareholder over there with blue card wearing yellow, 2,703. I am a big fan of you, Mr. San. When you buy stock, it's very difficult to see the company's management. But I tried to study the company that I invest in as much as possible. And four, five years ago, I remember that Mr. Son was on the stage with Robert, and I became a huge fan of you. I am not living in a city. It's difficult to see you in person. It's been a long time since I saw you last, but I think you grew I mean, you get aged. I know. In fact, I wish to have your autograph Anyway, I've been interested in investment, and I have been studying economy and politics for the long time, but I'm not a big investor. But making money out of investment is not politics. Seeing Chairman or President of a company and if you believe in a company, you want to just invest in a company. Mr. Yanai, President of Uniqlo, I know you very well. I'm sure you don't know me, but I know you very well. You are very famous. And Hearing your presentation, Well, to be very honest with you, well, investor, well, I am pretty old, and IoT, AI, you have been talking about them a lot, and I try to understand them very well. But I always think that humans are different from animals and plants. Humans have philosophy and And I hope that you will strive for the future from a human perspective. I have a lot of businesses and well, try to be concise as much as possible, please. Well, I just want to say that you don't have to work that hard. That's my message. You have a life, and you don't have to make you don't have to let others make a lot of money. I just wanted to say that. I just have wanted to say yes, my hairs are gray and thin, and I'm young, and I will do my best. Thank you. D column with orange excuse me, with the pink card colored card and orange shirt. 277 is my card number. T Mobile and Sprint merger. And my question is on this. Recently, AT and T acquired Comcast, and it was approved by the authorities. That would mean the Sprint and T Mobile merger will also have positive effect from this kind of approval. On the other hand, vertical integration and horizontal versus horizontal integration. So something is different between the two. And I think this is going to be another important round. I truly hope that this merger is going to be materialized. And as a result, I am looking forward to a sharp reduction of the net borrowing as a result. And I wonder if the final conclusion is expected and what will be the prospect of the success. As far as we are concerned, well, it is supposed to be in the U. S. Government to make a final judgment. But at least between the two companies and the top management agreed into the merger agreement. I think I would like to invite Mr. Marcelo to say a few words on this topic. UNIDENTIFIED before we decided to do the merger, we studied what would it take to have a successful merger that the U. S. Government will approve. And in order for a merger to be approved, the most important entity is the Department of Justice, and the message is that a merger needs to be pro consumer and pro competition. So as part of the merger, we have made a commitment to the American people that the new company will build the most advanced five gs network, that it will keep prices even lower to consumers and that it will create jobs. And those are the three most important factors in determining a merger. So based on that, we feel very good that we have checked everything that will be needed in order for the U. S. Government to approve this merger. UNIDENTIFIED Thank you. And I'm also looking forward to the merger agreement being accepted by The U. S. Authorities. Shareholder over there with the pink card in the Section H. Three forty nine. Every morning, I see video clip of your financial results. I see the video clip every morning. I have a question about WeWork. At the last earnings call, you mentioned that will be one of the core portfolio of SoftBank Vision Fund. So what do you mean by that? In what area WeWork will be playing a key role in SoftBank Vision Fund portfolio? And I believe that WeWork Japan is going well. But in specific area, what's going well with WeWork? Or what kind of issues or challenges if they may have. With regards to WeWork Japan, in fact, Ken Miyuchi helped growing WeWork Japan. Yes, WeWork Japan have six offices started up. At the moment, 90% occupancy. Let's say, Roppongi, Tokyo, there are six offices. Toward the end of this year, we want to add more in Yokohama, Osaka, Fukuoka. So it's going well. It's been only six months since it was launched, but WeWork Japan has been going pretty well. WeWork Japan, I believe, is going to achieve the number of desks faster than anybody else. In fact, in London, it took three, four years to have 12,000 desks in New York for five years. So WeWork Japan wanted to achieve that goal in one year. So that growth is pretty much well. WeWork Japan is, yes, going well, growing well. Adam, CEO of WeWork, said that if Ken retires, give Ken to me. And I said, no, no, no. So seriously, Ken and WeWork Japan are working hard to grow faster. And in America, actually, yesterday, I had a discussion with WeWork guys, and I'm going to go to New York next week to have a discussion with WeWork guys. And Ron, have a regular discussion with WeWork guys. The core business continues to do extremely, extremely well. So in the first quarter of this year, the company opened 35 different buildings around the world. We ended last year with over 200,000 members. And this year, that will more than double. But the reason that we are most excited is commercial real estate is one of the largest economic sectors around the world. And we think WeWork can create the best global platform to service commercial real estate. When you say commercial real estate, it means still means the corporate enterprise and startup business, right, not retail. Retail. This is offices. Offices. Just wanted to question. We are talking about office building when he said commercial real estate. Office expenses are around 10% of the corporate expenses, which is very big. Usually, traditionally, you may own offices or you may rent offices. But with technology and with the community concept, WeWork have to create community, which is different from traditional real estate business or real estate agency business. In fact, Uber in taxi industry, similar but completely different network from traditional network is something that they created, and that's happening in WeWork or real estate area as well. And I believe that, that will grow dramatically. So that's why we think that WeWork will be one of our core businesses going forward. With the pink card in the front. +1 457 is my number. Now supporting startup of business, this is something I am interested in. So allow me to take time and to give you a presentation on this. Well, I'm fairly busy. So maybe you happen to contact someone of my company. And if the idea is interesting and attractive, and then on the second stage, I will be ready to listen to your proposal. Three to nine about cluster of one strategy, which was clarified very well by you. Thank you very much. And Alibaba specifically, I'm sure, is very important and plays a very important role. And now that we have Jack Ma with us today, may I ask your question? Alibaba has been successful, and Alibaba plays a key role in SoftBank Group's strategy. And Mr. Marr, what do you expect from SoftBank Vision Fund or SoftBank Group's strategy from Alibaba's perspective or from Jack's perspective? What would you expect from Mr. Son personally? Because, for example, Alipay, it may have some struggle to go into Japanese market. So when you want to grow business in Japan or globally, from the perspective of SoftBank cluster of No. One strategy, do you have any expectation specifically? REPRESENTATIVE:] Thank you very much for the question. I have a great relationship with Massa. So every time, every month or so, we chat either on the TingTalks, on the phone or we come here to meet. This is the most important things with two people share a lot of things together. Yes. I respect Masa's courage and vision. Most people think we are crazy, but we don't think we are crazy. They would believe the future. I as a Director of SoftBank, and I don't think I have expectation from Vision Fund or SoftBank. The thing I have is how I can enable, give proper advice and do better job for Alibaba. Yes. Definitely, that we will help each other for the company side. But I think personal contact and communication exchange ideas are critical and important. And by the way, doing business anywhere is not easy. Chip is not that And we believe we have to do things for the future. So any problem today is not a problem for the future. You, Zack. Great entrepreneur, and he has made a great success. Still well, their market cap is over 50,000,000,000,000 But still, both profit and revenue, it's growing like 50% year on year or 60% year on year. Pretty soon, ANTO Finance, which is doing Alipay is going to be listed, I believe. So dramatic innovation is happening over there. And I have a huge expectation and respect from him as a leader and from his company. So I appreciate him very well. I am lucky, actually. We were lucky to meet him, and we're able to make an investment in him and his company. We were lucky. And I believe that my predecessors did a great job to allow me to have this luck. +1 is my number. I have 5,000 in stocks of your company. I purchased them a long time ago. I think my question may not be the special one. I hope that a lottery or something kind of thing. And so that I should like to have the right to shake hands with you and Mr. Maar. And then dividends can be returned to you in exchange of this opportunity to shake hands with you. How should I say? Give me time to think about it. [SPEAKER Any other question? Shareholder over there with pink card in each section. Seven zero four, I have a question about future investment. In aerospace industry, do you have any plan to invest in that industry? Well, aerospace, I don't have any thought. But satellite communications, in fact, we have invested in OneWeb. We want to grow it further. Did I answer to your question? REPRESENTATIVE:] Next, in the front with the PIN card, one thousand is my number. Well, the tax revenue is being accumulated in the Tokyo Metropolitan Government and unicorn companies are going to be invited to be located in Tokyo. As I think that is one of your ideas, the governorship has changed for Tokyo, and they have a huge amount of tax revenue. And as a result, they are reluctant to take drastic reform measures. So I think ARMS has a business office in Yokohama. And in Kawasaki area, there is accumulation of solar related to companies, to my knowledge. The SoftBank Group, not only the concentration of business in Tokyo, but in terms of human resources and effective tax rates in light of those things. I think SoftBank Group will be able to operate anywhere, even outside of Japan or Tokyo. So the Tokyo metropolitan government then should be reformed by leveraging on external pressure. And those I would also like to ask a question of Mr. Yanai, one of the three big dreamers. Our company is always in trying to make profit so that we can pay taxes to the Tokyo metropolitan government, not only to the in Tokyo, but also anywhere else. We would like to nurture unicorn companies. Mr. Yanai, the floor is over to you, one of the three big dreamers. I do not talk too big, different from Mr. Son. I think tax payment is very important when it comes to my company and myself. I think I'm a very not person that pays a lot of tax. But when it comes into the how to spend the the tax money, I think it is not wise enough. And so I think it is important for the tax revenue office to use the tax money wisely. Mr. Yanai, not only the tax, but also anything on the business itself? Well, I'm always looking at what Mr. Son's doing with some kind of a caution. So I'm somewhat worried after listening to his presentation. So we are somewhat nervous just like you are. So don't get assured even after you have listened to his presentation. That's my message. Well, I think this is the happiness that you will be only enjoy in when you are young. So time has passed, and so I would like to accept three more questions. Person with blue in the Section D, please, And followed by two more questions. Four twenty eight. Talking about cluster of one strategy. And 98% of your time shared is based upon cluster of one strategy. When you're selecting potential investees, what kind of criteria? You mentioned that, that business has to be one in a specific area, but any other criteria? So in specific area of a business, that area should have a huge potential for growth, market growth. And also, model has to be excellent plus execution. The management should have strong leadership and gives me confidence that the business should grow Instead of investing in mature company, well, when you invest in mature company, you look at cash flow and past track record of the performance. But when it comes to invest in the future, invest in future growth, looking at past numbers can be some sort of reference but not most critical factor. Instead, feeling is more important than just looking at the numbers. It's like listen to the force. You have to feel the force like Star Wars. I think that is the key sort of criteria for me to make a final decision. Feel. Two more. The lady over there with the pink color card. The next one is going to be the very last. Two twenty six, straight question. Mr. Son, in the future, are you ready to be the Prime Minister of Japan? I really would like to see you become the Prime Minister. Please. I won't. When I was young, I just had time to think about it. But now I am at the helm of SoftBank Group, and it is quite it is full of fund and highly motivated. Therefore, I would like to continue to live my life as the manager of the CEO of the company. The last question. 398 is my number. Thank you very much, Mr. San. You talk about the force, and you mentioned feel or feeling. So for future generation like kids and grandkids, what kind of education you want to provide so that younger generation will be more interested in encouraging creating unicorn. So again, like I mentioned, we have created a foundation to support younger generation sort of scholarship. That's just one example. For unicorns, unicorn businesses, believing is very important, and encouragement is also important, not just by encouraging by words, but also financial support, monetary support and intelligence support. I think that's important as well. So encouragement and support will help younger generation to materialize their dreams and potentials. Especially since we started Vision Fund, when we meet our younger leaders of unicorn companies, that gives us excitement, inspiration, and we can provide them support from our experiences. So it's very exciting, and I'm enjoying doing this, supporting them. We are doing very well. And eventually, I'm sure we have opportunity to share with you some numbers, but incredibly good start we made. So believing in potential, supporting financially through investment and together with them, we get incentive, not from top down, but I think stimulating each other, exciting each other is very important. And my father, who is not here today, he's my mentor for my life. He's been my mentor since I was a kid, and he has given me beliefs and confidence. And I truly appreciate him, my father, and I want to be playing his role going forward. Thank you very much. Now I'd like to take a vote on matters for approval. Are there any objections? UNIDENTIFIED Thank you. I will take a vote on proposal one, appropriation of surplus or dividend payment. 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. Next, I will take a vote on proposal two, election of 12 directors. All those in favor, applaud. Thank you. The proposal has received the majority of votes and has been approved in the form proposed. Next, I will take a vote on proposal three, revision of remuneration paid to directors. All those in favor, please applaud. Thank you. The proposal has received the majority votes and has been approved in the form proposed. Number four, I will take a vote on the proposal issuance of the stock acquisition rights to stock options. All those in favor, please applaud. Thank you. The proposal has received more than twothree of the Founder votes and has been approved in the form proposed. Ladies and gentlemen, this concludes today's agenda. And I accordingly declare the thirty eighth Annual General Meeting of Shareholders of SoftBank Group Corporation closed. Now I would like to invite the newly elected Board members, Katsunori Sago and Masami Ichima up on the stage, so they give you a few words. I am Katsunori Sago, Director of SoftBank Group Corporation. Up until yesterday, for the twenty six years, I was in financial industry, but now I am in technology industry. And in this tech industry, SoftBank is leading not only in Japan but also in the world. And I am so excited to join this group. And I have been watching this AGM. And unlike traditional AGM, this AGM has been very exciting. And I am glad that I have been able to be welcomed by SoftBank Group, and I am looking forward to working with you, SoftBank team, going forward. I am Katsunori excuse me. I am Masami Ijima, Director of SoftBank Group Corporation. To shareholders, thank you very much for approving my appointment as a Director of SoftBank Group Corporation. I met Mr. Son for the first time in July 2011. Since then, I have been good communication with him. And Mr. Sun has been leading the industry to develop further globally. And I share his view and passion. And Mr. Son and other directors and SoftBank's employees, I am looking forward to working with them going forward, and I am pleased with that. Last but not least, SoftBank wants to be a company that contributes to the humanity. And I was a Mitsui Trading Corporation for over forty years. And in order to further grow corporate value and shareholders' value of SoftBank Group by taking advantage of my experiences, I'd like to contribute to that growth. Thank you, gentlemen. We just introduced newly appointed directors. Related to one of the questions that we had earlier, video that we created when we established a thirty year vision. And back then, natural energy, solar energy, robot, we didn't do them at all. Of course, ARM was not with us back then, but we had a vision, and we came up with this strategy. So keeping the dream helps us to get closer to the dream and vision. So I believe that keep dreaming, keep having vision is very important to materialize the vision. So again, let me show you a video. 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, a new means to relieve sorrow, to multiply joy, a solution unique to our time, to our era. We call it the information revolution, a revolution that allows the thoughts of one to be shared by many and the thoughts of many to be available to all, connecting people, thoughts, visions, and dreams one to another no matter how far apart they may be. When you're all alone in the dark of night, 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 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. Thank you very much again for joining us at Annual General Holders Meeting today. Please return the survey sheet that we deliver to you at the entrance.