Jun Togawa

Good evening. I am Togawa, Group CFO. May I thank all the investors, shareholders and rating agencies for joining MUFG's online conference call today despite the late hour. Please look at the material titled Financial Highlights under JGAAP for the fiscal year ended March 31, 2026. First, let me explain our FY '25 financial results, followed by FY '26 performance targets, shareholder return policy and others.

Let me begin with the income statement summary. Please turn to Page 8. FY '24 on the far left column includes the impact of the change in financial results closing date at Krungsri in Thailand last year. Therefore, the far right column shows the actual year-on-year change after adjusting for this impact. I will explain this page using the adjusted year-on-year change.

Line 1, gross profits increased by JPY 1,290.2 billion year-on-year. Line 2 and below show the breakdown of gross profits. Net interest income increased by the impact of higher yen interest rates, increased lending with improved lending margins and improvements due to last year's bond portfolio rebalancing. In addition, net fees and commissions expanded significantly, mainly driven by domestic and overseas solution business and contribution from acquisitions. Fee income increased by around JPY 300 billion for 2 consecutive years.

On the other hand, Line 4, net trading profits and net other operating profits increased significantly year-on-year due to special factors. With the review of yen interest rate hedging