I wish to first offer my gratitude for your continued support of the business of the Wealth Management Group. Our Group was founded in 1999 as a financial media business. In 2013, we converted ourselves into a business in the field of real estate securitization, and in 2015 we entered the field of hotel management. That same year, we divested ourselves of our financial media operations so we could devote all of our energies to the businesses of real estate securitization and hotel management.

The goals set in the Medium-term Management Plan started in 2016 were:

- Establish structure to deliver full range of hotel-related services from development to capital procurement and management;
- Build hotel portfolio worth ¥100 billion-equivalent; and
- Grow to reach hotel operation sales of ¥10 billion.

Steady growth has been achieved over the past three years. At the same time, it has become clear that we are a corporate group with the following three strengths.

1. Value-creating real estate company with strengths in revitalizing and developing hotels and traditional inns;
2. Hotel management company that works to maximize profits, by forming tie-ups with internationally recognized hotel operators to provide everything from budget- to luxury-level lodgings; and
3. Independent, boutique-style asset management company ready to handle everything from core to opportunistic approaches to investment based on links with investors in Japan and abroad.

Furthermore, we established a new corporate philosophy and a credo for the Group in 2019. Together, they clearly state the "sentiments" to be cherished both in our Group's businesses and for ourselves as members of this company. Furthermore, as the inbound business market expands in Japan, we will aim for additional growth by further consolidating the strengths of the Group under the new Medium-term Management Plan.

One of the main strategies is to establish an asset cycle business model for continuing the cycle in which real estate whose asset value has been improved contributes to the REIT that the Company will form. By doing so, we aim to acquire a distinguished body of domestic assets under management.

The second is an all-out effort to new fiduciary trusts while improving profitability of existing hotel management business. As stated in our corporate philosophy, our mission is to ensure "every customer will experience Japan's attractiveness and culture" and to ensure "every customer will experience Japan's attractiveness and culture." In order to achieve this, it is important to conduct business in international tourism cities, meaning that "selection of locations" is vital. At the same time, we place importance on "selection of hotel brands" to provide superb service in such locations. We believe this enables us to provide extraordinary spaces and another level of service.

We will continue to develop new businesses with a focus on this perspective. You can expect further great things to come from the Wealth Management Group. Thank you again for your continued support.