 Thank you very much for waiting. Now we would like to start the announcements on the strategic agreement between Soft Bank Group and App Holdings, and Mr. Masayoshi Sonui will explain to you, and after then that we will have a Q&A session, which those who are participating over the phone can also ask the question. So now that Mr. Son, please. So the previous session I made an English presentation, and now that I would like to turn into Japanese, for Japanese audience, and I would like to explain and also have a Q&A session. So this time of the Acquisition of Arm, recommended Acquisition of Arm, is something that I've been thinking for about 10 years or so, and now the day has come. The foundation of Soft Bank, in the history of Soft Bank today, actually, is the most exciting day of my days in Soft Bank since I founded the company. Soft Bank so far has been operating several business, but those were always in number three in Japan, number four in the United States, so there are those kind of things. And also, in China, we have group companies, Rebaba, which is number one in China, but when it comes to the direct operations from Soft Bank, and when it comes to the business, I'm directly involved in the business, then global number one is not something that we have with me, with us. So this time, at the first time, we have a number one company in the industry, and also this company is going to be the most exciting and most important industry going forward for the humankind history, which I will be having a strategic agreement with this company is something that is very much exciting for me and great happy for me too. So now that I would like to go into the details of the transaction, here the transaction summary is that we are to acquire 100% of ARM. ARM is a listed company, and at this time, we would like to obtain 100% of ARM share in listing this company and make it a wholly owned company of Soft Bank. And the value is in total 3.3 trillion yen. And for the acquisition financing, about the 30% of the total acquisition price is going to be used from cash on hand, and about the remaining 30% is coming from the debt. And this debt is bridge loan. Why bridge loan? It's because we already have a cash on hand, but we have sufficient cash on hand. However, that's because of the from the recent capitalization from the Alibaba share and also some cash on hand. In addition to that, next month, starting from next month and going forward, in two phases, we will receive the proceeds from the sales of Supercell and Oho also, or the proceeds from the sales of Ganho. Because not yet on our hands, but we know that's coming, therefore, if that's the case, we will structure the bridge loan. That's why we came to this idea of bridge loan to finance this transaction. So in principle, 100% cash, and we will know equity financing. So we are not utilizing our equity at all for this transaction. We are using all in cash. And this is the key transaction terms. Price per share is $1,700. This is not any hostile transaction or anything like that. But this time that we have received unanimous board support and also support of our management so that they are going to recommend this transaction to the shareholders. So that's the kind of a transaction that we are having here. So therefore, I can say this is very much friendly deal. And Softbank, certain funds have been confirmed already. So we are not going, there is no need for any additional financing or anything like that. As a result, once we receive approval from shareholders' meeting, then this deal will be completed without any other questions. So shareholders' meeting and also you English court approval will be necessary. And the transaction structure is scheme of arrangement. And the schedule, today is an announcement, July 18th. And also, scheme documents posted after this announcement in a few weeks. And later on, after a few weeks later, we will present the petition for sanction of scheme to court and also the shareholders' meeting. And all the petition for sanctions of scheme will be made. And the scheme becomes effective a few days after that. So total process, we are looking at in a few months. So it's not like six months or a year or anything like that. We are not expecting that long process. And the transaction rationale here has a unique and foundational technology. And in this industry, Army is number one in the world. And the market potential is huge. And we're expecting the future growth, especially in the mobile and the automobile or consumer electronics are already using. And that's another chance that we are looking at. And for our long vision, really matches to this company. And for soft banks stakeholders, like I mentioned earlier, we do not do any equity financing for use for this transaction at all. And also no change in soft bank dividend policy. And also maintain flexibilities with continued focus on net debt reduction. Especially the net debt over every multiple is going to be improved. I thought this is a kind of a fate and very decisions that it has been determined because back in 1976, 40 years ago. Even before I found the soft bank, when I was a year of 19, I saw one picture, this is it. This is a real picture of the thing that I saw when I was 19 years old. So I get off from the car, I remember the scene exactly. And that's the time where I was still college student. I got off from the car and there are lots of leaves on the ground. And I stepping on those leaves. And actually I was also walking and reading a science magazine. And flipping the pages and one of the page shows this photo. And I was wondering, what's this? This was the first time I saw this. Looks like a design for the future metropolis or anything like that. And I was just wondering, what is, what was it? And I was wondering and flipped to the next page and then I found out. This is actually the finger size computer. That's the first time I learned about it, which is the chip. This is the expansion of the chip. And I saw this and actually I was shaking my hands and legs. And I was so moved and I couldn't stop crying. It was just one instance. I just got off and I was walking along the road just in a second that actually my head was actually moving around. And I couldn't stop crying. It was like, it's like I just saw the moving picture, moving movie or music. So you too much moved and you just couldn't stop your shaking and you couldn't stop crying. Exactly the same thing happens to me when I saw this photo. Why? Because I finally think this is something that exceed the brains of human being in the future. So this is the thing that going to exceed. Human actually created by themselves to exceed the human's brain. So that's, this is something in the future. Once it's evolved, then this is going to be the tremendous impact to the future of the human beings. Later on, it's going to exceed the brain's functions of human being and I thought about that at that moment and I scared and also moved and excited. Everything happens in the same time. And that made me not being able to stop crying. So that cheap photo here actually today, now that the way I myself can be involved largely to the future of human being and I was able to make such a decision. The computer chip in the world why it shipped so many numbers but PC inside of PC CPU, most of them are made by Intel. But other than PC, those CPUs other than PC almost are made by ARM. So outside of PC when many of things is going to be connected to internet which is so-called Internet of Things era is coming and the center of this trend is now in ARM. And being involved in ARM and when I was in 19 years old, this is the cheap photo of microcomputer and 40 years later now that I am actually directly involved in this business. So I'm so excited because of that and that made me, I don't know what to put it into the words. So from the sense as a businessman or my personal life wise, this is the highlight of my life and today is the day for that. That's how I think about it. So what such a, we can be together with you and I'm so happy that we are all together in this room. I am so happy so I hope you're all so happy too and that you can be the same room as the happiest person in my life here. But that's maybe too exaggerating but anyway but that's how happy I am and I wanted to share with you. So soft bank here actually returned to investment is 44%. So for 18 years every year compound, 44% of IRR has been recorded. And if I need to pick only one thing for the key for success then I will say I always try to focus on the paradigm shift of the technology every five years or every 10 years. There is a paradigm shift and try to be focused on the very beginning of those change and I made a big bit every entrance or every beginning of those paradigm shift and that make us this 44% of the IRR. So 44% return, I want you to think about it. In the world wide private equity investment companies, venture capitals around the world but with this size, so much trade union, 44% of IRR and have a such track record. I have never seen such a company as far as I know. I never saw such a company in the world and only key for success is the beginning of paradigm shift that I made a bit every time. So in the past 40 years, there are four big paradigm shift has occurred and every 10 years or so I made a big bit in the beginning of those and why I am now? So that's because I am expecting the one of the biggest paradigm shift that's coming in human being history which is from mobile internet to the IoT. Because it will be the internet of things. PC became PC internet, next mobile became internet and after the mobile, it will be the internet of things. Everything will be connected to internet. The first it was PC, then mobile in the future. Everything will be connected to the computer. So this is the biggest paradigm shift we will see in the future, that is my belief. Therefore, at that entrance, I would like to make an investment. Probably for many people, when the internet began its life, they didn't know what internet was. So they were skeptical probably. However, SoftBank invested proactively to that. When mobile technology advanced, when we bought a board from Japan, people thought, why were they buying into a very mature market? This is mobile industry. Then I said, because I wasn't investing in the mature mobile market, I was investing in mobile internet and I was investing at the entrance, the beginning of that market. That's what I said. However, many people didn't understand what I was saying. Therefore, the share price of our company, SoftBank, after that rumor came out, in two weeks we had a drop of share price of 60 percent. But that's because many people were skeptical, even thinking that we would go bankrupt. Because we didn't need all that money, 3 trillion yen if we went to bankrupt. But we had more cash and more assets than that and we could just manage, just with cash in hand. So the key is that we invested at the entrance of a paradigm shift. So let us talk about the company ARM. I will explain to people who don't know about ARM, just briefly. ARM is a company. So they have, last year they shipped 15 billion units of chips. This is, the number is based on the design base, ARM designed chips of this number. And this number of chips were shipped. They don't manufacture chips themselves. Intel do both, they design and manufacture. However, ARM's business model is not to do both. They are specialized in designing chips and they ask manufacturers of chips to make their chips. So this is called system-on-chips. So they can add a memory or just modem, add modems, or they can enhance graphics. Then this thing is called system-on-chips. And so these are customized chips. It's like motherboard of 23 years ago, PC's motherboard. It is just like that. So in the motherboards of those days has shrunk into the size of a chip. So ARM is offering these designs to many manufacturers of chips. And last year, 15 billion units were shipped and it is exponentially growing. So in 30 years, how many multiple would they be shipping? So this is the total revenue. So this is less than 1.5 billion last year. And this is the net profit of the tax. This is about $6061 million. But as far as I'm concerned, this is just the entrance of ARM's exponential growth. ARM's chips are used in many smartphones all over the world. They occupy about 97% of the chips used in mobile phones. Therefore, smart phones, excuse me. So you could say ARM is the biggest company in smart phone chip industry. So the shipment of smart phones has begun to mature, but there is potential for more growth. It lies in the fact that one device can use multiple chips and the most important application processor has not just one core, has multiple cores. ARM first used one core in CPU, but now it has four cores or eight cores even. And furthermore, graphics and other enhancement can be added and growing in numbers. And in a more automobile, so there will be more and more ARM based chips. So when the car becomes all self-driving, there will be more self-driving cars. In that case, automobiles will become running super computers or running robots. If that happens, ARM's potential market value will be even more enhanced and furthermore, in homes and offices, everything, anything will be connected in the future to the internet. So what's the most important if it's realized is the security. If a hacker hacks via the internet of things, for example, a car, a self-driving car, provided that is hacked and it has suffered virus attacks. So that means on the day, at the same time, all over the world, all the brakes, car brakes stops working. That can happen if a bad hacker does things like this. So if the security is not enough, this can happen. So if you think the terrorist which is prevalent all over the world right now, so it can be a man-made terrorist or self-blowing up, sometimes it's terrorist, act of terrorism can be committed just by hacking. That is a possibility. So by hackers, airplanes can crash and multiple airplanes or multiple cars can crash or their brakes stop working. So this is a very dangerous world we could have. Therefore, the security issues will become the most important element, however, ARM has got the security zone system. Their security, their royalty percentage is also growing very fast because it has, multiple cars have begun being used. So this page shows all the many elements of ARM, this company ARM. Please have a look later. If you look, read it closely, you will realize that ARM has begun to become the core of the cause of this industry. So last year, as I said, 15 billion units were shipped last year. But by 2020, this number will quadruple or even become five times more. That is expected. So this is a gross market and there are other gross markets. So mobile doesn't mean just smartphones, it includes not PCs and everything, this figure is 80% includes or they're not PCs and everything. If excluding this PC, not PCs, it shares 97% and other areas, embedded intelligence and infrastructure, all those things have begun to use ARM's products. By 2020, the potential market, the ARM design-based chips, the size of the potential market is considered to be 45 billion or in the enterprise infrastructure, 36 billion. So this is a huge market with huge potential and others will be also used for other home appliances and other things. ARM's business model isn't to manufacture chips themselves. Therefore, so they give, they license out their chip design to many manufacturers of chips. Then they ask manufacturers like other companies to make manufacture their own chips. So they are not competing with chip manufacturers, rather they are partners of chip manufacturers. So they just offer license out their chip designs. That's the difference with Intel. Intel does both designing and manufacturing. So it's not a vertical integration, but it's segmentation. By segmenting their roles, they have earned many partners. This is their business model. And this is very similar to our business model. So these software partners and other design partners, so they have more than 1,000 partners. So this investment is based on the shared vision between SoftBank and ARM. And also we will maintain neutrality and we'll build a global relationships and invest in innovation. In one word, SoftBank and ARM, faced with the paradigm shift and next paradigm shift, we will be challenging together to this beginning of the next big paradigm shift. So ARM is already the industry standard, but they also have a huge growth potential, especially IoT is going to be the biggest paradigm shift of all things coming. Therefore, the top management and the board meetings have unanimously are going to suggest to the shareholders. They have agreed to suggest this deal to all the shareholders. So I hope I didn't talk too much. I just hope as many people as possible will understand my vision. Thank you very much. Yes, the floor is opened to the questions. So let's get questions from the people actually in this meeting room. Go. Yes, please. World Business Satellite TV Tokyo. So in the previous session in English the Brexit or the punt, a starting depreciation is not really directly involved into this transaction. But the 136 yen per pound is very much discounted rate for the transaction. So that the starting depreciation, how much do you think you'll be able to buy this company is discounted? And also, does not have any functions for the productions. So even that the UK Brexit exit from the euro, did you have a hypothesis that there's not going to be any impact to the arm for your decision making? Brexit this time, in my process of decision making for this transaction, there is even 0.1% in my mind about this Brexit for this transaction. After this Brexit, the currency discounts are happening. But at the same time, share price in pounds, 15% increased. So in the course of Brexit, looking at the major companies is one of the extraordinary company that increasing the share price by 15%. So currency change and the share price increase net net. Actually, in that point of view, there is no discount at all and no increase of price at all. So it was neutral. Therefore, Brexit currency change didn't give me any impact to my decisions on arm transaction. And the currency in appreciation is also giving Japanese companies to acquire the company. But how did you think is a discount that you'd be able to gain from this time? So like I said, there is no discount at all. It was neutral. Pounds are starting. How much percent starting discounted after the Brexit? About 15% or so? So starting about 15% cheaper, arm share price increased 15%. So net net, it's about flat. So for us, currency didn't really give us any change. Just about paradigm shift from IoT, it's not timing is now. And that's why we came to this conclusion. And if I need to add one more word, before then, Softbank didn't have enough money to do this. It's happened to be because we have proceeds from the sales of body-by-body shares, partial sales, also sales of supercell shares. So those decision-making were made. And therefore, they gave us enough sufficient money on our hands. And that was a timing word that we came to this. So how about the production base? No production base. Brexit could affect not any effect to positively or negatively. Next question, please. I am Evitani from Nikkei Business. So probably opposite from the previous question. So this transaction amount, I'm thinking it may be too expensive. How can you answer that? And also the other things, by having this transaction with the arm, any other operators as a customer for arm or transaction clients may be impacted from this transaction? Arm for Softbank is 3.3 trillion yen. Comparing the history, the esteemed biggest amount of the transaction. And also, we have put it 43% of premium on top of the valuations on the equity market, which could be expensive. You can say interpreted inexpensive. But that's the multiple from the previous profit or the premium for the previous profit. So it's not the future profit to be gained or any potentials for the future. Five years later or 10 years later, when you look back, then you may, from the five years later or 10 years later, to look at the present value, I think is reasonable enough. And that's people will understand in the future. 10 years before, that when we decide to purchase a Vodafone KK, which was cost us about 2 trillion yen, and many people said that was very expensive. But now when you look back, it was very cheap and reasonable or transaction. Same thing applies to this. 10 years later, people would say it was very reasonable transaction. That's how I think. And that's how I, people would think. Any objection for internally? Internally, in our company, whenever when we make a big decision, big investment, almost people or objects. When I say, do the Vodafone investment, whenever we have a big project, the first, in the very beginning, most of people object. That's when you look at the 35 years history of Softbank, that's always happens that way. However, when we discuss and argue, and when we go into more details of the transaction process, almost all the people come into the fall of the project. That's because I'm so fully passionate and negotiate or sometimes that people convinced. Sometimes he's so passionate so that we have to follow. We have to accept. There are several cases of those in the internal discussion. But at least this time, as of today, Softbank management fall all fall and all excited about this transaction. And for your reference, board meeting of Softbank, Mr. Yanai, whenever I make an investment, whenever I make a decision making, he's usually make an objection. But at the time of Vodafone KK, he said, we should go for it. And he was for the project. And this time for the ARM transaction, he told me we should go for it. So that he was very much supportive on this decision. For Alibaba Jack Ma that he was also very supportive on this. So that this time, as of today, we are unanimously approved. So Mr. Nikeshawara, who left the management, how did he think about it? Was he involved in this decision? He wasn't involved in the final discussion because the final decision was made in two weeks. In the very beginning, when we officially approached to ARM was two weeks ago, that was the first time at Turkey when the terror activity was happening and also the coup d'etre happens. So in the middle of those two big incident, Chairman was cruising at Turkey. He was at the Mediterranean Sea and made a phone call to him. I wanted to see him. And then, why don't you come to the closest port? And he stopped by at the port, which was a mammaries of Turkey, the port city. At the restaurant, he and myself met each other. That was the first time I made an approach. So in these two weeks, we made the official approach and the due diligence and also the negotiation was made. So from the sense that was after Nikesh left the company. Before then, we have a big picture discussion was going on a little bit, but we made up our decision was within these two weeks. I have another questions about the impact to the clients of ARM. Softbank so far, never produced chipset, never purchased chipset, a chip, so that from the sense ARM clients are all chip productions. So we don't have any conflict of interest with those clients of ARM. So from the sense I think we are completely neutral from the sense. Next person, please. I am Tenanishi from Masahin newspaper. So we don't have a person from ARM. So I understand this is very attractive company. And but what was the reason that ARM decides Softbank as a partner? Have you heard about it from ARM people? And another thing, you said that you met with Chancellor, but how about Prime Minister Miss May that did you have a meeting with her? For ARM, there are several stakeholders. There are existing shareholders. They have a senior management and also clients. So there are several types of stakeholder of ARM. For shareholders, this is a cash offer and a sufficient premium. So that at the shareholders meeting of ARM for existing shareholders, they're gonna vote. Then they will express their intention or decisions which we need to wait to see until they vote. For shareholders, Board of ARM recommends and the Board of ARM unanimously approved and support this offer and recommend to the shareholders. So which means they can also benefit shareholders. And that is the offer from us. And next stakeholder, which is the management of ARM, for ARM, this has been the listed company and they had to be more aggressive to hire engineers or the R&D for the dawn of the IoT. And they wanted to do some investment into that, but because it's listed company, they have to focus on the bottom line as well. Therefore, they couldn't have enough opportunity to make an investment aggressively to those area. But once they became unlisted and 100% privatized, then in the coming few years, they will be able to make an investment without hesitation and be more aggressive about the investment. Therefore, management is happy about that so that they don't have to answer for those questions from institutional investors regarding a profit of decent terms. But this time that they will be able to support the long-term period as a long-term investor. So they welcome that idea. And also from the employee's point of view, which I will meet first time this afternoon at the Cambridge Headquarter of ARM. And the first time I meet with management of ARM, but for them in coming five years, we express our intention to double the headcounts and officially commit that, which will be legally binding. That's something that we're trying to proceed going forward, which means for engineers, it's going to be more and more in the company. And that's going to be committed, meaning for them, they will be able to make enough advanced investment into engineers and so on, which I believe is going to be welcomed by them too. And from the client's point of view, we will be maintained as a neutral position and make an investment to the technologies and the R&D so that for clients of chip manufacturers and also the end-users-wise, I believe for those concerned parties we will be able to provide a new technology and we will be able to contribute to them. And for the Mr. Hammond Chancellor of Exchec that we had a face-to-face meeting this morning and last night, right before I flew to here, I made a phone session and also right before then, we had a chance to have a phone call with Prime Minister Miss May. And both recognized this as aggressive investment into the UK and also enhanced employment and the brand of arm and headquarters maintained in the UK and the same existing organization is going to be maintained. We will also be seen as a very strong commitment to the UK and they welcome that idea. That's what I heard from them. Therefore, I believe this is very much welcomed transaction. Next person please. I am Kira from Nikkei Newspaper. So with your press release, you expressed the investment into UK but the Army is self-actually creating design centers or a branch in San Jose and so on and the customers are actually located in Asia or Silicon Valley. So how do you think about investment into those areas? And also, the second question, what was the opportunity, what triggers you to start considering this transaction? Did you, because of the cash that you will be receiving so that you will be able to finally make this transaction happening or was the Army looking for the partner? Is there any trigger to have these transactions from those two parties? Any incidents or anything that happens to make you come to this transaction? So trigger, we didn't receive any approach from us but we made an approach to arm. So it was kind of a one-way communication from us proposal. And about 10 years ago, I had a very strong interest over arm. Someday, someday in the future, when we have a cash flexibility, then I would like to have arm as one of our softbound group member. So I have a big picture ambitious and I kept having such a dream over 10 years or so. iPhone, Android phones, inside of those phones actually have an arm, products. In the very beginning of the iPhone products, arm-based design chip was embedded. So that's why I knew and learned that the arm is going to be the key leader for the mobile internet and I'm convinced from that, from then. And also Android has an operating system which is capable for the arm design chip. So those two actually adapting their smartphone with the arm-based design, meaning that the mobile internet error or the mobile phone error is going to be mainly consist of arm. So that's something that I'm convinced 10 years ago already. And we haven't spent 10 years since we started having iPhone, but when I met with Steve before the launch of iPhone, so right before I acquired Vodafone KK, and at that time that I met with Steve Jobs and the mobile internet thinks is something that I already convinced. And Nintendo has already been using the arm-based chip so that we've been thinking about this for a long, long time. But the latest trigger was the cash proceeds that are coming to us. We have enough money with us and prepared. It became recently available. And also mobile internet trend is another reason why we came to this conclusion. What was your previous question, sorry? Other than UK, do you have an, do you have any intention to make an investment? So arm has about 4,000 employees and half of that. It's about 1,600 employees located in UK, especially engineers located in UK. Therefore, the biggest group of UK engineers are in UK, so we would like to enhance that part. That's the best way to do so. But I already have an Austin, China, Silicon Valley, those areas, or Taiwan, they have a development center in those areas as well. So that's that we would like to also enhance. But because it does not mean that we double the UK so that we can decrease the other base, but we would like to increase in total so that we don't decrease the other countries. But in total, we would like to enhance and increase engineers of arm, but especially our focus is on UK engineer space. Any other questions? If not, then that we would like to start taking questions from the phone calls. So anybody on the phone, please press star one for questions, and we will let you know using the guidance. Whenever you make a question, please state your name and affiliation. Thank you. So now that we would like to start accepting your questions over the phone. I'm Takayuti from Nikke newspaper. One confirmation, two questions, please. Bridge loan, when you explain about bridge loan. So you have a process from supercell, share sales and the gun horse share sales coming in next month. So that's why it's structured bridge. That means this bridge loan, it's going to be repaid using those proceeds. So gross debt for this transaction will not increase then. And another thing you made recently that you are going to also focus on the financial KPI as well. But net interest bearing debt wise, I believe that's one of the important KPI for your business. So multiple for net debt over EBITDA. At AGM it was about three times, it has been improved to three times, but what is the level you think as the appropriate net debt over EBITDA ratio? So those are the two questions I have. Bridge loan this time. So proceeds from supercell, share sales and gun horse share sales is coming on next month. So most of the bridge loan will be repaid with those to a certain extent. But at the same time we do need to keep some flexibilities on cash so that net debt wise we are not expecting to change too much. And then from the first place our ratio of EBITDA multiple of the debt. Some people say it's high, but if you think about it I myself think it's virtually zero the net debt ratio because the listed shares, the number of listed shares, if you think about the scale of the shares we hold, it's 7 or 8 trillion yen. If you consider this scale and consider the direct net debt, that means we'll make the amount of net debt zero. In addition to that, EBITDA has about over 2 trillion yen every year. So that means we have enough free cash flow. So if you take that into consideration, as far as I'm concerned, practically we have a single A or double A standard or international standard judged by Japanese rating agencies. We are given already given single A, but even international standard we have high rating and also we have such a plenty of free cash that there aren't any other companies like this. Therefore, if you look at our balance sheet you can tell we are very financially healthy company. So I expect the free cash flow to keep increasing, especially the spend cash. We have kept, we were in deficit for a long time, but for the first time spirit turned into the black at EBIT figure. Therefore, I think we have come one step ahead. So if you look at superficial gross debt and if you think about multiple of EBITDA it will just keep improving. That's my opinion. Have I answered your question? Thank you. Any other questions? I'm Yamada from Toyo Keizai. How about goodwill? So there was 1.6 trillion yen of goodwill at the end of March. So there was 25.2 billion yen and you have about 3 trillion yen burden. So as a soft bank group that is beyond the net asset. That's the first question. The scale of the goodwill is quite large at this deal. Goodwill means the value of that company if the value of the company sharply decreases of course we have to write off or depreciate the goodwill but over the last 10 years the net arm has been increasing their net profit smoothly. Every year they increase it. The difference with sprint is arm has been in the black and also their net profit has been increasing. So of course we have to depreciate we don't have the risk of having to decrease the goodwill. We are not buying a physical company we are buying the ability of arm to design chips and the potential to keep producing values and to keep creating new technology every year. We are buying this platform. This is the core value of this company arm. So if you think about Facebook or Amazon or Google they don't have big assets. However, they are number one in each section, each category and if they are in that position they have the potential to keep growing and if you think about the market capital within that they don't have net capital. It is a goodwill. So this we can say a very similar thing here too. When you announced the buyback of 200 billion yen you talked that you are going to use the proceeds from the sales dispute divest and I thought that's about the developer share sales but with this transaction these 500 billion yen share buyback needs to be cared still. So are you going to keep setting the assets so that you'll be able to pay for the share buyback? Looking at the past 10 years or 20 years for example Thought Bank has been making sales disposals or new investment time to time so it's kind of the repetitive activities that we've been doing. So that's something you expect some of these proposals sometimes investments so we need to take a balance to do such an activity in between those two. We are not forced to sell anything right now and like I mentioned earlier net interest-bearing debt over EBITDA multiple I believe this is very healthy level at this moment therefore share buyback is going to be used from the sales divesting asset divesting and also a cash on hand and some proceeds from the share sales including Alibaba and Supercell including Gungho as well and that is going to be used for the majority of the funds the confirmation last confirmation so because you have a 2 trillion yen so that's why you did 3.3 trillion or is it because 3.2 trillion yen so that you raise 2 trillion yen which is the order both way I believe which is fast at first but it's both way thank you very much that's it. Questions? Is that all? Can you wait a second please? Can you hear me? This is a Sahin newspaper. Two questions. ALM's value, arm, the value of arm has been explained very well but the synergy with SoftBanks energy I would like to hear more about that. That's the first question. The second question is that there was a shareholders meeting the other day and then so you said that by 2040 everybody has 1,000 devices connected to internet but if AOC is going to be realized are you thinking of 2040, year 2040 or before that and then the time comes how important it will have become for your company, to your company yes, the first synergy SoftBank offers infrastructure for the internet and the arms products will be used for internet of things so it means everything will be using products when the internet is connected to everything that means that everything will be using infrastructure of internet so when things have been connected to the internet and then our infrastructure the combination of structure and the arms tip are connected based on the mutual trust and arm it doesn't only do the designing of chips they also offer security systems and other things so this service department and our groups service department can create some kind of synergy in the future it could have happened we haven't had any, we haven't drawn up any concrete business model or anything it's possible in the future that we are at that kind of stages as I have been saying the paradigm shift we are always investing at the entrance of a paradigm shift when we invested to the internet at the paradigm shift the existing technology and the internet how much synergy was to be created was very much doubted by many people but then internet shifted to mobile and then we were buying mobile companies and people said what kind of synergy will be created by buying mobile company so nobody, 90% of the people I talked to didn't understand it this time this is a paradigm shift another paradigm shift this is not a continuous thing it's a huge jump, big jump so it's difficult to tell that how much direct synergy will be created but looking back in the future I'm sure it will be seen as a very rational investment in total I think we can create synergy in total but in monetary terms I can't really say anything about it so synergy is there but it won't be apparent immediately but for over a long term of course it's there that's synergy this is the answer for synergy another question was what was it it's IoT so when IoT has become prevalent and what would the positioning of arm for you it's not all or nothing it's an incremental more and more expanding thing for example if you think about personal computers at the beginning of the internet, PC so looking forward three years from now, five years now many more things will be connected to the internet already now PCs are connected to the internet smartphones are connected to the internet even cars, some of the cars are connected to or some of the household appliances are connected to the internet so but the oncoming era of IoT compared to the future now only 3% or 2% or 3% of things are connected so this percentage will expand exponentially so at the moment only a few percent of the things are connected to the internet but in 30 years one person one so on average 1000 items will have been connected per head to the internet for example like the lamp posts on the road will be connected to the internet the lamps on the street or in the town everything will have been connected to the internet, industrial equipment, jet engines, car engines everything will be connected to the internet in 30 years huge amount of things will have been connected but it's not a certain thing it will be it will be just an increase number will increase exponentially so due to the voice quality when you ask for questions would you please disconnect live streaming and make a question, thank you any other questions? yes can you hear me okay, yes I am Sugimoto from Nikkei Newspaper I have two questions one so you mentioned about the beginning of paradigm shift that you've been making a big bet and this is the another beginning of paradigm shift and you made this decision of transaction in the past when you think about the mobile internet or broadband when you entered into this market it was not investing but it was just the operating asset you may have yourself involved directly to the management but this time are you going to is it going to be investment asset and why you are not directly involved into the operations of the company if you are making a bit biggest bit in your lifetime and the second question is about the chip and the infrastructure that going to be generating a synergy each other so IoT business IPDB is going to be the next big agenda for soft bank growth and in the course of generating a synergy what kind of things do you need to do is it a marginal acquisition or is it any cooperation with the existing business of soft bank and what is the specific examples you think is going to be required to generate a synergies in principle it's not the situation where that I need to turn around the business of mama anything like that at the time of Waterfront KK it was a sinking ship and broadband we started from the scratch sprint it was making a big loss and having suffered a thought so I myself needed to involved almost everyday basis and even for the daily operation I need to say a things and turn around the business or actually recreate the business or the company itself but this time fortunate to say that it's already been number one positions other than PC areas making money it's profitable management is so skilled and talented they are so successful company so that I don't have to be involved into the daily operation of this business and not creating any new or turning around business anything like that that's not the case for this time however meet to long term strategy I do like to deeply discuss discuss with the senior management about and we would like to come up with the strategy and vision for the meet to long term period and under such discussion I would like to support them and also encourage them and also like to endorse the aggressive investment for the future and as a new business model anything that the new functions or new features there may be some of those so any additional new features functions I do like to be involved in such an idea for example at the time of Aribaba we did the same Jack Ma who is a very talented leader and there are so many senior management who support him was there already and they are already running the very good B2B business and there we came to join as a major shareholder and support them since then after three years later B2C and C2C Taobao should be launched and that's why I myself personally involved and make a proposal to Jack Ma and his team also made a financial support on that too so that when it comes to meet to long term strategy I deeply like to be involved in the discussion so the success of today's Aribaba is very happy example and we not only financial support but also provide the strategic support we would like to be involved in such a strategic discussion so same thing applies to this time for the financial support for the future growth on top of that we would also like to provide the long term strategy discussion and I like to together with management of BAM that I would like to be involved in such a discussion and make that happen so for my life this is one of the most exciting announcement today and that's because I would like to be involved in such a discussion going forward any other questions we cover freelance so you talk about singularity a lot and this time is this to accelerate singularity or what's the purpose I couldn't hear you well what did you say singularity I think the discussion on the singularity I a little bit mentioned in my presentation when I was year of 19 I first saw the expansion photo of chip and that time I already thought about singularity time will come I felt that and also I started crying I didn't know and there is no such word singularity but the mind concept of the thinking is singularity so when I first encountered the photo of chip I already knew singularity time will come and I was a strong believer of singularity and now it is going to be really coming soon so sometime in this century especially in coming 20 to 30 years I believe we are encountering the situation where that the computer will exceed human being and under such circumstance arm chip is going to be embedded into so many things and going to produce the huge big data and this big data will provide data to artificial intelligence and those data supplied from the data is going to be make AI smarter and the most important key for that is going to be a chip from arm that's how I think. Thank you Next question please Yes please I am Oshika from Sahin newspaper so it's difficult to see the synergy right away but so bank sprint Alibaba you have a lot of operating asset so you don't have any specific synergy came from this transaction with arm right away I said it's invisible but actually it also relates to everything more specifically today this morning I just received a phone call from Jack Ma of Alibaba by himself and in China Alibaba would like to become the partner of ARM and as a partner of ARM that Alibaba would like to consider that in China so he was also very passionate to and made a phone call to me because ARM even for Alibaba Alibaba became already providing an operating system for smartphone in China and Alibaba is making a rapid growth in those areas and also they provide Alibaba cloud and Alibaba pay so Alibaba cloud or Alibaba pay or smartphone those are all connected to internet which is IoT and even in payment or cloud everything is going to be relating to connecting to IoT so anything the big data coming from IoT will be integrated into the cloud so that could be the case in the future we never know that's going to be the discussion going forward so it's kind of one of the ideas same things could say in Japan or United States Softman Group also providing various kinds of cloud service and also the internet network service so there are lots of direct synergies into our group companies but we cannot put it into the numerical right away this year or next year it's really difficult for me to put it into the numbers in a big number but 3 years later 5 years or 10 years later when time goes by then our group in a various way having army in our group company and it will become a core of the business and that's the kind of a situation that we are expecting but there are lots of clients not only Softbank and you mentioned that the position is going to be neutral so it's not really prioritized Softbank or other clients it's not prioritized Softbank or other clients but for example if Yahoo Japan Yahoo Japan is not only providing to Softbank their service but we can also develop a custom base all together or coming up with the business model together there are lots of synergies so that as independent operations but also we can expect indirectly provide the synergies so that is going to be a base and in coming 10 20 years I believe it's going to be even wider and wider for example Goal the Chinese chess in your Goal game those winners of that kind of game any stone of God if it's not always the winner set the stones right next to the counterpart stone that's the amateur way of playing game actually you need to set the stone to be a little bit far away and that in 50 steps later 100 steps later that's going to become a big power that's going to give a big influence to the game overall so you should have made that decision that could be the case where you be able to tell later on so 5 years later, 10 years later if I would have made that decision back then then I would become this or that so the Softbank now the Softbank back then because we already expecting that the mobile internet would come later on it was not all of the sudden decision but I always trying to see 5 steps later or 7 steps later and that's something that I would like to make an action every time people would understand, people would not understand most of the people would not understand I can understand that but that's the kind of a case Softbank 2.0 that you mentioned that Nikesh was leading but Softbank 2.0 and this time how that relates to each other Softbank was playing mainly in domestic and making an investment overseas time to time but Softbank 2.0 not putting a core in domestic but actually putting a base on global and making an investment in global that's the kind of a transition to Softbank 2.0 from my understanding Nikesh left the company and there are lots of questions around that his left leave I couldn't hear you well but Nikesh Nikesh's left of the company made a lot of question how do you think about that Nikesh may share a lot of vision with me and even after he left I miss him even more these days but as you can tell from this transactional bomb I still like to be playing as a chairman CEO of Softbank at least 5 years or 10 or 15 years I still want to be passionate to run the company by myself I have strong passions on that and I feel even more on that so under such circumstance Nikesh I couldn't transit my position to him right away and because of me and my selfish desires to being a chairman CEO for more 5 years 10 years to come I couldn't let him wait in the meantime and that's why he himself wanted to see his own steps next steps so that's why we came to this management change but for as long as vision wise we've been sharing a lot and he was here decision on arm transaction I believe that he is also for this idea so we have last three questions and then we'd like to finish up the meeting and please keep your question to one thank you so one question per person thank you so what are you going to do about management of arm SoftBank hasn't been involved with manufacturing industries so how are you going to manage the arm so how about your position are you going to be the chairman or something else well the management of arm they are very capable people I regard them very highly so I don't think it's necessary to change the management of arm the current management team should be maintained right there for myself when the deal is concluded after the deal is concluded whether I'll be a chairman or I'll take some kind of position I haven't decided about it but at least for a meet-to-long-term strategy of arm is something I would like to be involved and support myself thank you I understood thank you very much next person please my name is Ishina Freelancer one question so arms business is going to be your company's core business if that's the case arms tips, clients so there are other chip makers and the terminus makers like Samson so your relationship with those companies within the mobile segment is it going to see any change well within the software group will become one of the core businesses that's my that's the way I'm thinking right now so as I said it's not going to produce lots of it's going to produce lots of direct and indirect synergy but for clients I would like to maintain neutrality as I said SoftBank doesn't make nor buy chips and against chip manufacturers we'd like to maintain our neutral position SoftBank we produce smartphones as a device using those chips well there are many companies like that all over the world including Apple, Samson Huawei HPC or Sharp even Sony all these manufacturers smartphone manufacturers are using arms chips now so those final products of smart smartphones is something we buy and all the rival companies are also buying those so the final products because only because the arm has become one part of our company we are not going to make any difference so towards arm we will maintain neutrality I'm sorry arm is going to make its neutrality in providing their chips other home appliances or cars they will keep providing chips neutrally to all other clients next question is the last one my name is Oshitani from JP Morgan hello one question by your company buying arm existing arm clients and users companies in licensing do you think they will turn against arms products because it's going to be bought by your company because they've been buying their products because arm has been neutral but when it comes under the umbrella of soft bank they will stop buying do you think I don't think so that's because we soft bank we are not competing in a competing business with arms clients soft bank arms clients include Apple and Samsung Mediatek NVIDIA Lunasus Freescale NSP Microchip those companies are not our rivals we are not competing in any business so if we are not in competition although they have become under umbrella these clients will not turn their back to arm all of a sudden they will not change their I don't think they have policy to change their suppliers so only because they become a group member of soft bank group I don't think their clients will will turn their backs to arms I don't think it's possible so you had no color as a carrier so far so but companies so this company is no is not under any carriers umbrella but now now they become your part of your company smartphones manufacturers are not carriers chip manufacturers are not any none of them are within carrier groups so manufacturers of cars chips or they are not none of the they are not in competing businesses to us so if seen from a global carrier company so that means even if you keep dealing with handsets that's no disadvantage to them that's right so if carrier doesn't carriers don't want to buy smartphones using arms chips that means they can't deal with iPhone not Samsung so HPC they will they would no longer use buy or use those mobile phones all over the world so therefore they cannot turn their backs to arms chips so if our smartphones if they think we don't we shouldn't offer our I don't think they are thinking we should we shouldn't offer our mobiles to other companies yes I think our time is up we would like to conclude this press meeting thank you very much for coming thank you very much