 Thank you very much for coming to see me today. I'm sorry I was a little bit late. I was just meeting with the chancellor of the UK and got a little bit late because of that. I am very excited to make this announcement. This is the company that I have admired for the last 10 years. So I always respected the company and look at the future of the technology. This is the company I wanted to become part of Softbank. And now I'm able to announce this this morning. I'm so happy for this. So let me very quickly go through the transaction summary. So we are going to acquire 100% of ARM. And the size of the investment is 24.3 billion pound. That is about $31 billion and 3.3 trillion yen. How do we bring the money for that? Two-thirds of that is our cash on hand. And the remaining one-third is the debt. So 70% our own cash, 30% is the debt. This debt is the bridge loan. As you may know, before this transaction, we have liquidated some of our assets in Alibaba. So that cash is already in hand. We also announced that we would have been selling Supercell stock. The cash is coming next month and a few months after that. So for that, we are going to use bridge loan because the cash supposed to come from next month. For this transaction, we have to prepare the cash before the announcement for the certain fund as the UK exchange board required. So we have utilized the bridge loan from the Japanese bank. So therefore, this is all cash transaction to the current shareholder of ARM. So key transaction terms, price per share is 1,700 pence. We got the unanimous board support from the ARM board and also the senior management. Sofang's certain fund has been already all confirmed, as I said, total amount of cash. Scheme of arrangement, transaction structure. So after this transaction, we would own 100% of ARM share and we would privatize the company to become a part of Sofang. Timeline, today's announcement. And scheme document would be posted soon and the court and shareholders meeting would be held right after that. There is a typical schedule for that. It's not that many weeks. And scheme become effective soon after that. So this is not a long process because we do not have any competitive business today. So Sofang has no conflict of interest with ARM. Therefore, the requirement from each country's government for going over the regulatory approval should be very minimum because we do not operate any related or competitive business against ARM. So this will be very straightforward. So why are we doing this? ARM is a market leader and next big paradigm shift is coming on IoT. So I believe the IoT will be so big opportunity for all the mankind and all the products in the world. So this is the beginning of paradigm shift and we are going to invest believing in for the future. So we make the ARM become a private company and we invest for this strategically for the long term success. The ARM stakeholders impact, I believe that this will be one incidence of endorsement into the future of the UK. I know many people are concerned about this complicated political situation of UK and some of my friends have businesses in UK and they are very afraid and maybe some of them are even discussing to move out the headquarter out of UK to relocate to somewhere else. I am totally opposite. I say this is the time that we invest with a strong commitment and belief in the future of UK. So I am a strong believer of UK. And we preserve the ARM organization and Cambridge as a headquarter. So ARM has many engineers around the world but still centered nearly half of the engineers centered in UK and centered mostly in Cambridge. So this is the ecosystem that ARM has created over many years which I respect is the winning formula. So I would only enhance that winning formula to go invest more aggressively into the ecosystem. Therefore, I'd like to double. I would commit. I have a strong intention to make my intention become a commitment in this transaction that we would double the number of employees in UK in the next five years. And we maintain ARM's neutrality and independence. As you may know, SoftBank has many operations, many companies. We have mobile business in Japan. We have mobile business in US as a sprint. We have a large synergy group company like Alibaba, Yahoo Japan, and so on. So we have so many business operations and many capable CEOs and the management of each company. And I respect those autonomy. I respect those leaders. So I would discuss with them about long-term strategy where the company should go, how could SoftBank as a group can help each other, bring the synergies to each other, but basically I respect the autonomy of each company. So that's how ARM is going to be operated going forward. I respect the autonomy. I talk about the strategic long-term view together with them. So some of you may not know enough about SoftBank, so let me introduce a little bit. SoftBank has the history. We started as a PC software distribution company in Japan as a small startup company. I have found it by myself. No VC investment into SoftBank. I had to fund by myself. And then we expand our business into PC magazines. And we acquired PC publication company, number one in the US and the world, Zif Davis. And then acquired Comdex. Started Yahoo Japan, invested in Alibaba. We invested in the beginning of broadband. So our SoftBank group, Yahoo BB, became the number one in speed in broadband for the fixed line internet and the lowest cost among any advanced countries. We acquired Japan Telecom, Vodafone Japan, which was struggling. I turned around and invested into Sprint. And then I also, as a father of a new robot called Pepper. Okay? So that was my invention. So what is SoftBank? Our track record revenue is $87 billion, EBIT 23 billion, EBIT 10 billion, market cap $68 billion. How did we grow? As you can see here, when we invest into the broadband, I suffered on big loss every year for four years. But then I turned around and then started investing into mobile internet and so on. Okay? So SoftBank has basically two arms of organization. Left hand side is our cash cow business, which is a steady cash flow business of operation which SoftBank owns, the control ourselves. So that consists of SoftBank mobile, Sprint, Yahoo Japan. That is the operating assets. Which basically I am sort of chairman in law and I support those companies operation. Then also we have investment assets. These are the assets that SoftBank do not own control. However, most of the case, we are the largest shareholder. We have a synergistic group among these companies because, as I said, in most case, we are the largest shareholder and we are involved, I myself, involved in a long-term strategy of those companies. Okay? So those are the investment assets. So as a track record, as I said, Vodafone Japan was struggling and losing EBIT every year very quickly. And then after we acquired, I turned around together with my team to 10X in EBIT over the last 10 years. Okay? It was not easy. In the beginning of the process, people said, or SoftBank is finally going bankrupt because we made a big bet. But result was fantastic. Okay? So SoftBank Mobile, as you know, in the scale business like infrastructure, scale matter. But SoftBank as a number three in scale of subscribers in Japan, number four in US, but at least Japan, we are number three in scale of subscribers, but our profitability is actually number one. We are 54% EBIT and margin over the revenue, over the service revenue. And that is number one in the world. Okay? We are bigger than Verizon, AT&T, China Mobile, or any other company in the world for EBIT and margin, which that I know of, okay? Of any major, any significant size. Maybe there are small size company in some small country, which I don't know enough. But any significant size telecos, we have the highest profit margin. And free cash flow wise, we are number one again last year, but this year, even much more so. So we will be definitely number one in profitability, of our operating business. One of the reason why I have decided to announce this deal, to make this deal with ARM is because I feel that now I have got enough confidence in turning around sprint. So if I did not have enough confidence, I would not have decided to make the next big move, which is the biggest investment in soft bank history, in the scale of 30 billion dollars. So that is our operating business. For the investment business, we have IRR of 44%. I think in this scale of the business of investment, compared with any private equity companies, investment companies, or compared with any venture capitalists, over the last 18 years, I have not known any other companies which beat this 44% compounded return of investment. I don't know any other companies. If I'm wrong, please let me know. I can learn more. But anyway, why did we have this kind of success? If you ask me, what was the key to the success? If I say only one reason, I'm not investing into the distressed asset. I am investing at the beginning of paradigm shift. When people still wonder, when people still debate whether that new paradigm is coming or not. Sometimes people think it's too risky, too fragile. But I see the future paradigm shift is coming. So at the beginning of the major paradigm shift, we decide aggressively to make investment. So that was a key to the success. So as I said, when SoftBank started, that was the beginning of PC stuff. When PC internet started, I invest into Yahoo US when they had only 16 employees. We invest at the beginning of PC broadband and we invest at the beginning of mobile internet. And now I say one of the biggest paradigm shifts is coming, coming big time. That is IoT. If the internet gets started with interconnecting PC, the next move was interconnecting the mobile. So internet of the main stream of internet shift from PC into mobile. I would say next big move is that not just the mobile, but internet will interconnect everything, everything that has the semiconductor inside. So any consumer electronics, any automobile, any infrastructure in the society, they will all get connected. That's my view. So that volume will be superseding the number of people on the earth. So that's what I believe. So as you may know already, the ARM ships nearly 15 billion chips designed by ARM. So ARM-based design chips are shipped by many system-on-chip vendors around the world. They have shipped 15 billion units. Those are ARM-designed based. That's the fact of the last year. And it's growing. It's growing exponentially. And I believe this will continue to be the case for next decades to come, many decades to come. ARM's total revenue last year was $1.5 billion, net income of $660 million. Here again, it is growing exponentially in my view. Where is ARM? ARM is everywhere in smartphones. So ARM has the market share of definitely over 95% of any smartphone sold last year. So not just one chip, multiple chips inside a smartphone. ARM is not only in smartphones, but coming many, many chips inside automobile. I think when automobile becomes automatic driving, this will become even more important. ARM is going to be everywhere, as I said, going forward on internet of things. So I think many, many things will be connected. When those are getting connected, one thing people should worry about is security. So when things get connected, I would like to ask you, you may be upgrading, updating your file in smartphone to have the security on a new operating system upgrade. But how many times did you upgrade your Wi-Fi router in your home? Even very skillful engineers don't even think of upgrading their Wi-Fi or printer or copy machine at the office for upgrading for the sake of security. But when bad guys trying to hack the internet, they go not only through the smartphone or PCs, but they go through the Wi-Fi routers or printers and so on. When things get connected everywhere, this security becomes even more important. So ARM has the function called trust zone. So with this trust zone, ARM will provide more secure environment for internet of things. So that's good. ARM is increasing royalty revenue, part chip, because many of the chips are now providing multi-core. Not just a multi-core, but multiple chips inside the smartphone and automobile. So even though people say, oh, number of smartphone shipments volume is getting saturated, I said no, no. Number of chips are increasing. Inside one chip, multi-core is again increasing. And ARM also has the graphic chip called Mali. Also has the physical IP. So next generation, on and on, ARM is introducing new enhanced capabilities. So I believe ARM will be successful even more. So there are so many facts. So on this page 31, you can look at later on. You will learn more about ARM, and you will know more significance of ARM, which make me excited. So not just today, last year's figure, ARM has, by itself, posted their view of the market size and ARM's growth in the next five years. I believe this is a good forecast. My job is to enhance the management view and support them to be more aggressive to invest into the technology and engineers and so on. So as I said, ARM has over 85% of mobile computing. Mobile computing, when they say mobile computing, they include laptop, notebook PCs. So if you talk about only smartphone, it's over 95%. But even if you include laptops and notebook PCs, it has over 85% of market share. Enterprise infrastructure, like mobile network infrastructure, they have 15%. Embedded intelligence, over 25%. And mobile computing, total available market size by year 2020, their view is $40 billion, total available market, which is the size of the market that is shipment of chips with ARM design base. So ARM has access to huge potential opportunity of the market size, $40 billion mobile computing, $36 billion enterprise infrastructure, embedded system, $45 billion, and so on. So the mobile application processors, ARM has basically three new architectures last several years. So ARM, Core Text A, which is application processor, Core Text R, which is the real-time processor, and M, which is the embedded. So the microcontroller unit. So real-time and application processor, which is more high-end. But for the internet of things, this embedded intelligence become very, very important. And for the servers, it has such a small market share. Most of the remaining is owned by Intel. Therefore, ARM, in that sense, has a great opportunity to increase its reach. Automobile will become very exciting for the future. As I said, with the driverless automobile, it becomes almost like a robot. It will be a self-driving car, and consumer electronics, and so on. Everything, I would say, in 20, 30 years will be all connected. So next five years is the investment stage for the internet of things. And in 10 years, 20 years, 30 years, as time goes on, a big opportunity comes in the horizon. ARM has so many partners. ARM's business model is not to manufacture chips by itself. Therefore, ARM has so many partners who manufacture the chips using ARM as the core. And they add on. They value add the modern portion of it, or memory size, or many IO capabilities, graphic capability enhancement. Using ARM as a core used to be, if I look at the system on chip now, it used to be exactly like a PC motherboard. So PC motherboard is now scaled down into system on chip. Therefore, ARM has so many partners around the world for creating system on chip, and design support partners, and software partners, and so on. So we will support ARM with a shared vision, maintain neutrality, and global relationship, and I will invest for the future of the ARM. So SoftBank and ARM will drive the next generation paradigm shift. That's my passion. That's my view. I think this is the company I wanted to do for so many years, 10 years. I've been thinking, thinking, thinking a lot. I was highly admiring the company. So SoftBank in our history never had number one company as a core company as a platform in SoftBank. This will be our first and most important, my big bet for the future. OK? You say you've been looking at this company for a while. You've been looking at ARM for many years. I understand the actual deal was done quite quickly, and I wanted to ask you why suddenly this deal has been done, and whether Brexit and the devaluation of sterling had anything to do with the timing. Well, Brexit did not affect my decision, OK? In a sense, many people are worried about Brexit and concerned about the complex situation of the country. But in good or bad, it did not affect. I did not make the investment because of Brexit. I did not make the worry, concern, because of the Brexit either, OK? So I decided for the viewing the paradigm shift as the opportunity. This is the beginning of IoT. I would have made this decision at this timing regardless of Brexit happened or did not happen, OK? But do I understand that the talks started only a couple of weeks ago, and so it was since Brexit, and so there must have been some opportunism about the currency devaluation? It's not opportunistic about the currency. That was not the reason, OK? The reason is because I got the money finally now. I didn't have the money to invest right before that, OK? And I would have wanted to do this, but I was waiting for the cash to come on hand and Brexit, good or bad, did not affect, OK? It's true, by the way, that I have met with the chairman of ARM only two weeks ago as a first time, OK? And that's the day I said I'm interested in acquiring ARM as a first time. And that was the first time I met with the chairman, Stuart. Of course, I've met with the former CEO and current CEO multiple times talking about maybe even possibility of joint ventures or some kind of business alliance. But actual first approach for this opportunity was made only two weeks ago, and today is only two weeks after then. So we've done all of the due diligence, all of the funding in the last two weeks. If I could just add, ARM is a fairly unique company. And as much as 95% of its revenues are in US dollars. So in sterling terms, the stock price and the value of the company has actually increased. And that's, again, addressing your point about currency opportunism. Yeah, so as he says, in these two weeks, actually, ARM's share price went up almost like 15%. So the currency depreciated, but ARM's share price increased. So in US dollar term, it was equal. We did not use this as the opportunity to buy cheaper. That was not the case. ARM was one of the very few companies increased by 15% in the last two weeks. So this Brexit did not bring us any discount. OK, please. Costas Bittes from Reuters news agency, two questions. What do your investors, rather than the management, think of this deal? And also, you've given this kind of cast iron jobs guarantee regarding ARM. We've had these before, which have often not transpired to last. You said it was legally binding, but we don't think there's a precedent for that. So could you just explain how is it legally binding as part of your response and also what your investors think? For doubling the employees? Yes. OK. So I would like to, we announced the intention of doubling the employees in the next five years. But this intention, I would like to convert into the commitment legally binding. So we would submit this to the UK takeover panel. And we would present this to the court. And the court will have enforcement right to be legally that we fulfill our commitment. So that specific process is going to be discussed with the takeover panel in the next several days. And we would like to convert this intention into the legally binding. We did not need to do that. It's just my way of showing commitment to UK. Just to build on that, there will be an independent supervisor that will audit this commitment. And the panel will have legal enforceability in UK courts to make sure that that's done. So at the end of the fifth year, if we have not doubled the number of employees in UK, the court will have the right to enforce us to make it happen. And that's something I'm reading. I'm reading to go that far in my commitment. And the increase in headcount will mirror the current trend of increases in headcount. In other words, we won't be hiring janitors. We'll probably be hiring more engineers. I have a question about investors. My answer is, what do investors think of this deal? Well, investors have to decide by themselves. If the investor did not like it, they just have to sell it. If the investors like it, they will buy more share of soft bank. But I am a larger shareholder of soft bank, by the way. I'm also sharing the same interest as the other shareholders. I believe this is going to add a lot of value to soft bank. Therefore, it is good thing for shareholders. That's my view. Okay. Hi, Jeremy Khan from Bloomberg News. You talked about shareholders, but I'm actually interested in what your bondholders may think of this. When you announced the Alibaba and Supercell sales, bondholders were happy because you were getting some more cash on your balance sheet. Now you're spending all this cash again on giant acquisition. What do you say to bondholders about this? Well, for bondholders, I think this is one of the best opportunity to buy more. Okay. Because the size of the margin for soft bank bond is good enough, attractive enough for those bondholders so that the discount on the soft bank bond would be attractive for many bondholders, I think. And they just have to decide by themselves. But if you look at the soft bank rate of our net debt over our EBITDA margin, we have a very reasonable multiple. And because we have sold Alibaba shares to some extent, and we liquidate Supercell asset, so the debt to the EBITDA multiple, net debt to the EBITDA multiple is actually not that much changing. And also if you think about the size of our public company shares, if you look at the size of our public company shares, and if you look at compare with our size of debt, effectively, soft bank is net debt zero in that view. Okay, in my view, we have a very strong free cash flow as I have just explained to you right now. We have the highest free cash flow margin against any other mobile company in the world. Okay, so we have a very strong free cash flow and strong public stocks. So effectively, I believe soft bank is net debt zero. So for the bondholders, I think it's a very safe asset with a very attractive interest rate. If I were a bond investor, I would be excited to be buying more, right? Thank you, please. Yeah, can you talk about what opportunities for you to grow the arm revenues by being part of the soft bank group, perhaps by assisting purchasing of different products? Can you just talk more freely on that? I did not understand the question very much, but. So now arm will be part of the soft bank group. Some of the areas or product areas that you're excited about, are there opportunities for you to make those products grow faster? Yes, the internet of things, as I said, is coming big time. So it's one of the biggest opportunity going forward and arm can make more aggressive investment in technology for that. So by becoming a private company within soft bank group, they don't have to worry about next one quarter or two quarters of bottom line. So instead, now is the time, I truly believe, now is the time to increase the number of engineers. So arm do not own the foundry, no factory. So the biggest investment is into the engineers. So that's where investment should go as the smartest engineers for designing these chips. We should be encouraging them to increase the number of engineers. That's the best investment and best return on investment, okay? Especially for the IoT. Of course, it has a strong application processor, so high end of products should also continue to be invested. Arm has been extremely dominant with the smartphone. What makes you think it can replicate that dominance with other products in which it currently has a low market share? So I would say automobile, automobile is becoming smarter and smarter, okay? So when automobile become so smart, it requires to have more and more chips integrated inside the car. And especially when it become a driverless car, it automobile itself will become a supercomputer which consists of bunch of multiple chips. So arm would be going into that market very, very aggressively and all the consumer electronics also. But also the servers, okay? In our group, we have many servers in the crowd and the biggest cost of operating the data center and the crowd is electricity cost. So strengths of arms design is uses very low power consumption. Therefore, it is going to decrease the cost of operation of the data center by a lot. So those are also a big opportunity for arm to enhance. Sorry, I was just gonna say BMW signed a deal with Intel on its driverless car project a few weeks ago. What makes you think Arm is going to be able to compete with on these platforms on which it's not as dominant as it is on the smartphone? Yeah, well, Intel should have its own opportunity all over and Arm has its own strengths. So for any product, there is always a great competition and competition drives the technology to progress more. So definitely I'm a high admirer of Intel, nothing wrong with Intel and I respect them. Arm has its own strengths in different field. So I think it will be a healthy competition going forward. Hello, hi, our Ashman City Financial Times. Could you elaborate a little bit more on your discussion with the Chancellor yesterday? I understand you spoke with him and the Prime Minister and also you said this morning. And then if your approach was two weeks ago, obviously a different government would have been in place. Did you interact with both governments or was it just with this government in terms of your dialogue with them? Well, I've met with the not the prior Prime Minister. I've spoken to some of the officials. I did not mention about Arm at that time, just a general concept of investing into UK. So this is the new government, this is the first time I spoke about specifically investing into Arm. So yesterday before I got onto the plane, I spoke with the Prime Minister and Chancellor. And this morning I had a face-to-face meeting with Chancellor. I think this is a good communication and I already hear strong support for this investment. This is an endorsement into the view of the future of UK. Hello, and what specifically did they ask? I mean, can you elaborate on sort of nature of whether they just want to understand your assurances better? Did they want to get a sense of the way you want to invest? Were they comfortable with the dialogue? Yes, as I presented this morning here, I talked about doubling the employment in UK and keeping headquarter in UK and enhancing the ecosystem centered in UK. So that was all good thing that they say, wow, that's good, nothing wrong about all those endorsements. And many people are concerned about this complicated situation of the country. So I am one of the very few person who bet with a big size of cash, not just talking, you know, talking is easy, right? Talking to say, oh, UK will be still good, great country. It's easy to say, but I'm proving that with big size cash. And by the way, the multiple of the price that we are paying, including this premium, is actually almost like a 60X of the last year's net income. So that means the company have to sustain its growth and success for many years to come. I cannot hit and run, okay? I have to truly believe in the future of UK, the power of engineers in UK and so on. So this is my big bet, right? Graham Reddick at The Guardian. Obviously the engineers at ARM have been key to its success. A lot of them have been there for a long time, some of them since the foundation of the company. What commitments have you got from ARM that the key members of staff will stay after this deal? Well, I have not talked to the key management other than the chairman and the CEO, okay? So this afternoon, I'm going to Cambridge to talk with the senior management of ARM. For many of them, this was a big surprise. So I have to meet with them face to face and I have to communicate with them my passion, my commitment and my belief. And I believe we have a very same vision for the future of the technology. So I would just hope that they would continue to put their life, passion, into the company. Yes, please, the microphone, this lady. Hi, I'm Micaely from Reuters. I just wondered if there'd been any reaction from some of the companies that use the ARM products like Samsung or Apple, and whether there are any concerns that this might affect any of their independence. And secondly, if you could just give a bit more detail about your confidence in the kind of regulatory environment and just wondering if China we're gonna be looking at it until regulation in China. Well, in UK, there is a very strict rule about six people, okay? That we could not talk to more than six people, otherwise we had to announce publicly to the takeover panel. So I have not spoken to any of my friends yet, okay? Until this announcement. So I don't know, I haven't spoken with them yet. However, Tim Cook, Jay Lee, Paul Jacobs, all those guys who are the big ARM customers, a great friend of mine for many, many years, okay? So Samsung, Apple, Qualcomm, MediaTek, all these companies, I know for many, many years. So I think that this is, SoftBank has no conflict of interest with them. We do not manufacture, SoftBank do not manufacture any chips and we are not any major buyer of any chips ourselves. So we have absolutely no conflict with any one of those ARM's customers. So I don't think there would be any resistance or hesitation to continue to be strong partner of ARM going forward, okay? And for regulatory staffs, as I said, SoftBank does not have any direct business in China. So there is no antitrust, regulatory approval that we have to apply in China. We have a very good relationship with China through our investment into Alibaba and many other Chinese internet companies. So we have a very good relationship with them. We have a very good relationship in the United States. We have applied for CFS approval in the US for the safety of the United States for in the process of acquiring sprint controlling share and so on. So we're a good partner in the United States and we are a good partner in any other countries. We do not see any major obstacle going get approval from any countries. Yes, please. Yeah, yeah, you have to. Sam Nussi from Nikkei. I know that you said that Brexit was not a factor in your decision, but given the, if a UK exit limits the flow of highly skilled workers into the UK, would that not be a concern for the future of the company? Thanks. Well, I hope, I just hope that whatever new rules that the government decide going forward would not damage the employees that the armed currently has. So, and they are highly skilled people. So there should be no conflict of labor force in UK. So I don't see any... This is with your plans to expand the number, you need to expand the number of engineers and presumably some of that new workforce would be coming up in the future. So that new workforce would be coming from continental Europe and presumably free movement of labor is very significant important to secure that number of people. Well, the future decisions by the government, I cannot decide, okay? So they decide for the sake of the success of the UK going forward, which I do not know what would be their decision. I just hope that our arms skillful, very skillful engineers can continue to be attracted and aggregated by ARM. Well, just to put it in context, ARM has just over 1,600 employees in the UK. So you're talking about doubling that over a five-year period in the grand scheme of things. That's not a big number. So I don't think we're overly concerned about some of these policy implications. Okay, please. Arjun Kapoor from CNBC. I know you said this particular deal again wasn't factored in by Brexit, but given that the pound has fallen, some of the valuations of startups have cooled down a bit and you guys are big investors in startups. Are we to see more deals of this kind in the UK, perhaps in the startup space, any investments in UK startups, further acquisitions of any kind of startups in the UK? As well as, and in particular, what kind of areas interest you, artificial intelligence field? What are some of the areas that in the UK that we are stronger at that you have particular interest in? Yeah, okay. So as I said, in the case of ARM, post-Brexit, the ARM share price increased by 15%, roughly, okay? 15, right? Roughly 15%. So regardless of the currency exchange that started became cheaper, did not actually affect the value of ARM. So the currency help, but share price went up. So net net, our price in US dollar term actually was flat. So Brexit that did not affect us to buy cheaper or expensive. It was actually flat, okay? So we did not use this Brexit as the opportunistic, you know, reason to decide to invest. However, there are many companies, very good variable companies in UK. And so this, if people have reduced the price in the companies because of the situation, this could be a good opportunity for many other people who might be interested in investment into UK. And our investment may show as the confidence to them that if we are making 24 billion pounds investment into UK, they can take a smaller scale to make investment and we bring more confidence into that, I hope. So we'd like to see Softbank invest further into the UK in the near term over the next 12 months. I will hope so, but we don't have any plan other than this yet. Hi, Nick Files from The Times. You've talked a lot about what arms can bring to Softbank. And obviously you've talked about the jobs. I'm just wondering if you can give us more of a flow of what you think Softbank can bring to arm apart from jobs, because for a long time I've been talking about the areas, the paradigm shift that you're talking about and seeing very well positioned and is growing very fast. So I'm curious just to hear how your investment plans can change that. So I'm just trying to get a sense of what Softbank can bring to arm apart from jobs because arm was very well positioned in those areas that you're talking about already. So how will privatizing the company help make that transition? So as I said, being as a public company could not be aggressive enough to increase the number of engineers or invest in R and Ds because they had to also very carefully balance the bottom line and so on. But I would encourage them to invest more into engineers and R and Ds because I think this is just the beginning of big horizon, big opportunity going forward so that I would only encourage them as becoming part of private company as a part of Softbank Group. So that is one encouragement that I will bring. Additional to that is that arm has been technology design house, but not service oriented company. But I think that with Internet of Things, the security become very important and Softbank as the service company for the mobile Internet infrastructure that we have a subscriber model and we have many service operations. So I hope that our knowledge and expertise can bring additional strengths to the future which I don't know specific model or things yet but in the future as a potential the collaboration with our synergy group between Japan, US, even China and so that we have a great opportunity to help each other.