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Hello everyone this is Takumi Shibata, group COO. I will speak first followed by Miss. Nakagawa, our CFO who will go over the Q3 highlights. After the presentation we will be happy to take your questions.
In Q3, all of our business segments were profitable on a pre-tax basis and we reported higher revenues and income compared to last quarter. Despite the tough market conditions, the retail segment continued to respond to client needs through its consulting-based strategy while our Asset Management business continues to capture diverse investor flows and both divisions delivered stable earnings and saw results from their efforts to reduce costs as well.
The Wholesale Division reported stronger revenues in all regions and business lines driven by improved trading revenues and further growth across our global investment banking platform. On this call last quarter we announced that we plan to reduce our expenses by $1.2 billion. And we explained that we will adjust our cost structure to make it suitable for the revenue environment in 2011 instead of 2009. And thereby lower our breakeven point and improve our business execution capabilities.