Please turn to page 4. Our net revenue increased 34% quarter-on-quarter to become 404.9 billion yen and income before income taxes was 34.5 billion yen and net income was 17.8 billion yen. For the fiscal year to date, for the first three quarter our net revenue was 1.04 trillion yen which was an increase of 25% compared to the same period in the prior year due primarily to Nomura Land and Building becoming a subsidiary of Nomura Holdings.

Pre-tax income was 24.2 billion yen which was down 57% from the previous year due to the difficult second quarter in Wholesale. We reported a net loss for the year-to-date of 10.5 billion yen due to a 13.3 billion yen impact from the changes in the Japanese tax system. Excluding that the net income for the period was 2.8 billion yen.

On pages 5 and 6, we describe the highlights of this fiscal period as well as the segment information and as for the results of each segment, we will explain from page 7 onwards. Let me start with the retail segment on pages 7 and 8. Retail revenues was 79.7 billion yen, which was down 5% Q-on-Q. Pre-tax income was 10.1 billion yen, down 6% Q-on-Q.

Despite the tough market conditions, we continued our efforts in consulting sales and we’re able to achieve a net asset inflow for seven consecutive quarters and we limited the decline of revenues to a minimal level.

In bonds, we were able to achieve a broad range of investment needs and our sales grew for four consecutive quarters. The sales of foreign currency bonds trended strongly, while JGBs and domestic corporate bonds also were steady.

Please turn to pages 9 and 10 for Asset Management. Net revenues in Asset Management were 15.3 billion yen, down 4% from the last quarter. Income before income taxes declined 10% to 4.2 billion yen.

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