In May 2012, IDERA Capital Management Ltd. emerged as a new powerful real estate manager by combining forces of Atlas Partners Japan Ltd. and MK Capital Management Corporation, each of which had about 10 years of operating track record in the Japanese real estate market. Building on solid financials and synergies achieved by the merger, we possess unmatched asset management skills, extensive fund management experiences spanning many years, and top-notch product development capabilities. In the Japanese real estate market that offers scale of developed economy, reliable legal system, public safety, full-fledged technology and environmental consciousness, IDERA has proposed various investment opportunities. Our attractive investment products and full varieties of services were delivered in a reliable and transparent fashion to our clients in the current investment climate. In May 2014, IDERA faced another milestone with change in its ownership to Fosun Group ("Fosun"), one of China's leading private investment groups. Fosun is aiming to expand the investment capabilities globally through organic growth and sponsoring local teams in each market or sector. In the midst of full-scale recovery and growth of Japanese real estate market, IDERA is now supported by Fosun's long-term commitment. We continuously pursue to grow to be one of the best real estate investment management platforms in Japan and in Asia. We appreciate your continued support.