We would like to extend a warm welcome to everyone attending the ULI Japan Fall Conference 2025. This conference, along with the Spring Conference held in May of this year, are important events that form the foundation of ULI Japan's activities.

Since our May conference there have been significant changes in Japan and overseas, including the election of Japan's first female prime minister and the Nikkei Stock Average surpassing 50,000 yen for the first time. Outside Japan, the political and economic climate has also been unstable, with heightened geopolitical tensions around the globe and swift changes in U.S. foreign and tariff policies. ULI Japan will strive to provide practical suggestions that will guide the way forward in these turbulent times.

At this conference, we will begin by welcoming Mr. Chiwoong Lee of Morgan Stanley MUFG Securities Co., Ltd., to discuss new trends in real estate investment and capital markets. Then, we will have a discussion panel with experts providing knowledge and insights into each major real estate segment: residential, retail, logistics, office, hotel and data centers.

In the final panel discussion, "Flow of Japanese Capital to Overseas," four specialists will discuss the status and prospects of overseas expansion from various perspectives.

Mr. Jon Tanaka of Hines will deliver the closing keynote speech, discussing the prospects of the real estate sector from a long-term, global perspective.

We hope this diverse program provides all participants with meaningful opportunities for learning and dialogue.

Finally, thank you again for attending and supporting ULI. We look forward to staying connected, your continued support and working together in the future.