What do you think of our plans and our vision of the future? After a long slump, Japan has begun to look for a new way to move ahead. I am convinced that one powerful means of opening up new opportunities for Japan is to encourage a sense of values in which the dreams and the life of each individual are cherished. My aspiration is to make the Daiwa House group into the first choice of ordinary citizens, because it provides them with a truly high quality product and a valuable service and combines our dreams with theirs. I want to contribute to Japanese society by proposing new value for the housing industry, based on a pioneering spirit and an ambition of "co-creating a brighter future." This proposal would reflect both contemporary and future Japan, recognizing that society is constantly evolving. We will continue to promote disclosure and will remain dedicated to our environmental and social contribution activities. We will also stay committed to building a sincere relationship with all of our stakeholders. Our aim is to be a leading company in Japan with a strong group brand that has the ongoing trust and support of society. We hope that we can count on your continued support as we strive to create an exciting future. Takeo Higuchi Chairman and CEO