Since its establishment, the Daiwa House group has been a pioneer and a leader in the Japanese housing industry. Single-family houses are our core business. Every year we build more than 10,000 houses, employing a broad lineup that ranges from prefabricated to traditional wooden houses, and construction that employs the two-by-four method. We are also able to call on advanced planning capabilities and sophisticated technologies, as well as a strong track record in preparing and developing residential sites. In fiscal 2003, the market for newly constructed single-family houses improved, after a few years of decline. Construction of owner-occupied houses increased 2.1% to 373,015 units, while houses built for sale were up 11.9% to 129,327 units. We not only continued to improve the basic performance of our houses, especially responding to demands for better protection against natural disasters, and a variety of climatic conditions. We also answered social needs for functions to protect against the increasing incidence of housebreaking and for more environmentally-friendly designs. The quake-dampening system that we pioneered three years ago was improved, and is now available as an option in all of our two-story prefabricated houses at a reasonable cost. Daiwa House Industry became the first manufacturer in the industry to build all single-family houses to tough crime-prevention standards, equipping them with double-glazing windows on the first floor, a video door phone and windows with double locks to achieve a higher security level. In addition, as a response to the so-called "sick house" phenomenon, we introduced new in-house standards in the summer of 2003. These standards are stricter than the revised Building Standard Law and will improve the air environment, which has been adversely impacted by high insulation. Daiwa House Industry was ranked number one in constructing environmentally-friendly housing* in fiscal 2003. However, revenue from the construction of owner-occupied houses fell slightly (0.7%) from the previous term, to 10,378 units on a non-consolidated basis. Lot-subdivision house sales declined 28.1%, to 1,765 units. * Certified by the Institute for Building Environment and Energy Conservation. We constructed 322 environmentally-friendly houses (system supply-type).