Improving compliance is the most important managerial task for anybody whose business is closely connected with daily life. In April 2004, we prepared the Corporate Ethics Guidelines of the Daiwa House group and the Behavioral Guidelines, which will serve as our rules for ethics and the conduct of the group. We also developed an internal reporting system, including a help line, for corporate ethics. We are united in reconfirming our commitment to compliance with all laws and regulations and the practice of fair and sincere conduct that meets social standards as our group develops and grows. With respect to risk management, an issue of increasing importance, we established the Risk Management Committee at Daiwa House Industry in April 2002. We have also taken preemptive steps to avoid the risks inherent in the operations of the group, and to enable a prompt and proper response to any risks that arise. In addition, we have drafted internal rules to protect personal information, and we will begin using this rule when the Law Concerning the Protection of Personal Information Registered in the Government Computer System comes into effect in 2005.