Sekisui House regards the maximization of shareholder value as one of the most important management tasks. We therefore strive to increase earnings per share and will also seek to make investment for growth and enhance shareholder returns, taking into comprehensive account the status of profits and cash flows in each fiscal year and future business development, among other factors. We have set itself a medium-term target payout ratio of at least 40% and will also flexibly acquire Company's stock in an effort to improve shareholder value.