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To Our Stakeholders and investors

Nobuo Takenaka President and CEO Misawa Homes Co., LTD.

Nobuo Takenaka

On behalf of Misawa Homes, I offer our deepest appreciation for the continued support of our shareholders.
I am Masashi Isogai, and I have assumed the office of President and CEO as the successor to Nobuo Takenaka (current Chairman). 2017 is an important year as it marks the 50th anniversary of the founding of the company, and is the year in which we take the first step toward the next 50 years with the announcement of the new medium-term management plan "First Step For NEXT 50." I feel a tremendous amount of responsibility taking on the important duties of being President in such a critical turning-point year. I intend to realize the further growth and development of the Group by moving forward with inheriting the same structural reform path used up to this point, continuing to promote business diversification, and by carrying out the new medium-term management plan with certainty. I will devote myself to meeting shareholders' expectations and hope to receive continued guidance and encouragement from shareholders, as was the case for the previous President.
As of the previous fiscal year, the period for the three-year medium-term management plan started in fiscal 2015 has ended. This medium-term management plan began under an even more challenging market environment than was expected due to the impact of the consumption tax increase. Afterwards, the whole market for homes was headed toward a recovery mainly with rental homes; however, the tough situation continued for the Group whose core business is selling owner-occupied homes.
Therefore, while putting effort into structural reform, which is the highest priority for the Group, the Group steadily carried out investments into stock-related business and promoted business diversification that is key to the medium-term management plan. As a result, in the previous fiscal year, which was the final fiscal year of the medium-term management plan, the portion of net sales made up by stock-related business reached roughly 50%, the goal of the plan, in line with the single-family detached home business. I believe this is the result of efforts during my predecessor's time in office to "change from the revenue structure that is dependent on the single-family detached home business." As a result, the consolidated financial results for fiscal 2017 are as follows. Net sales were ¥399.8 billion due to the expansion of rental homes and condominiums, despite a decrease in sales of single-family detached homes. Income and profits increased following the beneficial effect of efforts to reduce selling, general and administrative expenses which led to an ordinary profit of ¥8.1 billion and profit attributable to owners of parent of ¥4.4 billion.
Due to the above financial results and the fact that in October we will celebrate the 50th anniversary of the founding of the company, and to show appreciation for shareholders' support up to this point, the year-end dividend for the fiscal year ended March 31, 2017, was ¥25, which includes an ordinary dividend of ¥20 and a special dividend of ¥5.
In closing, I would like to request our shareholders' ongoing understanding and support.

June 2017

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