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To Our Stakeholders and investors

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

Nobuo Takenaka

Dear Shareholders,

On behalf of Misawa Homes, I offer our deepest appreciation for your continued support.
In the first half of the fiscal year, various regions across Japan suffered extensive damage from a series of natural disasters such as torrential rainfall in July, earthquakes in northern Osaka prefecture and eastern Iburi in Hokkaido, and consecutive large-scale typhoons. I offer my prayers for the many lives that were lost and I hope that for everyone else affected by these disasters, life will be back to usual as soon as possible.
Misawa Homes offers disaster prevention and mitigation solutions for such disasters in the form of MISAWA-LCP*1. We feel it is our responsibility to provide housing that keeps people safe and intend to further these efforts going forward.
The medium-term management plan, "First Step For NEXT 50," which started in the previous fiscal year, reached its mid-point at the end of September this year. Currently, in preparation for the impacts of the falling birthrate and aging population, Misawa Homes supports the elderly and dual-income households. Misawa Homes is collaborating with mobility industries, such as the automotive and robotics industries, to carry out its business activities with the theme of promoting housing and communities that make it unnecessary for people to quit their jobs to take care of aging family members or children.
In the first half of the fiscal year, believing that convenient town living will become a core aspect of the housing needs of the elderly and dual-income households, we offered and expanded town-living solutions to meet these needs. We provide a number of competitive products and services. In single-family detached homes, we launched CENTURY Primore 3, an urban three-floor home constructed with our 120 mm thick Century Monocoque panels. In rental apartments, we installed special storage space "Kura," a specialty of ours, at each unit, and ensured a ceiling height of approx. 3.3 m. Furthermore, we enhanced the renovation solutions we offer that are geared to preparing for nursing elderly family members at home, which is a likely result of the aging population, and put more energy into our efforts to renovate condominiums centered on convenient town living.
As for multi-use developments based on the compact city concept, which emphasizes supporting health care, nursing and childcare, we have been proactively creating proposals. For example, work has begun on the Shizuoka prefecture Mishima Station South Exit East-District redevelopment project.
Under these circumstances, the financial results for the first half of the fiscal year were as follows: Sales and profits missed projected targets due mainly to a decrease in orders received up to the first half of this period and delayed handovers caused by natural disasters, despite orders received having been strong, outperforming the same month of the previous fiscal year for four straight months since June. In the second half, we will aim to achieve the goals for the full year by maintaining the favorable order environment and proactively moving forward with condominium sales and real estate investment. One of the businesses focused on in the medium-term management plan, the overseas business, will begin full-scale operation during the second half in Queensland, Australia. In addition, to take part in visionary initiatives, we are collaborating with the AVATAR X Program*2, which aims to enable new space development and commercial use of space. Misawa Homes is the only company in the housing industry that is participating in the program.
In closing, I would like to request our shareholders' ongoing understanding and support.

*1.LCP stands for Life Continuity Performance, which is a methodology for maintaining a stable lifestyle during normal circumstances, as well as during and after a disaster.

*2.The AVATAR X Program aims to establish space-related business utilizing AVATAR, which is operated by ANA HOLDINGS INC. and JAXA (Japan Aerospace Exploration Agency).

November 2018

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