MS&AD_en

22/22 　Capital Management Policy and Shareholder Return Policy (2)

Please refer to page 21. Finally, let me describe the Group's capital management and shareholder return policies. We have not changed these policies, but I will describe them again. The capital management policy has two pillars. First, we return profits to shareholders based on "Group Core Profit", while creating a virtuous growth cycle through investment in businesses with substantial growth potential. Second, we aim to achieve a "Group ROE" of 7% for FY2013 through growth in "Group Core Profit" and adroit capital management. Our shareholder return policy is to return approximately 50% of "Group Core Profit" to shareholders through dividends and share buybacks. We aim to maintain stable dividends, and steadily increase dividends by strengthening our earnings power. The midterm dividend for FY2012 is ￥27 per share. We will buy back shares opportunistically and continuously, taking capital position and profits into account. Finally, we aim to achieve our plan for FY2013 through growth in profits and adroit capital management. We promise you that we will continue to seek to expand shareholder returns. Thank you for your attention.