For the term under review (the fiscal year ended March 2009), in the second half of the term under review, the economic environment deteriorated more than had been expected, and this eliminated any restructuring and integration effects. Against this backdrop, we must concentrate our management resources to accomplish an earnings recovery in the future. Therefore, JVC Kenwood refrained from paying term-end dividends.

For the next term (the fiscal year ending March 2010), we will not make an interim-dividend payment for similar reasons, and will decide on year-end dividends later taking into account profits, losses and other financial conditions for the first half.