As stated in JR East 2020 Vision — idomu — we will use operating cash flows for investments for the future growth and a stronger base of operations, reductions in total long-term debt, and returns to shareholders based on the current target of a 30% consolidated dividend payout ratio.

Our fundamental stance has not changed despite the effects of the Great East Japan Earthquake and other factors that have created an uncertain business climate. JR East will make strategic and aggressive investments with the aim of sustaining growth. We will pursue new opportunities, enact service quality reform, aim for growth in tourism and take other actions. Over the next three years, we plan to make capital expenditures of ¥1,400 billion on a consolidated basis and ¥1,200 billion on a non-consolidated basis. Safety-related investments are the highest priority. We will also use capital expenditures in growing business sectors. For returns to shareholders, we will continue to aim for a consolidated dividend payout ratio of 30%. For the fiscal year ending in March 2013, we plan to pay a dividend of ¥120 per share, including the interim dividend. We will take wide-ranging measures to generate returns to shareholders, including flexible use of share buybacks, depending on the level of net cash provided by operating activities. Our total long-term debt is still more than ¥3,000 billion. The outlook for the Japanese economy makes the outlook for interest rates uncertain. JR East will continue to reduce this debt in order to lower interest expenses and improve our financial soundness.