Firstly, please let me take this opportunity to wish everyone the very best of health, and thank you all for your very valuable support.

The first half of fiscal year 2010 showed some strengthening of the economy due to an improvement in exports and the effects of government fiscal policy.
In the second half of the year, however, the rising value of the yen brought uncertainty in the economic outlook, which was added to by the Great East Japan Earthquake that occurred in March.
In spite of the difficult business environment, Toyo Kohan focused strongly on achieving the cost reduction and sales profit goals set out in our new three-year mid-term management plan, STEP UP 100. As a result of these efforts, we succeeded in raising our consolidated management performance, achieving total sales of 119.2 billion yen (a 11.8% increase over the previous fiscal year), an operating profit of 7.114 billion yen (a 104.3% increase over the previous fiscal year), a recurrent profit of 7.094 billion yen (a 111.8% increase over the previous fiscal year), and a current net profit of 3.457 billion yen (a 59.4% increase over the previous fiscal year).
These excellent results were partly due to the firm sales of existing products such as steel sheets, and also due to growth in emerging markets such as functional film for optics. It is also clear that our success in increasing profits inspite of rising value of yen is a testament to the efforts made by all members of the company to reduce costs. We are finally reaping the benefits of the measures taken in recent years to streamline management and achieve a robust revenue base. I believe that these achievements will serve as springboard to full-scale growth.

We look forward to the continued support of you, our valued shareholders and investors, as we enter this new and exciting period of business growth.

Sincerely.