Our 50th Anniversary in 2007 marks the dawn of a new beginning. Having established half a century of trust with our many customers, we are changing our name from Nihonbashi Kogyo Co., Ltd. to Hulic Co., Ltd. The change isn't simply cosmetic. It's our way of announcing a bold new start as we reaffirm our commitment to both our customers and the communities we serve.

Our greatest asset is the real estate we own in prime metropolitan locations. As of the end of 2008, 65% of the office space we provide is located inside Tokyo's 23 central wards, and 85% of those properties are ideally situated within a 5 minute walk to the nearest station.
As a result, we are ideally positioned to benefit from the recent excess demand for office space in central Tokyo.

We have also embarked on an ambitious plan to redevelop aging properties and are confident that the resulting increases in floor space will be another source for long term growth.

Meanwhile, in the insurance industry, consultants' abilities are increasingly being called into question as people become more aware of risk and demand new types of policies. As insurance professionals, we are devoted to giving people the best possible advice. At the same time, we are combining forces with other insurance agencies in order to strengthen our position and expand our base.

With recent questions over accountability, there have been calls for a fundamental shakeup of the insurance industry itself. We want to be a positive force for change, instituting sound reforms that will allow us to better serve our customers.

Our sound management and solid performance record have earned us a single-A rating from rating agencies. We are also committed to increasing our corporate value as we continue to meet and exceed market expectations.

At Hulic, we attach utmost importance to our people. Real estate businesses live and die according to the quality of their staffs. In the insurance business as well, where competing products are often virtually identical, it's a company's personnel that determines the quality of its service. Hulic demands the highest level of professionalism from its staff and makes sure that every member of the company is fully trained in their specialized field. We don't rely on our numbers. Our organization is driven by a select group of highly trained, highly motivated individuals.

We can not let ourselves be constrained by conventional categories as we seek to innovate. With sound management and the new business models we've acquired, we are ready to take on the challenges that lie ahead. As we move forward, our commitment to our customers only grows stronger. We thank you for your continuing support.