I would like to take this opportunity to express my sincere gratitude to our shareholders for their continued generous support and understanding.

Production activities and capital expenditures are slowing in the industrial market, among other factors because of the slowing Chinese economy reflecting the prolonged trade conflict with the United States. Uncertainty is increasing more sharply than before in the electronics industry, where the Marubun Group operates. However, the industry is in the middle of a technological revolution known as the Fourth Industrial Revolution, with smart factories, robotics and automated driving being driven by AI and 5G. We have entered an era of tremendous business opportunities.

In this environment, we are striving to develop technologies and new products and strengthen our ability to provide high value-added products, services and solutions. The entire Marubun Group will generate synergies and differentiate itself from its competitors.

We have adhered to our philosophy of a forward-looking and pre-emptive stance ever since our founding in 1844. As we endeavor to live up to the expectations of all shareholders and other stakeholders under this philosophy, we humbly ask for your continued support.