Thank you very much for your kind introduction. I am very pleased to have been given an opportunity to meet with so many distinguished investors and analysts today. Following the presentation of Mr. Devine, the Chief Financial Officer of General Motors, our major shareholder, makes me feel a little nervous, as if I were speaking after the eloquent father one looks up to. In fact, Mr. Devine and I regularly meet at GM-Subaru Alliance meetings, and always end up in heated exchanges about motor sports. I believe he is one of the most passionate car enthusiasts among all the CFOs in the industry.

This afternoon I would like to talk about the Subaru brand and technology, and the philosophy and strategies behind them, rather than focusing on management and financial details. I will also touch on motor sports, since it represents the cutting edge of Subaru technology.

I joined Fuji Heavy Industries Ltd.(FHI) some thirty years ago as a mechanical engineer, then belonging to Total Vehicle Performance Integration Department. Since that time, my career has been devoted exclusively to the planning and development of Subaru vehicles. That work has reinforced my lifelong love for automobiles and turned me into a true car enthusiast.

Since being appointed president of FHI in June 2001, I have been working to rebuild a brand identity for Subaru. I believe it's my mission to enhance the value of the Subaru brand, and increase our overall corporate value from a long-term perspective.