Yoshiaki Fujimori, President

Dear Shareholders and Investors

The printing industry is now at a significant juncture. This is due to a combination of factors, including prolonged deflation and corporate cost cuts, along with a shift from paper-based to electronic media.

At Kyodo Printing Group, we view these changes as a growth opportunity. With this in mind, we are working hard to develop new products that capitalize on our capabilities in manufacturing technologies, while seeking to expand into new fields with solutions-oriented businesses to meet our customers' needs.

Japan's economy is now in a recovery mode. But conditions in the printing industry are likely to remain challenging. With our "KYODO SPIRIT" group management vision as a foundation, we will continue to provide highly value-added products and services. We will marshal our strengths to promote forward-looking business activities. The central theme of our management philosophy is "using our core printing business to contribute to society in the spheres of lifestyle, culture and information industries." We will strive to realize this goal and to achieve maximum value as a company.

We ask all of our shareholders and investors for their continued support.

Yoshiaki Fujimori, President