PRESIDENT KITANO'S ADDRESS

Hodogaya Chemical is stepping up its transformation to the future.

With “incorporating successes and getting on track for growth” as our basic concept, we will add to our high-profit business portfolio, strengthen our R&D capability, and improve capital efficiency.

Ever since the company was founded in 1916, when it was the first to manufacture caustic soda by electrolysis, the Hodogaya Chemical Group has used the technologies it has developed over its long history to create a variety of products and businesses.
In recent years, in keeping with the times, we have accelerated the transformation of our portfolio to strengthen specialty products businesses, including functional colorants and applications of functional materials.

Currently, we are working toward realizing the main objective of “Innovation 90”, our midrange management plan: to become a creator of high performance and high value creation company.

In Phase I of Innovation 90 (2006-2007), our theme was “establishing management fundamentals towards new growth”. We successfully met our goals ahead of schedule, dramatically transforming our financial standing, reorganizing our businesses, and improving our corporate infrastructure.

In Phase II, which begins this year and runs through 2010, our basic concept is “incorporating successes and riding on the growth orbit”. Building on our Phase I accomplishments, we will add to our high-profit business portfolio, strengthen our R&D capabilities, and improve capital efficiency.

In terms of businesses, we will continue to add to the performance and value of the group as a whole by accelerating and expanding our transformation of the specialty businesses that have long been an area of particular strength.

The Hodogaya Chemical Group’s management philosophy is “through constant innovation of chemical technology, we will provide high-quality products and services throughout the world and contribute to the creation of an environmentally conscious society. Even in this age of rapid change, we will apply that philosophy by working hard to provide value not only to our customers, but to all of our stakeholders.

I thank you for your continued support and encouragement.

CEO,

Toshikazu Kitano

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