Summary

A Message FROM Our PRESIDENT

 Though weathering a difficult business environment, the Hodogaya Chemical Group (the “Group”) has continued its efforts to enhance sales force performance, and sharpened its focus on cash flow-based management.

  At the same time, an aggressive plan to improve profitability has resulted in a gradual recovery in performance, and a significant improvement in operating profits. Moving forward, our focus will be not only on profitability, but on increasing competitive strength, achieving sustained growth, and marshalling the resources of the entire organization to meet the expectations of our shareholders, and indeed, all of our various stakeholders.

 Based on current corporate strategy, which focuses on “becoming a creator of high-performance, high-value-added products by building on our unique strengths and know-how in organic synthesis technology, with particular emphasis on environmental issues and safety”, we will work throughout the year to develop a new mid-range business plan, which will begin in FY 2011.

  I thank our shareholders for their continuing support.

June, 2010
President and CEO
Toshikazu Kitano

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