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On behalf of the Board, I would like to say thank you for your ongoing support. It is truly appreciated. Let me also take this time to extend our most heartfelt sympathies to all those affected by the Great East Japan Earthquake. We hope that the reconstruction process moves toward completion as quickly as and as smoothly as possible.
Turning now to business results for Keihin in fiscal 2011, ended March 31, 2011, I must begin with the impact of the March 11 disasters on our own operations. The Keihin Group includes factories in the area of dev- astation. Some structures and facilities sustained damage, and operations were temporarily suspended. Through companywide reconstruction activities and the assistance of many people, we were able to get business activities back on track fairly quickly. Although mentioned already at several other occasions, I would like to reiterate here our deepest appreciation to everyone who has offered encouragement and support.
Now for business results. I am pleased to report that favorable conditions in developing countries, par- ticularly the emerging markets of China and India, and gradual recovery in developed countries, generated higher sales in all geographical segments. On the profit front, the reorganization of domestic operations and the restructuring of operations in North America and Asia had some positive effects, substantiated by a significant increase in consolidated net income.

June 2011
Kunimichi Odagaki, President & CEO