I'm pleased to report that Mitsubishi Corporation (MC) achieved record-high consolidated net income for the fifth consecutive year in fiscal 2008. Our bottom line grew 11% year on year from ¥415.5 billion to ¥462.8 billion. This was an impressive result considering various factors that had a negative impact on our earnings, including a lower year-on-year sales price for coking coal in our Australian operations and the absence of fiscal 2007 share sale gains. We achieved this double-digit earnings growth by increasing earnings across a wide range of businesses, including non-resource fields. Our projection for fiscal 2009 consolidated net income calls for more earnings growth, to ¥580.0 billion. The global economy is experiencing a slowdown, but we are optimistic that our past investments and efforts to expand business will produce returns for us.

In consideration of our stellar performance, we decided to pay an annual dividend per share of ¥56 applicable to fiscal 2008, ¥10 higher than the ¥46 dividend for fiscal 2007. Providing we achieve our consolidated net income forecast of ¥580.0 billion, we plan to raise the dividend again to ¥72 per share for fiscal 2009.

April 2008 saw us embark on a new medium-term management plan, INNOVATION 2009. This two-year plan carries on the same basic stance as INNOVATION 2007, which we operated under for the past four years. Our goal is to contribute to the continuous advancement of society while sustaining our growth and raising consolidated corporate value as a global business enterprise. Through global growth initiatives and while balancing earnings growth, capital efficiency and financial soundness, we plan to sustain our growth and maximize corporate value. We will continue to utilize retained earnings for growth investments, with the aim of achieving average ROE of at least 15% over the medium and long terms. In terms of our dividend policy, we aim to increase the annual dividend per share in step with earnings growth, with a targeted consolidated payout ratio of 20%, and thereby increase shareholder returns.

I see the next two years as a period for consolidating on our position for the future. In this sense, the prioritization of business resources, efforts to enhance internal control systems and other actions that have defined management of MC will remain the hallmark of our management approach going forward.

We are redoubling our efforts to grow MC even more and look forward to your continued support and understanding.