The Foods (Commodity) Division took steps during fiscal 2008 to strengthen its integrated value chain, extending from the collection and handling of raw materials at farms to transportation, processing and distribution of products, as soaring prices of grains such as wheat and other raw materials grabbed everyone's attention. In June 2007, we made FGDI, a U.S.-based grain handling and sales company, a subsidiary in a bid to expand our U.S. grain handling and import operations. In Japan in April 2007, we became the leading shareholder of Yonekyu Co., Ltd. by purchasing additional shares in this company. The following June, we conducted tender offers for three companies that manufacture wheat flour, starch and animal feed, Nitto Fuji Flour Milling Co., Ltd., Nihon Shokuhin Kako Co., Ltd. and Nosan Corporation, respectively. These moves have strengthened our business base in raw materials processing.

This division's strategy going forward is to broaden and strengthen the value chain in Japan and abroad. Under this strategy, we will further strengthen our processing businesses by enhancing our structures for managing group companies. Moreover, with food supplies expected to stay tight worldwide, we will work to secure stable supplies by strengthening procurement capabilities in key growing regions like the U.S. and expanding procurement sources. And we will continue to target the growing Asian market outside Japan.