capacity for synthetic hydrochloric acids and by winding up unprofitable businesses such as chlorinated organic solvents. However, with regard to creating new businesses, we have not yet progressed beyond the groundwork tasks of overhauling our research organization and establishing a new General Center for R&D. The endeavor to create new businesses will be continued in the next medium-term management plan. Over the long term, the new plan is designed to bring the Group closer to its vision for 2020 of being a high-profile chemical-industry leader generating sales of over \300 billion and earnings of over \40 billion a year, on a consolidated basis. The three-year management plan beginning in 2011, “All TOA 2013,” is the first step toward the harnessing of comprehensive group strengths to realize this vision. In the vision for 2020, why have you set a group target of consolidated sales of \300 billion? There are two reasons for placing so much emphasis on corporate scale. First, we have recognized the need for an ambitious target, to build Toagosei into a corporate group in which each employee can place hope and feel pride. Second, we must pursue sustainable growth and expansion of operations to fulfill our corporate responsibility of stepping up our contribution to the community. To date we have emphasized streamlining operations to strengthen profitability, but I believe we need to expand the enterprise value of the Toagosei Group by scaling up corporate operations, and so take the company to the next stage. That is the way to deepen public trust. In a time of severe upheaval, we have set ourselves a long-term goal of doubling our corporate size and boosting annual sales to \300 billion, to assure our survival by sheer force of scale. Our drive to become a \300 billion company embodies our determination to infuse our corporate activities with energy, ambition and pride. What are the key points of “All TOA 2013”? With “collaborative expertise” as its main themes, “All TOA 2013” is aimed at transforming Toagosei into a highly profitable enterprise that generates value by pooling the know-how of Group members based on the expertise and accumulated experience of individual employees, and by building partnerships within the Group and with outside entities. We are determined to develop our high-value-added product operations into highly profitable businesses, while strengthening the profitability of established core lineups, by optimizing resource allocation within the Group, supported by strategies for success tailored to individual product categories. What message do you have for investors? For Toagosei to progress to the next stage, it is essential that all employees of the Group unite in sharing our long-term goals and embracing the challenges they present. Based on the “All TOA 2013” plan for the coming three years, we will further aggressively develop our businesses and strengthen our business portfolio. We are ready for the challenges of the next stage. I hope we can count on our investors’ support in meeting our growth targets. Q2 Q3 Q4 A A A Toagosei Co., Ltd. 3