While leveraging new business opportunities, we will push forward with revamping our cost structure to build a robust operational foundation allowing us even to deal even with factors outside our projections.

In fiscal 2003, events beyond our control, such as the war in Iraq, SARS and avian flu, conspired to rob the group of about ¥200 billion in operating revenue. In 2004, by comparison, we enjoyed an extremely smooth recovery, leading to improvements of more than ¥100 billion in both operating income and net income. International routes recovered particularly strongly, primarily in the U.S. and China for cargo, and in China and other Asian countries for passengers. Overall, I feel fiscal 2004 must be considered a good year, in the sense that we reported ¥30 billion in net profit and were able to restore the dividend.

Let me discuss positive factors first, then move on to the negative. Demand is expected to grow strongly in Asia, our priority market for the future, particularly in China. In addition, the fourth runway which will be completed at Haneda Airport in 2009, greatly increasing the number of takeoffs and landings possible, represents a major business opportunity for us. A negative factor is that our international routes are particularly vulnerable to unpredictable events beyond our control, ranging from terrorism and war to outbreaks of disease and natural disasters. The rise in fuel prices in fiscal 2004 was a huge negative factor for us. We must build a robust operational foundation which permits us to deal with this kind of external factor. In fact, this thinking is at the heart of the Medium-Term Business Plan.