Representative Director and Chairman of the Board Kineo Okada	Representative Director and President Tomoki Tagawa

We are pleased to wish all our shareholders and investors continued happiness and good health.

We have stayed focused on food safety and high quality by providing for all necessary quality and safety & sanitation controls appropriate to being a leader in the production of natural seasonings. Over the months, the group has worked in full force to achieve stronger results by implementing a variety of initiatives that should ensure its consistent growth.

One specific achievement is the completion adjacent to the Second Kyushu Plant of a new facility, which we put into operation in April this year. This capital investment, designed to introduce new technologies capable of meeting all kinds of customer needs, together with replacement investments at the First Kyushu Plant, has enhanced our previous installed production capacity by roughly 1.5-fold. Progress has been reported in our affiliated business operations. In Europe, our wholly owned subsidiaries in France (F.P. Natural Ingredients S.A.S.) and in Belgium (F.P.N.I. BELGIUM N.V.) have constructed a plant each at a total construction cost of approximately 43 million euros. These are scheduled to go into operation in July 2007 to manufacture and sell natural bouillon and soup bases. In China, we have constructed a new plant, scheduled to enter service in July 2007, as our local seasonings operations expand at a quickening pace. Our U.S.-based operations have reported stronger revenues and earnings capitalizing on steadily growing demand, which has led to our decision to construct a new plant in keeping with our future business plan. The implementation of all these projects demonstrates our commitment to bringing our ongoing New Five-year Long-term Management Plan to a successful completion.

We appreciate your continued support and encouragement.