Good afternoon ladies and gentleman. Firstly, I wish to apologize for the trouble and worry that Mitsubishi Motors has caused in relation to the handling of recalls. I also offer my prayers to the victims and extend my deepest apologies to the bereaved families. At today's annual shareholders' meeting, the management lineup for the new Mitsubishi Motors was set and the members you see here before you will now work on implementing our business revitalization plan. Since I announced our revitalization plan on May 21, I have worked to reform the management to restore trust in the company and aim for a self-supported recovery. Now that the new management lineup has been finalized, I intend to speed up the pace of reform. I would also like to report that on June 24, Mitsubishi group companies and China Motor Corporation--an important partner of ours in Asia--bought preferred shares in Mitsubishi Motors. Yesterday, two of our banks bought preferred shares and we will use the funds to pay of outstanding debts with them. We are also fortunate to have Mr. Noboru Matsuda, former Director General of the Supreme Public Prosecutors Office's Criminal Affairs Department and Governor of the Deposit Insurance Corporation of Japan, come on board as the chairman of our new Business Ethics Committee. There are no changes to the basic outline of our three-year plan. We will now steadily implement the plan with speed. In a moment, you will hear from the leaders of our CSR Promotion Office, Corporate Restructuring Committee, and Business Ethics Committee--all important organizations in our revitalization--on their commitments. As the CEO of the company, I will make three commitments. First and foremost is my commitment to achieve the numerical targets set out in our business revitalization plan. At a press conference on June 16, I explained that downward risks have appeared in regards to our domestic sales plan for the current fiscal year. And I outlined additional cost cutting measures to avoid the risks. The present operating environment of Mitsubishi Motors is extremely severe, and further unforeseen changes may occur which haven't been accounted for. By "changes," I mean both positive and negative. But no matter what happens, we will turn a positive net profit in fiscal 2006. Mr. Yashushi Ando, our corporate restructuring officer, will talk to you later on how our business revitalization plan will be implemented. My second commitment is to get to the bottom of the situation surrounding the company's cover up of recalls. In 2000, Mitsubishi Motors should have analyzed why such recall cover ups were allowed to occur and taken the appropriate steps to ensue a similar situation never occurred again. However, the company is still trying to clean up its past repair directives, causing much trouble to a great number of people. Since I joined Mitsubishi Motors on April 30, I have promised to take care of everything related to the company's problems in 2000. First, I ordered an investigation into 92 repair directives that were issued in the past and reported that we will issue a total of 30 recalls and improvement measures. To give the public even greater peace of mind, we extended our investigation. In the interests of transparency, we will continue to update you on any new facts that come to light as the result of our investigation. Some people are worried about recalls and lawsuits overseas. We are contacting all overseas owners of vehicles that are subject to recall in Japan and taking the appropriate measures in line with local rules and regulations, regardless of whether or not the country has an established system for recalls. We have already sent out orders to our overseas operations regarding the 30 cases. Our investigations have, however, found that no vehicles are subject to recall in the United States as specifications and engines differ from those in Japan. As such, there is very little chance that the recall cover up in Japan will lead to large recalls or lawsuits overseas. My third and final commitment is to ensure total compliance and reform the corporate culture. Mr. Koji Furukawa outlined our concept for the initial phase of this at a press conference on June 16. He presented the schedule for compliance issues--a part of our new business philosophy of placing top priority on compliance, safety, and customers. He also told you how all executives will be asked to sign a pledge to make compliance a leading part of all their business interactions. Today, he will update you on the progress of compliance and outline the schedule for the CSR Promotion Office's work to make sure the company places top priority on safety and customers. I believe upholding compliance and reforming the corporate culture are important points in reforming Mitsubishi Motors. We will definitely achieve our goals in this area too. Now, I would like to hand you over to Mr. Hideyasu Tagaya, our new president and chief operating officer.

Good afternoon ladies and gentleman. I will now take the lead in all operations at the new Mitsubishi Motors-R&D, purchasing, manufacturing, sales, quality assurance, and administration. As Mr. Okazaki just said, Mitsubishi Motors is now facing a very severe operating environment. Because of this, we have to make good on our promises. We must put our words into action to overcome this difficult phase. In a moment, Phoenix Capital's Yasushi Ando will explain to you the detailed framework and action plan for our revitalization, which is the result of the hard work of our younger employees. I will take the issues outlined there and the action plan and put everything into keeping the plan moving forward. As the new chief operating officer of Mitsubishi Motors, the first place I need to visit is our manufacturing plants. I will put all my strength into ensuring total quality control so as to deliver peace of mind to all our customers. Next, I will visit our sales outlets-the contact point between the company and our customers. I will listen directly to what our customers have to say and try to understand how they are feeling. I will then feed this information back through all parts of the company's operations. Finally, I will head to our research and development operations to talk of my dreams for new cars to lead us into the future. For me, such face-to-face communication takes priority over everything else. Today, I make a promise to you all to put my heart and soul into turning Mitsubishi Motors into a new company. Thank you for your time.

At a board meeting following today's shareholders' meeting, all members of the board, including the chairman and president, signed a pledge to place the utmost importance on compliance in all areas of their work. All other executives also signed the same pledge this afternoon. I have them all with me here. As the first step toward reforming our business ethics and corporate culture, I will present all the signed pledges to Mr. Noboru Matsuda, the chairman of our new Business Ethics Committee. In the 20 days since I joined Mitsubishi Motors, I have realized that the company had ethics standards equal to that of other companies and had equivalent systems in place to manage those standards. Despite this, however, the systems were unfortunately not working, which caused the company to fall into its current situation. In other words, although the planning had been done, implementation was all over the place and there were no follow-up checks in place. The cycle of planning, implementing, and checking is instrumental in management reform. From today, the Corporate Social Responsibility (CSR) Promotion Office will push forward with implementing initiatives while carrying out thorough checks and drawing up new plans. A schedule with defined time limits will be made public for each of our plans. I outlined our schedule for putting compliance first at a press conference on June 16. Today, I have set out the schedule for our remaining two priorities: putting safety and customers first. The trust we have lost is huge and the road to recovery is steep. We don't have the luxury of only thinking of what to do now. We must immediately get to work on all the actions that need to be done. [ Pledge (PDF, 1page, 87KB)

Today, I took up the post of chairman of Mitsubishi Motors' newly established Business Ethics Committee. The public is currently taking a very severe stance towards Mitsubishi Motors and the company will not be able to regain consumer trust overnight. However, I believe that Mitsubishi Motors is earnest in its pledge to reform corporate culture and improve quality as it fights for survival. The Business Ethics Committee, made up of outside experts, will be completely frank with the company's management in telling them what needs to be done in terms of compliance from the public's point of view. I intend to help Mitsubishi Motors in any way I can to ensure the company changes its culture and returns as a new company the places compliance, safety and customers first.