Dear our all shareholders and investors,
I would like to sincerely thank you for your continued support towards and interest in Treasure Factory.

As a leading company in general reuse business, we have been striving relentlessly to create new concepts and business formats. Since our establishment in 1995, we have operated through a large number of stores in Japan and overseas and have offered a broad range of services surrounding reuse business. Today, we have achieved steady growth in our business results, currently with consolidated sales revenues of 20 billion yen, targeting a group network of 200 outlets.

For the next stage of growth, we are steadily investing in business initiatives through the development of specialized business formats dedicated to particular merchandise categories and price bands, and through acquisitions of new business operations and formats, and now we have currently eight different merchandising formats and two types of service operations in the group. In placing these investments for growth, we emphasize multiplier effects with our existing operations. In our opinion, the optimal path to further major advances is to accelerate the pace at existing businesses by new challenges, and to further increase the value of the group's total service offerings to customers.

The reuse industry is beginning to expand more than ever. Goods cherished by previous owners pass into the hands of next buyers who have discovered value in their ownership; we believe that this movement of reuse is claiming a prominent position at an accelerating pace in the distribution industry in today's environment of digitization, e-commerce, and the sharing economy. In this advantageous market environment, in addition to our current core business of purchasing and selling at stores, we have been strengthening ties with internet services while taking advantage of the strengths of physical stores, and in this way, we are planning to advance to the next stage.

Furthermore, we will promote business development with the focus on new needs arising from changes in people's lifestyles and living environments. For example, in the aging society in Japan today, with a growing number of elderly citizens moving into eldercare homes requiring moving services and the disposal of personal property, gives rise to new kinds of demand in the reuse business. In this way, by continuously adapting to the changing times, we aim to be an integral part of people's lives.

Actually, the founding of the Company coincided with the introduction of a public charge for the disposal of bulky items. Together with the shift in the way people think about throwing personal property away, the business of the Company has kept growing. We will push forward in our efforts at business results that exceed the expectations of our current and future shareholders by continuing to change with the times and by keeping closely in touch with people's daily lives. I would like to appreciate your continued goodwill and support.