New Year's Greetings from the President Difficult Times Represent a Unique Chance for Growth

Let me begin by wishing you all a Happy New Year, and to express my heartfelt wishes for your continued happiness in 2009.

Considering the past year, I cannot remember any year when the economic environment changed so drastically between the first and second halves of the year. As the financial instability stemming from the sub-prime mortgage crisis in the USA grew into a financial and economic crisis, a transformation highlighted by the shock of financial services firm Lehman Brothers Holdings filing for bankruptcy on September 15, the effects of this crisis spread from the USA to hit Europe, Japan, emerging markets, and the rest of the world.

As the economic conditions around the world undergo sudden changes, trends in market are also changing quickly. As markets that were growing start to contract, it is necessary for the Tadano Group to swiftly correct the direction of our business activities.

Difficult times represent a unique chance for people to grow. An economic recession like this is said to happen only once in a century. Circumstances like the ones we face today come along only rarely, and it is likely we will never encounter a similar situation again in our lives. That we were born in time to face this crisis seems like fate, and I hope that we can take this as a golden opportunity to strengthen both ourselves and Tadano as a whole, and for the entire group to work together to overcome these difficulties.

I hope we may count on your understanding and support this year.

Koichi Tadano
President and Representative Director (CEO)