We would like to express our deepest sympathy to those affected by the Great East Japan Earthquake, and we hope for an early recovery of the disaster-stricken area.

I would like to begin with an overview of the second quarter (January 1, 2011 to June 30, 2011) for fiscal 2011.

During the first six months of 2011, the Japanese economy suffered a major setback caused by the disaster as well as the slowdown of the overseas economy. 　However, the economy showed signs of recovery thanks to improved consumer attitudes and increased production activities due to recovery of the supply chain. Still, the economy will remain unstable in the current third quarter and later, due to many causes for concern such as power shortages.

Regarding the advertising business that accounted for more than 90% of Group sales, the impact of the earthquake is lower than initially expected. Still, conditions remain challenging because of the significant decrease in overall ad spending.

In such an environment, group sales have not reached the expected levels. However, we are gradually making progress through our continuous effort to further cutbacks of selling, general and administrative expenses, as well as through improvement of gross margins by strictly controlling the sales cost from the last year.

We, the executives and employees of the ADK Group, believe that such accumulated and unceasing effort leads to heightened performance. All of us are united in our efforts under the long-held principle of "Management by All."
We would like to ask for the continued support and cooperation of all our shareholders in the future.

September, 2011

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