We have identified five priority business areas that are forecast to grow: high-definition displays, digital high-density storage, network audiovisual systems, Components & Devices, and Software & Media. Because of their promising growth prospects, we also anticipate competition in these markets will intensify. In response to this challenge, we aim to build mutually beneficial partnerships with companies involved in product development, production, purchasing and other areas of our business. In this way, we will create a horizontally integrated structure to reduce lead times and increase efficiency, while at the same time consistently launching "Only One" products that demonstrate JVC's reputation for innovative technologies, distinct design and ease-of-use, to put clear water between ourselves and our rivals. Looking further ahead, we will remain focused on a horizontally integrated manufacturing approach, which allows us to make up for whatever we lack in resources with speed. Moreover, by strengthening our financial structure, we will also be able to drive forward the vertical integration of our strategic products. In this way, we aim to enhance the overall performance of the company to inject added value into our product lineup and improve asset efficiency. Anchored by this fundamental thinking, we plan to boost the ratio of net sales generated by new and growth products to 30% in fiscal 2005, and 60% in fiscal 2007. In our five priority business areas, we will focus particularly on strengthening our display and optical disk businesses by channeling resources into these product categories. We are targeting these products for two key reasons: both promise real growth in the years ahead, and JVC boasts a reservoir of advanced proprietary technologies in display and optical disk products, illustrated by our D-ILA rear projection TVs and DVD recorders. These technologies will enable us to develop our position centered on strategic products created using vertical technology integration. By focusing on our five priority business areas, particularly display and optical disk products, we aim to change our image as a top company in audiovisual products, to become a leading player in the high-definition field. This process will also increase our enterprise value. To achieve this shift, we will focus on and aggressively invest in new technologies to ensure they are even more innovative than their predecessors. This approach will not just be confined to the Consumer Electronics and Professional Electronics segments, it will be applied to all areas of JVC's operations, including Components & Devices and Software & Media. Going forward, we will expand the R&D budget and strengthen our team of software designers to create a system that further enhances our technological capabilities.