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We would like to take this opportunity to thank all of our shareholders and investors for their continued support and patronage.

Our corporate group has commemorated the 15th anniversary of the start of our business in 2006, while upholding the corporate philosophy: "Always be a company contributing to society by offering financial services." However, our recent business performance has been affected considerably by the uncertain business environment due to the coronavirus pandemic. Amid this environment, we strived to develop a management base for our corporate group in 2021, to get back on a high-level growth track while looking ahead to the post-pandemic business environment.

In the Operating Lease Business mainly for aircraft, which is our current core business, we have proceeded with the development of a strong value chain by forming dynamic strategic partnership. We diversified and strengthened aircraft sourcing, funding, and sales channels through M&A and alliance, and we believe that all of them have improved drastically.

Regarding lease products, the needs for passenger airlines are stagnant due to the coronavirus pandemic, but as e-commerce grew, the cargo airplane market is thriving. From the viewpoint of risk management, we will shift from depending on passenger airplanes to operating business of converting passenger airplanes into cargo ones and expanding to handle new lease products.

In the Renewable Energy Business, which is positioned as a strategic business in the next stage, we will apply the knowledge accumulated through solar power generation to the biomass power generation business. While focusing on the biomass power generation utilizing fast-growing trees, we will conduct business-academia collaborative research with Tokyo University of Agriculture and Technology and aim to realize a sustainable society while earning business revenue. We will start operating this business on a full-scale basis in the second half of 2023 and aim to become a top player in the biomass power generation field.

Although it is still uncertain when the coronavirus pandemic shall subside, we can reform our business portfolio significantly by responding to the fluctuations of the pandemic. By considering the coronavirus pandemic positively, we will swiftly work on the improvement in corporate value.

We sincerely ask for your continued support and guidance.

Japan Investment Adviser Co., Ltd.

President, CEO - Naoto Shiraiwa