Ever since Fujifilm began actively exporting its products throughout the world in the early 1960s, it has been one of Japan's leading companies regarding overseas operations. Besides establishing a world-spanning network of local marketing bases, we were among the first Japanese companies to initiate overseas manufacturing, starting with the 1974 construction of a color photographic paper processing plant in Brazil. Since the 1980s, Fujifilm has arranged for Japanese and local technical staff to cooperatively design and construct overseas manufacturing facilities that make appropriate use of the Company's unique technologies in harmony with local conditions. These efforts have enabled the steady expansion and strengthening of Fujifilm's global production, marketing, and service networks. In 1996, to upgrade the Fujifilm Group's overseas procurement and distribution capabilities, the Company established Hong Kong-based Hong Kong Fuji Photo Logistics Limited. The following year, the Company created FUJIFILM Software (California) Inc., a software development base in the United States. Currently, the Fujifilm Group includes manufacturing, software development, marketing, procurement, and finance companies and offices in more than 20 countries. In line with its fundamental objective of providing dependable goods and services, Fujifilm has striven to augment its overseas capabilities for rapidly appraising and responding to local needs. Reflecting our unflagging pursuit of this objective for more than 30 years, the share of our consolidated net sales recorded in more than 200 overseas countries and regions has surpassed 50%. Having consistently placed strong emphasis on understanding regional characteristics and on respecting and adapting to local cultures, Fujifilm has been highly praised for its localization efforts and contributions to the communities in which it operates. The Company views globalization and localization as two equally crucial elements of its overall business strategy. Fujifilm maintains a high profile as a leading sponsor of major international sporting and cultural events. To give an example, the Company has been an official sponsor of World Cup Soccer tournaments.