Management philosophy is a concept that serves as the basis of action policy for all the businesses of the Air Water Group. The origins of the AIR Water Group’s business can be found in its name, which consists of two words: “air” and “water.” We make use of the resources of our precious earth to create businesses and contribute to society and everyday life. Amid a business environment that continues to change at a dizzying pace, we will continue to leverage the Group’s collective capacities to tackle problems faced by our customers and society, and will rise to the challenge of creating new value. At Misawa Medical Industry, we see things from the point of view of patients. That’s why we’ve always aimed at creating “painless needles.” Without interruption, we have continued production and strived constantly to improve the quality of life of people everywhere, and to make a positive contribution to the world. For more than 50 years, we have delivered safety and peace of mind, through a streamlined system of production encompassing stainless steel pipe manufacturing, needle polishing, injection molding of plastic parts, clean room assembly, packaging, and sterilization, and by managing quality at each step of the process. Thanks to our customers, our business has achieved a global reach extending to more than 80 countries around the world, in a wide variety of sectors, including hospital, dental, aesthetic and animals. Over the past three years, we have sustained a growth rate of over 20% per year, and we feel immensely proud that our high-quality, safe, and secure manufacturing is so widely appreciated by our customers. In 2016, when we became a member of the Air Water Group, we began to make further investments, on a solid financial foundation, to build a more efficient production system, to develop appealing new products, and to pursue even higher standards of quality, safety, and security. In the face of rapid change in the medical industry landscape, we remain as committed as ever to fully leveraging all of our expertise and taking up new initiatives and challenges, to deliver products that truly live up to our motto of “painless needles” and that continue to satisfy the needs of patients. We look forward to your continued guidance and encouragement. As always, thank you for your support.