Message of the Group Chairman news and topics 2008/07/10 Our Focus over the next 3 years (Yushodo’s 75th ~ 77th) Yushodo's fiscal year runs from July through June and we have just completed our 75th anniversary since Yushodo's inauguration. This significant milestone led us to reflect on how we must evolve to continue to play a leading part and maintain our high reputation in Japanese academic circles. Moreover, we see the increasing need to become more active in the worldwide academic market – both to develop our role and also to win wider recognition. Inevitably, given the changing circumstances of the two main Japanese book importers and closure of many other book stores here in Japan it led us to question what we have to do to respond to the current market situation. This train of thought led to us questioning what we have to continue our successful relationship in these difficult times. I have steered and overseen Yushodo for almost half a century, yet last year was the first time that I felt the intensity of the changing surroundings: Though I have managed Yushodo almost half a century, last one year was first time for me to feel that our surrounding situation is intensively changing: 1 Significant change of academic information media and market transition 2 Tight market conditions and a constrained fiscal climate 3 Rapid reduction of imported academic titles 4 Transition from Western-centered to Asian-related information 5 Other significant local market changes In this age of change, Yushodo will maintain its efforts to retain its value under the principle of: "To be a better company and not merely a bigger one". Later this year, between December 4th and 5th 2008, we will hold our 27th Forum "Yushodo Forum 2008". The themes of this year's forum will be i) "What is the impact of the printing revolution during the last 200 years since the Gutenberg press? "; and ii) "What will IT improvement bring to the area of information dissemination?" We have invited two renowned specialists in these fields as panelists. During the forthcoming year we wish to focus on the following key topics: 1 Furthering Yushodo's reputation outside Japan and around the world 2 Highlighting Yushodo's important role as one of the foremost rare books dealer and publisher of facsimile works 3 Developing our on-line systems and open to the Academic and Research world our large archive asset of more than 30 million original works "Peter and Edith Chang Papers, [1930s]-2001" [PDF Catalog] Due to tremendous support and encouragement from many of you, Yushodo has undertaken a number of significant projects. I would like to highlight just a few. The first is the pre-eminent joint venture with Columbia University Library to publish, "Peter and Edith Chang Papers and Oral Record, [1930s]-2001." We expect this important reference work to be published during the Fall of this year. Another project that I am immensely proud of is the organizing of The 2nd Hong Kong Antiquarian Book Fair, which will take place in January 2009. As you may know, last year’s inaugural Hong Kong Antiquarian Book Fair was launched by my suggestion and in response to numerous requests from Western antiquarian book sellers. Due to great cooperation the first Hong Kong Antiquarian Book Fair was a tremendous success and we expect to build upon that with similar success at the 2nd Hong Kong Antiquarian Book Fair. With our clients and global partners' support Yushodo is positive that it can face the challenges of the next 3 year term, from 75th to 77th anniversary. We anticipate a profound turning point in this period and together with my staff and colleagues we will take a positive step forward to our future. July 2008 Mitsuo Nitta, CEO Yushodo Group Back Number

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