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President of Maruha-Nichiro HD Says, "Aiming to Exercise Full-Fledged Merger Effect"

January 6, 2009

Yuji Igarashi, President of Maruha Nichiro Holdings, gave a New Year's speech on the first day of work in 2009.

Blend of Old Maruha and Old Nichiro: It has been two years since we officially announced the merger between Maruha and Nichiro. It is almost a year since we launched a new corporation in April last year and began our midterm business plan "Double Wave 21." We had a period of forming the foundation of the merger; from this year on we are about to face the next phase, to exercise the full-fledged merger effect. Our goal is to complete the midterm business plan.

Challenging Overseas Business: With a certainty of the shrinking Japanese market, each company is aspiring to break into the overseas markets. As a group, we were just a step away from a capital and business tie-up with a seafood company in Canada; unfortunately, the financial crisis hindered us from achieving it. This year again, we will strengthen accessibility to marine resources and challenge the global markets based on the strategies of the Double Wave 21, continuing our efforts for M&A.

With High Spirit and Cheerfulness: Business environment surrounding us has drastically changed since the last part of the previous year. Financial crisis and recession are taking place at the same time, worsening every minute. Though such provisions as financial measures and government assistance are hammered out in the US and other countries around the world, we are not allowed to be optimistic, just yet.

As a group, we were regrettably unable to earn the results we desired as a result of the ramifications of business recession from autumn to winter, the high peak of business. However, as they say, "One finds pessimism in emotion, optimism in will," it means a failure if you feel depressed just because everyone else is. There are famous quotes; "Adversity is the first path to the truth" and "Adversity opens the eye of a soul which was never opened." Adversities we are facing will give us a chance to grow.

Collective Victory: I hope that each member of the group will have a strong determination of "We will never fail to seize this opportunity of change! We will absolutely win" and that he will high-spiritedly, optimistically start the New Year. To this end, it is of importance that we keep our communication line open, deepening cooperation inside the group. Making the best of different experiences cultivated by both old Maruha and old Nichiro, we will keep further evolving. Road will certainly open, leading us to successful completion of the plan.

The original article was published on January 6, 2009 was translated by Kiyo Hayasaka.

Japan Fisheries Association Faces Uncollectable Debt of \200 Million

January 6, 2009

The Japan Fisheries Association (Daisui) announced on December 26, 2008 that collection of accounts receivable total \212 million, owed by its business client, Hakata Marukita, seasoned cod roe manufacture, might be impossible or postponed. Daisui stated: "through their attorney, we received a notice on December 24, 2008 that an application for bankruptcy rehabilitation had been filed."

In addition, the Osaka Stock Exchange named Daisui as a control brand as of December 27, 2008 due to the unreachable results of a review of the second quarter ending March 2010 by an auditing firm.

The original article was published on January 6, 2009 was translated by Kiyo Hayasaka.

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