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In the pharmaceutical industry, the technology required to develop new drugs is becoming increasingly sophisticated, and R&D costs are generally rising. At the same time, the requirements for new drug approval are becoming ever more demanding. As a result, it often takes many years to bring a new product to market. In keeping with our tradition of always seeking and maximizing synergies, built over a corporate history dating back more than 130 years, Torii joined the JT Group in 1998. In 1999, we established a business collaboration with JT, which envisions R&D oriented pharmaceutical activities. In this new formation, R&D for new drugs has been centralized under the control of JT, while Torii has taken over sales and marketing functions. In April 2006, Torii also extended its manufacturing operations to include those of JT. We continuously supply high-quality pharmaceutical products.