Now we are the largest combined dairy products company in Korea. Tradition is a springboard for innovations when we look back our past 4 decades, the history of Namyang Co. has been a history of continuous challenge to introduce the better quality products. From powdered milk nearest to mother's milk, weaning diet of high absorption and better growth, 'Einstein Milk' Which naturally contains DHA, an important brain cell element, high connection lactobacillus fermented milk and down to high quality cheese development, Namyang Dairy Industry has constantly researched through its Central Research Institute as a hub where brains of the highest caliber rally. It has also made technical renovations and breakthrough possible. Moreover, it has made efforts to diversify products. Currently, Namyang is standing at the top of Korean dairy products companies by virtue of its ceaseless interests in research, development, and bold investment in terms of scale of net sales or technical level. To produce most superior quality dairy products of international level Namyang, would not cease its investment to research and development, to higher caliber brains and advanced facilities. The probability of Namyang to become internationally ranking dairy products company in the year 2004 will depend on the technical level through our R/D efforts. We'd like to ask your unstinted supports and encouragement for our continuous progress in the future. Thank you. CEO Park Gun-Ho.