Trust Recovery Growth Vitalization - Marubeni

To Our Stakeholders
In the two years since initiating the “V” PLAN, we have seen for ourselves the return
of an undoubtedly stronger Marubeni. Propelled by the urgent agenda outlined by the
“A” PLAN, our officers, including those at Marubeni Group companies, came together
on a common vector with all other employees in our workforce to complete the “V”
PLAN. Efforts thus far have resulted in a stronger earnings base and an improved
financial position, both much faster than initially forecast. We are now well positioned
to achieve all of the goals we set in the fiscal year ending March 31, 2006, the final
year of the “V” PLAN.
We envisioned the three years of the “V” PLAN as a period for the Marubeni
Group to regain the trust of our stakeholders and to cement the fundamentals required
to leap ahead to our next stage of growth. Our steady progress in meeting plan objectives
has brought with it other benefits, namely a rising share price and improved credit
ratings. These outcomes have convinced me that we have regained the confidence of
the markets and that trust in Marubeni is again growing.
Our overarching goals for the current fiscal year are two-fold: to be a resilient group
possessing the industry’s top portfolio units, and to put the finishing touches to initiatives
needed to deliver a corporate structure for tackling competition from other trading
companies head on. Having come this far, we have no intention of letting up now.
Spurred on by a sense of urgency, we are committed to completing the objectives of the
“V” PLAN, and to winning back the trust of all Marubeni stakeholders.
Every one of us at Marubeni, officers and all other employees included, is driven to
do our utmost to raise corporate value and become a worthy enterprise in the eyes of
our stakeholders. As always, your steadfast support and encouragement will be essential
to our success in this endeavor.
July 2005
Nobuo Katsumata, President and CEO