The Global Management Meeting in which I explained the business policies for 2005 was 
held last September 10 in Yokohama and September 11 in Kurume. 
In spite of their busy schedules, many guests and persons concerned attended.
I want to sincerely extend my gratitude to all who attended the said meetings.

After I reported the achievement results for year ending 2004 (49th business period),
I explained the present situation or conditions the company is in and furthermore, 
where the company shall go in the next fiscal year.
The business policies for 2005 (50th business period) are mentioned below:

1. Practice Strategy for Sales Expansion
(1) Gain more customer's trust and confidence
(2) Strengthen technical strength and support at overseas sales offices
(3) Establish pillars for future sales

2. Ensure Technological Dominance
(1) Improvement and development of filters
(2) Effective utilization of accumulated technology and know-how
(3) Original development of production engineerings 

3. Establishment of a Global Production System
(1) Strengthen the production control system 
(2) Strengthen competitiveness of manufacturing 

4. Strengthen Management Foundation
(1) Strengthen the internal administration system
(2) Upgrade information system
(3) Personnel Training

5. Strengthen of "Yamashin Dignity"
(1) Thoroughness on 5S activities
(2) Thoroughness on compliance

I would decline explaining the details of the above one by one, because it would take
around 90 minutes.
From now on, these policies are the basis for the business plan 2005 of each division, 
and business plan shall be fully implemented. 
The business policies for 2005 are the resolutions of the president.
The business plans for 2005 shall be done with tenacity and resolution by each managers.

With all employees joining together into one, and implementing these business plans,
we try to the target for 2005 (Sales amount :60 million USD, Net income :6 million USD) 

I hope for your continued patronage and support for the Yamashin Filter Group.
Thank you very much.



Atsuhiko Yamazaki
President 
Yamashin Filter Mfg.,Corp