Tri-Stage Inc. listed on the Mothers Market of the Tokyo Stock Exchange on August 7, 2008. The listing was made possible by the support we received from clients, suppliers, outsourcers and all those connected with Tri-Stage, and I wish to express to everyone my most sincere appreciation.

Tri-Stage provides direct marketing companies, or those planning a direct marketing campaign, with optimal solutions to the numerous issues they face throughout the value chain. Our primary objective is to help these companies maximize sales of their product or service.

The market for direct marketing exceeded ¥4,200 billion in 2007 while the retail market has remained flat,and is expected to reach ¥4,900 billion in 2009. The television shopping market in which Tri-stage specializes was worth approximately ¥400 billion in 2007,and is predicted to expand considerably. Supported by this business environment, Tri-Stage has continued to grow a rate that considerably exceeds the market.

Three main strengths have facilitated our growth:
1. We secure ample programming time for television shopping.
2. We are able to provide precisely targeted call center solutions.
3. We utilize an in-house developed media and content evaluation system to produce quantitative and qualitative assessments of media and content.

Since its establishment in March 2006, Tri-Stage has worked in partnership with its clients to produce “win-win” relationships. We take pride in the fact that clients are able to make the most of our strengths to help boost their sales.

We believe the spread of a universal service like direct marketing will make life in Japan that much more pleasant. While pouring our heart and soul into support for our clients, we will conduct open and fair business dealings in accordance with the expectations of our shareholders and investors and?ensuring sufficient investor relations and other communications?fulfill our responsibilities as a listed company.

Thank you for your continued support of Tri-Stage.