We released our financial results for the first half of the fiscal year ending March 31, 2009, recorded - net sales 744.2 billion yen, operating income 18.3 billion yen, ordinary income 18.2 billion yen and net income 4.4 billion yen.
The business results surpassed our previous projection at the beginning of this fiscal year attributing to the improvement of the sales volume and mixture and the depreciation of yen.

We have proceeded our new mid-term business plan since February 2007, and it has been going well so far. The Forester and Impreza underwent a full model change last year have recorded growing sales around the world, and the Legacy fitted with the world’s first boxer turbo diesel engine has been being received well in European market.
As these strong demands caused the short supply of passenger vehicles, we increased our production capacity of Yajima plant twice (May and August) ahead of the original schedule.

Consolidated financial results for the first half of the FYE 2009 and plan of the FYE 2009 (100 million yen)

Change shows the percentage of change from the same period of the previous fiscal year

	Actual results 1st half of the FYE March 2009	Change (％)	Projection FYE March 2009	Change (％)
Net sales	7,442	+5.0	16,000	+1.8
Operating Income	183	-3.0	230	-49.6
Ordinary Income	182	+28.4	200	-56.0
Net Income	44	-43.9	100	-45.9
Consolidated Automobile Sales (Thousand Units)	282	+4.0	616	+3.2
FHI Exchange Rate	¥105/$		¥103/$

However, we decided to remain the original full year projection released at the beginning of the fiscal year considering the negative impact for the sales by worsening real economy along with the global credit crunch.
In spite of these conditions, we will try to lift up our performance with the slogan of "Sell more our cars being confident in our production embodying customer first thoughts, doing the effort of strict cost reduction for overhead and materials, but without holding excess inventories".

We recognize that our mid-term business plan is in the right direction, so it is critical to deal with the difficult situation picking up the pace than ever before. In doing so, we will utilize our advantage of small organization to adapt quickly to new circumstances.

We continue our efforts for long-term growth path. I appreciate your support and expectation for our company.

Ikuo Mori
President and CEO