Based on the technology strategy outlined as part of the Teijin Group's management plan, we are continuing to promote an Open Innovation strategy geared towards closer collaboration between industry, government and academic sources. As one of the core elements of our Open Innovation strategy, we organize the Teijin 21st Century Forum on an annual basis. Each year we invite researchers who are working at the forefront of polymers and biotechnology at universities the world over to come and exchange information and engage in discussion in the interests of furthering basic science. This serves as an excellent opportunity to develop research networks whilst also nurturing young researchers. We also hold Technical Advisory Board meetings with the aim of assessing research and development topics from a number of different perspectives. As a result of these meetings, we have received a broad array of scientific advice from university professors regarding technical development.

We work with numerous universities to conduct joint research based on topics at the exploratory and initial stages. Using the results of such joint research, we then make every effort to ensure that we can move on to development topics and projects as quickly as possible.

As part of comprehensive collaboration with Hokkaido University since 2006, we have gone beyond merely communication in research and combining technology to also incorporate the development and exchange of human resources. Our aim is to create new value by combining Hokkaido University's ability to create knowledge with the Teijin Group's ability to use knowledge.

We are also actively involved in initiatives such as applying for projects organized by the New Energy and Industrial Technology Development Organization (NEDO), a research and development agency that aims to promote research and development and the increased usage of industrial, energy and environmental technology. We continue to push ahead with research and development of technology designed to contribute to society, with a number of themes that we have proposed being adopted.

In addition to speeding up research and development, collaborative industrial, government and academic initiatives such as these will also help develop and refine the technical foundations of the Teijin Group.