In 2003, IHI celebrated its 150th anniversary since its founding. IHI's predecessor, the Ishikawajima Shipyard, was founded in 1853 upon the arrival of Admiral Perry's black ships in Uraga Bay and at the dawn of Japan's modern age. Thus began our 150-year journey of dedicated pursuit of the potential of next generation technologies at the cutting edge of engineering. From shipbuilding, land-based machinery and equipment to factories, aviation and aerospace, IHI has expanded into a wide range of engineering fields and has paved the way for next-generation technology. Amidst great changes in the economic environment, the IHI Group’s medium-term management plan, the “Group Management Policies 2010,” entered its final year in 2012. IHI will continue to accelerate the three paradigm shifts triggered by these management policies – “Business model geared to entire life cycle”, “Product strategy geared to market needs” and “Global business management”. Built on the strong foundation of our internal control system, we are actively implementing measures to expand business growth.