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To Our Shareholders

Hiromi Tosha, President

Hiromi Tosha, President

I am Hiromi Tosha, President of IINO LINES.

The IINO Group recently formulated a new mid-term management plan “Be Unique and Innovative Towards Our 125th Anniversary (in 2024)” for the three-year period beginning April 2017. As goals for 2024, the year in which we will celebrate our 125th anniversary, the mid-term management plan calls for the IINO Group to consistently offer Group-wide high-quality service (IINO QUALITY), and evolve our unique business model (IINO MODEL) to be a leading independent global business with continuous growth.

In order to achieve these goals for 2024, based on the theme of “Taking up the Challenges of Balanced Management and Advancement” as an initiative for the upcoming three years, we have established three strengthening key points and five keys to developing our earnings base as we work to pursue greater business differentiation. In the Shipping business, in order to respond to diversifying customer needs, we will further globalize our operations and enhance our competitiveness by constantly offering new, integrated proposals based on coordination between business segments. In the Real Estate business, we will pursue a strategic focus on our target area and improve efficiency and solidify stable earnings by increasing our dominance. In addition, in each area we will challenge promising next-generation businesses to cultivate future growth domains, and further strengthen balanced management centered on the Shipping business and the Real Estate business.

Next, I will discuss our operating results for the fiscal year ended March 31, 2017 (April 1, 2016 to March 31, 2017). The Company posted consolidated net sales of ¥83,320 million, consolidated operating income of ¥6,591 million, consolidated ordinary income of ¥5,105 million, and consolidated profit attributable to owners of parent of ¥3,885 million. The fiscal year ended March 31, 2017, was the final year of the previous mid-term management plan called “STEP FORWARD 2020” (covering the period April 2014 to March 2017), and consolidated operating income was \3,400 million less than our forecast. This was mainly due to a decrease in earnings resulting from our inability to avoid the impact of the weak Dry Bulk Carrier and Chemical Tanker market conditions. In the Shipping business, we responded by disposing of unprofitable vessels and transferring vessels currently under construction as a part of the structural reforms in the Dry Bulk Carrier Segment.. Also, in the Real Estate business, we concentrated assets within our target area and otherwise promoted efforts to secure and expand stable earnings. Going forward, we will enhance our framework and continue to earnestly tackle these challenges as we look to increase corporate value in line with the new mid-term management plan.

In accordance with the IINO Group’s basic policy of continuing to pay a stable dividend taking operating results and the future outlook into consideration, the Company paid a year-end dividend of ¥5 per share (annual dividend of ¥10 per share).

I would like to express my appreciation for all of your support up until this point. Going forward, we will continue to work hard to meet your expectations and we look forward to your continued support.


June 2017
Hiromi Tosha, President
IINO Kaiun Kaisha, Ltd.(IINO LINES)

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