10thAnniversaryThe 10th Anniversary Commemorative VolumeMarch in 2015##  Back in 2005, when ADAPTEX wasestablished, METI (Ministry of Economy,Trade and Industry) published the 1,000
University-Launched Ventures Plan fromthe viewpoint of constant innovation being
the source for maintaining national strengthin Japan. Momentum for universitylaunched ventures grew rapidly in domesticuniversities. Also in Hiroshima University,orders were given to develop potentially
profitable ideas into venture businesses.

At the same time, there was a turning point in domestic process industries, especially in the oil
industry: domestic demand had peaked. It was at this time that the trend changed from the spreadof cars in the high-growth period to further acceleration of energy and resource conservation.
+
The time for maximizing production had ended; the new era for low-cost and highly efficient
production had begun. Based on these two factors, that is, the momentum for establishing
university-launched ventures and the turning point in process industries, our company was foundedby Professor Toru Yamamoto at Hiroshima University (currently part-time director of our company)
and three other members in January 21, 2005. ADAPTEX was established by emphasizing the greatsocial significance of further enhancing the competitiveness of the process industries which had
driven growth in Japan.+A research group, led by Professor
Toru Yamamoto, developed controllers
for more than 20 years. These
controllers enable high-quality control
performance for every object to becontrolled, in order to achieve highly
efficient plant operations, improve
product quality, conserve energy, andenhance safety in various fields, suchas oil refining, petrochemicals, andsteel.
The group was, of course, active in
joint research, and was awarded
various prizes by academic
conferences for its innovative progress
and technology. Recognized for itsachievements by both universities andindustries, the group set itself thechallenge of making its technologies
commercially available to the world
through ADAPTEX.
1 Firstly, I would like to express my sincere gratitude for yourcontinued support and patronage.
We are happy to announce that our company, which wasestablished in January 2005, has now celebrated its 10thanniversary.
We founded the company with two great ambitions: to make socialcontributions though contributing to process industries, andenhancing innovations as a source of national strength. Having
said that, I can recall these ten years as having been a period of
support and guidance from customers. I would like to take thisopportunity to again offer my sincere gratitude.

Masanobu Obika
Presidet and CEOWe engage in day-to-day business activities with the primary goalof providing customers with patentable, highly sophisticated,value-added, and highly reliable technologies. I would like to takethis opportunity to express my sincere gratitude to thosecustomers who have provided us with various forward-looking
challenges.

We support our customers’ business and production innovation by promoting the integration ofoptimization system development (for providing technological solutions which optimize the planning
process required before offering control technology consulting services as a core competency of ourcompany), big data development (for extracting key information from a flood of data and visualizing it),and education & training development (for supporting human resource development in developing
countries and domestic companies).We are eager and prepared to continue supporting the improvement of
your business operations by achieving further technology innovation, establishing a customer support
system and making services much easier to understand.
I would like to add a few words on entrepreneurship as a university-launched venture company. A great
number of university-launched venture companies have already been established, but according to asurvey, in recent years, the number of newly-established university-launched venture companies has been
in decline. I am sure that university-launched venture companies play an extremely significant role insowing in the world potentially valuable seeds which lie in universities.
I strongly hope that, without shying away from risks, we will take on more challenges, to work with those
who have the opportunity to start a business. I sincerely hope that those in related support organizations
will lead many young venture entrepreneurs to grow in the medium-to-long term growth, not just shortterm.
In the future, we will try to solve difficult technological problems hand in hand with universities andrelated organizations, and, above all, our customers, without forgetting the venture spirit. We hope to
expand business with the intention of playing our part in Japan, a technology-oriented nation.
Finally, we ask again for the increased support and guidance of each member of the stakeholder groups.
2 $  $#$  ) "$&$%" !)#$#%")$ ')
!!)$ &" %#%#$"#$& $"  !$*$ $)##$  # !" ##%#$"#'&& !)%&"#$)%#$")  "$ .....H.I.S.T.O.R.Y

1983
We started in a university laboratory by
developing practical advanced control technology
with a top priority given to providing on-site
control systems.
1994
The effectiveness of our technologies was verified
in process industries such as oil refining, steel,and petrochemical industries.
2005
ADAPTEX Co., Ltd. was established with acapital of 3 million yen after our R&D wasapproved as a Start Up Subsidiary Enterprise by
the SMRJ (Organization for Small & Medium
Enterprises and Regional Innovation, Japan).

Our university laboratory was awarded anumber of academic prizes for its remarkableachievements.

2006
We developed the world’s first control systemdesign scheme based on control performanceassessment.
2009
Capital was increased to 17 million yen.
2010
Our energy-saving service won the Hiroshima
Venture Grand Prize for improvement in control
performance in process industries

We invited the Iraq National Oil Company toHiroshima in a pioneering effort to advanceoverseas business operations to promotetechnological cooperation.

2011
We started our overseas business operations inSouth East Asia and the Middle East mainly bydeveloping education and training services.
Capital was increased to 47 million yen
2012Elected as a semi-finalist in EY Entrepreneur of
The Year 2012 Japan (hosted by Ernst & Young
ShinNihon LLC)
2013
Started big data analysis service.
The Project for developing production
optimization technology was adopted by
Mitsubishi-UFJ Technology Development
Foundation.
3

We were recommended as a representative in theChugoku and Shikoku areas by administrative
organizations and banks, and elected as a semifinalist in Japan at the EOY 2012.

 #$ %"$"(!%###%"$"!"#  $  ) &$ $ '#$$"$   '$  )&")$, " %"%#$ "#-#$#$  "# $)

Venture – meaning “risky undertaking.”
Starting something new and truly valuable requires leaving old ideas behind – not only
those that are barriers to technological innovation, but also personal habits and oldcustoms.
+
The challenge, that is the mission and the best part of a venture, does not exist with avery even and clear view from all sides.+In order to take on the challenge of winning customers’ trust with limited capital andhuman resources, we need only two things: confidence in our own technology and sincereinteractions with customers.
+
ADAPTEX does and will always look firmly to the future and take on various challenges
without being impatient or giving up.+
We take on these challenges.

Challenges for Tomorrow4 ADAPTEX develops all advanced control technology, optimization
system and big data analysis technology in-house as well as ataffiliated universities.
Collecting the latest technological information, we create throughour own efforts the technologies we think are really good. This is
how strong pride in our own technology has developed; we canprovide customers with technologies in a way that ensuresmaximized effectiveness while adding precise environmental
conditions to the application of technologies.
+
We consider usability as a core factor in developing systems whichhave adopted the latest technology. If there is a shortage of existing
components, we create the required component to maximize
customer satisfaction.
+
ADAPTEX has a large number of projects, most of which involve
developing solutions the world has never seen. Using the latest
technology, we engage in the application development of solutions
in order to resolve customers’ individual issues. In doing so, weoften undertake unsolved problems. ADAPTEX faces these
problems in order to meet customer needs.

Continually facing challenges we canrefer to as unsolved problems results inaccumulated knowledge and discoveries
that are used to deal with everyproblems, and leads to innovation. By
integrating the knowledge anddiscoveries each customer possesses,
we can provide customers with newvalues.
It is our mission to remain eager tosolve customers’ individual problems.

5! 

I am pleased to extend my warmest congratulations on
the 10th anniversary of your founding. I think yoursuccess is due to the continuous efforts of Mr. Obika,
President and CEO, and other staff members based ontechnological capabilities.
+
We have been working with you for five years to jointly
develop an optimal system for allocating tankers whichcarry oil products. We are now operating 50 tankers, theallocation of which was once optimized based on effort
and experience albeit with demand fluctuation andweather changes. Now, with the help of your company, weare engaged in the development of a system for planningan effective and optimal allocation schedule. We need toimprove this system for practical use, so we would like to
ask you for your continued support.
+
I would like to congratulate you and offer my wishes forthe continued growth of ADAPTEX Co., Ltd.

Mr. Takeshi Katsuki
Group Leader
System Technology Group
Equipment Facilities
Taiheiyo Cement Corporation

Mr. Hideaki Koga
Section Manager
Demand & Supply Section International Demand &Supply DepartmentIdemitsu Kosan Co.,Ltd.

Congratulations on the 10th anniversary of yourestablishment. When we asked you to perform an
optimum tuning operation for PID parameters severalyears ago, that was our first business interaction withyou. As a result, we were given professional support
for our tuning technology, which has encouraged us toconduct our business with confidence. In our current
work with you, cutting-edge knowledge is being
generated, and we are expecting successful results.+I think your strength lies in your curiosity fortechnologies. I am always surprised to see howcommitted you are to mastering a field you are notfamiliar with.
I sincerely hope that you will continue to makediligent efforts as an expert group and achieve yet
further progress and success.

6! 

Congratulations on the 10th anniversary of the founding ofyour company. It is often said that slow but steady wins therace. I hear that there are only a few venture companies
that can continue business operations for ten years. In thisregard, I imagine that you have made tremendous efforts
to sustain and support your company’s business.
+I am fully aware of the superiority of your advanced control
technologies through our cooperation with you. I do hope
you will work toward the spread of these technologies,
contributing significantly to the industry as a whole. +
I have been assigned to work in Malaysia this year and will
help you to spread your latest technology in South East
Asia, even though it may be only a small step.+
I hope your company and all related parties will gain
further success in the future.Mr. Michio KojimaDirector
Domestic Sales Center
Tokyo Electric PowerServices Co., Ltd.
(TEPSCO) Mr. Tetsuo YamamotoConsultant
ChAS (Chiyoda Advanced Solutions)
Project Operations, Chiyoda Corporation

would like to offer my heartfelt congratulations on the 10thanniversary of the establishment of your company. Last year,the moment I saw the presentation by President Obika, I felt
inspired. In the current energy situation, what we need arevisualization, optimum control, and use of big data, the goal ofwhich is energy saving and cost reduction. I felt this must beit.
+
Our industry is now suffering from higher supply prices ofenergy (such as electricity and gas). The biggest challenge iscost reduction and energy saving. ADAPTEX is the onlycompany whose technologies can meet this challenge. Thismeans that ADAPTEX is an indispensable in the effort for
creating a sustainable society.
+I expect ADAPTEX will grow further as an innovator focusing
on each of the three projects: Control Technology Consulting
Services, Optimization System Development, and Education &Training Development.

(Excerpts / Company names are listed in the order of the Japanese syllabary.) 7"   $ADAPTEX has learned a lot from customers in the ten years since its inception.

Above all, we realize how important it is to work face-to-face withcustomers. During the first six years after the establishment, weconcentrated on system and software development, and we were notactively engaged in discussions with customers. When we provided
customers with our technologies, for example, we developed control
analysis software and sold it in a product-out method. In other words, we
focused only on selling our products, so we seldom asked customers whatkind of problems they had.
+Then we began to ask ourselves whether this business style was reallygood? In updating software to a new version, we could not reflect in it themost important consideration of voices from customers because we werenot asking customers what kind of problems they had.+
We might not have realized that technology innovations occur throughextracting problems in the workplace and solving them. We had a lot of
discussion in our company again about how our company should evolve,
and we deiced to stop selling only software. We changed our business style
to offer consulting services along with software sales. As a result, we got toknow about customers’ problems and concerns which might not havebecome known to us otherwise. From then on, our R&D changed its course
significantly.
We changed from the style whereby we created what we thought was goodto a style whereby we helped customers to solve their problems.
Consequently, one product corresponds to one order, which cannot be
entirely correct as a business. But we have adopted this new business stylebecause we can listen directly to our customers, who are the mostimportant factor for innovation.
+
These days, it is not unusual for us to enter hard discussions withcustomers regarding technical aspects. This style of passionately proposing
what we think is really good for customers, not merely acceptance orders,is taking root in our company.
+
We will place prime importance on this business style that we have createdover the past ten years, and will continue to innovate and rise to thechallenge together with customers.
8  ! !

ADAPTEX will head toward its 20th anniversary carrying out the following strategies.

Expanding sales
operationsPromoting productcommercialization

Human resources
solution

Systematizingtechnologies

Seeking furtherchallenges overseasWe hope to expand sales operations in main areas across Japan forthe purpose of enhancing further collaboration with customers andproviding fast follow-up services. We hope to cooperate with morepartner companies and develop a system which enables us to deal
with customers’ demands more swiftly and more thoroughly.
Our company possesses a lot of technologies which have not yet been
made available in a systematic and visible manner. They are what wecall know-how and wisdom. We hope to commercialize these as userfriendly systems and software so that we can offer them to customers
not only in the form of providing consulting services or receiving
orders, but also through the product-out method.
We hope to increase customers’ business efficiency not only bysupporting customers through providing consulting services orproducts but by sending our experts, who share the experiences andknowledge accumulated in our company. We have a great number of technologies, including those we havecreated and developed so far, and those which, after consideration,
have not been materialized but we think will be promising in thefuture. We hope to review and systematize these various technologies
in a way that enables customers to have a full picture of ourtechnologies. Therefore, we hope to ensure appropriate managementof these technologies as intellectual property and prepare anenvironment in which all interested parties can make wide use ofthem.
In addition to expanding our business in Japan as before, we hope toenhance our overseas operations over the medium-to-long term.
Importantly, the problem of global warming cannot be solved only byJapan. We hope that our technologies which can reduce theenvironmental burden will be used all over the world. We would liketo continue contributing to the improvement of the earth’s
environment to the best of our ability. 9$  As of January 2015 Items
Company NameDate of Foundation
Head Office

Bases

Contents
ADAPTEX Co., Ltd.
Jan. 21, 2005
13-60, Kagamiyama 3, Higashi-Hiroshima, Hiroshima, 7390046 JPNSales Base: Tokyo
R&D Center: Hiroshima

Stock Capitalization JPY 47,000,000

Business Activities
Business Fields

Activities
1. Developing and selling control systems, and consulting on controlsystems
2. Developing and selling optimization systems, and consulting onoptimization systems
3. Developing and selling big data analysis technologies, and consulting
on them
4. Developing education and training, and consulting on education andtrainingFields of interest
Fields of interest include Oil refinery, Petrochemical, Steel, Cement,Paper, Power, Shipping, Auto, School and Agriculture10