IR Report & Message vol.2
Fiscal Year from January 1, 2004 to December 31, 2004

(company code: 6269)

To Our Shareholders

First of all, I would like to extend our heartfelt condolences to thevictims and their families who suffered the earthquake and tsunami
disaster in the Indian Ocean. MODEC has worked closely with
Southeast Asian countries through offshore projects, and we wish a
speedy recovery from the destruction in those countries.
In the fiscal year 2004, our construction projects progressed
flawlessly. We completed the construction of CNR Baobab FPSO
and Santos Mutineer-Exeter FPSO at Jurong shipyard in Singapore
and the production from both units is expected to begin in the firsthalf of 2005. In October 2004 MODEC International LLC wasawarded an EPC contract of two TLPs by Amerada Hess for thedevelopment of the Oveng field and Okume/Ebano field, offshore
Equatorial Guinea. Construction of the TLPs has begun at Samsung
Heavy Industries in Korea.
Our FPSO/FSO charter projects made a steady advancement as well.
Five years operation of the FPSO Buffalo Venture at Nexen’s Buffalo
field came to an end in November 2004 and the Buffalo FPSO is
currently under modification for the relocation at PEARL’s Jasmine
field offshore Thailand. MEDCO/MOECO Langsa FPSO re-started
the oil production in November 2004 after two years of suspended
operations.
The offshore oil and gas industry is a growing market. While itattracts new players to enter the industry, only a handful of them
have been successful in the severe business environment. We will
sharpen our international competitiveness through every effort
possible in order to survive in this tough yet exciting marketplace.
We aim to become a premier contractor in the FPSO market and wekeep our challenge to achieve this goal.

Kenji Yamada
President & CEO
MODEC, Inc.

1

TOPICS

Two FPSOs Construction Works Completed
Conversion works of CNR Baobab FPSO and Santos Mutineer-Exeter FPSO
were completed on schedule. Naming ceremonies were held in
November and December 2004 respectively at Jurong shipyard in
Singapore. (Please see Page 3)

MODEC International LLC Awarded Two TLPs for Eq. Guinea
MODEC International LLC was awarded an EPC contract of two TLPs forthe development of Amerada Hess’s Oveng field and Okume/Ebano
field, offshore Equatorial Guinea. (Please see Page 5)

FPSO Buffalo Venture Re-Deployed for PEARL’s Jasmine Field
Finishing its operation at Nexen’s Buffalo field in November 2004, FPSO
Buffalo Venture will be relocated at PEARL’s Jasmine field offshore
Thailand. First oil from Jasmine field is expected in May 2005.

Langsa FPSO Resumed Oil Production
MEDCO/MOECO Langsa FPSO resumed the oil production at Langsa field,
offshore Sumatra in November 2004 after two years of productionsuspension.

MODEC, Inc. Transferred to the First Section of Tokyo Stock Exchange
Following the IPO on the Second Section of the Tokyo Stock Exchange on
July 2, 2003, MODEC, Inc.’s stock was successfully transferred to the First
Section on June 1, 2004.

2

FPSO Project in 2004 — Santos Mutineer-Exeter FPSO

The conversion work of
the MT Airway took
place at Jurong Shipyardin Singapore. The
Naming Ceremony washeld on December 9,2004 and the FPSO wasnamed “MODEC
Venture 11” since it was
the eleventh lease project for MODEC.

Mutineer-Exeter field is locatedin 156m of water depth,
approximately 150km north ofDampier on the north west coastof Australia.

One of the unique features ofthis project is its disconnectable
turret system. When a cyclone
approaches, the FPSO can be
disconnected from the turretand evacuate to a safe place.
When the FPSO returns to thefield, the FPSO and the turret
will be reconnected.
Mutineer-Exeter field is
Disconnectable Turret(JHN Lufeng FSO)
expected to come on stream in
the first half of 2005. MODEC
will own and operate the FPSO for 5 years with possible
extensions.

3

MODEC at a Glance — What is an FPSO?

An FPSO (Floating Production, Storage and Offloading) is a floating production system that receives produced fluids from thesubsurface reservoir via a turret-mounted swivel. Topside facilities separate the fluid into oil, gas and water and then, store
the crude oil in the vessel’s tanks. The crude oil is then periodically offloaded to shuttle tankers. FPSOs are the most widelyused floating production systems for offshore oil and gas field development and currently more than 100 FPSOs are in
operation worldwide.

Living space for crew working
onboard the FPSO

The fluid from the reservoir isseparated into oil, gas and water.

Gas can be injected to the reservoir,
exported by pipeline, utilized as
fuel, or flared.

Gas FlareTower
Accommodation &Helideck

Production Facilities

Turret(Mooring system)

The turret system moors the
FPSO allowing it to weather
vane in response to the forcesof wave, wind and current.

Storage Tanks

Processed crude oil is stored in
the tanks and periodicallyoffloaded to shuttle tankers.

Anchor chains connect theturret to anchor piles on theseabed.
Anchor Chain

Anchor Chain
Riser

Anchor Pile

Anchor Pile
Flexible Risers transport the fluid fromthe reservoir via a turret-mounted
swivel to the FPSO topsides.

Fluid

4

TLP Project in 2004 — Amerada Hess Oveng & Okume/Ebano TLPs

TLP hulls for this project are designed using an innovative
concept. In preceding TLP projects, the deck and the hullare fabricated separately at the shipyard and integrated
offshore. This project’s new hull designs, however, haveenough free floating stability to allow the deck to be
integrated with the hull at the shipyard. This design
eliminates the need for lifting and setting of the deck
structure offshore and does so without using expensive
temporary stability modules.

Offshore integrationof deck and hull
(Marco Polo TLP)In October 2004 MODEC International LLC was awarded acontract by Amerada Hess for the engineering,procurement, construction and delivery of two TLPs for thedevelopment of Oveng field (280m water depth) andOkume/Ebano field (500m water depth), offshore
Equatorial Guinea. The development area is locatedapproximately 55km south west of Bata and 250km southof Malabo.

Previous success of the Prince TLP and Marco Polo TLP
made way for the award of the third and fourth TLPs for
MODEC. The construction work has commenced at
Samsung Heavy Industries in Korea. The installation of the
TLPs is planned in the second quarter of 2006.

Nigeria

Cameroon

Eq. Guinea
Gabon

5

Installed in 1,311m water(the world record at thattime), Marco Polo TLP
started the production in
July 2004.

MODEC at a Glance — What is a TLP?

A TLP (Tension Leg Platform) is a floating platform suitable for deepwater oil and gas field development. TLPs can be utilized
as production platforms or as well head platforms with production undertaken at another facility such as an FPSO. Currently
approximately twenty TLPs are in operation in the Gulf of Mexico and other areas.

Well maintenance and new
well drillings can be carried out
without employing drilling rig
facilities.

Drilling Rig
Living space for crew working
onboard the TLP

Accommodation &Helideck

Deck

Why TLP Stabilizes?
When you hold a string of a balloon
and sink it into the water, the air
inside the balloon has buoyancy. A
TLP hull (=balloon) submerged into
the water has buoyancy while
tendons (= string of a balloon) pull
down a TLP hull. Force to float up
and force to pull down verticallybalance with each other and thisbalance allows a TLP its horizontal
stability.

Production Facilities
The fluid from the reservoir isseparated into oil, gas andwater. When a TLP is used as awell head platform, the fluid isexported to another production
facility.

Hull

TendonHighly tensioned tendons
connect the floating hull tosubsea piles, holding the TLP in
position.

Buoyancy
Force topull down

6Financial Highlight for the Fiscal Year 2004

Financial Highlight for the Fiscal Year 2004
• Construction works progressed on schedule.
• MODEC was awarded two TLPs for Eq. Guinea and re-charter of Buffalo Venture FPSO.
• MEDCO/MOECO Langsa FPSO re-started the oil production.
• MODEC, Inc. was transferred to the First Section of the Tokyo Stock Exchange.
• New shares of MODEC, Inc. were issued by third party allotment.
• MODEC International LLC became 100% subsidiary of MODEC (U.S.A.), Inc.

¥ Million

2002/12

2003/12

Order backlogs by service types

Sales by service types

Orders by service types¥ Million

2002/12

2004/12

2003/12¥ Million

2004/12

2002/12

2003/12

2004/12EPCI services

114,055

Lease, Charter andO&M services
Other

100,000

66,751

86,94959,20480,00060,00056,54040,00050,141
34,593
27,11820,00011,449

*

625

2,489

1,201
37,60730,0002,313
330

66,43360,00022,935
0

352

8,176
710

9,148
3,320

36,44090,00040,00024,717

37,236

39,772

51,891
39,42220,0000120,000

57,86444,73860,000120,104

36,765

21,481
56,04243,448The MODEC Group’s
share in the “Lease,
Charter and O&M
services” of theaffiliates accounted
for by the equity
method27,435
0

189

118

91

As MODEC International LLC became a consolidated subsidiary in 2003, in the above graph chart, the yearly figures prior to 2003 were adjusted
as if the subsidiary were consolidated.

7

Review of Operations

Review of Operations
High oil prices promoted the increasing trend of offshore oiland gas development projects in the fiscal year 2004. In thisfavorable business climate, MODEC Group continued themarketing activities in areas of South East Asia, Oceania,
West Africa, Gulf of Mexico and Brazil.
In October 2004, MODEC International LLC was awarded
construction work of two TLPs for the development of
Amerada Hess’s Oveng field and Okume/Ebano field,
offshore Equatorial Guinea. Buffalo FPSO Pte Ltd., anaffiliate company of MODEC, Inc., was awarded time
charter contract of FPSO Buffalo Venture for PEARL’s
Jasmine field, offshore Thailand in December 2004. This is
the first project for MODEC Group to re-deploy its owned
FPSO unit to another field. Lastly, MEDCO/MOECO
Langsa FPSO re-started the oil production at Langsa field,
offshore Sumatra in November 2004 after two years ofsuspended operations.
As a result, the Consolidated Order totaled 50,141 million
yen and Consolidated Sales totaled 51,891 million yen. On
the profit side, Operating Profit declined to 3,779 million
yen as a result of deferring some portion of profits fromEPCI services as unrealized gain, while Ordinary Income
and Net Income increased to 3,701 million yen and 2,230
million yen respectively.

EPCI Services
Conversion works of CNR Baobab FPSO and Santos
Mutineer-Exeter FPSO progressed on schedule. Remaining
construction works of Esso Chad FSO, Shell Bijupira-Salema
FPSO and Anadarko Marco Polo TLP were completed aswell. As a result, sales from EPCI services totaled 39,422
million yen.

Lease, Charter and O&M Services
MODEC Group operated five units that the Group’s
subsidiaries and affiliate companies own, namely PEMEX

Cantarell FSO, ConocoPhillips Elang/Kakatua FPSO, Nexen
Buffalo FPSO, CLJOC Su Tu Den FPSO, and
MEDCO/MOECO Langsa FPSO. In addition the Group
operated two units owned by oil companies; Petronas
Carigali Ruby FPSO and Shell Bijupira-Salema FPSO. As aresult, sales from Lease, Charter and O&M Services totaled
9,148 million yen.

Other Services
As after-sales services, MODEC supplied spare parts andprovided engineering support to the FPSO/FSOs that theGroup had constructed and delivered to the oil
development companies. Fee income for providing
management services to affiliate companies flowed insteadily. As a result, sales from other services totaled 3,320
million yen.

Outlook for the Fiscal Year 2005
The investments in the offshore oil and gas fielddevelopment in the fiscal year 2005 will likely shift on highlevel, backed up by high oil prices and continuous demands
on energy supply. The number of new orders for offshore
floating facilities will continue to increase.
Under this business environment, MODEC will keep
refining the Group’s engineering capability, project
management capacity, and cost competitiveness, to receive
awards of new projects.
In year 2005, two units, CNR Baobab FPSO and Santos
Mutineer-Exeter FPSO, will start oil production. In
addition, FPSO Buffalo Venture will be re-deployed at
PEARL’s Jasmine field. In summary, the Group will operate
seven self-owned units and two units owned by oil
companies. For the fiscal year 2005, the Company forecast
Sales of 55,000 million yen, Ordinary Income of 4,500
million yen and Net Income of 2,500 million yen.

8

Consolidated Financial Statements(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Consolidated Balance Sheets–Assets–
Current Assets
Cash and time deposits
Accounts receivable - trade
Inventories
Short-term loans receivable
Short-term lease receivables
Other
Non-Current Assets
Property and Equipment
Machinery and equipment
Other
Intangible Assets
Other Assets
Investment securities
Long-term lease receivables
Other
Total Assets–Liabilities–
Current Liabilities
Accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Other
Long-term Liabilities
Long-term loans payable
Other
Total Liabilities
Minority Interests in Consolidated Subsidiaries–Shareholders’ Equity–
Common stock
Capital surplus
Retained earnings
Net unrealized holding gains on securities
Foreign currency translation adjustments
Treasury stock
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity

9

Fiscal year 2004

Fiscal year 2003

(December 31, 2004)(December 31, 2003)

42,70014,061
14,059
165
9,783
1,735
2,894
23,820
5,708
5,606
102
4,769
13,341
3,882
6,273
3,186
66,52142,782
12,264
15,326
1,924
8,945
1,542
2,779
17,480
4,677
4,563
114
994
11,807
2,492
8,256
1,059
60,262

34,90910,255
12,663
6,652
5,337
7,932
6,345
1,587
42,842
1,393

26,222
11,329
8,529
3,314
3,049
16,23013,8972,332
42,453
2,627

7,159
7,675
7,531
575
a656
a0
22,28566,521

4,659
5,175
5,648
337
a638
—
15,18260,262Intangible assets increased as aresult of MODEC International LLC
becoming a 100% subsidiary of
MODEC (U.S.A.), Inc.
Investments and other assets
increased due to funds paid to
MODEC FPSO B.V. and MODEC
Venture 11 B.V. that own and lease
FPSOs to oil companies.

Common stock and Capital Surplus
increased as a result of Stock Option
Exercise and new share issuance byThird Party Allotment.

Consolidated Financial Statements(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Consolidated Statements of Income(

Fiscal year 2004

Fiscal year 2003

January 1, 2004 thru
December 31, 2004

January 1, 2003 thru
December 31, 2003

)

(

Sales

51,891

66,751

Cost of Sales

44,55359,062

7,338

7,689

Gross Profit

3,559

3,541

Operating Profit

Selling, General and Administrative Expenses

3,779

4,147

Other Income

1,342

379

836

191

Interest income
Dividend income
Equity in earnings of affiliates
Other
Other Expenses
Interest expenses

5

1

128

148

372

38

1,420

1,336

685

652

Foreign exchange loss, net

420

226

Depreciation of idle assets

229

366

Other

85

90

3,701

3,190

41

731

Recovery of repair costs—

369

Gain on forgiveness of debt—

361

Gain on sales of fixed assets

41—

Extraordinary Loss329—

Bad debt loss

242—

Ordinary Income
Extraordinary Profits

Loss on sales of fixed assets
Income before Income Taxes and Minority Interests

86

—

3,414

3,922

2,290

1,037

a489

a191

)
Sales from EPCI services declinedreflecting the delayed awards of
new projects and less change orders
received from the clients comparedto the previous year.

Increase of loans advanced to theaffiliate companies for theconstruction work expenditures led
to the increase of interest income,which pushed up Ordinary Income.
Extraordinary loss was incurred as aresult of Langsa FPSO Pte Ltd.
providing a bad debt loss oncollection of the credit to Matrix Oil.

Income Taxes
Current
Adjustment to prior years
Deferred
Minority Interests
Net Income

a1,174

197

557

849

2,230

2,029

The 2004 results renewed theCompany’s highest Net income record.
10Consolidated Financial Statements(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Consolidated Statements of Earned Surplus(

Fiscal year 2004

Fiscal year 2003

January 1, 2004 thru
December 31, 2004

January 1, 2003 thru
December 31, 2003

)

(

)

–Capital Surplus–
Beginning balance

5,175

2,683

Increase in capital surplus

2,499

2,492

Issuance of new shares

2,499

2,492

—

—

7,675

5,175

5,648

3,822

Decrease in capital surplus
Ending balance–Retained Earnings–
Beginning balance
Increase in retained earnings
Net income
Decrease in retained earnings
Cash dividends paid
Bonuses paid to directors
Ending balance

2,230

2,029

2,230

2,029

347

202

337

192

10

10

7,531

5,648
(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Consolidated Statements of Cash Flows(11

Fiscal year 2004

Fiscal year 2003

January 1, 2004 thru
December 31, 2004

January 1, 2003 thru
December 31, 2003)(

Cash flows from operating activities

9,623

5,452

Cash flows from investing activities

a14,402a8,629Cash flows from financing activities

5,164

7,290

Effect of exchange rate changes
on cash and cash equivalents

a119

a84

Net increase in cash and cash equivalents

266

4,028

Increase in cash and cash equivalents due
to additional consolidated subsidiaries

—

2,914

Cash and cash equivalents at beginning of year

13,795

6,852

Cash and cash equivalents at ending of year

14,061

13,795)
Cash flows from operating activities
increased considerably due to
steady progress of construction
works and collection of accounts
receivable - trade to affiliatecompanies.

Non-Consolidated Financial Statements

Non-consolidated Balance Sheets–Assets–
Current Assets
Non-Current Assets
Property and Equipment
Intangible Assets
Other Assets
Total Assets–Liabilities–
Current Liabilities
Long-term Liabilities
Total Liabilitie–Shareholders’ Equity–
Common stock
Capital surplus
Capital reserve
Retained earnings
Earned reserve
Voluntary reserve
Unappropriated retained earnings
Net unrealized holding gains on securities
Treasury stock
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Fiscal year 2004

Fiscal year 2003

(December 31, 2004)(December 31, 2003)

25,62016,81529
516,78042,43531,710
4,663
33
7
4,623
36,37422,877503
23,38017,5805,816
23,396

7,159
7,675
7,675
3,645
68
2
3,574
575
a0
19,05442,435

4,659
5,175
5,175
2,806
68
2
2,734
337
—
12,97836,374(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Appropriation Statements
Fiscal year 2004

Non-consolidated Statements of Income(
Sales
Cost of Sales
Gross Profit
Selling, General and Administrative Expenses
Operating Profit
Other Income
Interest income
Dividend income
Other
Other Expenses
Interest expense
Foreign exchange loss
New share issuance expense
Other
Ordinary Income
Extraordinary Loss
Bad debt loss
Income before Income Taxes
Income Taxes
Income Tax Adjustment
Net Income
Retained earnings at beginning of year
Interim dividends
Unappropriated retained earnings
at end of year

(Millions of Japanese yen,Amounts are rounded down to
the nearest million.)

Fiscal year 2004

Fiscal year 2003

January 1, 2004 thru
December 31, 2004

January 1, 2003 thru
December 31, 2003

) (19,426
16,226
3,200
1,043
2,156
984
817
5
161
959
477
406
25
51
2,181
—
—
2,181
1,455
a459
1,186
2,500
112

39,47337,016
2,456
1,078
1,377
583
222
325
35
538
188
263
54
33
1,422
130
130
1,291
464
31
795
1,938
—

3,574

2,734

)

Fiscal year 2003

January 1, 2003 thru
1, 2004 thru
( January
December 31, 2004 ) ( December 31, 2003 )Unappropriated retained earnings
at end of year

Transfer from voluntary reserve
Transfer from special reserve for depreciation
Total
To be appropriated as follows:
Cash dividends
Bonuses to directors
Retained earnings carried forward

3,574

2,734

0
3,575

0
2,735

127
13
3,434

224
10
2,500

MODEC, Inc. paid a dividend of 3.75 yen per sharefor six months ended December 31, 2004.
In combination with interim dividends of 3.75 yen
per share, the annual dividends totaled 7.5 yen per
share.

12

Corporate Data (as of December 31, 2004)

MODEC, INC.

Main Subsidiaries

Founded:June 1, 1987

MODEC International L.L.C.

Head office:2-8, Kohinata 4-chome, Bunkyo-ku
Tokyo 112-0006, Japan
TEL: +81-3-5800-6081
FAX: +81-3-5800-6060/6070

Cantarell FSO, Inc., S.A. de C.V.

Company name:Paid-in capital:

7,159 million Japanese yen

EPCI service of FPSO/FSO, TLP and Production Semisubmersibles inNorth & South America and West Africa

PEMEX Cantarell FSO Owner Operator

Elang EPS Pte Ltd.
ConocoPhillips Elang/Kakatua FPSO Owner Operator

Number of employees: 106 (non-consolidated, including temporary employees)
837 (consolidated, including temporary employees)

Langsa FPSO Pte Ltd.

Main banks:

MODEC Management Services Pte Ltd.

Sumitomo Mitsui Banking Corporation
Mizuho Corporate Bank, Ltd.
Chuo Mitsui Trust and Banking Co., Ltd.
Sumitomo Trust & Banking Co., Ltd.
The Norinchukin BankMEDCO/MOECO Langsa FPSO Owner Operator

Petronas Carigali Ruby FPSO & CLJOC Su Tu Den FPSO Operator

Buffalo FPSO Pte Ltd.
Nexen Buffalo FPSO (⇒PEARL Jasmine FPSO) Owner Operator

MODEC FPSO B.V.
Management (as of March 29, 2005)

13

CLJOC Su Tu Den FPSO Owner Operator

Kenji Yamada

President & CEO

Mitsuhiro Mokumoto

Managing Director & CFO

http://www.modec.com/

Nobuhiro Yaji

Managing Director & COO

Masaki Kawase

Director - FPSO & FSO Division

Please visit our website for up-to-date
Investor Relations information.

Shashank Karve

Director
MODEC International LLC - President & CEO

Naomasa Kosaka

Director - FPSO Operations Division

Shoichi Yabuki

Director

Takao Sunami

Director

Yasuhiro Iwanami

Corporate Auditor

Toshiro Miyazaki

Corporate Auditor

Yasuo Asama

Corporate Auditor

Yoshihiro Takizawa

Corporate Auditor

Stock Information (as of December 31, 2004)

Number of Authorized Shares ................ 102,868,000

Shareholders Breakdown

Number of Issued Shares ........................... 34,008,000

Number ofshareholders

Number of shareholders .................................... 3,107

38
39

Number ofshares63
15

95,753
1,666,502

Major Shareholders

5,879,745

5,931,000

Number of
Ratio of
Shares Held shareholding

Name(thousand shares)(%)

Mitsui Engineering & Shipbuilding Co., Ltd.

17,11650.32

FMC Technologies, Inc.

2,600

7.64

Mitsui & Co., Ltd.

2,466

7.25

The Master Trust Bank of Japan, Ltd. (Trust Account)

2,262

6.65

UFJ Trust Bank Ltd. (Trust Account A)

743

2.18

Sojitz Corporation

700

2.05

Japan Trustee Services Bank, Ltd. (Trust Account)

693

2.03

The Chase Manhattan Bank, NA London SL Omnibus Account

575

1.69

Government of Singapore Investment Corporation Pte Ltd.

443

1.30

Goldman Sachs International

436

1.28

28,036

82.43

2,952

Individuals, others
Financial institutions
Other Japanesecompanies
Foreign companies
Securities companies

20,435,000

Stock Quote
Stock price (yen)
3,000
2,500
2,000
1,500

04/1

2

3

4

5

6

7

8

9

10

11

12 05/1

2

5

6

7

8

9

10

11

12 05/1

2

Volume (thousand shares)
4,000
3,000

Total

2,000
1,000
0

Fiscal year end:

December 31 of each year

General meeting ofshareholders:March of each year

Shareholder registration
date for year-end dividend: December 31 of each year
Shareholder registration
date for interim dividend:

June 30 of each year

Shareholding unit:

100 shares

04/1

2

3

4

Transfer agent:
Chuo Mitsui Trust and Banking Co., Ltd.
33-1, Shiba 3-chome, Minato-ku, Tokyo 105-8574, Japan
Transfer agent office:Chuo Mitsui Trust and Banking Co., Ltd.
Transfer Agent Dept. (Transfer Agent Administration Center)
8-4, Izumi 2-chome, Suginami-ku, Tokyo 168-0063, Japan
Tel: +81-3-3323-7111
Agents:Chuo Mitsui Trust and Banking Co., Ltd.: Branch offices in Japan
Japan Securities Agents, Ltd.: Head office and branch offices14Administration Dept.
2-8, Kohinata 4-chome, Bunkyo-ku Tokyo 112-0006, Japan
TEL: +81-3-5800-6081

Printed on100% recycled paper