Dear shareholders and customers First of all, I appreciate your support and trust for Meritz Securities throughout the year. The uncertainty of global financial market has been an issue as the global economic uncertainty continued in the fiscal year 2011. Globally, financial crisis in Southern Europe negatively affected the market condition while concerns regarding savings banks issue and increasing household saving caused the domestic market to be more volatile. In the midst of such difficulties, Meritz Securities made an effort to stabilize the profit structure. Being the only company licensed for merchant banking, we have focused on amplifying the synergy between Merchant banking and securities by improving the infrastructure and human resources. In order to maximize our profit in the future, we have decided to focus on expanding DLS, Auto Lease, and NPL. In addition, we stabilized the loan business by strengthening credit analysis and deal sourcing abilities. Lastly, despite the adverse market environment, our retail sales department and head quarter sales department have achieved satisfying results. As a result, we have recorded the operating income of 70.2 billion won and the net income of 53.7billion won which is seven times higher than that of the previous year. Especially, the ROE after tax of 8.2% was one of the highest figures in the market. Backed by such outstanding results, the company’s short-term credit rating was raised to the highest level in the industry in the second half of the fiscal year 2011. We believe this would not have been possible without your support and trust. The fiscal year 2012 is also expected to be a difficult year for the industry as Euro Crisis has not been resolved and the global economy has entered the low-growth era. The competition within the industry is going to be more intense because of new regulations. In order to stay competitive in such an intense market condition, we will keep making efforts to distinguish ourselves from the rest of the market and become one of the best securities firms. First of all, we will establish a stable and sustainable profit structure by utilizing our competitive edge. We will maintain the leadership within the industry by making better use of our outstanding human resources. Furthermore, for areas that are difficult to differentiate ourselves, we will continue to come up with creative ideas to take the leading role within the market. We are in the process of integrating a new risk management system which will ensure the quality of asset. Based on the basic principles of the company: "compensation equivalent to the performance", "transparent assessment of performance", and "fair competition", we will continue to make ongoing efforts to recruit and retain outstanding human resources. We will keep ourselves efficient by eliminating unnecessary tasks that may negatively affect our workforce. Lastly, we will make sure to put our plans in to practice. All our Meritz employees will make sure to continue to do our best to achieve satisfying results for all our clients in the fiscal year 2012. Please gives us your continuous interest and encouragement. We wish you and your family happiness and prosperity for the rest of the year. Thank you. CEO Choi Alexander Himoon,