This year we expect to see a recovery looming in the global economy, though currency fluctuations due to the weak US dollar, oversupply in major products, and rising raw materials costs continue to weigh against optimistic forecasts.

Hyundai Heavy Industries is greeting the year 2004 with high expectations, viewing it an opportunity to initiate a new round of growth. Our company has set this year¡¯s sales goal at £Ü8.93 trillion, a 10% increase from the previous year. Our 2004 target for new orders is $9.35 billion.

Facility investment for this year will be earmarked at £Ü308.6 billion, while our R&D investment will be increased by 14% over last year to £Ü128 billion to guarantee HHI¡¯s technological superiority.

This year Hyundai Heavy Industries will concentrate on enhancing its core competencies to ensure future growth, generating profits and providing greater returns to our customers and investors. Our company will also strive to extend its production, engineering and R&D bases worldwide as part of our efforts to establish a global management system.

Today we live in an age in which a company¡¯s future viability depends on securing the core technologies in time that will lead the market. We will proactively develop core technologies to secure a technological advantage in our mainstream product lines and strengthen R&D cooperation channels through a global technology network.

Hyundai Heavy Industries is resolutely moving forward, maintaining the corporate vision to become a global leader in the heavy industries field. Along the way, we will work closely with you, our customers and investors. Your concerns will always be our first consideration.

We sincerely wish you good health and good fortune in the new year.