The report takes a close-up look at Lawson Challenge 2004, our reform plan that aims to revitalize Lawson and spur growth. It examines each step of the plan, where we stand now and where we are headed. Lawson Challenge 2004 was inspired by the discussions I held with many employees after joining Lawson in March, first as an advisor. These discussions helped me immensely in deciding Lawson's future direction, and gave me the necessary background to shape the plan. One central theme we identified is that if we are to grow going forward, we have to put in place a framework to promote our vision of becoming "the 'hot' station in the neighborhood." Achieving this calls for both rapid and bold reforms.

The report details progress we have made with reforms, and outlines the steps that lie ahead of us. As we progress through each step, we will move closer to realizing our vision and also to achieving our bold targets - under Lawson Challenge 2004 we aim to generate consolidated operating income of 50 billion and ROE of 15% in fiscal 2004, ending February 28, 2005.

I hope that you will take the time to read the report. If you would like further information on specific points, or have any comments about the report, please contact us by e-mail through the contacts page on this website. Your comments and guidance, as always, are appreciated and will be reflected in improvements to Lawson's management and IR activities.

August 23, 2002

Takeshi Niinami
President and CEO

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