The decision to introduce a regional headquarters system was prompted by my belief that facilitating rapid decision making from the perspective of customers in the neighborhoods where are stores are located is imperative to transforming Lawson into "the true 'hot' station in the neighborhood." In October last year, we began pilot operations based on this system in the Chubu and Kinki regions. Each regional headquarters demonstrated that store operations, merchandising and store development lines could be closely coordinated under a common framework for action. The results delivered in these regions form the basis of my decision to extend the system nationwide.

Lawson is currently accelerating measures outlined in its three-year medium-term management plan, "Lawson Challenge 2004 (Revised plan for the revitalization and further growth of Lawson)." This plan aims to transform Lawson into "the true 'hot' station in the neighborhood appreciated by customers."

In December 2002, existing store sales exceeded the previous year's level for the first time in nearly a year and a half. This is solid evidence that the measures outlined by our management plan are steadily producing benefits. The introduction of the regional headquarters system will give us a management framework that can respond rapidly to challenges and has deeper ties with communities. We hope that this engenders greater customer satisfaction and leads to further growth. Our best years are still ahead of us.

We look forward to the continued understanding and support of our shareholders and other investors.

January 16, 2003

Takeshi Niinami
President and CEO

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