Dear shareholders and investors,

I hope this finds you in good health. Please accept my deep gratitude for your continuing support.

I, Toru Mukai, have been appointed as representative director and president of Fidec Corporation as of January 15, 2011. On the occasion of my appointment, I would like to extend warm greetings to all shareholders and investors.

Like other companies, Fidec Corporation too was burdened by bad debts as its customers suffered a business downturn amid the credit crunch that followed financial instability triggered by the Lehman Shock in 2008, which significantly worsened corporate profits. Under these circumstances, the Company entered into an agreement to receive management support from Don Quijote Co., Ltd. Since April 14, 2010, the Company has revamped its management, aiming for new growth by disposing of bad debt and reorganizing its management structure. As announced in a news release on October 15, 2010, the Company eliminated major uncollectible receivables and entered a new agreement for business and capital alliance with Don Quijote Co., Ltd.

Through the issue of new shares through third-party allotment accompanying the new agreement, the Company enhanced capital adequacy and reinforced its financial base. It is expected that this will enable the Company to purchase credit through early refinancing of a syndicated loan. For the future, the Company intends to expand C.F. Direct, its core business, further enhance services for existing customers and seek new customers.