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Financial Highlights:
Sales and operating revenue (sales) decreased 12.9% compared to the previous fiscal year and losses were recorded due to such factors as the slowdown of the global economy, the appreciation of the yen and the decline of the Japanese stock market.

The Right Way Forward

“Make Better Cars and Contribute to Society” The right way forward for Toyota is defined by the Company’s founding mission to “make better cars and contribute to society.”

It is also marked by a strong commitment to putting the customer first, practicing genchi genbutsu, and providing high-quality vehicles at an affordable price, so that customers around the world can enjoy the benefits of owning and driving better cars.

Dear Shareholder:
2006 was a challenging year for Barnes & Noble, as a lack of high-profile titles contributed to softness across the bookselling industry, while increased competition put significant pressure on pricing.

The difficult environment dampened Barnes & Noble’s comparable-store sales, and hampered our ability to further improve our gross margins and bottom-line growth. Nevertheless, our ongoing commitment to tighten fiscal controls at every level of the organization, including expense and inventory management, enabled us to post a seven percent increase in earnings per share, which was in-line with our guidance to investors.

LETTER TO SHAREHOLDERS
“True leadership means being comfortable navigating situations that make most people very uncomfortable. Positioning Cisco for future growth in a declining economic environment is one of those situations. The challenges we face and the decisions we make will define the future. It is also how we learn.” — John Chambers, Chairman & CEO

To Our Stockholders
Bolstering Management Quality in the Face of Adversity

In 2008, the world economy found itself facing an unprecedented crisis triggered primarily by the global recession following the collapse of Lehman Brothers in the United States.

In 2009, the economic environment will continue to be extremely harsh. Nevertheless, we view these drastic economic changes as an ideal opportunity to further restructure in order to bolster our overall management strength. In 2009, Canon will make a major change in course from sound growth to improved management quality while preparing to rapidly leap forward when the economic environment recovers.

Dear Shareholders:
I would like to thank you again for your continued support of Sohu.com as we enter our thirteenth year of operation. In 2008, our experienced management team continued to focus on generating returns for our shareholders, and our team’s execution abilities generated impressive financial results across every major business category.

To our shareholders, customers and employees:

We are in a time of great change and uncertainty, and despite substantial economic and weather challenges, 2008 was a very good year for BNSF. The diversity and strength of BNSF’s franchise and resourcefulness of our people allowed us success in the face of a declining economy. That success is necessary to ensure we achieve the returns our business requires for strong and continued investment in our physical plant.