Investor Relations

Dear Shareholders

I wish to express my gratitude to all our shareholders, investors, and stakeholders involved with our corporate group for their continued support.
I am now pleased to give a summary of our financial results for the fiscal year that ended March 2016 (From April 1, 2015 to March 31, 2016), which were released on May 13, 2016.

As the business environment in general of the 2015 fiscal year, the decline in crude oil prices, the slowdown in growth of the Chinese economy, which in the affected emerging economies slump. And intensified stagnation of the domestic economy, We faced very difficult situation.

Under these circumstances, Chemical business had extreme difficulties in tar distillation business due to globally reduced demand, sluggish market and impairment losses on shares of Chinese subsidiaries.However Industrial gases has been improved greatly earning due to the increase of new customers and reduction of power costs.Medical business has achieved results above the previous year. In Energy Business, sales volume increased in all customer groups by promoting new orders and measures to increase sales.Group companies supported by "Order Rodentia Style of Business", Seawater and Logistic, are steadily executing the growth strategy, they contributed to the results.

As a result of the above, in the consolidated results for the current period, sales were ¥660,622 million (100.0% that of the previous period), operating profit was ¥39,524 million (109.4%), ordinary profit was ¥35,075 million (91.9%) and net income was ¥20,139 million (97.3%).

Air Water, Inc. announced its new three-year Mid-term business plan “NEXT-2020 Ver.3” which starts FY 2016.This“NEXT-2020 Ver.3”stands as the third step for the long-term growth vision “Vision for a 1 trillion yen Company 2020,”which aims to achieve sales of one trillion yen over the ten-year period starting from 2010 up to 2020.

By pushing more strongly "all-weather management" and "Order Rodentia Style of Business",we build up a strong corporate structure to changes in the environment.We constantly move one-step forward with pride and confidence of Air Water

May 2016

Masahiro Toyoda

AIR WATER INC.
Chairman of the Board, Chief Executive Officer