Happy New Year to all of you!

I would like to take this opportunity to express my deep appreciation to every one of you.  Over the past year, we achieved our business targets. These results are due solely to the united effort of our teamwork and recognition of the situation surrounding our company.

The business climate in which we operate continues to be sluggish. In particular, severe pricing conditions in our business sectors are forecast to push down profits well below the targets we set earlier. In 2010, the bursting of the "bubble economy" will still have a strong

influence on the Bangladesh economy and the hollowing out of industries will continue.  Under these circumstances, it is unclear whether the economy will shift to a recovery led by private-sector demand, and thus I believe the economic outlook will continue to be dull for the first half of the year.

The New Year has started under these difficult conditions. This year, BUTTERFLY must evolve in response to new social and economic conditions.  This year, we must also start building a solid corporate structure so that we will become a truly vigorous company in the New Decade of 21st Century.  Fiscal 2010 will be an extremely important year as more Government borrowing may lead to further increase in duty structure.

With these points in mind, we must further strengthen the business sectors that now support our company, and we must actively cultivate businesses in new sectors that can contribute to our growth in the future, although great care must be taken in their development.  Both current and new businesses are indispensable to BUTTERFLY and their roles are equally important.

We intend to thoroughly map out the Management Plan, but most importantly, all of us must join hands and implement a plan that we ourselves have created. Therefore, how we manage our organization is of utmost importance. I ask each of our employees to once again align the role of individuals in line with the policies of the business sector and the company; create a vision and goals for the company; and clearly show what they are.  I ask all managers to break down the targets into concrete action plans and display strong leadership in guiding their staff members.

I hope all employees will make positive suggestions and proposals. Members of each branch, with the manager at its core, should share clear goals and a vision for the future, as well as promote constructive communication with each other.  This is the basis of what I call "management by all." In actual practice, we have to make the best use of our human, financial and other management resources.  To do so, we must keep the "effective use of management resources" in mind and avoid sticking to conventional ways that may hinder us.

Considering Performances of 2009, I have renewed confidence in the outstanding level of our people and technologies.  I have had many opportunities to hear our customers say they highly evaluate and have high expectations of our services, which also convinces me that our potential is extremely high.  Of course, we must not be overconfident, but I ask that you recognize well our great strengths and do your job with pride and confidence. 

In order to steer our company properly in this increasingly chaotic social and economic environment, we must not resort to measures that are just novel.  It is important for us to understand the present situation correctly, go back to basics and make steady progress.  We must not rest on our history of over 22 years but we must realize that in continuity lies strength.  With this understanding, I will do my utmost for BUTTERFLY to prosper.  In this critical year of change, the company's growth can only contribute to everyone's happiness.  Let us move forward, step-by-step, with new hope in mind. 

Lastly, I wish this New Year would be a good one for you and your families.

M.A. Mannan
Chairman & Managing Director