(January 7, 2011)

Happy New Year to all of you. I hope you have spent a pleasant New Year's Day.

Looking back on last year, economic recovery was seen in many parts of the world due partly to the effect of economic measures taken by various countries. Demand rebounded first for automobiles and then for industrial machinery.

NTN has been pushing forward the two-year mid-term management plan “NTN 2010 for the Next Step” since April 2009, and will launch another mid-term management plan in April this year. This new plan aims for a great leap forward, which will be driven by the outcome of our accumulated efforts, including R&D in next-generation technologies and the stronger focus on Monozukuri in fast-growing China, India and Brazil, as well as in Japan.

To accelerate business development in emerging countries, we must focus on the concept of “on local site with local materials by local personnel.” That is to say, it is essential for us to create a structure that allows local personnel to manage business by using local equipment and materials at a local site. NTN will also emphasize global procurement and global marketing with a view to establishing a business structure free of the influence of exchange rates.

In China, we will strengthen the production capacity of local plants, while gradually increasing the number of sales offices. This year NTN also plans to set up a joint venture with Luoyang LYC and start operation of the China Technical Center, which will help increase our ability to respond to local technical needs.

Our new plant in Chennai in southern India will start the mass production of hub bearings, in addition to constant velocity joints.

In Brazil, NTN plans to increase hub bearing production in synergy with SNR, launch the local production of constant velocity joints, and enhance industrial machinery business for the Latin American market.

Two years have passed since SNR joined the NTN Group. Distributors handling products of NTN and SNR are increasing globally, as new orders for automotive, railcar, and aircraft products are rising in various parts of the world. We will continue to maximize synergy effects to enhance NTN-SNR's brand power.

On the R&D front, we will accelerate the development of original products for next-generation electric vehicles and industrial machinery by effectively utilizing young employees' ideas and external networks.

Although we expect an even busier year ahead, we want to make our jobs “exciting”. It is “enjoyable” to see beautiful flowers in spring. However, to make beautiful flowers bloom in spring, we must cut off the flower stalks after they bloom and take time to fertilize and prune them. Next year, the flowers bloom again, and an emotion roused at the moment is what I call “exciting.” You can make your job exciting by constantly looking at the mirror to see the look on your face at work and by making improvements day by day with a dream and energy in mind.

The zodiac animal of 2011 is “kanoto-u” (Metal Hare). The term “kanoto” expresses a status where leaves and grass die to be replaced by a new generation, and “u” describes the way that plants cover the ground. In other words, this is a year of rebirth toward new growth in which lots of plants burgeon and grow over the ground. It is time for us to unleash all the energies built up over the past two years and take a major step toward new growth with emphasis on “determination,” “speed,” and “outcomes.”

I would like to conclude my New Year's message by sincerely hoping for good health for you and your family.

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