Yasunobu Suzuki Chairman and CEO	Shigeyoshi Takagi President

We would like to extend our deepest sympathies to all those affected by the Great East Japan Earthquake in March this year. The NTN Group will continue to provide all possible efforts to support reconstruction in affected areas.

The Japanese economy showed steady signs of recovery in the fiscal year ended March 31, 2011 with increased exports, a recovery of capital expenditure and improved corporate income. In terms of the global economy, a gentle recovery is being seen in the Americas thanks to the effect of government policies, Europe is seeing a recovery overall despite variation between countries, and in Asia economic conditions are gradually improving thanks largely to domestic demand in countries such as China. Against this backdrop, the NTN Group has promoted measures such as sales promotions in the industrial machinery sector and cost reductions as it seeks to achieve results without being dependent on sales volume and to achieve the medium-term management plan, “NTN 2010 for the Next Step”, covering two years from April 2009. The result of these policies led to a drastic V-shaped recovery that far exceeded initial expectations for the fiscal year ending March 31, 2011.

The NTN Group embarked on a new medium-term management plan, “Global Advance 2013,” covering the three year period to March 2014 from April this year. We will seek to achieve even greater growth through expansions in the business as our first step to achieving sales of 1 trillion yen by the fiscal year ending March 31, 2018, when we celebrate the Company's 100th anniversary.

We look forward to the continued support of our shareholders.

June 2011
Yasunobu Suzuki, Chairman and CEO
Shigeyoshi Takagi, President