It is our pleasure to report on JTEKT Corporation’s business performance for the fiscal year through March 2009.
　Japan’s economy suffered a dramatic decline during this period as a result of sharp increases in raw material prices, the spreading of the financial crisis rooted in the U.S. subprime loan problem, and, particularly in the latter half, yen appreciation and falling stock prices.
　Overseas as well, the economies of America and Europe receded, and even Asian economies enjoying strong growth in recent years experienced a slowdown, evidencing the global scale of the economic downturn this time.
　Amidst such economic circumstances, the JTEKT Group during this period strove to offset the dramatic decline in production and sales volumes by energetically pursuing cost reductions, improving the efficiency of its manufacturing structures, and strengthening its quality control systems. Despite these efforts, however, consolidated sales fell 140,523 million yen, or 12.1 percent, from the previous period to 1,017,071 million yen.
　In regard to profit, the decline in sales caused by significantly reduced demand along with yen appreciation, increases in raw material prices and other factors led to a consolidated ordinary profit of 11,109 million yen, a decrease of 61,786 million yen, or 84.8 percent, from the previous term, and consolidated net income of negative 11,954 million yen, a decrease of 55,400 million yen from the previous term.
　An end-of-term dividend of 6 yen per share was issued, bringing the total dividend for the year to 17 yen per share (with an interim dividend of 11 yen per share).

　The JTEKT Group will strive to restructure its operations, further analyze and reduce costs,develop new products based on a concept of environmental friendliness,compactness and light weight, and strengthen profitability in order to meet the expectations of shareholders, customers and others.
　We hope for the continued support and understanding of our shareholders.

June 2009