To our shareholders and investors

　Firstly I would like to express sincere gratitude for your support to NPR group.

　Last year’s Japanese economy was under difficult circumstances such as reduction in capital spending and deterioration in employment, but Japanese economy shows signs of recovery in specific industrial sectors due to economic stimulus package by the government and other things.  While in some countries including China economy slightly recovered, the entire world recession has continued and there is a concern for protracted recession in Europe and the US.

　NPR group will strive to improve earning power as soon as possible mainly by reducing fixed costs under our guideline, “Start on business structural reform (Improve efficiency of human, material and financial resources)”.  We will also make efforts to improve corporate value by actively working on the following tasks: developing earth-conscious products such as for low-fuel consumption, low emission and alternative fuel, efficiently utilizing foreign and domestic production bases, improving or eliminating unprofitable products, and approaching to non-vehicle engines.

　Your continued support and understanding will be greatly appreciated.