Message from the President To our Shareholders and investors Dear Sirs: I am extremely pleased to be able to express my best wishes for the continuing prosperity of all of our shareholders. I would also like to take this opportunity to express my deep appreciation for your continuing efforts on our behalf. As we consider the economic situation in our country during 2009, recoveries in overseas economies and the results of various countermeasures have helped us to experience moderate increases in our exporting activities by concentrating primarily on the markets of China and East Asia. These results, in turn, have helped to stimulate our domestic production and our corporate earnings are now showing tendencies towards improvement. However, on the one hand, there are serious international business concerns about the economic downside and apprehensiveness, the continuation of the appreciation of the yen accompanied by decreases in capital spending, the severity of the employment situation and deflationary trends in consumer spending as well as sluggishness due to the environment and incomes, are all inherently subject to downward risks in the economy. As China and other newly developing countries continue to serve as an engine providing traction within the motor vehicle industry, the markets, especially in Asia, are expected to continue to experience a steady recovery. On the other hand, in Japan and the west as well as in other advanced countries, a number of supportive incentives for the replacement market for new cars have been showing results, but when these supportive measures are eventually discontinued, the severe conditions based upon the uncertainties of whether these trends in demand will survive are bound to continue. Within a situation such as this, in order for us to win out in the expansion of mega-competition on a global scale, we must further increase the strength of our Group Global management strategies and continue to pour all of our energy into the development of our new products, the elevation of product quality, and cost benefits, all of which serve as the source of our competitiveness. All of us at the Mitsuba Corporation look forward to your continuing support as we strive to respond to the anticipations of all of our shareholders and investors through our efforts to carry out the activities noted above. Sincerely, Tsuneo Akuto, president