I. Consolidated Results

 This slides shows our sales by region.
 In Japan, sales of precision machinery and parts fell by 36% compared to the same period last year following the bursting of the ‘IT Bubble’. As for automotive components, electric power assisted steering (EPS) system sales, for instance for Honda's ‘FIT’-model car, have increased. However, sales of steering columns and seatbelts have fallen, resulting in an overall sales decrease of 12%. Bearings sales dropped 14.1% as all industries, excluding the automotive industry, felt the effect of the deteriorating economy.
 In the Americas, sales in Brazil were robust, but because the sales from our seatbelt subsidiary, which was sold-off last April are not included in this year's total (sales from the seatbelt subsidiary for the first quarter of 2000 totaled 2.3 billion yen), and the bursting of the `IT Bubble' triggered the slowing-down of the economy, causing sales of precision machinery and parts and OEM bearings sales to general industries to fall, total sales ended 5.8% lower than the same term last year, even including the positive effect of the weaker yen.
 Sales in Europe grew a healthy 17.5%, with the steady sales growth of EPS systems to OPEL and bearings.
 In Asia, sales of small-sized and miniature bearings in the ASEAN region and general sales in South Korea slowed down due to the effect of the weakening U.S. economy, but sales in China remained strong, resulting in an overall growth of 4.5%.