Business Results for the Six Months
Ended September 30, 2002

 The net improvement in operating income in Europe, excluding the effects of foreign exchange rates and the sale of the U.K. aerospace bearings business, was 1.0 billion yen. Lower production volume brought about a negative effect of 1.6 billion yen, but this was countered by price increases worth 0.6 billion yen and results of business restructuring activities in Europe.