[ New Year's Message, 2002 ]

Contributing to Industry Growth by Spurring Innovation in Precision Measurement Technology

I would like to extend my heartfelt New Year greetings to all of you as we welcome the year 2002. The Japanese economy continues to deteriorate, mainly in the manufacturing sector. This is due to the slowdown of the U.S. economy throughout the course of the past year, which has caused a significant decline in exports and production and a resulting slump in corporate earnings and capital spending. As the scenario for a global economic slowdown has become clearer in the wake of the September 11 terrorist attacks, Japan faces a mountain of its own problems, the most significant being the accelerating de-industrialization of its domestic manufacturing sector due to the rapid growth of China, which has now become the world's largest subcontractor. However, Japanese manufacturers, including makers of precision measuring instruments, possess technologies that are unmatched by their international counterparts. Therefore, in this gloomy environment we must exert our underlying strengths in order to selectively invest in prospective businesses and promote a drastic reform of business structure in pursuit of reductions in fixed expenses and others, so as to accelerate our efforts to stay abreast of the rapidly changing business environment. Precision measurement technology is the basis of various industries, particularly those in the manufacturing sector. Continuing our proud tradition of being a leading technological innovator, and drawing upon a wealth of proprietary technologies, Mitutoyo will work to develop products that incorporate leading-edge precision measurement technology, and thus quickly meet the market needs for higher precision, higher speed and energy-saving. To do so we will continue strengthening our technical development capabilities so that we can introduce high-value-added products in a timely manner. As the new year unfolds, we shall renew our commitment to answering the expectations that we spur further technological innovation in the area of ultra-precision measurement, while helping create a more affluent society and providing products that users will continue to find useful. Through these efforts we will muster our strengths to contribute more to the recovery and lasting prosperity of the economy of Japan, one of the world's greatest manufacturing countries. Your continued support and guidance is greatly appreciated. Lastly, I wish you all good health and continued prosperity for the coming year. Regards, Kazusaku Tezuka, President Mitutoyo Corporation

January 7,2002

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