Dear Shareholders

I trust this letter finds you safe and in good health!

I am happy to present your company's Annual Report for FY 2021-22.While the operating environment continued to be highly dynamic your company successfullynavigated the volatility and delivered record results. Though the pandemic eased to agreat extent its effects from the previous year continued to affect business primarilydue to disruptions in supply chains. However consumer outlook remained positive andindustrial markets remained strong despite inflationary pressures.

We ended the year on a high note with the highest-ever revenue for thecompany and improved on gross margins and year-over-year EBIT. Our performance in the yearis a true reflection of our resilience and demand for Timken products and technology. Yourcompany continued to invest in the business to drive future growth and generate strongreturns for its shareholders.

These results would not have been possible without the efforts of ourdedicated associates and the direction of our experienced leadership team. We took severaldecisive actions to improve efficiencies and better position ourselves for the currentoperating environment. Notably we worked to mitigate supply chain constraints and relatedinefficiencies with further productivity gains expected in 2022.

Your company has a robust book of business and all our manufacturingfacilities worked at full capacity to meet customer demand. Our facilities achieved recordoutput aided by continued expansion enhanced manufacturing efficiencies and operationalexcellence achieved through numerous continuous improvement and lean initiatives. Weinvested in Jamshedpur Plant to enhance the capacity and further equipped it to producebearings for high-speed rail applications. We have also invested in automation androbotics in critical manufacturing processes to support the increased capacities.

Sustainability is at the core of our products right from the designstage. We design with greater efficiency better materials reduced waste and lessdowntime in mind which ultimately helps us reduce our carbon footprint. Being aresponsible corporate citizen is a company-wide priority and we remain focused on where wecan make the greatest real-world impact while consistently creating shareholder value.

As part of our global commitment to promote sustainable growth ourplants made solid headway in the areas of energy conservation emission reduction and useof renewable sources of energy aimed at reducing our carbon footprint thereby minimizingthe environmental impact of our manufacturing activities.

We have begun the newfinancial year with a full pipeline of outgrowthinitiatives and we anticipate that industrial markets and customer demand will remainstrong. We are well-positioned to meet the demand and do so more efficiently. Goingforward our continued success depends on advancing our people product portfolio marketleadership and our role as a corporate citizen so we can fully capitalize on futureopportunities.

The world is changing rapidly and as a global industrial leader weare changing with it. We will accelerate our customer-centric innovation pipeline based onour leadership in application engineering. Our global team of world-class problem solversand engineers coupled with the enduring demand for our products and technology position usfor another record performance in 2022. As the\ preferred partner for our customers wewill continue to serve their current needs while investing in the technologies andproducts of the future. We will continue to maintain our leadership in our core end marketsectors including renewable energy aerospace rail and construction as they arecritical to sustainable growth.

We continued to make a positive impact on society through our role as aresponsible company. Our CSR efforts in the year were aimed at providing education skilldevelopment and medical care to the underprivileged. We stepped up our efforts during thesecond COVID-19 wave by providing medical oxygen at a time when it was scarce. As a globalorganization we are committed to engineering sustainable solutions for the nextgeneration and advancing environmental sustainability through product innovationoperational excellence and technology.

In closing I would like to thank the Board of Directors for theirunabating guidance and wisdom in helping the company achieve record results even in thisdynamic operating environment. I would like to thank all our stakeholders for theirenduring trust confidence and support. I would also like to thank our associatespartners and all stakeholders for their unflinching commitment and support as the companycontinues its journey to keep industries in motion while generating value for itsstakeholders.