Honda and Teledyne to Study Business Opportunities for Honda's Next-Generation Piston Aviation Engine

Business Wire, March 3, 2003

Business Editors

TOKYO--(BUSINESS WIRE)--March 3, 2003

Honda Motor Co., Ltd. (NYSE:HMC), announced today that Honda and Teledyne Continental Motors, Inc. (TCM) will begin a joint market feasibility study for a next-generation piston aviation engine currently in development by Honda. Over the next several months, the joint study will evaluate potential business opportunities for both parties to work together toward marketing, servicing and manufacturing, and identifying potential product launch customers for such engines for the general aviation market.

The announcement follows approximately two years of cooperation between the two companies on the testing of a prototype Honda designed piston aviation engine at the Mobile, Alabama facility of TCM. Honda's piston aviation engine technologies derive from its research and development of motorcycles and automobiles. With support in the development process based on TCM's aviation expertise and know-how, Honda has developed a prototype piston aviation engine that has achieved the technical potential for being significantly advanced over currently available engines in terms of weight, fuel efficiency, power output and emissions. Honda, TCM and Teledyne Technologies Incorporated (NYSE:TDY), the parent company of TCM, have agreed to conduct a joint feasibility study as the next step in their relationship.

The general aviation power plants include piston, turbo-prop, and turbo-fan engines. In addition to turbo-fan engines Honda has been researching since 1986, Honda has also been researching and developing more cost effective piston aviation engines since 2000.

Honda is one of the world's leading producers of mobility products including automobiles, motorcycles and power products. This diverse product line-up has made Honda the world's preeminent engine-maker, with production of more than 15 million engines globally in 2002.

Teledyne Technologies is a leading provider of sophisticated electronics components, instruments and communication products, systems engineering solutions, and aerospace engines and components and on-site gas and power generation systems.

Teledyne Continental Motors, Inc., is a leading provider of new, re-manufactured, and overhauled piston aircraft engines, ignition systems, spare parts and aviation batteries for the General Aviation industry.