News Release

This agreement between NSK and Timken positions the companies to satisfy Toyota's global needs for tapered roller bearing applications.

Timken is a leader in tapered roller bearings with production sites around the world. Toyota has been one of the most important customers of NSK. The combination of our capabilities will provide Toyota with better services including an improved supply base and technology.

"Timken and NSK have served Toyota independently in many parts of the world. Working cooperatively, we can offer to Toyota global production capabilities and can provide innovative bearing solution faster," said James W. Griffith, president and chief operating officer - The Timken Company. "The result is a mutually beneficial agreement that offers Toyota reduced overall cost while providing our companies the opportunity for independent profitable growth."

NSK and Timken will serve Toyota through customer satisfaction teams comprised of sales, marketing and engineering professionals from each company. The teams will be supported by the resources of each company, including application engineering, order fulfillment and manufacturing support.

NSK Ltd. currently holds the number one industry position in Japan and number two worldwide in bearings, as well as serving as the world's leading provider of automotive components and precision parts. The company employs over 23,000 people, operates in 26 countries and has 44 manufacturing sites in 13 countries. The 2000 sales recorded US $4.3 billion.

The Timken Company (NYSE: TKR)(http://www.timken.com) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, as well as a provider of related products and services. With operations in 24 countries, the company employs about 19,700 people worldwide and recorded 2000 sales of US $2.6 billion.