Financial Information: Annual Report 2004

	Notes to Consolidated Financial Statements
	NSK Ltd. and Subsidiaries For the year ended March 31, 2004

3. Securities

			Millions of yen			Thousands of U.S. dollars
As of March 31, 2004			Acquisition cost	Carrying value	Unrealized gain (loss)	Acquisition cost	Carrying value	Unrealized gain (loss)
Securities whose carrying value   exceeds their acquisition cost:
	Stock		¥17,782	¥49,072	¥31,289	$167,755	$462,943	$295,179
	Bonds:
		Government bonds	9	9	0	85	85	0
		Corporate bonds	153	164	10	1,443	1,547	94
		Other debt securities	-	-	-	-	-	-
	Other		251	287	35	2,368	2,708	330
Subtotal			18,198	49,534	31,335	171,679	467,302	295,613
Securities whose acquisition cost   exceeds their carrying value:
	Stock		1,489	1,416	(72)	14,047	13,358	(679)
	Bonds:
		Government bonds	-	-	-	-	-	-
		Corporate bonds	30	29	(0)	283	274	(0)
		Other debt securities	1	1	-	9	9	-
	Other		147	146	(1)	1,387	1,377	(9)
Subtotal			1,668	1,593	(74)	15,736	15,028	(698)
Total			¥19,867	¥51,128	¥31,260	$187,425	$482,340	$294,906

			Millions of yen
As of March 31, 2003			Acquisition cost	Carrying value	Unrealized gain (loss)
Securities whose carrying value   exceeds their acquisition cost:
	Stock		¥10,143	¥20,672	¥10,528
	Bonds:
		Government bonds	9	9	0
		Corporate bonds	148	150	1
		Other debt securities	50	50	0
	Other		9	10	1
Subtotal			10,361	20,894	10,532
Securities whose acquisition cost   exceeds their carrying value:
	Stock		13,616	11,846	(1,770)
	Bonds:
		Government bonds	-	-	-
		Corporate bonds	229	225	(4)
		Other debt securities	1	1	-
	Other		392	303	(88)
Subtotal			14,241	12,377	(1,864)
Total			¥24,602	¥33,271	¥8,668

Acquisition cost in the tables above represents the book value after the devaluation of certain securities. Loss on devaluation of investment securities for the years ended March 31, 2003 amounted to ¥12,772 million.

		Millions of yen		Thousands of U.S. dollars
For the years ended March 31		2004	2003	2004
Proceeds from sales		¥12,415	¥7,227	$117,123
Gains on sales		7,674	3,310	72,396
Losses on sales		1	110	9

In addition, the Company contributed marketable securities with a fair value of ¥18,227 million to its employees’ retirement benefit trust, which resulted in a gain of ¥11,891 million for the year ended March 31, 2003.

		Millions of yen
As of March 31, 2004		Due in one year or less	Due after one year through five years	Due after five years through ten years	Due after ten years
Government bonds		¥10	¥ -	¥ -	¥ -
Corporate bonds		60	89	545	-
Other debt securities		1	-	-	-
Total		¥71	¥89	¥545	¥ -
		Thousands of U.S. dollars
As of March 31, 2004		Due in one year or less	Due after one year through five years	Due after five years through ten years	Due after ten years
Government bonds		$94	$ -	$ -	$ -
Corporate bonds		566	840	5,142	-
Other debt securities		9	-	-	-
Total		$670	$840	$5,142	$ -
		Millions of yen
As of March 31, 2003		Due in one year or less	Due after one year through five years	Due after five years through ten years	Due after ten years
Government bonds		¥ -	¥10	¥ -	¥ -
Corporate bonds		234	99	545	-
Other debt securities		51	-	-	-
Total		¥285	¥109	¥545	¥ -