Financial Information: Annual Report 2004

	Report of Independent Auditors

PARENT COMPANY
NSK LTD.
		Nissei Bldg., 1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-8560
		+81-3-3779-7111
		Fujisawa Plant
		1-5-50 Kugenuma Shinmei, Fujisawa-shi, Kanagawa 251-8501
		+81-466-21-3111
		Ohtsu Plant
		1-16-1 Seiran, Ohtsu-shi, Shiga 520-0833
		+81-77-537-1600
		Ishibe Plant
		1-1-1 Ishibegaoka, Ishibe-cho, Kouga-gun, Shiga 520-3180
		+81-748-77-3161
		Saitama Plant
		1-1 Ohnuma, Hanyu-shi, Saitama 348-8506
		+81-48-565-1111
MAJOR GROUP COMPANIES
	Japan
NSK SALES CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-8575
		+81-3-3495-8200		¥5,000 million		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK MICRO PRECISION CO., LTD.
		1202 Nippon Bldg., 2-6-2 Ohtemachi, Chiyoda-ku, Tokyo 100-0004
		+81-3-3270-2431		¥47 million		51.86%
		Manufacture and sale of bearings
NSK MICRO PRECISION CO., LTD. (NAGANO)
		2953 Motoohjima, Matsukawa-machi, Shimoina-gun, Nagano 399-3303
		+81-265-36-3315		¥30 million		51.86%
		Manufacture of bearings
NSK FUKUSHIMA CO., LTD.
		180-1 Nikaki, Tsutsumi, Tanagura-machi, Higashishirakawa-gun, Fukushima 963-6101
		+81-247-33-3210		¥6,000 million		100.00%
		Manufacture of bearings
NSK NEEDLE BEARING LTD.
		358 Yawata-machi, Takasaki-shi, Gunma 370-0884
		+81-27-343-6431		¥720 million		98.06%
		Manufacture of bearings
NSK STEERING SYSTEMS CO., LTD.
		1-8-1 Soja-machi, Maebashi-shi, Gunma, 371-8528
		+81-27-253-1331		¥7,500 million		100.00%
		Manufacture of automotive components
NSK PRECISION CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3779-7219		¥10,000 million		100.00%
		Manufacture of precision machinery & parts
		Maebashi Precision Machinery & Parts Plant
		78 Toriba-machi, Maebashi-shi, Gunma 371-8527
		+81-27-251-1511
		Saitama Precision Machinery & Parts Plant
		1-1 Ohnuma, Hanyu-shi, Saitama 348-8506
		+81-48-565-1117
		Kirihara Precision Machinery & Parts Plant
		774 Aza Nissei, Ooaza Furukawa, Ukihamachi, Ukiha-gun, Fukuoka 839-1405
		+81-466-44-3505
NSK KYUSYU CO., LTD.
		774 Aza Nissei, Ooaza Furukawa, Ukihamachi, Ukiha-gun, Fukuoka 839-1405
		+81-943-77-3110		¥300 million		100.00%
		Manufacture of automotive components and precision machinery & parts
CHITOSE SANGYO CO., LTD.
		561 Komagata, Hatsuma-aza, Kakegawa-shi, Shizuoka 436-0081
		+81-537-22-3135		¥250 million		100.00%
		Manufacture of bearing parts and automotive components
ASAHI SEIKI CO., LTD.
		3-7 Aza Tenjinmae, Kamocho, Toyohashi-shi, Aichi 441-1101
		+81-532-88-0810		¥300 million		73.75%
		Manufacture of bearing parts and automotive components
SHINWA SEIKO CO., LTD.
		921 Miyamaebo, Kutsuki-mura, Takashimagun, Shiga 520-1414
		+81-740-38-2301		¥328 million		82.42%
		Processing of bearing parts
NSK MACHINERY CO., LTD.
		5 Showanuma, Shobu-machi, Minamisaitama-gun, Saitama 346-0198
		+81-480-85-3131		¥166 million		66.93%
		Manufacture and sale of machinery
NSK REAL ESTATE CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3779-7023		¥100 million		100.00%
		Real estate management and rental
NISSEI BLDG. MANAGEMENT LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3779-7488		¥10 million		70.00%
		Management of Nissei Building
NSK-CHUGAI, LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-8608
		+81-3-3779-9511		¥80 million		45.00%
		Insurance agent and sale of machine components, etc.
NSK-SAYAMA, LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-8608
		+81-3-3779-9511		¥10 million		45.00%
		Insurance agent
NSK HUMAN RESOURCE SERVICES LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-5487-2448		¥20 million		100.00%
		Provision of personnel support services
NSK CAREER SUPPORT CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3495-8224		¥30 million		100.00%
		Provision of personnel assignment and job placement services
NSK LOGISTICS CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3779-7132		¥90 million		100.00%
		Distribution of bearings, automotive components and precision machinery & parts, manufacturing contractor of machine components, and provision of personnel assignment services
NSK NETWORK AND SYSTEMS CO., LTD.
		1-6-3 Ohsaki, Shinagawa-ku, Tokyo 141-0032
		+81-3-3779-7460		¥10 million		100.00%
		Provision of consulting, design, development, sale and maintenance services for computer systems and networks
NSK-WARNER K.K.
		2345 Aino, Fukuroi-shi, Shizuoka 437-8545
		+81-538-43-1121		¥550 million		50.00%
		Manufacture of automotive components
INOUE JIKUUKE KOGYO CO., LTD.
		19-21 Ichijoudori, Sakai-shi, Osaka 590-0048
		+81-72-238-3001		¥77 million		40.00%
		Manufacture and sale of bearings and machine components
AMATSUJI STEEL BALL MFG. CO., LTD.
		1-1 Kaminoguchi-cho, Kadoma-shi, Osaka 571-0070
		+81-6-6908-2261		¥2,101 million		32.05%
		Manufacture and sale of steel balls
AKS EAST JAPAN CO., LTD.
		12 Kirihara-cho, Fujisawa-shi, Kanagawa 252-0811
		+81-466-44-6631		¥250 million		40.00%
		Manufacture and sale of steel balls