Financial Information: Annual Report 2004

	Report of Independent Auditors

	Americas
NSK AMERICAS, INC.
		4200 Goss Road, Ann Arbor, MI 48105-2703, U.S.A.
		+1-734-913-7500		$175,700 thousand		100.00%
		Control of American subsidiaries and affiliates
NSK CORPORATION
		4200 Goss Road, Ann Arbor, MI 48105-2703, U.S.A.
		+1-734-913-7500		$101,271 thousand		100.00%
		Manufacture of bearings and sale of bearings, automotive components and precision machinery & parts
		Ann Arbor Plant
		5400 South State Road, Ann Arbor, MI 48108-9754, U.S.A.
		+1-734-996-4400
		Clarinda Plant
		1100 North First Street, Clarinda, IA 51632-1983, U.S.A.
		+1-712-542-5121
		Franklin Plant
		3400 Bearing Drive, Franklin, IN 46131-9660, U.S.A.
		+1-317-738-5000
		Liberty Plant
		1112 East Kitchel Road, Liberty, IN 47353-8985, U.S.A.
		+1-765-458-5000
NSK PRECISION AMERICA, INC.
		2171 Executive Drive Suite 100, Addison, IL 60101-5600, U.S.A
		+1-630-620-8500		$27,613 thousand		100.00%
		Manufacture and sale of precision machinery & parts
		Franklin Plant
		3400 Bearing Drive, Franklin, IN 46131, U.S.A.
		+1-317-738-5000
NSK LATIN AMERICA, INC.
		2500 NW 107th Avenue, Suite 300, Miami, FL 33172, U.S.A.
		+1-305-477-0605		$1,500 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK STEERING SYSTEMS AMERICA, INC.
		110 Shields Drive, Bennington, VT 05201-8309, U.S.A.
		+1-802-442-5448		$42,100 thousand		100.00%
		Manufacture and sale of automotive components
NSK-AKS PRECISION BALL COMPANY
		1100A North First Street, Clarinda, IA 51632-1983, U.S.A.
		+1-712-542-6515		$20,000 thousand		60.00%
		Manufacture and sale of steel balls
NSK-WARNER U.S.A., INC.
		3001 West Big Beaver Suite 412 Troy, MI 48084 U.S.A.
		+1-248-822-8888		$1,000 thousand		50.00%
		Sale of automotive components
NSK CANADA INC.
		5585 McAdam Road, Mississauga, Ontario, L4Z 1N4, Canada
		+1-905-890-0740		C$1,456 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK RODAMIENTOS MEXICANA, S.A. DE C.V.
		Minas Palacio No. 42-6, Col. San Antonio Zomeyucan, Naucalpan de Juarez, C.P.53750, Estado de Mexico, Mexico
		+52-55-5301-2741		MPE2,425 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK BRASIL LTDA.
		Rua 13 de Maio 1633-14°Andar-Bela Vista-CEP 01327-905 Sao Paulo, SP, Brazil
		+55-11-3269-4723		R$1,570 thousand		100.00%
		Manufacture of bearings; sale of bearings and precision machinery & parts
		Suzano Plant
		Av. Vereador Joao Batista Fitipaldi, 66, CEP 08685-000, Vila Maluf, Suzano, SP, Brazil
		+55-11-4741-4090
NSK ARGENTINA SRL
		Garcia del Rio 2477 Piso 7° Of. “A” C1429DEA, Buenos Aires, Argentina
		+54-11-4704-5100		ARS500 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
	Europe
NSK EUROPE LTD.
		Belmont Place, Belmont Road, Maidenhead, Berkshire SL6 6TB, U.K.
		+44-1628-509800		Euro269,722 thousand		100.00%
		Control of European subsidiaries and affiliates
NSK UK LTD.
		Northern Road, Newark, Nottinghamshire, NG24 2JF, U.K.
		+44-1636-605123		£400 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK BEARINGS EUROPE LTD.
		Northern Road, Newark, Nottinghamshire, NG24 2JF, U.K.
		+44-1636-605123		£42,600 thousand		100.00%
		Manufacture and sale of bearings
		Peterlee Plant
		3 Brindley Road, South West Industrial Estate, Peterlee, Co. Durham, SR8 2JD U.K.
		+44-191-586-6111
		Peterlee (Forge) Plant
		Davy Drive, North West Industrial Estate, Peterlee, Co. Durham, SR8 2PW U.K.
		+44-191-518-0777
NSK STEERING SYSTEMS EUROPE LTD.
		Gallagher Business Park, Silverstone Drive, Rowley's Green, Coventry, Warwickshire, CV6 6PA, U.K.
		+44-24-76-588588		£65,000 thousand		100.00%
		Manufacture and sale of automotive components
		Peterlee Plant
		6/7 Doxford Drive, South West Industrial Estate, Peterlee, Co. Durham, SR8 2RL, U.K.
		+44-191-518-6400
NSK PRECISION UK LTD.
		Northern Road, Newark, Nottinghamshire, NG24 2JF, U.K.
		+44-1636-605123		£1,000 thousand		100.00%
		Manufacture of precision machinery & parts
NSK-AKS PRECISION BALL EUROPE LTD.
		Davy Drive, North West Industrial Estate, Peterlee, Co. Durham SR8 2PP, U.K.
		+44-191-587-0000		£14,500 thousand		60.00%
		Manufacture and sale of steel balls
AEROENGINE BEARINGS (UK) LTD.
		Oldends Lane, Stonehouse, Gloucestershire, GL10 3RH U.K.
		+44-1453-822333		£10,000 thousand		24.99%
		Manufacture and sale of bearings
NSK EUROPA HOLDING GMBH
		Harkortstrasse 15, 40880 Ratingen, Germany
		+49-2102-4810		Euro102 thousand		100.00%
		Holding company of NSK DEUTSCHLAND GMBH and NEUWEG FERTIGUNG GMBH
NSK DEUTSCHLAND GMBH
		Harkortstrasse 15, 40880 Ratingen, Germany
		+49-2102-4810		Euro1,534 thousand		100.00%
		Sale of bearings
NSK PRECISION EUROPE GMBH
		Harkortstrasse 15, 40880 Ratingen, Germany
		+49-2102-481-0		Euro25 thousand		100.00%
		Sale of precision machinery & parts
NEUWEG FERTIGUNG GMBH
		Ehinger Strasse 5, D-89597 Munderkingen, Germany
		+49-7393-540		Euro2,045 thousand		100.00%
		Manufacture of bearings
NSK FRANCE S.A.S
		Quartier de l'Europe, 2 Rue Georges Guynemer, 78283 Guyancourt Cedex, France
		+33-1-30-57-39-39		Euro2,592 thousand		100.00%
		Sale of bearings and precision machinery & parts
NSK ITALIA S.P.A.
		Via Garibaldi, 215, I- 20024-Garbagnate Milanese (Milano), Italy
		+39-02995191		Euro4,131 thousand		100.00%
		Sale of bearings and precision machinery & parts
INDUSTRIA CUSCINETTI S.P.A.
		Via Giotto 4, 10080, S.Benigno C. se, Torino, Italy
		+39-0119824811		Euro1,829 thousand		36.19%
		Manufacture and sale of bearings
NSK SPAIN S.A.
		C/Tarragona 161, 08014, Barcelona, Spain
		+34-93-433-5775		Euro60 thousand		100.00%
		Sale of bearings and precision machinery & parts
NSK EUROPEAN DISTRIBUTION CENTRE B.V.
		De Kroonstraat 38, 5048 AP Tilburg, Nederland
		+31-13-4647647		Euro907 thousand		100.00%
		European distribution center
NSK ISKRA S.A.
		Ul. Jagiellonska 109, 25-734 Kielce, Poland
		+48-41-366-5001		PLN88,645 thousand		93.20%
		Manufacture and sale of bearings
ISKRA HOLDING SP. Z O. O.
		Ul. Jagiellonska 109, 25-734 Kielce, Poland
		+48-41-345-4453		PLN50 thousand		100.00%
		Control of non-core businesses of NSK ISKRA S.A.
NSK NEEDLE BEARING POLAND SP. Z O. O.
		Ul. Jagiellonska 109, 25-734 Kielce, Poland
		+48-41-345-4453		PLN1,600 thousand		98.55%
		Manufacture and sale of bearings
NSK STEERING SYSTEMS EUROPE (POLSKA) SP. Z O. O.
		Ul. Uczniowska 21, 58-306 Walbrzych, Poland
		+48-74-666-1255		PLN19,731 thousand		100.00%
		Manufacture and sale of automotive components
	Manufacture and sale of automotive components
		Ul. Migdalowa 4/73, 02-796 Warszawa, Poland
		+48-22-645-1525
NSK BEARINGS MIDDLE EAST TRADING CO., LTD.
		Yali Mahallesi, Fevzi Cakmak Caddesi, Caglar Apartman No. 11/4, Maltepe 34844, Istanbul, Turkey
		+90-216-442-7106		£250 thousand		100.00%
		Sale of bearings and precision machinery & parts