Financial Information: Annual Report 2004

	Report of Independent Auditors

	Africa
NSK SOUTH AFRICA (PTY) LTD.
		25 Galaxy Avenue, Linbro Business Park, Sandton, Gauteng, P.O.Box 1157, Kelvin, 2054, South Africa
		+27-11-458-3600		RAN120 thousand		100.00%
		Sale of bearings and precision machinery & parts
	Asia
NSK INTERNATIONAL (SINGAPORE) PTE LTD.
		No. 2 Toh Guan Road East #02-02 Singapore 608837
		+65-6273-0357		S$750 thousand		100.00%
		Sale of bearings
NSK SINGAPORE (PRIVATE) LTD.
		No. 2 Toh Guan Road East #02-03 Singapore 608837
		+65-6278-1711		S$1,000 thousand		70.00%
		Sale of bearings, automotive components and precision machinery & parts
PT. NSK BEARINGS MANUFACTURING INDONESIA
		Blok M-4, Kawasan Berikat, MM2100 Industrial Town Cikarang Barat, Bekasi 17520, Jawa Barat, Indonesia
		+62-21-898-0155		$45,000 thousand		100.00%
		Manufacture and sale of bearings
PT. NSK INDONESIA
		Summitmas Ⅱ 6th Floor, Jl. Jend. Sudirman Kav. 61-62, Jakarta 12190, Indonesia
		+62-21-252-3458		$250 thousand		100.00%
		Manufacture of bearings; sale of bearings and machine components
PT. NSK-AKS PRECISION BALL INDONESIA
		Blok N-8, Kawasan Berikat, MM2100 Industrial Town Cikarang Barat, Bekasi 17520, Jawa Barat, Indonesia
		+62-21-8998-2248		$14,500 thousand		40.00%
		Manufacture of steel balls
NSK BEARINGS MANUFACTURING (THAILAND) CO., LTD.
		700/430 Moo 7, Amata Nakorn Industrial Estate, T. Donhualor, A. Muangchonburi, Chonburi 20000, Thailand
		+66-38-454-010		B500,500 thousand		74.90%
		Manufacture and sale of bearings
SIAM NSK STEERING SYSTEMS CO., LTD.
		90 Moo 9, Wellgrow Industrial Estate, Km. 36 Bangna-Trad Road, Bangwao, Bangpakong, Chachoengsao 24180, Thailand
		+66-38-522-343		B300,000 thousand		74.90%
		Manufacture and sale of automotive components
NSK BEARINGS (THAILAND) CO., LTD.
		25th Floor, RS Tower, 121/76-77 Rachadaphisek Road, Dindaeng, Bangkok 10320, Thailand
		+66-2-641-2150		B40,000 thousand		49.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK BEARINGS (MALAYSIA) SDN. BHD.
		1001, Level 10, Uptown 2, 2 Jalan SS21/37, Damansara Uptown 47400 Petaling Jaya, Selangor, Darul Ehsan, Malaysia
		+60-3-7722-3373		RM2,000 thousand		51.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK MICRO PRECISION (M) SDN. BHD.
		No. 43, Jalan Taming Dua, Taman Taming Jaya, 43300 Balakong, Selangor Darul Ehsan, Malaysia
		+60-3-8961-6288		RM54,000 thousand		75.93%
		Manufacture of bearings
ISC MICRO PRECISION SDN. BHD.
		No. 108, Jalan Taming Lima, Taman Taming Jaya, 43300 Balakong, Selangor, West Malaysia
		+60-3-8961-3960		RM2,000 thousand		41.49%
		Manufacture of bearings
NSK (CHINA) INVESTMENT CO., LTD.
		Floor 10, Far East International Plaza, Bldg. A. 319 Xian Xia Road, Shanghai, 200051, China
		+86-21-6235-0198		RMB211,071 thousand		100.00%
		Holding company of Chinese subsidiaries and affiliates
NSK (SHANGHAI) TRADING CO., LTD.
		Floor 10, Far East International Plaza, Bldg. A. 319 Xian Xia Road, Shanghai, 200051, China
		+86-21-6235-0198		RMB1,655 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
KUNSHAN NSK CO., LTD.
		258 South Huang Pu Jiang Road, Kunshan Economic & Technical Development Zone, Jiang Su, 215335, China
		+86-512-5771-5654		RMB563,347 thousand		85.00%
		Manufacture and sale of bearings
CHANGSHU NSK NEEDLE BEARING CO., LTD.
		Room 1203, Dongnan International Edifice Changshu Southeast Economic Development Zone, Changshu, Jiangsu, 215500, China
		+86-512-5283-2938		$14,000 thousand		98.68%
		Manufacture and sale of bearings
NSK STEERING SYSTEMS DONGGUAN CO., LTD
		High-Tech Park, Shilong Road, Guanlong Section, Dongguan, Guangdong, 523119, China
		+86-769-262-0960		RMB52,973 thousand		100.00%
		Manufacture and sale of automotive components
ZHANGJIAGANG NSK PRECISION MACHINERY CO., LTD.
		Zhenxing Rd. Guotai North Rd., Zhangjiagang Economic Development Zone, Zhangjiagang City, Jiangsu, 215600, China
		+86-512-5867-6496		RMB43,039 thousand		100.00%
		Manufacture and sale of bearing parts
GUIZHOU HS NSK BEARINGS CO., LTD.
		Dongjiao, Anshun, Guizhou, 561000, China
		+86-853-3521505		RMB36,000 thousand		40.00%
		Manufacture and sale of bearings
TIMKEN-NSK BEARINGS (SUZHOU) CO., LTD.
		22 Taishan Road, Suzhou New District, Jiangsu, 215129, China
		+86-512-6665-5666		RMB132,433 thousand		50.00%
		Manufacture of bearings
NSK HONG KONG LTD.
		Room 512, Wing On Plaza, Tsim Sha Tsui East, Kowloon, Hong Kong
		+852-2739-9933		HK$2,000 thousand		70.00%
		Sale of bearings, automotive components and precision machinery & parts
TAIWAN NSK PRECISION CO., LTD.
		9th Fl., 34, Chung Shan N. Rd., Sec. 3, Taipei, Taiwan, R.O.C.
		+886-2-2591-0656		NT$27,300 thousand		70.00%
		Sale of precision machinery & parts
NSK KOREA CO., LTD.
		9F (West Wing) Posco Center 892, Deachi 4 Dong Kangnam-Ku, Seoul, Korea
		+82-2-3287-0300		WON30,000 million		100.00%
		Manufacture of bearings; sale of bearings, automotive components and precision machinery & parts
		Changwon Plant
		60 Seongsan-Dong, Changwon, Kyungsangnam-Do, Korea
		+82-55-287-6001
NSK NEEDLE BEARING KOREA CO., LTD.
		60 Seongsan-Dong, Changwon, Kyungsangnam-Do, Korea
		+82-55-287-6001		WON200 million		98.55%
		Manufacture and sale of bearings
RANE NSK STEERING SYSTEMS LTD.
		14 Rajagopalan Salai, Vallancherry Guduvancherry, Pin-603 202, India
		+91-4114-266002  +91-4114-265313		INR160,000 thousand		50.00%
		Manufacture and sale of automotive components
	Oceania
NSK AUSTRALIA PTY. LTD.
		11 Dalmore Drive, Scoresby, Victoria 3179, Australia
		+61-3-9764-8302		A$1,850 thousand		100.00%
		Sale of bearings, automotive components and precision machinery & parts
NSK NEW ZEALAND LTD.
		3 Te Apunga Place, Mt. Wellington, Auckland, New Zealand
		+64-9-276-4992		NZ$100		100.00%
		Sale of bearings, automotive components and precision machinery & parts