Financial Information

Annual Report 2005    Year ended March 31, 2005

Corporate Section:

Financial Highlights

Message From the President and CEO

Feature: Paving the Way for Growth - Capitalizing on Our Roller Bearings Expertise

Feature: Paving the Way for Growth - Cultivating New Strengths in Needle Roller Bearings

Feature: Paving the Way for Growth - Gearing up Our Aftermarket Business

Feature: Paving the Way for Growth - Making Further Headway in China

Review of Operations: Industrial Machinery Bearings

Review of Operations: Automotive Products

Review of Operations: Precision Machinery and Parts

Global Operations

Research and Development

Environmental and Social Activities

Corporate Governance

Management Team

Financial Section:

Eleven-year Summary

Six-year Segment Information

Management’s Discussion and Analysis of Business Results and Financial Position

Overview Analysis of Fiscal 2004 Business Results Risk Management—Excerpt from NSK’s Yukashouken Houkokusho (Securities Report) Key Issues and Forthcoming Policies

Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Shareholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Summary of Significant Accounting Policies U.S. Dollar Amounts Securities Inventories Depreciation Short-Term Debt Income Taxes Accrued Expenses and Other Current Liabilities Long-Term Debt Retirement Benefit Plans Shareholders’ Equity Research and Development Costs Commitments and Contingencies Leases Derivative Transactions Amounts Per Share Supplementary Cash Flow Information Segment Information

Report of Independent Auditors

NSK Group PARENT COMPANY MAJOR GROUP COMPANIES - JAPAN MAJOR GROUP COMPANIES - THE AMERICAS MAJOR GROUP COMPANIES - EUROPE MAJOR GROUP COMPANIES - AFRICA MAJOR GROUP COMPANIES - ASIA MAJOR GROUP COMPANIES - OCEANIA Information for Investors

Cautionary Statements with Respect to Forward-Looking Statements

Statements made in this annual report with respect to plans, strategies and future performance that are not historical facts are forward–looking statements. NSK cautions that a number of factors could cause actual results to differ materially from those discussed in the forward–looking statements.