Financial Information: Annual Report 2005

	Notes to Consolidated Financial Statements
	NSK Ltd. and Subsidiaries For the year ended March 31, 2005

2. U.S. Dollar Amounts

The translation of yen amounts into U.S. dollar amounts is included solely for convenience and has been made, as a matter of arithmetic computation only, at the rate of ¥107=U.S.$1.00, the approximate rate of exchange in effect on March 31, 2005. The translation should not be construed as a representation that yen have been, could have been, or could in the future be, converted into U.S. dollars at that or any other rate.

3. Securities

			Millions of yen			Thousands of U.S. dollars
As of March 31, 2005			Acquisition cost	Carrying value	Unrealized gain (loss)	Acquisition cost	Carrying value	Unrealized gain (loss)
Securities whose carrying value   exceeds their acquisition cost:
	Stock		¥16,907	¥51,655	¥34,748	$158,009	$482,757	$324,748
	Bonds:
		Government bonds	-	-	-	-	-	-
		Corporate bonds	58	59	0	542	551	0
		Other debt securities	-	-	-	-	-	-
	Other		251	287	35	2,346	2,682	327
Subtotal			17,218	52,002	34,784	160,916	486,000	325,084
Securities whose acquisition cost   exceeds their carrying value:
	Stock		1,643	1,391	(252)	15,355	13,000	(2,355)
	Bonds:
		Government bonds	19	19	-	178	178	-
		Corporate bonds	75	74	(0)	701	692	(0)
		Other debt securities	1	1	-	9	9	-
	Other		146	144	(1)	1,364	1,346	(9)
Subtotal			1,886	1,631	(254)	17,626	15,243	(2,374)
Total			¥19,104	¥53,634	¥34,529	$178,542	$501,252	$322,701

			Millions of yen
As of March 31, 2004			Acquisition cost	Carrying value	Unrealized gain (loss)
Securities whose carrying value   exceeds their acquisition cost:
	Stock		¥17,782	¥49,072	¥31,289
	Bonds:
		Government bonds	9	9	0
		Corporate bonds	153	164	10
		Other debt securities	-	-	-
	Other		251	287	35
Subtotal			18,198	49,534	31,335
Securities whose acquisition cost   exceeds their carrying value:
	Stock		1,489	1,416	(72)
	Bonds:
		Government bonds	-	-	-
		Corporate bonds	30	29	(0)
		Other debt securities	1	1	-
	Other		147	146	(1)
Subtotal			1,668	1,593	(74)
Total			¥19,867	¥51,128	¥31,260

Acquisition cost in the tables above represents the book value after the devaluation of certain securities.

		Millions of yen		Thousands of U.S. dollars
Year ended March 31,		2005	2004	2005
Proceeds from sales		¥2,206	¥12,415	$20,617
Gains on sales		1,381	7,674	12,907
Losses on sales		80	1	748

		Millions of yen
As of March 31, 2005		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	¥10	¥ -	¥ -
Corporate bonds		89	-	545	-
Other debt securities		1	-	-	-
Total		¥100	¥10	¥545	¥ -
		Thousands of U.S. dollars
As of March 31, 2005		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		$93	$93	$ -	$ -
Corporate bonds		832	-	5,093	-
Other debt securities		9	-	-	-
Total		$935	$93	$5,093	$ -
		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	¥ -

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