Financial Conference for the Results
of the First Half of Fiscal 2003

November 06, 2003

I. Business Results for the
Six Months Ended September 30, 2003

• Summary of the Interim Business Results for FY 2003
• Changes in the Scope of Consolidation
• Consolidated net sales -By customer location-
• Consolidated net sales -By business segment-
• Consolidated net sales -Precision machinery and parts-
• Consolidated business results -By geographical segment-
• Operating income: Improvement factors
  (FY '02: 1st half VS FY '03: 1st half) Japan
• Operating income: Improvement factors
  (FY '02: 1st half VS FY '03: 1st half) Europe
• Summary of Benefits from the 2nd Phase of
  the "NSK Business Restructuring Program"
• Consolidated business results -By business segment-
• Consolidated non-operating income and losses
• Consolidated extraordinary income and losses
• Consolidated balance sheets
• Consolidated inventories
• Consolidated capital expenditures
• Consolidated balance sheets
• Consolidated interest bearing debts
• Consolidated cash flow (FY 2003: 1st half)

II. Forecasts for the Year
Ending March. 31, 2004

• Consolidated business forecasts for
  the year ending March 31, 2004
• Consolidated net sales forecast -By customer location-
• Consolidated net sales forecast -By business segment-
• Consolidated net sales forecast
  -By geographical segment-
• Consolidated net sales forecast -By business segment-
• Profitability of the
  Precision Machinery and Parts Business

III. New Developments in
NSK's Needle Bearing Business

• New Developments in
  NSK's Needle Bearing Business(Agenda)
• NSK's Position in the Needle Bearing Market
• Current Status of the Needle Bearing Market
• Main Applications for Automotive Needle Bearings
• NSK's Global Approach to the Needle Bearing Business