Issue of the 36th and 37th Series Unsecured Straight Bonds in Japan

Tokyo, March 7, 2006 -- NSK Ltd. (TSE: 6471) announced today that the Company has decided to issue the terms of two tranches of unsecured straight bonds in Japan to provide funds for repayment of existing debt. The details are as follows: 1. NSK Ltd.¡¯s 36th series unsecured straight bonds( the Bonds) (Ranking pari passu solely with other series of debentures or bonds) (1) Total amount of issue 15,000,000,000 yen (2) Book entry bonds The provision of the Law Concerning Book-Entry Transfer of Corporate Bonds, etc. shall apply to the Bonds. (3) Denomination of each Bond 100,000,000 yen only (4) Interest rate 1.39% per annum (5) Issue price 100 yen per 100 yen value (6) Redemption price 100 yen per 100 yen value (7) Offering period March 7, 2006 (8) Payment date March 20, 2006 (9) Interest payment dates Semi-annually on March 20 and September 20 (10) Method of offering General share offering (11) Maturity date March 18, 2011 (12) Security The Bonds are neither secured by any collateral nor guaranteed, and there are no particular assets reserved for the payment of the Bonds. (13) Underwriting company Nomura Securities Co., Ltd. shall serve as a lead manager (14) Book-entry transfer institution Japan Securities Depositary Center, Inc. (15) Fiscal, issuing and paying agent Mizuho Corporate Bank, Ltd. (16) Rating ¡°A-¡° from Rating and Investment Information, Inc. 2. NSK Ltd.¡¯s 37th series unsecured straight bonds( the Bonds) (Ranking pari passu solely with other series of debentures or bonds) (1) Total amount of issue 10,000,000,000 yen (2) Book entry bonds The provision of the Law Concerning Book-Entry Transfer of Corporate Bonds, etc. shall apply to the Bonds. (3) Denomination of each bond 100,000,000 yen only (4) Interest rate 1.71% per annum (5) Issue price 100 yen per 100 yen value (6) Redemption price 100 yen per 100 yen value (7) Offering period March 7, 2006 (8) Payment date March 20, 2006 (9) Interest payment dates Semi-annually on March 20 and September 20 (10) Method of offering General share offering (11) Maturity date March 19, 2013 (12) Security The Bonds are neither secured by any collateral nor guaranteed, and there are no particular assets reserved for the payment of the Bonds. (13) Underwriting company Mizuho Securities Co., Ltd. shall serve as a lead manager (14) Book-entry transfer institution Japan Securities Depositary Center, Inc. (15) Fiscal, issuing and paying agent Mizuho Corporate Bank, Ltd. (16) Rating ¡°A-¡° from Rating and Investment Information, Inc.