NSK Chairman Sekiya becomes Chairman of Japan-Poland Economic Committee

Chairman Tetsuo Sekiya was appointed Chairman of the Japan-Poland Economic Committee at the Committee's regularly held Meeting on July 24, 2003. This Committee was established on June 19, 1972 and members of this Committee are composed of those business leaders whose companies have developed strong ties with Poland. Just to name a few, these companies include trading houses, commercial banks, manufacturers as well as construction companies. This Committee has now been in existence for nearly 30 years; its primary goals have been to promote trade between Poland and Japan, thus contributing to the economic development of both countries. In order to facilitate exchange between the two countries, the Japan-Poland Economic Committee regularly conducts meetings with its counterpart in Poland, which is known as the Poland-Japan Economic Committee. (Chairman ¨C Dr. H. Bochniarz) In addition, seminars, study groups and symposiums, are periodically held on the Polish economic and investment climate. NSK Ltd.'s relationship with Poland dates back to the seventies when NSK first exported ball bearing manufacturing equipment to FLT Iskra, which was at that time, a nationalized company. In January 1997, the Polish government announced its decision to privatize Iskra and in January 1998, NSK Ltd. acquired management rights to Iskra. With the restructuring of our European operations, Iskra has achieved global competitiveness in the production of standard ball bearing. It is now one our NSK's major production bases and in the process, has helped in the development of Poland's economy. Poland is the largest economic power in Central Europe with a population of over 40 million people. It has also experienced one of the highest growth rates in all of Europe. Many famous men and women come to mind when one speaks of Poland ¨C among them Copernicus, Madame Curie, Pope John Paul II and the movie director Wajda. Poland will also be joining the European Community in May 2004 and the world is expected to focus their attention on Poland's subsequent transformation. With Poland on the verge of joining the European Community, the Polish delegation has been invited to Tokyo this autumn and ¡°The Joint Session of Japan-Poland and Poland-Japan Economic Committees ¨C 2003¡± will be convened. This session will offer yet another opportunity for the two nations to simultaneously forge closer ties as well as further develop their economic relationship. In May 2002, Chairman Sekiya was awarded Poland's highest civil award ¨C the Commander's Cross with the Star of the Order of Merit of the Republic of Poland.