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Accounting Work Integrated to Enhance Group Management Effiiency

June 24, 2004

NYK has decided to restructure its accounting system on June 29 and entrust the preparation of financial statements, both consolidated and unconsolidated, to NYK Accounting Co., Ltd.

However, the formulation of accounting policies and the planning and control of tax accounting will be retained in NYK proper and handled by its financial group.

In accordance with the medium- and long-term group management vision "Forward 120," announced in May last year, NYK has been pushing ahead with the improvement of its organization in order to enhance the management efficiency of the NYK Group and so reinforce its competitiveness.

The assignment to NYK Accounting of accounting work for the 14 member firms of the NYK Group in April 2001, has already contributed to elevating the management efficiency of the group as a whole.

NYK's decision to entrust the additional accounting work to NYK Accounting is expected to further improve the efficiency and competitiveness of the NYK Group.

NYK Accounting is a group of accounting experts that is also charged with hiring and training accounting personnel. As an independent accounting partner armed with professional know-how and efficiency, it is certain to further strengthen and improve the efficiency of group management.

Henceforth, NYK intends to further reinforce its management infrastructure in line with the "Forward 120" and thereby to strengthen the competitiveness of the NYK Group as a whole.