Determination of Total Amount of Issue of Euro Yen Zero Coupon Convertible Bonds Due 2009

NTN Corporation (hereinafter the “Company”) has announced that it determined the total amount of issue in respect of the Euro Yen Zero Coupon Convertible Bonds due 2009 (bonds with stock acquisition rights, tenkanshasaigata shinkabu yoyakuken-tsuki shasai) (the “Bonds with Stock Acquisition Rights,” of which the Bonds and the Stock Acquisition Rights are to be hereinafter referred to as the “Bonds” and the “Stock Acquisition Rights”, respectively) as follows, issuance of which was resolved at the meeting of its board of directors held on March 1, 2004 and the terms of issue of which was determined thereafter on the same day.

1. Total amount of issue

The aggregate of ¥30,000,000,000, plus an aggregate principal amount of the Bonds in respect of replacement Bond Certificates that may be issued against appropriate evidence and indemnity in the case of loss, theft or destruction of any Bond Certificate.

2. Aggregate number of Stock Acquisition Rights to be issued:

The aggregate of 30,000, plus the number obtained by dividing an aggregate principal amount of the Bonds in respect of replacement Bond Certificates that may be issued against appropriate evidence and indemnity in the case of loss, theft or destruction of any Bond Certificates by ¥1,000,000.

Reference

1. Date of resolution to issue

1 March 2004

2. Offer terms determination date

1 March 2004

3. Date of payment and date of issuance

19 March 2004

4. The Company had granted to the Managers an option to additionally subscribe for the Bonds with Stock Acquisition Rights up to a further ¥5,000,000,000 in the aggregate principal amount of the Bonds. The Company received a notice to exercise such option in respect of ¥5,000,000,000 in the aggregate principal amount of the Bonds. Accordingly, the total amount of issue of the Bonds, etc. has been determined as above.