NKK CORPORATION: Annual Report 1998
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NKK CORPORATION
Report of Independent Certified Public Accountants


Report of Independent Certified Public Accountants

The Board of Directors and Shareholders
NKK CORPORATION

We have examined the non-consolidated balance sheets of NKK CORPORATION as of March 31, 1999 and 1998, and the related non-consolidated statements of operations, shareholders' equity, and cash flows for the years then ended, all expressed in yen. Our examinations were made in accordance with auditing standards, procedures and practices generally accepted and applied in Japan and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the accompanying financial statements, expressed in yen, present fairly the non-consolidated financial position of NKK CORPORATION at March 31, 1999 and 1998, and the non-consolidated results of its operations and its cash flows for the years then ended in conformity with accounting principles and practices generally accepted in Japan applied on a consistent basis.

The U.S. dollar amounts in the accompanying non-consolidated financial statements are presented solely for convenience. Our examination also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 2 to the non-consolidated financial statements.

June 29, 1999

Report of Independent Certified Public Accountants


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