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OKI Signs Global Alliance Agreement with Nautilus Hyosung in the Financial Sector

The two top ATM vendors in Japan and Korea cooperate in system development, production and sales

Tokyo, Japan, November 16, 2006 -- Oki Electric Industry Co., Ltd. (TSE: 6703) today announced it has signed global alliance agreement with Nautilus Hyosung Inc., the top ATM (Automated Teller Machine) manufacturer in Korea, for the global deployment of financial systems. By utilizing the strengths in both companies, OKI and Nautilus Hyosung will develop and manufacture financial systems including ATMs and cash processing equipment, which will be sold in Korea, China and other overseas markets.

"We are proud to announce this collaboration with Nautilus Hyosung, and together, we will focus on the ATM replacement demand, expected in Korea," said Katsumasa Shinozuka, President and CEO of Oki Electric Industry. "We will also work together to develop new products, to which OKI, the top ATM vendor in Japan, can contribute its mechatronic technology strengths. This strategic collaboration with Nautilus Hyosung will enable OKI to enhance its technologies, effectively manufacture financial systems including high-quality multifunction ATMs, and provide the ATMs to overseas markets."

Nautilus Hyosung is a financial systems integrator from the Hyosung Group. In addition to being the top ATM vendor in Korea, it also provides over 80 thousand cash dispensers (CD) to the U.S. market. OKI, on the other hand, is the top ATM vendor in Japan (based on installed base), providing them to financial institutions, retail and convenience stores. OKI was the first company to develop bill-recycling method for ATMs, which enables to use the deposited banknotes for withdrawal use. As the Japanese ATM market matures, OKI who has been providing ATMs to overseas market including China since the fiscal year ending March 2004, is planning for further expansion overseas.

Korea currently has 90,000 installed ATMs (including CDs), 40% of which are non-CD ATMs that have cash recycling functions. This number is growing significantly in Korea, particularly in commercial bank installations, so the two companies will focus on the demand for both ATM replacement and new installations, which is expected to reach 15 thousand units in the next six months. This demand -- conversion from CDs to ATMs or new installations of ATMs-- is driven by the issuance of Korea s new banknotes which occurred in January 2006, with additional issuance planned for January, 2007.

During the fiscal year ending March 2007, OKI shipped to Nautilus, 5,000 bill recycling modules for ATMs, which will be sold as ATMs in the Korean market. The two companies will also develop new products based on OKI s strengths in mechatronic technologies such as bank branch systems and cash processing equipment, which will promote automation and save labor in over-the-counter work at banks. In addition, they will develop ATMs for the off-premise market in the U.S., in which Nautilus has high market share.

"OKI and Nautilus Hyosung have been working together in the bill recycling module for ATMs since April 2006. By taking this a step further, we will have a stronger collaboration," said Pill-Koo Ryou, CEO of Nautilus Hyosung. "While we will be able to expand OKI s overseas ATM business with our strong track record in Korea and in the U.S, Nautilus Hyosung will also benefit by working with a company with advanced ATM technologies."

About Oki Electric Industry Co., Ltd.

Founded in 1881, Oki Electric Industry Co., Ltd. is Japan s first telecommunications manufacturer, with its headquarters in Tokyo, Japan. OKI provides top-quality products, technologies and solutions to its customers through its info-telecom system business, semiconductor business and printer business. All three businesses function as a collective force to create exciting new products and technologies that satisfy a spectrum of customer needs in various markets. Visit OKI s global web site at http://www.oki.com/.

About Nautilus Hyosung Inc.

Nautilus Hyosung (NH) is a leading provider of complete solutions, including hardware, software and services to the financial services and off-premise markets. Nautilus Hyosung has over 27 years of experience in the industry, with proven technologies for ATMs and other self-service products. For more information please visit http://www.nautilus.hyosung.com

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Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.

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