Non-Consolidated Financial Statements For the Fiscal Year Ended March 31, 2001

May 17, 2001

Nissho Iwai Corporation   Listed stock exchange: the first sections of Tokyo, Osaka, and Nagoya Headquarters: Osaka, Tokyo Securities Code: No. 8063     Contact Information: Seiichi Aoki, General Manager, Public Relations Dept.   Tel. (03) 5520-2400 Board of Directors' Meeting: May 17, 2001 Interim Dividend system: adopted Annual Shareholders' Meeting: June 27, 2001 1.Non-Consolidated Business Results for the Fiscal Year Ended March 31, 2001 (1) Results of Operations Net Sales Operating Income Recurring Profit Millions of Yen % Millions of Yen % Millions of Yen % March 31, 2001 4,515,095 - 24.7 13,739 - 33.7 16,203 - 32.8 March 31, 2000 5,996,545 - 23.0 20,713 - 5.3 24,117 - 47.7 Net Income EPS EPS (Fully Diluted) ROE (Net Income) ROA (Recurring Profit) Recurring Profit to Net Sales Millions of Yen % Yen Yen % % % March 31, 2001 7,123 26.6 8.15 7.75 3.5 0.7 0.4 March 31, 2000 5,628 - 6.44 6.20 2.7 0.9 0.4 Notes: 1. Average number of outstanding shares during the period: 874,433,379 shares preceding period: 874,432,186 shares 2. Changes in accounting policies during the period: NA 3. Percentages indicate changes in net sales, operating income, recurring profit and net income compared with the preceding fiscal year. (2) Dividends Total Dividends per Share Interim Dividends per Share Year-End Dividends per Share Total Dividends per Annum Payout Ratio Total Dividends to Shareholders' Equity Ratio Yen Yen Yen Millions of Yen % % March 31, 2001 0.00 0.00 0.00 0 - - March 31, 2000 0.00 0.00 0.00 0 - - (3) Financial Position Total Assets Shareholders' Equity Shareholders' Equity Ratio (BPS) Millions of Yen Millions of Yen % Yen March 31, 2001 2,208,465      202,773 9.2 231.89 March 31, 2000 2,489,849 210,903 8.5 241.18 Notes: 1. Number of outstanding shares as of March, 2001 : 874,434,453 shares as of March, 2000 : 874,432,186 shares 2. The decrease in shareholders' equity was the result of the write off of evaluation losses incurred by bringing forward mark-to-market accounting of other marketable securities at year-end, from which valuation differences of ¥(15,254 million) were recorded in the shareholders' equity section to build a sounder financial position. 2.Non-Consolidated Business Projections for the Fiscal Year Ending March 31, 2002 Net Sales Recurring Income Net Income Interim Dividends per Share Year-End Dividends per Share Total Dividends per Share Millions of Yen Millions of Yen Millions of Yen Yen Yen Yen Interim period ending September 30, 2001 1,950,000 4,500 2,500 - - - Fiscal year ending March 31, 2002 4,000,000 9,000 5,000 - - - Projected net income per share for the fiscal year ending March 31, 2002:5.72 yen

This report contains forward-looking statements, which reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those projected in the forward-looking statements due to factors such as changing economic environment, exchange rate fluctuations, M&A activities, and changes in competitive conditions as well as government regulations and litigation. Note: Nissho Iwai Corporation and its consolidated domestic subsidiaries maintain their accounts and records in accordance with the provisions set forth in the Japanese Commercial Code and the Securities and Exchange Law and in conformity with accounting principles and practices generally accepted in Japan. The above statement are translated into English for the convenience of the readers outside Japan.

Consolidated Financial Statements Non-Consolidated Financial Statements To Our Stakeholders Business Results (Consolidated) Outlook for Fiscal Year 2001 (Consolidated)

Although due care has been taken to ensure data accuracy, under no circumstances will Nissho Iwai Corporation be liable for any direct, indirect, special, incidental, consequential, or other damages based on any use of this financial report.