Consolidated Financial Statements For the Fiscal Year Ended March 31, 2002

May 16, 2002

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 office   Tel. (03) 5520-2400 Board of Directors' Meeting: May 16, 2002   1. Consolidated Business Results for the Fiscal Year Ended March 31, 2002 (1) Results of Operations Net Sales Operating Income Recurring Profit Millions of Yen % Millions of Yen % Millions of Yen % March 31, 2002 5,464,524 -15.6 49,460 -20.6 33,233 -14.9 March 31, 2001 6,474,402 -11.1 62,253 26.8 39,063 21.9 Net Income EPS EPS (Fully Diluted) ROE (Net Income) ROA (Recurring Profit) Recurring Profit to Net Sales Millions of Yen % Yen Yen % % % March 31, 2002 1,183 -94.1 1.35 1.39 1.0 1.0 0.6 March 31, 2001 20,041 96.1 22.92 21.59 13.2 1.0 0.6 Notes: 1. Equity in earnings of unconsolidated subsidiaries and affiliates during the period: 530 million yen   preceding period: -6,535 million yen 2 Average number of outstanding shares during the period: 874,417,331 shares   preceding period: 874,430,543 shares 3. Changes in accounting policies during the period: YES 4. Percentages indicate changes in net sales, operating income, recurring profit and net income compared with the preceding fiscal year. (2) Financial Position Total Assets Shareholders' Equity Shareholders' Equity Ratio (BPS) Millions of Yen Millions of Yen % Yen March 31, 2002 2,957,578 106,728 3.6 122.06 March 31, 2001 3,613,977 120,276 3.3 137.55 Notes: 1. Number of outstanding shares as of March 2002 :   874,403,255  shares   as of March 2001 :   874,431,407 shares (3) Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Cash and Cash Equivalents at Year-end Millions of Yen Millions of Yen Millions of Yen Millions of Yen March 31, 2002 178,043 230,495 -531,278 157,757 March 31, 2001 132,977 308,448 - 470,305 274,909 (4) Items Related to Consolidation and Companies Accounted for by the Equity Method Consolidated subsidiaries : 330 Unconsolidated subsidiaries (accounted for by the Equity Method) :   14 Unconsolidated affiliates (accounted for by the Equity Method) : 176 (5) Changes in the Scope of Consolidation Consolidated companies Added : 28 Removed : 48 Equity method Added : 31 Removed : 28 2. Consolidated Business Projections for the Fiscal Year Ending March 31, 2003 Net Sales Recurring Profit Net Income Millions of Yen Millions of Yen Millions of Yen Interim period ending September 30, 2002 2,500,000 10,000 2,000 Fiscal year ending March 31, 2003 4,900,000 30,000 8,000 Reference: Projected net income per share for the fiscal year ending March 31, 2003: 9.15 yen   Note: Please refer here for additional items pertaining to premises for the above forcast.

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 statements are translated into English for the convenience of the readers outside Japan.

Consolidated Financial Statements Non-Consolidated Financial Statements Management Policy Business Results and Financial Position

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.