Consolidated Financial Statements For the Fiscal Year Ended March 31, 2003

May 15, 2003

Nissho Iwai - Nichimen Holdings Corporation. (Nissho Iwai Corporation. Portion) Listed stock exchange: the first sections of Tokyo and Osaka Headquarters: Tokyo Securities Code: No. 2768 Company Representative: Hidetoshi Nishimura, President and Co-CEO Contact Information: Shinichi Taniguchi, General Manager, Public Relations Dept.   Tel. (03) 5446-1061 Board of Directors' Meeting: May 15, 2003

1. Consolidated Business Results for the Fiscal Year Ended March 31, 2003 (1) Results of Operations   Net Sales Operating Income Recurring Profit Millions of Yen % Millions of Yen % Millions of Yen % March 31, 2003 4,619,072 -15.5 35,462 -28.3 13,553 -59.2 March 31, 2002 5,464,524 -15.6 49,460 -20.6 33,233 -14.9   Net Income EPS EPS (Fully Diluted) ROE (Net Income) ROA (Recurring Profit) Recurring Profit to Net Sales Millions of Yen % Yen Yen % % % March 31, 2003 -73,850 - -84.48 - -363.3 0.6 0.3 March 31, 2002 1,183 -94.1 1.35 - 1.0 1.0 0.6 Notes: 1. Equity in earnings of unconsolidated subsidiaries and affiliates during the period :   Current fiscal year : 2,133 million yen        Preceding fiscal year : 530 million yen 2. Average number of outstanding shares during the period (consolidated basis) :      Current fiscal year : 874,136,408               Preceding fiscal year : 874,417,331 3. Changes in accounting policies during the period: NO 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, 2003 2,104,259 20,328 1.0 23.26 March 31, 2002 2,957,578 106,728 3.6 122.06 Note: Number of outstanding shares at the end of the period :     Current fiscal year : 874,963,015        Preceding fiscal year : 874,403,255  (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, 2003 110,094 128,518 -262,345 117,116 March 31, 2002 178,043 230,495 -531,278 157,757 (4)   Number of consolidated subsidiaries and companies accounted for by the equity method     Consolidated subsidiaries :240     Unconsolidated subsidiaries (accounted for by the equity method) :   8     Unconsolidated affiliates (accounted for by the equity method) :112 (5)   Increase/decrease of consolidated subsidiaries and companies accounted for by the equity method     Consolidated subsidiaries :     (Newly included) 14      (Excluded) 104     Unconsolidated subsidiaries/affiliates accounted for by the equity method :      (Newly included) 9        (Excluded) 79

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 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.