Non-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 Annual Shareholders' Meeting: June 27, 2003 The Company has a policy of paying interim dividends. Trading unit of the Company consists 1,000 shares. 1.Non-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 2,877,400 -21.7 7,003 -1.3 2,024  -73.6 March 31, 2002 3,675,718 -18.6 7,093 -48.4 7,668 -52.7   Net Income EPS EPS (Fully Diluted) ROE (Net Income) ROA (Recurring Profit) Recurring Profit to Net Sales Millions of Yen % Yen Yen % % % March 31, 2003 -53,038 - -60.67 - -39.1 0.1 0.1 March 31, 2002 3,237 -54.6 3.70 3.55 1.6 0.4 0.2 Notes: 1. Average number of outstanding shares during the period (non-consolidated basis):     Current fiscal year : 874,240,908        Preceding fiscal year : 874,417,331 2. Changes in accounting policies during the period:  NO 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, 2003 0.00 0.00 0.00 -  -  -  March 31, 2002 0.00 0.00 0.00 -  -  -  (3) Financial Position   Total Assets Shareholders' Equity Shareholders' Equity Ratio BPS Millions of Yen Millions of Yen % Yen March 31, 2003 1,593,481 135,536 8.5 155.06 March 31, 2002 1,881,077 198,194 10.5 226.66 Notes: 1. Number of outstanding shares at the end of the period:    Current fiscal year : 874,078,561        Preceding fiscal year : 874,403,255   2. Number of treasury stocks at the end of the period :       Current fiscal year : 355,892              Preceding fiscal year : 31,198

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.