Consolidated Financial Statements For the Six-Month Period Ended September 30, 2002

November 14, 2002

Nissho Iwai Corporation Listed Stock Exchange: The first sections of Tokyo, Osaka, and Nagoya Stock Exchange Headquarters: Osaka, Tokyo Securities Code: No. 8063 Company Representative: Hidetoshi Nishimura, President and CEO Contact Information: Hideo Kamiyama, General Manager, Public Relations Office Tel. (03) 5520-2400 Board of Directors' Meeting: November 14, 2002 1. Consolidated Business Results for the Six-Month Period Ended September 30, 2002 (1) Results of Operations   Net Sales Operating Income Recurring Profit Millions of Yen % Millions of Yen % Millions of Yen % September 30, 2002 2,307,017 -14.7 19,803 -25.8 8,847 -36.5 September 30, 2001 2,704,759 -18.0 26,705 -7.0 13,928 -13.0 March 31, 2002 5,464,524   49,460   33,233     Net Income EPS EPS(Diluted) Millions of Yen % Yen Yen September 30, 2002 1,503 -64.3 1.72 1.65 September 30, 2001 4,209 -25.1 4.81 4.59 March 31, 2002 1,183   1.35 - Notes: 1. Equity in earnings of unconsolidated subsidiaries and affiliates during the period :   Current interim period : 458 million yen, Preceding interim period : -1,329 million yen,   Last fiscal year : 530 million yen  2. Average number of outstanding shares during the period (consolidated basis) :      Current interim period :874,255,996 shares , Preceding interim period : 874,432,404 shares,   Last fiscal year :874,417,331 shares   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 interim period. (2) Financial Position   Total Assets Shareholders' Equity Shareholders' Equity Ratio BPS Millions of Yen Millions of Yen % Yen September 30, 2002 2,663,546 85,252 3.2 97.52 September 30,2001 3,308,173 101,000 3.1 115.50 March 31, 2002 2,957,578 106,728 3.6 122.06 Note: Number of outstanding shares at the end of the period :     Current interim period :874,174,902 shares , Preceding interim period :  874,433,402 shares,   Last fiscal year : 874,403,255 shares  (3) Cash Flows   Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Cash and Cash Equivalents at End of Period Millions of Yen Millions of Yen Millions of Yen Millions of Yen September 30, 2002 75,370 53,913 -135,720 147,646 September 30, 2001 1,170 106,159 -110,313 273,771 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 :330     Unconsolidated subsidiaries (accounted for by the equity method) :  13     Unconsolidated affiliates (accounted for by the equity method) :164 (5)   Increase/ decrease of consolidated subsidiaries and companies accounted for by the equity method     Consolidated subsidiaries :     (Newly included) 11,    (Excluded) 11     Unconsolidated subsidiaries/affiliates accounted for by the equity method :      (Newly included) 7,      (Excluded) 20 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 Fiscal year ending March 31, 2003 4,500,000 22,000 6,500 Reference: Projected net income per share for the fiscal year ending March 31, 2003: 7.44 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.