Non-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     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 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 1,510,960 -20.5 3,536 18.4 1,490 -61.3 September 30, 2001 1,901,014 -17.2 2,986 -57.4 3,852 -55.9 March 31, 2002 3,675,718      7,093     7,668       Net Income EPS Millions of Yen % Yen September 30, 2002 1,258 -48.2 1.44 September 30, 2001 2,430 7.5 2.78 March 31, 2002 3,237    3.70 Notes: 1. Average number of outstanding shares during the period (non-consolidated basis):     Current interim period : 874,374,141, Preceding interim period : 874,432,404,   Last 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 interim period. (2) Dividends    Interim Dividends per Share Year-End Dividends per Share Yen Yen September 30, 2002 0.00 - September 30, 2001 0.00 - March 31, 2002 - 0.00 (3) Financial Position    Total Assets Shareholders' Equity Shareholders' Equity Ratio BPS Millions of Yen Millions of Yen % Yen September 30, 2002 1,779,988 190,305 10.7 217.65 September 30, 2001 2,014,070 189,047 9.4 216.19 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 interim period : 874,345,027, Preceding interim period : 874,433,402,   Last fiscal year : 874,403,255   2. Number of treasury stocks at the end of the period :     Current interim period : 89,426, Preceding interim period : 1,051,   Last fiscal year : 31,198     2.Non-Consolidated Business Projections for the Fiscal Year Ending March 31, 2003    Net Sales Recurring Profit Net Income Year-End Dividends per Share Total Dividends per Share Millions of Yen Millions of Yen Millions of Yen Yen Yen Fiscal year ending March 31, 2003 2,800,000 3,000 2,000 - - Reference: Projected net income per share for the fiscal year ending March 31, 2003: 2.29yen

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.