To whom it may concern


Although Nissho Iwai Corporation evaluates marketable securities based on their book value, total latent losses at the end of fiscal 1999 were computed as follows:

(A) Total latent losses as of March 31,2000　　　Yen 64.8 billion
(B) Net profit (fiscal 1999)　　　　　　　　　　 ▲Yen 54.2 billion


(Note)

1.    Marketable securities taken into account for calculating the latent loss include all marketable securities except the stock of affiliated subsidiaries.

2.    Book value of the marketable securities   Yen 171 billion
　　Market value                                          Yen 106 billion


(Reference)  

1. Nissho Iwai's fiscal year concludes on March 31.

2. The latent profit and the net latent loss pertaining to marketable securities at the end of fiscal 1999
are as follows.

(C) Total latent profits as of March 31,2000　　　Yen 14.9 billion
(D) Net latent losses as of March 31,2000　　　   Yen 49.9 billion