To whom it may concern


Nissho Iwai Corporation today announced the closure of two of its hotel business related subsidiaries, viz. NI Hawaii Holdings, Inc. (NIHH)  and NI Hawaii Resort, Inc. (NIHR), which had been set up for developing the Ritz-Carlton Kapalua, located in Hawaii, USA. The decision to close the subsidiaries follows the sale of the concerned hotel. The Yen 6.6 billion profit realized from the sale has already been included in the financial forecast for the current term, and will have no effect whatsoever on the consolidated/non-consolidated forecasts (both mid-term as well as annual) for the current year.

Details of the subsidiary companies

1. NI Hawaii Holdings, Inc.

Name	NI HAWAII HOLDINGS, INC.(NIHH)
Location	HONOLULU, HAWAII, USA
President	Michio Takizawa
Reason for closure	Owing to the closure of its subsidiary, NIHR
Business details:
Business	Holding company for NIHR
Established	March 1999
Capital	US$25 million
Major shareholders	Nissho Iwai Corporation (100%)
Closure (planned)	End of December 2000

2. NI Hawaii Resort, Inc.

Name	NI HAWAII RESORT, INC.(NIHR)
Location	HONOLULU, HAWAII, USA
President	Akitoshi Ueno
Reason for closure	Sale of assets (THE RITZ-CARLTON KAPALUA)
Business details:
Business	Development of THE RITZ-CARLTON KAPALUA
Established	April, 1990
Capital	US$96million
Major shareholders	NIHH (100%)
Closure (planned)	End of December 2000