Non-Consolidated Financial Statements For the Six-Month Period Ended September 30, 2001

November 15, 2001

Nissho Iwai Corporation Listed stock exchange: The first sections of Tokyo, Osaka, and Nagoya Stock Exchange Headquarters: Osaka, Tokyo Securities Code: No. 8063 Contact Information: Seiichi Aoki, General Manager, Public Relations Dept. Tel. (03) 5520-2400 Board of Directors' Meeting: November 15, 2001 Interim Dividend system: Adopted 1.Non-Consolidated Business Results for the Six-Month Period Ended September 30, 2001 (1) Results of Operations   Net Sales Operating Income Recurring Profit Millions of Yen % Millions of Yen % Millions of Yen % September 30, 2001 1,901,014 - 17.2 2,986 - 57.4 3,852 - 55.9 September 30, 2000 2,295,281 - 26.4 7,012 - 30.5 8,736 - 20.9 March 31, 2001 4,515,095   13,739   16,203      Net Income EPS Millions of Yen % Yen September 30, 2001 2,430 7.5 2.78 September 30, 2000 2,261 - 2.58 March 31, 2001 7,123   8.15 Notes: 1. Average number of outstanding shares during the current interim period :  874,434,453 shares   preceding interim period :  874,432,310 shares     last fiscal year :  874,433,379 shares   2. Changes in accounting policies during the period:  YES 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, 2001 0.00 - September 30, 2000 0.00 - March 31, 2001 - 0.00 (3) Financial Position    Total Assets Shareholders' Equity Shareholders' Equity Ratio BPS Millions of Yen Millions of Yen % Yen September 30, 2001 2,014,070 189,047 9.4 216.19 September 30, 2000 2,445,755 213,165 8.7 243.77 March 31, 2001 2,208,465 202,773 9.2 231.89 Note: 1. Number of outstanding shares at the end of current interim period :  874,434,453 shares preceding interim period :  874,434,453 shares last fiscal year :  874,434,453 shares 2.Non-Consolidated Business Projections for the Fiscal Year Ending March 31, 2002    Net Sales Recurring Profit Net Income Year-End Dividends per Shares Total Dividends per Shares Millions of Yen Millions of Yen Millions of Yen Yen Yen Fiscal year ending March 31, 2002 3,600,000 6,000 3,500 - - Reference: Projected EPS for the fiscal year ending March 31, 2002: 4.00 yen

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 To Our Stakeholders Business Results (Consolidated) Outlook for Fiscal Year 2001 (Consolidated)

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.