To whom it may concern


Although Nissho Iwai Corporation evaluates 'Other marketable securities' (as defined under section 8(21) of the Japanese accounting regulations) based on their book value, total latent losses at the end of the first-half of fiscal 2000 were computed as follows:

(A) Total latent losses as of Sept. 30, 2000	Yen 37.044 billion
(B) Recurring Profit (fiscal year ended March 2000)	Yen 24.117 billion
(C) Net profit (fiscal year ended March 2000)	Yen 5.628 billion

(Note)

1. Marketable securities taken into account for calculating this latent loss include those falling under the 'Other marketable securities' category, whose market value can be reasonably assessed.

2. Book value of the marketable securities	Yen 139.83 billion
Market value	Yen 102.785 billion

(Reference)

1. The interim-closing date of the first term is September 30.
2. The latent profit and the net latent loss pertaining to marketable securities at the end of first-half of fiscal 2000 are as follows.

(D) Total latent profits as of September 30, 2000	Yen 8.525 billion
(E) Net latent losses as of September 30, 2000	Yen 28.519 billion

3. The net latent profit as of Sept. 30, 2000 on a consolidated basis is as follows:

(F) Net latent profits as of September 30, 2000 (consolidated basis)

Yen 29.85 billion

(Note)

Book value of the marketable securities	Yen 309.561 billion
Market value	Yen 339.412 billion