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*****For immediate use November 20th, 2001

Announcement of the Issue Price and Conversion Price of Euro Yen Convertible Bonds due 2010

TOKYO November 20th, 2001 - NEC Corporation (NEC) (NASDAQ: NIPNY) (FTSE: 6701q.l) (TSE: 6701) today announced that it has decided that the issue price and conversion price of Euro Yen Convertible Bonds due 2010 of NEC, the issue of which was resolved by the Board of Directors on November 15th 2001, have been decided as follows:


  1. Issue price: 102% of par value amount
  2. Total amount of issue: Yen 102,000,000,000
  3. Matters concerning conversion (Conversion price): Yen 1,730 per share
    ·   Date of the determination of Conversion price: November 20th , 2001
    ·   Closing stock price of NEC on the Tokyo Stock Exchange as of November 20th , 2001: Yen 1,282
    ·   Rate of increase [{(Conversion price)/(Closing stock price)-1}x100]: 34.95%
  4. The portion of the conversion price, which shall be accounted for as stated capital: Yen 865 per share
  5. Other conditions: Not Applicable

Date of resolution to issue the Euro Yen Convertible Bonds due 2010: November 15th, 2001
Date of issue: (Date of payment): December 10th, 2001 (London time)



This press release is intended to provide general information regarding NEC's issuance of convertible bonds and shall not be considered an offering of securities. Investors are advised to read the Offering Circular prepared by NEC for the offering of the convertible bonds prior to making their own investment decision relating to the convertible bonds. This press release shall not be construed as an offering of securities in the United States. The securities may not be offered or sold in the United States absent registration or an applicable exemption under the Securities Act of 1933. The convertible bonds will not be offered in the United States and Japan.

NEC Press Contacts:

In Japan
Daniel Mathieson
NEC Corporation
TEL:   +81-3-3798-6511
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