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Newspaper Article of March 7 Regarding NEC Corporation's
Price-to-Book Value Ratio

*****For immediate use March 8, 2007

NEC Corporation's price-to-book value ratio (PBR) for March 6, 2007, based on U.S. GAAP, was reported in the March 7th edition of a Japanese newspaper to have fallen below 1.0 at 0.97. However, NEC's PBR based on U.S. GAAP for March 6 (calculated using the net asset figure as of the end of March, 2006) is 1.34. In addition, NEC changed the accounting principles for preparing its consolidated financial statements to Japan GAAP from the first half of the fiscal year ending March 31, 2007. Accordingly, NEC's PBR based on Japan GAAP for March 6 (calculated using the net asset figure for the third quarter of the fiscal year ending March 31, 2007) is 1.17. Neither calculation method gives a PBR of less than 1.0.
NEC calculates its PBR based upon the guidelines prepared by Tokyo Stock Exchange for earnings releases. Under the guidelines, the net asset value per share of stock is calculated after subtracting minority interests from the net assets of the balance sheets.


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