FORM
  6-K

SECURITIES
  AND EXCHANGE COMMISSION

WASHINGTON,
  D. C. 20549

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REPORT
  OF FOREIGN PRIVATE ISSUER

Pursuant
  to Rule 13a-16 or 15d-16 under 
  the Securities Exchange Act of 1934

For
  the month of April 2004

Commission
  File Number: 000-12713

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NEC
  CORPORATION

(Translation
  of registrant's name into English)

---

7-1,
  Shiba 5-chome 
  Minato-ku, Tokyo, Japan

(Address
  of principal executive offices)

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Indicate
  by check mark whether the registrant files or will file annual reports under
  cover Form 20-F or Form 40-F.

Form 20-F  [ X ]      Form 40-F [     ]

Indicate
  by check mark whether by furnishing the information contained in this Form,
  the registrant is also thereby furnishing the information to the Commission
  pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  [     ]      No
  [ X ]



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SIGNATURE



NEC
          CORPORATION(Registrant)By:
      
      /S/
              FUJIO OKADAFujio Okada
        General Manager, Legal Divison




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April 28, 2004

Full
  Year Consolidated Financial Results for the Fiscal Year EndedMarch
  31, 2004

**Consolidated
  Financial Results**

|                                   | Fiscal Year
      Ended March 31, 2004 | Fiscal
      Year Ended March 31, 2003 | % Change
|---------------------------------- | -------------------------------------- | -------------------------------------- | --------
|                                   | In billions of yen                     | In billions of yen                     | %       
|Net sales                          | 4,906.8                                | 4,695.0                                | +4.5    
|Operating income                   | 182.6                                  | 120.8                                  | +51.1   
|Income before income
      taxes   | 160.5                                  | 61.4                                   | +161.1  
|Net income (loss)                  | 41.0                                   | (24.5)                                 | -       
|                                   | yen                                    | yen                                    |         
|Net income (loss)
      per share: |                                        |                                        |         
|Basic                              | 23.67                                  | (14.85)                                | -       
|Diluted                            | 21.93                                  | (14.85)                                | -       
|                                   | In billions of yen                     | In billions of yen                     | %       
|Total assets                       | 4,044.3                                | 4,103.3                                | -1.4    
|Number of employees                | 143,393                                | 145,807                                | -       

(Notes)

1. The consolidated
    financial statements of NEC are prepared in accordance with accounting principles
    generally accepted in the United States, or U.S. GAAP.
2. Number of consolidated subsidiaries
    and affiliated companies accounted for by the equity method is as follows:

|                                                              | Fiscal
      year ended March 31, 2004 | Fiscal
      year ended March 31, 2003
|------------------------------------------------------------- | -------------------------------------- | --------------------------------------
|Consolidated
      subsidiaries                               | 195                                    | 183                                   
|Affiliated companies
      accounted for by the equity method | 44                                     | 17                                    

1. Increase or decrease in the
    number of consolidated subsidiaries and affiliated companies accounted for
    by the equity method during the fiscal year ended March 31, 2004:

|                                                              | Increase | Decrease
|------------------------------------------------------------- | -------- | --------
|Consolidated
      subsidiaries                               | 34       | 22      
|Affiliated companies
      accounted for by the equity method | 28       | 1       





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I.Management Policy



1.
Fundamental Management Policy

NEC
is currently facing tumultuous changes in its markets. Within this,
there is growing demand for solutions that will help corporations
persist in this challenging business climate. In terms of
technologies, adoption of IP (Internet Protocol) and broadband
networks is rapidly advancing, and servers and PCs are becoming more
sophisticated. NEC intends to leverage these technologies in order to
expand its solutions businesses by means of IT solutions based on
information processing technologies, network solutions based on
communication technologies, and Integrated IT/Network Solutions that
solve its customers' issues toward enhancement of its corporate
value.



2.
Fundamental Policy on Distribution of Profits

In
addition to moving forward with the restructuring of its businesses,
NEC needs to adopt a flexible policy in order to better respond to
the rapidly changing business environment. In light of these business
requirements, NEC takes the following factors into account in
determining its cash dividends, among other factors: the profits
earned in each fiscal period, the profitability outlook for the
following fiscal periods, the dividend payout ratio, and the demand
for internal funds such as funds for capital expenditure.

NEC
intends to pay an annual dividend of 6 yen per common share for the
full year ended March 31, 2004 (including an interim dividend of 3
yen per common share).



3.
The Company's Principles and Policies on Reducing the Number of Shares
in a Trading Unit

Reducing
the number of shares constituting one trading unit is recognized as
an effective way to increase the number of individual investors and
enhance stock liquidity, but it entails substantial expense. When it
is judged necessary NEC will respond appropriately taking into
account, among other issues, the stock price levels, the number of
shareholders, the shareholder composition, cost effectiveness, and
its financial condition.



4.
Mid- to Long-Term Business Strategy

NEC's
business can largely be classified into two main domains; "Integrated
IT/Network Solutions" and "Semiconductor Solutions".

Regarding
Integrated IT/Network Solutions, on April 1, 2003, NEC, to encourage
open and flat operations, shifted from an in-house company system to
a business line system based on nine business lines. As a result of
NEC's efforts over the fiscal year ended March 31, 2004, the initially
set goals to "secure stable profit" and "improve financial structure"
have been nearly accomplished, and NEC has laid out its "mid-term
growth strategy" in October, 2003, under which steady business is
being carried out toward new growth creation.

Outline
of Mid-Term Growth Strategy

1. Securing
	Reliable Profits and Stable Growth Focused on the Japanese Market

|(1) | Securing
					a reliable profit foundation based on System Integration (SI)
					services                       
|--- | ----------------------------------------------------------------------------------------------------------------
|(2) | Expanding
					the network solutions business through integration with
					Information Technology (IT) business
|(3) | Revitalizing
					product business                                                                              

2. Capturing
	New Growth Opportunities

|(1) | Global
				business expansion                                                                     
|--- | --------------------------------------------------------------------------------------------------
|(2) | Strengthening
				measures to prepare for the full-scale ubiquitous networked
				society in Japan

3.
	Combining NEC Group Core Competencies to Support Growth

Furthermore,
effective as of April 1, 2004, NEC, in order to further strengthen
its market responsiveness, reorganized its 9 "business lines" into 11
"business units", and shifted to a new business structure with a newly
established "Marketing Unit" to plan and promote marketing measures for
the entire company.  Through this, in particular, NEC
will strengthen its organization structure to enhance the delivery of
various solutions to the market leveraged on its competence
networking technologies.  NEC expects that this will boost the
implementation of its growth strategy in following fiscal years, and
ultimately lead to further improvement of its profitability.

NEC
Electronics Corporation, which is in charge of Semiconductor
Solutions, was separated from NEC by way of a corporate separation in
November, 2002, and listed on the Tokyo Stock Exchange on July 24,
2003.  NEC Electronics Corporation aims, by means of enhancing its
corporate value as a specialized Semiconductor Solutions provider, to
continue creating a financial base rivaling that of its international
competitors and pursue synergies with NEC in the areas of business
and technology as an Integrated IT/Network Solutions strategic
partner.







5.
Growth Strategy

In
order to ensure implementation of NEC's Mid-Term Growth Strategy, as
laid out in October, 2003, it is necessary to correctly deal with
business execution risks of increased development costs accompanying
advancement of systems sought by its customers, and their
complexities.  It is also necessary to aim for the expansion and
development of its businesses through response to changes in the
market environment and maximum exploitation of NEC's core competence
such as its software development and network technology capabilities.
 Then, NEC, under a new business structure, will tackle upcoming
management issues.

<1>Strengthening of Business Execution Capabilities

In
the Integrated IT/Network Solutions domain, through the progress of
broadband and mobile environments etc., the market is greatly
changing toward realization of a ubiquitous society. NEC will,
through advancement of customer-oriented business, and prompt and
correct response to market changes, strive to provide integrated
solutions that fulfill customers' demands.  In addition, through
development process reform, and material cost reduction, and
production innovation, NEC will further promote reduction of cost,
and aim to strengthen management related to risk of business
execution and the development process.

<2>Acceleration of Growth Strategy Implementation

In
Japan, along with aiming to strengthen and expand the SI services
business as NEC's earnings base, NEC will aim to expand the Integrated
IT/Network Solutions business utilizing network related technologies
and know-how that NEC prides itself on.  Overseas, leveraging on
innovation in the Japanese market, NEC will actively advance overseas
development in the area of mobile business focusing on China and
Europe, and the solutions business such as the SI services business
focusing on China and South East Asia.

<3>
	Maximization of Synergy with Affiliated Companies through
	Consolidation of Management Resources

NEC will
consolidate the management resources of NEC and its affiliated
companies such as R&D development capabilities, intellectual
assets, and human resources, and through maximum exploitation of this
synergy aims to maximize its entire corporate value.  In particular,
NEC, taking into account the growing importance of software in areas
including semiconductors, mobile handsets, and network
infrastructure, aims to strengthen competitiveness through
cross-functional exploitation of its software development
capabilities.

<4>
Promotion of Structural Reform

Regarding
the broadband business and other businesses that still require
business reform, NEC continues to carry out structural reform such as
switching to solutions businesses that provide value-added software
and services, and improving development efficiency.

<5>
Strengthening of R&D and Intellectual Asset Strategy

Amid a
greatly changing market, along with strengthening of R&D strategy
such as enhancing synergy between R&D and business, and early
commercialization of development results, NEC will actively create
and protect intellectual assets in the area of Integrated IT/Network
Solutions and Semiconductor Solutions.  In addition, NEC will
strengthen intellectual asset strategies such as promoting use of its
intellectual assets by third parties in other areas, in order to
strengthen its competitiveness.

Through
these kinds of measures, NEC aims to further business expansion and
improve profitability, and develop into an excellent, global company.



6.
	Basic Policy and Implementation Status of Plan Regarding Corporate
	Governance

NEC's
Corporate Governance Policy

NEC
believes that strong corporate governance is vital in order to
maximize its corporate value.  Recognizing this, NEC aims to
strengthen its corporate governance, in accordance with the following
four principles:

|(i)   | Transparency
				and integrity of management.                  
|----- | ---------------------------------------------------------------
|(ii)  | Realization
				of fast decision making and business execution.
|(iii) | Clear
				accountability.                                      
|(iv)  | Timely
				and fair disclosure.                                



NEC's
Corporate Governance Structure

NEC is
establishing a corporate governance structure suitable to NEC led by
a Board of Directors and a Board of Corporate Auditors.

In
April, 2000, an executive officer system was introduced, and through
the large delegation of authority from board members to executive
officers NEC is promoting a clear responsibility structure and fast
decision making and business execution.

In
addition, NEC is seeking to further improve transparency and
integrity of management through introduction of outside board
members, establishment of a Management Advisory Committee and a
Compensation Committee, and through cooperation among the corporate
internal auditing section, corporate auditors, and independent
auditors.







<1>Board of Directors

The
Board of Directors consists of 15 members, and includes 3 outside
members as of March 31, 2004.

At
NEC, the Board of Directors holds ordinary meetings once a month and
extraordinary meetings when urgent decision-making is required.  It
deliberates and decides on material matters concerning corporate
management plans, financial plans, investment and loans, and business
reforms and restructuring. Issues of
particular importance that are decided and discussed at the meetings
of the Board of Directors are discussed in advance by the Executive
Committee.

Furthermore,
to supplement the corporate governance functions of the Board of
Directors, NEC established the Management Advisory Committee and the
Compensation Committee.  The Management Advisory Committee discusses
a wide range of management issues such as the mid-term management
strategy of the NEC Group, and the corporate governance policy from
objective and independent perspectives.  As of March 31, 2004, the
committee consists of 12 members, 5 of whom are prominent individuals
outside the NEC group.  The Compensation Committee reviews the
executive remuneration system and deliberates on the appropriate
level of compensation for the directors and executive officers from
an objective standpoint.  As of March 31, 2004 the committee consists
of 5 members, 2 of whom are from outside the NEC group.

<2>
Corporate Auditors and Board of Corporate Auditors

Corporate
auditors are elected at the ordinary general meeting of shareholders
and act independently of directors.  Their responsibility is to
monitor the actions of the directors to ensure that they comply with
applicable laws and regulations.  NEC has 2 full-time auditors and 2
auditors from outside the NEC group as of March 31, 2004.   In
principle, the Board of Corporate Auditors meets once a month, but it
also holds meetings as need arises. Each corporate auditor carries
out audits through methods that include attending important corporate
meetings, requesting business reports from directors, and
investigating subsidiaries.  In order to encourage cooperation, the
corporate auditors also request additional reporting as needed from
the corporate internal auditing section and the independent auditors.

Corporate
Auditing Bureau

The
Corporate Auditing Bureau, as a corporate internal auditing section,
under close cooperation with the corporate auditors and the
independent auditors inspects whether office administration is being
carried out lawfully, properly, and rationally in compliance with the
management policy, related legislation, internal rules, and
standards, etc. It also provides improvement suggestions to each
business division.

Risk
	Management

Amid a
	violently changing business environment, NEC recognizes the
	importance of appropriately managing the various risks it faces in
	order to maintain and increase corporate value.

Consequently,
related divisions carry out risk analysis and research
countermeasures regarding risks related to management strategy
decision making such as alliances with other companies, and
structural reform etc.  Especially important issues are discussed
sufficiently by the Executive Committee and so on, then decision
making is carried out at the meeting of the Board of Directors, and
performance trends are continuously monitored thereafter.  In
addition, regarding business execution risks related to quality
issues and disasters, specialist divisions have been established to
carry out risk management as well as to improve and maintain a risk
management structure.

In
order to support these activities, basic principles such as an NEC
Group Charter of Corporate Behavior and an NEC Group Code of Conduct
have been established with the aim of thorough dissemination
throughout the NEC Group.  In addition, regarding corporate ethics
problems, a system has been established with delegates posted inside
and outside of the company, which enables employees and individuals
to seek advice or file a complaint without any drawback.

NEC
will continue to strive to strengthen corporate governance toward
maximization of corporate value.





II.
Business Results & Financial Condition



1.
 Business Results

<1> Overview
of the fiscal year ended March 31, 2004 and outlook for the fiscal
year ending March 31, 2005

This
fiscal year the global economy suffered slow expansion in the first
quarter.  This was principally due to the aggravation of the
situation in Iraq, and the outbreak of Severe Acute Respiratory
Syndrome (SARS), which was followed thereafter by steady economic
expansion mainly in the United States and Asia.

While,
in Japan, growth in personal consumption remained weak, business
recovered moderately due to an increase in equipment investment, and
a shift toward steady exports.

In
the electronics industry, IT products for domestic enterprises
experienced sluggish growth, while camera equipped mobile handsets,
flat panel televisions, digital home electronics products, such as
DVD recorders etc., as well as related electronics devices, saw
steady performance.  Overseas, due to economic recovery, demand grew
mainly in digital home electronic products, mobile handsets, and
personal computers etc.

Amid
this business environment, NEC operated its businesses with this
fiscal year positioned as the starting point of medium-term
expansion.  Specifically, NEC laid out its Mid-Term Growth Strategy
in October, 2003.  As a measure to realize this strategy, in addition
to reduction of interest-bearing debt, through amendments of the
pension and severance plans, and the transfer of a substitutional
portion of the employee pension fund liabilities to the government,
performance fluctuation risk was reduced. Furthermore, an increase in
shareholder capital was carried out through stock issuance based on
its market price aimed at strengthening of the financial foundation
supporting implementation of NEC's growth strategy.  Moreover, due to
a reduction in material costs, production innovation, strengthening
of SCM (Supply Chain Management) and promotion of development process
innovation, a thorough reduction in cost of sales was achieved.

The
net sales for the fiscal year ended March 31, 2004, was 4,906.8
billion yen, an increase of 211.7 billion yen (4.5%) as compared with
the previous fiscal year.  This was principally due to an increase in
sales of mobile handsets, optical disc drives, and SI and Services.

Regarding
profitability, operating income, due to an increase in net sales and
a reduction in costs, increased by 61.8 billion yen (51.1%) to 182.6
billion yen as compared with the previous fiscal year.  In addition,
income before income taxes increased 99.0 billion yen to 160.5
billion yen as compared with the previous fiscal year as a result of
gains due to stock issuances by subsidiaries such as NEC Electronics
Corporation and other affiliated companies, and gain on the sale of
the Yokohama plant and the central laboratories that accompanied the
reorganization of NEC's R&D bases.  Net income for the fiscal
year ended March 31, 2004, increased by 65.6 billion yen to 41.0
billion yen as compared with the previous fiscal year.

For
the full fiscal year ending March 31, 2005, although there will be a
reduction in sales through sale of businesses, due to an increase in
shipments of mobile handsets for the overseas market, and steady
growth in the device business as a result of expansion of the digital
consumer electronics market, NEC plans consolidated net sales of
4,940.0 billion yen, an increase of 1% as compared with the fiscal
year ended March 31, 2004.

Due
to acceleration of cost reductions, and curbing of increases in fixed
costs, NEC plans a consolidated operating income of 64.0 billion yen
for the first half of the fiscal year ending March 31, 2005, and
220.0 billion yen for the full fiscal year ending March 31, 2005.
NEC plans a consolidated net income of 25.0 billion yen for the first
half of the fiscal year ending March 31, 2005, and 70.0 billion yen
for the full fiscal year ending March 31, 2005.



|Consolidated                    | Forecast
					for the fiscal year ending March 31, 2005 | Comparison
					with the fiscal
					year ended March 31, 2004
|------------------------------- | ------------------------------------------------------- | --------------------------------------------------------------
|                                | In
					billions of yen                                 |                                                               
|Net
					sales                  | 4,940.0                                                 | +1%                                                           
|Operating
					income           | 220.0                                                   | +37.3
					billion yen                                        
|Income
					before income taxes | 180.0                                                   | +19.4
					billion yen                                        
|Net
					income                 | 70.0                                                    | +28.9
					billion yen                                        



|Non-consolidated     | Forecast
					for the fiscal year ending March 31, 2005 | Comparison
					with the fiscal
					year ended March 31, 2004
|-------------------- | ------------------------------------------------------- | --------------------------------------------------------------
|                     | In
					billions of yen                                 |                                                               
|Net
					sales       | 2,570.0                                                 | +2%                                                           
|Ordinary
					income | 47.0                                                    | +15.1
					billion yen                                        
|Net
					income      | 25.0                                                    | -0.2
					billion yen                                         





<2>
	Results by business segments (including inter-segment
	transactions and profit/loss figures)

Sales
and segment profit of NEC's main segments were as follows (figures in
brackets denote increases or decreases as compared with the previous
fiscal year):



IT
Solutions Business

|Sales:              | 2,098.8
				billion yen (+1%)            
|------------------- | -----------------------------------------
|Segment
				Profit: | 91.7
				billion yen (- 14.0 billion yen)

Sales
for the IT Solutions business for the fiscal year ended March 31,
2004 were 2,098.8 billion yen, an increase of 1% as compared with the
previous fiscal year. Although domestic IT investment remained
severe, steady growth in SI services and computer platform areas
secured sales in line with those of the previous fiscal year.

Net
sales by products and services were as follows:

In the
area of SI services, in addition to steady government-sector demand,
business for the private-sector grew steadily, and sales increased by
3% to 739.2 billion yen as compared with the previous fiscal year.
In the software area, due to the influence of large orders attained
in the previous fiscal year, sales decreased by 5% to 101.1 billion
yen as compared with the previous fiscal year. In the area of
computer platforms, sales increased by 5% to 532.4 billion yen as
compared with the previous fiscal year due to expanded growth in
optical disk drives.  In the area of personal solutions business,
although there was an increase in PC unit shipments in Japan, a
decrease in average selling price led to a decrease in sales of 3% to
726.1 billion yen.

Although
profitability of the personal solutions business improved mainly in
PCs, due to an increase in costs related to anticipatory investment
for responding to new technologies and exploiting new
markets/customers, and a decrease in profitability in the SI services
area etc., segment profit for the fiscal year ended March 31, 2004
was 91.7 billion yen, a decrease of 14.0 billion yen as compared with
the previous fiscal year.



Network
Solutions Business

|Sales:              | 1,775.7
				billion yen (+13%)          
|------------------- | ----------------------------------------
|Segment
				Profit: | 67.8
				billion yen (+33.5 billion yen)

Sales
for the Network Solutions business for the fiscal year ended March
31, 2004 increased by 13% to 1,775.7 billion yen as compared with the
previous fiscal year.  This was mainly due to large growth in sales
of mobile handsets in Japan and overseas.

Net
sales by products and services were as follows:

In the
area of broadband, although there was steady investment in IP
(Internet Protocol) in the domestic enterprises market, due to
downsizing of overseas business, sales decreased by 9% to 478.9
billion yen as compared with the previous fiscal year. In the mobile
area, due to an increase in mobile handset shipments in Japan and the
commencement of full-scale shipments overseas, sales increased by 30%
to 1,047.9 billion yen as compared with the previous fiscal year.  In
the area of social infrastructure, shipments of digital terrestrial
broadcasting systems in Japan took stride in the second half of the
previous fiscal year and came full turn in the second half of the
fiscal year ended March 31, 2004, and sales of 248.9 billion yen were
approximately in line with those of the previous fiscal year.

There
was an improvement in profitability, due to an increase in shipments
mainly in mobile handsets, and a reduction in material costs and
fixed costs.  Segment profit increased 33.5 billion yen compared with
the previous fiscal year to 67.8 billion yen for the fiscal year
ended March 31, 2004.



Electron
Devices Business

|Sales:              | 932.1
				billion yen (-1%)             
|------------------- | ----------------------------------------
|Segment
				Profit: | 54.2
				billion yen (+56.5 billion yen)

Sales
for the Electron Devices business for the fiscal year ended March 31,
2004 decreased by 1% to 932.1 billion yen as compared with the
previous fiscal year.  This was due to the influence of the
implementation of business restructuring in the previous fiscal year
despite steady growth in semiconductors etc.

Net
sales by products and services were as follows:

In the
area of semiconductors, in spite of the integration of DRAM
manufacturing into Elpida Memory, Inc., as a result of steady growth
in semiconductors mainly for mobile handsets and digital consumer
electronics, in addition to resale products from the fiscal year
ended March 31, 2004, sales amounted to 724.3 billion yen, an
increase of 3% as compared with the previous fiscal year.  In the
display area, despite production downsizing of low-profitable color
LCD products, due to sudden expansion of the plasma display market,
sales increased by 2% to 99.9 billion yen as compared with the
previous fiscal year.  In the area of electronic components and
others, despite steady growth in electronic components, due to the
deconsolidation of printed circuit boards and car electronics
businesses during the business restructuring that took place in the
previous fiscal year, sales decreased by 18% to 107.9 billion yen as
compared with the previous fiscal year.



There
was an improvement in profitability due to a shift to high
value-added products, improvement in productivity and a reduction in
material costs etc. in the area of semiconductors, an increase in
profit, in addition to the results of structural reform in the area
of displays and electronic components. Segment profit for the fiscal
year ended March 31, 2004 amounted to 54.2 billion yen, a huge
improvement over the segment loss of 2.2 billion yen recorded in the
previous fiscal year.



2.
Financial Condition

Net
cash provided by operating activities for the fiscal year ended March
31, 2004 was 328.4 billion yen due to a large improvement in net
income this fiscal year, an increase of 80.9 billion yen as compared
with the previous fiscal year.

Net
cash used in investment activities was 69.1 billion yen due to a
decrease in proceeds from the sale of fixed assets etc., an increase
of 57.5 billion yen as compared with the previous fiscal year.  As a
result, the free cash flows (the sum of cash flows from operating
activities and investment activities) were cash inflows of 259.3
billion yen, an improvement of 23.4 billion yen as compared with the
previous fiscal year.

Regarding
net cash used in financing activities, while stock issuances of NEC
Corporation and its subsidiaries were carried out, through the
redemption of debentures and repayment of debts payable, it amounted
to 102.7 billion yen, an improvement of 159.9 billion yen as compared
with the previous fiscal year.  As a result, cash and cash
equivalents amounted to 496.7 billion yen, an increase of 152.4
billion yen as compared with the end of the previous fiscal year.

Regarding
interest-bearing debt, due to the results of policies undertaken to
actively reduce interest-bearing debt, it amounted to 1,171.0 billion
yen, a decrease of 316.0 billion yen as compared with the end of the
previous fiscal year.  Debt equity ratio was 1.65 times (an
improvement of 2.50 points as compared with the end of the previous
fiscal year).

In
addition, the balance of interest-bearing debt (net), obtained by
offsetting the balance of interest bearing debt with the balance of
cash equivalents, amounted to 674.2 billion yen, a decrease of 468.4
billion yen as compared with the end of the previous fiscal year, and
accordingly debt equity ratio was 0.95 times (an improvement of 2.24
points as compared with the end of the previous fiscal year).

As
one of the measures to reduce NEC's interest-bearing debt, the Board
of Directors resolved on April 22, 2004 that on June 21, 2004 NEC
will redeem in whole its NEC Corporation Unsecured Subordinated
Debentures due 2021 in accordance with the terms and conditions
thereof.  The redemption price is 100,001 million yen plus accrued
interest. NEC will use free cash flows and some of its cash on hand
for the redemption funds.



|                                                     | Fiscal
				Year 2002 | Fiscal
				Year 2003 | Fiscal
				Year 2004
|---------------------------------------------------- | -------------------- | -------------------- | --------------------
|Shareholders'
				equity ratio                       | 11.3%                | 8.7%                 | 17.6%               
|Shareholders'
				equity ratio on market value basis | 35.5%                | 15.7%                | 40.8%               
|Redemption
				years                                 | 14.4
				years       | 7.6
				years        | 4.0
				years       
|Interest
				coverage ratio                          | 2.9                  | 8.2                  | 11.9                



Calculation
methods for each of the above indices:

Shareholders'
equity ratio:

Shareholders'
	equity at the end of each fiscal year    /    total assets at the end of
	each fiscal year

Shareholders'
equity ratio on market value basis:

Aggregated
	market value of shares at the end of each fiscal year    /    total assets
	at the end of each fiscal year

Redemption
years:

Interest-bearing debt    /    cash flows from operating activities

*
Interest-bearing debt    =    ( Interest-bearing debt at the beginning of
the fiscal year    +    Interest-bearing debt at the end of the fiscal
year )    /    2

Interest coverage ratio:

Cash
	flows from operating activities    /    interest paid

The
indices above were calculated based on consolidated financial
figures.





---



**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

|(In
      millions of yen, millions of U.S. dollars)                                                              
|------------------------------------------------------------------------------------------------------------------
|                                                                                                                  
|                                                                                                                  
|                                                                                                                  
|Net
      sales                                                                                                   
|Cost
      of sales                                                                                               
|Selling,
      general and administrative expenses                                                                
|Operating
      income                                                                                            
|                                                                                                                  
|Non-operating
      income                                                                                        
|Interest
      and dividends                                                                                      
|Other                                                                                                             
|Non-operating
      expenses                                                                                      
|Interest                                                                                                          
|Other                                                                                                             
|                                                                                                                  
|Income
      before income taxes                                                                                  
|                                                                                                                  
|Provision
      for income taxes                                                                                  
|Minority
      interest in income of consolidated subsidiaries                                                    
|Equity
      in losses of affiliated companies                                                                    
|                                                                                                                  
|Net
      income (loss)                                                                                           
|                                                                                                                  
|(Note)
      US dollar amounts are translated from yen, for convenience only, at the
      rate of US$1 = 104 yen.



**CONDENSED CONSOLIDATED BALANCE SHEETS**

|(In
      millions of yen, millions of U.S. dollars)             
|-----------------------------------------------------------------
|                                                                 
|                                                                 
|                                                                 
|Current
      assets                                             
|                                                                 
|Cash
      and cash equivalents                                  
|Notes
      and accounts receivable, trade                       
|Inventories                                                      
|Other
      current assets                                       
|Long-term
      assets                                           
|                                                                 
|Long-term
      receivables, trade                               
|Investments
      and advances                                   
|Property,
      plant and equipment                              
|Other
      assets                                               
|                                                                 
|Total
      assets                                               
|                                                                 
|                                                                 
|                                                                 
|Current
      liabilities                                        
|                                                                 
|Short-term
      borrowings and current portion of long-term debt
|Notes
      and accounts payable, trade                          
|Other
      current liabilities                                  
|Long-term
      liabilities                                      
|                                                                 
|Long-term
      debt                                             
|Accrued
      pension and severance costs                        
|Other                                                            
|Minority
      shareholders' equity in consolidated subsidiaries 
|                                                                 
|Preferred
      securities issued by a subsidiary                
|                                                                 
|Total
      shareholders' equity                                 
|                                                                 
|Common
      stock                                               
|Additional
      paid-in capital                                 
|Retained
      earnings                                          
|Accumulated
      other comprehensive income (loss)              
|Treasury
      stock                                             
|                                                                 
|Total
      liabilities and shareholders' equity                 
|                                                                 



**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

|(In
      millions of yen, millions of U.S. dollars)                                          
|----------------------------------------------------------------------------------------------
|                                                                                              
|                                                                                              
|                                                                                              
|I.
      Cash flows from operating activities                                                 
|Net income (loss)                                                                             
|Adjustments
      to reconcile net income (loss) to net cash provided by operating activities:
|Depreciation                                                                                  
|Equity
      in losses of affiliated companies, net of dividends                              
|(Increase)
      Decrease in notes and accounts receivable                                    
|(Increase)
      Decrease in inventories                                                      
|Increase
      (Decrease) in notes and accounts payable                                       
|Other,
      net                                                                              
|                                                                                              
|Net
      cash provided by operating activities                                               
|                                                                                              
|II.
      Cash flows from investing activities                                                
|Proceeds
      from sales of fixed assets                                                     
|Additions
      to fixed assets                                                               
|Proceeds
      from sales of marketable securities                                            
|Purchase
      of marketable securities                                                       
|Other,
      net                                                                              
|                                                                                              
|Net cash
      used in investing activities                                                   
|                                                                                              
|Free cash
      flows (I+II)                                                                  
|                                                                                              
|III.
      Cash flows from financing activities                                               
|Net repayments
      of bonds and borrowings                                                  
|Proceeds
      from stock issuances                                                           
|Proceeds
      from stock issuances by subsidiaries                                           
|Dividends
      paid                                                                          
|Other,
      net                                                                              
|                                                                                              
|Net
      cash used in financing activities                                                   
|                                                                                              
|Effect
      of exchange rate changes on cash and cash equivalents                            
|                                                                                              
|Net
      increase (decrease) in cash and cash equivalents                                    
|                                                                                              
|Cash
      and cash equivalents at beginning of year                                          
|Cash
      and cash equivalents at end of year                                                
|                                                                                              



**SEGMENT INFORMATION**

**1.Business Segment Information**

|(1)
      Net Sales (Including internal sales to other segments)
|----------------------------------------------------------------
|(In
      millions of yen, millions of U.S. dollars)            
|                                                                
|                                                                
|                                                                
|IT
      Solutions business                                     
|Network
      Solutions business                                
|Electron
      Devices business                                 
|Others                                                          
|Eliminations                                                    
|                                                                
|Electronics
      business total                                
|                                                                
|Leasing
      business                                          
|Eliminations                                                    
|                                                                
|Consolidated
      total                                        
|                                                                



|(2)
      Segment Profit or Loss                                                                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(In
      millions of yen, millions of U.S. dollars)                                                                                                                                                   
|                                                                                                                                                                                                       
|                                                                                                                                                                                                       
|                                                                                                                                                                                                       
|IT
      Solutions business                                                                                                                                                                            
|Network
      Solutions business                                                                                                                                                                       
|Electron
      Devices business                                                                                                                                                                        
|Others                                                                                                                                                                                                 
|Eliminations                                                                                                                                                                                           
|Unallocated
      corporate expenses*                                                                                                                                                                  
|                                                                                                                                                                                                       
|Electronics
      business total                                                                                                                                                                       
|                                                                                                                                                                                                       
|Leasing
      business                                                                                                                                                                                 
|Eliminations                                                                                                                                                                                           
|                                                                                                                                                                                                       
|                                                                                                                                                                                                       
|Other
      income                                                                                                                                                                                     
|Other
      expenses                                                                                                                                                                                   
|                                                                                                                                                                                                       
|Consolidated
      income before income taxes                                                                                                                                                          
|                                                                                                                                                                                                       
|(Notes)
      * Unallocated corporate expenses include general corporate expenses and research and
      development expenses at NEC Corporation which are not allocated to any business
      segment.





|(3)
      Net Sales to External Customers (Unaudited)
|-----------------------------------------------------
|(In billions of yen, millions of U.S. dollars)       
|                                                     
|                                                     
|                                                     
|IT
      Solutions business                          
|Domestic                                             
|Overseas                                             
|Network
      Solutions business                     
|Domestic                                             
|Overseas                                             
|Electron
      Devices business                      
|Domestic                                             
|Overseas                                             
|Others                                               
|Domestic                                             
|Overseas                                             
|Electronics
      business total                     
|Domestic                                             
|Overseas                                             
|                                                     
|Leasing
      business                               
|Domestic                                             
|Overseas                                             
|Consolidated
      total                             
|Domestic                                             
|Overseas                                             



|(4)
      Net Sales by Products and Services (Including internal sales to other segments) *1 (Unaudited)
|--------------------------------------------------------------------------------------------------------
|(In billions of yen, millions of U.S. dollars)                                                          
|                                                                                                        
|                                                                                                        
|                                                                                                        
|IT
      Solutions business                                                                             
|SI
      / Services                                                                                     
|Software                                                                                                
|Computers
      / Platforms                                                                             
|Personal
      Solutions                                                                                
|Network
      Solutions Business                                                                        
|Broadband                                                                                               
|Mobile                                                                                                  
|Social
      Infrastructure                                                                             
|Electron
      Devices business                                                                         
|Semiconductors                                                                                          
|Displays                                                                                                
|Electronic
      Components                                                                             
|(NOTE)
      *1 Please refer to the last page.                                                          



**2. Geographic Segment Information ***

(1) Net Sales


|(In millions
      of yen, millions of U.S. dollars)
|----------------------------------------------------
|                                                    
|                                                    
|                                                    
|Japan                                               
|Overseas                                            
|Consolidated                                        
|                                                    
|                                                    
|(2)
      Geographic Profit or Loss                 
|                                                    
|                                                    
|                                                    
|Japan                                               
|Overseas                                            
|                                                    
|Other
      income                                  
|Other
      expenses                                
|Consolidated
      income before income taxes       

* Geographic segment information based on the country location of NEC Corporation or subsidiary.



|**3.
      Sales by Market (Unaudited)** |                     |                |  |                     |  |                  
|---------------------------------------- | ------------------- | -------------- |  | ------------------- |  | -----------------
|                                        
|                                         | Fiscal
      2004   | %
      change |  | Fiscal
      2003   |  | Fiscal
      2004
|                                        
|Japan                                    | JPY
      3,730,809 | +2.4           |  | JPY
      3,644,673 |  | $35,873          
|Overseas                                 | 1,176,012           | +12.0          |  | 1,050,362           |  | 11,308           
|Consolidated                             | JPY
      4,906,821 | +4.5           |  | JPY
      4,695,035 |  | $47,181          



**FINANCIAL INSTRUMENTS**

(1) Fair value of derivative financial
  instruments 
  Contract or notional principal amounts, carrying amounts and estimated fair
  value are summarized as follows:

|(In
      millions of yen)                      
|------------------------------------------------
|                                                
|                                                
|                                                
|Derivatives:                                    
|                                                
|Forward
      exchange contracts *              
|Interest
      rate and currency swap agreements
|Option
      contracts                          
|Written                                         
|Purchased                                       

* Contract or notional amounts of
  forward exchange contracts are net amount of "sale" minus "purchase".

|March
      31, 2003              
|----------------------------------
|Purchase
      of foreign currency
|Sale of
      foreign currency    
|March
      31, 2004              
|Purchase
      of foreign currency
|Sale of
      foreign currency    



(2) Marketable securities
  The cost, fair value and net unrealized holding gains/losses for marketable
  securities by major security type are summarized as follows:

|                                            |                      | (In
      millions of yen)
|------------------------------------------- | -------------------- | --------------------------
|                                           
|                                            | March
      31, 2004 | March
      31, 2003      
|                                           
|Available-for-sale:                         |                      |                           
|Equity
      securities                     |                      |                           
|Cost                                        | JPY
      80,083     | JPY 111,192               
|Fair
      value                            | 146,944              | 111,983                   
|Net
      unrealized holding gains          | 66,861               | 791                       
|                                            |                      |                           
|Debt
      securities                       |                      |                           
|Cost                                        | 3,043                | 4,231                     
|Fair
      value                            | 3,045                | 4,110                     
|Net
      unrealized holding gains (losses) | 2                    | (121)                     

(3) Investments in affiliated companies
  accounted for by the equity method
  The carrying amount and market value of stocks of affiliated companies accounted
  for by the equity method which have quoted market values are summarized as follows:

|                      |                      | (In
      millions of yen)
|--------------------- | -------------------- | --------------------------
|                     
|                      | March
      31, 2004 | March
      31, 2003      
|                     
|Carrying
      amount | JPY
      103,726    | JPY 97,123                
|Market
      value    | 206,955              | 87,661                    
|                     
|                      | 103,229              | (9,462)                   



**LEASING ARRANGEMENTS**

|                      |                      | (In
      millions of yen)
|--------------------- | -------------------- | --------------------------
|                     
|                      | March
      31, 2004 | March
      31, 2003      
|                     
|Within
      one year | JPY
      2,566      | JPY 4,093                 
|Over
      one year   | 239                  | 199                       
|                     

|(In
      millions of yen)
|--------------------------
|                          
|                          
|                          
|Within
      one year     
|Over one
      year       



**PENSION AND SEVERANCE PLANS**

NEC Corporation and its subsidiaries
  in Japan have severance indemnity plans and non-contributory defined benefit
  funded pension plans, or only severance indemnity plans, covering substantially
  all of their employees who meet specified eligibility requirements. Under the
  plans, employees whose service with the Company is terminated are, under most
  circumstances, entitled to lump-sum severance indemnities and/or pension payments,
  determined by reference to their current base rate of pay, length of service,
  job classification, performance, conditions under which the termination occurs
  and interest crediting rate calculated based on market interest rate. The funding
  policy is to make contributions that can be deducted for Japanese income tax
  purposes.

NEC Corporation and certain subsidiaries
  in Japan also had contributory defined benefit pension plans covering substantially
  all of their employees, including a governmental welfare pension benefit plan,
  which would otherwise be provided by the Japanese government. Among these, in
  September 2002, NEC Corporation and certain subsidiaries in Japan received the
  approval of the Japanese government to eliminate future benefit obligations
  related to the governmental welfare component, or substitutional portion, of
  the Company's contributory defined benefit pension plans, over which the
  Japanese government will take responsibility. Upon the final approval from the
  Japanese government on December 1, 2003 and January 1, 2004, with the transfer
  to the Japanese government from the assets of the pension plans on February
  16, 2004 and March 15, 2004, NEC Corporation and certain subsidiaries in Japan
  were relieved of all past obligations under the substitutional portion of the
  plans. The Company accounted for the elimination of future benefits and relief
  of past obligations with the transfer of assets as the culmination of a series
  of steps in a single settlement transaction and recognized net gain on 8,174
  million yen through these transactions.

Effective August 1, 2003, NEC Corporation
  and a certain subsidiary in Japan amended their severance indemnity plans by
  introducing a "point-based benefits system, under which benefits
  are calculated based on accumulated points allocated to employees each year
  according to their job classification and their performance.

Effective March 1, 2004, NEC Corporation
  and certain subsidiaries in Japan amended their defined benefit pension plans
  to cash balance pension plans. Under the cash balance pension plans, each participant
  has an account which is credited yearly based on the current base rate of pay,
  their job classification and interest crediting rate calculated based on market
  interest rate.

The contributions to the contributory
  and the non-contributory pension plans are placed into trusteed pension funds.



The weighted-average assumptions
  used to determine benefit obligations at March 31, 2004 and 2003 were as follows:

|                                                    | March
      31, 2004 | March 31, 2003   
|--------------------------------------------------- | -------------------- | -----------------
|                                                   
|Discount rate                                       | 2.5%                 | 3.0%             
|Rate of increase
      in future compensation level | 1.7%
      - 3.8%    | 1.7%
      - 3.8%

The weighted-average assumptions used to determine net pension and severance
  cost for the year ended March 31, 2004 and 2003 were as follows:

|                                                       | March
        31, 2004 | March
        31, 2003
|------------------------------------------------------ | ---------------------- | ----------------------
|                                                      
|Discount rate                                          | 3.0%                   | 3.5%                  
|Rate of increase
      in future compensation level    | 1.7%
      - 3.8%      | 1.7%
      - 3.8%     
|Expected long-term
      rate of return on plan assets | 4.0%                   | 4.0%                  



**NET INCOME (LOSS) PER SHARE**

|A reconciliation
      of the numerators and the denominators of the basic and diluted per share
      computations for net income (loss) is as follows:                                             
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(In millions
      of yen)                                                                                                                                                                           
|                                                                                                                                                                                                     
|                                                                                                                                                                                                     
|Net income (loss)
      available to common shareholders                                                                                                                                             
|Effect of dilutive
      securities                                                                                                                                                                  
|Diluted net income
      (loss)                                                                                                                                                                      
|                                                                                                                                                                                                     
|(Number
      of shares)                                                                                                                                                                             
|                                                                                                                                                                                                     
|                                                                                                                                                                                                     
|Weighted-average
      number of shares of common stock outstanding for the year                                                                                                                     
|Effect
      of dilutive securities                                                                                                                                                                  
|Weighted-average
      number of shares of diluted common stock outstanding for the year                                                                                                             
|                                                                                                                                                                                                     
|Net Income (Loss)
      Per Share:                                                                                                                                                                   
|                                                                                                                                                                                                     
|                                                                                                                                                                                                     
|                                                                                                                                                                                                     
|Basic                                                                                                                                                                                                
|Diluted                                                                                                                                                                                              
|                                                                                                                                                                                                     
|Securities
      that could potentially dilute basic EPS in the future that were not included
      in the fully diluted computation because they would have been antidilutive
      were as follows:
|(Number
      of shares)                                                                                                                                                                             
|                                                                                                                                                                                                     
|                                                                                                                                                                                                     
|Convertible
      debt                                                                                                                                                                               
|Stock
      options                                                                                                                                                                                  



**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

|(In
      millions of yen, millions of U.S. dollars)          
|--------------------------------------------------------------
|                                                              
|Three
      months ended March 31                             
|                                                              
|Net
      sales                                               
|Cost
      of sales                                           
|Selling,
      general and administrative expenses            
|Operating
      income                                        
|                                                              
|Non-operating
      income                                    
|Interest
      and dividends                                  
|Other                                                         
|Non-operating
      expenses                                  
|Interest                                                      
|Other                                                         
|                                                              
|Income
      before income taxes                              
|                                                              
|Provision
      for income taxes                              
|Minority
      interest in income of consolidated subsidiaries
|Equity
      in income (losses) of affiliated companies       
|                                                              
|Net
      income (loss)                                       
|                                                              



**SEGMENT INFORMATION (UNAUDITED)**

Business Segment Information

|(1)
      Net Sales (Including internal sales to other segments)
|----------------------------------------------------------------
|(In
      millions of yen, millions of U.S. dollars)            
|                                                                
|Three
      months ended March 31                               
|                                                                
|IT
      Solutions business                                     
|Network
      Solutions business                                
|Electron
      Devices business                                 
|Others                                                          
|Eliminations                                                    
|                                                                
|Electronics
      business total                                
|                                                                
|Leasing
      business                                          
|Eliminations                                                    
|                                                                
|Consolidated
      total                                        
|                                                                



|(2)
      Segment Profit or Loss                                                                                                                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(In
      millions of yen, millions of U.S. dollars)                                                                                                                                                   
|                                                                                                                                                                                                       
|Three
      months ended March 31                                                                                                                                                                      
|                                                                                                                                                                                                       
|IT
      Solutions business                                                                                                                                                                            
|Network
      Solutions business                                                                                                                                                                       
|Electron
      Devices business                                                                                                                                                                        
|Others                                                                                                                                                                                                 
|Eliminations                                                                                                                                                                                           
|Unallocated
      corporate expenses*                                                                                                                                                                  
|                                                                                                                                                                                                       
|Electronics
      business total                                                                                                                                                                       
|                                                                                                                                                                                                       
|Leasing
      business                                                                                                                                                                                 
|Eliminations                                                                                                                                                                                           
|                                                                                                                                                                                                       
|                                                                                                                                                                                                       
|Other
      income                                                                                                                                                                                     
|Other
      expenses                                                                                                                                                                                   
|                                                                                                                                                                                                       
|Consolidated
      income before income taxes                                                                                                                                                          
|                                                                                                                                                                                                       
|(Notes)
      * Unallocated corporate expenses include general corporate expenses and research and
      development expenses at NEC Corporation which are not allocated to any business
      segment.





|(3)
      Net Sales to External Customers     
|----------------------------------------------
|(In billions of yen, millions of U.S. dollars)
|                                              
|Three
      months ended March 31             
|                                              
|IT
      Solutions business                   
|Domestic                                      
|Overseas                                      
|Network
      Solutions business              
|Domestic                                      
|Overseas                                      
|Electron
      Devices business               
|Domestic                                      
|Overseas                                      
|Others                                        
|Domestic                                      
|Overseas                                      
|Electronics
      business total              
|Domestic                                      
|Overseas                                      
|                                              
|Leasing
      business                        
|Domestic                                      
|Overseas                                      
|Consolidated
      total                      
|Domestic                                      
|Overseas                                      



|(4)
      Net Sales by Products and Services (Including internal sales to other segments) *1
|--------------------------------------------------------------------------------------------
|(In billions of yen, millions of U.S. dollars)                                              
|                                                                                            
|Three
      months ended March 31                                                           
|                                                                                            
|IT Solutions
      business                                                                 
|SI
      / Services                                                                         
|Software                                                                                    
|Computers
      / Platforms                                                                 
|Personal
      Solutions                                                                    
|Network
      Solutions business                                                            
|Broadband                                                                                   
|Mobile                                                                                      
|Social
      Infrastructure                                                                 
|Electron
      Devices business                                                             
|Semiconductors                                                                              
|Displays                                                                                    
|Electronic
      Components                                                                 
|(NOTE)
      *1 Please refer to the last page.                                              





---



(Note)

According
to the introduction of the new business line system in April 2003,
NEC revised the classification of the product area in each business
segment. Sales by product areas in each business segment of the
fiscal year ended March 31, 2003, have been reclassified and
displayed to conform to those of the fiscal year ended March 31,
2004.

"Operating
income (loss)" set forth above is a measure commonly used by
companies reporting in accordance with accounting principles
generally accepted in Japan.  Management believes this measure is
useful to investors in comparing NEC's results of operations to
other Japanese companies.  This measure, however, should not be
construed as an alternative to "income before income taxes"
or "net income" as determined in accordance with U.S.
GAAP.  Please refer to the condensed consolidated statement of
operations for the calculation of the operating income (loss).

The
statements in this material with respect to the plans, strategies and
forecasts of NEC Corporation and its consolidated subsidiaries
(collectively "NEC") are forward-looking statements
involving risks and uncertainties.  Moreover, the management targets
included in this material are not projections, and do not represent
management's current estimates of future performance.  Rather, they
represent targets that management will strive to achieve through the
successful implementation of NEC's business strategies.



NEC
cautions you in advance that actual results could differ materially
from such forward-looking statements due to several factors.  The
important factors that could cause actual results to differ
materially from such statements include, but are not limited to,
general economic conditions in NEC's markets, which are primarily
Japan, North America, Asia and Europe; fluctuating demand for, and
competitive pricing pressure on, NEC's products and services in the
marketplace; NEC's ability to continue to win acceptance of its
products and services in these highly competitive markets; NEC's
ability to expand into foreign markets such as China; regulatory
change and uncertainty and potential legal liability relating to
NEC's businesses and operations; and movements in currency exchange
rates, particularly the rate between the yen and the U.S. dollar.
Among other factors, a worsening of the world economy resulting from
the downturn in the IT and telecommunications industries, a worsening
of financial conditions in the world markets, and a deterioration in
the domestic and overseas stock markets, would cause actual results
to differ from the forward-looking statements, including management's
targets.



You
should keep in mind that any forward-looking statement made by NEC
speaks only as of the date on which NEC makes it.  New risks and
uncertainties come up from time to time, and it is impossible for NEC
to predict these events or how they may affect NEC.  In light of
these risks and uncertainties, you should keep in mind that any
forward-looking statement might not occur.  Therefore, you should not
place undue reliance on any forward-looking statements.  Finally, NEC
cautions you that the statements made in this material are not an
offer of securities for sale.  The securities may not be offered or
sold in any jurisdiction in which registration is required absent
registration or an exemption from registration under the applicable
securities laws.  For example, any public offering of securities to
be made in the United States must be registered under the U.S.
Securities Act of 1933 and made by means of an English language
prospectus that contains detailed information about NEC and
management, as well as NEC's financial statements.



***