FORM
6-K

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON,
D. C. 20549




---

REPORT
OF FOREIGN PRIVATE ISSUER

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

For
the month of October 2002

Commission
File Number: 000-12713




---

NEC
CORPORATION

(Translation
of registrant's name into English)




---

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

(Address
of principal executive offices)




---




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

Yes  [     ]      No [ X ]



---

SIGNATURE



NEC
CORPORATION(Registrant)By:


/S/
    NOBUHITOYAGINobuhito
Yagi
Associate Senior Vice president and
General Manager, Legal Divison




---












---

October 25, 2002





CONSOLIDATED FINANCIAL
  RESULTS FOR THE FIRST HALF OF THE FISCAL YEAR ENDING MARCH 31, 2003





# Consolidated Financial Results

Six months ended September 30, 2002
	  
	  Six months ended September 30, 2001
	  
	  Increase
		(decrease)
		%(In billions of yen, except per share amounts)Net sales
	  2,173.8
	  
	  2468.0
	  
	  (11.9)Operating income
	  26.7
	  
	  5.3
	  
	  401.0Income (loss) before income taxes
	  20.3
	  
	  (34.2)
	  
	  -Income (loss) before cumulative effect of accounting change
	  1.0
	  
	  27.3
	  
	  -Net income (loss)
	  1.0
	  
	  (29.8)
	  
	  -Per share of common stock:Income (loss) before cumulative effect of accounting changeBasic:
	  0.63
	  
	  (16.50)
	  
	  -Diluted:
	  0.60
	  
	  (16.50)
	  
	  -Net income (loss):Basic:
	  0.63
	  
	  (18.07)
	  
	  -Diluted:
	  0.60
	  
	  (18.07)
	  
	  -As of September 30, 2002
	  
	  As of September 30, 2001
	  
	  Increase
		(decrease)
		%(In
		billions of yen)Total assets:
	  4,575.3
	  
	  5,075.6
	  
	  (9.9)Employee number:
	  149,318
	  
	  151,646
	  
	  -


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

(As of September 30, 2002)
		  
		  (As of September 30, 2001)Consolidated subsidiaries
		  
		  181
		  
		  
		  
		  170Accounted for by the equity method
		  
		  11
		  
		  
		  
		  13  3.
		18 subsidiaries were newly consolidated and 6 consolidated subsidiaries
		were excluded, and 2 companies were excluded from affiliated companies
		accounted for by the equity method during the first half of the fiscal
		year ending March 31, 2003. 
		4. Operating income (loss) is displayed in conformity with accounting
		principles generally accepted in Japan.




---

I.    Fundamental management policy

Although the information technology ("IT") industry, in which NEC is
concentrating its business activities, is expected to see high growth
in the mid to long-term, the current situation in the IT industry is
one of fierce global competition adversely affected by the burst of
the IT bubble.

In this business environment, NEC's fundamental management policy is to
maximize the corporate value of the entire NEC group. In order to
achieve this, NEC has been (i) accelerating the establishment of a
management system that can quickly and effectively respond to a
changing business environment, (ii) improving capital efficiency
through the reorganization of its businesses including those of its
subsidiaries and affiliated companies, (iii) transforming its
business structure to concentrate on the area of software and
services, and (iv) strengthening its corporate governance.

As illustrated by intense price competition brought by the rise of
Chinese companies and electronic manufacturing service companies, the
business environment surrounding NEC is changing rapidly. In such
circumstances, NEC has decided to implement further management
reforms to accelerate its operating activities to enhance its
competitiveness. NEC will divide its business areas into two business
domains; "Semiconductor Solutions" and "IT-Network
Integrated Solutions" which combines and leverages NEC's
computer and networking strengths to provide total solutions and
pursue the following strategies based on business characteristics of
such two business domains:

1. To
	concentrate management resources on the two business domains above.
2. To
	separate the semiconductor business and optimize capital procurement
	through direct financing from the capital markets.
3. To
	maximize corporate value and strengthen the balance sheet



"NEC Electronics Corporation", a new semiconductor company to be
incorporated on November 1, 2002, intends to become "a
semiconductor solution provider" by meeting system needs of its
customers mainly for system large-scale integrated circuits ("LSIs")
through its distinctive technology. NEC Electronics Corporation also
intends to expand its business globally as a logic semiconductor
specialist company through the establishment of a capital procurement
structure and balance sheet suitable for the highly fluctuating
characteristics of the semiconductor business.

With the spread of the Internet in society, the demand for open mission
critical systems (highly reliable core information system) is rapidly
expanding in the business domains of NEC Solutions and NEC Networks,
which are the two remaining in-house companies of NEC Corporation
after the separation of the semiconductor business.  NEC believes
that in the area of open mission critical systems, it can leverage on
its track record of highly reliable communication systems for back
bone network and large-scale information systems as well as its
abundant associated know-how. NEC will strengthen its competitiveness
by leveraging the synergies between the two in-house companies and
focusing their management resources in this area.



Through such business reorganization, NEC intends to maximize corporate value
of the entire NEC group including its semiconductor business or  NEC
Electronics Corporation.



II.    
Consolidated Financial Results



1.    
 Overview of the first half of the fiscal year ending March 31, 2002

NEC's consolidated net sales were 2,173.8 billion yen, a decrease of 294.1 billion yen
(or 12%) compared with the corresponding period of
the previous fiscal year. This result was due to the fact that,
although sales of systems integration ("SI") services in
Japan and semiconductors were favorable, market conditions were weak in the area of
mobile handset business in Japan and hardware related business
including servers and personal computers ("PCs").



Regarding profit, in spite of lower consolidated net sales explained above, due to the implementation of restructuring
measures in the previous fiscal year that effectively reduced fixed
expenses and promoted cost reductions, NEC
recorded a consolidated operating income of 26.7 billion yen (an
increase of 21.3 billion yen as compared with the corresponding
period of the previous fiscal year) and interim income before income
taxes of 20.3 billion yen (an increase of 54.6 billion yen as
compared with the first half of the previous fiscal year). NEC
recorded an interim net income of 1.0 billion yen (an increase of
30.9 billion yen as compared with the corresponding period of the
previous fiscal year), mainly due to equity in losses of affiliated
semiconductor companies of 9.8 billion yen (a decrease of 1.7 billion
yen as compared with the corresponding period of the previous fiscal
year).



As for the full fiscal year ending March 31, 2003, although NEC
anticipates continuing difficult conditions for network
infrastructure business and weak conditions in demand for mobile
handsets in Japan, hardware related businesses including servers and PCs, and its semiconductors business, due to the
effectiveness of cost reductions, NEC expects to post consolidated
net income. Therefore, no further revision has been made on NEC's
revised financial results forecast announced on September 20, 2002.



Consolidated
financial results forecasts (figures in brackets denote increase or decrease from the
corresponding period of the previous fiscal year):



2.    
Results by operating segments (including inter-segment transactions
and profit/loss figures)



Sales and segment profits of NEC's main segments were as follows: (figures
in brackets denote increase or decrease from the corresponding period
of the previous fiscal year)

NEC Solutions' sales for the first half of the fiscal year ending March 31,
2003 decreased by 1% to 949.6 billion yen as compared with the
corresponding period of the previous fiscal year. Sales for main
product areas were as follows: In the area of SI services/software,
sales increased by 9% to 228.7 billion yen, due to steady growth in
sales of SI services for public sectors and medical service industry.
In the area of Internet services/support services, growth in
BIGLOBE's value-added services and support services saw sales
increase by 11% to 169.3 billion yen.  In the area of personal
products, however, sales decreased by 10% to 324.7 billion yen, due
to sluggish demand in the domestic PC market for consumer and
corporate customers.



NEC Solutions posted a segment profit of 29.9 billion yen, an improvement
of 11.1 billion yen as compared with the corresponding period of the
previous fiscal year. This was due to a profit increase derived from
a sales increase in software and services, and successful cost reduction in the area of
hardware.

Sales for NEC Networks decreased by 33% to 705.0 billion yen as compared
with the corresponding period of the previous fiscal year. Sales for
main product areas were as follows:  In the area of network
infrastructure, sales decreased by 33% to 421.0 billion yen mainly
due to a decrease in shipments for network infrastructure equipment
caused by the continuous deterioration of the global
telecommunications market. Sales for mobile terminals also decreased
by 45% to 185.4 billion yen due to a large decrease in mobile phone
shipments, which had been very favorable in the corresponding period
of the previous fiscal year. This decrease was largely influenced by
the slow down in numbers of new mobile phone subscribers in Japan.



In spite of a large decrease in sales, NEC Networks' posted a segment
profit of 12.1 billion yen. This was due to the effectiveness in
reducing of fixed expenses through the restructuring measures which
NEC Networks has been implementing since the previous fiscal year.





Sales for NEC Electron Devices increased by 11% to 476.9 billion yen as
compared with the corresponding period of the previous fiscal year.
Sales for main product areas were as follows: Sales of semiconductors
increased by 7% to 350.7 billion yen due to the continuous recovery
in the semiconductor market reflecting increased manufacturing of
consumer electronic products in Asia and Japan since the second half
of the previous fiscal year. Sales of displays increased by 19% to
57.5 billion yen mainly due to a rapid increase in demand in the
color plasma display panels ("PDPs") market. Sales of
electronic components increased by 25% to 68.7 billion yen mainly due
to the new consolidation of NEC Tokin Corporation as a result of the
integration of NEC's electronic components business into NEC Tokin.



NEC Electron Devices recorded a segment loss of 5.0 billion yen. However,
this result was a 50.2 billion yen improvement as compared with the
same period in the previous fiscal year, as a result of the extensive
restructuring measures that effectively reduced fixed expenses, and
due to increased number of shipments of semiconductors and color
PDPs.





III.    
Financial Condition



Net cash provided by operating activities for the first half of the
fiscal year ending March 31, 2003 was 50.6 billion yen, an increase
of 21.3 billion yen as compared to the corresponding period of the
previous fiscal year. This result was mainly due to a large decrease
in accounts receivable and inventories resulting from the promotion
of asset efficiency, despite a large decrease in accounts payable,
compared with the corresponding period in the previous fiscal year.

Net cash used in investment activities was
10.4 billion yen, a decrease of 123.6 billion yen over the
corresponding period of the previous fiscal year. This was
principally due to restrained capital expenditures, and sales of
marketable securities in view of raising asset efficiency.

As a result, free cash flows (the total of cash flows from operating
activities and cash flows from investing activities) were cash in
flow of 40.1 billion yen, an improvement of 145.0 billion yen as
compared with the corresponding period of the previous fiscal year
when free cash flows were cash out flow of 104.8 billion yen.

Net cash from financing activities was an expenditure of 139.4 billion
yen as a result of corporate bond payments. Cash and cash equivalents
amounted to 272.8 billion yen, a decrease of 104.9 billion yen over
the corresponding period in the previous year.

The balance of interest-bearing debt amounted to 2,133.8 billion yen (a
decrease of 101.0 billion yen as compared with the end of the
corresponding period of the previous fiscal year, and a decrease of
125.8 billion yen as compared with the end of the previous fiscal
year) mainly due to the improved free cash flow. NEC's debt equity
ratio (ratio of interest-bearing debt to shareholders' equity) was 4.02 times (an increase of 1.35 points as compared
with the end of the corresponding period of the pervious fiscal year,
and an increase of 0.02 points as compared with the end of the
previous fiscal year). However, if NEC Leasing, Ltd. is accounted for
by the equity method, interest-bearing debt was 1,589.1 billion yen
(a decrease of 101.9 billion yen as compared with the end of the of
the previous fiscal year, and a decrease of 107.5 billion yen as
compared with the end of the previous fiscal year), and debt equity
ratio was 3.00 (an increase of 0.98 points as compared with the end
of the first half of the pervious fiscal year, and no change compared
with the end of the previous fiscal year).



NEC
Corporation (NASDAQ: NIPNY) (FTSE: 6701q.1) is one of the world's
leading providers of Internet, broadband network and enterprise
business solutions dedicated to meeting the specialized needs of its
diverse and global base of customers. Ranked as one of the world's
top patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, through
its three market-focused, in-house companies: NEC Solutions, NEC
Networks and NEC Electron Devices. NEC Corporation employs more than
140,000 people worldwide and had net sales of approximately $39
billion in the fiscal year ended March 2002. For additional
information, please visit the NEC home page at: http://www.nec.com.



***



CAUTIONARY
STATEMENTS

The statements in this material with respect to plans, strategies and
forecasts of NEC Corporation and its consolidated subsidiaries
(collectively NEC) are forward-looking statements involving risks and
uncertainties. NEC cautions in advance you 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; 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; 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 industry, a worsening
of financial conditions in the world markets, would cause actual
results to differ from the projected results forecast.

In case where the information contained in this press release falls
within the definition of "Material Information" under
Paragraph 2 of Article 166 of the Securities and Exchange Law of
Japan, if you (and directors or employees of your company if the
content of this press release comes to their knowledge in connection
with their duty) read this press release before the time of
"Publication" (which is defined under the Securities and
Exchange Law of Japan and its Enforcement Ordinance as twelve hours
after its release; i.e., approximately 3:00 am on October 26, 2002
(JST)), you (and directors or employees of your company if the
content of this press release comes to their knowledge in connection
with their duty) may be prohibited from purchasing, selling, or
making other transactions of shares of stock or other securities of
NEC before the time of Publication.





---

CONDENSED
  CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

|(Millions
		of yen, millions of U.S. dollars)                             
|--------------------------------------------------------------------------
|                                                                          
|Six
		months ended September 30                                           
|                                                                          
|Net
		sales                                                               
|Cost
		of sales                                                           
|Selling,
		general and administrative expenses                            
|Operating
		income (loss)                                                 
|                                                                          
|Non-operating
		income                                                    
|Interest
		and dividends                                                  
|Other                                                                     
|Non-operating
		expenses                                                  
|Interest                                                                  
|Other                                                                     
|                                                                          
|Income
		(loss) before income taxes                                       
|                                                                          
|Provision
		(benefit) for income taxes                                    
|Minority
		interest in income (losses) of consolidated subsidiaries       
|Equity
		in losses of affiliated companies                                
|                                                                          
|Income
	  (loss) before cumulative effect of accounting change, net of tax
|                                                                          
|Comulative
		effect of accounting change, net of tax                      
|                                                                          
|Net
		income (loss)                                                       
|                                                                          



CONDENSED CONSOLIDATED
	  BALANCE SHEETS (UNAUDITED)

|(Millions
		  of yen, millions of U.S.dollars)                 
|---------------------------------------------------------------
|                                                               
|                                                               
|                                                               
|Current
		  assets                                             
|                                                               
|Cash
		  and cash equivalents                                  
|Notes
		  and accounts receivable, trade                       
|Current
		  portion of investment in leases                    
|Inventories                                                    
|Other
		  current assets                                       
|Long-term
		  assets                                           
|                                                               
|Long-term
		  receivables, trade                               
|Investments
		  and advances                                   
|Investment
		  in leases                                       
|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                
|                                                               
|Common
		  stock                                               
|Additional
		  paid-in capital                                 
|Retained
		  earnings                                          
|Accumulated
		  other comprehensive income (loss)              
|                                                               
|Total
		  shareholders' equity                                 
|                                                               
|Total
		  liabilities and shareholders' equity                 
|                                                               



CONDENSED
	  CONSOLIDATED BALANCE SHEETS ( SUPPLEMENTARY INFORMATION ) (UNAUDITED)

|(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                
|                                                               
|Common
		  stock                                               
|Additional
		  paid-in capital                                 
|Retained
		  earnings                                          
|Accumulated
		  other comprehensive income (loss)              
|                                                               
|Total
		  shareholders' equity                                 
|                                                               
|Total
		  liabilities and shareholders' equity                 
|                                                               



CONDENSED CONSOLIDATED STATEMENTS
	  OF CASH FLOWS (UNAUDITED)

|(Millions
	  of yen, millions of U.S.dollars)                                              
|-------------------------------------------------------------------------------------------
|                                                                                           
|Six
	  months ended September 30                                                           
|                                                                                           
|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 (earnings) 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 property, plant and equipment                                    
|Additions
	  to property, plant and equipment                                              
|Proceeds
	  from sales of marketable securities                                            
|Purchase
	  of marketable securities                                                       
|Other,
	  net                                                                              
|                                                                                           
|Net
	  cash used in investing activities                                                   
|                                                                                           
|Free
	  cash flows                                                                         
|                                                                                           
|III.
	  Cash flows from financing activities:                                              
|Proceeds
	  from (repayment of) bonds and borrowings                                       
|Proceeds
	  from preferred securities issued by a subsidiary                               
|Dividends
	  paid                                                                          
|Other,
	  net                                                                              
|                                                                                           
|Net
	  cash provided by (used in) financing activities                                     
|                                                                                           
|Effect
	  of exchange rate changes on cash and cash equivalents                            
|                                                                                           
|Net
	  decrease in cash and cash equivalents                                               
|                                                                                           
|Cash
	  and cash equivalents at beginning of period                                        
|Cash
	  and cash equivalents at end of period                                              
|                                                                                           



SEGMENT INFORMATION
  (UNAUDITED) 1. Operating Segment Information 
  (1) Net Sales (Including internal sales to other segments)

|(Millions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Six
		  months ended September 30              
|NEC
		  Solutions                              
|NEC
		  Networks                               
|NEC
		  Electron Devices                       
|Others                                         
|Eliminations                                   
|Electronics
		  business total                 
|                                               
|Leasing
		  business                           
|Eliminations                                   
|Consolidated
		  total                         
|                                               

(2) Segment Profit or Loss

|(Millions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Six
		  months ended September 30              
|NEC
		  Solutions                              
|NEC
		  Networks                               
|NEC
		  Electron Devices                       
|Others                                         
|Eliminations                                   
|Unallocated
		  corporate expenses             
|Electronics
		  business total                 
|                                               
|Leasing
		  business                           
|Eliminations                                   
|Consolidated
		  total                         
|                                               



(3) Net Sales to External Customers

|(Billions of yen, millions of U.S. dollars)
|-------------------------------------------
|                                           
|Six
		  months ended September 30          
|NEC
		  Solutions                          
|Domestic                                   
|Overseas                                   
|NEC
		  Networks                           
|Domestic                                   
|Overseas                                   
|NEC
		  Electron Devices                   
|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)

|(Billions of yen, millions of U.S. dollars)
|-------------------------------------------
|                                           
|Six
		  months ended September 30          
|NEC
		  Solutions                          
|Systems
	  Intergration Services /Software 
|Internet
	  Services/Support Services      
|Servers/Storage
	  Products/Workstations   
|Personal
	  Products                       
|Other
	  Hardware                          
|NEC
		  Networks                           
|Network
	  Infrastructure                  
|Mobile
	  Terminals                        
|Other                                      
|NEC
		  Electron Devices                   
|Semiconductors                             
|Displays                                   
|Electronic
	  Components                   



2. Geographic Segment Information (1) Net Sales

|(Millions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Six
		  months ended September 30              
|Japan                                          
|Overseas                                       
|Consolidated                                   

(2) Geographic Profit or Loss

|(Millions
	  of yen, millions of U.S. dollars)
|----------------------------------------------
|                                              
|Six
	  months ended September 30              
|Japan                                         
|Overseas                                      
|Consolidated                                  

3. Sales by Market

|(Millions
	  of yen, millions of U.S. dollars)
|----------------------------------------------
|                                              
|Six
	  months ended September 30              
|Japan                                         
|Overseas                                      
|Consolidated                                  



FINANCIAL INSTRUMENTS
	  (UNAUDITED)

A. Fair value of derivative
	  financial instruments

Contract or notional
	  principal amounts, carrying amounts and estimated fair value are summarized
	  as follows:-

|(Millions
	  of yen)                         
|---------------------------------------------
|                                             
|                                             
|                                             
|                                             
|                                             
|Derivatives:                                 
|Forward
	  exchange contracts:*              
|Fiscal
	  2002                               
|Purchase of
	  foreign currency              
|the equivalent of yen                        
|Sale of foreign
	  currency                  
|the equivalent of yen                        
|Fiscal
	  2002 1st half                      
|Purchase of
	  foreign currency              
|the equivalent of yen                        
|Sale of foreign
	  currency                  
|the equivalent of yen                        
|Fiscal
	  2003 1st half                      
|Purchase of
	  foreign currency              
|the equivalent of yen                        
|Sale of foreign currency                     
|the equivalent of yen                        
|Interest
	  rate and currency swap agreements
|                                             



B. Marketable securities

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

|                      |                                           | September
		  30, 2002 | September
		  30, 2001 | March
		  31, 2002
|--------------------- | ----------------------------------------- | ---------------------- | ---------------------- | ------------------
|Available-for-sale:   |                                           |                        |                        |                   
|                     
|Equity
		  securities |                                           |                        |                        |                   
|                      | Cost                                      | JPY
		  139,272        | JPY
		  247,742        | JPY
		  177,855   
|                      | Fair
		  value                            | 162,043                | 240,405                | 255,096           
|                      | Net
		  unrealized holding gains (losses) | 22,771                 | (7,337)                | 77,241            
|Debt
		  securities   |                                           |                        |                        |                   
|                      | Cost                                      | 4,060                  | 21,020                 | 8,348             
|                      | Fair
		  value                            | 3,938                  | 20,803                 | 7,983             
|                      | Net
		  unrealized holding gains (losses) | (122)                  | (217)                  | (365)             
|                     

C. Investments in affiliated
	  companies

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:-

|                | September 30, 2002 | September 30, 2001 | March 31, 2002
|--------------- | ------------------ | ------------------ | --------------
|               
|Carrying amount | JPY 101,945        | JPY 112,032        | JPY 110,072   
|Market value    | 97,499             | 108,944            | 130,174       
|               



LEASING ARRANGEMENTS
  (UNAUDITED)I. Leasing of computer equipment

For NEC's leasing business
	  for computer and others, future minimum lease payments from non-cancelable
	  leases under operating leases at September 30, 2002 and 2001 and March 31,
	  2002 are follows:-

|(Millions of yen)  
|-------------------
|                   
|                   
|                   
|Within
		  one year
|                   
|Over
		  one year  
|                   

II. Lease of facilities
	  and equipment for company's use

NEC leases certain
	  facilities and equipment for its own use. Future minimum rental payments
	  under operating leases at September 30, 2002 and 2001 and March 31, 2002
	  are follows:-

|(Millions
		  of yen)
|---------------------
|                     
|                     
|                     
|Within
		  one year  
|                     
|Over
		  one year    
|                     



CONDENSED CONSOLIDATED
	  STATEMENTS OF OPERATIONS (UNAUDITED)

|(Millions
		  of yen, millions of U.S. dollars)             
|------------------------------------------------------------
|                                                            
|Three
		  months ended September 30                         
|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
		  (loss) before income taxes                       
|Provision
		  (benefit) for income taxes                    
|Minority
		  interest in income of consolidated subsidiaries
|Equity
		  in losses of affiliated companies                
|Net
		  loss                                                



SEGMENT INFORMATION
  (UNAUDITED)
  (1) Net Sales (Including internal sales to other segments)

|(Millions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Three
		  months ended September 30            
|NEC
		  Solutions                              
|NEC
		  Networks                               
|NEC
		  Electron Devices                       
|Others                                         
|Eliminations                                   
|Electronics
		  business total                 
|                                               
|Leasing
		  business                           
|Eliminations                                   
|Consolidated
		  total                         
|                                               

(2) Segment Profit
	  or Loss

|(Millions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Three
		  months ended September 30            
|NEC
		  Solutions                              
|NEC
		  Networks                               
|NEC
		  Electron Devices                       
|Others                                         
|Eliminations                                   
|Unallocated
		  corporate expenses             
|Electronics
		  business total                 
|                                               
|Leasing
		  business                           
|Eliminations                                   
|Consolidated
		  total                         
|                                               



(3) Net Sales to External Customers

|(Billions
		  of yen, millions of U.S. dollars)
|-----------------------------------------------
|                                               
|Three
		  months ended September 30            
|NEC
		  Solutions                              
|Domestic                                       
|Overseas                                       
|NEC
		  Networks                               
|Domestic                                       
|Overseas                                       
|NEC
		  Electron Devices                       
|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)

|(Billions of yen, millions of U.S. dollars)
|-------------------------------------------
|                                           
|Three
		  months ended September 30        
|NEC
		  Solutions:                         
|Systems
	  Integration Services /Software  
|Internet
	  Services/Support Services      
|Servers/Storage
	  Products/Workstations   
|Personal
	  Products                       
|Other
	  Hardware                          
|NEC
		  Networks:                          
|Network
	  Infrastructure                  
|Mobile
	  Terminals                        
|Other                                      
|NEC
		  Electron Devices:                  
|Semiconductors                             
|Displays                                   
|Electronic
	  Components                   

---

Media Contacts:
Makoto Miyakawa,
Chris Shimizu,
Daniel Mathieson
Corporate Communication Division
NEC Corporation
TEL: +81-3-3798-6511