RNS Number:4997N
NEC Corporation
14 July 2003



                                                                   July 14, 2003


                             (English Translation)

          Profit Expected from Initial Public Offering of a Subsidiary


     On July 14, 2003, in conjunction with the listing of NEC Electronics
Corporation, a subsidiary of NEC Corporation, on the Tokyo Stock Exchange, the
sales price of the shares of common stock of NEC Electronics Corporation being
sold by NEC Corporation was determined.

     The estimated amount of NEC Corporation's profit resulting from this
offering is as follows:


1. Estimated amount of profit

     NEC Corporation expects to post a gain before income taxes of approximately
        6.5 billion yen on a non-consolidated basis and approximately 34.0
        billion yen on a consolidated basis, from the sale of a portion of its
        shares of NEC Electronics Corporation common stock (10,500,000 shares
        (excluding the 3,000,000 shares that may be overallotted)) and the
        issuance of new shares (23,500,000 shares) by NEC Electronics
        Corporation.



2. Impact on financial results forecasts

     NEC Corporation is assessing its non-consolidated and consolidated
        financial results forecasts for the fiscal year ending March 2004,
        taking into consideration, among other things, the expected impact of
        the above-mentioned profit, and plans to announce its revised forecasts
        on July 31, 2003, when the announcement of its first quarter results for
        the fiscal year ending March 2004 is made.




                                      ***



Not to be circulated in the United States. This material is not an offer of
securities for sale in the United States. The securities described in this
material may not be offered or sold in the United States absent registration or
an exemption from registration. Public offerings of securities made in the
United States must be made by means of an English-language prospectus that
contains detailed information about the company and its management team, as well
as financial statements.



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Contact: Diane Foley
Corporate Communications Division
NEC Corporation
+81-3-3798-6511





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