Conversion Price

RNS Number:4315U
NEC Corporation
20 January 2004

                                 (Translation)
                                                                January 20, 2004

              Announcement of the adjustments of conversion prices


NEC Corporation ("NEC") today announced that, in connection with the issuance of
new shares by allocation to a third party, which was approved at the meeting of
its board of directors held on November 21, 2003, conversion prices of the
following convertible bonds of NEC have been adjusted pursuant to the terms and
conditions of each trust deed. The adjusted conversion prices of the convertible
bonds are as follows:


1. Adjustments of conversion prices

                Name of the bonds         Conversion price  Conversion price
                                          after adjustment  before adjustment
                                                       Yen                Yen
        The unsecured 7th convertible             1,893.00           1,896.30
        bonds                                                  
        The unsecured 10th convertible            1,326.00           1,328.30
        bonds
        The unsecured 11th convertible            3,092.70           3,098.10
        bonds with 130% call option
        The Euro Yen convertible bonds            1,664.10           1,669.40
        due 2010



2. Effective date

January 20, 2004







                      This information is provided by RNS
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