NEC Corporation

14. Exchange Gains and Losses

Foreign currency transaction gains and losses which were included in either other income or other expenses were as follows:

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                                                                          In thousands of

                                              In millions of yen            U.S. dollars

                                        --------------------------------  ---------------

Year ended March 31                         1995       1996       1997          1997

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Net exchange gains (losses)............ Y (10,918)    Y 511    Y 19,373       $156,234

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