RNS Number:7120A
Nissho Iwai Intl Fin Cayman Ld
11 November 1999


RE: NISSHO IWAI INTERNATIONAL FINANCE
    JPY 500,000,000 SERIES 157 EMTN 
    DUE AUGUST 2001
    ISIN: XS0078884656

THIS IS TO FORMALLY ADVISE YOU THAT THE RATE FOR THE PERIOD 
15NOV99 TO 14FEB00 HAS BEEN SET AT 0.55125  PCT.

THE AMOUNT PAYABLE VALUE 14FEB00 WILL BE
JPY  139,343  PER JPY 100,000,000 DENOMINATION.
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IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON 
TEL:  44 171 508 3857/3855 OR FAX:  44 171 508 3881.


RATEFIX DESK
CITIBANK N.A., LONDON

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