November 7, 2003

Summary of Consolidated Interim Business Results for the Year Ended March 31, 2004
Company Name:
Nagase & Co., Ltd.
Listing Code:8012(URL http://www.nagase.co.jp)
Representative
Position
President
Hiroshi Nagase
Contact Details
Position
Accounting Division Manager
Takahide Osada
Date of Board of Directors' Meeting for Interim Settlement of Accounts November 7, 2003
Adoption of U.S.GAAP: No

Stock Exchanges Listed: Tokyo, Osaka
Location of Head Office: Osaka Prefecture

Telephone: (03) 3665-3103

１. September 30, 2003 Consolidated Interim Results (April 1, 2003 - September 30, 2003)(1) Consolidated Operating Results
Sales\millionsInterim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003

Interim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003
Notes:(Note: Amounts have been rounded down to the nearest million yen.)
Operating income
Recurring income%\millions%\millions%262,636

5.2

6,316

38.0

8,085

32.2

249,565

(3.1)

4,577

472.4

6,115

153.7

503,6888,433Interim Net Income

Interim EPS

Fully Diluted Interim EPS\\millions

%

2,763

(37.6)

21.73

－

－

4,432

161.9

33.57

－

－

31.72

－

－

4,186

\

1. Gain (loss) on equity method investment
Interim period ended September 30, 2003: \503 million Interim period ended September 30, 2002: \303 million Year ended March 31, 2003: \485 million
2. Average number of shares during the consolidated accounting period.
Interim period ended September 30, 2003: 127,201,161 Interim period ended September 30, 2002: 132,039,678 Year ended March 31, 2003: 130,109,906
3. Changes to accounting policies: Yes.
4. The percentage figures for sales, operating income, recurring income and interim net income represent
increases (decreases) relative to the previous year's interim results.

(2) Consolidated Financial Position
Total assets\millionsInterim period ended
298,721
September 30, 2003
Interim period ended
288,643
September 30, 2002
Year ended March 31,
284,800
2003
Notes:

11,284

Shareholders’ equity\millionsShareholders’ equity ratio Shareholders’ equity per share%\

148,19249.6

1,165.08

144,93950.2

1,122.06

140,94449.5

1,107.55

1. Shares issued and outstanding at end of the consolidated accounting period
Interim period ended September 30, 2003: 127,195,704 Interim period ended September 30, 2002: 129,173,205 Year ended March 31, 2003: 127,204,375(3) Consolidated Cash FlowsNet cash from operating Net cash used for financial
activities
activities\millions\millionsInterim period ended(1,988)920
September 30, 2003
Interim period ended
2,967
2,179
September 30, 2002
Year ended March 31,
4,392
963
2003

Net cash used forBalance of cash and cash
investment activities
equivalents at term end\millions\millions(2,230)15,862(7,131)

19,358(7,643)19,044(4) Scope of Consolidation and Application of Equity Method
Consolidated subsidiaries: 31 Non-consolidated affiliated companies covered by equity method accounting: 0
Affiliated companies covered by equity method accounting: 10(5) Changes to Scope of Consolidation and Application of Equity Method
Consolidated Subsidiaries: New: 2 Excluded: 0
Equity method: New: 1 Excluded: 0

2. Consolidated Forecasts for the Year Ended March 31, 2004 (April 1, 2003 - March 31, 2004)
Sales

Recurring Income\millions\millions
509,000
12,600Whole Year
Reference: Annual net income per share is projected to reach ¥54.56

Net Income\millions
7,000* The above forecasts were prepared on the basis of information available on the date of release. Actual results may differ from these forecasts due to various factors.

NAGASE&CO., LTD.

Management Policy
1．Basic Management Policy≪Management Philosophy≫
The Nagase Group is a member of the world society. As such, it is our duty to maintain good andfair business practices and, through continued growth and development, provide society with thegoods and services needed while improving the welfare of our employees.
With this management philosophy in mind, we have developed a new slogan “technology- andintelligence-oriented company that turns wisdom into business”, and from April 2003, we adopted along-term vision as follows.
To provide new “capabilities” and “services” worldwide based on our chemical business, so as tobecome a company that keeps creating value-added businesses capable of solving issues forcustomers. Our business target in ten years is a consolidated operating income of ¥20 billion withgross profit ratio of 15% and earnings higher than capital costs.
Our vision is based on the belief that all answers can be found in the market. Our aim is tostrictly apply a customer-oriented approach, make use of our technology and intelligence, along withwisdom gained through experience, provide our functions and services worldwide without being
constrained by the business framework of a trading company, and ultimately increase earnings.
Due to ever-diversifying customer demands, we cannot expect our business to grow steadily basedon simple intermediary functions. We do, however, acknowledge that no company can fulfill all
functions by itself in this day and age. To help customers create new value, we will continue toenhance our functions in order to be chosen as a reliable business partner by customers without
hesitation, and persevere in proposing businesses to the market.

2．Basic Profit Sharing Policy
Our basic policy is to strive to further enhance our corporate structure and earning power, so that
we can continue to generate steady dividends for our shareholders. We will also work on increasing
shareholder value by effectively making use of the treasury stock system. As one of the measures toimprove Group employees’ performance by bolstering their motivation and to promote common
interests with shareholders for the purpose of increasing Nagase’s corporate value, we issued rights topurchase new shares in the form of stock options on August 18, 2003, to Directors, Auditors,
Executive Officers and Managers of the Company, as well as Directors and individuals with anequivalent title in consolidated subsidiaries, based on the resolution at the ordinary general meetingof shareholders held on June 27, 2003.

3．Approach, Policy, etc. for Reduction of Investment Unit
We acknowledge that the reduction of minimum investment unit is an effective means to encourage
individual investors to participate in the stock market, and ultimately improve the liquidity of stock.
We intend to look into measures to reduce the minimum investment unit, taking into account ourbusiness performance, market conditions and other factors, after carefully examining their costs andbenefits. At this point of time, however, we have not yet decided on any specific measure orschedule to reduce the minimum investment unit.

4．Target Management Performance Indicators and the Company’s Medium/Long-term Management
Strategy
We implemented the WIT2000 Medium-term Management Plan during the three-year period

NAGASE&CO., LTD.

between April 2000 and March 2003. In April 2003, we launched a new three-year Medium-termManagement Plan called WIT21 (W: Wisdom; I: Intelligence; T: Technology), which inherits thebasic policies of WIT2000, and takes into account the extent to which the targets were fulfilled under
the Plan as well as changes in the market environment.
In contrast with WIT2000, which adopted Return on Equity (ROE) as a management performanceindicator, WIT21 applies operating income as a management performance indicator, and aims forconsolidated net sales and consolidated operating income in the amount of ¥550 billion and ¥11billion, respectively, for the year ended March 2006.
Utilizing ROE under WIT2000 had the effect of making internal divisions fully understand theneed to thoroughly account for capital costs for running a business. However, ROE, which can only
be expressed in terms of percentage, does not necessarily accurately reflect the earnings performance.
For this reason, we adopted operating income as a performance indicator, for its ability to clearlyshow the absolute value and changes in the business results.
Based on the aforementioned new long-vision, our long-term goal is to increase operating income
by 10% or more on an annual basis, from the year ended March 2004, in order to achieve
consolidated operating income of ¥20 billion and a consolidated gross profit margin of 15% in ten
years time (year ended March 2013).
The basic strategy for achieving this is to tackle three areas, namely,（ⅰ）Differentiate Nagase from the competition by strictly taking a customer-oriented approach;（ⅱ）Nurture and strengthen market-leading businesses; and（ⅲ）Make use of Nagase Group’s functions and distinctive identity to create new businesses.
Specifically, we will concentrate our management resources to increase revenues in four sectors
defined as strategic business areas: electronics, life science, automotive-related businesses, andoverseas operations.
Another key strategy for increasing revenue is human resources development, as creativity must be
further enhanced to fulfill WIT21, based on the idea that each and every employee should act as anentrepreneur and create businesses by themselves. Specifically, we will direct our efforts atmanagement education and training programs including those on business strategy planningtechniques and business administration from a global perspective, to further enhance our humanresources.

5．Challenges to be made by the Company（１）Enhancement of Strategic Business Area

We will continually inject management resources into the 4 strategic business areas defined under
WIT21, including investments in accordance with the business strategies, in an effort to increase
operating revenues.
(Electronics, Overseas Operations)
Nagase Finechem Singapore (Pte) Ltd. has started manufacturing high-purity chemicals forsemiconductors and liquid crystals. We also completed the construction of a chemicals recycling
facility, and launched the operation of the facility on a commercial basis. Nagase ChemteX (Wuxi)
Corp., a subsidiary engaged in the manufacture of formulated epoxy resin in China, is working on theconstruction of a plant with the aim to launch operations commercially by the end of this fiscal year.
We are also enhancing the manufacturing capacity of consignment-based manufacturing centers forliquid crystal-related components in China.
(Life Science)
Nagase ChemteX Corporation has started constructing a c-GMP-compliant manufacturing facility
for pharmaceutical intermediates, and aims to launch the operation of the facility commercially infiscal 2005. We will also enhance door-to-door sales efforts and expand our retail sales network,with the aim to increase the sales of cosmetics and health foods.

NAGASE&CO., LTD.

(Automotive, Overseas Operations)
In fiscal 2001, we established Design & Die Co., Ltd. based on a new business model which
integrates automotive components designing with mold manufacturing functions. We will spread asimilar business model overseas in the future, including China and USA.
（２）Enhancement of Corporate Structure

We shifted to a new retirement benefit scheme for the purpose of reducing the excessive costburden relating to retirement benefits for the future, revised the accounting standards for retirement
benefits, and wrote off ¥8.2 billion in actuarial differences (loss) and ¥4.2 billion in past service
liability (gain) accumulated in enormous amounts in the past. For the future, we will return thepension assets in association with returning the substitutional portion of the welfare pension fundplan (past portion), reduce retirement benefit liabilities and pension assets, and declare gains on the
return of the substitutional portion, in an effort to strengthen our corporate structure.

6．Basic Approach to Corporate Governance and Implementation Status of Measures
Our management policy has always been to carry out activities in a fair and honest fashion. We
acknowledge the need to enhance corporate governance in the face of accelerated globalization, andthe importance of quick decision-making and action in the rapidly changing business environment.
Specifically, in June 2001, we introduced an executive officer system, and clearly defined theBoard of Directors as the body in charge of making decisions for management policies/strategies andsupervising the execution of operations. We separated the management and operation functions inan effort to accelerate the decision-making process and enhance the execution of operations.
Further, the 87th ordinary general meeting of shareholders (held on June 27, 2002) resolved to reduce
the term of office of Directors from two years to one, and set the tenure of executive officers at one
year. The current management structure features 8 Directors (including no outside Directors), 19
Executive Officers (including 7 Officers concurrently serving as Directors) and 4 Auditors (including
2 outside Auditors). There are no business relations between the outside Auditors and theCompany.
Additionally, we have established an advisory board based on the view that it is important to have
the Company’s management practices examined and checked objectively by outside experts andlisten to their advice.
Since establishing a Compliance Committee in 2001, we have endeavored to ensure compliancewith laws and regulations and enhance corporate ethics. In October 2002, we formulated the basic
policies for compliance, based on which we not only strive to ensure compliance with laws andregulations, but also promote raising the moral standards of employees and enhance the framework.

Business Results and Financial Position

Ⅰ Business Results
1．Overview of Interim Period
Overall Company Performance
During the interim period, the Japanese economy paved its way towards slow recovery. Althoughconsumer spending remained sluggish due to the unprecedented cool summer, there were signs ofimprovement in the export environment and the recovery of stock prices, as well as improvements inthe confidence of businesses.
Under these circumstances, domestic sales increased 4.1% year-on-year to ¥173.4 billion, while
overseas sales rose 7.6% to ¥89.2 billion. As a result, sales increased 5.2% to ¥262.6 billion.

NAGASE&CO., LTD.

On the income front, operating income increased 38.0% over the previous year to ¥6,3 billion,
partly due to the increase in revenues generated by the highly profitable electronics business.
Recurring income amounted to ¥8.0 billion, up 32.2% year-on-year. However, interim net income
decreased 37.6% over the previous year to ¥2.7 billion, as unrecognized actuarial differences inprevious years, etc. were written off in conjunction with the revision of the accounting standards for
retirement benefits at the parent company.
Segment Summaries【Chemicals】

Sales: Year-on-year increase of 1.4% to ¥115.9 billion

In the chemicals segment, sales slightly increased over the previous year amid poor
prospects for significant growth in the domestic chemicals industry, as a result of directing ourefforts at businesses capitalizing on Nagase’s functions, including sales of imports andbranching out into overseas markets together with clients making inroads into overseas markets,by strictly taking a customer-oriented approach.
・ Sales of plastic additives were stable overall, as the increase in domestic sales was offset

by the decrease in exports of plastic additives for South Korea, which had performed
strongly in the previous year. Sales of pigments slightly increased, due to the increase inpigments and inks for liquid crystals and new overseas printing businesses.
・ Sales of recording materials fell short of the level posted in the previous year, as theincrease in sales of inkjet-related chemicals, plasma-display-purpose chemicals and otherpromising sectors was offset by the decrease in domestic sales and exports of materials ofheat-sensitive and pressure-sensitive paper. Sales of paints slightly increased overall, asa result of efforts in overseas sales in conjunction with clients making inroads into
overseas markets.
・ Sales of pharmaceuticals and agrichemicals slightly decreased, as the strong performanceof import sales of bulk pharmaceuticals was offset by the decrease in domestic sales ofbulk agrichemicals.
・ Sales of specialty chemicals slightly increased, as the decrease in domestic sales of raw

materials for fire retardants was offset by the import sales of oil-related and exports toHong Kong and China.
・ Sales of dyestuffs were stable overall, despite the slight decrease in domestic sales, due toefforts in exports to China.
【Plastics】

Sales: Year-on-year decrease of 0.2% to ¥82.4 billion

In the plastics segment, we have been concentrating our efforts in areas in which we cancapitalize on our strengths, since the domestic sales rights of plastics were transferred toGeneral Electric Company. Sales were more or less the same overall as in the interim period
in the previous year, as the decrease in sales of packaging material applications throughintermediation was offset by the increase in sales of the automotive sector and sales ofmachinery for China.
・ Sales in the Asian region were more or less the same as in the interim period in theprevious year, as the increase in sales of resins and machinery in China (especially inHong Kong and Shanghai) and sales of electronic equipment applications, etc. for Taiwan
was offset by the decrease in sales of functional resins for recording media, etc.
・ Sales of automotive-related products performed solidly, due to the increase in sales ofautomotive illumination applications and interior applications in Japan, in addition to theincrease in sales in USA and Europe.
・ Sales of electronic equipment performed strongly, driven by the increase in domestic sales

NAGASE&CO., LTD.

of resins for communication equipment and computer peripherals.
・ Sales of packaging and industrial materials fell short of the level posted in the interim

period in the previous year, due to intensified competition with imports. Sales of homeelectric appliances were equivalent to the interim period in the previous year, as thedecrease in sales of resins due to the reduction in domestic production was offset by theincrease in sales of components manufactured by Nagase Group.
【Electronics】

Sales: Year-on-year increase of 27.5% to ¥57.8 billion

In the electronics segment, sales far exceeded the level posted in the interim period in theprevious year, due to the dramatic growth of the overseas assembly & processing businesses, inwhich we have traditionally made strategic efforts and the sales of liquid crystal-related
modules as well as components related to communication equipment.
・ Sales of LCD-related materials and components dramatically increased, as a result of thesubstantial growth of the overseas assembly & processing businesses, and the strong
performance of sales of optical films and other LCD components.
・ Among communication equipment, sales of components for wireless base stations for

China dramatically increased.
・ Sales of fine abrasives were generally stable, as the increase in exports was offset by thedecrease in domestic sales.
・ Sales of functional materials fell short of level posted in the previous year overall, as theincrease in exports of highly functional products manufactured by Nagase ChemteX
Corporation was offset by the decrease especially in exports of other epoxy raw materials.
・ Sales of chemicals for manufacturing liquid crystals and semiconductors dramaticallyincreased, as the commencement of production at Nagase Finechem Singapore (Pte) Ltd.
brought about a production network spanning four regions.
・ Sales of DVD products and IT peripherals targeting end users dramatically increased, as

the development of new sales channels has started to bear fruit.
【Healthcare and Others】Sales: Year-on-year decrease of 11.5% to ¥6.2 billion
・ We have started tapping into new sales channels for consumer goods, especially cosmetics

and health foods, including retail and Internet sales, in addition to traditional door-to-doorsales. In the Kanto region, we manage 8 owned-and-operated stores, and we are aiming
to branch out. In conventional door-to-door sales, we transferred the entire sales
function to Nagase Beauty Care Co., Ltd. in April 2003, with which we completed
furnishing a framework fine-tuned to the market.
・ Sales of cosmetics were stable overall, as sales of health foods slightly decreased over theinterim period in the previous year, despite the contributions made by the launch of new
hair care products.
・ Medical sales decreased overall, as sales relating to medical information decreased,

undermining the solid performance of diagnostic and X-ray related equipment sales.

NAGASE&CO., LTD.

2．Full-year Forecast
There are concerns over low employment in the US and the sharp appreciation of the yen, giving
rise to uncertainties over exports. Further, consumer spending remains low in Japan. In that sense,
full recovery of the Japanese economy is likely to remain uncertain.
Under these circumstances, our forecasts for consolidated business performance and individual
segment results are as follows.
The year-end dividend is projected at ¥8 per share.

For the year ended
March 2004
For the year ended
March 2003
Year-on-year
Comparison【Chemicals】(Unit: million yen)
Net Income

Sales

Operating Income

Recurring Income

509,000

9,700

12,6007,000

503,688

8,433

11,2844,186

101.1%

115.0%

111.7%

167.2%

Sales: Year-on-year increase of 1.0% to ¥226 billion

In the second half of the year, sales of plastic additives and pigments are likely to be at a level
equivalent to the first half. Sales of paints are expected to increase, based on continual efforts
in exports associated with the expansion of clients into overseas markets. On the other hand,sales of pharmaceuticals in the second half of the year are expected to fall short of the level
posted in the first half, as sales of some intermediates were concentrated in the first half. As aresult, sales generated by the chemicals segment as a whole are expected to increase slightly
over the previous year. In the days ahead, we will direct our efforts at increasing sales in Asia,
especially China, and strive to expand our business through development activities utilizing thesmall-scale manufacturing facility for pharmaceutical intermediates at Nagase ChemteX
Corporation.
【Plastics】

Sales: Year-on-year decrease of 4.1% to ¥159 billion

Sales of automotive applications and electronic equipment applications are expected toremain solid in the second half of the year. However, overseas sales of functional resins forrecording media applications are expected to continue decreasing. Sales posted by the plastics
segment as a whole are expected to decrease over the previous year. For the future, we willcontinue making efforts in expanding businesses which capitalize on our unique functions, suchas the fusion of design and mold manufacturing functions in the automotive sector.
【Electronics】

Sales: Year-on-year increase of 11.3% to ¥111 billion

In the second half of the year, sales of LCD-related materials and components and liquid
crystal components are expected to remain strong. However, sales of components for wirelessbase stations targeting China, which have dramatically increased, are likely to decrease in thesecond half of the year, as the demand has reached a saturation point. Taking this into account,sales generated by the electronics segment as a whole are expected to increase 11.3%
year-on-year. We will continue expanding our business by making use of our in-house productmanufacturing functions in China and Singapore, taking advantage of our strengths.
【Healthcare and Others】Sales: Year-on-year decrease of 10.1% to ¥13 billion

NAGASE&CO., LTD.

In healthcare and other operations, sales of cosmetics and health foods are expected to besolid. While medical-related sales are expected to recover in the second half of the year, salesof the segment as a whole are expected to decrease over the previous year. For the future, wewill focus our efforts on tapping into new sales channels and developing new businesses, withthe aim to run highly profitable businesses for downstream markets.

NAGASE&CO., LTD.

Ⅱ Financial Position
1．Overview of Interim Period
Net cash provided by operating activities amounted to ¥0.9 billion. This is the result of interim
income before income taxes and minority interests in the amount of ¥4.4 billion and the increase inaccrued retirement benefits for employees in the amount of ¥2.9 billion, as well as the increase inworking capital and the payment of income taxes, etc.
Net cash used in investing activities totaled ¥1.9 billion. This is the result of the sales of some of
the investment securities, and active capital investment.
Net cash used in financing activities amounted to ¥2.2 billion, as a result of the repayment of bankloans and payment of dividends.
Consequently, cash and cash equivalents as at the end of the consolidated interim fiscal period
decreased by ¥3.1 billion to ¥15.8 billion.

2．Full-year Forecast
Net cash provided by operating activities is expected to increase, due to improvements in income
before income taxes and minority interests.
Net cash used in investing activities is expected to include outlays for the construction of amanufacturing facility for pharmaceutical intermediates by our manufacturing subsidiary.
Net cash used in financing activities is expected to include outlays attributable to the acquisition oftreasury stock and the reduction of interest-bearing debt.
The balance of cash and cash equivalents is likely to decrease in the current consolidated fiscal
year.

3．Trends in Cash Flow Indicators
For the year
ended March
2000

For the year
ended March
2001

For the year
ended March
2002

For the year
For the year
ended March
ended
2003
September 2003

Shareholders’
42.6％
43.4％
48.0％
49.5％
49.6％
equity ratio
Shareholders’equity ratio based
17.7％
21.0％
22.6％
23.2％
29.6％
on market value
Debt repayment
8.2 years
2.9 years
1.6 years
3.8 years
9.1 years
periodInterest coverage
5.0
9.9
19.9
10.1
3.9
ratio
(Note) Shareholders’ equity ratio = Shareholders’ equity / Total assets
Shareholders’ equity ratio based on market value = Market capitalization of shares / Total
assetsDebt repayment period = Interest-bearing debt / Operating cash flow
Interest Coverage Ratio = Operating cash flow / Interest payment＊All indexes are calculated on the basis of consolidated financial figures.
＊Market capitalization of shares is calculated by multiplying the closing price of shares at the end of

the period by the total number of outstanding shares as at the end of the period.
＊Operating cash flow refers to net cash provided by operating activities in the Consolidated Statementof Cash Flows. Interest bearing debt refers to all debt for which interest is payable declared in thein the Consolidated Balance Sheet. Interest payment refers to the amount of interest paid as shown

NAGASE&CO., LTD.

in the Consolidated Statement of Cash Flows.
＊For the interim debt repayment period, the amount per year is calculated by doubling the operating

cash flow.

November 7, 2003

Summary of Non-Consolidated Interim Financial Statements for the Year Ended March 31, 2004
Company Name:
Nagase & Co., Ltd.
Listing Code:8012(URL http://www.nagase.co.jp)
Representative
Contact Details

Position
Position

Stock Exchanges Listed:Tokyo, Osaka
Location of Head Office:Osaka Prefecture

President

Hiroshi Nagase

Accounting Division Manager
Takahide Osada
Date of Board of Directors' Meeting for Interim Settlement of Accounts November 7, 2003
Date of Commencement of Interim Dividend Payment:－
Interim Dividend System: No
Unit Stock System: Yes (1 unit=1,000 shares)

Telephone: (03) 3665-3103

１. September 30, 2003 Interim Results (April 1, 2003 - September 30, 2003)(1) Business Results(Note: Amounts have been rounded down to the nearest million yen.)Sales\millionsInterim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003%

Notes:%

Recurring income\millions%

213,325

2.9

3,201

126.2

5,449

41.4

207,278

(3.1)

1,415

－

3,854

292.0

418,004

3,171

Interim Net Income

Interim EPS\millionsInterim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003

Operating income\millions

6,671

\

%

1,362

(52.0)

10.71

2,838

138.2

21.49
8.27

1,126

1. Average number of shares during accounting period.
Interim period ended September 30, 2003: 127,243,892 Interim period ended September 30, 2002: 132,082,515
2. Changes to accounting policies: Yes.
3. The percentage figures for sales, operating income, recurring income and interim net income represent
increases (decreases) relative to the previous year's interim results.

Year ended March 31, 2003: 130,152,743(2) Dividends

Interim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003

Interim
Dividend
Dividend per per share\\ (Note) The dividend for the interim period ended September 30, 2003 consists of the following:
Commemorative－－\－
dividend

－

－

－

8.00

Special dividend\－(3) Financial Position
Total assets\millionsInterim period ended
September 30, 2003
Interim period ended
September 30, 2002
Year ended March 31,
2003
Notes:

Shareholders’ equity\millionsShareholders’ equity ratio Shareholders’ equity per share%\

240,172

110,89046.2

871.52

231,616

110,35447.6

854.03230,052

105,33245.8

827.38

1. Shares issued and outstanding at end of accounting period
Interim period ended September 30, 2003: 127,238,435 Interim period ended September 30, 2002: 129,216,042 Year ended March 31, 2003: 127,247,212
2. Treasury stock at the end of accounting period
Interim period ended September 30, 2003: 11,169,850 Interim period ended September 30, 2002: 9,192,243 Year ended March 31, 2003: 11,161,073

2. Forecasts for the Year Ended March 31, 2004 (April 1, 2003 - March 31, 2004)
Sales\millions

Recurringincome\millions

Net income

Annual dividend
per share

Final\millions\\

Whole Year
420,000
7,500
4,600
Reference: Annual net income per share is projected to reach ¥35.76

8.00

8.00

* The above forecasts were prepared on the basis of information available on the date of release. Actual results may differ from these forecasts due to various factors.