-Number of Shares constituting one unit: 100 Shares

-Number of Shares authorized: 40,000,000 Shares

-Number of Shares issued as of March 31, 2004: 16,065,841 Shares

On September 20, 2002, the Company has granted stock acquisition rights to subscribe for the Shares to the directors and employees of the Company and its subsidiaries. As of May 31, 2004, the outstanding stock acquisition rights covered 499,557 Shares, and their exercise period was from October 1, 2002 through March 31, 2005, and their exercise price was JPY 1,385 per Share.

The changes in the issued share capital of the Company for the last five years are as follows:

The Shares of the Company were registered for trading on the over-the-counter market of the Japan Securities Dealers Association in September 1999, and were listed on the Second Section of the TSE in March 2002, and have been listed on the First Section of the TSE since March 2003. The high and low prices of the Shares (adjusted for the stock dividend and the free share distribution) for the periods indicated were as follows:

Each shareholder of the Company who has a minimum of one unit of Shares (currently being 100 Shares) shall have one vote for each unit of Shares. A shareholder may exercise his or her voting rights by a proxy who is also a shareholder with voting rights of the Company. Except as otherwise provided for by law or ordinance or the Company's Articles of Incorporation, all resolutions of a general meeting of shareholders are to be adopted by a majority of votes of the shareholders present or represented thereat.

The ordinary general meeting of shareholders of the Company is normally held in June of each year. The extraordinary general meetings of shareholders may be convened as and when necessary.

Under the Commercial Code, the transfer of Shares is effected by delivery of share certificates, but in order to assert shareholders' rights against the Company, the transferee must have his or her name and address registered on the Company's register of shareholders. For this purpose, shareholders are required to file their names, mailing addresses and seals with the transfer agent of the Company. Foreign shareholders may file specimen signatures in lieu of seals. Non-resident shareholders are required to appoint a proxy in Japan or provide an address in Japan. Japanese securities firms and commercial banks customarily act as a standing proxy and provide related services for standard fees. The transfer agent of the Company is Tokyo Securities Transfer Agent Co., Ltd.

The central securities custody and book-entry transfer system under the Law Concerning Central Clearing of Share Certificates and Other Securities in Japan applies to the Shares. Pursuant to this system, a holder of Shares is able to choose, at his or her discretion, to participate in this system and all certificates of Shares elected to be put into this system are deposited with Japan Securities Depository Center, Inc. ("JASDAQ") (through a participating institution, such as securities companies and banks, having a clearing account with JASDAQ, if the holder is not such a participating institution) and all such Shares are registered in the name of JASDAQ on the Company's register of shareholders. Each participating shareholder will, in turn, be registered in the register of beneficial shareholders of the Company and will be treated in the same way as shareholders registered on the Company's register of shareholders. In connection with the transfer of Shares held under this system, entry of the share transfer in the book maintained by JASDAQ for the participating institutions and/or the book maintained by each participating institution for its customers shall have the same effect as physical delivery of share certificates.

The Commercial Code has been subject to frequent amendments in recent years and further amendments are being considered. An amendment setting forth the dematerialization of shares has been approved at the Diet and will become effective within five years from the date of publication.

As of March 31, 2004, the Company had 10,752 holders of its Shares. As of the same date, the ten largest shareholders of the Company and the percentages of the Shares held by them were as follows: