Decrease to Legal Reserve

Konami Corporation
22 May 2003


FOR IMMEDIATE RELEASE

                                                                   May 22, 2003



                                                             KONAMI CORPORATION
                                       2-4-1 Marunouchi Chiyoda-ku Tokyo, Japan
                                                                Kagemasa Kozuki
                                                Representative Director and CEO
                                                            Ticker 9766 at TSE1
                                                     Contact: Noriaki Yamaguchi
                                                Representative Director and CFO
                                                           Tel: [phone]



Announcement of Decrease to Additional Paid-In Capital and Legal Reserve

KONAMI CORPORATION's Board of Directors decided on May 22, 2003, pursuant to
Article 289-2 of the Commercial Code of Japan, to propose decreasing additional
paid-in capital and legal reserve at the 31st Ordinary Shareholders' Meeting to
be held on June 19, 2003.


1.       Purpose

To reserve financial sources for acquisition of treasury stock, payment of
dividends and implementation of a more flexible capital policy.


2.       Amount of decrease to additional paid-in capital and legal reserve

Additional paid-in capital and legal reserve will be decreased by 25,662,000,000
yen from 49,270,198,495 yen at March 31, 2003. However, the aggregate amount of
shareholders' equity will not change because the reduction will be transferred
to retained earnings.


3.       Schedule

The proposal to decrease additional paid-in capital and legal reserve will be
approved by the board of directors on May 22, 2003 and submitted to shareholders
at the ordinary shareholders' meeting to be held on June 19, 2003. The effective
date is expected to be late July or early August after allowing a period of time
for creditors to express any objections.



Note:

The decrease in additional paid-in capital and legal reserve described above is
contingent on shareholder approval at the 31st ordinary shareholdersf meeting to
be held on June 19, 2003.






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