Final Results Part 3

Konami Co Ltd
16 May 2000

PART 3

                        6. Market Value of Securities

                                          (millions of yen)
                                  March 31, 2000

                              Balance sheet   Market   Unrealized
                                Amount        value    gain/loss

(1) Current assets
    Stocks                             0          0          0
    Subtotal                           0          0          0

(2) Fixed assets
    Stocks                            10          3         -7
    Subtotal                          10          3         -7
    Total                             11          3         -7

Note: 1. Market value
         (1) Listed securities ...Principally closing prices on the 
             Tokyo Stock Exchange.
         (2) Over-the counter securities ... Trading prices                     
             announced by the Japan Securities Dealers Association.

      2. Figures in parentheses denote the amount of subsidiaries.

      3. Non-marketable securities not listed above.

Included in 'Fixed assets'                  March 31, 2000
Funds and investments in trusts
   within closed period                      Y 200 million
Unlisted Stocks excluding
   over-the-counter securities               Y 539 million
(shares of subsidiaries)                    (Y 165 million)


                 7. Contract value, Market value and
           Unrealized gain(loss) of Derivative Transaction

                                         (Millions of yen)
                                   March 31, 2000
                                                Unrealized
                     Contract amount   Market      gain                         
                  (term over 1 year)  value      (loss)

Unlisted transactions
Interest swaps
Receive floating/             1,000        -          -
  pay fixed                      (-)   
  Total                       1,000        -          -
                                 (-)

Note: Above swap transaction was arranged to hedge against interest rate        
     fluctuations on a (floating-rate) long-term loan.
      The unrealized gain/loss related was immaterial, and had no effect on the 
     Company's Statements of Income.

                                  
            8. Summary of non-consolidated financial results
             - FISCAL YEAR 2000 (Year ended March 31, 2000)

                                                     May 16,2000
KONAMI CO, LIMITED

3-1, Toranomon 4-chome, Minato-ku, Tokyo, Japan
     Stock Code Number:           9766
     Shares Listed:               Tokyo Stock Exchange. Ltd.(First Section)
                                  Osaka Securities Exchange, Ltd.
                                  (First Section)
                                  London Stock Exchange, Ltd.
                                  Singapore Exchange, Ltd. (Main Board)
     Interim dividend payment:    Paid
     For further information, 
     please contact:              Noriaki Yamaguchi,
                                  Managing Director
                                  Phone:[phone]
                                  http://www.konami.com

1. Date of Board Meeting on financial results: May 16,2000

2. Date of Annual Stockholders Meeting: June 23, 2000

3. Fiscal Year 2000 non-consolidated financial results (for the year ended      
  March 31, 2000)


(1) Performance                                (Figures truncated)

         Net   (Year-on-  Operating  (Year-on  Operating  (Year-on
        sales   year       income     year       income    year
                change)               change)              change)
       (Y millions)    %  (Y millions)     %  (Y millions)      %

Fiscal 
2000      130,124  (29.1)    25,613    (80.2)      25,374   (96.4)
Fiscal 
1999      100,779  (40.0)    14,215   (149.0)      12,918  (133.7)


   Net    (Year-on-  Net     Net     Income-  Ordinary   Ordinary
  Income   year      Income  Income  equity   income to  income to
            Change)  per     per     ratio    assets     sales
                     Share   share            ratio      ratio
                             (fully          
                             diluted)  
 (Y millions)  (%)    (Y)      (Y)    (%)      (%)        (%) 

Fiscal 
2000  16,236 (224.3) 290.26    288.63   26.4      22.6       19.5
Fiscal 
1999   5,006   (0.1) 141.15    132.99   10.3      13.7       12.8

Notes: 1.  Average number of shares outstanding
           Fiscal Year 2000          55,937,977 shares
           Fiscal Year 1999          35,466,584 shares
       2.  Changes in accounting policy
           Refer to Summary of Significant Policies


(2) Dividends

          Cash dividends per share     Total     Payout  Ratio of
      Total  Interim  Fiscal year-end  Dividend  ratio   cash 
                                       Payout            dividends
                                                         to share-
                                                         holders
                                                         equity                 
      (Y)       (Y)          (Y)     (Y millions)   %          %

Fiscal 
2000  97.00     45.00        52.00        5,510     33.9      7.7
Fiscal 
1999  43.00     15.00        28.00        1,536     30.7      3.0

Note: There was no commemorative or special dividend included in Fiscal 2000.



(3) Financial position

        Total assets  Total share-  Equity-assets  Total share-
                      holders'           ratio     holders' equity
                      equity                       per share
        (Y millions)  (Y millions)          %            (Y)

Fiscal 2000 120,859       71,154           58.9       1,251.21
Fiscal 1999 103,527       51,705           49.9       1,433.51

Note: 1. Number of shares outstanding
         Fiscal Year 2000             56,868,783 shares
         Fiscal Year 1999             36,069,374 shares
         (Par-value stock: 100-share units)

(4) Fiscal Year 2001 forecast (Year ending March 31, 2001)

                                          Cash dividends per share

             Net sales   Ordinary    Net income  Interim  Year-end
                         income
             (Ymillions) (Ymillions) (Ymillions)   (Y)      (Y) 

Fiscal 2001 
(Six months
ending September 
30, 2000)        60,000      8,000      4,500    15.00    -    -
Fiscal 2001 
(Year ending
March 31,2001   124,000     17,000      9,500       -  20.00 35.00
                                                    

Notes: 1. Full-year net income per share forecast for fiscal Year 2001 is       
         Y83.53.
       2. Fluctuations may occur in dividends per share, because the Company's  
         objective for cash dividends per share is set at 30% of consolidated   
        net income.
       3. A 2-for-1 stock split, resolved by the Board of Directors on February 
         8, 2000, will be implemented on May 19, 2000, on the total number of   
        shares issued as of March 31, 2000. Thus, the number of shares          
       outstanding for the fiscal 2001 forecast is 113,737,566 shares.
       3. These estimates are forward-looking statements based on a number of   
         assumptions and beliefs in light of the information currently          
        available to management and subject to significant risks and            
       uncertainties. Actual financial results may differ materially            
      depending on a number of factors including, without limitation:
          general economic conditions in world markets; exchange rates between  
         the yen and other currencies in which Konami makes significant sales   
        or in which Konami's assets and liabilities are denominated, and        
       Konami's ability to continue to win acceptance of its products, 
          which are offered in highly competitive markets characterized by      
         continual new product introductions.


                 9. Non-consolidated Financial Statements

(1) Non-consolidated Balance Sheets
                                                 (Millions of yen)

                       March 31,2000   March 31,1999  Year-on-year
                            Share of      Share of       Change
                            total         total
                            assets        assets
ASSETS:                         (%)           (%)     

Current assets       Y 94,522  78.2  Y 70,661  68.3      Y 23,861
Cash and cash 
equivalents            48,578          19,530              29,048
Trade notes receivable      3             786                -783
Trade accounts 
receivable             25,723          28,465              -2,741
Marketable securities       0           1,463              -1,462
Treasury Stock              1               6                  -5
Finished products       2,187           2,048                 138
Raw materials and 
supplies                  789             686                 103
Work in process         1,808           3,265              -1,456
Advances                1,850           l,324                 525
Prepaid expenses        1,007             575                 432
Short-term loans       10,796          12,242              -1,446
Current portion of 
long-term loans           106             120                 -14
Deferred taxes          1,438               -               1,438
Other                     416             420                  -3
Allowance for doubtful 
receivables              -186            -274                 -87

Fixed Assets           26,337  21.8    32,866  31.7        -6,529
Tangible fixed assets  10,216   8.5    19,142  18.5        -8,925
Buildings               5,427           9,481              -4,054
Structures                154             370                -215
Machinery                   9               4                   4
Transportation equipment   31              21                  10
Tools and fixtures      1,105           1,227                -122
Land                    3,488           7,959              -4,470
Construction in progress    -              76                 -76
Intangible fixed 
assets                  1,199  1.0         36   0.0         1,163
 In-house software      1,170               -               1,170
 Telephone line rights     20              20                   0
 Other                      8              16                  -7
Investments and other 
assets                 14,920 12.3     13,687  13.2         1,233
Investment securities     240               -                 240
Shares of subsidiaries 11,846           9,963               1,883
Treasury stock             30             338                -307
Long-term loans            55             166                -111
Long-term prepaid 
expenses                    4             979                -974
Lease deposits          1,998           1,991                   7
Deferred taxes            499               -                 499
Other                     245             249                  -4
Allowance for doubtful 
receivables                -0              -1                   1

     Total assets   Y 120,859 100.0 Y 103,527 100.0      Y 17,332
                                                                                
                                          (Millions of yen)

                       March 31,2000   March 31,1999  Year-on-year
                            Share of      Share of       Change
                            total         total
                            liabilities   liabilities
                            and share-    and share-
                            holders'      holders'
                            equity        equity
                           
LIABILITIES:                          (%)            (%)
Current liabilities        Y 36,740  30.4  Y 33,326  32.2  Y 3,414
 Trade notes payable         11,403           8,296          3,106
 Trade accounts payable       6,881           6,350            531
 Short-term debt                796             542            253
 Current portion of 
 straight corporate bonds         -             400           -400
 Current portion of 
 convertible bonds                -           5,367         -5,367
 Current portion of long-
 term debt                    1,000               -          1,000
 Accounts payable - other     3,722           3,789            -67
 Income taxes payable         9,751           6,775          2,976
 Accrued expenses             2,430           1,110          1,320
 Allowance for bonuses          519             512              7
 Plant and equipment notes 
 payable                         88              50             38
 Stock purchase warrants          -              13            -13
 Other                          148             119             29

Long-term liabilities        12,964  10.7    18,494  17.9   -5,530
 Straight corporate bonds    10,000          15,000         -5,000
 Long-term debt                   -           1,000         -1,000
 Liability for directors' 
 retirement benefits          1,486           1,020            465
 Allowance for loss incurred 
 by a subsidiary              1,430           1,430              -
 Long-term deposits              47              44              3
    Total liabilities        49,704  41.1    51,821  50.1   -2,116

SHAREHOLDERS' EQUITY:

Common stock                 15,793  13.1    13,014  12.6    2,778
Legal reserve                16,678  13.8    13,515  13.0    3,163
 Additional paid-in capital  15,516          12,726          2,790
 Legal reserve                1,162             788            373

Retained earnings            38,682  32.0    25,175  24.3   13,506
 General reserve             22,803  18.9    19,878  19.2    2,925
 Reserve for fixed asset 
 reduction                      225             400           -174
 Other general reserve       22,578          19,478          3,100
 Unappropriated profits      15,878  13.1     5,297   5.1   10,581
  (Net income)              (16,236)         (5,006)        11,230

Total shareholders' equity   71,154  58.9    51,705  49.9   19,449

Total liabilities and 
shareholders' equity       Y120,859 100.0  Y103,527 100.0  Y17,332


(2)Non-consolidated Statements of Income
                                                                                
                                  (Millions of yen)
                         Year ended    Year ended     Year-on-year
                       31 March,2000  31 March,1999     Change
                             Share of       Share of
                             Net sales      Net sales
                                   (%)            (%)
1   Net sales           Y 130,124 100.0   Y 100,779 100.0 Y 29,344
    Cost of sales          87,719  67.4      71,234  70.7   16,485
II  Gross profit           42,404  32.6      29,544  29.3   12,859
    Selling, general and 
    administrative 
    expenses               16,790  12.9      15,329  15.2    1,461
III Operating income       25,613  19.7      14,215  14.1   11,398
IV  Non-operating income    1,372   1.1         469   0.5      903
  Interest income             175                95             79
  Dividend income              87               163            -75
  Gain on sale of 
  marketable securities       634                 -            634
  Gain on sale of Treasury 
  Stocks                      213                 -            213
  Rents income                114               134            -19
  Other                       146                76             70
V Non-operating expenses    1,610   1.2       1,765   1.8     -154
  Interest expense            100                89             11
  Bond interest expense       384               327             56
  Devaluation of marketable 
  securities                    -               218           -218
  Bond issuance expense         -                91            -91
  Foreign exchange losses 
   - net                      615               927           -311
  Loss on retirement of 
  Corporate Bond              100                 -            100
  Other                       408               110            298
  Ordinary income          25,374  19.5      12,918  12.8   12,456

VI Extraordinary income     8,769   6.7         500   0.5    8,268
   Gain on sale of fixed 
   assets                      56                 2             53
   Gain on transfer of 
   intellectual property 
   rights                     831               498            333
   Gain on sale of part of 
   subsidiaries' shares     7,793                 -          7,793
   Gain on return of 
   allowance for doubtful 
   receivables                 88                 -             88

VII Extraordinary losses    4,861   3.7       1,410   1.4    3,451
   Loss on sale or disposal 
   of fixed assets          4,759               633          4,125
   Loss on disposal of 
   inventory                    -               776           -776
   Loss on sale of part of 
   subsidiaries' shares       101                 -            101
   Income before income 
   taxes                   29,282  22.5      12,009  11.9   17,273
   Income, local and 
   enterprise taxes        13,609  10.4       7,003   6.9    6,606
   Income tax adjustments    -564  -0.4           -    -      -564
   Net income              16,236  12.5       5,006   5.0   11,230

   Unappropriated profit at 
   beginning of year          914               873             41
  Differed tax adjustments  1,373                 -          1,373
  Reversal of reserve for  
  fixed asset reduction
  following adoption of 
  deferred taxation           163                 -            163
  Interim cash dividends    2,553               529          2,024
  Transfer to legal reserve
   interim cash dividends     255                52            202
  Unappropriated profit at 
  end of year            Y 15,878           Y 5,297       Y 10,581


(3) Appropriation of Retained Earnings
                                                 (Millions of yen)
                                      Year ended       Year ended
                                   March 31, 2000  March 31, 1999

Unappropriated profit at end of year     Y 15,878         Y  5,297
Reversal of reserve for fixed asset 
reduction                                       6               11

   Total                                   15,885            5,308

To be appropriated as follows.

   Transfer to legal reserve                  312              117
   Cash dividends                           2,956            1,006
                              (52.0 yen per share)   (28.0 yen per
                                                            share)

Directors bonuses                             170              170
General reserve                            10,446            3,100

Unappropriated profit for next year      Y  2,000         Y    914

Note: 1. On December 10, 1998, interim cash dividends amounting to              
        Y529 million (Y15.0 per share) were paid.
         Y52 million were transferred to legal reserve.
      2. On December 11, 1999, interim cash dividends amounting to 
         Y2,553 million (Y45.0 per share) were paid. 
         Y255 million were transferred to legal reserve.
      3. Reversal of reserve for fixed asset reduction is subject 
         to a special tax clause.


1. Methods and standards for evaluation of securities
   Securities listed on stock exchanges ... Lower of cost or
   market, based on moving average method. (The method of adding 
   back the credited reserve amount in full to the income in the 
   period.)

2. Evaluation of inventories
   (1) Finished products, raw materials and work in process ... At              
      cost, based on the moving average method.
   (2) Work in process of goods under production ... At cost,based 
       on the specific identification method.

3. Depreciation of fixed assets
   (1) Tangible fixed assets ... Declining balance method, based on             
      Corporation Tax Law
   (2) Intangible assets ... Straight-line method, based on                     
      Corporation Tax Law
                             Straight-line method, based on durable periods (5  
                            years) for In-house software
   (3) Long-term prepaid expenses ... Straight-line method

4. Deferred assets
   (1) Research and development expenses ... Charged to total income as         
                                            incurred
   (2) Stock issue expenses ... Charged to total income as incurred

5. Reserves
   (1) Reserve for bad debt ... As contingency for possible losses     
       due to default on payment of receivables, a certain amount 
       for estimated bad debt is set aside according to the 
       Corporation Tax Law (legal transfer ratio) or by independent judgement.
   (2) Reserve for bonuses ... To provide for bonuses paid to 
       employees, a certain amount is set aside as part of estimated bonus      
      payments for the following term.
   (3) Reserve for directors' retirement benefits ... The liability for         
      retirement benefits represents accrued benefits for directors and         
     corporate auditors of the Company and is provided for at such amounts as   
    would be required if all such individuals retired at each balance 
       sheet date.
   (4) Allowance for loss incurred by a subsidiary ... The Company provides a   
      provision for loss incurred by a subsidiary at amounts determined after   
     consideration of the financial position of the subsidiary.

 6. Lease transactions
    Finance lease transactions other than those in which official
    ownership of leased equipment is transferred to the lessee are 
    based on accounting methods for operating lease transactions.

 7. Consumption tax
    In principle, consumption tax withheld by the Company on the sale of goods  
   and services is excluded from the 'net sale' amount in the accompanying      
  statements. In addition, consumption taxes borne by the Company on expenses   
 and the purchase of goods and services are excluded from these figures.

Additional information
 
1. Effected April 1, 1999, the new accounting standards, 
   'Accounting for In-house software' was introduced. Under the new standards,  
   In-house software, which was previously included in 'Long-term prepaid       
  expenses', is reclassified in 'In-house software' under Intangible fixed      
 assets from the year under review. Such In-house software' is depreciated      
under straight-line method over 5 years.
2. Effected by the change of Accounting Policies and Regulations, Konami has    
  adopted the Tax allocation from the year under review.  In line with this     
 change, 'Deferred taxes assets' were Y1,937 million (Y1,438 million under      
Current assets and Y499 million under Investments and other assets), and       
'Net income' and 'Unappropriated profits' were Y564 million and Y2,101          
million higher, respectively, than would have been the case under             
accounting methods used previously.

Notes to balance sheets

(1) Accumulated depreciation of tangible assets
 
                                                (Millions of yen)               
                                    March 31,2000   March 31,1999
                                         5,760          7,442

(2) Major Assets and liabilities to subsidiaries

                                                (Millions of yen)
                                    March 31,2000   March 31,1999

   Accounts receivable                   9,444          10,232
   Advances                              1,119           1,040
   Accounts payable                        831           1,917
   Accrued expenses                        566           1,430


                                                (Millions of yen)

                                    March 31,2000   March 31,1999

                                         7,519           9,212

(4) Major Assets and liabilities in foreign currencies
        (Thousands of foreign currency; figures in parentheses       
         denote Millions of yen)
                
                                    March 31,2000   March 31,1999

Accounts receivable     Australia dollar   6,792          11,145
                                            (441)           (843)
                        Euro               4,289          17,827
                                            (438)         (2,304)
                        U.S. Dollar        2,915          21,008
                                            (309)         (2,532)

Short-term loans        U.S. Dollar        7,500           4,500
                                            (796)           (542)
Current portion of 
 Long-term              U.S. Dollar        1,000           1,000
 Loans                                      (106)           (120)
Shares of subsidiaries  U.S. Dollar       42,700          18,700
                                          (4,640)         (2,055)
                        Dutch Guilder      1,000           1,000
                                          (1,250)         (1,250)
                        Singapore Dollar   1,500           1,500
                                            (121)           (121)
Accounts payable        U.S. Dollar        1,546           4,544
                                            (171)           (547)
                        U.K. Pound             -             739
                                              (-)           (143)
Short-term debt         U.S. Dollar        7,500           4,500
                                            (796)           (542)
Accounts payable-other  U.S. Dollar        1,150               -
                                            (167)             (-)
Accrued expenses        U.S. Dollar            -           1,214
                                              (-)           (146)


                              March 31,2000       March 31, 1999

(5) Authorized shares      129,700,000 shares   129,700,000 shares
    Numbers of shares 
    issued                  56,868,783 shares    36,069,374 shares
    Treasure stock
     Listed under current
     assets                        162 shares      1,314 shares

                                   Y 1 million       Y 6 million
     Listed under fixed assets  15,000 shares    110,000 shares
                                   Y30 million      Y338 million

Stocks issued during fiscal 2000 are classified as follows:
                                                 Number of
Item                                   Type      shares issued

Issued as result of stock split    Common stock  18,034,687 shares
implemented on May 20,1999
Issued as result of                Common stock   2,671,059 shares
conversion of convertible
bonds into common stock
Issued due to exercise             Common stock      93,663 shares
of new-share warrants

Notes to statements of income

(1) Major transactions to subsidiaries

                                     March 31, 2000    March 31, 1999
Net sales                             31,636            22,624
Interest income                          156                51
Dividend income                           75               142

                                 
Accounting for leases

Finance leases transactions other than those in which official ownership of
leased equipment is transferred to the lessee.

(1) Acquisition cost equivalent, accumulated depreciation   
     equivalent, and year-end balance equivalent

                                                 (Millions of yen)

                         March 31,2000         March 31,1999

                Acqui-    Accumu-   Balance   Acqui     Accumu-   Balance
                sition    lated     equiva-   sition    lated     equiva-
                Cost      deprec-   lent      cost      deprec-   lent
                Equiva-   iation              equiva-   iation
                lent      equivalent          lent      equivalent

Tools and 
fixtures           518      184        334       216       80       136
Total              518      184        334       216       80       136

(2) Obligation under finance lease at year-end, disbursement lease amount, and
depreciation equivalent
                                                 (Millions of yen)

                                 March 31,2000      March 31,1999

Obligation under finance leases 
at year-end
 Due within 1 year                     157                61
 Due after 1 year                      176                74
Total                                  334               136
Disbursement lease amount              118                91
Depreciation equivalent                118                91

Notes: 1.  Since the total value of unexpired leases at year-end
           occupies only a small share of the year-end value of        
           tangible fixed assets, acquisition cost and total value 
           of unexpired leases at year-end are calculated 
           inclusive of interest
       2.  Method of calculating depreciation expenses:
           Calculated according to the straight-line method, 
           whereby the lease period is computed as useful
           life and the remaining payment amount is computed as 
           zero.

Tax allocation
The significant components of the deferred tax assets and liabilities at March
31, 2000 were as follows:
            
                                                 (millions of yen)
                                                 Fiscal 2000

Deferred tax assets
 Accrued enterprises taxes                           901
 Allowance for losses incurred by subsidiaries       625
 Allowance for directors' retirement benefits        624
 Accrued expenses                                    465
 Allowance for bonuses                                90
 Other                                                35
 Total                                             2,740
 Loss - Valuation allowance                         (625)
Total deferred tax assets                          2,115

Deferred tax liabilities
 Reversal of reserve for fixed asset reduction
   following adoption of deferred taxation          -158
 Other                                               -20

Total deferred tax liabilities                      -178

Deferred tax assets - net                          1,937


Market Value of Securities
                                                 (millions of yen)

                              March 31,2000        March 31,1999
                     Balance  Market  Unrealized   Balance  Market  Unrealized
                     Sheet    value   gain/loss    sheet    value   gain/loss
                     Amount                        amount

(l) Current assets
    Stocks               1       1          0      1,469    1,625       155
    Subtotal             1       1          0      1,469    1 625       155

(2) Fixed assets
  Stocks               361  42,447     42,085        338      481       143
                      (331)(42,237)   (41,905)

  Subtotal             361  42,447     42,085        338      481       143
                      (331)(42,237)   (41,905)
  Total                363  42,448     42,085      1,807    2,107       299
                      (331)(42,237)   (41,905)

Notes: 1. Market value
(1) Listed securities ... Principally closing prices on the Tokyo Stock         
                                                             Exchange.
(2) Over-the-counter securities ... Trading prices Announced by the Japan       
                                   Securities Dealers Association
       2. Figures for 'Stocks' listed under 'Current assets in the 
          above table include Treasury stock, Related - Unrealized 
          gain/loss

                              March 31,2000       March 31,1999

Listed under current assets   Y   0 million       Y   -0 million
Listed under fixed assets     Y 179 million       Y  143 million

       3. Figures in parentheses denote the amount of 
          subsidiaires.
       4. Securities not listed above

                              March 31,2000        March 31,1999

Included in 'Fixed assets'    Y 11,755 million    Y 9,963 million
(Unlisted Stocks excluding   (Y 11,515 million)  (Y 9,963 million)
over-the-counter securities)


Contract value, Market value and Unrealized gain(loss) of Derivative Transaction
                                                 (millions of yen)

                              March 31,2000            March 31,1999
 
                      Contract   Market  Unreal-  Contract  Market  Unreal-
                      Amount     value   ized     Amount    value   ized
                      (term              gain     (term             gain
                      over 1             (loss)   over 1            (loss)
                      year)                       year)

Unlisted transactions
Interest Swaps Receive
floating/               1,000      -         -      1,000      -        -
 pay fixed                 (-)                     (1,000)        
Total                   1,000      -         -      1,000      -        -
                           (-)                     (1,000)

Note: Above swap transaction was arranged to hedge against interest 
      rate fluctuations on a (floating-rate) long-term loan.
      The unrealized gain/loss related was immaterial, and had no               
     effect on the Company's Statements of Income.


                     10. Changes in Board of Directors
                          (As from June 23, 2000)

1. Changes in Representative Directors 
      No changes.

2. Changes in other Directors
     (1) New Directors

         Director  Hidetoshi Inatomi
                   (Current title:  Senior Corporate Officer)
         Director  Takuya Iwasaki
                   (Previous title:  President, Nikko Securities                
                   Co.Ltd)
                   (Current title:  Advisor, Nikko Securities  
                    Co.Ltd)
         Director  Satoshi Akagi
                   (Previous title: Deputy Super Intendent of
                   Education, Education Committee in Hyogo
                   Prefecture
                   (Current title:  Director, Kozuki Foundation
                   for Information Technology Education)
         Director  Haruhiko Yoshida
                   (Previous title: General Manager of Account
                                    Management Division 4,
                                    DENTSU INC.)
                   (Current title:  General Manager of Sales 
                                    Division, Delphys Inc.)

     (2) Retiring Directors
         Director       Yukio Goto
         Director       Yoshinobu Tazaki
         Director       Kiyoshi Miyauchi

3. Changes in Corporate Auditors
   (1) New Corporate Auditors
       Standing Corporate Auditor* Tetsuro Yamamoto
                                   (Current title: Director, The Bank of Tokyo- 
                                   Mitsubishi Ltd)
       Corporate Auditor*   Minoru Nagaoka
                            (Previous title: Administrative Vice Minister,      
                                            Ministry of Finance Chairman of     
                                           the Board, Tokyo Stock Exchange,     
                                          Ltd. Member of National Public
                                             Safety Commission)
       Corporate Auditor*   Masataka Imaizumi
                            (Previous title: Super Intendent-General of the 
                                             Metropolitan Police)
                            (Current title:  Chairman of the Board, Japan       
                                            Traffic Safety Association)

(2) Retiring Corporate Auditors
    Corporate Auditor*    Shosuke Kawasaki
    Corporate Auditor*    Shiegeo Ishii
    Corporate Auditor*    Mutsuko Yoshioka


Note: The Corporate Auditors with an asterisk(*) mark are external
      auditors required by Japanese Commercial Code's Special Law      
      Article 18 Section 1.