Revised Earning Forecast

Konami Corporation
20 March 2003


FOR IMMEDIATE RELEASE




                                                                                                                        
                                                                  March 20, 2003

                                                              KONAMI CORPORATION
                                      2-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
                                                                 Kagemasa Kozuki
                                                   Chairman of the Board and CEO
                                                             Ticker 9766 at TSE1
                                                         Contact: Toshiro Tateno
                                        Director and Executive Corporate Officer
                                                            Tel: [phone]


                   Revision of Consolidated Earnings Forecast
                   for the Fiscal Year Ending March 31, 2003
                    (Prepared in Accordance with U.S. GAAP)


Konami Corporation hereby announces that it has revised its consolidated
earnings forecast for the fiscal year ending March 31, 2003, which was
previously released on November 28, 2002 as follows:


1.       Consolidated earnings forecast for the fiscal year ending March 31,
2003 (April 1, 2002 to March 31, 2003)

                                                                                          (Millions of yen)
                                                
                                                                          
                                     Net revenues      Operating income   Income before income     Net income 
                                                                                  taxes
                                           
Previous forecast (A)                  245,000              25,000               24,500              11,500
Revised forecast (B)                   245,000            (21,500)             (22,000)            (27,000)
Change (B)-(A)                               0            (46,500)             (46,500)            (38,500)
Change (Percentage)                      -                   -                    -                   -



2.       Reason for the revision



(1) Impairment loss

We expect to recognize an impairment loss of 46,500 million yen with respect to
intangible assets including goodwill allocated to the Exercise Entertainment
segment for the fiscal year ending March 31, 2003 due to a significant decrease
in their fair value.



(2) Effects on business results

The impairment loss is expected to result in a negative impact of 46,500 million
yen on operating income and income before income taxes, and 40,000 million yen
on net income. Adding the effects of a revision to our earnings forecast for the
Exercise Entertainment segment and the Toy & Hobby segment, operating loss, loss
before income taxes and net loss are expected to be 21,500 million yen, 22,000
million yen and 27,000 million yen, respectively.

The impairment loss will have no effect on cash flows.



3.       Year-end dividend



There is no change in the dividend forecast which was released on November 28,
2003 (Year-end dividend: 35 yen per share; Dividend for the year: 54 yen per
share including an interim dividend of 19 yen per share)




(Reference)


Net revenues forecast by business segment                                    (Millions of yen)



              Computer &      Exercise      Toy &     Amusement    Gaming     Other      Eliminations   Consolidated
              Video Games   Entertainment   Hobby
Previous        83,000          83,500     39,500      31,500      8,500      4,500        (5,500)        245,000
forecast
(A)
Revised         83,000          78,500     44,500      31,500      8,500      4,500        (5,500)        245,000
forecast
(B)
Change               -         (5,000)      5,000           -          -          -              -              -
(B-A)


Notes:

1. Net revenues of each business segment include intersegment transactions.

2. On January 15, 2003, we transferred all of our shares of Konami Sports
Corporation to Konami Sports Life Corporation as a step toward changing our
corporate structure by reorganizing into a pure holding company. As a result,
the health entertainment business, which had been a part of the Amusement
segment, was transferred to the Exercise Entertainment segment on January 16,
2003.

3. The Consumer Software (CS) segment, Health & Fitness (H&F) segment, Toy &
Hobby (T&H) segment, Amusement Content (AC) segment and Gaming Content (GC)
segment changed their names to Computer & Video Games, Exercise Entertainment,
Toy & Hobby, Amusement and Gaming, respectively on January 16, 2003.

4. On January 27, 2003, the Gaming segment transferred its token-operated game
machine business for the domestic market to the Amusement segment in order to
focus on its gaming machine business for the overseas gaming industry.



Cautionary Statement with Respect to Forward-Looking Statements:



Statements made in this press release with respect to our current plans,
estimates, strategies and beliefs, including the above forecasts, are forward-
looking statements about our future performance. These statements are based on
management's assumptions and beliefs in light of information currently available
to it and, therefore, you should not place undue reliance on them. A number of
important factors could cause actual results to be materially different from and
worse than those discussed in forward-looking statements. Such factors include,
but are not limited to: (i) changes in economic conditions affecting our
operations; (ii) fluctuations in currency exchange rates, particularly with
respect to the value of the Japanese yen, the U.S. dollar and the Euro; (iii)
our ability to continue to win acceptance of our products, which are offered in
highly competitive markets characterized by the continuous introduction of new
products, rapid developments in technology and subjective and changing consumer
preferences; (iv) our ability to successfully expand internationally with a
focus on our video game software business, card game business and gaming machine
business; (v) our ability to successfully expand the scope of our business and
broaden our customer base through our health and fitness business; (vi)
regulatory developments and changes and our ability to respond and adapt to
those changes; (vii) our expectations with regard to further acquisitions and
the integration of any companies we may acquire; and (viii) the outcome of
contingencies.



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