Transfer of Shares

Konami Corporation
19 December 2002


FOR IMMEDIATE RELEASE



                                                                                                      December 19, 2002

                                                                                                     KONAMI CORPORATION
                                                                               2-4-1 Marunouchi Chiyoda-ku Tokyo, Japan
                                                                                                        Kagemasa Kozuki
                                                                                        Representative Director and CEO
                                                                                        Stock code number: 9766 at TSE1
                                                                                             Ticker symbol: KNM on NYSE
                                                                                                Contact: Toshiro Tateno
                                                                               Director and Executive Corporate Officer
                                                                                            Corporate Planning Division
                                                                                                   Tel: [phone]


                          Konami to Transfer Konami Sports Shares to Wholly-Owned Subsidiary

Konami Corporation (Konami) hereby announces that its Board of Directors decided on December 19, 2002 to transfer all
of its 15,457,741 shares in Konami Sports Corporation (Konami Sports) to its wholly-owned subsidiary, Konami Sports
Life Corporation (Konami Sports Life), as explained below.

1.       Shares to be transferred:
Investee:              Konami Sports Corporation
Type:                  Common stock
Number of shares:      15,457,741 shares (54.64% of total number of shares issued)

2.       Transferee:

Konami Sports Life Corporation (wholly-owned subsidiary of Konami)

3.       Transfer price:

30,034,390,763 yen

(1,943 yen per share, which was the closing price quoted on the Tokyo Stock Exchange on December 18, 2002)


4.       Date of transfer:

Wednesday, January 15, 2003

5.       Reason for transfer:

Konami is actively considering changing its corporate structure by reorganizing into a pure holding company by April
2004.

Konami has decided to operate its businesses related to sports club facilities, fitness machines for sports club use
and home use, and retail operations at such clubs, which are currently a part of the AC segment, as an integrated part
of its sports club operation business (H&F business) performed by Konami Sports in order to improve efficiency. Thus,
Konami has decided to transfer its shares in Konami Sports to Konami Sports Life and to give Konami Sports Life control
over the H&F business, which will permit sports club and related operations to be integrated in a single company.

6.       Effect of transfer:

As a result of share transfer, a loss of approximately 39 billion yen will be incurred by Konami on a non-consolidated
basis. However, Konami does not expect any effect on its consolidated results of operations because such loss will be
eliminated in the consolidation process.

7.       Future corporate structure of the Konami group:

Since Konami is currently considering changing its corporate structure by reorganizing into a pure holding company,
this share transfer is considered to be the first step in this process. The new holding company structure will be
announced when determined. However, the currently envisioned corporate structure is as follows:


                                         Konami Corporation   
                                          (Holding Company)   
                                                   ^
                                                   ^
---------------------------------------------------^------------------------------------------------------------------- 
      ^                  ^                                 ^                               ^                      ^
      ^                  ^                                 ^                               ^                      ^
 Operating           Operating                         Operating                        Operating            Operating
  Company             Company                           Company                          Company              Company
    (CS                 (T&H                         (AC Business)                         (GC                 (H&F
 Business)           Business)                             ^                            Business)            Business)
      ^                  ^                                 ^                                ^                   or
      ^                  ^                                 ^                                ^                 Konami
      ^                  ^                                 ^                                ^               Sports Life
      ^                  ^                                 ^                                ^                    ^
      ^                  ^                                 ^                                ^                    ^
   Group               Group                             Group                            Group                Group
 Companies           Companies                         Companies                        Companies            Companies
                                                                                                              such as
                                                                                                              Konami
                                                                                                              Sports



Notes:
CS:              Consumer Software
T&H:             Toy & Hobby
AC:              Amusement Content
GC:              Gaming Content
H&F              Health & Fitness






Cautionary Statement with Respect to Forward-Looking Statements:



Statements made in this press release with respect to Konami's current plans, estimates, strategies and beliefs,
including those related to the possible change in corporate structure, are forward-looking statements about the future
performance of Konami. 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 those discussed in forward-looking statements. Such factors
include any changes in the legal, regulatory or business environment that would alter the perceived costs and benefits
of changing the corporate structure.




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