Issue of Equity

Maruwa Co Ld
27 February 2001


     Notice regarding number of shares to be issued and issue price

Regarding the public offering of newly issued shares (overseas offering) (except
USA) which was approved at the Board of Directors Meeting held on 16 February
2001, the number of shares to be issued, issue price, and other matters were
resolved at the Company's Board of Directors Meeting held on 27 February 2001 as
indicated below.

1.  Offering of Newly Issued Shares (Overseas Offering) *except USA
(1) Number of shares to be issued     Par value common shares  1,000,000 shares
(2) Offer price                       2,174 Yen per share
(3) Total amount of offer price       2,174,000,000 Yen
(4) Issue price         2,054 Yen per share
(5) Total amount of issue price       2,054,000,000 Yen
(6) Amount to be credited into the capital    1,027 Yen per share
(7) Total amount to be credited into the capital    1,027,000,000 Yen
(8) Offering Method  Notified

(Note)   Subscriber purchases at issue price and conducts offering at offer     
         price.

(Reference)
1.  Offering of Newly Issued Shares (Overseas Offering) *except USA
    Payment Date        19 March 2001

2.  Use of Proceeds
    Regarding the estimated amount of proceeds 2,000 million yen, all of the    
    amount to be used in capital expenditure and research & development of new  
    products business (High Frequency Products).

3.  Estimate of Offer Price
(1) Calculation Date and Price   27 February 2001
                                 2,230 Yen (Closing price at Tokyo Stock        
                                            Exchange)
(2) Discount Rate                2.51%