repurchase of shares

Maruwa Co Ld
23 February 2004


                                                                23 February 2004
                                                                                  
MARUWA CO., LTD.
3-83 Minamihonjigahara-cho, Owariasahi-city, Aichi-pref. 488-0044 JAPAN

                                  (Translation)

                      Notice concerning repurchase of shares

MARUWA determined the method for the repurchase of shares pursuant to the 
provisions of Article 210 of the Commercial Code of Japan. Details are as follows;

1. Method of repurchase
MARUWA will order to repurchase its shares through ToSTNet-2 (Tokyo Stock Exchange
Trading Network System-2, closing price orders) at 8:45 a.m. (Japan time) on 24
February 2004 at today's (23 February 2004) closing price at the first section of
Tokyo Stock Exchange, 1,450 yen. The trading system and hour shall not be changed. 
The purchase order shall be made during the scheduled hour only.

2. Details of repurchase
 (1) Class of shares to be repurchased             Common stock of MARUWA
 (2) Total number of shares to be repurchased      50,000 shares
    (Note 1) The above number of shares shall not be changed. However, there is 
             a possibility that a part or all of such shares may not be repurchased 
             due to market conditions or other factors.
    (Note 2) The shares for which orders to sell have been placed shall be
             repurchased up to the total number of shares scheduled to be 
             repurchased.

3. Publication of the results of repurchase
MARUWA will announce the results of repurchase after the conclusion of the 8:45 a.m.
(Japan time) trading hour on 24 February 2004.

(Reference)
Details regarding repurchase of shares resolved at the annual shareholders' meeting
held on 24 June 2003:
 (1) Class of shares to be repurchased             Common stock of MARUWA
 (2) Total number of shares to be repurchased      Up to 1,000,000 shares
 (3) Total amount of repurchase price of shares    Up to 1,000,000,000 yen

Results of repurchase from 24 June 2003 to 23 February 2004
 (1) Total number of shares repurchased            0 share
 (2) Total amount of repurchase price of shares    0 yen

END.




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