Retirement benefits

Maruwa Co Ld
10 May 2005


                                                                     10 May 2005

MARUWA CO., LTD.

3-83 Minamihonjigahara-cho, Owariasahi-city, Aichi-pref. 488-0044 JAPAN

                                            (Translation)

                 Termination of retirement benefits for directors


  MARUWA CO., LTD. ('MARUWA') announced that the Board of Directors at the
meeting today resolved the termination of retirement benefits for directors.

1. Termination date
  At the end of the 32nd annual shareholders' meeting scheduled on 24 June 2005.

2. Purpose of termination
  To improve the conventional system which is rather considered as future
payment of compensation and   hardly linked to operating results.

3. After termination
  At the 32nd annual shareholders' meeting scheduled on 24 June 2005, MARUWA
will propose a plan to pay retirement benefits for directors to be reappointed
and current auditors at their retirement according to their past term on the
premise of being resolved at the shareholders' meeting.  Also, retirement
benefits will be included in compensation after termination.


END


                      This information is provided by RNS
            The company news service from the London Stock Exchange    

MSCURUWRVKRVARR