Revision of forecast

Maruwa Co Ld
08 November 2007


                                                                                          8 November 2007
MARUWA CO., LTD.
3-83 Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN


                                              (Translation)
               Notice regarding the revision of operating results forecast for fiscal 2008


MARUWA CO., LTD. ('MARUWA') announced that the operating results forecast for fiscal 2008 (1 April 2007 -
31 March 2008) announced on 11 May 2007 were revised as follows;

1. Revised consolidated operating results forecast for Fiscal 2008 (1 April 2007 - 31 March 2008)
                                                                                    (Millions of yen)
                                                   Net sales    Operating income           Net income
    Previously announced forecast (A)                 22,600               2,400                1,560
    Revised forecast (B)                              21,280               2,120                1,400
    Change (B - A)                                    -1,320                -280                 -160
    Change (%)                                         -5.8%              -11.7%               -10.3%
    Previous fiscal year ended 31 March               21,062               1,924                1,334
    2007
    Change from previous fiscal year (%)                1.0%               10.2%                 4.9%

2. Reasons for revision
According to the previous forecast for the full fiscal year, the Ceramic Component segment was expected
to grow in sales after the second quarter, recovering from a slowdown in the first quarter influenced by
inventory adjustments from the last year-end.

While sales have recovered for the second quarter, sales growth will gradually slow down against the
previous forecast due to uncertainty in the semiconductor-equipment market.

Consequently, sales forecast is revised as above; forecasts for operating income and net income are also
revised according to the downward revision of sales forecast.

(Reference)
Sales forecast by business segment
                                                                                        (Millions of yen)
                                      Fiscal 2008 ending 31 March 2008                   Fiscal 2007
                         Previously announced    Revised forecast   Change rate (%)
                               forecast                                              ended 31 March 2007
    Ceramic components                  21,100               19,180            -9.1%               18,341
    Lighting equipment                   1,500                2,100            40.0%                2,721
    Net sales                           22,600               21,280            -5.8%               21,062

*The forecasts stated above are based on currently available information as of the date of announcement.

Actual results may differ from these forecasts due to various factors.
                                                                                                      END





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