stock options

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 conditions for the issue of stock options
                            (stock acquisition rights)

MARUWA announced that the Board of Directors at the meeting today resolved the
conditions for 'the issue of stock options (stock acquisition rights)' which
has been approved at the 30th annual general shareholders' meeting. Details are
as follows;

 1. Date of issue of stock acquisition            23 February 2004
    rights
 2. Total number of stock acquisition rights      Up to 1,000 rights
                                                  (100 shares per right)
 3. Issue price of stock acquisition rights       No consideration
 4. Class and number of shares for issue of       Common stock of MARUWA,
    stock acquisition rights                      up to 100,000 shares
 5. Amount to be paid upon exercise of stock      1,470 yen per share
    acquisition rights
 6. Total amount of issue price of shares to      147,000,000 yen
    be issued upon exercise of stock
    acquisition rights
 7. Period for exercise of stock acquisition      1 July 2004 to 30 June 2009
    rights
 8. Portion of issue price not to be              73,500,000 yen (735 yen per share),
    accounted for capital of new shares to        a half of the amount to be paid,
    be issued upon exercise of stock              rounded off
    acquisition rights
 9. Parties to whom stock acquisition rights      Directors and employees of
    will be granted                               MARUWA, total 188

(Reference)
 1. Date of resolution at the meeting of the      9 May 2003
    Board of Directors to propose the issue
    of stock acquisition rights to an annual
    shareholders' meeting
 2. Date of resolution for the issue of           24 June 2003
    stock options at the annual
    shareholders' meeting

END.


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