Here is an announcement of granting of stock option provided for by the Article 280-19 of the Commercial Code of Japan to board directors, determined provisionally at the meeting of board of directors of the Company to be held on April 24, 2000

Description

1.Purpose of granting of stock option

To promote will or motivation of the board directors to improve business performance of the Company.

2.Qualified persons:

Nineteen (19) board directors of the Company in his/her term of office at the closing of the 63rd Ordinary General Meeting of Shareholders to be held at the latter part of June, 2000.

3.Par value/Non par value and kind of stock to be issued upon exercise of the Warrants:

Par-value Common Stock of the Company

4.Number of shares to be issued upon exercise of the Warrants:

The upper limit of number of shares to be issued is 223,000 in total. The numbers of shares to be issued upon the exercise of warrants granted to each of the board directors are 10,000 through 20,000.

5.Issue price per share:

The issue price per share shall be the average of last price (fraction less than 1 yen shall be rounded up) of ordinary dealing of the par-value common stocks of the Company at Tokyo Stock Exchange on each day (except the days on which dealing is not concluded) of the previous month of the month of the granting date. Provided, however, that, when the relevant amount is less than the last price of the granting date, it shall be the last price of the granting date.
In case stock split or consolidation of stocks is carried out after the stock option granting date, issue price per share shall be adjusted in proportion to the ratio of stock split or consolidation of stocks, and should there arise any fraction of a full yen upon calculation, such fraction shall be rounded upward to the nearest yen.
When the new common stocks are issued at the price less than the market price of the common stocks (except the conversion of convertible bonds to stocks, exercise of stock option, conversion of preferred stocks to common stocks), the issue price shall be adjusted in the following formula, and should there arise any fraction of a full yen upon calculation, such fraction shall be rounded upward to the nearest yen.

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6.Period for exercise of the Warrants

July 1, 2002 through June 28, 2010

7.Conditions to exercise of the Warrants

(1)	The qualified persons specified in 2. above ("Qualified Person") may exercise the warrant even after he/she ceases to be a board director of the Company. Provided, however that the conditions prescribed in the Granting Agreement in (4) below shall apply.
(2)	In the event of death of the Qualified Person, his/her heir may not exercise the right.
(3)	The Qualified Person may not transfer, pledge the right to the third parties or dispose otherwise.
(4)	Other conditions to exercise the warrant right shall be pursuant to Granting Agreement entered into between the Company and the Qualified Person in accordance with the resolutions of general meeting of shareholders and resolutions of meeting of board of directors.

*	The above provisional determination is on the condition that the partial amendments of the articles of incorporation and the granting of the stock option will be approved at the 63rd Ordinary General Meeting of Shareholders of the Company to be held in the latter part of June, 2000.