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Non-Consolidated Annual Financial Report for fiscal 1996

1. NON-CONSOLIDATED ANNUAL FINANCIAL RESULTS

(April 1, 1996 - March 31, 1997)

(1) RESULTS OF ANNUAL OPERATIONS

Period Net Sales Percent
Change
Operating
Income
Percent
Change
Ordinary
Income
Percent
Change
Apr.1,1996-
Mar.31,1997
¥257,906 mil. 1.7%percent ¥45,605 mil. 13.6%percent ¥45,038 mil. 12.1%percent
Same period
last year
¥253,643 mil. 5.7%percent ¥40,143 mil. 8.7%percent ¥40,179 mil. 8.6%percent
Period Net Income Percent
Change
Earnings
per Share
(EPS)
Diluted EPS Return
on Equity
Ordinary
Income
/Total Assets
Percent
Income
/Sales
Apr.1,1996-
Mar.31,1997
¥21,114 mil. 16.7%percent ¥77.07 ¥72.42 8.9%percent 11.0%percent 17.5%percent
Same period
last year
¥18,095 mil. 7.1%percent ¥70.35 ¥66.37 8.4%percent 10.5%percent 15.8%percent
Note 1: Average number of shares outstanding:
March 1997: 273,955 thousand (stock split of May 20, 1996 retroactive to the beginning of the fiscal year)
March 1996: 257,216 thousand
Note 2: There has been no accounting method change.

(2) DIVIDENDS

Period Annual Dividend
per Share
Interim Dividends
per Share
Year End Dividends
per Share
Gross
Dividends
Payout
Ratio
Dividends
on Equity
Apr.1,1996-
Mar.31,1997
¥18.00 ¥9.00 ¥9.00 ¥4,951 mil. 23.4%percent 2.0%percent
Same period
last year
¥15.00 ¥7.00 ¥8.00 ¥3,858 mil. 21.3%percent 1.7%percent

(3) FINANCIAL POSITION

Year End Total Assets Shareholders'
Equity
Ratio of Share-holders'
Equity
Shareholders'
Equity per Share
Mar.31,1997 ¥414,191 mil. ¥251,004 mil. 60.6%percent ¥903.47
Mar.31,1996 ¥407,985 mil. ¥222,331 mil. 54.5%percent ¥864.32
Note 1: Number of shares issued and outstanding
As of March 31, 1997: 277,823 thousand
As of March 31, 1996: 257,232 thousand
Note 2: Excess in fair value of marketable securities over book value as of March 31, 1997: ¥11,615 million
Note 3: Difference between contract value of derivatives and transaction prices: none

2. FORECASTED NON-CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDING MARCH 31, 1998

Period Net Sales Ordinary Income Net Income Dividends per Share
Interim Year End Annual
Apr.1,1996-
Sep.30,1997
¥133,000 mil. ¥23,000 mil. ¥10,500 mil. ¥9.00 - -
Apr.1,1997-
Mar.31,1998
¥257,000 mil. ¥40,500 mil. ¥40,500 mil. - ¥9.00 ¥18.00
Note: Forecasted Earnings per Share (Annual): ¥80.99