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News Release

FOR IMMEDIATE RELEASE
August 1, 2001

Notice Relating to the Terms and Conditions of
the Stock Option System through New Stock Issuance

Listed Stock Name: Eisai Co., Ltd.
Head Office Location: 4-6-10 Koishikawa Bunkyo-ku, Tokyo
President and CEO: Mr. Haruo Naito
Code: 4 5 2 3
Listed Locations: First Sections of the Tokyo Stock Exchange & the Osaka Securities Exchange
Inquiries: Mr. Nobuo Deguchi
  Corporate Officer in charge of Public Relations & Legal Affairs
  Phone 81-3-3817-5190



Notice Relating to the Terms and Conditions of
the Stock Option System through New Stock Issuance

The following is a notice concerning decisions made at the General Shareholders' Meeting on June 28, 2001, as well as at the Board of Directors' Meeting on July 19, 2001, concerning new stock issuance and stock price, etc. for the implementation of a stock option system.

1. Stock Option Exercise Price For each stock yen2,668
  The Stock Option Exercise price of the newly issued stock for the purpose of the stock option was determined by the average of the closing prices of the Company's common stock on the Tokyo Stock Exchange in the preceding month of the grant date, August 1, 2001. (any amount less than 1 yen is discarded)
2. Value Placed on New Stock's
Conversion into Capital Stock
For each Stock yen1,334
3. Number of New Stock Issuance for Stock Options 180,000 common stock
  (Within the stock issuance determination term in the event that an eligible person does not exercise his option right, or in the event an eligible person forfeits the right of the stock option, this results in a decline in total number of new stock issuance. )
4. Total Value of Stock Option Stock Issuance yen480,240,000
  (Within the stock issuance determination term in the event that an eligible person does not exercise his option right, or in the event an eligible person subsequently forfeits the right of the stock option, this results in a decline in the total value of new stock issuance. )