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News Release

FOR IMMEDIATE RELEASE
July 1, 2003

Notice Concerning Stock Options Including the Amount to Be Paid for the Exercise of Stock Options

Listed Stock Name : Eisai Co., Ltd.
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. Hiroyuki Mitsui
Vice President
Public Relations, General Affairs,
Corporate Communications
Phone 81-3-3817-5085

Notice Concerning Stock Options Including the Amount to Be Paid
for the Exercise of Stock Options

The amount to be paid for exercise of stock options based on the resolution by the Board of Directors Meeting held on June 24, 2003 has been determined today and the outline described as follows.

1 . Issuing date of stock options: July 1, 2003
2 . Type and number of shares to be used for stock options: 210,000 ordinary shares of the Company (one stock option is equivalent to 100 ordinary shares)
3 . Number of stock options: 2,100 stock options
4 . Amount to be paid for the exercise of stock options: For each Stock Option yen252,000. (For each shares yen2,520)
The average closing price for the Company's ordinary shares on the Tokyo Stock Exchange of each day (excluding days on which no trades are concluded) of the month preceding the month during which the stock option is issued (with amounts of less than yen1 rounded up to the nearest yen) is less than the closing price on the issuance date, the closing price on the issue date is determined to be the exercise price.
5 . The total amount of ordinary shares to be issued or transferred by exercise of stock options: yen529,200,000.
6 . The amount to be incorporated into capital out of the issuance amount in the event of issuance of ordinary shares by exercising stock options: For each share yen1,260.

(Note)
1.

Date of resolution by the Board of Directors for proposing such agenda to the General Shareholders' Meeting: May 13, 2003

2. Date of resolution by the General Shareholders' Meeting: June 24, 2003