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News Release

FOR IMMEDIATE RELEASE
July 1, 2004

Notice Concerning Stock Options (Stock Acquisition Rights)
Including the Amount Paid In Upon the Exercise of Stock Options

Listed Stock Name: Eisai Co., Ltd.
President & CEO: Mr. Haruo Naito
Headquarters: 4-6-10 Koishikawa, Bunkyo-ku, Tokyo
Securities Code: 4523
Listed Locations: First Sections of the Tokyo Stock Exchange
& the Osaka Securities Exchange
Inquiries: Mr. Hiroyuki Mitsui
Vice President
Corporate Communications
Phone: +81-3-3817-5085

Notice Concerning Stock Options (Stock Acquisition Rights)
Including the Amount Paid In Upon the Exercise of Stock Options



The amount paid in upon the exercise of Stock Acquisition Rights ("Shinkabu Yoyaku-Ken" under the Japanese Commercial Code) based on the resolution by the Board of Directors Meeting held on June 24, 2004 has been determined today and the outline described as follows:

1. Issuing date of Stock Acquisition Rights :    July 1, 2004

2. Type and number of shares to be used for Stock Acquisition Rights :
238,000 common shares of the Company
(one stock option is equivalent to 100 common shares)

3. Total number of Stock Acquisition Rights :
2,380 Stock Acquisition Rights

4. Amount paid in upon the exercise of Stock Acquisition Rights :
For each Stock Acquisition Rights     yen317,000.
(For each shares     yen3,170 )
(The amount paid in per share is the closing price of the issuing date (July 1, 2004). )

5. Total amount of common shares to be issued or transferred by the exercise of Stock Acquisition Rights :    yen754,460,000

6. Amount to be incorporated into capital out of the issued amount in the event of issuance of common shares by exercising Stock Acquisition Rights :
For each share     yen1,585


(Note)
1. Date of resolution by the Board of Directors' Meeting for proposing such agenda to the General Shareholders' Meeting : May 11, 2004
2. Date of resolution by the General Shareholders' Meeting : June 24, 2004