Commemorative dividend for NAIS-IS's fifth anniversary of establishment

Commemorative dividend for NAIS-IS's fifth anniversary of establishment

22 February 2004 is our fifth anniversary of establishment. As a token of our appreciation to our shareholders for their ongoing support, at our fifth ordinary general meeting of stockholders to be held in early February 2004, we intend to take up the subject of payment of a dividend of JPY1,000 to commemorate our fifth anniversary of establishment in addition to ordinary dividend of JPY3,000, for a total dividend of JPY 4,000. Yearly dividend per share will be JPY7,000. Compare to the JPY10,000 dividend payments for the year ending in November 2002, it increases substantially 1.4 times year-on-year since we split one share of common stock into two shares on 20 January 2003.

Proposed dividend payments for the year ending in November 2003 (fifth term)

• Mid-term dividend per share: JPY3,000
• Year-end dividend per share: JPY3,000
• Commemorative dividend (for fifth anniversary of establishment) per share: JPY1,000
• Yearly dividend per share: JPY7,000

For your reference:

1. Actual dividend payments for the year ending in November 2002 (fourth term)
   • Mid-term dividend per share: JPY3,000
   • Year-end dividend per share: JPY7,000
   • Yearly dividend per share: JPY10,000
2. Proposed dividend payments for the year ending in November 2003 at the third quarter for the year ending November 2003 (as of 1
   • October 2003) Mid-term dividend per share: JPY3,000
   • Year-end dividend per share: JPY3,000
   • Yearly dividend per share: JPY6,000