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News Release

Mar. 12, 2008

Tsumura Revises Year-End Dividend Forecast (Dividend Increase) for Fiscal Year Ending March 2008 (72nd Term)

Tsumura & Co. (Headquarters: Tokyo, President: Junichi Yoshii) is pleased to announce that a meeting of the Board of Directors held today adopted a resolution to revise upward the year-end dividend per share for the term ending March 2008 (72nd term). Details are as follows:

1. Reason for the Revision
To continue to grow and develop, Tsumura believes that its important short-term challenges include raising and efficiently allocating funds to expand production facilities, responding to rising demand for prescription kampo preparations, to cover development costs associated with international operations, and to meet other needs.

Meanwhile, the Company has close to ¥30 billion in interest-bearing debt and is striving to reduce this amount. Moreover, it expects to invest about ¥20 billion in upgrading facilities under its three-year medium-term management plan, previously announced. For these reasons, its basic policy for the three years is a stable distribution of dividends.

Notwithstanding this, based on the forecast results for the fiscal year ending March 2008, we reviewed the year-end dividend for the period ending March 2008 to respond to the support we have enjoyed from our shareholders. As a result, we have decided to revise the dividend forecast of ¥10.00 per share upward, to ¥13.00 per share. Accordingly, we have revised the annual dividend forecast of ¥20.00 per share for the fiscal year ending March 2008, to ¥23.00.

2. Dividend for Fiscal Year Ending March 2008 (from April 1, 2007 to March 31, 2008)

  Interim dividend per share Year-end dividend per share Annual dividend per share
Previous forecast (October 31, 2007) ¥10.00 ¥10.00 ¥20.00
Revision ¥10.00 (result) ¥13.00 ¥23.00
Results for previous fiscal year (ending March 2007) ¥7.00 ¥10.00 ¥17.00