2007.12.27 updated

The Interim Report for the Year ending March 31, 2008
(April 1, 2007 through September 30, 2007)

(*) Qualification: This is directly translated into English for the convenience of readers, and all financial results with the accounting principles generally accepted in Japan

(Correction) Concerning the revision to the Interim Report for the Year ending March 31, 2008 resulting from the announcement of irregular tradings

Revisions will be made to the Interim Report for the Year ending March 31, 2008, which was announced on November 13, 2007, for the following reasons.

1. Reasons for the revision

As a result of the announcement by Nissui’s consolidated subsidiary, Hohsui Corporation, on December 17, 2007, of the results of the investigation into irregular trading, which was disclosed on October 24, 2007, revisions shall be made in Nissui’s current interim consolidated financial statements to reflect the revisions to Hohsui Corporation’s financial results for the six months ended September 30, 2007 and to recognize the entire revision amounts to the financial results of Hohsui Corporation for the year ended March 31, 2007, as one-time extraordinary expenses.
No changes shall be made to the consolidated performance forecast for the term ending March 31, 2008 as a result of these revisions.

2. Details of revision

For the reason stated in 1 above, additional losses incurred as a result of irregular trading will be recognized for the six months ended September 30, 2007.
As a result of the above, net sales of 267,691 million yen (267,785 million yen before revision), an operating income of 6,206 million yen (6,207 million yen before revision), an ordinary income of 5,827 million yen (5,828 million yen before revision), an irregular trading-related extraordinary loss of 174 million yen (0 yen before revision), and a net income of 1,238 million yen (1,339 million yen before revision) shall be recorded for the current interim term.

Million yen

[Consolidated]	Six months ended September 30,2007 ( Post Correction)	Six months ended September 30,2007 (Pre Correction)	Six months ended September 30,2006
Sales	267,691	267,785	281,047
change from the same term of previous year(%)	▲4.8	▲4.7	6.5
Operating income	6,206	6,207	8,456
change from the same term of previous year (%)	▲26.6	▲26.6	39.4
Ordinary income	5,827	5,828	8,118
change from the same term of previous year (%)	▲28.2	▲28.2	33.4
Net income	1,238	1,339	3,702
change from the same term of previous year (%)	▲66.5	▲63.8	62.2
Net income per share	4.48yen	4.85yen	13.39yen
Total assets	425,596	425,768	404,606
Net assets	129,140	129,315	117,280
Net assets per share	412.31	412.68 yen	368.94 yen
Dividend	10yen(forecast) (Interim 5 yen, Final forecast 5 yen)	10yen(forecast) (Interim 5 yen, Final forecast 5 yen)	9yen (Interim 4 yen Final 5 yen)

Overview of the Year

In the industries in which the Company and its corporate group operate, the business environment in Japan remained austere due to soaring purchase price of seafood caused by strong worldwide demand, as well as the hike in the raw materials prices of processed products, in addition to the effects of the growing concerns over food safety. In the United States and Europe, the price of white fish remained steady, while movements to raise the price of raw materials of processed foods were discerned.

Under these circumstances, the Company and its corporate group made a concerted effort to promote the medium-term management policy named “NewTGLPlan” (TrueGlobalLinks), which aimed to enhance its business field to a higher state-of-the-art level and to improve the profitability of its business structure, as well as reinforce its quality assurance system to ensure the delivery of safe products that would satisfy every one of our customers.

As a result of the above circumstances, as well as the difficulty of passing on the increased costs from the rise of fuel prices, the prices of main and auxiliary materials, and the prices of equipment and materials, onto sales prices, operating results for this interim period were sales in the amount of 267,691 million yen, down 13,355 million yen (4.8%)year-on-year; operating income of 6,260 million yen, down 2,249 million yen (26.6%) year-on-year; and ordinary income of 5,827 million yen, down 2,291 million yen (28.2%) year-on-year. As for extraordinary gains and losses, an extraordinary loss of 2,681 million yen was declared, which included retirement benefits for directors. As a consequence, interim net income was 1,238 million yen, down 2,464 million (66.5%) year-on-year.

As a result of announcement by Nissui’s consolidated subsidiary, Housui Corporation, on December 17, 2007, of the results of the investigation into irregular trading, which was disclosed on October 24, 2007, revisions shall be made in Nissui’s current interim consolidated financial statements to reflect the revisions to Hohsui Corporation’s financial results for the six months ended September 30, 2007 and to recognize the entire revision amounts to the financial results of Hohsui Corporation for the year ended March 31, 2007, as one-time extraordinary expenses. The Company and its corporate group intend to thoroughly enforce compliance and the fundamental actions aimed at preventing such irregularities, as well as further improve the risk management structure of the entire group, including the reinforcement of mutual checks and balances and the monitoring functions.

(Reference)Forecast for the year ending March 31, 2008, Consolidated

Million yen

[Consolidated]	Sales	Ordinary income	Net income
The year ending March 31, 2008	535,000	11,500	12,000

The forecast above is based on information available on the issuing date of this report. Accordingly, the final results may change due to various factors.

Summary of Financial Statements for the Six Months ended September 30, 2007

The past data should look at IR Library. IR Library