Correction of the performance projection for the term ended March 2003 (from April 1, 2002 to March 31, 2003) and recognition of extraordinary loss

The Company hereby gives a notice as follows that the Company, at the meeting of the Board of Directors held on March 20, 2003, resolved as follows.

Particulars

1. Correction of the projection of consolidated performance for the term ended March 2003 (from April 1, 2002 to March 31, 2003)

	Sales	Ordinary income	Net income
Previous projection (A) (Announced on Nov. 15, 2002)	510,000	11,000	4,000
Corrected projection (B)	500,000	14,000	5,500
Change (B-A)	10,000	3,000	1,500
Rate of change (%)	2.0	27.3	37.5
(Reference) Performance of the previous term (C)	482,953	4,790	10,614
Change (B-C)	17,047	9,210	16,114
Rate of change (%)	3.5	192.3	-

2. Correction of the projection of non-consolidated performance for the term ended March 2003 (from April 1, 2002 to March 31, 2003)

	Sales	Ordinary income	Net income
Previous projection (A) (Announced on Nov. 15, 2002)	320,000	5,500	2,000
Corrected projection (B)	317,000	5,000	2,000
Change (B-A)	3,000	500	0
Rate of change (%)	0.9	9.1	0
(Reference) Performance of the previous term (C)	317,073	3,006	17,854
Change (B-C)	73	1,994	19,854
Rate of change (%)	0.0	66.3	-

3. Reason for Correction
(Consolidated performance)
The amount of sales is expected to become slightly lower than the previous projection due to the slowdown in the sales of domestic marine products in and after December last year.
The ordinary income and net income are expected to increase by 3 billion yen and 1.5 billion yen, respectively, mainly supported by the steady fish price in the market of North America's subsidiaries and profits from Gorton's Inc., which the Company purchased in the fall of the year before last, and favorable performance in Chile's salmon cultivation business due to the market recovery in the latter half of the term.

(Non-consolidated performance)
(1) The amount of sales is expected to become slightly lower than the previous projection due mainly to the slowdown in the sales of marine products. The ordinary income is estimated at 5 billion yen, a decrease of 0.5 billion yen from the previous projection.
Net income for the term is estimated at 2 billion yen as announced in the previous projection after posting the extraordinary loss specified in Item (2) below and application of tax effect accounting.

(2) Recognition of extraordinary loss

	1st Half	2nd Half	Full year
Unrealized losses on investment securities	-	40	40	Mainly estimated valuation loss on financial sector stocks.
Amortization of net transition asset (postretirement plan) etc.	14	23	37	3rd year of the amortization based on the three-year straight line method etc.
Other	2	11	13	500 million yen for the allowance for affiliated companies, etc.
Total	16	74	90

Extraordinary gain or loss is estimated at 2 billion yen including the gains on sales of investment securities and on reversal of allowance for doubtful accounts provided for in the previous term, while extraordinary loss is estimated at about 9 billion yen including 4 billion yen as valuation loss on investment securities, mainly comprised of the loss on financial sector stocks out of the stocks held by the Company, which is attributable to the stagnant stock market, and 3.7 billion yen as loss on retirement benefit costs mainly comprised of the amortization of the difference due to the change of retirement benefit accounting standards.