Correction of the performance projection for the term ended March 2004 (from April 1, 2003 to March 31, 2004) and recognition of extraordinary gains and losses

The Company hereby gives a notice as follows that the Company, at the meeting of the Board of Directors held on March 11, 2004, resolved as follows.

Particulars

1. Correction of the projection of consolidated performance for the term ended March 2004 (from April 1, 2003 to March 31, 2004)

(Unit: million yen)

	Sales	Ordinary income	Net income
Previous projection (A) (Announced on Nov. 18, 2003)	503,000	11,000	5,000
Corrected projection (B)	486,000	7,500	2,500
Change (B-A)	17,000	3,500	2,500
Rate of change (%)	3.4	31.8	50.0
(Reference) Performance of the previous term (C)	499,810	14,489	4,959
Change (B-C)	13,810	6,989	2,459
Rate of change (%)	2.8	48.2	49.6

2. Correction of the projection of non-consolidated performance for the term ended March 2004 (from April 1, 2003 to March 31, 2004)

(Unit: million yen)

	Sales	Ordinary income	Net income
Previous projection (A) (Announced on Nov. 18, 2003)	325,000	3,500	1,800
Corrected projection (B)	317,000	1,000	1,800
Change (B-A)	8,000	2,500	0
Rate of change (%)	2.5	71.4	0
(Reference) Performance of the previous term (C)	315,623	5,019	1,750
Change (B-C)	1,377	4,019	50
Rate of change (%)	0.4	80.1	2.9

3. Reason for Correction
(Consolidated performance)
Sales are expected to fall short of the previous forecast, primarily due to the sluggish domestic market for marine products, which are the Group's mainstay merchandise.
Ordinary income is expected to be 3.5 billion yen less than the projection previously announced, as the marine products segment suffered a decrease in revenue mainly attributable to low fish prices in Japan, while the foods segment was affected by intensified sales competition in Japan.
Net income is expected to decrease 2.5 billion yen, as a result of the reduction in ordinary income.

(Non-consolidated performance)
(1) Sales are expected to be lower than the previous forecast, as the price and freight movement of marine products generally did not recover even at the year-end, when demand is highest.
Ordinary income is expected to be 2.5 billion yen less than the previous forecast, as revenue from crab, shrimp, surimi and other key species decreased, compounded by the increase in selling expenses as price competition remained fierce for consumer and commercial frozen foods and processed products.
<>Net income is expected to be more or less the same as previously forecasted, including the declaration of extraordinary gains and losses referred to in (2) below.

(2) Recognition of Extraordinary Gains and Losses

(Unit: 100 million yen)

	1st Half	2nd Half	Full year	Note (2nd Half)
Gain on sale of investment securities	0	14	14	Projected gain on sale of shares of financial institutions
Gain on sale of property, plant and equipment	7	31	38	Projected gain on sale of property leased to affiliates
Other	2	0	2
Total extraordinary gains	9	45	54
Provision for doubtful accounts for affiliates	0	7	7	5 affiliates
Provision for doubtful accounts	6	4	10	Additional provisions declared for Takamaru Co., Ltd. and two other companies
Other	5	4	9
Total extraordinary losses	11	15	26

Extraordinary gains and losses are attributable to the sale of investment securities, the sale of property leased to affiliates with the aim to improve the transparency of the GroupÕs management, the establishment of allowance for doubtful accounts for affiliates with excess liabilities, and the declaration of additional allowances for doubtful accounts with respect to Takamaru Co., Ltd. and two other companies which entered legal liquidation proceedings in the first half of the year. Accordingly, extraordinary gains and losses are expected to amount to 5.4 billion yen and 2.6 billion yen, respectively.