April 27, 2005

Announcement of Accounting of Extraordinary Loss and Extraordinary Gain

On April 27, 2005, Nippon Suisan Kaisha, Ltd. passed the following resolution at its Board of Directors' meeting.

In the parent company accounts for the fiscal year ending March 2005, Nippon Suisan Kaisha, Ltd. shall account a total of 2.2 billion yen as an extraordinary loss for losses from the disposal of fixed assets (approx. 600 million yen) in conjunction with the scrapping of processing plants and freezer warehouses, as well as provision for doubtful debts (approx. 1.3 billion yen) against such things as delay in debt collection from Russia and vendors associated with the fish farming enterprise.

At the same time, Nippon Suisan Kaisha, Ltd. shall account a total of 2.2 billion yen as an extraordinary gain for gains from the sale of fixed assets (approx. 800 million yen) in conjunction with the sale of processing plants that was shut down, gains from the sale of investment securities (approx. 900 million yen) and reversal of provision for doubtful debts (approx. 400 million yen) related to the dissolution of a subsidiary.

As a result, no revisions are expected to the consolidated or parent company financial forecasts announced for the fiscal year ending March 2005.