December 22, 2005

Nissui Signs Letter of Understanding on Assisting Turnaround of Kyowa Suisan K.K.

Nippon Suisan Kaisha, Ltd. (Naoya Kakizoe, President & CEO) has signed a letter of understanding with Kyowa Suisan K.K. and San-in Godo Bank, Ltd. to form a capital tie-up and business alliance with Kyowa Suisan according to its business turnaround plan.

Nissui decided to take part in assisting the business turnaround of Kyowa Suisan in response to requests by Kyowa Suisan and San-in Godo Bank. Nissui will acquire more than 20% of the turnaround company's voting stock, and provide business assistance to Kyowa Suisan and its fishery affiliate Tokai Gyogyo K.K.

Details will be decided in negotiations toward reaching a final agreement scheduled in March 2006.