Cash To Be Paid in Merger

Konami Corporation
10 May 2005


FOR IMMEDIATE RELEASE



                                                                    May 10, 2005



                                                                              KONAMI CORPORATION
                                                      2-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
                                                                                 Kagemasa Kozuki
                                                                 Representative Director and CEO
                                                                 Stock code number: 9766 at TSE1



                                                                     Contact: Noriaki Yamaguchi
                                            Executive Vice President and Chief Financial Officer
                                                                            Tel: [phone]


                             Announcement: Cash To Be Paid in Mergers


Konami Corporation ('Konami') announced today that, pursuant to a resolution of
the Board of Directors of Konami adopted at a meeting held on May 10, 2005, it
will revise the amount of cash to be paid in lieu of dividends to the
shareholders of its subsidiaries in connection with its mergers with its three
subsidiaries, Konami Computer Entertainment Studios, Inc. ('Konami STUDIO'),
Konami Computer Entertainment Tokyo, Inc. ('Konami TYO'), and Konami Computer
Entertainment Japan, Inc. ('Konami JPN'). The mergers were approved at meetings
of the Board of Directors of each company held on December 16, 2004.



Revised Amounts of Cash To Be Paid in the Mergers




                                                                           (Yen)
                                     Konami STUDIO               Konami TYO             Konami JPN
(A)     Amounts of cash to be             0.0                       88.0                   55.5
paid per share in each merger
(B)     Amounts provided in               8.0                       39.5                   31.0
the merger agreements
(C)     Previous forecasts as             0.0                       82.0                   54.0
of March 18, 2005
Differences (A-B)                         -8.0                      48.5                   23.0
Differences (A-C)                         0.0                       6.0                    1.5



The amounts of cash to be paid in the mergers were computed based on 50% of the
net income less interim dividends paid with respect to each subsidiary.


Financial Results for the Fiscal Year Ended March 31, 2005



                                                                                     (Millions yen)
                                 Sales                Ordinary Income             Net Income
Konami STUDIO                    8,907                      274                       17
Konami TYO                       15,766                    6,043                    3,563
Konami JPN                       11,232                    4,027                    2,400





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