Subsidiary's Revised Forecast

Konami Corporation
20 March 2003


FOR IMMEDIATE RELEASE

                                                                  March 20, 2003


                                                              KONAMI CORPORATION
                                      2-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
                                                                 Kagemasa Kozuki
                                                   Chairman of the Board and CEO
                                                             Ticker 9766 at TSE1
                                                         Contact: Toshiro Tateno
                                        Director and Executive Corporate Officer
                                                            Tel: [phone]






             Subsidiary's Revised Japanese GAAP Earnings Forecast
                   for the Fiscal Year Ending March 31, 2003
                          (Konami Sports Corporation)



Konami Corporation hereby announces that its subsidiary, Konami Sports
Corporation ('Konami Sports'), revised its Japanese GAAP earnings forecast for
the fiscal year ending March 31, 2003, which was previously released on November
13, 2002, based on its recent business performance.

However, Konami Sports did not revise its March 31, 2003 year-end dividend
forecast of 22.80 yen per share (45.60 yen per share for the year), which was
released on November 13, 2002.



1.       Konami Sports earnings forecast for the fiscal year ending March 31,
2003 (April 1, 2002 to March 31, 2003)




Consolidated

                                                                                      (Millions of yen)
                                           Net revenues           Ordinary income            Net income
Previous forecast (A)                          78,000                   6,900                    3,200
Revised forecast (B)                           75,000                   3,000                    1,000
Change (B)-(A)                                (3,000)                 (3,900)                  (2,200)
Change (Percentage)                            (3.8)%                 (56.5)%                  (68.8)%


Non-consolidated

                                                                                      (Millions of yen)
                                           Net revenues           Ordinary income            Net income
Previous forecast (A)                          69,000                   6,400                    3,000
Revised forecast (B)                           66,500                   2,700                      975
Change (B)-(A)                                (2,500)                 (3,700)                  (2,025)
Change (Percentage)                            (3.6)%                 (57.8)%                  (67.5)%



Note: Konami Sports did not revise its March 31, 2003 year-end dividend forecast
of 22.80 yen per share (45.60 yen per share for the year), which was released on
November 13, 2002.


2.       Reasons for the revision


Under the continuing severe economic conditions, the number of members and
revenue per member at club facilities have declined, resulting in a decrease in
net revenues of existing club facilities. During this fiscal year, Konami Sports
opened 16 new fitness clubs and renewed six existing fitness clubs. However, net
revenues are expected to decrease since there were facilities that had
difficulty acquiring new members. Ordinary income and net income are expected to
be significantly lower than estimated figures due to the following factors; a
decrease in net revenues, early repairs of club facilities to provide members
with improved services and expenses to attract new customers.


3.       Forecast for the next fiscal year


We do not expect the current economic environment to improve. In such an
environment, although we will strive to secure stable revenues by expanding new
programs and promoting membership as a way to improve people's quality of life,
we have conservative expectations for membership fee revenues for the next
fiscal year.

We plan to open more than 10 facilities including facilities acquired from
others and also aim to improve operating efficiency through better cost
management. Our goal is to achieve 81,500 million yen in revenues and 5,200
million yen in ordinary income on a consolidated basis.



Cautionary Statement with Respect to Forward-Looking Statements:


Statements made in this press release with respect to Konami's current plans,
estimates, strategies and beliefs, including the above forecasts regarding
Konami Sports, are forward-looking statements about the future performance of
Konami Sports and Konami. These statements are based on management's assumptions
and beliefs in light of information currently available to it and, therefore,
you should not place undue reliance on them. A number of important factors could
cause actual results to be materially different from and worse than those
discussed in forward-looking statements. Such factors include, but are not
limited to: (i) changes in economic conditions affecting our operations; (ii)
fluctuations in currency exchange rates, particularly with respect to the value
of the Japanese yen, the U.S. dollar and the Euro; (iii) our ability to continue
to win acceptance of our products, which are offered in highly competitive
markets characterized by the continuous introduction of new products, rapid
developments in technology and subjective and changing consumer preferences;
(iv) our ability to successfully expand internationally with a focus on our
video game software business, card game business and gaming machine business;
(v) our ability to successfully expand the scope of our business and broaden our
customer base through our health and fitness business; (vi) regulatory
developments and changes and our ability to respond and adapt to those changes;
(vii) our expectations with regard to further acquisitions and the integration
of any companies we may acquire; and (viii) the outcome of contingencies.




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