Independent auditors

Maruwa Co Ld
30 June 2006


                                                                    30 June 2006
MARUWA CO., LTD.

3-83 Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN

                                             (Translation)

                        Notice regarding the election of an independent auditor

MARUWA CO., LTD. ('MARUWA') announced a notice concerning the election of an
independent auditor as follows;

1. Reasons for election

ChuoAoyama PricewaterhouseCoopers ('ChuoAoyama'), the independent auditor of
MARUWA, will lose their qualification as our independent auditor from 1 July
2006 as the Financial Services Agency of Japan ordered ChuoAoyama on 10 May 2006
to suspend their operations for two months from 1 July 2006 to 31 August 2006.

2. Current independent auditor

   ChuoAoyama PricewaterhouseCoopers
   Kasumigaseki Bldg., 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo, Japan

3. Schedule

   The election of temporary independent auditor is under consideration.  We 
   will make an announcement upon the election.
                                                                                                   

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