result of share repurchase

Maruwa Co Ld
24 February 2004


                                                               24 February 2004

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

                                  (Translation)

              Notice concerning the results of repurchase of shares

MARUWA today announced the results of repurchase of shares, following the notice
concerning repurchase of shares, which was announced yesterday.
Details are as follows;

1. Class of shares repurchased          Common stock of MARUWA
2. Total number of shares repurchased   26,500 shares
3. Repurchase price                     1,450 yen per share
   (Total amount of repurchase price    38,425,000 yen)
4. Date of repurchase                   24 February 2004
5. Method of repurchase                 Purchase through ToSTNet-2 (Tokyo Stock
                                        Exchange Trading Network System-2,
                                        closing price orders)

(Reference)
Details regarding repurchase of shares resolved at the annual shareholders'
meeting held on 24 June 2003:
(1) Class of shares to be repurchased          Common stock of MARUWA
(2) Total number of shares to be               Up to 1,000,000 shares
    repurchased
(3) Total amount of repurchase price of        Up to 1,000,000,000 yen
    shares

Results of repurchase from 24 June 2003 to 24 February 2004:
(1) Total number of shares repurchased         26,500 shares
(2) Total amount of repurchase price of        38,425,000 yen
    shares

END.




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