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Kajima Corporation (KAJ)

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Tuesday 02 December, 2003

Kajima Corporation

Dissolution of Subsidiary

Kajima Corporation
02 December 2003


                                 (Translation)

                                                                December 2, 2003

To whom it may concern:


                              KAJIMA CORPORATION

                              Sadao Umeda, President and Representative Director
                              (Code Number 1812, First Section of Tokyo Stock
                               Exchange, Osaka Stock Exchange and Nagoya Stock
                               Exchange)
                               Attn: Takashi Monma, Director
                               General Manager, Corporate Planning Department,
                               Corporate Planning Division
                               Phone: 03-3404-3311


ANNOUNCEMENT OF DISSOLUTION OF DOMESTIC SUBSIDIARY


The Board of Directors of Kajima Corporation ('the Company'), at its meeting
held on December 2, 2003, resolved that F.R.C. Corporation, its subsidiary
accounted for using the equity method ('the Subsidiary'), be dissolved and
liquidated pursuant to the following manner.


1. General background on the dissolution:

F.R.C. Corporation was established for the primary purpose of undertaking the
design, manufacturing, sales and marketing, and installation of fiber-reinforced
concrete curtain wall products that the Company developed. Under the diverse
change of market conditions, the demand for such products has declined so much
over the years that the Company has determined that it would not be prudent to
expect the demand to come back in the future and that the Subsidiary be
dissolved.


2. Summary of F.R.C. Corporation:

Head Office:         1-7-7 Umezato, Suginami-ku, Tokyo, Japan

Represented by:     Seiji Kusakabe, President and Representative Director

Capital:        Yen50,000,000

Major shareholders: 
80% by Kajima Corporation; 20% by a fully consolidated subsidiary of Kajima Corporation


3. Potential impact on the financial performance of the Company:

Conceivable impact from the announced dissolution of the Subsidiary on the
financial performance of the Company, either on a consolidated or
non-consolidated basis, is deemed to be minimal, and, it has already been
incorporated into and reflected on the financial projection for the year ending
March 31, 2004.






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