March 24, 2003

Operating Tie-Up with Tokan Kogyo

Japan Paperboard Industries Co., Ltd.
Tokan Kogyo Co., Ltd.

Japan Paperboard Industries Co., Ltd. (scheduled to become Nippon Daishowa Paperboard Industries Co., Ltd. on April 1, 2003) and Tokan Kogyo Co., Ltd. have agreed to proceed with an operating tie-up as set out below in the corrugated board business.
1. Purpose of the Operating Tie-Up
With this tie-up, we will cooperate with each other in a spirit of equality and reciprocity and aim to build a system that delivers customers' satisfaction, increases operating efficiency and improves profitability. The tie-up does not signal any intention of a merger or business integration.
2. Main Components of Operating Tie-Up
The scope of the tie-up covers "production cooperation," distribution cooperation," "materials procurement cooperation" and other aspects in general. Particularly in connection with "production cooperation" we will endeavor to expand alliances in each region.
Based on these strategies, we will organize promotion committees for each respective area of cooperation to develop specific action plans to achieve the best results of the tie-up.
Profile of Tokan Kogyo Co., Ltd.
(1) Trade Name : Tokan Kogyo Co., Ltd.
(2) President : Hidesaburo Iwasa
(3) Address : 1-3-1, Uchisaiwaicho, Chiyoda-Ku, Tokyo
(4) Date of Foundation : February 1943
(5) Main Businesses :
1. Manufacturing and selling of corrugated board products
2. Manufacturing and selling of printed paper ware products
3. Manufacturing and selling of paper cups and paper container products
4. Manufacturing and selling of resin cups and resin container products
5. Manufacturing and selling of production machinery of the above listed products and designing/engineering management of related construction work.
(6) Issued Capital : 1.53 billion yen
(7) Main Stockholder : Toyo Seikan Co., Ltd.
(8) Number of Employees : 1,610 (Con./ FY 2002)
(9) Annual Sales: 91.3 billion