News Release

Yamanouchi Pharmaceutical Co., Ltd.

MEDIA REPORT ABOUT MERGER PLAN BETWEEN YAMANOUCHI AND FUJISAWA

November 18, 2003

Tokyo, Japan - November 18, 2003 - A newspaper reported this morning a plan of merger between Yamanouchi Pharmaceutical Co., Ltd. and Fujisawa Pharmaceutical Co., Ltd. This report was not based on any announcement from Yamanouchi. At this stage, Yamanouchi has made no concrete decision on this matter.