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Press Release

January 28, 2003

Torii Pharmaceutical Co., Ltd.
The Results of Limited-Period Voluntary Early Retirement Program
Torii Pharmaceutical Co., Ltd. today announced the results of the Company's limited-period voluntary early retirement program, announced on October 24, 2002, with details as follows.

1. Results
  Number of employees who applied for early retirement: 53

Outline of the limited-period voluntary early retirement program:
Subjects: Persons who are 50 years old or older, but not older than 58 years, in the period from April 2002 to March 2003, and whose lengths of service at Torii have been 15 years or longer
  Total number of subjects: about 230
  Period of application: from December 16, 2002 to January 17, 2003
  Date of retirement: March 31, 2003
  Maximum number of candidates: Not set

2. Effect on Profit and Loss
  In view of the results of the applications for candidates for early retirement, loss of approx. 740 million yen is expected as a special loss to incur in fiscal 2003.
This was not included in the estimate for March 2003 (announced on November 6, 2002, as the Interim Settlement)

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