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Press Release


March25, 2004

Torii Pharmaceutical Co., Ltd.
Notice for Dissolution of a Subsidiary
Torii Pharmaceutical Co., Ltd. announced that it passed a resolution to dissolve its subsidiary Torii Business Service Co., Ltd. at the Board of Directors Meeting on March 25, 2004.

1. Overview of the Subsidiary
Trade name:
Fiscal term:
Shareholder structure:
Torii Business Service Co., Ltd.
2183-1 Teranosaku, Oota, Sakura, Chiba
Shuichi Ishida
¥10 million
100% owned by Torii Pharmaceutical Co., Ltd.
Warehouse management including entering, dispatching, and packaging

2. Reasons for Dissolution
This subsidiary was established to be engaged in logistics operations, including the packaging of Torii's products, and has been operating accordingly. Torii has recently changed its management policy for logistics operations and has decided to outsource operations to a third party starting May 2004 and to dissolve this subsidiary.

3. Schedule for Dissolution
A resolution for dissolution is expected at the Ordinary General Meeting of Shareholders in June 2004.
The liquidation is expected to be completed by September 2004.

4. Future Prospects
The dissolution of the said subsidiary should little affect our productivity.

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