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 Benesse Corporation announced today that it will further enhance its collaborative relations with UP Inc., an educational service company, by sending five executives and employees, including its Corporate Executive Vice President, Yoji Shiraishi, to UP Inc. This personnel transfer will facilitate effective deployment of management resources at both companies, thereby speeding UP Inc. joint development of educational curriculum.

Benesse also sold 1.7 million shares of UP Inc. common stock today back to Maruyu Co., Ltd., a company from which Benesse originally acquired 2.1 million shares of UP Inc. Benesse's shareholding in UP Inc. now stands at 400,000, which represents about 4.7% of UP's total outstanding shares. While the stock sale is intended to provide both Benesse and UP Inc. with future opportunities for cultivating collaborative relations with other companies, it by no means affects the partnership and joint projects between the two companies.

Benesse expects the change in shareholding will have only a slight impact on its estimated financial results for the fiscal year ending March 31, 2004.