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Benesse Corporation decided to dissolve consolidated subsidiary IPU (Institute for Promotion Universities) Corporation, Ltd. Details are as follows.

1. Reasons for Dissolution
IPU Corporation is a wholly owned subsidiary of Benesse Corporation's consolidated subsidiary Shinken-AD Co., Ltd. IPU Corporation's business activities included providing coaching to help university students with personal development and job-seeking, surveys and analysis, hosting seminars and sale of educational resources. However, IPU Corporation ceased these operations in July 2006 following their February 2006 transfer to Benesse Corporation.

Since there is little point in retaining IPU Corporation, the company is to be dissolved.

2. Overview of Company to Be Dissolved

Company Name: IPU Corporation, Ltd.
Head Office: Ryokuchikoen Building, 2-4-1, Terauchi, Toyonaka City, Osaka
Representative: Fukashi Araki, President
Business: Job placement support business
Established: April 1, 1996
Capital: 10 million yen
No. of Issued Shares: 200
Shareholders' Equity: 34,967 thousands yen (As of January 31, 2007)
Total Assets: 35,003 thousands yen (As of January 31, 2007)
Fiscal Year-end: January
Employees: 0 (As of January 31, 2007)
Main Shareholder and Equity Interest: Shinken-AD Co., Ltd. (100%)

(Thousands yen)
[Net Sales]
Year Ended Jan. 2007: 1,210
Year Ended Jan. 2006: 1,012,980
Year Ended Jan. 2005: 783,511
[Ordinary Income]
Year Ended Jan. 2007: -1,208
Year Ended Jan. 2006: 27,338
Year Ended Jan. 2005: 24,507
[Net Income]
Year Ended Jan. 2007: 15,681
Year Ended Jan. 2006: 7,255
Year Ended Jan. 2005: 12,898
[Cash Dividend]
Year Ended Jan. 2007: 0
Year Ended Jan. 2006: 0
Year Ended Jan. 2005: 0
*Loss on dissolution of subsidiary: 0

3. Schedule
Final Settlement Date: December 31, 2007
*The actual final settlement date may differ depending on the speed of local procedures.

4. Forecasts
The dissolution of IPU Corporation will have a negligible impact on Benesse's results.