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 At a meeting on April 28, 2004, Benesse Corporation's Board of Directors resolved to raise the Company's year-end dividend per share for fiscal 2003, ended March 31, 2004. Details are as follows.

1.Reasons for Upward Revision
One of Benesse's fundamental policies is to return profits to shareholders, while taking into account the Company's results, the dividend payout ratio and other factors.

With fiscal 2003 positioned as the year of the Company's third founding, Benesse embarked on far-reaching reform of its management structure, underpinned by steps to strengthen corporate governance, and formulated a new medium-term management plan for the period through to fiscal 2006. All measures were designed to propel the Benesse Group to the next stage of growth. The first benefits of these initiatives have already emerged in fiscal 2003 results, with an expected increase in operating profit for the first time in four fiscal periods. Reflecting this improved performance, the Company has resolved to propose an increase in the year-end dividend for fiscal 2003 to \25.5 per share, at the 50th General Meeting of Shareholders scheduled for the end of June 2004. Details of the proposal are shown in the table below.

The Company's policy is to consistently return profits to shareholders by targeting, for the foreseeable future, a dividend payout ratio of at least 35%.

2.Per-Share Dividend Forecast for Fiscal 2003 (April 1, 2003 ~ March 31, 2004)
(Year-End)
Revised Forecast:25.5 yen
*Previous Forecast(Announced November 14, 2003):14.5 yen
* Fiscal 2002 Dividend:14.5 yen
(Full-Year)
Revised Forecast:40.0 yen
*Previous Forecast(Announced November 14, 2003):29.0 yen
* Fiscal 2002 Dividend:29.0 yen
Note: Shareholders have already been paid the fiscal 2003 interim dividend of 14.5 yen per share.