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 At a meeting of the Board of Directors held today, Benesse Corporation resolved to raise the year-end dividend per share for fiscal 2004, ended March 31, 2005. Details are as follows.

1.Reasons for Upward Revision
Benesse has decided to ensure steady profit returns to shareholders based on its stated policy of achieving a dividend payout ratio of at least 35%.
Furthermore, Benesse consider the possibility of more profit return to shareholders as much as possible while taking into account future business trend, our recent cash demand, and other overall factors.

The first benefits of a series of reforms implemented by Benesse emerged during fiscal 2004, leading to projections of higher earnings for the year after a similar increase in the previous period. Consequently, in line with one of our most prioritized management policy of returning profit to shareholders more actively, Benesse has resolved to propose an increase in the year-end dividend for fiscal 2004 to 35.0 yen per share, at the 51st General Meeting of Shareholders scheduled for late June 2005. Details of the proposal are shown in the table below.

2.Per-Share Dividend Forecast for Fiscal 2004
(April 1, 2004-March 31, 2005)

-Previous Forecast(Announced November 10, 2004)
Interim 25.0 yen
Year-End 25.0 yen
Full-Year 50.0 yen

-Revised Forecast
Interim 25.0 yen
Year-End 35.0 yen
Full-Year 60.0 yen

-Reference: Fiscal 2003 Dividend
Interim 14.5 yen
Year-End 25.5 yen
Full-Year 40.0 yen

Note: Shareholders have already been paid the fiscal 2004 interim dividend of 25.0 yen per share.