News Release

Air Water makes upward revision of fiscal 2005 year-end dividend forecast

Apr 28, 2006

Osaka, April 28 2006 – Air Water Inc. (AWI) announces that at a meeting on April 28 the Board of Directors approved a resolution to revise the 2005 year-end dividend forecast for fiscal 2005 as indicated below. This resolution will be presented for approval to the regular Shareholders’ Meeting scheduled for June 29 this year.

Revision of dividend forecast

1. Forecast

Dividend Interim Year-end Full year
Nov. 16 2005 forecast (A) ¥7.00 ¥7.00 ¥14.00
Revised forecast (B) ¥7.00 ¥10.00 ¥17.00
Increase in forecast(B – A) ¥3.00 ¥3.00
FY2004 dividend ¥6.00 ¥8.00 ¥14.00

2. Reason for revision (upward) of dividend forecast

AWI holds the return of profits to shareholders to be a primary objective in the running of its business. AWI will endeavor to return profits to its shareholders through the payment of sustainable and consistent dividends commiserate with its business performance, aiming at a payout ratio of 30 percent of consolidated net profit, after due consideration is given to company plans and measures for the future, which are based on the company’s operating environment, the state of its finances and size of retained earnings.

AWI expects to post record net sales and profits for fiscal 2005 and generally to meet the full-year forecasts given at the announcement of third-quarter results. This being the case, and in line with the dividend policy described above, the company revises its per-share dividend forecast from ¥7 to ¥10 and following from this revises its full-year dividend forecast to ¥17. The fiscal 2004 full-year dividend was ¥14.

CONTACT: S. Kishi and J. Ishino
Public Relations, Air Water Inc.
20-16, Higashi Shinsaibashi 1-chome,
Chuo-ku, Osaka 542-0083
TEL: 06-6252-5411 / FAX: 06-6252-3965

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