News Release

Air Water makes upward revision of fiscal 2006 year-end dividend forecast

Mar 19, 2007

Air Water Inc. (AWI) announces an upward revision to the company’s dividend forecasts per share for fiscal 2006 as detailed below.

1. Reasons for upward revision of dividend forecast

AWI is committed to returning profits to its shareholders and makes a fundamental element of its management policy the payment of a stable dividend that reflects the company’s performance and that takes into consideration the future implementation of initiatives based on the business climate, on the company’s results, financial position and retained profits.

AWI has always striven to return profits to its stockholders in accordance with this policy and since fiscal 2004 has set a dividend payout ratio target of 30% of consolidated net income.

AWI is set to meet the business and financial forecasts for fiscal 2006 given at the announcement of the interim results as well as to post record net sales and profits. In light of this and in line with the policy stated above, AWI resolved to revise the final dividend per share forecast from 8.5 to 11, thereby revising the annual dividend forecast to 20. The annual dividend per share paid in the fiscal 2005 was 17.

2. Dividend forecast details

FY 2006 Interim FY 2006 Final FY 2006 Full year
Nov. 15, 2006 forecast (A) 9.00 8.50 17.50
Revised forecast announced today (B) 9.00 11.00 20.00
Increase after revision (B-A) 2.50 2.50
Reference: FY 2005 dividend 7.00 10.00 17.00

Note: These forecasts rely on information available as of March 19, 2007. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors.

CONTACT: S. Kishi
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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