Notice Regarding Dissolution of Subsidiary (Dormant Company)

12 February 2004


HORIBA, Ltd. announces that it will dissolve one of its subsidiaries as stated below.

1. Outline of subsidiary
Company Name: HW, Ltd.
Address: 2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto
Representative: Kimiyoshi Yamaoka, President
Capital: 200 million yen
Shareholder: HORIBA, Ltd. 100%
Description of Business: Distribution of measuring instruments

2. Reason for dissolution
HORIBA decided to dissolve this company since the company has not conducted any operating activities for the last ten years and has no prospects for future business activities.

3. Future schedule
After dissolution, liquidation will take place through a process of normal liquidation.

4. Future outlook
The impact of the dissolution of the subsidiary on HORIBA's consolidated and non-consolidated accounts will be negligible, and there will be no change in the earnings forecast for the current fiscal year announced on February 3, 2004.

References

Information on subsidiary

HW, Ltd.
Address: 2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto
Date of Incorporation: April 15, 1987
Settlement Date: December 31
(No business activities since November 1990)
Capital: 200 million yen
Number of outstanding shares: 4,000 shares (50,000 yen)
Shareholder: HORIBA, Ltd. (4,000 shares, 100%)

HW, Ltd. was incorporated in April 1987 as a joint company with Westinghouse Electric Company, LLC in the U.S.A., and manufactured and distributed analyzing equipment. In November 1990 HW, Ltd. transferred all its business to HORIBA, Ltd., and has conducted no business activity since that time.