18

R&D Network

We firmly believe that science is the key that will eventually unlock the mysteries ofthe human body, which has been compared to a universe in microcosm. Springingfrom our keen desire to contribute to healthier, more prosperous lives for peoplearound the world, we have from early on been committed to innovative research tosatisfy unmet medical needs. Fujisawa has created a series of new antibiotics and animmunosuppressant, which help people throughout the world fight diseases and sup-port those working on the medical frontline.

R&D Focus The Company makes maximum use of its worldwide net-work to research and develop innovative drugs. TheseR&D efforts are directed by the Global Headquarters.Over 20% of the Fujisawa Group’s total staff, or around1,800 employees, are engaged in R&D to meet medicalneeds on a global scale.The Company is currently focusing its R&D efforts onfour therapeutic areas — immunology/inflammation,cerebral diseases, infectious diseases and metabolic dis-eases. In the area of research activities, under the ban-ner of “speed, focus and persistence,” we are targetingtransplantation and dermatology, strokes and neurode-generative diseases, bacterial and fungal infections, anddiabetes.

Tsukuba Research Laboratories (Tsukuba, Japan)

19

Research NetworkSeed Finding Research Fujisawa operates laboratories in Osaka, Nagoya andTsukuba in Japan, as well as in the UK and the US. TheExploratory Research Laboratory in Tsukuba, in additionto the Fujisawa Research Institute of America, Inc. incollaboration with Northwestern University and theFujisawa Institute of Neuroscience in Edinburgh, a col-laborative research venture between Fujisawa and theUniversity of Edinburgh, conduct research to discovernovel biological targets and new chemical entities withnovel mechanisms. We are pursuing all the possibilitiesfor innovative drugs, including chemical compounds,natural substances, and proteins created by genomictechnologies, through the full range of state-of-the-arttechnologies.

Lead Optimization Research The Osaka and Nagoya laboratories conduct lead optimiza-tion and pre-clinical research for safe and effective candi-date compounds. Lead optimization is the process offinding compounds with the best profile in terms ofsafety, effectiveness, pharmacokinetics, and physicochem-ical properties from among more than 20,000 compounds.In the evaluation process, cutting-edge technologies arefully utilized, including analysis of the interactionbetween target proteins and drugs, the pharmacologicalevaluation of drugs in genetically engineered cells andtransgenic models, function confirmation of drugs usingimage analysis, and the latest analytical technologies.

Research AllianceIn full recognition that methods of drug discovery arechanging dramatically along with the rapid progress ofbiomedical science, we are actively pursuing collaborativeresearch with external research institutes and researchventures. In addition to our in-house activities, Fujisawaconstructs a global research network, which makes opti-mal use of state-of-the-art technology, and to be compet-itive on the global market. The Company has alsoestablished Fujisawa Investments for Entrepreneurship,L.P. I & II (FITE I & II), investment vehicles for developinglinks with research venture companies, especially start-ups. These two investment programs aim to identify com-panies with a unique approach to unmet medical needs,and to support them through equity investment.

Research LaboratoriesTsukuba, Japan Exploratory Research Lab.

Advanced Technology Platform Research Lab.

Osaka, Japan Medicinal Chemistry Research Lab.

Medicinal Biology Research Lab.

Biopharmaceutical & Pharmacokinetic Research Lab.

Toxicology Research Lab.

Analytical Research Lab.

Chemical Development Lab.

Pharmaceutical Science Lab.

Nagoya, Japan Fermentation Development Lab.

Evanston, US Fujisawa Research Institute of America, Inc.

Edinburgh, UK The Fujisawa Institute of Neuroscience in Edinburgh

Fujisawa ResearchInstitute ofAmerica, Inc.

The FujisawaInstitute ofNeuroscience inEdinburgh

20

Development Network The development division verifies the safety and effec-tiveness of drugs through clinical studies. To providepatients all over the world with the medicines they need,Fujisawa has expanded its development operations on aglobal scale. Clinical studies are currently carried out atour development centers in Japan, North America andEurope in line with global coordination and control.Along with approximately 300 development personnel inJapan, approximately 190 development personnel work inthe US at Fujisawa Healthcare, Inc. in Chicago. In Europe,approximately 160 development personnel work atFujisawa GmbH in Munich.

Kashima R&D Complex (Osaka, Japan)

21

Fujisawa’s research and developmentactivities are the key to its success inthe highly competitive global market.Fujisawa has been investing heavily inresearch and development activities.The figure for the year ended March2003 was ¥62,426 million (US$520 mil-lion), giving a ratio to net sales of16.3%.

Genomic ResearchIn addition to in-house genomicresearch, Fujisawa is collaborating withQuark Biotech, Inc. to discover promis-ing new medicines for the treatment ofstrokes. The Reverse ProteomicsResearch Institute, set up by Japanesecompanies, studies co-action betweensmall molecules and proteins expressedfrom full-length cDNA clones gainedthrough the research of Helix andother institutions. The PharmaceuticalConsortium for Protein StructureAnalysis, in which Fujisawa partici-pates, started research in October2002.

Microbial Product ResearchFujisawa has an excellent record in itsmicrobial product research such as intocephalosporins, tacrolimus and mica-fungin. Since the bio-diversity ofmicroorganisms depends on ecologicaland environmental factors, Fujisawa is

very keen on expanding its microbialproduct library through in-houseefforts and collaboration with outsideinstitutions, such as MerLionPharmaceuticals Pte Ltd, a Singaporebased pharmaceutical company boast-ing a world-class natural product sam-ple collection.

Research AllianceFujisawa started collaboration for oralcarbapenem antibiotics with SumitomoPharmaceuticals Co., Ltd., Japan, inSeptember 2002. In the areas ofimmunology and inflammatory, wehave collaborated with Pharmagenesis,Inc. in the US for immunosuppres-sants triptolide derivatives sinceSeptember 2002, and with TaiGenBiotechnology Co., Ltd. in Taiwan forG protein-coupled receptor (GPCR)drug target since February 2003. FITEI & II have made ten investments inresearch ventures as of July 2003,three out of which have been madewithin this term.

The spin-off in April 2003 of FujisawaClinical Supply Co., Ltd., which is ded-icated to the manufacture of investiga-tional drugs for early clinical studies,is expected to shorten the total devel-opment term for the launch of newchemical entities.

Toshiko YamadaMedicinal Biology Research Laboratories Research

“I have been working as a

researcher for six years at

Fujisawa, where I have

devoted myself to lead

optimization research into

innovative drugs for organ

transplantation. I look

forward to the day —

which I believe is not far

off — when an innovative

drug that I have screened

from among many candi-

date compounds reaches

patients and helps save

their lives.”

ANNUAL RESULTS

The agreement on collaborativeresearch with TaiGen, concludedin Taiwan in February 2003

Research

22

CodeGeneric Name Target Indication Product Category

tacrolimus FK506

FK506

FK506

FK506

FK506

FK506

FK506

FK506

FK506

FK463

FK506

FK506

FK506

tacrolimus

tacrolimus

tacrolimus

tacrolimus

micafungin

abciximab

quetiapine fumarate

FK614

FK352B

tilmacoxib

atopic dermatitis (for pediatric) immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

immunosuppressant

rheumatoid arthritis

deep-seated fungal infection (for pediatric)

lupus nephritis

ulcerative colitis

monoclonal antibody to GP IIb/IIIa receptors

non-insulin dependent diabetes mellitus (NIDDM)

non-insulin dependent diabetes mellitus (NIDDM)

insulin sensitizer

COX-2 inhibitor

Japan

North America

Europe

tacrolimus

tacrolimus

deep-seated fungal infection antifungalmicafungin FK463

FK463

MBI-226

dapsone (Atrisone)

CVT-3146

DTI-0009

FK614

tacrolimus

anticancerFK228

micafungin

TRK-820

tacrolimus

tacrolimus

tacrolimus

tacrolimus

FK778

FK960

Japan/North America NDA Filed, Europe MAA FiledProducts under Clinical Development

prevention of cardiac ischemic complications after PTCA

vernal conjunctivitis & perennial allergic conjunctivitis

antifungal

dialysis-related hypotension adenosine A1 antagonist

rheumatoid arthritis, osteoarthritis etc.

behavior psychological symptoms of dementia antipsychotic

Formulation Remarks

Code Target Indication Product Category Formulation Remarks

Code Target Indication Product Category Formulation Remarks

ointment

capsule

capsule

capsule

capsule

capsule

intravenous

intravenous

intravenous

intravenous

intravenous

intravenous

intravenous

intravenous

intravenous

eye drops

tablet

tablet

tablet

tablet

tablet

tablet

New indication & formulation

New indication & formulation

New indication & formulation

New indication & formulation

New indication & formulation

New indication & formulation

New indication

New indication

New indication

New indication

New indication

New indication

New indication

Licensed from Centocor

Licensed from AstraZenecaNew indicationLicensed from JT. Fujisawa will participate in Phase 3 onwards

prevention of central venous catheter-related bloodstream infections

rheumatoid arthritis

acne antibiotic & antiphlogistic

antimicrobial

pharmacologic stress agent in cardiac perfusion imaging studies

treatment for atrial fibrillation

psoriasis

cancer

atopic dermatitis/psoriasis

adenosine A2a agonist

adenosine A1 agonist

insulin sensitizer

gel

gel

gel

cream

cream/gel

NDS Filed in Canada (’02/6)

Licensed from Micrologix

Licensed from Atrix

Licensed from CV Therapeutics

Licensed from Aderis

deep-seated fungal infection

dialysis-related uremic pruritus

antifungal

κ opioid agonist Licensed from Toray

rheumatoid arthritis

dry eye

suppression of organ rejection in liver and kidney transplants

cognitive impairment in schizophrenia

asthma

psoriasis

antidementia

eye drops

inhalation

Licensed to SucampoNew indication & formulation

Licensed from Aventis

Phase IIIPhase II

FK949

JTE-522

Generic Name

Generic Name

(As of July 1, 2003)

23

TacrolimusIn Japan, an sNDA for tacrolimus forrheumatoid arthritis was filed inNovember 2002. An sNDA for suppres-sion of organ rejection in lung trans-plants was filed in November 2002 andwas approved in January 2003. PhaseIII for lupus nephritis started inJanuary 2003. In the US, Phase II oftacrolimus cream formulation foratopic dermatitis/psoriasis started inMay 2002 for atopic dermatitis, and inJune 2002 for psoriasis. In Europe,inhalation for asthma entered Phase IIin July 2002 and Phase II fortacrolimus cream & gel for psoriasisstarted during the term.

MicafunginIn Japan, micafungin was approved forthe indication for fungemia, respira-tory mycosis and gastrointestinalmycosis caused by Aspergillus andCandida in October 2002 and waslaunched as Funguard®, Japan’s firstcandin with a premium price on theNational Health Insurance drug pricelist in December 2002. Phase III forpediatric use in Japan started inAugust 2002. In the US, Fujisawareceived communications from the FDAregarding the status of the NDA reviewand is working closely with the FDA tomeet their requirements for approval.

The Company submitted an NDS inCanada in June 2002, an MAA in theEU in February 2003 and in Switzerlandin April 2003.

Other DiseasesFK960 showed signal efficacy inAlzheimer’s disease (AD) patients withno safety concern in Phase II, but itwas better to reconfirm target patientpopulation before Phase III. In April2003, Fujisawa changed the develop-ment priority in the area of AD fromFK960 to an FK960 analogue, a succes-sor of FK960 in the early stage of thepipeline, which is expected to havehigher potency and a longer plasmahalf-life in the human body thanFK960. The development of FK960 totreat cognitive impairment in schizo-phrenia patients continues.

Fujisawa acquired the exclusive rightsto develop, manufacture and marketcarperitide, Alfa-human atrial natri-uretic peptide, for acute heart failurein North America and Europe fromDaiichi Suntory Pharma in June 2003.In January 2003, Fujisawa obtained co-development and exclusive marketingrights in Europe for an injectable for-mulation of TRK-820, a selective κ opi-oid receptor agonist, from TorayIndustries, Inc.

Atsushi TanaseSenior Global Project LeaderInflammatory DiseasesDevelopment

“My goal is not only to

accelerate the global devel-

opment of our new drugs

for inflammatory diseases

but also to maximize their

business opportunities. I

hope that the daily collabo-

ration among Global

Working Team members in

North America, Europe and

Asia will soon result in

significant innovations in

medical treatment and an

improved quality of life for

sufferers from diseases

worldwide.”

ANNUAL RESULTS

DevelopmentMicafungin, launched asFunguard® in Japan in December2002

Production Network

24

Quality Control Based on c-GMP StandardA high-level quality assurance and quality control sys-tem that conforms to global standards is always in place,enabling us to provide products on a global scale. Thefoundations of our system include high technology, aclean environment, and the keen awareness of qualityamong each and every member of our staff. Our plantsworldwide observe current good manufacturing practice(c-GMP). An in-house quality control department —independent of the manufacturing department — auditsthe manufacturing process and conducts quality assur-ance checks. In this way, the quality control departmentconfirms that the whole production process satisfies thepublished standards and guarantees the absolute relia-bility required of all pharmaceuticals.

Production Systems for Global Operations Fujisawa has four pharmaceutical plants in Japan, one inthe US, three in Europe, and one in Taiwan. We also havetwo chemicals plants each in both Japan and the US. Inan effort to secure stable supplies of drugs for whichsubstitutes cannot easily be obtained, it is our policy tomanufacture those products in two locations. Thus, ourglobal production system makes each plant capable of supplying products to its own market as well as toothers. Fujisawa will continue clarifying the functionsand roles of its plants worldwide to strengthen its competitiveness.

Know-How for Rapid Supply of New ProductsTo expedite the new drug development process, the pro-duction division closely cooperates with the researchdivision at an early stage to promptly and smoothlyimplement production know-how developed for investi-gational drugs in commercial production.

Toyama Plant(Toyama, Japan)

Fujisawa Ireland Ltd. (Killorglin)

Grand Island Plant (New York)

25

Prograf ®The Toyama Plant now suppliesPrograf® capsules to both Japan andNorth America, as well as the activeingredient tacrolimus for manufactur-ing. Fujisawa Ireland Ltd., located inKillorglin, serves as a base for the for-mulation and packaging of Prograf®ampoules to the whole world andPrograf® capsules to the world marketexcept for Japan and North America.

As the future sales potential ofPrograf® is estimated to exceed the cur-rent production capacity, we haveredesigned our total Prograf® produc-tion capacity, including for the activeingredient tacrolimus and Prograf® cap-sules. The construction of facilities, andvalidation tests, for active ingredientproduction in Toyama have been fin-ished without delay. As for Prograf®capsules, the construction of additionalfacilities in Ireland has been proceedingon schedule, while Toyama is now inthe process of capacity expansion.

Protopic®The Grand Island, New York plant ofFujisawa Healthcare for the formulationand packaging of Protopic®, manufac-tures the product for the North Americanmarket and the European market (forEurope, formulation only). In responseto consumer requests, the Grand Island

Plant has started manufacturingProtopic® 100g for the US market inMay 2003. The Toyama Plant plays thesame role for the Japanese market,while Fujisawa Ireland has been servingas our base for the packaging ofProtopic® for the European and Asianmarkets.

MicafunginThe production of micafungin isdivided among the three Japaneseplants of the Company — fermentationat the Nagoya Plant, chemical synthesisat the Toyama Plant, and formulationand packaging at the Takaoka Plant.

Of the four plants in Japan engaged inthe production of pharmaceuticals, thethree plants in Osaka, Takaoka andToyama will be incorporated as awholly owned subsidiary under thename of Fujisawa Toyama Co., Ltd.,which will be headquartered in Toyama,on October 1, 2003. At the same time,the Fuji Plant will be incorporated asanother wholly owned subsidiary underthe name of Fujisawa Shizuoka Co.,Ltd., which will be located in Fuji.

Chemicals The Nagoya Plant in Japan and PMP’splant in Illinois serve as productionbases for industrial chemicals and foodadditives.

Naoko YamazakiQuality Control DivisionTakaoka PlantManufacturing

“At the Quality Control

Division we have

constructed a quality

control system that meets

every requirement of

production for global

standards. As a result of

our efforts, the plant

passed FDA inspection for

production of micafungin

in 2002, and we are now

focusing our activities

on improving the cost-

competitiveness of our

production system on the

world market.”

ANNUAL RESULTS

Production The first shipment of micafunginfor the Japanese market from theTakaoka Plant

In 1991, when the issue of environmental protection wascoming to the fore, Fujisawa set up a special organizationdedicated to handling measures to protect the environ-ment and developing technologies to recycle and reducethe use of resources. With awareness that environmentalconservation should be addressed both on a country-by-country basis and from a broad global perspective, theCompany revised the “Fujisawa Environmental Principles”on which its global environmental activities are based,and elaborated the “Fujisawa Environmental Guidelines”which supplement the Principles as a practical guide forall group companies. Every year, each group companydrafts and implements its own environmental action plan.

Fujisawa has introduced an environmental managementsystem to all its group companies and has obtained ISO14001 certification for its plants worldwide. We are con-tinuously promoting systematic group-wide environmen-tal management.

Environmental Protection

26

Categories Details Value (¥ million)

Category Details Value (¥ million)

1) Business area cost

1. Pollution prevention 2. Global environmental conservation 3. Resource circulation

Water quality control, prevention of air pollution, etc.

Energy conservation, protection of ozone layer, etc.Reduction of waste, recycling of solvents and used paper, etc.

2) Upstream / downstream cost Container recycling3) Administration cost4) R & D cost Development of new environmental technology, etc.5) Social activity cost Social contribution efforts, donations, etc.6) Environmental remediation cost Accidents or lawsuits relating to the environment, etc.

Total

817

883

600

844

901

2,822

166

51

22

160

0

168155

a. Resource conservation Cost saving by in-house refining of solvents, etc. b. Sale of disposables c. Sale of valuable wasted. Energy conservation

e. Reduction of waste handling expenses

Total

Revenue from sale of solvents, activated sludge, etc.n.a.

Reduction, reuse and recycling of waste

1,800

Environmental Accounting

Economic Benefits

Environmental Costs

ISO 14001 certification, environmental education & training, etc.

Reduction of energy expenses resulting from energy conservation measure, etc.

Note: Approximately ¥430 million was invested in environmental protection.

Fujisawa regards environmental protec-tion activities as an essential element inmaintaining its competitiveness and cor-porate worth in the global market.During the term, in-house environmentalauditors of Fujisawa carried out on-siteaudits at eleven facilities to check thatenvironmental management activitieswere being properly carried out in accor-dance with the Company’s EnvironmentalPrinciples, and that levels of achieve-ment in environmental protection sur-passed those of the previous year.

The Grand Island Plant acquired ISO14001 certification in 2002. With this, 7out of our 14 facilities engaged in man-ufacturing have obtained ISO 14001 cer-tification. In October 2002, the EUEnvironmental Management Awardsplaced the Irish Plant of FujisawaDeutschland among the top six inEurope in the Sustainability category.The “de-coupling” of product outputfrom waste impressed the EUCommissioner, along with the level ofcommunication and community involve-ment that we have maintained for years.

Environmental MeasuresFujisawa has set numerical targets forits main environmental conservationactivities. All energy consumption iscalculated in the form of CO2 emission,as reductions in energy use indirectlyprevent global warming.

We have succeeded in substantiallyreducing the discharge of landfill wastethrough our initiatives for the reduc-tion and recycling of disposables.Further, the staff responsible for ourmanufacturing facilities that use largevolumes of organic solvents are nowtackling the task of recycling solventsand re-using more than forty-thousandtons of organic solvents per annum.

The proper management of chemical sub-stances is an issue of the highest signifi-cance for Fujisawa, and the Company istaking steps to reduce the volume ofpollutants, find substitutes for such sub-stances, and curtail emissions.

27

Seamus GethinsEnvironment, Health and Safety ManagerKlinge Ireland Fujisawa Deutschland GmbH

“Through a commitment to

continuous improvement,

teamwork and a policy of

open communication, the

environmental manage-

ment system at the Irish

Plant of Fujisawa

Deutschland has developed

over the years. In October

2002, the Plant was recog-

nized as one of the six best

in Europe in environmental

management for the sus-

tainability category. We

will continue to strive for

environmental excellence,

believing that further

improvement is always

possible.”

ANNUAL RESULTS

The ceremony of the EUEnvironment ManagementAwards held in Budapest inOctober 2002

Environmental Protection

0

150

300

450

600

750

Emission of PRTR-designated substances (Japan)

(Tons)

Years ended March 31 1997 1998 1999 2000 2001 2002 2003

0

40,00020,000 100

200

0

400300

500

700600

900800

80,00060,000

100,000120,000140,000160,000180,000

Emission of CO2 of Fujisawa Group

(Tons)

Years ended March 31

1997 1998 1999 2000 2001 2002 2003

(tons/¥ billion)Japan Overseas CO2 per ¥1 bil Sales (tons/¥ billion)

Board of Directors

28

Akira FujiyamaChairman of the Board

Hatsuo Aoki, Ph. D.President and Chief Executive Officer

Koichi SejimaCorporate Executive Vice President and Chief Administrative Officer

Masafumi NogimoriCorporate Senior Vice President, Global Strategy

Tomokichiro Fujisawa, Ph. D.Chairman Emeritus

Akiro KojimaMember of the Board(Senior Counselor, DaicelChemical Industries, Ltd.)

Kanji KobayashiMember of the Board(Senior Advisor, Nippon LifeInsurance Company)

Top Management with Global Functional Heads(Front row, from left)

Masafumi NogimoriCorporate Senior Vice President, Global Strategy

Koichi SejimaCorporate Executive Vice President and Chief Administrative Officer

Hatsuo Aoki, Ph. D.President and Chief Executive Officer

Takeshi ShimomuraCorporate Executive Vice President, Sales & Marketing

(Back row, from left)

Masao ShimizuCorporate Vice President, Global Development

Toshio Goto, Ph. D. Corporate Vice President, Global Research

Hitoshi OhtaCorporate Vice President, Global Manufacturing

Hirofumi OnosakaCorporate Vice President, Global Corporate Strategic Planning

53

Management and Corporate Auditors

Corporate OfficersBoard of Directors

Akira FujiyamaChairman of the Board

Hatsuo Aoki, Ph. D.President and Chief Executive Officer

Koichi SejimaCorporate Executive Vice President andChief Administrative Officer

Masafumi NogimoriCorporate Senior Vice President, GlobalStrategy

Tomokichiro Fujisawa, Ph. D.Chairman Emeritus

Akiro KojimaMember of the Board (Senior Counselor, DaicelChemical Industries, Ltd.)

Kanji KobayashiMember of the Board (Senior Advisor, NipponLife Insurance Company)

Corporate Auditors

Tateo HoritaYoshiharu SenoueMasaya IshiiMasahiko Kinbara

(As of June 25, 2003)

Hatsuo Aoki, Ph. D.President and Chief Executive Officer

Koichi SejimaCorporate Executive Vice President and ChiefAdministrative Officer

Takeshi ShimomuraCorporate Executive Vice President, Sales & Marketing

Masafumi NogimoriCorporate Senior Vice President, Global Strategy

Tadahiko InoueCorporate Vice President, General Affairs

Susumu HondaCorporate Vice President, Home Care

Hideo FukumotoCorporate Vice President, Chairman and ChiefExecutive Officer, Fujisawa Healthcare, Inc.

Hirofumi OnosakaCorporate Vice President, Global Corporate StrategicPlanning

Naoki FujimotoCorporate Vice President, Tokyo I Business Branch,Sales & Marketing

Masao ShimizuCorporate Vice President, Global Development

Hiroaki HoriiCorporate Vice President, Osaka Business Branch,Sales & Marketing

Hitoshi OhtaCorporate Vice President, Global Manufacturing

Toshio Goto, Ph. D.Corporate Vice President, Global Research

Masaji OheCorporate Vice President, OTC & Consumer Products

Osamu NagaiCorporate Vice President and Chief Financial Officer

Takayoshi MukaidaCorporate Vice President, External Relations

Masaru ImahoriCorporate Vice President and Associate ExecutiveDirector, Sales & Marketing

■ Fujisawa Pharmaceutical Co., Ltd.Osaka Head Office4-7, Doshomachi 3-chome, Chuo-ku, Osaka 541-8514, JapanTelephone: 6-6202-1141(International Licensees Business: 6-6206-7880)(Medical Supplies & Systems: 6-6206-7889)(Home Care: 6-6304-6830)Facsimile: 6-6206-7926(International Licensees Business: 6-6206-7928)(Medical Supplies & Systems: 6-6206-7934)(Home Care: 6-6304-6836)

Kashima Office1-6, Kashima 2-chome, Yodogawa-ku, Osaka 532-8514, JapanTelephone: 6-6390-1111Facsimile: 6-6304-1192

Tokyo Head Office2-10, Nihonbashi-Honcho 2-chome, Chuo-ku, Tokyo 103-0023, JapanTelephone: 3-3279-0871(OTC: 3-3279-0881)Facsimile: 3-3274-0722(OTC: 3-3241-6385)

Chemicals156, Nakagawara, Shinkawa-cho, Nishikasugai-gun, Aichi 452-0915, JapanTelephone: 52-400-2611Facsimile: 52-409-5927

Business BranchesSapporo, Sendai, Kan-etsu, Tokyo I, Tokyo II,Nagoya, Kyoto, Osaka, Takamatsu, Hiroshima,Fukuoka

PlantsOsaka, Fuji, Takaoka, Toyama, Nagoya

■ Major Domestic SubsidiariesAnalytical Science Laboratories Inc.Fujisawa Technical Services Co., Ltd.Fujisawa Clinical Supply Co., Ltd.FMS Co., Ltd.Fujisawa Distribution Service Co., Ltd.Hoshienu Pharmaceutical Co., Ltd.Fujisawa Home Care Co., Ltd.

Corporate Directory

Japan

(As of July 1, 2003)

54

Overseas

■ North AmericaFujisawa Healthcare, Inc.Parkway North Center, Three Parkway North,Deerfield, IL 60015, U.S.A.Telephone: 847-317-8800Facsimile: 847-317-7291

Fujisawa Canada, Inc.625 Cochrane Drive, Suite 1000,Markham, Ontario L3R 9R9, CanadaTelephone: 905-470-7990Facsimile: 905-470-7799

Fujisawa Research Institute of America, Inc.Northwestern University/Evanston Research Park1801 Maple Avenue, Evanston,IL 60201-3135, U.S.A.Telephone: 847-467-4470Facsimile: 847-467-4471

PMP Fermentation Products, Inc.900 N.E. Adams Street Peoria, IL 61603, U.S.A.Telephone: 309-637-0400Facsimile: 309-637-9302

■ EuropeFujisawa Holland B.V.De Molen 243994 DB Houten, The NetherlandsTelephone: 30-634-6000Facsimile: 30-634-6001

Fujisawa GmbHNeumarkter Strasse 61, 81673 Munich, GermanyTelephone: 89-4544-06Facsimile: 89-4544-2120

Fujisawa Ireland LimitedKillorglin, Co. Kerry,Republic of IrelandTelephone: 66-9761029Facsimile: 66-9761037

Fujisawa Ltd.62 London RoadStainesMiddlesex, TW18 4HB, U.K.Telephone: 1784-22-7500Facsimile: 1784-22-7501

Fujisawa SARL13, Avenue Gabriel78170 La Celle Saint Cloud, FranceTelephone: 1-30-08-42-00Facsimile: 1-30-08-42-30

Fujisawa SRLCorso di Porta Romana, 6820122 Milan, ItalyTelephone: 02-582081Facsimile: 02-58208901

Fujisawa SAEdificio Gorbea IVAv. Bruselas, 20 - 1a planta28108 Alcobendas (Madrid), SpainTelephone: 91-4902810Facsimile: 91-4841557

Fujisawa Scandinavia ABHaraldsgatan 5413 14 Gothenburg, SwedenTelephone: 31-711-5750Facsimile: 31-711-0757

Fujisawa Deutschland GmbHBerg-am-Laim-Strasse 129,81673 Munich, GermanyTelephone: 89-4544-01Facsimile: 89-4544-1329

Fujisawa Ges.m.b.H.Linzer Strasse 221-2271140 Vienna, AustriaTelephone: 1-87726680Facsimile: 1-8771636

Fujisawa AGGrindelstrasse 68304 Wallisellen, SwitzerlandTelephone: 43-233-6033Facsimile: 43-233-6030

◆ Fujisawa PharmaBranch of Fujisawa GmbHKilcarberry Business ParkClondalkinDublin 22, IrelandTelephone: 1-467-1555Facsimile: 1-467-1550

Offices in:Belgium, Portugal, Denmark, Finland, Norway, Poland, Czech Republic, Hungary

■ AsiaFujisawa Taiwan Co., Ltd.3rd Floor, No. 325, Sec. 1,Tun Hwa South Road,Taipei 106, TaiwanTelephone: 22-709-1980Facsimile: 22-700-1330

Fujisawa Hong Kong Ltd.Unit 1015, Tower 1,Grand Century Place,193 Prince Edward Road West,Mongkok, Kowloon, Hong KongTelephone: 852-2377-9801Facsimile: 852-2856-1440

Fujisawa Korea Limited10F. Haesung No. 1 Bldg., 942, Daechi-3 dong, Kangnam-ku, Seoul, 135-725, Republic of KoreaTelephone: 2-564-3180Facsimile: 2-564-3421

Offices in:Beijing, Shanghai, Guangzhou

55

Investor Information

Founded:January 1894

Date of Incorporation:December 20, 1930

Paid-in Capital:¥38,588 million

Number of Shareholders:17,239

Issued and Outstanding Number of Shares:330,183,578

Principal Shareholders :The Master Trust Bank of Japan, Ltd. (Trust Account)Nippon Life Insurance Co.Japan Trustee Services Bank, Ltd. (Trust Account)The Chase Manhattan Bank, NA, London (SL Omnibus Account)UFJ Bank Limited NIPPONKOA Insurance Company, Limited UFJ Trust Bank Limited (Trust Account A)State Street Bank & Trust Co.The Master Trust Bank of Japan, Ltd. (Trust Account for DaidoLife Insurance Company)The Master Trust Bank of Japan, Ltd. (Pension Trust Account forUFJ Trust Bank Limited)

Independent Certified Public Accountants:PricewaterhouseCoopers Nakanoshima Mitsui Bldg.,16th Floor 3-3-3, Nakanoshima,Kita-Ku, Osaka 530-8248, Japan

Stock Exchange Listing:Tokyo, Osaka, Nagoya

Transfer Agent:UFJ Trust Bank Limited 6-3, Fushimi-machi 3-chome, Chuo-ku, Osaka 541-8502, Japan

(%)

Domestic Financial institutions 0.97

Domestic Securities Companies 0.21

Other Domestic Corporations 1.71

Foreign Corporations 2.79

Individuals and Other 94.32

(%)

Domestic Financial institutions 60.49

Domestic Securities Companies 0.42

Other Domestic Corporations 3.68

Foreign Corporations 25.58

Individuals and Other 9.83

Number of Shares Held by Type of Shareholder

Share Distribution

Types of Shareholders

00 01 02 03

0

1,000

2,000

3,000

4,000

5,000

Share price(yen)

Share price(yen)

Transaction volume(Per thousand shares)

Fujisawa stock

Nikkei Average

0

10,000

20,000

30,000

40,000

0

5,000

10,000

15,000

20,000

Fujisawa’s share prices and trading volumes on the Tokyo Stock Exchange

(As of March 31, 2003)

Brief History

56

Founded in 1894 in Osaka, Japan, Fujisawa is making steadyprogress with the globalization of its business. Fujisawa isactive in the world’s major pharmaceutical markets of NorthAmerica, Europe and Asia through its affiliated companies.

1894Tomokichi Fujisawa opens a smallmedicine store in Doshomachi,Osaka, which will later grow intoFujisawa Pharmaceutical Co., Ltd.

1905T. Fujisawa constructs the TenrokuPlant, a factory to produce FujisawaCamphor and other products.

1930Construction of the Kashima Plant(the present Osaka Plant) is completed.

1943Fujisawa Pharmaceutical Co., Ltd.is incorporated.

1961The new head office building isconstructed in Osaka.

1962Fujisawa Pharmaceutical Co.,(Taiwan) Ltd. (now FujisawaTaiwan Co., Ltd.) is established.

1964The Central Research Laboratoriesare constructed in the KashimaR&D complex.

1971Cefamezin®, the first parenteralcephalosporin antibiotic developedin Japan, is launched in Japan.

1977Fujisawa Pharmaceutical Corporation,the first business base in the US, isestablished in New York.

1983Fujisawa acquires a minority stakein Klinge Pharma GmbH ofGermany, which will become amajority-owned company in 1988.

1985PMP Fermentation Products, Inc. isestablished.

1990Fujisawa’s pharmaceutical opera-tions in the US are integrated intonewly established Fujisawa USA,

For InformationCorporate CommunicationsFujisawa Pharmaceutical Co., Ltd.■ Osaka Head Office■ Tokyo Head Office

http://www.fujisawa.co.jp(Fujisawa Pharmaceutical Co., Ltd.)

http://www.fujisawa.com(Fujisawa Healthcare, Inc.)

http://www.fujisawaeurope.com(Fujisawa GmbH)

http://www.fujisawa.com.tw(Fujisawa Taiwan Co., Ltd.)

57

Inc., following the totalacquisition of Lyphomed, Inc., inwhich Fujisawa has made a seriesof equity investments since 1985.

1991Fujisawa GmbH is established inGermany as the Europeanheadquarters for developing andmarketing Prograf®.Fujisawa Canada, Inc. is established.

1993The immunosuppressant Prograf ®

is launched in Japan.

1994Prograf® is launched in the US andthe UK.

1996Fujisawa Research Institute ofAmerica, Inc. is established.

1998The US operations are restructuredand newly-established FujisawaHealthcare, Inc. is put in charge ofpursuing the Company’sproprietary pharmaceuticalbusiness in the US.

1999Protopic®for the treatment ofatopic dermatitis is launched inJapan.

2001Protopic®is launched in the US.Fujisawa GmbH is positioned asthe European headquarters ofFujisawa and a parent company ofmarketing subsidiaries in Europe.

2002Protopic® is launched in Europeand Asia.The candin antifungal agentFunguard® is launched in Japan.

Fujisawa GmbH acquires theremaining minority stake at Klingewhich is renamed as FujisawaDeutschland GmbH.

2003The Global Headquarters, a newglobal management system, hasbeen established as a virtualorganization, and measures havebeen taken to reinforce theJapanese business.

Printed on recycled paper in Japan