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July 23, 2002

Notice of Revision of Estimates for Interim Results

In view of recent trends in the company's results and other factors, Kirin Brewery is revising its first-half results forecast announced on February 20, 2002, as follows.

1. Revised Estimates for Interim Consolidated Results

(Unit: Million yen, %)

	Sales	Ordinary Income	Net Income
Original estimate (A)	740,000	21,500	5,500
Revised estimate (B)	728,000	30,000	10,000
Increase/decrease (B-A)	(12,000)	8,500	4,500
Percentage increase/decrease	(1.6)	39.5	81.8
Same period last year	748,054	35,053	14,227

2. Revised Estimates for Interim Non-consolidated Results

(Unit: Million yen, %)

	Sales	Ordinary Income	Net Income
Original estimate (A)	480,000	12,500	6,500
Revised estimate (B)	459,000	19,000	10,500
Increase/decrease (B-A)	(21,000)	6,500	4,000
Percentage increase/decrease	(4.4)	52.0	61.5
Same period last year	493,751	24,324	14,320

3. Reasons for the Revision

(1)

Consolidated
Revised mainly due to the effect from revision of non-consolidated results.

(2)

Non-consolidated
Offsetting the negative effect from price reductions of happo-shu products implemented on June 21, R&D expenses and other expenses were moved forward to the second half, and measures were taken to contain certain costs. In addition, dividends received from new investments increased. Because of these and other factors, compared to the original estimates, Kirin has increased its forecast for ordinary income by 52.0 percent to ¥19.0 billion, and net income by 61.5 percent to ¥10.5 billion.

Kirin plans to release its estimates for consolidated and non-consolidated results for the full fiscal year at the announcement of interim results, which is scheduled for August.

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