RNS Number:1642R
Kajima Corporation
22 October 2003


                                 (Translation)


                                                                October 22, 2003


To whom it may concern:


KAJIMA CORPORATION

Sadao Umeda, President and Representative Director

(Code Number 1812, First Sections of Tokyo Stock

Exchange, Osaka Stock Exchange and Nagoya Stock

Exchange)

Attn.: Yoshiyuki Uno, General Manager,

Finance Department, Treasury Division

(Tel.: 03-3404-3311)





               ANNOUNCEMENT OF DETERMINATION OF OFFER PRICE, ETC.



       With respect to the issuance of new shares by public offering as resolved
at the meeting of the Board of Directors of Kajima Corporation (the 'Company')
held on October 15, 2003, the offer price, etc. were determined as follows.


Issuance of new shares by public offering


1. Offer price for the public offering 377 yen per share


2. Aggregate amount of the offer price for the public offering   
   36,192,000,000 yen


3. Issue price 361.60 yen per share


4. Aggregate amount of the issue price   34,713,600,000 yen


5. Amount of the issue price not to be capitalized   180.60 yen per share


6. Subscription period

        From October 23, 2003 (Thursday) to October 27, 2003 (Monday)


7. Payment date October 31, 2003 (Friday)


(Note) The underwriters will subscribe for and purchase the new shares at the
issue price and offer them to the public at the offer price.





1. Determination of the offer price for the public offering


   (1) Price fixing date and the share price on that date

              October 22, 2003 (Wednesday)              385 yen


   (2) Discount ratio                2.07%


2. Use of proceeds from the share offering


The entire amount of the net proceeds from the capital increase, 34,477.6
million yen, will be used for investment in stand-alone projects including
development projects and PFI projects.



Note: This document is a press release for public announcement of the Company's
issuance of new shares, and not intended to serve as a solicitation for
investment. Investors considering investment in the Company's shares are
requested to read the Registration Prospectus for Share Offering (including
amendments thereto) prepared by the Company before making their investment
decisions.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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