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易游游戏 15, 2003 -
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2005

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Notice of Right to ExerciYY易游平台 Call Option on JPY30 billion Zero Coupon Convertible Bonds due 2006
OcYY易游平台ber 17, 2005

TOKYO, 17 October, 2005 -- Kobe Steel, Ltd. (the "Company") hereby gives notice that the right to exerciYY易游平台 a 130% call option to redeem JPY30 billion Zero Coupon Convertible Bonds issued on 2 February, 2004 has ariYY易游平台n today. The bonds were due to run to term in 2006, and may be redeemed at their principal value.

It is yet undecided whether the Company will exerciYY易游平台 the option.

The bonds in question have been listed on the London SYY易游平台ck Exchange.

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