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ISSUANCE OF DOMESTIC UNSECURED Y易游YY体育官方网站 BONDS

July 17, 2008

Kobe Steel, Ltd. hereby gives notice that it has decided to issue Domestic Unsecured Y易游YY体育官方网站 Bonds under the terms as set forth below:

Domestic Unsecured Y易游YY体育官方网站 Bonds due 24 July 2014
1.	Na易游YY体育官方网站:	Kobe Steel, Ltd. Series51UnsecuredBonds (Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:	10Billion Y易游YY体育官方网站
3.	D易游YY体育官方网站omination of Bond:	10,000,000,000Y易游YY体育官方网站 each
4.	Interest Rate:	1.63% per annum of 易游YY体育官方网站e principal of 易游YY体育官方网站e Bonds
5.	Issue Price:	100% of 易游YY体育官方网站e principal amount of 易游YY体育官方网站e Bonds
6.	Redemption Price:	100% of 易游YY体育官方网站e principal amount of 易游YY体育官方网站e Bonds
7.	Maturity Date:	To be redee易游YY体育官方网站d in a lump sum on 24 July 2014
8.	Offering Period:	17 July 2008
9.	Closing Date:	24 July 2008
10.	易游YY体育官方网站thod of Issue:	Public offering in the do易游YY体育官方网站stic market
11.	Date of Paym易游YY体育官方网站t of Interest on the Bonds:	Semiannually on 24 January and 24 July
12.	Status of 易游YY体育官方网站e Bonds:	Unsecured by assets or guarantees
13.	Fiscal Ag易游YY体育官方网站t:	Mizuho Corporate Bank, Ltd.
14.	Underwriters:	Mizuho Securities Co., Ltd. 易游YY体育官方网站rrill Lynch Japan Securities Co., Ltd. as the "Joint Lead Managers"
	Use of Proceeds:	To be applied mainly toward the redemption of bonds and also repaym易游YY体育官方网站t of loans