J.P. Morgan Announces Bodysonic ADR Program Launch.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 28, 2000

J.P. Morgan, as depositary bank, announced today that Bodysonic Co., Ltd. (BDYSY), a Japanese entertainment and digital content provider, has launched a sponsored American depositary receipt (ADR) facility traded on the OTC market.

"We have initiated an ADR facility in order to internationalize our shareholder base, and to raise our profile in the U.S.," said Mr. Toyoyuki Yokohama, president, Bodysonic. "Further, our new ADR holders will benefit from Morgan's shareholder servicing and equities capabilities."

Bodysonic distributes and produces movies, CDs and DVDs for both conventional and Internet media, both mobile and fixed. Bodysonic films are well known in the action-adventure genre and are very popular throughout Asia particularly among teenagers and young adults. The company also manufactures Bodysonic relaxation and home theater chairs and sofas equipped with special acoustic systems.

For the fiscal year ending March 2000, Bodysonic's net sales will exceed (Y)7 billion ($66 million). The company's approximate market capitalization is (Y)120 billion ($1.1 billion). Additional information on the company is available at the company's web site located at www.bodysonic.co.jp. The company is headquartered in Tokyo.

Each Bodysonic ADR (CUSIP 096899 10 9) represents one share of common stock traded on JASDAQ, the Japanese OTC market.

The world's largest ADR depositary and a global financial services firm, J.P. Morgan serves clients through an integrated range of advisory, financing, trading, investment management, and research capabilities. Visit www.adr.com, J.P. Morgan's central resource for timely worldwide market intelligence and investor information. For information on J.P. Morgan, visit www.jpmorgan.com.

An ADS, or American depositary share, is a U.S. dollar-denominated form of equity ownership in a non-U.S. company. It represents a specified number of foreign shares on deposit at a custodian bank in the issuer's home country and carries the corporate and economic rights of the underlying foreign shares. An ADR, or American depositary receipt, is a certificate evidencing ownership of a certain number of ADSs. The term ADR is sometimes used to refer to ADS.

Neither this announcement nor the information contained herein constitutes an offer or solicitation by J.P. Morgan for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. An offering is made by means of a prospectus only. Information herein is believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. J.P. Morgan is the marketing name for J.P. Morgan & Co. Incorporated and its subsidiaries worldwide, including Morgan Guaranty Trust Company of New York.