JTC II was established by JT on Oct. 2 as part of JT's process of integrating its overseas tobacco businesses. Prior to this move, JT had set up two holding companies, JTC and JT Nova Scotia Corp. (JTNS) in Canada with the aim of purchasing Canadian subsidiaries. By establishing a new holding company using the JTNS shares held by JTC as capital, the company has achieved an operating structure in which asset holding entities and business entities are clearly divided. More detailed information on JTC II and JT's other related overseas subsidiaries is shown below. Japan Tobacco Inc., with sales in the year ended March 31, 1999, of US$32 billion, is one of the world's largest manufacturers of tobacco products and has three of the world's top five brands in its product portfolio. Since its privatization in 1985, it has actively diversified its operations into pharmaceuticals and foods. NOTE TO EDITORS: All U.S. dollar amounts are translated at the rate of 120 Yen=US$1, the approximate rate on the foreign exchange market in Tokyo on March 31, 1999.

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