CSK CORPORATION

TOKYO, April 15, 2005 - At a meeting on April 15, 2005 the board of directors of CSK CORPORATION ("CSK") agreed a new policy on returns to shareholders. The board also upwardly revised the forecast dividend per ordinary share for the fiscal year ended March 31, 2005, and announced the forecast dividend for the fiscal year ending March 31, 2006.

1. Background
   

   CSK's previous policy on the distribution of returns to shareholders has been to aim for stable dividend payments while working to strengthen CSK's business foundation. On October 1, 2005 CSK plans to shift to a holding company structure, and at the same time as pursuing a strategy for further growth under the new Group structure, the change represents an opportunity to review CSK's policy on returns to shareholders.
   
   Moreover, in recent years stakeholders have reconsidered the role of companies in society and the focus companies place on their shareholders, and an expectation has risen for companies to provide returns to their shareholders in a broader sense. It was in this context that CSK decided to review its policy on returns to shareholders.

2. New shareholder returns policy
   
   
   • CSK believes that, while maintaining and strengthening a sound financial footing, continued strategic investment for growth is necessary to generate higher corporate value across the entire Group in the medium and long term. Consideration must at the same time be given to factors such as current thinking on the role of companies and shareholder focus in the social economy, and trends in dividend distributions by other companies.
     
     
   • Based on this thinking, CSK has decided to adopt a consolidated financial position-linked shareholder returns policy, based on overall consideration of: consolidated performance, which reflects the results of group business activities; business investment requirements, relating to sources of future growth; net interest-bearing debt, which is one measure of financial soundness; and trends in social economics.
     
     
   • Specifically, this will involve returns to shareholders through dividend allocations and share repurchases.
     
     
   1. Dividends
      
      From the standpoint of providing return on capital provided by shareholders, CSK will aim to distribute stable dividends and continuously increase returns to shareholders while considering consolidated performance and business investment requirements, based on a DOE (dividend on equity) ratio.
      Moreover, CSK plans to increase dividends in each of the three fiscal years up to the fiscal year ending March 31, 2006.
      Note: DOE = Total amount of dividend paid / [average of shareholders' equity at start and end of fiscal year] X 100
      
      
   2. Share repurchases
      
      While making strategic investments and taking measures such as those to reduce interest-bearing debt based on financial strategy, CSK intends to carry out share repurchases that materially reduce the total number of shares outstanding, implementing a shareholder return policy to increase shareholders' equity per share. By using treasure shares as part of flexible capital policies, CSK aims to increase shareholder value.
   
   
3. Revisions to dividend forecasts
   

   Based on the above policy, the forecast dividend per share for the fiscal year ended March 31, 2005 has been revised upwards, and the forecast dividend per share for the fiscal year ending March 31, 2006 has been announced.

   Unit: yen	Interim dividend	Final dividend	Dividend for full year
   Fiscal year ended March 2005 Previous forecast (issued February 8, 2005) Revised forecast (issued April 15, 2005)	- -	15 17*1	15 17*1
   Fiscal year ending March 2006 Forecast	-	20*2	20*2
   Reference: Actual dividend for year ended March 2004	6	9	15

        Note *1: Includes performance dividend of ¥2
        Note *2: Includes performance dividend of ¥5
   

   The planned dividend for the fiscal year ended March 31, 2005 will be presented at the annual general meeting of shareholders for that period.

   For reference:
   CSK treasury share situation for the fiscal year ended March 31, 2005
   
   

   1. Treasury shares held as of March 31, 2005
      

      -	Total shares outstanding including treasury shares	76,733,284 shares
      -	Treasury shares	1,305,839 shares

      
      
      
   2. Treasury shares acquired during the fiscal year ended March 31, 2005
      

      -	Total treasury shares acquired	2,203,451 shares
      -	Total acquisition cost (yen)	'¥9,360,977,208

      
      
      
   3. Treasury shares utilized during the fiscal year ended March 31, 2005 *
      

      -	Total treasury shares utilized	1,135,048 shares
      -	Total utilization amount (yen)	¥4,392,541,012

      
      

      *

      Treasury shares acquired were mainly utilized in share exchanges relating to making wholly owned subsidiaries of CSK subsidiaries Japan future Information Technology & Systems Co., Ltd., QUO CARD CO., LTD., and PLAZA ASSET MANAGEMENT CO., LTD., transactions undertaken with the aim of strengthening the Group business foundation.