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Release: May 13, 2003

Announcement of Share Repurchase

(Repurchase of Shares under Article 210 of the Commercial Code)
At its meeting held on May 13, 2003, the Board of Directors of NGK Insulators, Ltd. (President: Shun Matsushita, Head Office: Nagoya, Aichi) resolved to propose an agenda asking for authorization to repurchase its shares under the provision of Article 210 of the Commercial Code at the Annual Shareholders' Meeting to be held on June 27, 2003.

Details of the Share Repurchase

Purpose

To enable NGK to pursue flexible capital policies in response to changes in the business environment.

Contents

a) Type of shares
Shares of NGK Insulators, Ltd. common stock
b) Aggregate number of shares
Up to 10,000,000 shares (2.89% of total outstanding stock excluding shares already repurchased)
c) Aggregate purchase price
Up to 10,000,000 yen

Note: The above resolution shall be conditional upon the agendum "Repurchase of Shares" being approved at the Annual Shareholders' Meeting scheduled to be held on June 27, 2003.


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