"Times of Uncertainty"

March 17, 2003

Dear Valued Customers

During this time of uncertainty, Kintetsu International would like to inform you of the following so that we can serve you better.

Information
We will provide you with as much information as possible such as changes in airport security, car rental companies and hotel procedures. You will receive periodic updates and newsletters to keep you informed. We suggest that you visit our website for the most up to date information. www.kintetsu.com

Accessibility to Kintetsu Consultants
Effective immediately all Kintetsu Branches will be open longer hours. In case of emergency we will be releasing a HOTLINE number that you can call to get more information. Kintetsu will be open to assist you on weekends as well. Details on this new extended service will be released shortly.

If you are a corporate client we can provide a comprehensive report that indicates the travel status of your staff.

Travel Safety
In the case of military action by the US; expect longer lines and more airport security to affect all travel. We may suggest that you give yourself more time than usual at the airport, picking up your rental car and when you check in at hotels.

At Kintetsu International, we would like to assist you, according to your needs. Your continued patronage and support is very much appreciated. Should you have any questions, please feel free to contact us.

Sincerely,

Kenichi Mikami
President