6 June 2003

Establishment of a new company ”J-TEC” related to Reprocessing Business

Japan Nuclear Fuel Limited

As our reprocessing plant at Rokkasho is implementing test operation with a view to the start of commercial operation in 2005, we take this opportunity to inform that a new company has been established for the purpose of efficiently and flexibly managing operation and maintenance, as well as other activities of the Company, which continue to increase. Overview of the new company is given on the attached sheet/ * For further details, please refer to the Japanese text of the press release.