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					                                                                          FY 2000 Highlights

Joint development with NIPRO
of a new system for peritoneal dialysis in renal failure
In February 2001, Welfide concluded a basic contract with NISSHO
CORPORATION (now NIPRO CORPORATION), whereby the latter
acquires 49% of the outstanding shares in the previously wholly
owned Welfide subsidiary BIPHA CORPORATION, established for
the manufacture of recombinant human serum albumin preparations.

The joint project between the companies involves a new peri-
toneal dialysis system for renal failure sufferers. The aim is
the development of a high-safety dialysis system using albu-
min in the form of a recombinant preparation, which will act
to increase the efficiency of peritoneal dialysis, for instance by
promoting the excretion of waste matter, and is expected to
reduce the risk of viral contamination. NIPRO is a major man-
ufacturer of disposable medical equipment, and has a strong
base in the field of artificial kidney equipment. Its investment
in the project will give a boost to the development of recombi-
nant human serum albumin technology in new applications
outside the field of plasma substitutes, as well as quickening
the pace of development for new blood purification systems
and for gene-recombinant technology relating to plasma pro-
tein agents. Accordingly, we believe that it will lend great
impetus to the future expansion of BIPHA CORPORATION.

                                                                     11       Welfide Corporation

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