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Brandes Proposes 130 yen per Share Dividend and 10 Million Share Buyback Program for Ono Pharmaceutical Annual Meeting
Date:4/15/2008

urchase. In addition, the 10 million share buyback program would signal the strong faith that the Company has in its underlying businesses, and would also be accretive to all shareholders.

With regard to the above-mentioned issues, the Company has failed to explain to shareholders, including in its 'Midterm Policy on Return to Shareholders', a 'justifiable amount' or 'return parameters' for the excess capital it may use for future acquisitions of assets, including R&D pipeline products. We believe that any such acquisitions, if economically justified, could be financed through capital markets at such time the potential acquisitions arise. Maintaining significant excess Financial Assets to provide for potential future acquisitions is not in the interest of shareholders.

The proposals, if approved, would result in a return to shareholders of approximately 74.7 billion yen, which would reduce the Company's total Financial Assets to approximately 276 billion yen.

Following the execution of the proposed dividend and share buybacks, approximately 68% of the Company's total assets would still consist of Financial Assets, a ratio that is more than sufficient to support its operations while still allowing for it to pursue growth opportunities.

The above information is based on the following conditions. Please understand fully.

This press release is not intended to advocate the purchase or sale of the Company's stock. Also, the press release is not based on the intentions that Brandes, its related parties and other 3rd parties solicit proxies for the Company's Annual General Meeting ("AGM").

This press release and the Resolution are based on information currently available as of the date of this announcement. Brandes has acted in full caution and on best effort, but cannot guarantee that the information is correct. In addition, the Resolution does not guarantee a specific outcome for the votes at the AGM. Brandes may, depending on the
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SOURCE Brandes Investment Partners, L.P.
Copyright©2008 PR Newswire.
All rights reserved

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