For Immediate Release

Tokyo, November 18, 2004 - JCB, a leading international credit card brand, is pleased to announce that Equitable CardNetwork, Inc. (ECN), the Philippines largest credit card company launched the EasyPay JCB Card on November 14, which is specifically designed to appeal to the ordinary worker. The EasyPay JCB Card has an annual fee only one-third of the average annual fee of other credit cards, and offers a unique installment plan tailored to the ordinary worker's salary payment cycle in the Philippines.

Salaries are paid every two weeks in the Philippines, and the EasyPay plan allows cardholders to pay for every purchase in four equal payments, twice a month over a period of two months. While other international credit cards in the Philippines have the usual revolving balance payment system, the EasyPay JCB Card is the first international branded card to offer twice-a-month payment. ECN is positioning the EasyPay JCB Card for the mass market as the card for ordinary people with an easy-to-understand, prudent and affordable payment plan.

"From a market niche, the EasyPay JCB Card will solidify ECN's hold on a broader segment. This is going to be a true people's card that will give the public entry to credit card payment", said Mr. Fol Rana, Vice President of Card Sales & Marketing Department at ECN.

Currently there are approximately 4 million people with credit cards in the Philippines, about 5% of the total population, but most of these are from the top layer of the affluent classes. The Easy Pay JCB Card features are targeted to a much wider market, and ECN anticipates issuing 30,000 of the innovative EasyPay product in the first year. Card marketing will be supported by newspaper, radio and public transit advertising.

JCB brand credit card issuing has been accelerating in Asia, with recent new cards including the Sushi Tei JCB Card with a point program for all Sushi Tei Restaurants in Singapore, Hong Kong, Shanghai, Bangkok and Jakarta, the JAA/JCB Card, offering the Japan Asia Airways mileage program, and the AEON/JCB Travel Card with special benefits and privileges for travelers from Hong Kong to Japan.

JCB has had a presence in the Philippines since 1983, and has been partners with ECN since 1998 when ECN began JCB merchant operations and JCB credit card issuing.

About Equitable CardNetwork Inc.
Equitable CardNetwork, Inc. is both an issuer and acquirer of VISA, VISA Electron, MasterCard & JCB and the only issuer of American Express credit cards in the Philippines. As a result, Equitable cards and its network of tie-up banks and financial institutions nationwide account for the largest share of the local market in terms of cardholder base and gross sales volume. In addition, ECN has the most number of accredited merchant establishments in the country, making the Equitable VISA, Equitable MasterCard, Equitable JCB, Equitable American Express and its affiliated cards the most widely accepted credit cards in the Philippines. For more information about ECN, please visit at www.equitablecard.com

About JCB Co., Ltd.
JCB is an international credit card brand and the largest card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its merchant network includes 11.7 million merchants and spans 190 countries and territories. JCB cards are now issued in 18 countries and territories, with 51.6 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 320 leading banks and financial institutions globally to increase merchant coverage and cardmember base. JCB's corporate philosophy of "Service from the heart", a commitment to responsive and high-quality service, continues to guide it as it creates the future together with its customers, merchants and partners. For further information, please visit the JCB Co. Ltd. home page at:www.jcb-global.com/english or www.jcbinternational.com.