Alliance with Jasmac

Sep 16th, 2004

Regarding Our Business Partnership With Jasmac Property Management

On Sept 16, 2004 we formed a corporate alliance with Jasmac to manage real estate investment and real estate funds specifically aimed at real estate for the Japanese domestic hospitality industry. Jasmac is a specialist in this type of real estate and by forming this alliance we expect to further widen our investment opportunities by identifying superior, highly profitable properties and proactively developing them. Jasmac has been involved in the planning and development of bar/restaurant real estate and designer hotels for over 30 years, and has a wealth of experience and solid track record. Jasmac’s planning and property management abilities are also highly regarded by their industry piers. The first project this partnership will collaborate on is the development of a property in the Harukichi area of Fukuoka we acquired in August 2004. Here we plan to build and manage a business center made up of over 20 individual eating and drinking establishments. The property is in a highly desirable location close to a new subway station and centrally located in the Tenshin area of Fukuoka, adjacent to the Chushu area.