Notice on FY2005 (year ending December) Upward Revision

Aug 2nd, 2005

FY2005 June mid-year period is now predicted to finish with the results as follows: consolidated revenue 2,600 million yen (53.3% increase from previous year,) consolidated ordinary income 835 million yen (98.3% increase from previous year,) and consolidated NOI 483 million yen (97.7% increase from previous year.)

This mid-year period witnessed a favorable shift of self-financed real estate projects and significant enlargements of collaborative investment activities that all led the total investment scale to reach over 65 billion (including yet to be finalized projects) at the end of July. On the other hand, the corporate services business secured the purchase of Yashio debt collection, the management and investment towards Musashino Kogyo (2nd section on Tokyo Stock Exchange) and the fund establishment with Ehime public and private sectors; all of which contributed to building a full-fledged investment banking business for us.

FY2005 full-year period is now predicted to finish with the results as follows: consolidated revenue 9,083 million yen (100.6% increase from previous year,) consolidated ordinary income 1,956 million yen (75.7% increase from previous year,) and consolidated NOI 1,105 million yen (75.9% increase from previous year.

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