September 24, 2002 Mitsui Fudosan Co., Ltd. Mitsui Fudosan and Oakwood (Asia Pacific) Introduce the First Serviced Apartments to be Managed by Joint Venture "Oakwood Japan" "Oakwood Residence Azabujyuban" Opens on October 1st - Mitsui Fudosan Makes Full-fledged Entry into the "Serviced Apartment Business" in Japan with Top-Share U.S. Brand, Oakwood - "Oakwood Residence Azabujyuban" will launch operation on October 1st. "Oakwood Residence Azabujyuban" will be the first serviced apartments to be managed by "Oakwood Japan," a serviced apartment management company jointly established by Mitsui Fudosan and Oakwood (Asia Pacific). The term "serviced apartments" mainly refers to leased apartments with furniture, fixtures and international hospitality service (concierge, maid) for foreign expatriates and business travelers taking medium or long-term business trips. Serviced apartments are one of the key urban infrastructures/functions in our country where further internationalization is being called for. Mitsui Fudosan has agreed on business collaboration with Oakwood, the U.S.-based top-share company worldwide, in May 2000 and established Oakwood Japan (main office: Chuo-ku, Tokyo) as a joint venture at the end of the same year (capital contribution: Oakwood Asia Pacific 90%; Mitsui Fudosan 10%). "Oakwood Residence Azabujyuban" is favorably located in proximity to the Azabu-juban Station on the Namboku Line and Oedo Line. It offers excellent access to both of the office areas including Akasaka and Toranomon as well as downtown areas like Roppongi. The project faces the lively Azabu-juban Shopping District, a town that has flourished from old times and where many renowned long-established stores are still running business. Therefore, the building is well set back from the edge of the road to give an open atmosphere to the street and to enhance the lively atmosphere of the district. The whole project has been designed and built based on a concept specific to serviced apartments, assisted by Oakwood's know-how, and offers such common facilities as a hotel-like reception area and residence lounge. The 83 residences are all fully-furnished and equipped, perfect for medium- and long-term stays. A large variety of unit sizes are available, from the main one-bedroom units of approx. 70 m2 to studios (43.4 m2) and two-bedroom units (105.6 m2). Oakwood has long-positioned Asia as a strategic area, and currently manages serviced apartments in Southeast Asian cities including Manila, Bangkok, and Seoul through Oakwood Asia. Even in Japan, it has independently opened "Oakwood Residence Akasaka" and two other apartments prior to this project. By combining Oakwood's forty years of know-how on serviced apartments including these apartments in Japan and Mitsui Fudosan's outstanding success and know-how in the development and management of apartments and condominiums in Japan, we will engage in the serviced apartment business in Japan in a full-fledged manner. Mitsui Fudosan established a Lease Housing Section in April 1999 considering such changes in social conditions as the different senses of value and lifestyles of individuals and diversified family structures. Ever since, it has been attempting multi-faceted approaches in order to develop the leased housing business into a new business mainstay. For example, it has developed the "Park Axis Series" including "Park Axis Yotsuya Stage" (Shinjuku-ku) aimed at supplying high-quality leased residential housing in inner-city areas and implemented a private fund scheme by securitizing leased apartment buildings in Okawabata River City. The serviced apartment business, which will be fully launched by the start of the operation of "Oakwood Residence Azabujyuban," is also an example of one key initiative. While the increased development menu will improve our proposal ability to originators, serviced apartments will also play an important role as one item of the leased housing development menu that can secure stable and high profitability. In addition, the new know-how we will gain through this apartment and its management will further raise the quality level of the leased housing management operations of our group as a whole and contribute to expanding and strengthening the non-asset business we have been promoting. Mitsui Fudosan has reorganized the Lease Housing Section into a Lease Housing Division and strengthened the related functions at the beginning of this fiscal year. Mitsui Fudosan Group, as a whole, is determined to continue its active, multi-faceted efforts in the leased housing business. [ Reference ] Oakwood Asia Pacific was founded in Singapore in 1997. It is a joint venture between U.S.-based, Oakwood Worldwide and Colony Capital, an international investment firm. Oakwood Worldwide, founded in 1960 and headquartered in Los Angeles, is the global leader in serviced apartments with more than 20,000 units located throughout North America, Asia and Europe. * [ Attached Material ] Property Location * Property Outline Location 4-3 Azabujyuban 2-chome, Minato-ku, Tokyo Owner Mitsui Fudosan Design and Supervision Sekkei Kobo Construction Tokyu Construction Main Purpose Apartment housing, stores Lot Area 1,266.62m2(383.15 tsubo) Total Floor Area 6,325.14m2(1,913.35 tsubo)  Floor area ratio: 499.3% Structural Fabric/ No. of Floors SRC  14 floors and 1 basement Car Space 40 cars * Rent Prices by Unit Type UNITY TYPE SIZE RACK RATE Studio Deluxe 13 units 43.4m2 490,000 1BR Junior 13 units 52.4m2 610,000 1BR A 9 units 66.9m2 760,000 1BR B 9 units 67.6m2 760,000 1BR C 9 units 72.9m2 780,000 1BR D 9 units 77.6m2 790,000 2BR A 9 units 92.8m2 880,000 2BR B 4 units 94.5m2 895,000 2BR + Study A 4 units 95.1m2 949,000 2BR + Study B 4 units 105.6m2 995,000    83 units       * Basic Layout of the Property (1BR Junior) Property Photograph Corporate Profile Mitsui Fudosan Foundation July 15, 1941 Location 1-1 Nihon-bashi Muromachi 2-chome, Chuo-ku, Tokyo Representative Mr. Hiromichi Iwasa, Representative Director and President Business Activities Building leasing, shopping management, sale of detached housing, sale of apartments, etc. No. of Employees 1,293 (as of March 31, 2002) Capital 134.4 billion yen (as of March 31, 2002) Sales Amount 599,300 million yen (FY 2001) Oakwood Worldwide Foundation 1960 Location 2222 Corinth Avenue, Los Angeles, CA 90064 USA Representative Mr. Howard F. Ruby, Chairman Mr. Jim Klein, President Business Activities Operation and management of serviced apartments, corporate housing and multifamily real estate No. of Employees 3,000 Capital Undisclosed Sales Amount Undisclosed Oakwood Asia Pacific Foundation 1997 Location 9 Temasek Bouleverd, #16-03 Suntec City Tower 2, Singapore 038989 Representative Mr. P.G. Mathew, Managing Director Business Activities Operation and management of serviced apartments and corporate housing No. of Employees Undisclosed Capital Undisclosed Sales Amount Undisclosed Oakwood Japan Foundation December 8, 2000 Location 2-2 Marunouchi 2-chome, Chiyoda-ku, Tokyo Representative Mr. Puryan Karimbil George Mathew Business Activities Operation and management of serviced apartments Capital 10 million yen