Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”) recently acquired approval for development, and began construction of the Hanshin Park Site Shopping Center Project (tentative name), located on the former site of the Hanshin Park Koshien. Construction of the building is expected to be completed in October 2004, and the facilities are scheduled to open for business in November of that year.

The site for this project is adjacent to the Hanshin Koshien Stadium, five minutes by foot from the Hanshin Koshien train station, and seven minutes from Naruo station. The site is also favorably located for access by car and reachable from National Route 2 and Route 43, linking the cities of Osaka and Kobe.

The project is a commercial complex consisting of large-scale stores and a variety of specialty shops. Ito Yokado is currently planning to open an anchor store on the site. In order to provide customers with an attractive and enjoyable shopping center, we are continuing to search for ways to create a commercial facility rich in entertainment, which will become a space for people of the community to gather and relax.

Mitsui Fudosan has developed and operates more than thirty commercial facilities throughout Japan, most notably Tokyo-Bay LaLaport (located in Funabashi, Chiba Prefecture; site area approximately 171,000 m²) one of the largest shopping centers in Japan, and the project which helped define the suburban, large-scale commercial facility. In the Kansai region, the Company has developed, among others, LaLaport Moriyama (Shiga Prefecture), Tsurumi-Hanaport “Blossom” Outlet (Osaka) and Marine Pia Kobe Porto Bazar (Kobe).

Mitsui Fudosan will continue to focus on the development and operation of large-scale commercial facilities such as the Hanshin Park Site Shopping Center. Specifically, projects currently being developed include Fuji Heavy Industries Miyahara Shopping Center (tentative name; Saitama, Saitama Prefecture; site area approximately 40,000 m²), Kawasaki Station West Entrance Shopping Center (tentative name; Kawasaki, Kanagawa Prefecture; site area approximately 72,000 m²) and LaLaport Yokohama (tentative name; Yokohama, Kanagawa Prefecture; site area approximately 100,000 m²).

[ Attached Material ]

<Attachment 1> Project Overview

Location 1 Koshien Hachiban-cho, Nishinomiya-shi, Hyogo Prefecture Developer Mitsui Fudosan Co., Ltd. *Land leased from Hanshin Electric Railway Co., Ltd. on a 20-year term leasehold agreement, on which Mitsui Fudosan will build and operate a building. Lot Area Approx. 86,782 m2 Construction Steel frame, steel-reinforced concrete, two stories above ground Floor Area Approx. 84,883 m2 Commercial Floor Space Approx. 46,298 m2 Parking Approx. 3,013 cars Construction Company Obayashi Corporation Design Architect RTKL International Limited Schedule Construction commences December 2003 Open in November 2004 (forecast)

<Attachment 2> Location map