Financial Year ended March 31, 2004 Information Package for Financial Briefing

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1 Financial Year ended March 31, 2004 Information Package for Financial Briefing [Unconsolidated: Contract Awards and Revenue] Contract Awards: Actual and Projection p.1 Revenue: Actual and Projection p.2 March 04: Contract Award Breakdown by Owner Industry p.3 March 04: Contract Award Breakdown by Region, etc. p.4 [Real Estate] Major Real Estate Development Projects p.5 [Consolidated Group of Companies] Summary of Consolidated Group of Domestic Subsidiaries p.6 7 Summary of Consolidated Group of Overseas Subsidiaries p.8 9 [Unconsolidated and Consolidated: Financial Indicators] [Unconsolidated: Major Line Items: Actual and Projection p.10 [Supplemental Data (Unconsolidated)] p.11 [Consolidated: Major Line Items: Actual and Projection p.12 [Supplemental Data (Consolidated)] p.13 May 19, 2004 Projections/forecasts contained in this package are based on information available as May 18, 2004 and are subject to risks and uncertainties that may cause the actual results to vary. For more information, please contact Corporate Planning Department in charge of investor relations. ir@ml.kajima.com

2 1. [Unconsolidated] Contract Award: Actual and Projection First Half Sep '03 Sep '04 Mar '04 Mar '05 % Change Actual Projection Nov '03 Proj. Actual year-on-year Full-Year % Change year-on-year Projection Billions of Yen % Change year-on-year Civil Works Domestic % % % Medium-Term Business Plan Overseas % % % March '06 Proj. Total % % % 300 Building Works Domestic % % % Overseas % Total % % % 750 Total Construction Domestic % 1, , % 1, % Overseas % % % Total % 1, , % 1, % 1,050 Real Estate & Other % % % Grand Total % 1, , % 1, % Note: Due to rounding, total of each category added may or may not agree with the Total column.

3 2. [Unconsolidated] Revenue: Actual and Projection Civil Works Sep '03 Sep '04 Mar '04 Mar '05 Actual First Half Projection % Change yearon-year Nov '03 Proj. Billions of Yen Domestic % % % Overseas % % % Total % % % Actual Full-Year % Change yearon-year Projection % Change yearon-year Building Works Domestic % % % Overseas % % % Total % % % Total Construction Domestic % 1, , % 1, % Overseas % % % Total % 1, , % 1, % Real Estate & Other % % % Grand Total % 1, , % 1, % Note: Due to rounding, total of each category added may or may not agree with the Total column.

4 3. [Unconsolidated] March '04: Contract Award Breakdown by Owner Industry Civil Works Building Works Total Construction Billions of Yen Mar '04 Mar '03 % change Mar '04 Mar '03 % change Mar '04 Mar '03 % change Public Sector % % % Central Govt % % % Local Govt % % % Private Sector % % % Manufacturing % % % Non-Manufacturing % % % Total Domestic % % 1, % Overseas % % % Total Construction % % 1, , % Private Sector by Industry Manufacturing % % % Food Processing % % % Petrochemical % % % Electronics % % % Vehicles % % Other manufacturing % % % Non-Manufacturing % % % Commercial % % % Finance % % Real Estate % % Transportation/Distr % % % Power/Gas % % % IT % % % Service % % % Medical/Welfare % % % Education % % % Other Non-Manufacturing % % %

5 4. [Unconsolidated] March '04: Contract Award Breakdown by Region, Scale, etc. By Domestic Region Billions of Yen By Project Scale (incl. overseas) Contract Awards Composition Billions of Yen Mar '04 Mar '03 % change Mar '04 Mar '03 Contract Awards Composition Major Cities % 77.6% 76.0% Mar '04 Mar '03 % change Mar '04 Mar '03 Kanto Tokai Suburban % -13.7% 1.8% 55.2% 10.0% 22.4% 47.8% 12.6% 24.0% Large-scale Medium-scale Small-scale (Metro Tokyo) Kinki Hokkaido % -13.6% 7.1% 47.8% 12.4% 2.4% 42.5% 15.6% 2.4% 5 bil. & above 1 to 5 bil. Below 1 bil % 0.1% -3.7% 27.4% 42.1% 30.5% 21.6% 44.8% 33.7% Tohoku % 6.0% 6.1% Hokuriku % 2.7% 3.3% Total 1, , % 100.0% 100.0% Chugoku % 3.8% 4.1% Shikoku % 2.2% 1.8% Kyushu % 5.4% 6.4% Total Domestic 1, % 100.0% 100.0% Kanto Region includes: Ibaraki, Tochigi, Gunma, Saitama, Chiba, Tokyo, Kanagawa, Yamanashi and Nagano, Metro Tokyo includes: Tokyo, Kanagawa, Saitama, Chiba Tokai Region includes: Gifu, Shizuoka, Aichi and Mie. Kinki Region includes: Shiga, Kyoto, Osaka, Hyogo, Nara and Wakayama. By priority project category Contract Awards Mar '04 Mar '03 % change Billions of Yen RenewalWorks % 13.8% % of Negotiated Contracts & Design-Build Contracts Civil % 8.5% Mar '04 Actual Total Const. Civil Building Private Bldg. Building % 15.7% Negotiated Contracts 46.5% 17.9% 56.7% (60.5%) Residential % 17.0% Design-Build Contracts 37.9% 11.1% 47.5% (49.4%) Environmental % Ref.: Mar' 03 Actual Engineering % Negotiated Contracts 50.4% 19.2% 63.2% (70.1%) Note: Denominator for Residential is Building Contracts Design-Build Contracts 30.8% 7.7% 40.3% (44.3%) Note: Engineering contract is consolidated figure, including overseas contracts. % in Total Awards*

6 5. Major Real Estate Development Projects By Kajima Corporation Upper Total Project (in case of joint venture or partnership) Lower: Kajima s portion Project Name East Shinagawa Development Phase 2 Location Shinagawa, Tokyo Site area Total Floor ( ) Area( ) 20, ,300 82,500 Project Summary Successful winner in proposal competition; Securing large-scale construction job, Kajima acquired Office-Hotel Tower & Office Tower in exchange for building 3 towers. Hotel tenants already secured; early sale of both properties is intended. Akihabara Section3-2 Condominium (TOKYO TIMES TOWER Kounan 4-Chome Condominium TOKYO SEA SOUTH BLANC FARE Ginza 3-Chome Project Toranomon 4-Chome Project Chiyoda-ku, Tokyo Minato-ku, Tokyo Chuo-ku, Tokyo 3,036 39,600 3,036 39,600 8,580 48,840 8,580 48, , ,260 Super high-rise flexible-plan condominium, capitalizing on Kajima s original Super Reinforced-Concrete-Frame Method ; 40 stories above ground with total 319 units. Commenced in Jun 2002; to be completed in Sep Sale started in Apr 2003, successful to date. Super High-rise condominium project, capitalizing on New Reinforced-Concrete Double-Tube method. 36 stories above ground; total 372 units. Commenced in Jun 2002; to be completed in Aug 2004 Sale started in Jan 2003; successful to date. To demolish existing building after purchase with land and build a new 8-story office for rent. Planned sale to investors upon completion Demolition completed & new construction started in Nov Projected completion in Mar ,560 99,000 Minato-ku, Office for rent (23-storied; 59,400 ) & building of condominium units for sale (41-storried; 39,600 ) are planned. Tokyo 10,560 99,000 To be commenced in Dec 2003 and completed in Sep Office Development Project -Italian Cultural Institute Chiyoda-ku, Tokyo 2,343 14,761 7,399 In consideration for reconstructing Italian Embassy Admin. Building at Mita and Italian Cultural Institute at Kudan, Kajima retains a partial ownership of office portion at Italian Cultural Institute on a leasehold land. Kajima s ownership is intended for sale to investors upon completion. Commenced in November 2003 to be completed in September (Administration Building: commenced in September 2003.) By Kajima Group of Companies Upper Total Project (in case of joint venture or partnership) Lower: Kajima Group s portion 11, ,370 Akihabara Section 3 Office Project Tokyo Station Yaesu-side Development Project Chiyoda-ku, Tokyo T.B.D. Chiyoda-ku, Tokyo 19, ,500 T.B.D. Successful bidder for land in Section 1 & 3 through business plan competition. Dai Building and UDX SPC respectively own them and jointly provide IT Center/parking required by Tokyo Metropolitan Government. Land acquired in Jun 02;Work commenced in Aug 2003 with completion in Mar 06, Old IBJ Tokyo Branch building was acquired and demolished, now under entitlement process. Joint project with JR East, Mitsui Fudosan, Kokusai Kanko Kaikan, Nippon Oil Company. Both North and Sough Wings to be commenced in 2004 and completed in Phase 2, central part of the project, will be completed in 2010.

7 6. Summary of Consolidated Group of Domestic Subsidiaries (Part I) Company Mar '03 Mar '04 Mar '05 Nov '03 proj. Actual (proj.) Taiko Trading Co. Ltd. Contract Award 138, , , ,000 Total Asset 88,749 Trading of construction materials Revenue 248, , , ,000 Oper. Profit Capital 400 (Kajima's share: 79.6%) Recur. Profit Net Profit No. of employ. 293 Kajima Road Co., Ltd. Contract Award 91,988 94,000 81,360 89,700 Total Asset 76,298 Road Paving Work Revenue 112, , , ,000 Oper. Profit 817 1, ,100 Capital 4,000 (Kajima's share: 51.0%) Recur. Profit 752 1, ,000 Net Profit , No. of employ. 1,250 KOCAMB Revenue 28,012 34,617 36,056 30,000 12,149 Facility Management Oper. Profit Capital 100 (Kajima's share: 100.0%) Recur. Profit Net Profit No. of employ. 903 Chemical Grouting Co., Ltd. Contract Award 25,056 26,000 26,109 26,000 Total Asset 19,887 Construction Foundation Work Revenue 24,824 24,500 24,249 25,000 Oper. Profit Capital 300 (Kajima's share: 100.0%) Recur. Profit Net Profit No. of employ. 282 Kajima Leasing Corporation Revenue 17,558 11,000 11,057 11,000 31,586 Oper. Profit Capital 400 (Kajima's share: 100.0%) Recur. Profit Full-Service Leasing/Financing Net Profit No. of employ. 29 Kajima Mechatro Contract Award 9,760 10,000 10,232 10,600 Total Asset 7,118 Construction Machinery Manufacturing Engineering Co. Ltd. Revenue 12,267 9,500 9,953 9,800 Oper. Profit Capital 400 (Kajima's share: 100.0%) Recur. Profit As of March 31, 2004 Net Profit No. of employ. 134 Scope of Business and Summary of Financial Results Millions of Yen (Mar '04) Sharp decline in construction, supply and rental businesses resulted in overall drop in contract award, revenue and profits from last year; (Mar '05) Under the tough environment, the company aims at securing positive recurring and net profits with improved gross margin and reduced SG&A. (Mar '04) Reduced public works led to contract award, revenue and profit lower than last year. Net loss of Yen1.9 billion resulted from revaluation of deferred income tax asset; (Mar '05) With reduced cost of sales and SG&A, recurring profit of Yen1 billion is targeted (Mar '04) Increase in maintenance work lifted revenue from last year. Higher profit derived from lower subcontract cost; (Mar '05) Despite projected revenue drop, recurring profit is expected to exceed last year. Delay in increased contract award caused revenue drop from last year. Reduction of SG&A resulted in higher operating and recurring profit. Net profit came in lower than last year, absent large extraordinary profit posted last year. (Mar '04) Revenue, operating & recurring profits declined sharply, absent large-scale asset sale. Partial recovery of past doubtful account pushed net profit higher than last year; (Mar '05) With interest-bearing debt at target, increase in recurring profit is projected. (Mar '04) Contract award exceeded last year and reached the target due to large dam projects. Revenue declined from last year when a large-scale shield works were in progress. Profits fell below target due to some unprofitable projects; (Mar '05) The company aims at securing positive profit by improving cost competitiveness.

8 6. Summary of Consolidated Group of Domestic Subsidiaries(Part II) company Mar '03 Mar '04 Mar '05 Nov '03 proj. Actual (proj.) As of March 31, 2004 Millions of Yen Scope of Business and Summary of Financial Results Ilya Contract Award 8,499 8,000 6,112 7,600 Total Asset 2,744 Total Interior Design (Mar '04) Contract award far below target. With abundant large Revenue 7,302 8,500 8,493 7,600 projects at hand, revenue/profit surged from last year; (Mar '05) Oper. Profit Capital 50 Under challenging environment, the company aims at recurring profit (Kajima's share: 100.0%) Recur. Profit of Yen100 million by increasing contract orders/revenue in priority areas. Net Profit No. of employ. 114 Contract Award 6,610 8,204 8,573 8,510 Total Asset 56,436 Revenue 14,438 70,398 70,763 16,840 Other five companies Oper. Profit Capital 3,850 Recur. Profit , Net Profit No. of employ. 324 Contract Award 280, , , ,410 Total Asset 294,967 Revenue 465, , , ,240 Oper. Profit 2,926 3,951 3,443 3,202 Capital 9,500 Total Consolidated Group Recur. Profit 2,967 4,203 3,870 3,272 of Domestic Companies Net Profit 477 2, ,479 No. of employ. 3,329 Minority Int Consol. Profit 324 1, ,275

9 7. Summary of Consolidated Group of Overseas Subsidiaries (Part I) Company Mar '03 Mar '04 Mar '05 Nov '03 proj. Actual (proj.) Kajima USA, Inc. Contract Award 44,896 66,750 62,605 68,698 Total Asset 102,918 Construction/Real Estate Development in the U.S. (KUSA) Revenue 104, ,747 89,180 99,419 (Kajima's share: 100.0%) Kajima Kona Holdings, Inc. (KKH) (Kajima's share: 100.0%) East West Development Corporation (EWDC) (Kajima's share: 66.6%) Kajima Europe BV Oper. Profit 1,594 2,400 2,186 1,333 Capital US$ 5M Recur. Profit 883 2,081 2,591 1,695 Net Profit 640 1,816 2,056 1,500 No. of employ. 703 Revenue 17,379 15,013 14,673 16,687 Total Asset 28,045 Holding a resort in Hawaii Oper. Profit Recur. Profit Net Profit 1, , Capital US$1M No. of employ. 1,038 Revenue 1,833 1,406 1,433 1,587 Total Asset 2,222 Holding a hotel/commercial property in L.A. Oper. Profit Capital US$58M Recur. Profit Net Profit No. of employ. 0 名 Contract Award 17,761 9,993 10,785 25,181 Total Asset 38,567 Construction/Real Estate Development in Europe (KE) Revenue 18,135 24,290 21,818 24,491 (Kajima's share: 100.0%) Oper. Profit -2,103-1,154-2,460-1,572 Capital EUR228M Recur. Profit ,999 Net Profit ,906 No. of employ. 445 Exchange rate: /$ /$ /$ /$ As of March 31, 2004 Scope of Business and Summary of Financial Results Millions of Yen (Mar '04) Revenue jumped from last year. Sale of real property fund covered the decline in revenue, resulting in profits higher than last year; (Mar '05) Real estate operations expected to generate stable profits from distribution warehouse business and sale of smaller-scale real property fund. (Mar '04) Residential sale declined due to Iraqi war, stagnating stock prices and weaker demand. Net profit was secured with successful hotel operations and lower cost of debt; (Mar '05) Increase in revenue and profits are expected from total resort, buoyed by recovery of resort residential market. (Mar '04) Lower occupancy resulted in revenue drop from last year. With cost reduction, however, net loss came in lower than last year; (Mar '05) Improved occupancy and further cost reduction are expected to reduce net loss. (Mar '04) 3rd party contract orders came in lower than FY02. Revenue rose, but fallen project margin caused net profit to come in lower than FY02; (Mar '05) Better consolidated results are awaited. Delay in lease-up of a completed rental property causes rise in operation cost.

10 7. Summary of Consolidated Group of Overseas Subsidiaries (Part II) Millions of Yen Company Mar '03 Mar '04 Mar '05 As of March 31, 2004 Scope of Business and Summary of Financial Results Nov '03 proj. Actual (proj.) Kajima Overseas Asia Contract Award 33,842 18,182 9,653 20,041 Total Asset 44,235 Construction/Real Estate Development in Asia Pte. Ltd. Revenue 24,309 25,282 22,729 22,308 (Mar '04) Delayed award of a large-scale project in Singapore lead to drop in revenue. Higher construction margin, higher real (KOA) Oper. Profit 1,535 1,751 1,801 2,029 Capital S$ 215M estate revenue and profit secured the same profit level as Mar Recur. Profit 3,321 2,193 2,386 2,700 '03; (Mar '05) Same level of const. & real estate profit is (Kajima's share: 100.0%) expected from stable operations. Net Profit 1,836 1,690 1,837 2,071 No. of employ. 947 名 Chung-Lu Sino Kajima Construction Co., Ltd. (Kajima's share: 100.0%) Total Consolidated Group of Overseas Companies Contract Award 6,213 16,481 15,858 30,487 Total Asset 4,281 Construction in Taiwan Revenue 11,989 13,267 12,053 24,213 Oper. Profit Capital NT$100M Recur. Profit Net Profit No. of employ. 99 名 Contract Award 102, ,036 98, ,409 Total Asset 220,268 Revenue 178, , , ,707 Oper. Profit 3,006 4,036 3,063 3,347 Recur. Profit 5,603 4,958 5,701 3,279 Net Profit 3,672 2,597 3,951 2,393 No. of employ. 3,232 名 Minority Int Consol. Profit 3,795 2,735 4,051 2,462 Exchange rate: /$ /$ /$ /$ 2,186 (Mar '04) Contract award surged with two Taiwan Bullet Train Depots and other local large projects. Record high profit was posted due to profitable large projects; (Mar '05) Higher revenue is expected with orders from Japanese and local IT industries.

11 8. [Unconsolidated] Major Line Items: Actual and Projection Unconsolidated First Half Billions of Yen Mar '04 Mar '05 Mar '03 Mar '04 Mar '05 Year-on-year Year-on-year Year-on-year Actual Projection Actual Nov '03 proj. Actual Projection change change change Ref. March '06 Proj. Revenue , , , , approx. 1,100.0 Gross Profit Gross Profit Margin 7.9% 7.9% 0.0% 7.2% 8.1% 8.4% 1.2% 8.6% 0.2% Medium-Term Business Plan Completed const. 7.4% 7.8% 0.4% 6.9% 7.9% 8.2% 1.3% 8.4% 0.2% Civil 11.6% 11.1% -0.5% 11.7% 12.2% 13.0% 1.3% 11.7% -1.3% Building. 5.8% 6.5% 0.7% 5.0% 6.0% 6.1% 1.1% 7.2% 1.1% Real Estate Dev. 13.6% 8.3% -5.3% 11.0% 11.4% 11.8% 0.8% 10.4% -1.4% SG&A Operating Profit Non-oper. P/L Financing income/exp Recurring Profit or more Extraordinary P/L Income before tax Taxes Income after tax Full-Year Capital Investments Depreciation Interest-bearing debt balance approx or less approx or less Contingent Liabilities for loans guaranteed R&D cost Note: Depreciation is posted on tangible and intangible asset account as well as on investment and other account..

12 [Supplemental Data (Unconsolidated)] Selling, General & Administrative Expense Billions of Yen Non-Operating Income/Expense Billions of Yen Line item breakdown Mar '04 (actual) Mar '05 (projection) Line item breakdown Mar '04 (actual) Mar '05 (projection) Salaries Financing income/exp R&D allocation (SG&A portion) Provision of doubtful accounts Administrative expense Others Selling expense Total Others Total

13 9. [Consolidated] Major Line Items: Actual and Projection Consolidated First Half Billions of Yen Mar '04 Mar '05 Mar '03 Mar '04 Mar '05 Year-on-year Year-on-year Year-on-year Actual Projection Actual Nov '03 proj. Actual Projection change change change Ref. March '06 Proj. Revenue , , , , Approx. 1,600.0 Gross Profit Gross Profit Margin 8.5% 8.1% -0.4% 7.7% 8.6% 9.0% 1.3% 9.0% 0.0% Completed const. 7.2% 7.6% 0.4% 6.6% 7.6% 8.0% 1.4% 8.1% 0.1% Real Estate Dev. 12.8% 10.0% -2.8% 13.0% 13.0% 13.3% 0.3% 13.0% -0.3% SG&A Operating Profit Non-oper. Profit/loss Financing income/exp Recurring Profit or more Extraordinary profit/loss Income before tax Taxes/minority interests/others Income after tax Capital Investments Depreciation/amortization Interest-bearing debt bal approx or less approx or less Contingent Liabilities for loans guaranteed (guarantee commitments) Note: Depreciation is posted on tangible and intangible asset account as well as on investment and other account.. Full-Year Medium-Term Business Plan

14 [Supplemental Data Consolidated)] Consolidated Cash Flow: March '04 (actual) and March '05 (projection) March '04 (actual) Billions of Yen March '05 (projection) Billions of Yen Operating CF Investment CF Financing CF Cash & Cash Equiv. Balance as of Mar 31, 04 Operating CF Investment CF Financing CF Operating Profit by business Segment March '04 (actual) Billions of Yen March '05 (projection) Billions of Yenof Yen No. of Employees by Business Segment No. of Employees by Organizational Segment Const. Real Estate Other Total Kajima Unconsolidated As of Mar 31, 03 12,893 2,042 2,441 17,376 As of Mar 31, 03 10,380 3,592 3,404 17,376 As of Mar 31, 04 12,075 2,107 2,289 16,471 As of Mar 31, 04 9,910 3,329 3,232 16,471 Year-on-year change Year-on-year change

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Table of Contents P 2 P 4 P 10 P 11 P 12 P 13 P 14 P 17 P 18 P 19 Saizeriya Co., Ltd. Financial Results Briefing Session for the Second Quarter of the Fiscal Year Ended August 31, 2014 (42th term: from September 1, 2013 to February 28, 2014) Code No. 7581 Thursday, April