February 12, 2010 Name of Company Listed: Tokyo Tatemono Co., Ltd.

This document has been translated from a portion of the Japanese original for reference purposes only. In the event any discrepancy arises between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation, nor for direct, indirect, or any other form of damages that may arise from using this translation. This English version includes some explanatory notes. Outline of Consolidated Financial Statements for the Fiscal Year Ended December 2009 February 12, 2010 Name of Company Listed: Tokyo Tatemono Co., Ltd. Stock Exchange Listing: Tokyo (First Section) Code Number: 8804 URL: http://www.tatemono.com Representative: Makoto Hatanaka, President & Representative Director Contact: Yoshitoshi Kagami, General Manager, Corporate Communications and Investor Relations Department E-mail: kagamiys@tatemono.com Annual Meeting of Stockholders to Be Held on: March 30, 2010 Dividends to Be Delivered on: March 31, 2010 Financial Statements to Be Submitted on: March 30, 2010 1. Consolidated Results of Operations for the Fiscal Year 2009 (January 1, 2009 to December 31, 2009) (1) Consolidated Business Results Year ended December 31 (Amounts indicated are displayed with amounts less than one million yen rounded off.) Revenue from operations Operating income Recurring income Net income Millions of yen % Millions of yen % Millions of yen % Millions of yen % FY 2009 262,609 31.4 29,162 5.2 19,331 (5.7) 6,345 (37.2) 199,811 (6.3) 27,710 (39.0) 20,500 (48.1) 10,101 (53.5) Net income per share Net income per share after adjusting for dilution Return on equity Recurring margin on gross capital Operating margin on revenue from operations Yen Yen % % % FY 2009 19.51 2.7 2.0 11.1 31.99 4.5 2.3 13.9 (Reference) Investment income/loss due to equity method: Year ended December 31, 2009: 357 million Year ended December 31, 2008: 241 million Note: The percentage figures indicate the percentage increase/decrease compared with the corresponding period of the previous fiscal year. (2) Consolidated Financial Status Year ended December 31 Total assets Total net assets Owners equity ratio Owners equity per share Millions of yen Millions of yen % Yen FY 2009 969,492 259,292 26.2 590.82 964,030 231,354 23.2 709.62 (Referenc) Owners equity: December 31, 2009: 254,481 million, December 31, 2008: 224,057 million (3) Consolidated Cash Flows Year ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Millions of yen Millions of yen Millions of yen Millions of yen FY 2009 66,293 (48,915) (18,487) 16,078 (16,753) (76,761) 100,176 17,159

2. Dividend Status Dividends per share Ratio of Total dividend End of End of Payout ratio dividends to amount (Record date) first Interim third Year-end Annual (Consolidated) net assets (Annual) quarter quarter (Consolidated) Yen Yen Yen Yen Yen Million yen % % 8.00 8.00 16.00 5,085 50.0 2.2 FY 2009 5.00 5.00 10.00 3,753 51.3 1.5 FY 2010 (Projection) 4.00 4.00 8.00 57.4 3. Projection of Consolidated Results of Operations for Fiscal Year 2010, Ending December 2010 (January 1, 2010 to December 31, 2010) Revenue from operations Operating income Recurring income Net income Net income per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Interim period 100,000 (32.3) 15,000 (4.6) 9,500 (14.5) 3,500 62.0 8.13 Full fiscal year 200,000 (23.8) 26,000 (10.8) 15,000 (22.4) 6,000 (5.4) 13.93 Note: The percentage figures indicate the percentage increase/decrease compared with the full year and the interim period of the previous fiscal year. 4. Other (1) Significant changes in subsidiaries during the period (transfers of specific subsidiaries following a change in the scope of consolidation): None (2) Changes in the accounting principles, procedures and presentation related to the preparation of the consolidated financial statements (those that are described in changes in the basis of the consolidated financial statements) (i) Changes due to amendments to accounting standards: Yes (ii) Changes due to other reasons than item (i): Yes (3) Number of outstanding shares (common shares) 1) Number of outstanding shares (including treasury stock) at the end of the fiscal year Fiscal year 2009: 433,059,168 shares Fiscal year 2008: 318,059,168 shares 2) Number of shares of treasury stock at the end of the fiscal year Fiscal year 2009: 2,333,172 shares Fiscal year 2008: 2,317,410 shares (Reference) Summary of Non-Consolidated Financial Statements 1. Non-Consolidated Results of Operations for the Fiscal Year 2009 (January 1, 2009 to December 31, 2009) (1) Non-Consolidated Business Results Year ended December 31 (Amounts indicated are displayed with amounts less than one million yen rounded off.) Revenue from operations Operating income Recurring income Net income Millions of yen % Millions of yen % Millions of yen % Millions of yen % FY 2009 208,925 40.8 28,783 19.5 19,973 10.3 7,908 (15.1) 148,410 (9.4) 24,078 (37.4) 18,111 (44.2) 9,319 (50.2) Note: The percentage figures indicate the percentage increase/decrease compared with the corresponding period of the previous fiscal year. Net income per share Net income per share after adjusting for dilution Yen Yen FY 2009 24.16 29.32 (2) Non-Consolidated Financial Status December 31 Total assets Total net assets Owners equity ratio Owners equity per share Millions of yen Millions of yen % Yen FY 2009 887,520 245,650 27.7 567.59 900,272 213,894 23.8 673.00 (Reference): Owners equity: December 31, 2009: 245,650 million, December 31, 2008: 213,894 million 2

Explanation Regarding the Appropriate Use of Business Performance Projections, and Other Items Warranting Special Mention The performance projections and other statements regarding the future presented in these materials are based on information presently obtained by the Company and on certain assumptions deemed to be rational, and the actual performance may differ greatly depending on various factors. See page 4, 1. Operating Results (1) Analysis of Operating Results, for details about business performance projections. 3

1. Operating Results (1) Analysis of Operating Results a. Current Operating Results In fiscal year 2009, the Japanese economy showed improvement in consumer spending driven by the recovery of exports and production as well as the effects of economic measures taken by the government. On the other hand, full-scale economic recovery was not achieved as we continued to see severe conditions surrounding employment and a falling trend in prices coupled with weak self-sustaining recovery in an environment marked by a low level of economic activities. In the real estate industry, the business environment in the office leasing market remained harsh as occupancy rates and rent levels dropped due to decreased demand for office space. In the residential housing market, adjustment in retail prices and effects of government policies created consumer appetite, leading to an increase in the contract closing rate and reduction in sales inventories. However, the number of new supply units and new housing starts dropped significantly, showing little market recovery. While the real estate investment market remained sluggish, large-scale building transactions resumed and the market showed signs of recovery in the second half of the year. In this type of business environment, the Group has focused on building a stable management foundation to achieve enhanced and stable future profitability centered on its office building and other leasing businesses, and condominiums, detached houses and other real estate sales businesses while actively pursuing urban development projects. Consequently, results for the current consolidated accounting year were as follows: revenue from operations totaled 262,609 million (rising 31.4% from 199,811 million the previous year); operating income totaled 29,162 million (rising 5.2% from 27,710 million the previous year); and recurring income totaled 19,331 million (falling 5.7% from 20,500 million the previous year). In terms of extraordinary income and losses, the Company recorded 3,713 million in extraordinary income from gain on sale of stock in affiliates as a result of the restructuring of group companies. On the other hand, loss on revaluation of inventories led to capitalization of 5,459 million in extraordinary losses due to adoption of the Accounting standard for measurement of inventories, in addition to 8,639 million in extraordinary losses due to loss on devaluation of investment securities induced by decreased earnings from condominium businesses utilizing SPCs (special purpose companies). As a result, net income for the year totaled 6,345 million (falling 37.2% from 10,101 million the previous year). During the current consolidated accounting year, the Company issued 115 million new shares and raised 30,539 million as real estate development capital. See below for an outline of business results by business segment. <Leasing> In Leasing, the Company focuses on services towards tenants providing a safe and comfortable space and has been trying to improve occupancy rates and profitability. In Buildings, in addition to the new opertation of office buildings including JA Building, Keidanren Kaikan (Chiyoda ward, Tokyo) as part of the Otemachi 1-Chome Redevelopment Project, Osaki Center Building (Shinagawa Ward, Tokyo), and Nagoya Prime Central Tower (Nagoya, Aichi Prefecture), the full-year operation of leased condominiums such as Apartments Sangenjaya (Setagaya Ward, Tokyo) and commercial facilities such as SMARK (Isesaki, Gunma Prefecture) have led to a 13.4% increase in revenue from the previous year. Furthermore, the construction of Tokyo Tatemono Sendai Building (Sendai, Miyagi Prefecture) was completed during the consolidated accounting year. Dividend income from SPCs from the sale of a large-scale multi-complex facility, Olinas Tower (Sumida Ward, Tokyo) was capitalized. As a result, revenue from operations in Leasing for the consolidated accounting year totaled 68,008 million (rising 16.1% from 58,595 million the previous year), and operating income totaled 28,659 million (rising 9.5% from 26,176 million the previous year). The Company commenced the construction of the Otemachi 1-6 project (tentative name) (Chiyoda Ward, Tokyo, floor area of approximately 198,000 square meters), which utilizes an SPC to promote development. In addition, it was decided that the Company will participate in the Otemachi 1-chome 2nd district urban area redevelopment project type 1 (annex A) (Chiyoda Ward, Tokyo, floor area of approximately 110,000 square meters) as a specified builder. FY 2009 Land Buildings Item Rentable area (Sublease area) 38,350 m 2 (10,704 m 2 ) 640,140 m 2 (166,391 m 2 ) Amount 4 847 40,695 Rentable area (Sublease area) 31,723 m 2 (10,704 m 2 ) 692,772 m 2 (198,634 m 2 ) Amount 786 46,147 Management services (Note) 17,052-21,074 Total 58,595-68,008 Note: Management services include dividend income from SPC, 11,724 million for fiscal year 2009 and 9,902 million for fiscal year 2008.

<Real Estate Sales> In Real Estate Sales, the Company has been strengthening its acquisition of selected land plots and its customer-oriented product planning and has also focused on quality control, after-sale services, and administration to establish Brillia s brand identity as providing sophisticated residences and safety and security. Moreover, to enhance competitiveness by deepening collaboration between sales and management services, Tokyo Tatemono Real Estate Sales Co., Ltd. acquired Tokyo Tatemono Amenity Support Co., Ltd., which became a wholly owned subsidiary. The Company recorded sales of condominiums, including Brillia Mare Ariake TOWER & GARDEN (Koto Ward, Tokyo), THE TOYOSU TOWER (Koto Ward, Tokyo), Brillia Tower NAGOYA GRAND-SUITE (Nagoya, Aichi Prefecture), and Brillia Biwako Otsukyo Beach & Residence (Otsu, Shiga Prefecture), and sales of detached homes including Brillia Terrace Setagaya Kitami (Setagaya Ward, Tokyo). The Company also posted the sale of the land of Olinas Tower (Sumida Ward, Tokyo) and Tokyo Toranomon Building (Minato Ward, Tokyo), in the Housing Lots, etc. business. As a result, in Real estate sales for the current consolidated fiscal year, revenue from operations totaled 158,054 million (rising 70.6% from 92,657 million the previous year) and operating income totaled 8,555 million (rising 577.8% from 1,262 million the previous year). During the consolidated fiscal year, the Company posted a loss on revaluation of inventories of 4,795 million for condominiums currently on sales as a cost of revenue. Item Quantity sold FY 2009 Amount Quantity sold Amount Condominiums (Note) 1,837 80,453 2,914 120,769 Detached houses (Includes land zoned for detached houses) 88 4,388 49 2,250 Housing lots, etc. 18 3,722 37 30,305 Management services 31,749 4,092 34,522 4,728 Total 92,657 158,054 Note: Condominiums includes dividend income pertaining to the joint sales with SPCs, 3,014 million for fiscal year 2008. <Other businesses> In Brokerage, the brokerage fee income declined significantly due to weak corporate real estate transaction volume. In the Retail of packaged media," revenue declined due to the disposition of Informa Co., Ltd., which was involved in the retail of packaged media business. Revenue significantly fell in Other, due to effects from the capitalization of dividend income related to the sale of assets held by SPCs in the previous year. In Resort/leisure/hotel, the Company sold six golf courses by splitting companies. As a result, in other business segments for the consolidated accounting year, revenue from operations totaled 36,546 million (falling 24.7% from 48,558 million the previous year) and operating loss totaled 964 million (operating income of 8,081 million was recorded in the previous year). Item Quantity FY 2009 Amount Quantity Amount Brokerage 3,706 5,454 3,170 3,137 Resort/leisure/hotel 11,215 11,316 Renovation 6,631 5,536 Restaurants 1,186 1,050 Retail of packaged media 6,524 4,701 Spa 2,987 3,286 Other (Note) 14,558 7,517 Total 48,558 36,546 Note: Other includes dividend income pertaining to investments in SPC commercial facilities and in real estate investment funds: 1,468 million for fiscal year 2009 and 7,850 million for fiscal year 2008. 5

b. Outlook for the Next Term Outlook for the next term: Outlook Comparison (Billion yen) Revenue from operations 200.0 (23.8%) Operating income 26.0 (10.8%) Recurring income 15.0 (22.4%) Net income 6.0 (5.4%) For the next term, the Company expects revenues and earnings to increase in the leasing segment, as full-year operation of buildings including JA Building and Keidanren Kaikan, Osaki Center Building, Nagoya Prime Central Tower, and Tokyo Tatemono Sendai Building, new occupancy of residential buildings including Grapes Asakusa, a residential building exclusively for the elderly (Taito Ward, Tokyo), and sales of SPC-related assets are expected. In the real estate sales segment, while construction is scheduled to be completed on the Brillia Sugamo (Toshima Ward, Tokyo), Brillia Koshigaya Lake Town (Koshigaya, Saitama), etc. and sales of Tokyo Tatemono Kyobashi Building (Chuo Ward, Tokyo) are expected, revenues and earnings are expected to decline due to the absence of completion of construction of large-scale condominiums in the metropolitan area, as well as effects from capitalization of sales related to the sale of land for the Olinas Tower recorded during the current year. In other business segments, while decreased revenues are expected due to factors including effects from the sale of Informa Co., Ltd. and 6 golf courses, earnings are expected to increase as the Company expects dividend income from the sale of assets held by SPCs. As a result, revenue from operations is expected to total 200 billion (-23.8% vs. the current period); operating income 26 billion (-10.8% vs. the current period); recurring income 15 billion (-22.4% vs. the current period), and net income for the next period is expected to total 6 billion (-5.4% vs. the current period). (2) Analysis of Financial Situation a. Analysis of Assets, Liabilities and Net Assets (Assets) Total assets at the end of the consolidated fiscal year were 969,492 million, up 5,462 million from the end of the preceding year. This was due to a 48,478 million decrease in current assets as a result of collection of notes and accounts receivable, trade and the sale of real estate for sale, etc., and a 53,941 million increase in fixed assets due to factors including an increase in property and equipment led by the completion of construction of JA Building / Keidanren Kaikan, Nagoya Prime Central Tower, Tokyo Tatemono Sendai Building and the consolidation of Nihonbashi 1-chome development SPC, etc. as well as an increase in investments in TK investments resulting from investment in SPCs, etc. (Liabilities) Total liabilities at the end of the consolidated accounting year were 710,200 million, down 22,475 million from the end of fiscal year 2008. While the interest-bearing liabilities increased due to the Company s corporate bonds issuance in the amount of 12,000 million and the consolidation of Nihonbashi 1-chome development SPC, repayment of debt led to a 28,671 million decrease from the end of the preceding year. As a result, interest-bearing liabilities totaled 510,934 million. (Net assets) Total net assets at the end of the consolidated accounting year were 259,292 million, up 27,938 million from the end of the preceding year. This was mainly due to an increase in paid-in capital and capital surplus resulting from the issuance of new shares. 6

b. Analysis of Cash Flow Situation Consolidated cash and cash equivalents (hereinafter funds ) at the end of fiscal year 2009 increased by 66,293 million for operating activities, decreased by 48,915 million for investing activities, and decreased by 18,487 million for financing activities. This resulted in total cash and cash equivalents of 16,078 million, a decrease of 1,080 million from the end of the preceding year. Cash flows for each category are as follows. (Cash flow from operating activities) The increase in funds for operating activities was 66,293 million, an increase of 83,046 million from the preceding year. The main factors for the increase in funds were the 7,433 million in income before income taxes and minority interests, 8,504 million in depreciation, a noncash item, and 8,639 million in loss on devaluation of investment securities, in addition to an increase in funds resulting from a decrease of 10,632 million in accounts receivable, trade and 26,412 million in inventories, while there was a 7,395 million decrease in funds for income taxes paid. (Cash flow from investing activities) Funds for investing activities showed a decrease of 27,846 million to 48,915 million from the preceding year. The main factor was the decrease in funds resulting from payments for purchase of marketable and investment securities in the amount of 24,589 million, payments for investments in TKs in the amount of 14,798 million, and for purchase of property and equipment in the amount of 35,578 million, while proceeds from sale of investments in subsidiaries totaling 8,897 million and a 10,244 million increase in receipt from investment in specific joint real estate ventures contributed to an increase in funds. (Cash from financing activities) The decrease in funds for financing activities was 18,487 million, a decrease of 118,664 million from the preceding year. This was mainly due to repayment of debts while new shares and corporate bonds were issued in the amount of 30,539 million and 12,000 million, respectively. c. Cash Flow Index Estimation FY 2007 FY 2009 Equity capital ratio 27.1% 23.2% 26.2% Market value based equity capital ratio 40.1% 13.2% 15.7% Period of debt redemption 7.7 years Interest coverage ratio 8.0 Notes: i) Each index is calculated by the following formulae using consolidated financial figures: Equity capital ratio: shareholder equity/total gross assets Market value based equity capital ratio: total market value of shares/total gross assets Period of debt redemption: interest-bearing liabilities/operating cash flow Interest coverage ratio: operating cash flow/interest payment ii) Total market value of shares is calculated as follows: end-term closing stock price x number of outstanding stocks at end term (not including treasury stocks). iii) For operating cash flows and interest payment, the cash flow from operating activities and amount of interest in the consolidated cash flow statement are used. Interest-bearing liabilities refer to all interest-bearing liabilities listed on the consolidated balance sheet. iv) As the cash flow from operating activities was negative for fiscal year 2007 and fiscal year 2008, the periods of debt redemption and interest coverage ratio are not listed for those years. (3) Basic Policy regarding Dividend Distribution of Revenue for the Current and Successive Term For dividends, it is the Company s policy to steadily return its profit to each stockholder by comprehensively accounting for future operations, business expansion and business outlook. The dividend for the current term is to be 5 per share, while the interim dividend is 5. This makes the estimated annual dividend 10 per share (- 6 compared to the preceding term), and a dividend payout ratio of 51.3% for the current term. Furthermore, taking into account the results outlook, dividends for the succeeding term will be 4 per share at the interim and 4 per share at term end, which gives an annual dividend of 8 (- 2 compared to the current term). Dividend payout ratio for the succeeding term is estimated to be 57.4%. 7

4. Consolidated Financial Statements (1) Consolidated Balance Sheets Assets Current assets (as of December 31, 2008) FY 2009 (as of December 31, 2009) Cash 16,958 16,090 Notes and accounts receivable, trade 16,218 4,546 Marketable securities 1,160 1,154 TK investments 5,345 5,343 Inventories 183,412 - Real estate for sale - 74,114 Real estate for sale in progress - 40,820 Real estate for development - 35,795 Deferred income taxes 5,315 2,534 Other current assets 16,962 16,519 Allowance for doubtful accounts (161) (187) Total current assets 245,211 196,733 Fixed assets Property and equipment Buildings and structures 193,617 202,732 Accumulated depreciation (84,217) (76,669) Buildings and structures (net amount) 109,400 126,062 Land 289,763 326,006 Construction in progress 17,148 4,995 Other fixed assets 19,979 19,147 Accumulated depreciation (9,623) (9,747) Other fixed assets (net amount) 10,355 9,399 Total property and equipment 426,667 466,464 Intangible and other assets Lease rights 25,569 24,573 Goodwill 2,764 3,329 Other intangible assets 316 354 Total intangible and other assets 28,649 28,257 Investments Investment securities 184,988 184,839 TK investments 44,796 58,461 Long-term loans 389 303 Deferred income taxes 1,283 5,872 Guarantee deposits paid 14,231 10,541 Other investments 18,966 19,148 Allowance for doubtful accounts (556) (516) Investment loss reserve (598) (613) Total investment 263,500 278,037 Total fixed asset 718,818 772,759 Total assets 964,030 969,492 8

Liabilities Current liabilities (as of December 31, 2008) FY 2009 (as of December 31, 2009) Short-term borrowings 188,445 134,767 Commercial paper 21,300 26,400 Accounts payable, trade 13,540 11,960 Accrued income taxes 1,953 1,357 Reserve for compensation for completed work 6 5 Reserve for bonuses 331 255 Reserve for bonuses to directors and corporate auditors 227 173 Provision for loss on guarantee 20 - Other current liabilities 32,601 30,023 Total current liabilities 258,425 204,943 Long-term liabilities Bonds payable 60,000 74,500 Long-term debt 269,860 268,266 Deferred income taxes 7,929 8,545 Deferred income taxes on land revaluation 18,286 23,011 Accrued severance indemnities 5,257 5,674 Allowance for retirement benefits for directors 811 874 Reserve for scrapping of buildings 394 489 Guarantee deposits received 48,940 44,574 Investments received for real estate specific joint enterprises 55,223 65,467 Other long-term liabilities 7,544 13,851 Total long-term liabilities 474,250 505,256 Total liabilities 732,675 710,200 Net assets Shareholders equity Capital 77,181 92,451 Capital surplus 75,453 90,705 Retained earnings 45,797 46,032 Treasury stock, at cost (529) (521) Total shareholders equity 197,902 228,667 Valuation and translation adjustments Valuation difference on available-for-sale securities 7,838 8,690 Revaluation difference on land 19,509 18,121 Translation adjustments (1,192) (997) Total valuation and translation adjustments 26,155 25,814 Minority interests 7,296 4,810 Total net assets 231,354 259,292 Total liabilities, minority interests and net assets 964,030 969,492 9

(2) Consolidated Statements of Income (January 1, 2008 to December 31, 2008) FY 2009 (January 1, 2009 to December 31, 2009) Revenue from operations 199,811 262,609 Cost of revenue 136,697 201,781 Gross profit 63,114 60,828 Selling, general and administrative expenses 35,403 31,665 Operating income 27,710 29,162 Non-operating income Interest income 35 27 Dividend income 1,225 633 Equity in income of affiliated companies 241 357 Other 460 784 Total non-operating income 1,963 1,803 Non-operating expenses Interest expense 7,592 8,529 New share issue expenses - 164 Bond issuance expenses - 53 Distribution from real estate specific joint enterprises 1,180 1,550 Other 400 1,336 Total non-operating expenses 9,173 11,634 Recurring income 20,500 19,331 Extraordinary income Gain on sale of property and equipment 689 137 Gain on sale of investment securities 0 29 Gain on sale of stock in affiliates - 3,713 Gain on change in shareholding in subsidiaries - 349 Gain on reversal of provision for investment losses 14 - Reversal of provision for loss on guarantee 26 2 Total extraordinary income 730 4,232 Extraordinary loss Loss on revaluation of inventories - 5,459 Loss on sale of fixed assets 18 19 Loss on retirement of property and equipment 67 91 Loss on reconstruction of buildings 580 - Loss on sale of investment securities 22 - Loss on devaluation of investment securities 7,043 8,639 Loss on investments in consortia - 568 Loss on transfer of business - 112 Loss on liquidation of subsidiaries and affiliates 296 - Provision for investment loss reserve - 15 Impairment loss 116 1,224 Total extraordinary loss 8,145 16,131 Income before income taxes and minority interests 13,085 7,433 Current income taxes 5,975 4,041 Deferred income taxes (2,923) (818) Total income taxes 3,051 3,222 Gain (loss) on minority interests (67) (2,135) Net income 10,101 6,345 10

(3) Consolidated Statements of Changes in Owners Equity Shareholders equity Capital (January 1, 2008 to December 31, 2008) FY 2009 (January 1, 2009 to December 31, 2009) Balance at the end of previous period 77,181 77,181 Issuance of new shares - 15,269 Total changes in items during the period - 15,269 Balance at the end of current period 77,181 92,451 Capital surplus Balance at the end of previous period 75,524 75,453 Issuance of new shares - 15,269 Disposal of treasury stock (71) (18) Total changes in items during the period (71) 15,251 Balance at the end of current period 75,453 90,705 Retained earnings Balance at the end of previous period 41,811 45,797 Dividends from surplus (4,767) (4,131) Net income 10,101 6,345 Reversal of revaluation reserve for land (1,328) (1,978) Change in the scope of consolidation (5) - Change in the scope of equity method (14) - Total changes in items during the period 3,985 235 Balance at the end of current period 45,797 46,032 Treasury stock Balance at the end of previous period (587) (529) Acquisition of treasury stock (65) (21) Disposal of treasury stock 123 28 Change in equity in affiliates accounted for by equity method-treasury stock - 1 Total changes in items during the period 57 7 Balance at the end of current period (529) (521) 11

Total shareholders equity (January 1, 2008 to December 31, 2008) FY 2009 (January 1, 2009 to December 31, 2009) Balance at the end of previous period 193,930 197,902 Issuance of new shares - 30,539 Dividends from surplus (4,767) (4,131) Net income 10,101 6,345 Reversal of revaluation reserve for land (1,328) (1,978) Acquisition of treasury stock (65) (21) Disposal of treasury stock 52 9 Change in equity in affiliates accounted for by equity method-treasury stock - 1 Change in the scope of consolidation (5) - Change in the scope of equity method (14) - Total changes in items during the period 3,972 30,764 Balance at the end of current period 197,902 228,667 Valuation and translation adjustments Valuation difference on available-for-sale securities Balance at the end of previous period 13,317 7,838 Net changes in items other than shareholders equity (5,478) 852 Total changes in items during the period (5,478) 852 Balance at the end of current period 7,838 8,690 Revaluation difference on land Balance at the end of previous period 18,481 19,509 Net changes in items other than shareholders equity 1,027 (1,388) Total changes in items during the period 1,027 (1,388) Balance at the end of current period 19,509 18,121 Translation adjustments Balance at the end of previous period (97) (1,192) Net changes in items other than shareholders equity (1,095) 195 Total changes in items during the period (1,095) 195 Balance at the end of current period (1,192) (997) Total valuation and translation adjustments Balance at the end of previous period 31,701 26,155 Net changes in items other than shareholders equity (5,546) (340) Total changes in items during the period (5,546) (340) Balance at the end of current period 26,155 25,814 Minority interests Balance at the end of previous period 4,902 7,296 Net changes in items other than shareholders equity 2,393 (2,485) Total changes in items during the period 2,393 (2,485) Balance at the end of current period 7,296 4,810 12

Total net assets (January 1, 2008 to December 31, 2008) FY 2009 (January 1, 2009 to December 31, 2009) Balance at the end of previous period 230,534 231,354 Issuance of new shares - 30,539 Dividends from surplus (4,767) (4,131) Net income 10,101 6,345 Reversal of revaluation reserve for land (1,328) (1,978) Acquisition of treasury stock (65) (21) Disposal of treasury stock 52 9 Change in equity in affiliates accounted for by equity method-treasury stock - 1 Change in the scope of consolidation (5) - Change in the scope of equity method (14) - Net changes in items other than shareholders equity (3,152) (2,826) Total changes in items during the period 819 27,938 Balance at the end of current period 231,354 259,292 13

(4) Consolidated Statements of Cash Flows Cash flows from operating activities (January 1, 2008 to December 31, 2008) (January 1, 2008 to December 31, 2008) Income before income taxes and minority interests 13,085 7,433 Depreciation 6,568 8,504 Impairment loss 116 1,224 Goodwill amortization 121 165 Equity in income of affiliated companies (241) (357) Increase (decrease) in allowance for doubtful accounts (51) (14) Increase (decrease) in investment loss reserve (14) 15 Reversal of severance indemnities, less payments 15 (76) (Reversal of) reserve for bonuses to directors and corporate auditors (64) (53) (Reversal of) reserve for bonuses to employees 187 417 Increase (decrease) in allowance for retirement benefits for directors 38 62 Increase (decrease) in provision for loss on guarantees (26) (20) Interest and dividend income (1,261) (661) Interest expense 7,592 8,529 Loss on valuation of inventories - 5,459 Write-down of marketable securities 7,043 8,639 Loss (gain) on sales of investment securities 22 (29) Loss (gain) on sales of stocks of subsidiaries and affiliates - (3,713) Loss (gain) on investments in consortia - 568 Gain on change in shareholding in subsidiaries - (349) Loss (gain) on sales of fixed assets (689) - Loss (gain) on sales and retirement of noncurrent assets 85 (25) Loss on reconstruction of buildings 580 - Loss (gain) on transfer of business - 112 Loss (gain) on liquidation of subsidiaries and affiliates 296 - (Increase) decrease in accounts receivable, trade (4,400) 10,632 (Increase) decrease in marketable securities 526 (203) (Increase) decrease investments in TKs 3,480 2 (Increase) decrease in inventories (31,840) 26,412 Increase (decrease) in guarantee deposits received 4,822 (1,753) Increase (decrease) in accounts payable, trade (297) 1,360 (Increase) decrease in guarantee deposits paid (1,138) (14) Increase (decrease) in deposits 555 6,395 Other (1,300) 2,570 Subtotal 3,814 81,234 Interest and dividends received 1,320 743 Interest paid (7,417) (8,288) Income taxes paid (14,470) (7,395) Net cash provided by (used in) operating activities (16,753) 66,293 14

Cash flows from investing activities (January 1, 2008 to December 31, 2008) (January 1, 2008 to December 31, 2008) Proceeds from maturity of marketable securities - 17 Proceeds from sale of marketable and investment securities 5,961 8,609 Payment for purchase of marketable and investment securities (37,954) (24,589) Proceeds from sale of investments in subsidiaries involving Change in the scope of consolidation - 8,897 Proceeds from acquisition of shares in subsidiaries involving Change in the scope of consolidation 588 - Payment for acquisition of shares in subsidiaries involving Change in the scope of consolidation (17,997) - Purchase of stocks of subsidiaries and affiliates - (161) Proceeds from sales of stocks of subsidiaries and affiliates - 195 Investments in TKs (a form of silent partnership) (3,985) (14,798) Proceeds from sale of investments in consortia 6,296 235 Proceeds from sale of property and equipment 2,231 561 Payment for purchase of property and equipment (36,525) (35,578) Increase in loans (1,122) (4,318) Collection of loans 164 1,226 Increase (decrease) in receipt from investment in specific joint real estate ventures 20,114 10,244 Other (14,533) 543 Net cash used in investing activities (76,761) (48,915) Cash flows from financing activities Increase (decrease) in short-term borrowings 71,400 (78,000) Increase (decrease) in commercial paper 7,300 5,100 Increase in long-term debt 130,760 108,800 Repayment of long-term debt (106,053) (98,467) Increase in long-term accounts payable-other - 7,000 Proceeds from issue of bonds - 12,000 Proceeds from issue of shares - 30,539 Proceeds from treasury stock 52 9 Acquisition of treasury stock (65) (21) Dividends paid (4,759) (4,124) Payments of dividends to minority shareholders (337) (119) Proceeds from issue of shares to minority shareholders 2,481 - Other (601) (1,203) Net cash provided by (used in) financing activities 100,176 (18,487) Effect of exchange rate changes on cash and cash equivalents (200) 29 Net increase (decrease) in cash and cash equivalents 6,461 (1,080) Cash and cash equivalents at beginning of year 10,697 17,159 Increase in cash and cash equivalents resulting from change in consolidated subsidiaries 0 - Cash and cash equivalents at end of year 17,159 16,078 15

Segment Information [Industry Segments by Business Type] (January 1, 2008 to December 31, 2008) Leasing Real estate sales Other Total Eliminations/ Corporate Consolidated I. Revenue from operations and operating income Revenue from operations (1) External customers 58,595 92,657 48,558 199,811 199,811 (2) Inter-segment or transfer 791 262 2,834 3,888 (3,888) Total 59,386 92,919 51,393 203,700 (3,888) 199,811 Costs and operating expenses 33,210 91,657 43,312 168,180 3,920 172,100 Operating income 26,176 1,262 8,081 35,519 (7,809) 27,710 II. Assets, depreciation, impairment loss and capital expenditures Assets 557,041 231,077 124,459 912,578 51,451 964,030 Depreciation 5,006 11 1,491 6,509 59 6,568 Impairment loss 116 116 116 Capital expenditures 50,385 142 17,527 68,055 88 68,144 FY 2009 (January 1, 2009 to December 31, 2009) Leasing Real estate sales Other Total Eliminations/ Corporate Consolidated I. Revenue from operations and operating income Revenue from operations (1) External customers 68,008 158,054 36,546 262,609 262,609 (2) Inter-segment or transfer 693 262 2,784 3,741 (3,741) Total 68,702 158,316 39,331 266,350 (3,741) 262,609 Costs and operating expenses 40,043 149,761 40,296 230,101 3,345 233,446 Operating income (loss) 28,659 8,555 (964) 36,249 (7,086) 29,162 II. Assets, depreciation, impairment loss and capital expenditures Assets 621,195 181,229 111,071 913,496 55,996 969,492 Depreciation 6,883 24 1,519 8,427 77 8,504 Impairment loss 0 0 1,223 1,224 1,224 Capital expenditures 55,546 46 862 56,455 7 56,463 Notes: i) Method of classifying industry segments: Business segments are classified in accordance with the business activities of the corporate group. ii) Principal description of each industry segment: Leasing: Leasing and management of land, buildings, and housing Real estate sales: Sales of residential land lots, detached houses, and high-rise condominiums Other: Real estate brokerage, appraisal, and consulting, contract civil engineering and construction; resort, leisure and hotel businesses, etc. iii) Operating expenses for the year ended December 31, 2008 include 8,083 million in operating expenses that cannot be allocated. These are recorded in Eliminations/Corporate. This primarily consists of expenses related to general administration of the Company. Operating expenses for the year ended December 31, 2009 include 7,280 million in operating expenses that cannot be allocated and these are recorded in Eliminations/Corporate. This also primarily consists of expenses related to general administration of the Company. iv) Assets for the year ended December 31, 2008 include 112,685 million in company-wide assets recorded in Eliminations/Corporate. These primarily consist of cash and cash equivalents, investment securities and assets related to general administration. Assets for the year ended December 31, 2009 include 108,087 million in company-wide assets recorded in Eliminations/Corporate. These primarily consist of cash and cash equivalents, investment securities and assets related to general administration. 16

v) For the year ended December 31, 2008, 8,928 million of inventories was transferred to property and equipment, and intangible assets due to change in the holding purpose of those inventories. As a result, assets under Leasing increased by this amount while assets under Real estate sales decreased by the same amount. Assets increase under Leasing due to this allocation are not included in capital expenditures. In addition, 874 million of property and equipment, and intangible assets was transferred to inventories due to change in the holding purpose of those property and equipment, and intangible assets. As a result, assets under Real estate sales increased by this amount while assets under Leasing and assets under Other decreased by 861 million and 13 million, respectively. For the year ended December 31, 2009, 26,435 million of real estate for sale was transferred to property and equipment due to a change in the holding purpose of that real estate. As a result, assets under Leasing increased by this amount while assets under Real estate sales decreased by the same amount. Asset increases under Leasing due to this allocation are not included in capital expenditures. In addition, 29,135 million of property and equipment, and intangible assets was transferred to inventories due to a change in the holding purpose of those properties and equipment, and intangible assets. As a result, assets under Real estate sales increased by this amount while assets under Leasing decreased by the same amount. vi) Change of accounting methods (Accounting standard for measurement of inventories) As described in Change of accounting, the Accounting Standard for Measurement of Inventories (ASBJ Statement No. 9) that was issued on July 5, 2006 was applied from the year ended December 31, 2009. As a result, in the real estate sales segment, operating income declined 2,970 million for the year ended December 31, 2009 in comparison with the case in which the old method is used. [Geographical Segments] Fiscal Year 2008 (January 1, 2008 through December 31, 2008) Geographical segment information is not presented, as more than 90% of total operating revenues and assets from all segments are from Japan. Fiscal Year 2009 (January 1, 2009 through December 31, 2009) Geographical segment information is not presented, as more than 90% of total operating revenues and assets from all segments are from Japan. [Overseas Operating Revenues] Fiscal Year 2008 (January 1, 2008 through December 31, 2008) Overseas operating revenues are not presented, as less than 10% of consolidated operating revenues are from overseas. Fiscal Year 2009 (January 1, 2009 through December 31, 2009) Overseas operating revenues are not presented, as less than 10% of consolidated operating revenues are from overseas. 17