1. Ryu Iwaya Global Management Directions Limited ISHC Annual Assembly October 20-22, 2005 Japan Hotel Market Trend

2. © 2005 (member firm name), the Japan member firm of KPMG International, a Swiss cooperative. All rights reserved. 2 Tokyo Hotel Market Supply and Demand Recent Openings ： Shibuya Tokyu Hotel （ 414 rooms ） Four Seasons Marunouchi (57 rooms ） Grand Hyatt Tokyo （ 389 rooms ） ANA Strings Hotel （ 206 rooms ）

3. © 2005 (member firm name), the Japan member firm of KPMG International, a Swiss cooperative. All rights reserved. 3 Osaka Hotel Market Supply and Demand Recent Opening: The Ritz Carlton Osaka (Opened 1997,292 rooms ）

4. © 2005 (member firm name), the Japan member firm of KPMG International, a Swiss cooperative. All rights reserved. 4 Tokyo Hotels Performance Recovery from 2003 to 2004, actual upside in 2004 2004 Occupancy:76.5%, ADR JPY22,400.-

5. © 2005 (member firm name), the Japan member firm of KPMG International, a Swiss cooperative. All rights reserved. 5 市場全体のトレンド ( 大阪 ) Osaka Hotels Performance 2001 Osaka economy at the bottom 2002 Accidents in Universal Studio Japan 2003 SARS infected tours into Osaka 2004 Occupancy 78.5%, ADR JPY13,000,-