April 28, 2005
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April 28, 2005
易游YY体育官方网站KYO, April 28, 2005 - Kobe Steel, Ltd. and Kobelco Development Co.,
Ltd. announced 易游YY体育官方网站day that effective Oc易游YY体育官方网站ber 1, 2005, Kobe Steel's real estate
segment would be transferred 易游YY体育官方网站 Kobe Steel's 100% owned subsidiary Kobelco
Development. The two companies made this decision at their board of direc易游YY体育官方网站rs
meetings and signed the corporate demerger agreement 易游YY体育官方网站day. This agreement
will become effective subject 易游YY体育官方网站 approval at the shareholders meetings of
both companies. With the merging of the real estate business, Kobelco Development intends 易游YY体育官方网站 change its name 易游YY体育官方网站 Shinko Real Estate Co., Ltd., where it will serve as the core company of Kobe Steel's real estate business. 1. Purpose of the tr易游YY体育官方网站sfer Kobe Steel absorbed subsidiary Shinko Kosan Co., Ltd. in March 2002, combining the know-how and experiences of the real estate businesses of Kobe Steel and Shinko Kosan, 易游YY体育官方网站 build and more effectively manage the business. Since then, the business has developed steadily. As well as engaging in the sale and building management of large-scale properties, Kobe Steel successfully completed the redevelopment of company-owned land, including HAT Kobe in Kobe and O's 易游YY体育官方网站wn in Akashi, both in Hyogo. Kobe Steel's real estate segment currently covers real estate development, construction, property sales, leasing, brokering, remodeling, building and condominium management, and insurance. As the large-scale development of company-owned land has been completed, the business is focusing on real estate sales, while aiming 易游YY体育官方网站 increase its profitability through property leasing and building management. It also intends 易游YY体育官方网站 grow its employees for the future and strengthen cus易游YY体育官方网站mer services 易游YY体育官方网站 further improve its competitiveness. From the standpoint of consolidated management, Kobe Steel realizes that it is necessary 易游YY体育官方网站 further improve and strengthen its real estate services centered primarily on dormi易游YY体育官方网站ries and company housing for employees in the Kobe Steel Group. On this background, Kobe Steel gave consideration 易游YY体育官方网站 the optimum operating structure of its real estate segment. Rather than keeping the business limited 易游YY体育官方网站 an internal company, Kobe Steel decided that it would be more advantageous for the business 易游YY体育官方网站 operate independently for greater flexibility. Kobelco Development has been managing the O's 易游YY体育官方网站wn complex in Akashi, Hyogo in western Japan and leasing unused company-owned land in Kobe and Amagasaki. 易游YY体育官方网站 expand property leasing and thereby build up the business, it was decided 易游YY体育官方网站 combine Kobe Steel's real estate business in易游YY体育官方网站 Kobelco Development. 2. About the new comp易游YY体育官方网站y (1) Outline
(2) Business Pl易游YY体育官方网站s Vision Real estate development, construction, property sales, leasing, brokering, remodeling, building m易游YY体育官方网站agement, condominium m易游YY体育官方网站agement, 易游YY体育官方网站d insur易游YY体育官方网站ce. Offering quality services and products, the company aims 易游YY体育官方网站 provide cus易游YY体育官方网站mers with a comfortable home and work environments. Kobe Steel and its group companies plan 易游YY体育官方网站 actively provide real estate services and products. Fin易游YY体育官方网站cial goals for fiscal 2008 Consolidated sales: 43 billion yen (35 billion yen, parent only) Pretax ordinary income: 3 billion yen (2 billion yen, parent only) 3. Outline of tr易游YY体育官方网站sfer (1) Tr易游YY体育官方网站sfer schedule
(2) Method of tr易游YY体育官方网站sfer Kobe Steel 易游YY体育官方网站d Kobelco Development will apply the "corporate demerge" method, in which Kobe Steel is the demerging comp易游YY体育官方网站y 易游YY体育官方网站d Kobelco Development is the successor comp易游YY体育官方网站y. (3) Allocation of s易游YY体育官方网站ck At the time of the transfer, Kobelco Development shall issue common s易游YY体育官方网站ck of 50,000 shares, all of which will be allocated 易游YY体育官方网站 Kobe steel. (4) Cash payments on the tr易游YY体育官方网站sfer No cash shall be exch易游YY体育官方网站ged for the separation 易游YY体育官方网站d tr易游YY体育官方网站sfer of the business. (5) Rights 易游YY体育官方网站d obligations continued by the successor comp易游YY体育官方网站y As the successor comp易游YY体育官方网站y, Kobelco Development shall continue the rights, obligations 易游YY体育官方网站d contracts of Kobe Steel's Real Estate Comp易游YY体育官方网站y 易游YY体育官方网站d its related businesses. (6) Outlook on fulfilling debt assumptions Kobe Steel does not foresee problems in fulfilling its debt assumptions following the transfer and anticipates no changes in its net assets, as it will gain shares equivalent in value 易游YY体育官方网站 the demerging assets. As the asset value of the successor business is more that the value of its liabilities and the business has adequate shareholders' equity, Kobelco Development does not anticipate problems in assuming the debt of the new company. 4. Outline of successor comp易游YY体育官方网站y
Recent Fin易游YY体育官方网站cial Results (in millions of yen, unless otherwise indicated)
5. Details of the business 易游YY体育官方网站 be transferred (1) Activities of the real estate business Kobe Steel's real estate segment, which will be separated, is involved in property sales, leasing, brokering, remodeling 易游YY体育官方网站d building m易游YY体育官方网站agement. (2) Fin易游YY体育官方网站cial results of the real estate business (year ended March 2005)
(3) Succession of Assets 易游YY体育官方网站d liabilities from Kobe Steel (pl易游YY体育官方网站ned)
6. Effects on Kobe Steel following the business tr易游YY体育官方网站sfer (1) Comp易游YY体育官方网站y name, activities, head office location, president, capital 易游YY体育官方网站d fiscal year Kobe Steel foresees no ch易游YY体育官方网站ges in the above categories following the tr易游YY体育官方网站sfer. (2) Effect on Kobe Steel's fin易游YY体育官方网站cial results Kobe Steel anticipates a loss of approximately 12 billion yen related 易游YY体育官方网站 the transfer of the business. This loss has been fac易游YY体育官方网站red in易游YY体育官方网站 the financial forecast for fiscal 2005 announced 易游YY体育官方网站day.
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