Financial Results
1st Quarter of Fiscal Year Ended February 2009
(March 1, 2008 – May 31, 2008)

July 18, 2008
Asset Managers Holdings Co.,Ltd.

1

Summary
Consolidated
Consolidated Results
Results forfor thethe First
First Quarter
Quarter ofof thethe Fiscal
Fiscal Year
Year Ended
Ended February
February 28,
28, 2009
2009


Compared with the corresponding period of the preceding fiscal year, sales fell 9.3%, to ¥14.7 billion; operating profit declined 43.8%, to ¥3.8 billion; recurring
profit dropped 56.3%, to ¥2.8 billion yen; and net profit fell 73.1%, to ¥876 million.



In the domestic real estate business, we continued our drive to recover investment funds and gain profits through the sale of our investment stakes in development
funds and leasing properties.

In the M&A business, continuing sales of equity and other securities secured additional investment funds, but also resulted in an extraordinary loss of ¥460 million.

Primary
Primary Activities
Activities During
During thethe First
First Quarter
Quarter

We recovered ¥8.6 billion through the sale of our investment stakes in real estate funds and restructuring of real estate funds, and ¥3.6 billion through the sale ofinvestments in companies. As a result, we reduced total corporate borrowings ¥13.2 billion, or 17.5%, to ¥75.2 billion.



As a result, the total assets decreased ¥9 billion, while our own investment balance fell ¥10.7 billion.
Owing to a shift of domestic real estate portfolio, inventories expanded ¥6.0 billion, compared to February 29, 2008, but our own investment balance in inventories
declined ¥2.9 billion, and we sought to recover assets.

9•

Inventories increased a total of ¥15.5 billion, owing to the acquisition of new properties and fund additions resulting from the completion of
construction on development properties.

•

We recovered ¥9.5 billion in assets through the sale of our stake in development funds and leasehold propaties.

The sale of shares and other investment securities caused operational investments in securities to fall ¥3.9 billion, compared to February 29, 2008, andinvestments in securities decreased ¥3.8 billion.



The assets under management of domestic real estate funds was ¥503.1 billion.



Our subsidiary company in Hong Kong, Asset Managers (Asia), raised US$20 million through a syndicated loan. (Arrangers were Mizuho Commercial Bank andone other bank.)

Changes
Changes inin thethe Economic
Economic Environment
EnvironmentFinancial markets remained turbulent, owing to the effects of the subprime loan crisis. The influx of funds into the real estate market slackened, and market prices
fell.

2

（※）Units of less than 0.1% in comparison amounts are omitted.

1

Summary
Summaryof
of1st
1stQuarter
QuarterofofFiscal
FiscalYear
YearEnded
EndedFebruary
February2009
2009

2Strategy for Fiscal Year Ended February 20093

Performance Summary - Profit and LossFYE Feb 08
Amount (Millions of yen)FYE Feb 09
Full-Year
AmountFirst Quarter

First Quarter（*Ref）

Full-Year Projections

16,207

70,833

14,700110,600

Real Estate Investment

11,884

52,10812,04082,000

M&A

3,184

14,1581,886

23,600

Others

1,138

4,566

773

5,000

Cost of sales

6,173

41,292

8,075

89,800Gross profit

10,03429,541

6,624

20,800Real Estate Investment

7,927

22,771

6,132

15,800

M&A

1,326

3,634

△ 32

3,600

Others

779

3,135

524

1,400

Selling general andadministrative expenses

3,255

13,265

2,817

10,800Operating profit

6,778

16,276

3,807

10,000Recurring profit

6,504

13,637

2,845

6,200

Net profit

3,258

5,505

876

2,000

EPS (yen)

6,147.02

10,386.15

1,652.55

3,772.65

Net sales4

Business Overview (Real Estate Investment)
FYE Feb 08
Amount (Millions of yen)FYE Feb 09
Full-Year
AmountFirst Quarter

MemoFirst Quarter

11,884

52,10812,040Upfront fee

27

100

99

Annual fee

487

1,723

437

Performance fee

68

123

－

Fund investment revenue (equity revenue)*

2,286

9,433

3,202

Sale and Purchase

6,739

31,814

5,841

Lease

2,274

8,913

2,459

3,956

29,337

5,907

Fee

117

424

132

Cost of sales on fund investment

―

3,878

1,276

3,430

23,186

3,987

407

1,847

510

7,927

22,771

6,132

466

1,523

403

Fund investment revenue

2,286

5,555

1,925

Sale and Purchase

3,308

8,627

1,854

Lease

1,866

7,065

1,948

Net sales (Real Estate Investment)

Cost of sales (Real Estate Investment)

Sale and Purchase
Lease

Gross profit (Real Estate Investment)
Fee

Previously unrealized revenue wasrealized through the sale of ourinvestment stakes in development
funds

Sale of our investment stakes
in development funds
Sale of real estate in development funds* Previously expressed as equity revenue, this category has been renamed fund investment revenue from this quarter.
5

Business Overview (M&A)
国内上場企業案件の売却を進めるものの、売上総利益で△150百万円の損失。
FYE Feb 08

Amount (Millions of yen)FYE Feb 09
Full-Year
AmountFirst Quarter

MemoFirst Quarter

3,184

14,158

1,886

domestic

803

8,029

1,669

overseas

2,381

6,128

217

1,858

10,523

1,918

domestic

1,017

5,492

1,820

overseas

841

5,031

98

1,326

3,634

△32

Net sales (M&A)

Cost of sales(M&A)

Gross profit (M&A)

domestic

△213

2,537

△150

overseas

1,540

1,097

118

Sale of shares in such companies as
Gokurakuyu (¥466 million) and
JOGHD (¥288 million)(totaling ¥1,652 million)
Sale of some shares in China BestGroup (¥149 million) , interest
received (¥42 million), etc.

Zephyr (negative ¥92 million),
Kosaido (negative ¥140 million),etc.

In addition to the above, the sale of investments in securities generated an extraordinary gain of ¥53 million
and an extraordinary loss of ¥464 million.

6

Summary Balance Sheets
FYE 2008

FYE 2009 1Q(Ending Feb 2008)(Ending May 2008)

Ratio （%）

9Amount

Ratio （%）

9Amount

238,677

90.18

233,910

91.47

Cash & cash equivalent

33,11312.51

28,095

10.98

Inventories

63.56

Current assets

156,53159.14

162,554

Operational loans receivable

2,029

0.76

1,994

0.78

Operational investments in securities

37,92314.32

33,996

13.29

9,078

3.43

7,269

2.84

25,6749.70

21,472

8.39

6,530

2.46

5,819

2.27

Intangible fixed assets

723

0.27

664

0.26

Investments & others

18,4206.95

14,988

5.86

Postponement assets

329

0.12

338

0.13

Total assets

264,681100.00255,720100.00Current liabilities

84,20731.81

75,83375,833

29.65

OthersFixed assets
Tangible fixed assets

Short-term bank loans

31,703

11.97

19,685

7.69

Current portion of long-term debt

4,888

1.84

4,032

1.57

Bonds redeemable within 1 year

7,466

2.82

7,466

2.92

Short-Term Non-Recourse Loans etc. （※１）

32,59312.31

37,722

14.75

7,556

2.85

6,925

2.70

103,89039.25

108,133
108,133

42.28

Bonds

3,168

1.19

3,068

1.20

Convertible bonds

17,025

6.43

17,025

6.65

Long-term debt

11,042

4.17

10,846

4.24

Long-term non-recourse loans etc（※2）

65,441

24.72

69,018

26.99

7,213

2.72

8,174

3.19

OthersLong-term liabilities

Others188,098

71.06

183,966
183,966

71.94

Common stock

16,583

6.26

16,583

6.48

Capital reserve

16,4296.20

16,429

6.42

Retained earnings

18,685

7.05

19,218

7.51

Total liabilities

Valuation and translation adjustments

461

0.17

△953

△0.37

Others

146

0.05

179

△0.07

24,277

9.17

20,296

7.93

Total net assets

76,58328.93

71,754

28.06

Total

264,681100.00255,720100.00Minority interests（※1）The sum of short-term non-recourse loans, the current portion of long-term non-recourse loans, and non-recourse bonds
redeemable within one year（※2）The sum of long-term non-recourse loans and non-recourse bonds

Amount (Millions of yen)FYE Feb 08

Ended
May 2008

264,681

255,720

155,298

136,117

76,58371,754

65,23458,892Equity Ratio

19.7%

20.0％

Adjusted Net Asset Ratio(2) / (1)

42.0%

43.3％

Total Non-recourse debt

98,034

106,741

Non-Recourse Loan Assets

123,819

134,305

Total Assets
Adjusted Total Assets(1)（※1）

Net Assets
Adjusted Net Assets(2)（※2）

Notes:
Adjusted total assets = total assets – (non-retroactive debts + minority interest
related to consolidated funds procured through non-retroactive debts)
Adjusted net assets = net assets – (minority interests related to consolidated
funds procured through non-retroactive debts)

7

Consolidated Balance Sheets: Breakdown of Major Assets
During the first quarter, we concentrated on the sale of investments in our own properties. Consequently, on the consolidated balance sheets total assets shrunk approximately
3.5%, to ¥9.0 billion, and the investment balance decreased approximately 10%, to ¥10.7 billion.
FYE Feb 08

Amount (Millions of yen)Total
(on B/S)

Inventories
Mostlyinventories in
consolidated SPC

Belongingtooutsideparties

Our own
investment
balanceFYE Feb 09
First Quarter (The end of May in 2008)

ChangeBelongingtooutsideparties

Our own
investment
balanceOur own
investment
balanceTotal(on B/S)

Development (Domestic Real Estate)

43,94628,985

14,961

33,65024,738

8,912△6,049Holding (Domestic Real Estate)）

105,793

71,95033,843122,028

85,081

36,947

3,104

3,636

－

3,636

3,677

0

3,677

41

Related to investments in domestic
companies
Overseas real estate fund
Total

Operational investments in securities
Mostlyequity into
unconsolidated
SPC(The end of February in 2008)

3,156

2,576

580

3,199

2,619

580

－

156,531103,51153,020

162,554

112,438

50,116△2,904Total(on B/S)

Belongingtooutsideparties

Our own
investment
balanceTotal(on B/S)

Belongingtooutsideparties

Our own
investment
balanceOur own
investment
balance

－

1,735

1,605

－

1,605

△130

Development (Domestic Real Estate)

1,735

Holding (Domestic Real Estate)

3,028

－

3,028

2,808

－

2,808

△220

Listed domestic companies

5,390

145

5,245

2,927

121

2,806

△2,439Unlisted domestic companies

11,131

2,049

9,082

10,971

2,049

8,922

△160

Listed overseas companies

7,909

860

7,049

7,532

726

6,806

△243

Unlisted overseas companies
Total

Operational loans receivable

8,730

－

8,730

8,153

－

8,153

△577

37,923

3,054

34,86933,996

2,896

31,100△3,769Belongingtooutsideparties

Our own
investment
balance

Belongingtooutsideparties

Our own
investment
balanceOur own
investment
balance△300

Total(on B/S)Total(on B/S)

Related to domestic real estate

900

－

900

600

－

600

Related to domestic companies

1,129

－

1,129

1,394

－

1,394

265

2,029

－

2,029

1,994

－

1,994

△35

Belongingtooutsideparties

Our own
investment
balance

Belongingtooutsideparties

Our own
investment
balanceOur own
investment
balance

Total

Investments in securities

Total(on B/S)Total(on B/S)

Investments in domestic companies (securities
with market values)

3,425

－

3,425

1,544

－

1,544

△1,881

Investments in domestic companies (securities
without market values)

980

－

980

695

－

695

△285

CITIC International Assets Management

8,297

－

8,297

7,549

－

7,549

△748

Jia Sheng Limited （Carico Holdings Limited）

1,817

－

1,817

1,247

－

1,247

△570

1,388

－

1,388

1,036

－

1,036

△352

15,907－

15,907

12,071－

12,071△3,836others

Total

Memo

The sale of large-scale development
projects and the shift to holdings typefunds after completion caused
decreases in development-related
inventories in the balance sheets, aswell as our own investments.
Inventories of leasehold properties
were moved into new funds andtransferred to development funds,
causing increases in this category.

Sales of Gokurakuyu (partial),
JOGHD and Zephyr shares
Sales of a portion of China BestGroup, others

Despite some degree of collection
on other real estate funds, loans
to operational investees increased.

Sale of Hybrid Strategy Fund,
Humint LS Fund, La Salle
Investments, others

Decrease of approximately ¥9.3
billion, owing to adjustments forexchange rate fluctuations.

8Consolidated Balance Sheets: Breakdown of Major Liabilities
Of corporate debt, we repaid ¥13.2 billion, or 17.5%, of the total of ¥75.2 billion.
Non-recourse loans expanded a net ¥8.7 billion, owing to the creation of new funds.
First Quarter of Year Ending February 28, 2009
Year Ended
February 29, 2008

Due within One Year

Amount (Millions of yen)Due in More than One
Year

Year-on-Year
Change75,294

62,124

31,18430,939△13,169

58,26945,09931,184

13,914△13,169

Short-term debt

31,703

19,685

19,685－△12,017Long-term debt

15,931

14,879

4,032

10,846△1,052

Bonds

10,634

10,534

7,466

3,068

△100

17,02517,025－17,025－98,034

106,741

37,722

69,018

8,707

Short-term non-recourse loans

4,090

4,417

4,417

－

327

Long-term non-recourse loans

51,28065,06019,47945,58013,780Non-recourse bonds

42,66437,264

13,82623,438△5,400173,328

168,865

68,907

99,958△4,462

Corporate debt (including CBs)
Corporate interest-bearing debt

Corporate CBs*Fund debt

Total debt
* Breakdown of corporate CBS

Issue

IssuerBalanceMaturity

Period to Place
Put Options

Put Option
Redemption Date

Yen-denominated convertible bonds
with stock options, maturing
December 22, 2010

Asset Investors

4,025 million

December 22, 2010

November 20, 2008
to December 5, 2008

December 22, 2008

Yen-denominated convertible bonds
with stock options, maturing March
18, 2011

Asset Managers
Holdings

13,000 million

March 18, 2011

February 16, 2009
to February 27, 2009

March 18, 20099

Assets Under Management (Domestic Real Estate)
Domestic
Domestic Real
Real Estate
Estate Historical
Historical Assets
Assets Under
Under Management
Management
700

Changes in assets under management in private placement funds(March,2008 ～ May,2008)（Billions of yen）
600

500

561.
561.6
25
62

509.
509.2
6.8

CMBS

503.
503.1

12.8

513.
513.0
12.8

5.0

（Billions of yen）

Feb 2008

Development

160.9

0.1

△30.4

△30.2

130.7

Holding

312.1

26.0

△1.9

24.0

336.2

Bulk

0.6

0

0

0

0.6

Replacement

9.3

0

0

0

9.3

ABS

13.3

0

0

0

13.3

Total（Private
Funds ）

496.5

26.2

△32.3

△6.1

490.3

400

REIT
300

Direct Investment

496

468

508

490

Increase

DecreaseNET

May 2008

200

Private Funds
100

0

Feb 2007（Billions of yen）

Feb 2008

Feb 2007

May 2008

Feb 2007

Feb 2009（projection）

Feb 2009（projection）

May 2008

Development

211.0

160.9

130.7

181.5

Holding

246.5

312.1

336.2

304.0

Bulk

3.8

0.6

0.6

Replacement

6.6

9.3

9.3

ABS

－

13.3

13.3

468.1

496.4

490.3

508.0

REIT

61.9

－

－

－

CMBS

24.8

－

－

－

Direct Investment

6.8

12.8

12.8

5.0

561.6

509.3

503.1

513.0

Total
（Private placement Funds ）Total（ Domestic Real Estate ）

22.5

MEMO

Decreased as a result of converting completed products toholding type funds and through the sale of our investment stakes
in development funds.
In addition to conversion from development funds, we newly
acquired office buildings in central Tokyo.

10

1

2

Summary of 1st Quarter of Fiscal Year Ended February 2009

Strategy
Strategy forfor Fiscal
Fiscal Year
Year Ended
Ended February
February 2009
2009

11

Market Conditions Facing the GroupThe suprime loan issue threw the financial markets into disarray, and the flow of assets into the real estate market slackened.
Global financial market movements remained difficult to judge. Trends in financial markets the world over remain unpredictable.

MarketMarket Conditions
Conditions Facing
Facing thethe GroupGroup
Domestic
Domestic financial
financial institutions
institutions
9 Real-estate related financing declined overall.
9 Selection and screening of borrowers grew more stringent.

Real estate market

Lenders

Foreign
Foreign financial
financial institutions
institutions
9 Willingness to provide financing exists, but actual financing essentially stopped.
9 Willingness to provide financing began surfacing among certain financial institutions, but they are likely to maintain a wait-and-see
attitude for the foreseeable future.

Equityinvestors
Real estatetransactions

Stock market

Domestic
marketAsian markets

9 Japanese pension funds increased their real estate investments, but REIT indices continued to decline from their May 2007 peak.
9 European and U.S. real estate market conditions grew increasingly uncertain, affected by the subprime loan issue. However, demand
foreign investors’ for investment in Japanese and Asian real estate remained strong.
9 Financial institutions’ real estate departments reduced their investments, with real estate transactions in stasis.
9 Property selection (class, type, amount, etc.) grew more detailed, and prices fell on all except certain high-end properties.
9 Some of wealthy investors acquired certain smaller properties.

JapaneseJapanese Stock
Stock Markets
Markets
9 The Nikkei stock average was down 15% (on July 16, 2008) compared to its level at the beginning of 2008. Emerging markets werealso sluggish, with IPOs particularly slack.

Overseas
Overseas Stock
Stock Markets
Markets
9Asian stock markets remained in an adjustment phase, affected by U.S. financial conditions and China’s financial policies.

12Plans for February 28, 2009 (Consolidated)
Projections
FYE February 2009

Amount(Millions of yen)

Net sales(-63.7% year on year)

FYE Feb 08

Fiscal Year Ended Feb 2009
Projection

Full-Year
AmountFull-Year
Amount

70,833

110,600

2.0 billion yen

Net profit

Issue
Issue
¾ As global financial markets remain difficult to judge, building more stable financial
structure has grown increasingly urgent in order to respond to sudden changes in themarket environment and prepare for future growth stages.

Half-Year
Amount62,600Strategy
Strategy¾

Cost of sales

41,29289,80051,000Give top priority to strengthening our financial base by flipping assets by exitingfrom existing investment projects.

Recover invested assets by exiting from investment projects.

Gross profit

29,54120,80011,600

Selling general andadministrative
expenses

13,265

10,8005,600

Operating profit

16,276

10,0006,000

Recurring profit

13,637

6,200

4,000

Net profit

5,505

2,000

1,400

Flip assets, taking risk and liquidity into consideration.
¾

For new investments, concentrate on areas of strength, such as domestic realestate projects and Asian corporate projects.
Prioritize investment allocation into excellent projects with strong profit potential.

Further enhance financial health by striving for internal fortitude andstrengthening our management structure, positioning ourselves to rapidly
assume an attack position when the market environment turns around.

13Plans by Operating Segment
Projections
Projections forfor FYEFYE February
February 20092009 (by(by segment)
segment)
Domestic Investments

Operating Policy

Amount (Millions ofyen)

Overseas Investments

OthersReal estate

Companies

Real estate

Companies

Realize profits and recoverinvested assets by exitingfrom development projects
and leasehold properties.
Taking the fund-raising
environment into
consideration, flip into
carefully selected
investment targets.

Put top priority on
recovering invested assets
and freeing up management
resources in the domestic
corporate investment

Taking the real estatemarket in China into
account, invest inproperties in China
following careful screening.

Prioritize the recovery ofinvested assets by exitingfrom existing projects. At
the same time, structure
funds using outside
financing, and make newinvestments to generate
steady fee income.

Real estate

Companies

Real estate

Companies

FYE08
Amount

FYE09
projection

division by exiting fromexisting projects. In general,
do not invest new principal

Othersinvestments.

FYE08
Amount

FYE09
projection

FYE08
Amount

FYE09
projection

FYE08
Amount

FYE09
projection

Others
FYE08
Amount

FYE09
projection

Net sales

52,10079,6007,700

15,200

－

2,400

6,500

8,400

4,500

5,000

Cost of sales

29,30064,9005,500

15,100

－

1,300

5,100

4,900

1,400

3,600

Gross profit

22,80014,700

2,200

100

－

1,100

1,400

3,500

3,100

1,400

14

Strategy by Segment
Strategy
Strategy by
by Segment
Segment

Domestic real estate（54.4 billion yen ）Aim to take profits and recover assets by exiting from existing projects. Also focus on
new investments in superior properties, taking the funding environment into consideration.

（50.8 billion yen ）

53%

54%

9 Sell development properties that are completed, as well as leasehold properties, with the goals of taking profits and recovering invested assets.
9For new investments, concentrate on choice properties, such as office and commercial building development in central Tokyo, as well as leasehold properties.
9Work with the domestic corporate investment division to propose effective ways of using operating companies’ real estate, expanding the real estate acquisition route.
9 Diversify equity funding sources by cultivating new investors from the Middle East.

(end(end ofof Feb
Feb 2008)
2008)

(end
(end ofof MayMay 2008)
2008)

Domestic companies（23.4 billion yen）

（19.8 billion yen）

22%

20%

(end
(end ofof Feb
Feb 2008)
2008)

(end
(end ofof MayMay 2008)
2008)

Overseas real estate1%（0.6 billion yen）

1%

(end
(end ofof Feb
Feb 2008)
2008)（0.6 billion yen）

In the domestic corporate investment division, place top priority on recovering invested
assets and freeing up management resources by exiting from existing projects.
9Place top priority on exiting from domestic corporate investment projects.
9 In general, do not make new principal investments. (Only use outside equity funding for new investments.)

Maintaining a close watch on China’s real estate market conditions, focus on
investing in superior properties using outside funding.
9Carefully consider new investments in Chinese real estate, given that the real estate market in China’s coastal region has entered an adjustment phase
9 In addition to Beijing and Shanghai, target choice properties in cities that are regional hubs, using investment funds raised outside the company.

(end(end ofof MayMay 2008)
2008)

Overseas companies
24%

24%

（25.8 billion yen）

（23.7 billion yen）

Prioritize exiting from existing projects. At the same time, use outside funding
to make new investments, targeting projects that are linked with domestic
demand or the environment.
9Prioritize exits from existing investments in overseas companies.
9 Earn revenues from expected 2008–2009 listing of companies in which we have invested. Realize profits by exiting from these investments.
9 Target new investments in fields that are less susceptible to economic downturns, such as those linked to domestic demand, the environment and IT.

(end(end ofof Feb
Feb 2008)
2008)

(end
(end ofof MayMay 2008)
2008)

9 Strengthen the risk management structure for existing projects.

15

Forecast for Major Asset and Liability Categories

9FYE Feb 2008
(Actual)(The end of February in 2008)
Amount(Millions of yen)

Fiscal Year Ended Feb 2009
1Q
(Actual)Fiscal Year Ended Feb 2009
Half-Year Amount（projection）

Fiscal Year Ended Feb 2009
Full-Year Amount（projection）(The end of May in 2008)(The end of August in 2008)(The end of February in 2009)

Change from February 29,
2008, to February 28, 2009

Total (on BS)

investment
balance

Total (on BS)

investment
balance

Total (on BS)

investment
balance

Total (on BS)

investment
balance

Total (on BS)

investment
balance

156,53153,020

162,554

50,116

143,000

43,000

158,000

34,0001,469△ 19,020

Operational investments in securities

37,92334,86933,996

31,10031,00028,00027,00024,000△ 10,923△ 10,869

Operational loans receivable

2,029

2,029

1,994

1,994

2,000

2,000

700

700

△ 1,329△ 1,329

Investments in securities

15,907

15,907

12,071

12,071

11,00011,00010,00010,000△ 5,907△ 5,907

212,390

105,825

210,615

95,281

187,000

84,000195,700

68,700△16,690△ 37,125

Inventories

Total

FYE Feb 2008
(Actual)(The end of February in 2008)
Amount(Millions of yen)

Total (on BS)

Fiscal Year Ended Feb 2009
1Q
(Actual)Fiscal Year Ended Feb 2009
Half-Year Amount（projection）

Fiscal Year Ended Feb 2009
Full-Year Amount（projection）(The end of May in 2008)(The end of August in 2008)(The end of February in 2009)

Total (on BS)

Total (on BS)

Total (on BS)

Change from February 29,
2008, to February 28, 2009

ChangeCorporate interest-bearing
debt

58,26945,09932,00020,000△ 38,269

Corporate CBs*

17,02517,02517,02513,000△ 4,025

Fund debt

98,034

106,741

93,00092,000△ 6,034

173,328

168,865

142,000

125,000△ 48,328

Total* The forecast decrease in corporate CBs as of February 28, 2009, assumes exercise of the put option on and redemption of yen-denominated convertible bonds withstock options maturing December 22, 2010 issued by Asset Investors (balance of ¥4,025 million).

16

Overview of Major Development Projects
Projects scheduled for completion in FYE Feb 2009
Place

Lot area(tsubo)Total floor area(tsubo)Property type

Acquisition

Status

1． Awajimachi, Chuo-ku, Osaka

OfficeSep.2005

稼動中
Completed in March
2008 Æ Leasehold

605

5,788

2． Kakyoin, Aoba-ku, Sendai-shi, Miyagi

OfficeOct.2006

Completed in March
2008 Æ Leasehold
稼動中

728

3,467

3．Hakata-Station, Hakata-ku, Fukuoka-shi,

Office &commercial

Dec.2006

Completed in June 2008 Æ Leasehold

782

4,265

4．Kanda-chou, Gifu

Residential &commercial

Oct.2006

Under construction

258

2,081

5． Kitaaoyama, Minato-ku, Tokyo

Office &commercial

May.2007

37

258

Completed projects

2,115

13,520approx.
25 billion yenscheduled for completion

295

2,339

approx.
5 billion yen

Fukuoka(Expected completion: September 2008)

Under construction(Expected completion: September 2008)

Total

Projects scheduled for completion in FYE Feb 2010
Place

Lot area(tsubo)Acquisition

Status

OfficeMar.2007

Expected start: August 2008
(Expected completion September 2009)

142

878

7． Kyobashi, Chuo-ku , Tokyo

Office &commercial

Dec.2007

Expected start: August 2008
(Expected completion December 2009)

150

1,654

8．Jingumae, Shibuya-ku, Tokyo

Office &commercial

Apr.2007

Expected start: Ｓｅｐｔｅｍｂｅｒ 2008
(Expected completionＳｅｐｔｅｍｂｅｒ2009)

57

286

349

2,818

Total

scheduled for completion

2008年10月
リファイナンス

Total cost of
projects

Total floor area(tsubo)Property type

6． Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka

2008年10月
リファイナンス

Total cost of
projects
approx.
25 billion yen

Projects scheduled for completion in FYE Feb 2011
Place
9． Ariake, Koto-ku, Tokyo （※）

Property type

Acquisition

Status

Office &commercial

Purchase contract tobe concluded
September 2008

Expected start: December 2008
(Expected completion: March 2010)(*)Project 9 is scheduled for acquisition in August 2008 and is therefore not included in totals
as of the end of February 2008

Total

scheduled for completion

Lot area(tsubo)Total floor area(tsubo)3,375

15,1503,375

15,150Total cost of
projects
approx.
30 billion yen(Redevelopment projects)
Project A（Tokyo）

Sell
our investment portion, exit
進行中

Project B（Tokyo）

In progress17

Development Project Overview(Osaka)（Sendai）(Fukuoka)

Kitahama Grande Building

Kakyoin Plaza

AM Hakata Ekimae Building(tentative name)Acquired Sep.2005
StartedMay.2006
Completed April.2008

Four-minute walk from SakaisujiHommachi subway station
Four-minute walk from Kitahama
subway station

Seven-minute walk from
JR Sendai train station

Property
type

Office building

Awajimachi, Chuo-ku, Osaka

Address

Kakyoin, Aoba-ku, Sendai-shi, Miyagi

Area

Lot area 605tsubo

Area

Lot area 728 tsubo

Structure

Steel/steel reinforced concrete; 1F below ground, 16F above

Structure

Steel frame, 14F above ground

Property
type

Office building

Address

Total floor area 5,788tsubo

AcquiredStartedCompleted

Acquired Oct.2006
StartedMar.2007
Completed Mar.2008

Total floor area 3,516 tsubo

Dec 2006
Mar 2007Jun 2008

Five-minute walk from Hakata JR
train/city subway station

Property
type

Office building

Address

Hakata-ku, Fukuoka-shi, Fukuoka

Area

Lot area 728 tsubo

Structure

Steel reinforced concrete (one section steel frame), 9F above
groundTotal floor area 3,467 tsubo(Tokyo) Office/commercial building located on the new Tokyo waterfront (scheduled for acquisition)
Scheduled for acquisition in Sep 2008

In March 2007, the city of Tokyo selected the Asset Managers Group as the expected operator for this project in
the Ariake-Minami area. We expect to acquire this property and commence development through a fund.

Completed in Mar 2010

We plan to construct an environmentally conscious large-scale building that employs solar- and wind-powered
generation, and manage leasing operations.

Selected as a planned developer
Mar 2007
AcquiredSep 2008
StartedDec 2008
CompletedMar 2010

The building is expected to have offices for tenant IT companies, call centers and the like, as well as commercial
facilities. We aim for this building to become an attractive symbol of the new Tokyo waterfront subcenter.

Address

Ariake, Koto-ku, Tokyo

Area

Lot area 3,375 tsubo

Floors13, + 1 undergroundTotal cost of
projects

Approx. 30 billion yen

Total floor area 15,150 tsubo

18Overview of Major Leasehold Properties
Acquired in FYE Feb 2008
Place
1． Minato-ku , Tokyo
2． Kojimachi,Chiyoda-ku,Tokyo
3． Kita-Aoyama, Minato-ku , Tokyo

4． Shibuya-ku , Tokyo

Property type

Acquisition

Structure

Completion

OfficeNov.2007

S/SRC, 7 floors above ground, 1
below

Office &commercial

Dec.2007

SRC, 12 floors above ground, 1 below

OfficeDec.2007

SRC, 10 floors above ground, 3 below

Office &commercial

Feb.2008

S, 11 floors above groundLot area (tsubo)

Total floor area(tsubo)

1973

462

1,965

Sep.2006

145

1,293

479

3,646

38

307

1964
(renovation in Mar.2007)

Nov.2007

Acquisition cost

Total

1,124

7,211

Lot area (tsubo)

Total floor area (tsubo)

Acquired in Q1 of FYE Feb 2009
Place

Property type

Acquisition

Structure

Completion

5． Shinkawa, Chuo-ku, Tokyo

Office &commercial

Mar.2008

SRC, 14 floors above ground, 1
below

1990

378

3,112

6． Meito-ku, Nagoya

Residential

May.2008

RC, 11 floors above groundMar.2008

211

746

Total

589

3,858

Lot area (tsubo)

Total floor area (tsubo)

Note: Projects transferred from development projects during the quarter
under review are not indicated.

Approx.
40 billion yen

Acquisition cost
Approx.
10 billion yen

Transfer from Development Projects

Place

Property type

Acquisition

Structure

Completion

7．Chuo-ku, Osaka (Minami-Senba))

Office &commercial

Apr.2007

SRC, 10 floors above ground, 1 below

Apr.2007

112

802

8．Chuo-ku, Osaka (Shinsaibashi)

Office &commercial

Jun.2007

SRC, 13 floors above ground, 1 below

Jun.2007

275

2,942

9．Tokoname, Aichi Prefecture

Residential& commercial

Sep.2007

RC, 9 floors above groundSep.2007

1,624

1,962

Total

2,011

5,706

Acquisition cost
Approx.
15 billion yen

19

List of Newly Acquired Property Holdings
9The properties newly acquired over the last year are mainly office and commercial buildings conveniently located in Tokyo’s central five wards.
Office/commercial building in Kojimachi (Tokyo)

Office building in Kita-Aoyama (Tokyo)

Office/commercial building in Shinkawa (Tokyo)

Acquired Dec 2007

Acquired Mar 2008

Acquired Dec 2007

Office/commercial building conveniently located on
Shinjuku-doriAcquired via a fund operated by theGroup in December 2007

Office building located conveniently just three minutes
from Gaienmae station on foot Acquired though a fundoperated by the Group in December 2007

Office building located on Eitai-dori, near Kayabacho andHachobori stations Acquired through a fund operated by
the Group in March 2008

Project Overview

Project Overview

Project Overview

Address

Kojimachi,Chiyoda-ku,Tokyo

Property type

Address

Kita-Aoyama, Minato-ku , Tokyo

Address

Shinkawa, Chuo-ku, Tokyo

Office & commercial

Property type

OfficeProperty type

Office & commercial

Lot area

145 tsubo

Lot area

479 tsubo

Lot area

378 tsubo

Total floor area

1,293 tsubo

Total floor area

3,646 tsubo

Total floor area

3,112 tsubo

Floors12

Floors10

Floors14Completion

2006

Completion

1964 (renovation in 2007)

Completion

1990

20

Domestic M&A BusinessBusiness restructuring investments

1. Hotel Nikko Ibaraki Osaka(Formerly Ibaraki Kyoto Hotel)

2. Matsudo Wholesale Market
Wholesale market(Corporate Rehabilitation Law)

3. Showakoki
Processing aluminum building materials(Corporate Rehabilitation Law)

4. Izu Yugashima Club
Golf course & resort(Bankruptcy proceedings)

5. Miyako City
Shopping Center

Start date

Operatingcompany

04/3

※AOP

Partner in running of JAL hotel

05/01

※ ALS

Secured stable cash flow with an operating rate of at least 90%

Outline－Rehabilitation proceedings completed in January 2007. Expanding the design team via the establishment of a design center.
In May 2007, formed an operating alliance with a plant of a major building material manufacturer of Taiwan. By outsourcing
production, the company is able to provide competitively priced products, using Showakoki’s sophisticated technical capabilities.
The company aims to bolster its sales activities and improve its business results.

05/07

AlbatrossGrand opening in July 2006 after a full refurbishment of facilities. Aiming to stabilize cash flow through initiatives such as
recruiting new members.
Formed an alliance with Discovery Bay, an exclusive golf club in Hong Kong, in April 2007. By allowing members of either club
to use the facilities of the other club, the golf club seeks to improve its ability to attract customers, along with its visibility andbrand image in Asia.

06/02

Miyako City

Improving profitability through initiatives such as attracting superior tenants and reviewing internal company
structure. Steady yield from rent income and interest income on loans

05/12

－

05/12

※ AOP

05/08

(Industrial Revitalization Corporation of Japan)

6. Tada Corporation
General contractor(Corporate Rehabilitation Law)

7. Hotel JAL City Matsuyama

Joint venture with Lehman Brothers Group. Rehabilitation proceedings completed in June 2006

Running second JAL hotel※AOP (Asset Operators) , ALS (Asset Logistics)
Investment in listed companies

Gokurakuyu (formerly Jinendo)
Bathing facilities (JASDAQ: 2340)

IPO investments

eBANK
Online bank

Start date

Operating company

04/03

－

Start date

Operatingcompany

04/03－

OutlineDirect management and franchising of “Gokurakuyu” super bathhouses
Some shares were sold in March 2008.

OutlineLargest domestic online bank(Approx. 2.8 million accounts, with approx. ¥800 billion in deposits (as of the end of March 2008))
High level of synergy with real estate fund business21

Overview of Investments (Overseas Unlisted Companies)
Balance Sheet
Total (Millions
of Yen)Investment

Start Date

Business

Unlisted Overseas Company 01

Mar/2007

Metal processor with particular expertise in metal coating
technologies

Unlisted Overseas Company 02

Nov/2005

Consumer finance in South Korea

One of the industry’s leaders. Basic revenue and profit direction upward, even after introduction of
987 legislation mandating interest rate ceiling. In line with market expansion, scale of business increasing
each year. Working with lead manager in preparation for IPO in 2009.

Unlisted Overseas Company 03

Jun/2006

Consumer finance in South Korea

One of the industry’s leaders. Basic revenue and profit direction upward, even after introduction of953 legislation mandating interest rate ceiling. In line with market expansion, scale of business increasing
each year. Selected lead manager at the end of 2006. Planning to list in 2008.

Unlisted Overseas Company 04

Sep/2005

Umbilical cord blood bank business in China

645

Business growing substantially. Preparing to list on NASDAQ in 2008. Recent valuation suggests avalue of 2.4 times our acquisition price.

Unlisted Overseas Company 05

Jun/2006

Development of mobile applications and provision ofservices

467

Business category steadily expanding. Preparing to list on NASDAQ in 2008. Recent valuationsuggests a value of 1.35 times our acquisition price.

Unlisted Overseas Company 06

Dec/2004

Automobile design, electronic equipment development anddesign, software development

446

Business category expanding steadily, amid rising Chinese domestic demand for automobiles. In late2007, began preparing to list in China.

Unlisted Overseas Company 07

Jul/2007

Production and sale of almond oil

423

Building factory on the outskirts of Beijing in tie-up with major Chinese nationally operated foodproduct manufacturer.

Unlisted Overseas Company 08

Jun/2006

Online games

382 Sold in May 2008. (Loss on sale of ¥96 million)

Unlisted Overseas Company 09

Apr/2008

Production and sale of methanol and urea

324

Unlisted Overseas Company 10

Apr/2006

In-taxi advertising

Business struggling, partly owing to media restrictions leading up the Beijing Olympics. Working to
320 increase number of terminals mounted in vehicles in Beijing and Guangzhou and develop franchises inother regions.

Unlisted Overseas Company 11

Jul/2007

Production and sale of curtain walls and compact homesolar power generation equipment

299

Unlisted Overseas Company 12

Jan/2006

Internet music distribution and artist management

230 Results falling short of business plan. Planning to increase financing.

Unlisted Overseas Company 13

Dec/2007

Operation of platform brokering transactions involving
online games

199

In first half of 2008, revenue and profit up 50% year on year. Planning to list in Hong Kong in the firsthalf of 2009.

Unlisted Overseas Company 14

Sep/2003

Investment vehicle for manufacturers of peripheral IT
equipment and game developers

168

Negotiations complete on sale of one investee. Other investee has acquired patent for collection systemfor ongoing gaming (China, October 2007).

LP investments, etc.（five)

－

－

1,229

Pre-IPO funds, PE funds, mezzanine financing funds, etc., in greater China. Have already recovered atotal of ¥600 million in invested assets.

Others

－

－

82

－

Total operational investments in securities and investments in overseas unlisted companies

8,153

－

1,000

Comments

Growing at double-digit rates. Planning to list on Singapore exchange in 2009 or 2010. Recent
valuation suggests a value of 1.19 times our acquisition price.

Industry leader, business expanding. Preparing systems and structures in anticipation of 2009 listing(either in Singapore or NASDAQ).

Annual revenue and profit growth of 15%+, spurred by construction boom within China. In June 2008,
applied for listing on Hong Kong market (application under review).

22

Overview of Investments (Overseas Listed Companies)
Balance Sheet
Unrealized Gain
Total
(Loss)(Millions of Yen) (Millions of Yen)

Our own Amount(Millions of Yen)

Investment

Start Date

Business

Oceanus Group Ltd

Nov/2007

Raising high-end fish and shellfish

925

463

925

Valuation date: May 30, 2008
Singapore Stock Exchange (OCNUS SP)

China Best Group Holding Ltd

Feb/2005

Investing in Chinese coal industry

1,353

470

1,353

Valuation date: March 31, 2008
Hong Kong Stock Exchange (370 HK)

Golden Harvest Entertainment(Holdings) Ltd

Jan/2005

Movie company

222

28

222

Valuation date: March 31, 2008
Hong Kong Stock Exchange (1132 HK)

EVA Precision Industrial Holdings
Limited

Jul/2007

Design and production services involving metal products
and equipment modules

399

(132)

226

Valuation date: March 31, 2008
Hong Kong Stock Exchange (838 HK)

Power Quotient International Co., Ltd.

Jun/2005

Manufacture and sale of external storage devices

2,896

1,788

2,343

Valuation date: March 31, 2008
Taiwan Stock Exchange (6145 TT)

A&K Educational Software Holdings
LimitedSep/2007Sale of educational and other software in China

721

(81)

721

Valuation date: March 31, 2008
Hong Kong Stock Exchange (8053 HK)

Henry Group Holdings Ltd.

Nov/2007

Design and manufacture of PC motherboards

694

(107)

694

Valuation date: March 31, 2008
Hong Kong Stock Exchange (859 HK)

Others

－

322

1

322

－

7,533

2,429

6,807

－

Total operational investments in securities and investments in overseas listed companies－

Comments

Note: Operational investments in securities are listed on the balance sheets according to their values as of the end of the fiscal year. Differences between acquisition prices and market values are treated ascomponents of net assets.

23

Fiscal Year Ended Feb 2009 Projection of Dividend Payout
ProfitProfit distribution
distribution policy
policyThe Company’s basic dividend policy is to return profits to shareholders on an ongoing basis, in line with operating performance.
To date, our target ratio has been 20% of profits on a non-consolidated basis, with dividends paid semiannually(at the middle and the end of the fiscal year). However, in tandem with our shift to a holding company structure, from thefiscal year ending March 28, 2009 our basic dividend policy is:

A consolidated payout ratio of 15–20%

EPS

Payout ratio（ ※ yen）（non-consolidated）

Payout ratio

Dividends per share（ consolidated）（※yen）（Year-end）

FYE Feb 2005

5,953.22

20.9%

16.8%

1,000

FYE Feb 2006

9,028.23

22.4%

18.3%

1,650

FYE Feb 2007

17,834.93

22.0%

16.8%

3,000

FYE Feb 2008

10,386.15

21.2%

17.3 %

1,800

3,772.65－

18.6%

FYE Feb 2009（plan）

700（Interim 300／Year-end 400）（※） The Company undertook a five-for-one stock split in November 2004 and a two-for-one stock split in March 2006.

24

Appendix
Appendix25

Domestic Real Estate Private Funds Category (1) – Property Type & Location
Area

Property Types
Historical Change(# of Bldg.)
200

200

151
150

100

21
8
6

99
42

21

50

Historical Change(# of Bldg.)

15
11

5

143

15

10
9
8

11
9

151
9
8

Other
Nursing Homes

15

Complex

12

Commercial

54

Feb 2007

45

Feb 2008

May 2008

100
4

9
7
9

60%

40%

3
3
7

17

1

11

10

1

9

4
13

11

Other
1

10
12

3

Miyagi4

Fukuoka

71

70

Aichi
Osaka
Kanto
Tokyo

Feb 2007

Feb 2008

May 2008

3
1

4
3

3
1

80%

6
4
5
3

1
1

6
6
1
8
2

1

6
2
6
1
11
2

60%

13

14

24

25

28

29

Feb 2006

Feb 2007

Feb 2008

May 2008

Commercial

Office0%MiyagiAichi

14Complex

Other

FukuokaNursing Homes

Residential

6
5

20%

3

20

Historical Change in Composition (amount)

Development

1778

Feb 2006

100%

54

3
20
10
12

21

Other

24

0

14

42

743
2

2

24

Office

100%

80%

11

2

143

50

Historical Change in Composition (amount)
20

11

99

65

43

0
Feb 2006

26

Development

Residential

13
12

143

150

44

43

9

38

143

40%

84

77

75

72

20%

Osaka
Kanto
Tokyo

0%
Feb 2006

Feb 2007

Feb 2008

May 2008

26

Domestic Real Estate Private Funds Category (2) Investor & Lender Type
Historical Change in Composition (amount) - Investors

Historical Change in LTV

100%

100%
27

19

27

19

ASSET Group

80%

60%

80%
21
2

40%

28

20%

28

27

Oversea pension

76.3%

75.4%

73.5%

73.8%

Feb 2008

May 2008

70%
60%

0
27

43

0%

90%

28

41
21

18

7

5

4

5

Feb 2006

Feb 2007

Feb 2008

May 2008

Non-Japan financial
institutions
Domestic financial
institutions
Domestic financial
institutions

50%
40%
30%
20%
Feb 2006

Feb 2007

Historical Change in Composition (amount) - Lenders
100%

2
15

3

36

38

ASSET Group7

5

Non-Japan financial
institutions

29

80%
13

60%

40%

4

84
58

Domestic financial
institutions

52

52

20%
Domestic financial
institutions0%
Feb 2006

Feb 2007

Feb 2008

May 2008

27

Shifts in the Group’s Business
Shifts
Shifts inin thethe Group’sGroup’s BusinessBusiness

70,833
Overseas Investment BusinessAugust 2004
Established Asset Managers (Asia)
as Hong Kong company
With a focus on Hong Kong companies, achieved equity revenue andexpanded latent profits through pre-IPOs and PIPEs in Hong Kong,
Taiwan and mainland China

August 2000
Arranged monetizationof Seibu Department
Stores’ Ikebukuro
Branch56,889Transition to holding company system in March 2008

Asset Monetization,
M&A Business, etc.
April 2000
Previous Asset Managers
established(Established by Ryoji
Furukawa, who is now
Board Chairman)

Domestic Corporate
Investment Business

Sept. 2001
Corporate Merger

Achieved business turnaround investment synergy with Real Estate Investment Business

Real Estate Investment Business

22,538Operation of Real Estate
Funds, etc.

Expanded fee and equity revenues through steady increases in assets undermanagement and pioneering approach to development funds

March 2000
Established PI Technology
April 2000
Commenced operationsof first fund, the PIT
Fund

4 107

2000

NovemberNovember2002
2002
PublicPublicListing
Listing

80 399

1,688
244

9,419

7,744
3,194
727

2,397

4,617

5,505

FYE Feb 01 FYE Feb 02 FYE Feb 03 FYE Feb 04 FYE Feb 05 FYE Feb 06 FYE Feb 07 FYE Feb 08
Net profit (Millions of yen) ■Net sales (Millions of yen) ■Note: Figures from fiscal years ended in February
2001 through 2003 are non-consolidated.)28

Corporate Information
Name

Asset Managers Holdings Co., Ltd.

Head Office

Imperial Hotel Tower, 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo

EstablishedMarch 17, 2000

ListedNovember 8, 2002

Stock Exchange

Osaka Securities Exchange, Hercules Market ( 2337 )Representatives

Representative Statutory Executive Officer, Chairman & Chief Executive Officer :Representative Statutory Executive Officer,
Representative Statutory Executive Officer, Chief Strategic Officer :Representative Statutory Executive Officer, Chief Financial Officer :Capitalization

16,583 million yen (as of the end of Feb.2008)

Shares outstanding

530,341 shares (as of the end of Feb.2008)

Asset Managers Group

Asset Managers Co., Ltd.
Asset Investment Advisors Co., Ltd.
Asset Managers International Co., Ltd.
Asset Managers Partners Co., Ltd.
Asset Securities Co., Ltd.

Business Description

By holding stakes in companies involved in the following businesses, we control and manage the businessactivities of those companies.
(1)Investment management advice mainly for real estate, buying and selling of real estate, support ofmanagement business and securitization of real estate(2) Fund management business centering on real estate(3) Asset related consulting (including asset management)(4) Arranging overseas and domestic M&A and investment business(5) Selling and buying, brokering, leasing and managing real estate

Representative Director, President
Representative Director, President
Representative Director, President
Representative Director, President
Representative Director, President

Takeshi Tomiyama
Ryuichi Tanabe
Takehiro Fukada
Kazuya Sahashi

Takuma Hasegawa
Susumu Ueda
Hideki Shinmoto
Shigeru Ikki
Toshihiko Kumasaka

29

Organization Chart
In March 2008, we completed the transition to a holding company structure and enhanced risk and compliance control.
Asset Managers Holdings Co., Ltd.
Asset Managers Co., Ltd.

Asset Investors Co., Ltd.

Asset Investment Advisors Co., Ltd.

Asset Managers International Co., Ltd.

Asset Managers (ASIA)
Company Limited

Asset Managers Partners Co., Ltd.

Asset Securities Co., Ltd.

Consolidated Subsidiaries：118〔Domestic operating company:13、SPC (domestic)：5、overseas operating company:7、SPC(overseas):44〕
30

These materials were prepared to explain the Company. They are not provided for the purpose of soliciting investment inmarketable securities issued by the Company. The Company does not guarantee the accuracy of the figures, information,
estimates or other statements included herein, and accepts no responsibility for damages or losses arising through the use of the
figures, information, estimates or other statements contained herein.
These materials are based on information available as of May 31, 2008.
These materials contain forward-looking statements pertaining to the Asset Managers Group’s expectations, targets, plans
and strategies. Such forward-looking statements are not facts, but are the result of management’s judgment based on thematerials that are available as of this date. Actual operating results or developments concerning the Company or the Group may
differ substantially from those indicated by forward-looking statements.
Although these materials are believed to be accurate as of the date of their issuance, they may be revised without prior notice.
Change in accounting policy associated with the application of PITF (Practical Issues Task Force) No. 20
Starting the period ended February 28, 2007, the consolidation of investment associations (SPCs) is determined from the viewpoint of authority
over business execution under PITF No. 20 Practical Solution on Application of Control Criteria and Influence Criteria to Investment
Associations announced by the Accounting Standards Board of Japan in September 2006, and the scope of consolidation is expanded.

【Contact】
Asset Managers Holdings Co., Ltd.
Corporate Communication
Corporate Strategy Headquarters
TEL：+81-3-3502-4818 FAX：+81-3-3502-4801
E-mail： mail@assetmanagers.co.jp
URL： http://www.assetmanagers.co.jp/31