April 28, 2006

To Whom It May Concern:

Company Name: The Sumitomo Warehouse Co., Ltd.
Name of Representative: Shoichi Abe, President(Code: 9303, First Section of TSE and OSE)
Contact: Yuji Fujisaku, General Manager,
Business Promotion Department(Phone: +81-6-6581-1104)

Notice Concerning Acquisition of All Outstanding Shares of I-STAR Co., Ltd.

At a meeting of the Board of Directors held on April 28, 2006, Sumitomo Warehouse decided toacquire all outstanding shares of I-STAR Co., Ltd. (“I-STAR”), a contract developer of computer software,and make both I-STAR and its wholly owned subsidiary Seishin Information Services Co., Ltd. (“SIS”)
into a Sumitomo Warehouse Group company. The details of the acquisition are as follows:I.

Reason for stock acquisition
Both I-STAR and SIS offer services primarily related to contract development of computer software.

With years of technological expertise, their many highly qualified system engineers and other staff haveestablished an excellent reputation among customers. Sumitomo Warehouse has been contracting I-STARfor software development for more than 10 years, and I-STAR has greatly contributed to the establishmentof our logistics systems.
To keep pace with continuing advances in the logistics field and provide customers with superior
quality logistics services, Sumitomo Warehouse Group has been strengthening its Information SystemsDepartment. Acquisition of these two companies will enable us to more efficiently meet diverse customer
needs in the area of information systems, and also expand our range of business into contract developmentof computer software, further increasing the corporate value of the entire Sumitomo Warehouse Group.

II.

Outline of newly acquired subsidiaries
1.

I-STAR(1) Company name: I-STAR Co., Ltd.
(2) Name of representative: Izuhiro Kageyama

(3) Location: 2-3-14 Honmachi, Chuo-ku, Osaka(4) Date established: November 22, 1994
(5) Business activities: Contract development of computer software, technical staff services related tosoftware development, contract operation and management of computer systems,etc.
(6) End of fiscal year: February(7) Number of employees: 175 (as of February 28, 2006)(8) Business locations: Osaka, Tokyo, Matsue(9) Amount of capital: 40 million yen(10) Number of shares issued: 800(11) Major shareholder: Izuhiro Kageyama (70%)(12) Financial highlights for recent fiscal years:(In millions of yen)
Year ended Feb.28, 2005
2,156
388
4662
44
1,106506

Net sales
Gross profit
Operating income
Ordinary income
Net income
Total assets
Shareholders’ equity

Year ended Feb.28, 2006
2,161378
34
35
19
1,092522

2. SIS(1) Company name: Seishin Information Services Co., Ltd.
(2) Name of Representative: Izuhiro Kageyama(3) Location: 3-7-11 Sagisu, Fukushima-ku, Osaka(4) Date established: July 22, 1997
(5) Business activities: Contract development of computer software, contract data input/output tasks,
and related services, etc.
(6) End of fiscal year: December(7) Number of employees: 61 (as of February 28, 2006)(8) Business location: Osaka(9) Amount of capital: 10 million yen(10) Number of shares issued: 200(11) Major shareholder: I-STAR (100%)

(12) Financial highlights for recent fiscal years:(In millions of yen)
Net sales
Gross profit
Operating income
Ordinary income
Net income
Total assets
Shareholders’ equityIII.

Year ended Dec.31, 2004
542
441
394427328
135

Year ended Dec.31, 2005
518406
(14)
32
18
330
154

Sources from which I-STAR. shares were purchased
Izuhiro Kageyama: 560 shares
Other shareholders: 240 shares

IV.

Number of shares purchased and share ownership before and after acquisition

1. Number of shares owned before transfer: 0 (percent ownership: 0%)
2. Number of shares purchased: 800
3. Number of shares owned after transfer: 800 (percent ownership: 100%)

V.

Schedule
April 28, 2006

Board of Directors’ decision regarding conclusion of the share transfer agreement,
signing of the share transfer agreement, and receipt of shares

VI.

Future outlook
The acquisition of shares of I-STAR will have a minimal effect on the consolidated accounts of

Sumitomo Warehouse for the fiscal year ending March 31, 2007.
I-STAR and SIS are scheduled to merge by the end of June 2006 and continue their operations under
the name of I-STAR Co., Ltd.