Financial Summary for the 11th Fiscal Period(from January 1, 2008 to June 30, 2008)

Name
Representative
Stock Listing
Securities CodeURL
Contact

:
:
:
:
:
:

TGR Investment Inc.
Takashi Tsunogae, Executive Director
Tokyo Stock Exchange8963
http://www.tgr-inv.co.jp/eng/
GrowthREIT Advisors, Ltd.
(Asset Manager of TGR)
Eiji Takizawa, Chief Financial Officer
Tel. +81-3-3238-5341

Start date for dividend
distribution: September 16, 2008

(Note) This financial summary has been prepared in accordance with generally
accepted accounting principles in Japan and Japanese laws.

TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

Overview of TGR Investment Inc.
TGR Investment Inc. (hereinafter, “TGR”) was established in January 2002 in accordancewith the Law concerning Investment Trusts and Investment Corporations (Law No. 198 of 1951,and subsequent revisions; hereinafter, the “Investment Trust Law”). TGR was listed as a Real
Estate Investment Trust on the Osaka Securities Exchange (hereinafter, the “OSE”) in May 2004
and on the Tokyo Stock Exchange (hereinafter, the “TSE”) in August 2006 on the J-REIT market(Securities Code: 8963). Subsequently, in order to focus trading on one securities exchange
and reduce administrative tasks and costs accompanying cross listing, TGR delisted from the
OSE in October 2007. Consequently, TGR is listed only on the TSE as of the end of the 11th
fiscal period (ended June 30, 2008).
In the five years since establishment, TGR has built up a solid track record. TGR willcontinue its efforts to realize its “Growth Potential” and seek to improve investor value as acomprehensive REIT that invests in a variety of assets.

Overview of Financial Results
TGR announced financial results for its 11th fiscal period (ended June 30, 2008) on August 13,
2008.
For the 11th fiscal period, operating revenues were JPY1,787 million, operating income was
JPY810 million, recurring profits were JPY530 million and net income was JPY528 million.
Concerning distributions, with the aim of having the maximum amount of profit distribution
included in expenses in accordance with Article 67-15 of the Special Taxation Measures Law,
TGR will decide to distribute the full amount of unappropriated profits for the 11th fiscal period’s
distribution per unit, excluding fractional amounts less than 1 yen, and thus distribution per unit is9,800 yen.
As of the end of the 11th fiscal period, total assets were approximately JPY48,196 million, total
liabilities were JPY28,545 million and total net assets were JPY19,651 million (JPY364,591 perunit).

Summary of the 11th Fiscal Period
Acquisitions and Dispositions
TGR considers it necessary to replace properties in the portfolio through acquisitions andselling of properties with the aim of securing the growth potential of assets. Therefore, TGR
tries to secure profitability and maintain stable earnings through flexible acquisition of properties,
while pursuing improved efficiency of administrative operations and enhanced profitability of theentire portfolio.

2 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

As for new acquisitions of properties, in view of enhancing acquisition competitiveness,ongoing efforts are made to expand the asset manager’s independent property sourcing
channels. TGR strives to avoid excessive property acquisition competition by focusing on
negotiation transactions, and proceeds to consider acquiring only assets that exhibit promisingpotential and profitability.
When selecting properties to be sold, small properties (acquisition price of less than JPY500
million for residences and less than JPY700 million for offices, etc.) or old properties are mainly
considered. In such occasions, real estate market conditions, future fluctuations in profitability
and the asset value of properties, expected capital expenditures to deal with the deterioration or
obsolescence of properties, and portfolio composition among other factors are all taken into
consideration.
The Japanese economy was at a standstill in the 11th fiscal period, with the level of consumer
spending, capital investment and production remaining unchanged from the previous fiscal
period. Concerning the state of global commodity prices, crude oil and other internationalcommodity market conditions hovered at high levels and thereby caused inflation risks to rise on
a global basis. This has led to greater risks of downward movements in the Japanese economy
as well.
In the real estate investment market, the announcement of Suruga Corporation’s filing for civil
rehabilitation proceedings on June 24, Japanese publicly-offered corporate bonds defaulting forthe first time in 7 years and other events have led to a decline in the motivation to invest amongcertain investors. Real estate market conditions also continued to be stagnant due in part tocredit rating agencies downgrading the ratings of real estate related corporations. Under suchcircumstances, financial institutions are being prudent in real estate financing and this is causing
an imbalance in supply and demand as investors are unable to obtain funding for real estatepurchases. In the residential real estate rental market, need remains high for properties thatboast favorable location and provide outstanding tenant satisfaction, and rent in the Tokyo 23
wards and other urban areas remain at high levels due to the ongoing population influx. In theoffice real estate rental market, the funneling of domestic and foreign investment funds into themarket in anticipation of rent rises has lost momentum and increase in rent levels has also cometo a standstill.
In light of such circumstances, TGR has adopted a cautious stance on external growth.
Property acquisitions at TGR during the 11th fiscal period totaled 2 parking lots (total acquisition
price: JPY310 million). TGR also sold 1 residence for JPY307 million in March 2008 under theobjective of enhancing the ability to generate revenues through the replacement of properties.

Portfolio Overview
As of the end of the 11th fiscal period, the number of properties in TGR’s portfolio was 35
residences, 10 offices & commercial facilities, etc., and 12 parking lots to total 57 properties witha total acquisition price of JPY44,825 million and total leasable area of 97,051.02m2.

3 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

In the 11th fiscal period, TGR conducted management with a focus on internal growth, being
especially committed to improving occupancy rates and the unit price of rent as well as
minimizing property related expenses. As a result, TGR achieved increased revenues andincome with the occupancy rate of TGR’s entire portfolio reaching a record-high of 97.8% at theend of March 2008 and net operating income (NOI) increasing 5.1% compared to the previous
fiscal period. The occupancy rate of TGR’s entire portfolio was 95.6% at the end of the 11th
fiscal period.

(Note) For further information, please see the “Portfolio (Portfolio List and Portfolio Data)” pages on the following
website of TGR.
URL: http://www.tgr-inv.co.jp/eng/

Debt Financing
TGR did not conduct any financing to acquire properties, refinance short-term debt or for any
other purpose during the 11th fiscal period. TGR repaid JPY342 million in the form of
repayments before the maturity date in correlation with the sale of a property and scheduled
repayments.
With regard to capital procurement, TGR’s basic policy is to reduce financing costs, seek todiversify sources of financing and spread out maturity dates. With the goal of enjoying theadvantage of low interest rates and enabling flexible leverage control, TGR is promoting debt
with variable interest rates to account for a greater percentage of its total debt.
As a result, as of the end of the 11th fiscal period, the interest-bearing debt outstanding at
TGR was JPY26,941 million (all long-term debt) and the LTV was 58.5%*.
*LTV (Loan–to-Value) = Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) × 100(Note) For further information, please see the “Investors’ Guide (Financial Information)” page on the following website
of TGR.
URL: http://www.tgr-inv.co.jp/eng/(Additional information)
TGR sold one of its assets under management after the end of 11th fiscal period as follows.
No.

Property Name

B7

IWATA Building

Location

Property Type

Contract Date

Yokohama City,
Beneficiary
June 27, 2008
Kanagawa Prefecture interests in trust

Sale Date

Sale Price

July 31, 2008

JPY1,025
millionIn addition, TGR repaid JPY729 million on July 31, 2008 in the form of repayments before the maturity date incorrelation with the sale of IWATA Building.

4 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

1. Performance for the 11th Fiscal Period(from January 1, 2008 to June 30, 2008)

1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%

mn JPY

Recurring Profits%mn JPYNet Income%

mn JPY%

11th Fiscal Period

1,787

(7.4)

810

(8.8)

530

(9.2)

528

(9.7)

10th Fiscal Period

1,664

(1.7)

744

(-4.9)

485(-19.4)481(-19.9)Earnings
per Unit

Net Income/
NAV*

JPY

Reference(Annualized)%

Recurring
Profits/
Total Assets%

Reference(Annualized)%

Recurring
Profits/
Operating
Revenues%%

11th Fiscal Period

9,800

2.7

(5.4)

1.1

(2.2)

29.7

10th Fiscal Period

8,934

2.4

(4.9)

1.1

(2.1)

29.2

Dividend
Payout Ratio

Distribution/
NAV*NAV = Total net assets2) Cash Distributions
Distribution
per Unit

Distribution
Amount(Excluding
exceeding profit
distribution per unit)
JPY

ExceedingProfitDistribution
per Unit

mn JPY

ExceedingProfitDistribution
Amount

JPY

JPY

%

%

11th Fiscal Period

9,800

528

0

0

99.9

2.7

10th Fiscal Period

8,934

481

0

0

100.0

2.5

(Note) “Dividend Payout Ratio” is rounded to one decimal place.

3) Financial Position
Total Assets

NAV/
Total Assets

NAV

mn JPY

11th Fiscal Period

mn JPY

48,196th

10 Fiscal Period
48,461(Reference) Net Assets:
11th Fiscal Period: JPY19,651 million

NAV per Unit%

JPY

19,651

40.8

364,591

19,59540.4

363,567

10th Fiscal Period: JPY19,595 million

4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

mn JPY

mn JPY

Cash Flows from
Financing Activities
mn JPY

Cash and Cash
Equivalents
at End of Period
mn JPY

11th Fiscal Period

1,338

-435

-826

3,230

10th Fiscal Period

673-5,588

5,929

3,154

5 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

2. Forecast of Results for the 12th Fiscal Period(from July 1, 2008 to December 31, 2008)(Percentages in brackets represent change from previous fiscal period)
Operating
Revenues
mn JPY

12th Fiscal Period

1,774

Operating
Income%(-0.7)

mn JPY

770

Distribution
per Unit

Recurring
Profits%(-4.9)

mn JPY488%(-7.9)(Excluding
Net Income
exceeding
profit distribution
per unit)
mn JPY%
JPY

486(-8.0)

ExceedingProfitDistribution
per Unit

9,018

JPY

0

(Reference) Estimated earnings per unit for the 12th fiscal period: JPY9,018

Pre-Conditions and Assumptions Underlying Operating Forecasts for the 12th Fiscal Period
Item
Fiscal Period

Assumptions
12th fiscal period (fiscal period ending December 31, 2008):
from July 1, 2008 to December 31, 2008 (184 days)th
Forecasts for the 12 fiscal period ending December 31, 2008 are based on aproperty portfolio containing 56 properties held as of August 13, 2008.

Assets under Management

Units Outstanding

LTV (Loan-to-Value)

In reality, however, there is a possibility that the number of properties in TGR’s
portfolio may change due to TGR acquiring or selling properties during the 12th
fiscal period.
The number of investment units issued and outstanding as of August 13, 2008 is
53,899 investment units. Forecasts are based on the assumption that the numberof investment units issued and outstanding remains unchanged through to the endof the 12th fiscal period.
Forecasts for the fiscal period ending December 31, 2008 are based on an LTV* of
57.8% as of August 13, 2008.
*LTV = Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital) × 100
TGR assumes it will incur JPY1,774million in operating revenues. The breakdown
is as follows:

Operating Revenues

・Rental revenues
・Gain from sales from properties

JPY1,602 million
JPY171 million

Rental revenues are calculated based on historical data and taking into accounttenant trends, property competitiveness, market environment and other factors. In
addition, TGR assumes there are no delinquencies or non-payment of rent bytenants.

6 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

Item

Assumptions
TGR assumes it will incur JPY793 million in property related expenses.
breakdown is as follows:・Facility management fees
JPY282 million
・Taxes and other public charges JPY110 million
・Insurance expenses
JPY7 million
・Other expenses
JPY86 million
・Depreciation expenses
JPY305 million

Operating Expenses

The

Other than depreciation expenses, the property related expenses are calculated
based on historical data and reflect elements that may cause fluctuations. Of theassessed and decided amount of real property tax, city planning tax, depreciable
property tax, etc. applicable to assets under management, TGR records as
expenses the tax amount that it expects to pay during the 12th fiscal period.
thFurthermore, concerning assets newly acquired during the year in which the 12
fiscal period falls, the tax amount is calculated on a pro-rata basis with the priortitleholder, and this adjusted amount is reimbursed at the time of acquisition. TGR,
however, capitalizes an amount equivalent to the concerned adjusted amountreimbursed as part of the acquisition cost, and thus does not record the amount as
expenses.
Repair costs are recorded for the amount estimated based on the repair plans of
TGR’s asset manager. However, the actual amount may vary substantially fromthe amount estimated owing to changes in conditions and other factors.
In addition, other than the property related expenses, TGR assumes it will incur
JPY210 million in operating expenses.

Non-operating Expenses

TGR assumes it will incur JPY285 million in non-operating expenses.
The distribution per unit is calculated in accordance with the cash distribution policy
set forth in TGR’s Articles of Incorporation.

Distribution per Unit

The distribution per unit may vary due to various factors, such as fluctuations inrental revenues due to changes in the portfolio composition, changes in the tenantcomposition, etc. and incurrence of unexpected repairs.

Exceeding Profit Distribution
per Unit

TGR currently does not expect to make distributions exceeding profits (exceeding
profit distribution per unit).

Other

TGR assumes there will be no amendments to laws and ordinances, the taxation
system, accounting standards and other regulations that will affect the foregoing
forecasts.
In addition, TGR assumes there will be no unforeseen material changes in theenvironment, including general economic trends and real estate market conditions.

7 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

3. Financial Statements
1) Balance Sheet of TGR as of June 30, 2008
(Consistent with Japanese GAAP)(Ths JPY)
Items

11th Fiscal Period(As of Jun. 2008)
AmountAssetsⅠ Current assets
Cash and cash equivalents
Cash and cash equivalents in trust
Rental receivables
Payment in advance
Deposit payments
Prepaid expenses
Consumption tax refundable
Deferred income taxes
Allowance for doubtful assets
Total current assets
Ⅱ Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
Land
Buildings in trust
Equipment in trust
Building improvements in trust
Furniture and fixtures in trust
Land in trust
Net property, plant and equipment, at cost
Intangible assets net of amortization
Other intangible assets
Other intangible assets in trust
Intangible assets
Investments
Lease deposits
Long-term prepaid expenses
Deferred income taxes
Other Investments
Total investments
Total non-current assets
Ⅲ Deferred assets
Offering costs
Total deferred assets
Total assets

Items

1,122,870
2,107,958
16,07085
44,76051,935685-9783,343,387

Amount％ChangesAmount%6.9

1,087,701
2,067,238
51,015392
15,01355,14962,2842,372-4,003
3,337,166

92.6

673,383
160,284
6,873
2,866,124
16,280,334
2,674,533
184,175
29,33422,020,574
44,895,618

0.0

121
2,812
2,934

109,295
32,103
7,852
45,523
194,775
44,849,250

0.4
93.1

99,66754,90013,27951,959219,806
45,118,359

0.5
93.1

9,628
-22,797-5,426-6,435-25,031-269,108

3,793
3,793
48,196,432

0.0
100.0

5,544
5,544
48,461,069

0.0
100.0

-1,750-1,750-264,637

666,282
156,447
7,104
3,182,166
16,043,373
2,566,438
175,931
34,76921,816,173
44,648,687
121
5,666
5,788

11th Fiscal Period(As of Jun. 2008)
AmountLiabilities
Ⅰ Current liabilities
Accounts payable
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Unearned revenues
Deposits reveived
Total current liabilities
Ⅱ Non-current liabilities
Long-term debt
Tenant leasehold and security
Tenant leasehold and security in trust
Derivative liabilities
Total non-current liabilities
Total liabilities
Net assets
Ⅰ Unitholders' equity
1. Unitholders' capital
2. Retained earnings
Unappropriated profit for the year
Total unitholders' equity
Ⅱ Evaluation, currency translation and etc.
Deferred hedge losses
Total evaluation, currency translation and etc.
Total net assets
Total liabilities and net assets％th

10 Fiscal Period(As of Dec. 2007)

55,782
12,294
89,233447
31,148
182,374
121,671492,952
26,941,000
1,022,870
69,456
19,04028,052,366
28,545,318

％

0.2

92.6

-7,101-3,837230
316,042-236,961-108,094-8,244
5,435-204,400-246,931

-0.6

0.0

2,854
2,854

97.3

-11.4
-0.6

-31.6
-0.5

th

10 Fiscal Period(As of Dec. 2007)
Amount1.0

65,874
18,17489,946479
197,051
13,760385,286

58.2
59.2

27,283,000
1,053,821
109,944
33,14528,479,911
28,865,197

19,134,417

6.9

35,16840,719-34,944-307
29,746-3,213-62,284-1,687
3,025
6,221

％

ChangesAmount%0.8-10,091-5,880-713-31
31,148-14,677
107,911
107,665

27.9

58.8
59.6

-342,000-30,951-40,488-14,105-427,544-319,879

-1.5
-1.1

19,134,417-

528,236
19,662,653

40.8

481,544
19,615,961

40.5

46,692
46,692

0.2-11,540-11,540
19,651,113
48,196,432

-0.0
40.8
100.0

-20,089-20,089
19,595,871
48,461,069

-0.0
40.4
100.0

8,549
8,549
55,241-264,637

-42.6
0.3
-0.5

8 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

2) Statement of Income for the 6 months ended June 30, 2008
(Consistent with Japanese GAAP)(Ths JPY)
Items
Ⅰ.Operating revenues
Rental revenues (1)Gain from sales of properties
Ⅱ.Operating expenses
Property related expenses (2)Depreciation expenses (3)NOI(1)-(2)+(3)Directors' fees
Asset management fees
Asset custodian fees
Administrative service fees
Allowance for uncollectible accounts
Bad debt expenses
Other operating expenses
Operating income
Ⅲ.Non-operating revenues
Interest revenues
Other non-operating revenues
Ⅳ.Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Other non-operating expenses
Amortization of offering costs
Recurring profits
Income before income taxes
Income and other taxes
Tax adjustments
Net income
Retained earnings (begning balance)
Retained earnings (ending balance)

11th Fiscal Period(Six months
ended Jun. 2008)
Amount
％1,787,281
1,770,195
17,085
976,891
781,649
318,362
1,306,908
3,300
103,922
11,26418,855248
2,303
55,347810,390
7,173
3,413
3,760
287,175
278,097
5,983
1,090
253
1,750
530,388
530,388605
1,557
528,22610
528,236

100.0

54.7

73.1

45.3
0.4

16.1

29.7
29.7

29.6
29.6

9 / 11

10th Fiscal Period(Six months
ended Dec. 2008)
Amount
％1,664,747
1,664,747
919,997730,292
308,501
1,242,957
3,300
99,39010,883
21,8844,003
2,052
48,191
744,750
8,286
2,517
5,769
267,232
255,593
8,302
1,585
0
1,750
485,804
485,804
605
3,676
481,52221
481,544

ChangesAmount

100.0

55.3

74.7

44.7
0.5

16.1

29.2
29.2

28.9
28.9

122,534
105,448
17,08556,89451,357
9,860
63,9514,531
380-3,028-3,755251
7,156
65,640-1,112895-2,00819,94322,503-2,318-495
253
44,584
44,584-2,11846,703-10
46,692

%
7.4

6.2

5.1

8.8
-13.4

7.5

9.2
9.2

9.7
9.7

TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

3) Statement of Cash Flow for the 6 months ended June 30, 2008
(Consistent with Japanese GAAP)

Items

11th Fiscal Period(Six months
ended Jun. 2008)
Amount(Ths JPY)
10th Fiscal Period(Six months
ended Dec. 2007)
Amount530,388318,976
1,090
5,983
1,750
-3,413
278,097-3,025
289,767-772
34,944-29,746
62,284-9,62831,148-10,091-9,294-593-14,677
107,911
14,0691,595,173
3,413-259,811-636
1,338,138

485,804
308,815
1,585
8,302
1,750
-2,517
255,593580-1,101-3,594-15,013-51,312-89,667-37,549-3,742
48,55940,642
4,926-4,939947,1222,517-270,625-5,804
673,210-316,850-44,348-3,468-40,756
268-67,024
36,845-435,335-940,773-4,877,779-1,750
5,099-77,146
303,384-5,588,965-342,000-1,090-5,983-477,841-826,915
75,8883,154,940
3,230,828-1,000,000
7,648,000-115,000-1,585-8,302-593,487
5,929,625
1,013,870
2,141,069
3,154,940

Ⅰ

Cash flow from operating activities
Net income before taxes
Depreciation expenses
Public listing related costs
Finance related costs
Amortization of offering costs
Interest received
Interest paid
Increase or decrease(-) in allowance for doubtful assets
Decrease due to sale of tangible assets in trust
Amortization of tenant leasehold and security deposits
Increase (-) or decrease in accounts receivable
Increase (-) or decrease in deposit payments
Increase (-) or decrease in consumption tax receivable
Increase (-) or decrease in guarantee money paid
Increase or decrease (-) in accrued consumption tax
Increase or decrease (-) in accounts payable
Increase or decrease (-) in accrued liabilities
Increase or decrease (-) in accrued expenses
Increase or decrease (-) in unearned revenues
Increase or decrease (-) in deposits
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of corporate taxes
Cash flow from operating activities
Ⅱ Cash flow from investment activities
Payment for acquisition of tangible assets
Payment for acquisition of tangible assets in trust
Payment for acquisition of other intangible assets
Payment of security deposits & guarantee money
Proceeds of security deposits & guarantee money
Payment of security deposits & guarantee money in trust
Proceeds of security deposits & guarantee money in trust
Cash flow from investment activities
Ⅲ Cash flow from financing activities
Repayment of short-term debt
Proceeds of long-term debt
Repayment of long-term debt
Public listing related costs
Finance related costs
Payment of distributions
Cash flow from financing activities
Ⅳ Increase in cash and cash equivalents
Ⅴ Beginning balance of cash and cash equivalents
Ⅵ Closing balance of cash and cash equivalents

10 / 11TGR Investment Inc. (8963), Financial Summary for the 11th Fiscal Period

For further information:
Please contact Investor Relations at GrowthREIT Advisors, Ltd.
E-mail: ir.tgr@gr-ad.com Tel. +81-3-3238-5341
Disclaimer
This document contains translations of selected information provided in the Japanese language Financial Report(Kessan-Tanshin) of TGR Investment Inc. (hereinafter, “TGR”) dated August 13, 2008 and prepared under the timely
disclosure requirements of the Tokyo Stock Exchange for the 11th fiscal period (from January 1, 2008 to June 30, 2008).
This English language document was provided solely for the convenience of and reference by non-Japanese investors andneither corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The
Japanese language Financial Report should always be referred to as the original of this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to theconcepts of the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financial
statements, if there exist any discrepancies in the meaning or interpretation thereof between the original Japanese
documents and English statements contained herein, the original Japanese documents will always govern the meaning andinterpretation.
None of TGR, GrowthREIT Advisors, Ltd. (hereinafter, “GRA”) or any of their respective directors, officers, employees,
partners, shareholders, agents or affiliates will be responsible or liable for the completeness appropriateness or accuracy ofEnglish translations or the selection of the portions of any documents translated into English. No person has beenauthorized to give any information or make any representations other than as contained in this document in relation to thematters set out in this document, and if given or made, such information or representation must not be relied upon as
having been authorized by TGR, GRA or any of their respective directors, officers, employees, partners, shareholders,
agents or affiliates.
The financial statements are a translation of the audited financial statements of TGR, that were prepared in accordance withgenerally accepted accounting principles in Japan (Japanese GAAP) which may materially differ in certain respects fromgenerally accepted accounting principles and practices in other jurisdictions. In preparing the financial statements, certain
reclassifications and modifications have been made to the financial statements issued domestically in order to present themin a format that is more familiar to readers outside Japan.
Many provisions of this document contain forward-looking statements and information. We base these statements on ourbeliefs as well as our assumptions based solely on certain limited information currently involved known and unknown risks,
uncertainties and assumptions.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there
are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimatesreflected in such forward-looking statements, including without limitation: the general economy, market conditions, financial
markets including the performance of the real market, interest rate fluctuations, competition with our properties, and theimpact of changing regulations or taxation.
TGR does not intend, and is under no obligation, to update any particular forward-looking statement included in thisdocument. The forward-looking statements contained in this document speak only as of the date of release, August 13,
2008, and TGR does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.

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