PRESS RELEASE

Mori Trust Holdings

Financial Report for the Fiscal Year Ended March 2005
〜 Revenue and ordinary income both set new record highs. Profit growth achieved for eleven consecutive years.〜

July 4, 2005
The Mori Trust Group recently announced its consolidated business performance for the year ended
March 2005. The Group consists of 16 consolidated companies and four equity-method affiliates, andincludes Mori Trust Holdings Inc. (formerly Mori Trust Group Inc.), Mori Trust Co., Ltd., and MoriKanko Trust Co., Ltd.

[Mori Trust Group Consolidated Financial Report] (April 1, 2004 – March 31, 2005)(Figures in millions of yen; figures less than one million yen rounded off; percentages in parentheses indicate year-over-yearchange)

FY 2003

FY 2004

FY 2005 (projected)

1 Revenue from operations

121,216

124,851（3.0%）

135,500（8.5%）

Lease-related income

57,292

57,847（1.0%）

59,000（2.0%）

Hotel-related income

27,622

27,947（1.2%）

33,000（18.1%）

Income from real estate sales

23,654

21,360（▲9.7%）

31,500（47.5%）

Other income

12,646

17,695（39.9%）

12,000（▲32.2%）

2 Operating income

29,592

31,729（7.2%）

33,000（4.0%）

3 Ordinary income

28,24130,933（9.5%）

32,000（3.4%）

4 Net income

15,112

16,227（7.4%）

17,000（4.8%）(interior construction in leased spaces, etc.)○Consolidated Companies (16 companies)
Mori Trust Holdings Inc., Mori Trust Co., Ltd., Mori Kanko Trust Co., Ltd., MT Facility Service Co.,
Ltd., Mampei Hotel, Yokohama Grand InterContinental Hotel Co., Ltd., MT&Hilton Hotel Co., Ltd.,
Foretseine Co., Ltd., Urban Life Co., Ltd., Nippon Intelligent-Building Systems Corporation,
MT Genex Corp., Mori Trust Asset Management Co., Ltd., Shiroyama Heating & Cooling Supply Co.,
Ltd., Universal Express Co., Ltd., Toyo Housing Management Inc., Urban Life Jyutakuhanbai Co., Ltd.
○Equity-Method Affiliates (4 companies)
Parco Co., Ltd., MORI TRUST Sogo Reit, Inc., URBAN SERVICE Co., Ltd., Morikiyo Co., Ltd.
(As of March 31, 2005)< Next page: Overview of FY 2004 business performance >-1-

Overview of FY 2004 business performance○Operating revenues and ordinary income both increased. Operating revenues registered a record highof ¥124.9 billion, an increase of 3.0% over the ¥121.2 billion stated the previous year. Ordinary
income increased for the eleventh consecutive year since fiscal 1994, growing 9.5% from the previous
year to ¥30.9 billion, a record high.
○Looking at a breakdown of operating revenues, lease-related income increased 1.0% over the previous
fiscal year to ¥57.8 billion. There was a decrease in operating space due to selling off leased buildings
and lower revenues during construction related to large-scale remodeling, but the office market incentral Tokyo picked up entering the second half of the year, causing vacancy rates to drop in large
A-class buildings, the Company’s mainstay business, and rent levels to trend upward. In addition,
there were contributions from operating Marunouchi Trust Tower North for the full year andacquiring Akasakamitsuke MT Bldg. (formerly Tokyo Suntory Building). As a result, lease-related
income for the term increased slightly.
○Hotel-related income increased 1.2% over the previous fiscal year to ¥27.9 billion. The businessenvironment was severe due to heightened competition in the hotel industry. However, new productdevelopment, including partial facilities remodeling at the Yokohama Grand InterContinental Hotel,
proved successful, and the existing hotel business (Mori Kanko Trust, Mampei Hotel, Yokohama
Grand InterContinental Hotel) was firm, owing in part to the contribution of membership sales for theGranforet Villa Gora Club, an upscale individual-membership resort club.
○Real estate sales of ¥21.4 billion were recorded due to selling off certain property holdings, including
the sale of Osaki MT Bldg. to the Mori Trust Sogo REIT. Such sales declined 9.7% from the previousyear, which saw a large number of properties sold to real estate investment trusts.
○Other income jumped 39.9% over the previous year to ¥17.7 billion, owing in large part to income
from interior construction on leased spaces accompanying completion of the Tokyo Shiodome Building.
○Ordinary income growing 9.5% over the previous fiscal year to ¥30.9 billion. In addition to theincrease in operating income from higher operating revenues, interest payments were lower owing tofurther improvement in loan conditions and increased income from equity-method affiliates, among
other factors.

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Business performance projections for FY 2005

○The Company forecasts operating revenues for the year ending March 2006 at approximately ¥135.5billion, which would constitute an increase of approximately ¥10.6 billion.
○Looking at a breakdown of operating revenues, lease-related income is anticipated to increase to ¥59.0billion because the office market is expected to be firm and the Tokyo Shiodome Building will be inoperating for the full term.
○Hotel-related income is projected to increase approximately ¥5.1 billion to ¥33.0 billion as the existing
hotel business, which includes income from sales of memberships to the Granforet Villa Gora Club
continuing on from the previous term, is expected to perform well and income is expected from the Conrad
Tokyo, which opened July 1, 2005.
○Income from real estate sales is projected to increase by approximately ¥10.1 billion to ¥31.5 billion.
Urban Life Co., Ltd. is expected to be added to the scope of consolidation and income from sales ofcondominium units by Foretseine Co., Ltd is projected along with income from sales of other properties.
○A normal year is expected in regard to other income as there will be no special factors such as thecompletion of a new building. Other income therefore is forecast to decrease by ¥5.7 billion to ¥12.0billion.
○Operating income, ordinary income, and net income are projected to increase alongside the increase inoperating revenues as no special changes are forecast.

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FY 2004 business summary○In October 2004 Mori Trust acquired 50.68% voting rights in Urban Life Co., Ltd. by purchasing
additional shares in the company. Mori Trust was already the company’s largest shareholder. This waspart of Mori Trust’s efforts to strengthen its upscale condominium business, as Urban Life has a trackrecord in this business in the Kansai area. With the acquisition, Urban Life changed from anequity-method affiliate of Mori Trust to a consolidated subsidiary.
○In October 2004 Mori Trust established MT&Hilton Hotel Co., Ltd. to manage the Conrad Tokyo, which
opened in the Tokyo Shiodome Building July 1. 2005.
○In December 2004 Foretseine Co., Ltd began construction on Foretseine Meguro Tairamachi in theTairamachi area of Meguro Ward, Tokyo. The new construction will be the second upscale condominium
developed under the Foretseine brand, which is based on the concept of providing low-rise, upscale
residences surrounded by nature.
○In January 2005 the Tokyo Shiodome Building was completed with 100% of the building in operation.
The building was developed by Mori Trust and Sumitomo Realty & Development Co., Ltd. in an areawith a full view of the Tokyo waterfront. It faces the Hamarikyu Garden, which features a rich natural
setting being in the Tokyo Shiodome Redevelopment Zone.
○Pedi Shiodome, which is a commercial facilities zone in the Tokyo Shiodome Building developed jointly
by Mori Trust and Parco Co., Ltd., opened in February 2005.
○In February 2005 Mori Kanko Trust completed construction on the Granforet Villa Gora Club, anupscale individual-membership resort club with a Banyan Tree spa, an Asian spa of surpassing quality.
The club was developed around the theme of healing in connection with nature. It opened March 31.
○In February 2005 Mori Kanko Trust completed a novel, modern wedding facility, Water Forest. It wasdeveloped in the Hotel Laforet Biwako on the theme of “A New York Wedding,” and opened in March2005.
○In March 2005 Mori Trust acquired 800,000 shares (7.15% of shares outstanding) in Himaraya Co., Ltd.
(president: Yusaku Komori), a general sporting goods retail chain based in Gifu, Gifu Prefecture,establishing a business and equity alliance with the company.

-4-FY 2005 business summary○In April 2005 Mori Trust, in partnership with JTB Corp. (head office: Shinagawa-ku, Tokyo; president:Takashi Sasaki) and its group companies, launched a plan to rebuild the Hotel Sunroute Tokyo as theHotel Sunroute Shinjuku (provisional name) and establish it as the flagship hotel in the Sunroute hotelchain. The new hotel is scheduled to open in the fall of 2007.
○In April 2005 Urban Life began sales of units in Urban Life Midosuji Honmachi Tower, a super high-riseearthquake-resistant condominium tower with 33 aboveground floors. The building is in a favorable
location just one minute by foot from Osaka’s Honmachi Station, on the Midosuji Line.
○In May 2005 Foretseine started construction on Foretseine Azabu Nagasaka, which is slated to be thethird building in the Foretseine brand series of upscale condominiums in which the company is involved.
Construction on the condominium is scheduled to be completed in September 2006.
○In June 2005 Mori Trust acquired 5, 980 shares of new stock issued by Foretseine for a capital infusion,bringing Mori Trust’s holding in the company to 80.36%. This move was part of Mori Trust’s efforts tostrengthen its position in the upscale condominium market. Foretseine’s project development activities
are specialized in developing residence condominiums in exclusive areas of central Tokyo.
○The Conrad Tokyo opened in July 2005. It is the East Asian flagship for the Conrad brand of luxury
hotels, which are operated by the Hilton Group, a world-class hotel chain. MT&Hilton Hotel will
manage the hotel.
○Mori Trust plans to begin construction in August 2005 on the Marunouchi Trust Tower Main Building,the second building in the Marunouchi Trust Tower project, which is being developed on land adjacent toTokyo Station based on the concept “Grand Central.” The tower will be a super high-rise, complex
building with offices, a hotel, and commercial facilities. Plans call for the tower, which matches thecharacter of central Tokyo, to function as a base for global business, tourism assistance, andinternational exchange. The project has been approved as a special urban renewal zone by the city ofTokyo. Construction on the project is scheduled to be completed in March 2008.

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Property Overview○ Mori Trust Properties■ Marunouchi Trust Tower North and MainLocation

1 Marunouchi, Chiyoda-ku, Tokyo

Lot Area

12,026.77 ㎡（Main Building & North）
Approx. 181,000 ㎡（Main Building & North）

Total Floor Area

Number of Floors
Total Floor Area
Uses

Building Completed

North

Main

19 aboveground floors;
3 belowground floors
Approx. 65,000 ㎡
Offices, Stores

37 aboveground floors;
4 belowground floors
Approx. 116,000 ㎡
Offices, Hotel, Stores,
Tourist information
centerMarch 2008
(scheduled)

September 2003

■ Akasakamitsuke MT Bldg. (formerly Tokyo Suntory Building)
Location
Number of Floors
Lot Area
Total Floor Area
Building Completed

1 Motoakasaka, Minato-ku, Tokyo
12 aboveground floors; 2 belowground floors
2,222.96 ㎡
17,171.15 ㎡
February 1975

■ Tokyo Shiodome Building
Location
Number of Floors
Lot Area
Total Floor Area
Uses
Building Completed

1 Higashi-Shimbashi, Minato-ku, Tokyo
37 aboveground floors;
4 belowground floors
17,847.67 ㎡
190,256.92 ㎡
Offices, Hotel, Commercial facilities
January 2005

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■ Conrad Tokyo
Location

Total Floor Area
Guest Rooms
Facilities

Opened1 Higashi-Shimbashi, Minato-ku, Tokyo
Tokyo Shiodome Building 28th – 37th floors;
Annex 1st, 2nd floors
Approx. 37,000 ㎡ （hotel portion）
290 rooms（including 68 suites）
Guest rooms (30th – 37th floors)
Restaurants (Modern French, Japanese, Chinese)
Bar and lounge, meeting rooms, lifestyle and cigar
shop (28th fl.)Spa and fitness room (29th fl.)Wedding chapel, banquet hall, beauty salon (Annex1st, 2nd floors)
July 1, 2005

■ Pedi Shiodome
Location
Operating SpaceStoresOpened1 Higashi-Shimbashi, Minato-ku, Tokyo
Tokyo Shiodome Building B2, B1, 2nd floorsApprox. 4,500 ㎡
25stores (5 goods; 15 eating & drinking; 5 service)
February 16, 2005

■ Hotel Sunroute Shinjuku (provisional)
Location
Number of Floors
Lot Area
Total Floor Area
Guest Rooms
Scheduled Opening

2 Yoyogi, Shibuya-ku, Tokyo
14 aboveground floors,
1 belowground floor
3,175.30 ㎡
21,338.78 ㎡
624 rooms（480 singles; 144 twins）
Fall 2007-7-○ Mori Kanko Trust Properties■ Granforet Villa Gora Club
Location
Number of Floors
Lot Area
Total Floor Area
Guest Rooms
Building CompletedGora, Hakone-machi, Ashigara-gun,Kanagawa Prefecture
5 aboveground floors;
2 belowground floors
5,951.63 ㎡
14,040.72 ㎡
80 rooms
February 2005

■ Water Forest
Location
Number of Floors
Total Floor Area
Facilities
Building Completed

Imahama-cho, Moriyama-shi, Shiga Prefecture(in Laforet Biwako)
2 aboveground floors
1,286.02 ㎡
Chapel, 2 banquet halls
February 2005

○ Foretseine Properties■ Foretseine Meguro Tairamachi
Location
Number of Floors
Total Floor Area
Units
Scheduled Completion

1 Tairamachi, Meguro-ku, Tokyo
3 aboveground floors;
1 belowground floor
6,167.32 ㎡30 units
March 2006

■ Foretseine Azabu Nagasaka
Location
Number of Floors
Total Floor Area
Units
Scheduled Completion

Azabu Nagasaka-cho, Minato-ku, Tokyo
5 aboveground floors;
1 belowground floor
2,969.93 ㎡
13 units
September 2006-8-○ Urban Life Properties■ Urban Life Midosuji Honmachi Tower
Location
Number of Floors
Structure
Total Floor Area
Units
Scheduled Completion

3 Minami Honmachi, Chuo-ku, Osaka-shi, Osaka
33 aboveground floors
Seismic isolation structure
12,266.87 ㎡
115 units
March 2007

Mori Trust Group: Total floor area leased or managed■ Leased or managed facilities (as of July 2005)○Leased buildings:Approx. 1,370,000 ㎡ (61 buildings)○Hotels:

17 hotels (Approx. 3,120 guest rooms)(Laforet Clubs in 13 locations, Granforet Villa Gora Club, Mampei Hotel,
Yokohama Grand InterContinental Hotel, Conrad Tokyo)
Total floor area

-9-Approx. 1,660,000 ㎡

Mori Trust Group: summary of consolidated companies

Mori Trust Holdings Inc.

Mori Trust Co., Ltd.

Location
Representatives
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Akira Mori, Aiko Negishi
August 1951
1.0 billion yen
・Shareholder in group companies
・Property ownership and leasing

Toranomon, Minato‑ku, Tokyo
Akira Mori
June 1970
9 billion yen
・Urban development
・Property ownership, leasing

Mori Kanko Trust Co., Ltd.

MT Facility Service Co., Ltd.

Location
Chair
President
Established
CapitalBusiness sectors

Location
Chair
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Akira Mori
Hiroshi Shimamoto
February 1973
6 billion yen
・Development and operation of the Laforet Club
hotel system for corporate members

Mampei Hotel
Location
Chair
General Manager
Established
CapitalBusiness sectors

Yokohama Grand InterContinental Hotel Co., Ltd.
Toranomon, Minato‑ku, Tokyo
Yasuharu Sato
Kazuyasu Abe1894
Approx. 529.7 million yen
・Ownership and operation of the Mampei Hotel

Location
President
Established
CapitalBusiness sectors

MT&Hilton Hotel Co., Ltd.
Location
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Akira Mori
Satoshi Mori
April 2002
100 million yen
・Agents for building owners
・Building operation management, design,and subcontracting

Minato Mirai, Nishi‑ku, Yokohama‑shi, Kanagawa
Kazuoki SoneMay 1988
1.631 billion yen
・Operation ofInterContinental the Grand Yokohama

Foretseine Co., Ltd
Location
Toranomon, Minato‑ku, Tokyo
President
Nobuo Konomi
Established
August 2001
Capital
499 million yen
Business sectors ・Urban residential planning and development

Toranomon, Minato‑ku, Tokyo
Kazuoki Sone
October 2004
20 million yen
・Operation of the Conrad Tokyo

Urban Life Co., Ltd.

Nippon Intelligent‑Building Systems Corporation

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Minamisenba, Chuo‑ku, Osaka‑shi, Osaka
Takayuki Yamada
July 1970
Approx. 6.554 billion yen
・Development, planning, and sales of condominiums,
office buildings and stores

MT Genex Corp.
Location
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Masato Date
May 1986
150 million yen
・Building operations/management
・General consulting

Mori Trust Asset Management Co., Ltd.
Toranomon, Minato‑ku, Tokyo
Hirokazu Takahashi
October 1945
Approx. 1.072 billion yen
・ Manufacture and sale of exterior products, etc.

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Masaki Murata
February 2000
400 million yen
・Operation of real estate investment trusts

Shiroyama Heating & Cooling Supply Co., Ltd.

Universal Express Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Toranomon, Minato‑ku, Tokyo
Akira Mori
November 1989
300 million yen
・Local heating and cooling services
in the Shiroyama hills and surrounding district

Nihonbashihoncho, Chuo‑ku, Tokyo
Yoshinobu Ikeda
May 9, 1970
155 million yen
・Sales and planning for domestic
and overseas organized travel

Toyo Housing Management Inc.

Urban Life Jyutakuhanbai Co., Ltd.

Location
President
Established
CapitalBusiness sectors

Location
President
Established
CapitalBusiness sectors

Roppongi, Minato‑ku, Tokyo
Nobuo Konomi
November 1979
10 million yen
・Leasing management and operations of real estate

Minamisenba, Chuo‑ku, Osaka‑shi, Osaka
Seiichi Shimizu
July 1982
300 million yen
・Planning and sales of condominiums,brokerage ofdealing, leasing and operations of real estateMori Trust Group: summary of equity-method affiliates
Parco Co., Ltd.

Mori Trust Sogo REIT, Inc.

Location
Minamiikebukuro, Toshima‑ku, Tokyo
EstablishedFebruary 1953
Business sectors ・Development, operation, consulting,and property management for shopping centers, etc.

Location
Toranomon, Minato‑ku, Tokyo
Established
October 2001
Business sectors ・Investment in real estate and asset‑
backedsecurities investing primarily in real estate

URBAN SERVICE Co., Ltd.

Morikiyo Co., Ltd.

Location
Minamisenba, Chuo‑ku, Osaka‑shi, Osaka
Established
April 1979
Business sectors ・General management of condominiums
and other buildings, etc.

Location
Roppongi, Minato‑ku, Tokyo
EstablishedMay 1955
Business sectors ・One of the holding companies (40%)
for Mori Building Co., Ltd.

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