June 6, 2000 "HEP FIVE" wins Certificate of Merit in International Design & Development Awards Program sponsored by the International Council of Shopping Centers (ICSC) Overall evaluation for planning concept, tenant mix, and aspect Takenaka Corporation Hankyu Realty Co., Ltd The Hankyu Entertainment Park, "HEP FIVE," featuring the beautifully illuminated Ferris wheel in the center of Umeda, Osaka, has won a Certificate of Merit in the International Design & Development Awards Program sponsored by the International Council of Shopping Centers (ICSC), becoming the first Japanese project to win the planning and design award for a commercial project developed solely by a Japanese team. "HEP FIVE," an inner city commercial facility which was opened in November 1998 after planning, design, construction and tenant mix negotiations between the owner, Hankyu Realty, and Takenaka, contains a huge 75-meter diameter Ferris wheel of singular uniqueness. Located in the largest terminal area in western Japan, "HEP FIVE" has vastly improved the urban landscape. The outstanding characteristic of this Ferris wheel is that the passenger loading bay is actually located on the 7th floor of a 10-floor building, enabling the passengers to experience being drawn up through the building into the sky, and giving them the key to a 106-meter-high magnificent view. To offer passengers more comfort, air conditioners have been installed, and BGM is played. For the site to offer real "HEP - Entertainment" to both Japanese and foreign visitors, the color of the outside walls are the same as the adjoining "HEP NAVIO" building (previously known as "NAVIO HANKYU"), foreign tenants have been included in the tenant mix, the complex has been designed to be barrier-free, and it uses an eco-friendly "ice thermal storage system" and a "solar-energy power generation system," thereby giving the complex an international feel, scale and content, from both hard and soft aspects. The development concept of HEP FIVE and its success were the reasons it was awarded a "Certificate of Merit" in the prestigious "Innovative Design & Construction of a New Project" division of the International Design & Development Awards Program. This year many entries from around the world were entered in the "Innovative Design & Construction of a New Project" division, with five projects being awarded top prizes, and ten projects being awarded Certificates of Merit. Two projects were awarded top prizes, and three projects were awarded Certificates of Merit in the "Improvement and Extensions to Existing Buildings" division. The awards breakfast was held at 7:30 am on Tuesday, May 23 at the Las Vegas Hilton Hotel Hilton Center and was one of the main events at the world's largest and most influential ICSC Convention. The winners were introduced by the chairman of the judging committee, followed by a slide show featuring "HEP FIVE" and other winning projects. Because of the limited success vertical retail has met with, particularly in the US, many foreign developers were impressed with the uniqueness of "HEP FIVE." Overview of "HEP FIVE"

Name of project HEP FIVE Location 5-15 Kakuda-cho, Kita-ku, Osaka City Structure Steel, Reinforced concrete Number of the floors 3 fl. below and 10 fl. above ground Total floor space 52,755 m2 Owner Hankyu Realty Co., Ltd. Managing company Hankyu Five Co., Ltd Design Takenaka Corporation Construction Takenaka Corporation and other companies (JV) Opened November 28, 1998

About the International Council of Shopping Centers (ICSC) The International Council of Shopping Centers (ICSC) was established in 1957 for the purpose of exchanging information and promoting interaction between members through education, conferences, conventions, publications, research and legal assistance, in order to support the shopping center business. The council is a nonprofit organization with a history of 43 years, headquarters in New York, and a worldwide membership of 38,000 including developers, investors, retailers, shopping center owners, design offices, government-related organizations and others. There are about 100 Japanese corporate members, including developers, shopping centers, retailers, and design and construction companies. The main activities of the council include having sponsored over 250 conferences and meetings worldwide and distribution of various types of data via the Internet and regular printed publications. Out of these activities, the annual Spring Convention held in May at the Las Vegas Convention Center is the largest gathering, bringing together developers, retailers and others from around the world for direct negotiations. This year the Spring Convention was held at the Las Vegas Convention Center from 23 - 25 May, with 30,000 people from 865 companies participating. Takenaka was the first Japanese company to open a booth at the 1996 Spring Convention, and each year since then has used this opportunity to negotiate with foreign companies on their participation in various projects. A model of the "HEP FIVE" project was displayed at the 1997 convention, and negotiations were carried out along with representatives of Hankyu Realty. A booth was also opened this year, and active negotiations continued with foreign companies. *The ICCS Web Site: http://www.icsc.org *The ICSC Spring Convention Web Site: http://www.icsc.org/cgi/mtdsp?meeting=2000SC