June, 2006

The master agreement between the Club and MEC was signed on June 30 and signals the beginning of the main project stage. This confirms the Club’s intention to construct a Club at Takanawa and relocate there at the end of 2007. Provisional dates are to be between the Christmas and New Year period.

The Club at Takanawa is being designed by Mitsubishi Jisho Sekkei (MJS) and Takenaka shall be responsible for the construction as part of the agreement with MEC.

Following our relocation, the demolition of the Azabudai Club and Azabu Towers will commence at the beginning of 2008. The foundation works of the new Club at Azabudai are expected to commence in mid-2008 and mark the beginning of a 18- to 24-month process to construct the Club.