Major Transactions
(Identities of Private Trasactions Are Not Disclosed)

• Broadband Telecommunications Company - Asset Financing
  The originator assigned a portfolio of modems and related customer agreements to an SPC.  The SPC raised funds through senior and mezzanine non-recourse loans and equity contributions through a Tokumei Kumiai (TK) partnership.
  
• A Building Maintenance Company - Real Estate Financing
  The originator assigned a portfolio of real estate constituting shopping center and other commercial properties in Osaka to an SPC.  The SPC raised funds through senior and mezzanine non-recourse loans and equity contributions through a TK partnership.
  
• Tokyo Urban Renovation Project
  The project was sponsored by a leading domestic construction company and a leading developer.  The sponsors gained financing through Tokutei Mokuteki Kaisha (a Japanese SPC, or “TMK”)  via non-recourse syndicated loan and preference shares to purchase the site from Tokyo Met. Government.
  
• A Developer - Real Estate Financing
  The originator assigned a portfolio of apartments under development to an SPC.  The SPC raised funds through senior and mezzanine non-recourse loans and TK limited partnership interest.  TK interest was purchased by a U.S. pension fund.
  
• A Real Estate Firm Affiliated with a Leading Securities Company - Real Estate Securitization
  A leading Japanese securities company securitized certain of its branch offices and dormitories through TMK.  TMK issued notes and preference shares and sold them to institutional investors.
  
• A Japanese regional bank - Retail Mortgage Backed Securities
  A Japanese regional bank transferred its real estate assets to a newly established subsidiary in the form of a contribution in kind.
  
• Private Placement of a Real Estate Fund (TK Partnership)
  Pre-IPO finance of a J-REIT.  International placement of interests in a TK partnership to invest in real properties originated by a large real estate developer.
  
• Securitization of Kikin Saiken Receivables from Life Insurance Companies
  A TMK was established to purchase kikin saiken (subordinated loan receivables which for regulatory purposes are accounted for as equity) from the originator extended to two affiliated life insurance companies.  TMK raised the fund through the issuance of bonds sold to Japanese institutional investors.
  
• Pre-IPO Finance Utilizing Dentsu Shares
  An SPC subscribed straight notes issued by Dentsu Inc., one of the major advertisement agencies in Japan, and a stock purchase option written by a certain shareholder.  Backed by those assets, the SPC issued mandatory exchangeable bonds linked with IPO price of Dentsu shares to Japanese public.
  
• Pre-IPO Finance Utilizing Common Shares of an Operator of Major Conveniencestore Chain
  SPCs were established to purchase common shares of an operator of the convenience store chain in Japan from selling shareholders.  Those SPCs issued senior class of mandatory exchangeable bonds to strategic investors and junior class of bonds effectively representing the residual assets to the sellers.