Starts Corporation Inc. · TSE:8850

Starts — FY2007 Earnings Presentation

26 slides from Starts's earnings presentation, May 29, 2007

1. Slide 1: Starts Corporation results presentation

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2. Slide 2: .2007 .2008

   .2007 3 .2008 3 1

3. Slide 3: @SARIS

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4. Slide 4: Group subsidiaries

   1 1 2 2 Starts International Hawaii Inc. 1 Starts Pacific Inc. 1 Starts GuamGolf ResortInc. Starts International Australia Pty,Ltd. 2 Starts International Korea Co.,Ltd. 2 2 Starts (shanghai) Real Estate Service Co.,Ltd. 2 1 StartsDeutschlandGmbH. 2 StartsHong kongCo.,Ltd. 2 2 Starts International (

5. Slide 5: Results highlights

   30.8 UP 31.4 UP 18.7 UP 16.3 UP 2007 3 2006 4 1 1 2 EPS 5.25 3.5 4

6. Slide 6: @SARIS

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7. Slide 7: J-REIT

   1. 419 46 22.7 46 65 19.7 2. 75 381 42 7.0 24 50 15.6 16 86 3. 113 236 88 J REIT 229 90 186.6 6 98 20 4. 60 220 118 40 18.4 8 15 53.8 6

8. Slide 8: 04/3 05/3 06/3 07/3 08/3 09/3

   2 3 04/3 05/3 06/3 07/3 08/3 09/3 56 62 63 83 102 120 7

9. Slide 9: e @

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10. Slide 10: @SARIS

    @SARIS 35 42

11. Slide 11: @SARIS

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12. Slide 12: 7.7 13.9 37.0 6.9 11.6 34.8 .6 11 10.4 38 36.2 3 11

    64 5 9 7.7 13.9 24 37.0 1 86 6 10 6.9 11.6 30 34.8 2 105 7 6.6 11 10.4 38 36.2 3 11

13. Slide 13: 2002/03 2007/03 ,

    2002/03 3 2 21 28 220 332 2007/03 , 6 24 46 8 12

14. Slide 14: 92,022 110,543 168,436 213,612 301,000 424,000 1,300 1,100 / 1,000 / 4,000 144 340

    92,022 110,543 168,436 213,612 301,000 424,000 1,300 1,100 / 1,000 / 4,000 144 340 7.5 / 7.5 / 13

15. Slide 15: 70,296 76,507 84,624 96,280 107,500 120,500 / /

    70,296 76,507 84,624 96,280 107,500 120,500 35 / 1 / 14

16. Slide 16: @1,160 / @ 7.5 /

    500 415 332 258 182 140 84 109 75 @1,160 / @ 7.5 / 15

17. Slide 17: 24

    24 16

18. Slide 18: @SARIS

    @SARIS 17

19. Slide 19: 07/3 5,527 15,759 / 08/03 6,000 6,000 / 1,050

    07/3 5,527 15,759 35 / 08/03 6,000 6,000 35 / 50 1,050 18

20. Slide 20: @SARIS

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21. Slide 21: @SARIS

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22. Slide 22: 3 DK 1LDK

    3,112 3DK 1LDK ( IH ) 3,112 @1 30 3,112 @2,000 25 3,112 @50,000 25 933 15.5 3 11.6 21

23. Slide 23: 18,986 11,144 2006 144,000 26.28 @48,680 12,000 3,600 7,200 10,400 24,000 12,000 1,350 132,000

    80 20 18 2 18,986 21 18 11,144 2006 12 144,000 26.28 @48,680 12,000 3,600 7,200 10,400 24,000 12,000 1,350 132,000 314,000 22

24. Slide 24: 2007 • • • • • 20,000 35,000 106,000

    40 2007 4 • • 49 • • • 238 20,000 35,000 106,000 23

25. Slide 25: 2007/07 07/3 08/3 2006/03 2007/03 81.2 86.8 06/03 07/03 8/03 09/03 24

    2007/07 07/3 08/3 2006/03 2007/03 81.2 86.8 34 06/03 07/03 08/03 09/03 24

26. Slide 26: @SARIS

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Starts — FY2007 Earnings Presentation on 6ix