Hotel Management International K,K.,has become a “Qualified institutional lnvestor（Qll）”and was officially registered on June 1 st of this year.

Qlls are so-called”professional” investors, including banks, securities companies,and

Investment advisory companies, who are recognized as having specialized knowledge and experience in securities investment as stipulated in Financial lnstruments and Exchange Act.

As legally recognized investment professionals, Qlls are exempt from some of the restrictions under Financial instrments and Exchange Act. For example, Qlls are able to access financial

Product which are not available to the general investor but only available to professional Investors.