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dateNovember 18, 2004
Joint Establishment of New Company

On November 18, 2004, Rakuten, Inc. announced the joint establishment of a new company. The new company, GREE, Inc. will offer social networking services. The planned date of establishment is December 7, 2004. The representative director of the company is Mr. Yoshikazu Tanaka who will also serve as President and CEO. The company will be capitalized at 10 million yen of which our company will take a 10% equity stake. Mr. Takashi Yoshida, Senior Executive Officer and Director of our company will serve as a Director of GREE, Inc. GREE, Inc. launched services in February 2004. On November 1, 2004, GREE, Inc. had approximately 110,000-registered members. (For full release, please refer to Japanese IR release.)

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