TOSEI CORPORATION LISTS ON THE SGX

Tosei Corporation

Toranomon Tosei Building,

4-2-3 Toranomon, Minato-ku, Tokyo

105-0001　Japan

TOSEI CORPORATION LISTS ON THE SGX

• Milestone event as the first Japanese company to seek secondary listing on the SGX in more than a decade
• Gateway for regional investors to invest in real estate in Japan
• Proxy to Japan’s real estate market, which has signs of bottoming-out

Singapore, 27 March 2013 – Tosei Corporation ("Tosei" or the "Group") (TSE stock code: 8923; SGX stock code: S2D), a Japanese company with diversified real estate businesses, has successfully secondarily listed on the Mainboard of the Singapore Exchange Securities Trading Limited ("SGX") by way of an introduction ("Introduction"). Tosei is the first Japanese company to seek a secondary listing in Singapore in more than a decade, in response to the SGX’s call for more Japanese and Asian firms to list here.

Tosei was listed on the Second Section of Tokyo Stock Exchange ("TSE") in 2006 before being transferred to the First Section of the TSE in 2011. Upon listing in Singapore, Tosei’s shares will continue to be listed and traded on the TSE. The closing market price of Tosei’s shares quoted on 27 March 2013 was JPY 103,300, equivalent to S$1,355.60（＊1）, implying a market capitalisation of approximately JPY 47.2 billion or S$619.3 million. Quotation and trading of Tosei’s shares will only commence on the SGX when Tosei conducts future fund-raising through an offering of shares in Singapore, subject to the receipt of regulatory filings and approvals in Japan and Singapore where required, as well as prevailing market conditions.

President & CEO, Tosei Corporation, Mr Seiichiro Yamaguchi, presenting a Japanese Fortune Rake to EVP & Head of Listings, Singapore Exchange, Mr Lawrence Wong. (Photo from SGX)

Daiwa Capital Markets Singapore Limited was the Sole Global Coordinator and Manager of the Introduction and Rajah & Tann LLP acted as the legal adviser to the Introduction and to Tosei as to Singapore law.

Mr Seiichiro Yamaguchi, the President and CEO of Tosei said: We are of the view that the domestic real estate market in Japan, especially in the Tokyo area, is about to bottom-out. Since the beginning of 2012, there has been a higher purchase demand for office buildings. The market for condominium and detached housing projects has also become more active in recent months. In line with these trends, we plan to expand and reinforce our key growth drivers, namely our revitalisation, development and fund businesses. We believe that our listing on the SGX will enable investors to recognise the Tosei brand outside of Japan. This also coincides with our plans of using Singapore as our base for expansion into the South-east Asian region. With Tosei being in Singapore, the heart of South-east Asia, we also hope to attract investors in the region to invest in the Japanese real estate market."

(*1) Bloomberg data, based on an exchange rate of JPY 76.20 to S$1.00, 27 March 2013

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• TOSEI CORPORATION LISTS ON THE SGX