April 5, 2002 American Appraisal Associates, Inc. and InterRisk Research Institute & Consulting, Inc. Establishing a Valuation Services Firm American Appraisal Associates, Inc. InterRisk Research Institute & Consulting, Inc. American Appraisal Associates, Inc., the world largest valuation consulting firm with its head office in Milwaukee, USA, represented by President & Chief Executive Officer Ronald M. Goergen, and InterRisk Research Institute & Consulting, Inc. with its head office in Chiyoda-ku, Tokyo, Japan represented by President & Representative Director Masashi Yasuda will set up a joint venture on April 10th, 2002 to enter into appraisal market in Japan and begin full-service professional valuation practice. 1. Background and Business Scope American Appraisal Associates, Inc. ("AAA") has been providing valuation services all over the world for over a century. AAA is remarkable in expertise, know-how, longtime experiences and solid performances. It has established its international presence as a fair and independent third-party appraiser utilizing global standards appropriate to the current economic environment. After AAA has studied the markets for the valuation services in Japan by holding seminars and visiting corporate clients, it is recognized that fair and independent professional valuation services are highly demanded and such needs will potentially grow further in future in Japan, too. AAA will set up American Appraisal Japan Co., Ltd. ("AAJ") jointly with InterRisk Research Institute & Consulting, Inc. ("IRRIC"), a member of Mitsui Sumitomo Insurance Group, which is a general think tank and consulting firm handling various types of risks. AAJ will provide its wide-ranging valuation services to corporations, national and municipal governments, and other clientele. IRRIC, on the other hand, will promote penetration of independent third party appraisal business to the Japanese market. AAJ will offer wide-ranging valuation services for the followings; (1) Corporate business value and intangible assets of a corporation, such as brand equities and patents resulting from mergers and acquisitions ("M&A") and corporate restructuring (combining or divesting group companies). (2) Machinery, production equipment, inventory and other related assets for leasing, structured finance, asset based lending, and other business purposes. (3) Commercial, industrial, and investment / development-purpose properties 2. Demands for Valuation Services in Japan It is judged that needs for valuation services are growing in Japan's markets. AAJ will respond to the needs such as described below of corporations and national and municipal governments, extending its top quality and best matched services based on its longtime various experiences and know-how.

(1) Needs for "fair valuation for assets" are mounting as Japanese accounting system is being standardized internationally by introductions of mark-to-market and impairment revaluations, etc. (2)Valuation method of property prevalent in Japan is gradually shifting from conventional one based on prices of similar properties traded recently to cash flow projection from the property. (3)Attention is focused on corporate management aware of importance of intangible assets and invisible off-balance resources such as brand equities, patents and intellectual properties. (4)Opportunities are increasing where a fair and proper valuation is required in such cases as an operation undertaken by private finance initiative (PFI), transforming a unit of a ministry into an independent administrative agency, transition of a government-affiliated corporation or recognized public entities effected by administrative reforms. (5)Necessity for fair and proper valuation made by a third-party is mounting as shareholders have learned to make an increasingly strict surveillance of their company in such transactions as purchases and disposals of assets.

3.AAJ's Excellent Services (1) Valuation made by a fair and independent third-party AAJ acts independently from any interested parties. (2)Valuation based on a method globally standardized and common to practices worldwide (3) Total appraisal capability covering both tangible and intangible assets (4) Know-how and expertise Instead of conventional valuation method based on cost at purchase, AAA has in-house experts in engineering, industry trends, production technology, plant and machinery, etc., and will offer its fair and general valuation services based on their analysis of relevant technology, equipment, and market environment. (5) Reliable services based on longtime experiences and vast database of information (6) Valuation based on on-site survey

4.Examples of Services (1) Assets valuation for a new or joint venture, including intangible assets such as patents and software on initial public offering (IPO) and other occasions (2) Overall M&A valuation for corporate value, including shares of a close-held company and its goodwill (3) Securitization valuation for future revenue from property (4) Assets valuation for a financial or medical institution (5) Fairness opinion on valuation for an M&A or disposals of business unit (6) Fairness opinion on a PFI business plan by municipal government (7)Valuation for present value and residual value of assets under leasing transaction, as well as estimated remaining lives (8) Assets valuation for financial statements purpose in compliance with US SEC rules. (9)Assets valuation for the purpose of balance sheet of an independent administrative agency (including management of fixed assets register)

5.AAJ Profile (1) Name: American Appraisal Japan Co., Ltd. (2) Established: April, 2002 (3) Paid-in capital: ¥50,000,000.- (4) Shareholders: American Appraisal Associates, Inc. (66%) InterRisk Research Institute & Consulting, Inc. (34%) (5) Board members: Chairperson & Chief Executive Officer (CEO) from AAA President & Chief Operating Officer (COO) from IRRIC

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