RHJ International

Phoenix Resort K.K.

Headquarters : Japan
Industry : Hospitality Segment

Stock Exchange ticker	Privately held
RHJI Ownership as of March 31, 2008	100.00%

Overview of Activities

Phoenix Seagaia Resort (http://www.seagaia.co.jp/) is a resort complex located in Miyazaki Prefecture on Kyushu, the southernmost of the main islands of Japan. Miyazaki has a suitable climate for year-round outdoor activities.

The principal assets of the Phoenix Seagaia Resort are situated in a historic 750-acre pine forest that extends over 10 kilometers along the Pacific Ocean coastline, which is just outside the city of Miyazaki and 20 minutes from the airport. Phoenix Seagaia Resort includes golf courses, lodging facilities, renovated spa (onsen) and fitness facilities, one of the largest convention centers in Japan and a tennis club.

PSR Pie Chart

KEY FIGURES

Financial information for the Japanese companies has been translated for convenience into Euros using the exchange rate prevailing March 31, 2008 (EUR/JPY = 157.37)

change

March 31 (*)	2008	2007
Net sales	14,478	14,569
Gross profit	2,260	2,501
Gross margin	15.6%	17.2%
EBITDA	989	925
EBITDA margin	6.8%	6.3%
Operating profit/(loss)	(112)	164
Net profit/(loss)	(547)	(391)
March 31	2008	2007
Cash	644	1,034
Financial debt	7,777	8,570

(*) Excluding the effect of the purchase price allocation carried out in connection with the contribution of the ownership intetests to RHJI at March 31, 2005.