RHJ International

Phoenix Resort K.K.

Headquarters : Japan
Industry : Hospitality Segment

Stock Exchange ticker	Privately held
Current Ownership	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.

Phoenix_seg

KEY FIGURES

Financial information for the Japanese companies has been translated for convenience into Euros using the exchange rate prevailing March 31, 2009 (EUR/JPY = 131.23)

change

March 31 (*)	2009	2008
Net sales	12,327	14,478
Gross profit	1,530	2,260
Gross margin	12.4%	15.6%
EBITDA	297	989
EBITDA margin	2.4%	6.8%
Operating profit/(loss)	(701)	(112)
Net profit/(loss)	(517)	(547)
March 31	2009	2008
Cash	455	644
Financial debt	7,144	7,777

(*) 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.