HIVIC CO.

HIVIC CO., LTD., a Japan-based company, is mainly engaged in the manufacture and sale of housing materials, the construction of houses and the operation of other business activities. Along with its subsidiaries, the Company has three business segments. The Housing Material Manufacture and Sale segment is engaged in the manufacture and sale of precut products for conventional wooden housing and two-by-four precut products, as well as the sale of construction materials, housing facilities and equipment and wood materials. The Housing Construction segment is involved in the construction and sale of precut products, as well as the construction and refurbishment of conventional wooden housing. The Others segment is engaged in the leasing and sale of real estate. The Company has eleven subsidiaries and one associated company.As of October 1, 2008, the Company fully acquired a associated company.