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Shinko Real Estate to be established
September 28, 2005

Kobe Steel, Ltd. and Kobelco Development Co., Ltd. announced today that effective October 1, 2005, Kobe Steel, Ltd.'s real estate business would be transferred to Kobe Steel's 100% owned subsidiary Kobelco Development and the merged operation would be renamed Shinko Real Estate Co., Ltd. This announcement was originally made on April 28, 2005.

Pursuing the benefits of group management, Kobe Steel decided it would be more advantageous for the business to operate independently for greater flexibility. Kobe Steel aims to further grow the real estate business as one of the main segments of the Company.
Outline of the New Company
1. Name: Shinko Real Estate Co., Ltd.
2. Establishment: October 1, 2005
3. Head office: Kobe, Hyogo, Japan
4. Capital: 3 billion yen (Additional paid-in capital of 38.4 billion yen and retained earnings of 3.6 billion yen will provide capital totaling 45 billion yen.)
5. Shareholder composition: Kobe Steel, Ltd. 100%
6. President: Yasunobu Fujikawa
(Currently Senior Officer at Kobe Steel and President of the Real Estate Company at Kobe Steel)
7. Employees:
(At October 1, 2005)
1,500 (consolidated)
200 (non-consolidated)
8. Real Estate segment sales:

Shinko Real Estate sales:
(FY2008 targets)
FY2004 Real Estate segment sales
32.4 billion yen (consolidated)
22.2 billion yen (non-consolidated)

FY2005 forecast
45 billion yen (consolidated)
34.6 billion yen (non-consolidated)

43 billion yen (consolidated)
35 billion yen (non-consolidated)
9. Ordinary income:
(FY2008 targets)
3 billion yen (consolidated)
2 billion yen (non-consolidated)
10. Business: Real estate development, construction, property sales, leasing, brokering, remodeling, building management, condominium management and insurance services
11. Other related Kobe Steel Group companies: Shinko Insurance Service, Hachinohe Waterfront Development, Jikurefu Service, Shinko Kosan Kensetu, Shinko Kosan Building Service, Shinko Kosan Expert Service, Shiroyama Kaihatu, Aono Resort

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