PARK24 hereby announces that a meeting of the Board of Directors held on March 24, 2009 resolved to make Mazda Car Rental Corporation (hereafter "MRC") a PARK24 subsidiary through an acquisition of its shares.

1. Reasons for Acquisition of Shares

PARK24 believes that its business mission is to build a new driving culture by making the most of its business assets, or resources.

The environment surrounding cars has been changing recently, with the estrangement of young people and growing environmental awareness. People's attitudes are also changing from "owning" to "using" cars. As a consequence, the Company has decided to make MRC-which has 385 sales bases throughout Japan, owns 20,000 vehicles, and engages in car sharing service in addition to a car rental service-a subsidiary. The acquisition will allow PARK24 to be among the first to develop an environment in which people can easily use a car without actually owning one.

By assimilating MRC's brand power and know-how, vehicles and facilities (Times parking lots), membership assets (resources), and other strengths, PARK24 will reinforce its car rental business and make the most of synergies by, for example, promoting the car sharing service and improving revenues from the Times business.

While ensuring and creating new opportunities for revenues from these measures, the Company is determined to maximize revenue from the core business.

The PARK24 Group will build a new car society and offer drivers an optimal way to enjoy automobiles.

2. Profileof the Subsidiary (Mazda Car Rental Corporation)

3. Performance inRecent Business Years

PARK24 will acquire 71,500 shares issued and outstanding from Daiwa SMBC Capital Co., Ltd., Sumitomo Mitsui Auto Service Company, Limited, Seishi Uenishi and two other shareholders.

5. Number of Shares Acquired, Acquisition Value, and Status of Shares Held Before and After Acquisition

1. Number of shares held before acquisition: None (shareholding: -%)
2. Number of shares acquired: 71,500 shares (Acquisition value: 2,071 million yen)
3. Number of shares held after acquisition: 71,500 shares (shareholding: 98.6%)

6. Schedule

March 24 (Tuesday) 2009: Share transfer agreement concluded
March 31 (Tuesday) 2009: Share acquisition date

7. Forecasts

Forecast consolidated performance after acquisition

Projections of consolidated business results the term ending October 31, 2009 
(from November 1, 2008 to October 31, 2009) 
(%: changes from the same period of the previous year)