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March 19, 2002
Plaza Create Co., Ltd.

To Whom It May Concern:

Notice of Establishment of a Subsidiary

Plaza Create Co., Ltd. (hereinafter the "Company") hereby announces the establishment of a wholly owned subsidiary as follows.

1. Outline of the Subsidiary
(1) Company Name: RECRE, INC.
(2) Date of Establishment:March 19, 2002
(3) Head Office: 3-1-16 Misakicho, Chiyoda-ku, Tokyo
(4) Representative:Fumiya Imamura, President and Representativ
e Director (a managing director of the Company)
(5) Capital:200 million
(6) Major Shareholder: Plaza Create Co., Ltd. 100%
(7) Purpose of the Company:
Purpose of the company To upgrade and expand primarily the non-PC
(communication terminals other than personal
computers) sector in software operations Main
businesses

1) Planning, development, sales, import and export, maintenance and repair, and leasing of information processing software and Internet software
2) Planning, development, production, sales, import and export,
maintenance and repair, leasing, and contract operation and
management of computerized information processing systems and
telecommunications network systems
3) Planning, production, sale, import and export, repair and maintenance, and leasing of digital content related to still images, moving images, audio, and text
4) Image information, audio information, and text information
production, storage, sale, import and export, transmission, editing
and provision services business

(8) Capital, Personnel and
Business Relationship
with the Company:
Capital relationshipThe subsidiary will be established as a wholly
owned subsidiary of the Company.
Personnel relationship The Company's managing director Fumiya Imamura
will serve concurrently as the subsidiary's president
and representative.
director.
Business relationship None
(9) Number of Employees: Twelve

2. Reason for Establishing the Subsidiary
The Company has long considered entering the software development business. As a result of deliberations, the Company is convinced that there are strong needs for software development for non-PC devices (communication terminals other than personal computers) including mobile devices and that the market will rapidly expand, and will establish a subsidiary to enter the business.

3. Schedule for Establishing the Subsidiary
(1) Company Registration March 19, 2002
(2) Start of Operations March 19, 2002

4. Impact on Future Business Performance
Establishment of the subsidiary will have a negligent effect on the Company's non-consolidated and consolidated business results for the current fiscal year (from April 1, 2001 to March 31, 2002).

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