Tokyo, August 1, 2006 -- PARK24 announced the appointment of a temporary auditor, pursuant to Article 346, paragraphs 4 and 6 of Japanese Company law, upon the approval of the Board of Auditors meeting held today.

1. Reasons for selecting a temporary auditor
PARK24's independent public accountant, ChuoAoyama PricewaterhouseCoopers, lost its status to serve as the auditor of PARK24 after the firm was ordered by the Financial Services Agency on May 10, 2006, to suspend operations for two months, from July 1 to August 31, 2006. In order to avoid the absence of an independent public accountant while the suspension is in effect, PARK24 has appointed a CPA, Mr. Takeshi Mori, to serve as the temporary auditor so that the auditing operations of the company may continue without interruption.
On September 1, 2006, when the suspension period ends, ChuoAoyama PricewaterhouseCoopers will also be appointed as the temporary auditing firm. PARK24 intends to secure fair auditing function by having the two firms jointly audit its business operations.

2. Name and address of the previous full-time auditor

3. Name and address of the temporary auditor