TAKEFUJI CORPORATION   15-1 Nishi-Shinjuku 8-chome,Shinjuku-ku, Tokyo 163-8654 Japan November 10, 2004 For release    Immediately Representative Megumu Motohisa, President Contact Investor Relations Tel: 81-3-3365-8011 Fax: 81-3-3365-8070 Stock Code No. 8564 TYOSE Re: Change in one of principal shareholders The following change has occurred as of November 9, 2004 with regard to the holding of one of the principal shareholders (as defined under the Securities Exchange Law) of TAKEFUJI CORPORATION ("the Company") 1. Background to the change   On November 9, 2004, the Company received a report from YST Investments B.V. ("YST Investments") regarding a transfer by way of trust of part of its shareholding in Takefuji. According to the report, YST Investments will not retain any right to exercise or to provide instructions on the exercise of voting rights on the shares in trust. 2. Information on YST Investments   (1) Company name: YST Investments B.V. (2) Location of the head office: Amsterdam, Netherlands (3) Representative: R.J.H.M Althoff (4) Business: Investments in securities and properties 3. Number of shares (and voting rights) held, and ratio of total voting rights   No. of shares owned (No. of voting right) Percentage of total voting rights * Rank on the shareholder's list Prior to the change 15,698,800 shs (1,569,880) 11.16% 2nd After the change 4,128,800 shs (412,880) 2.93% 9th * Number of shares which do not give rise to voting rights and is deducted from the total shares outstanding        6,592,870 shs Number of shares outstanding as of September 30, 2004        147,295,200 shs 4. Further plans   YST Investments, the former principal shareholder, also advised us that it plans to entrust the remaining 4,128,800 shares (representing 412,880 voting rights or 2.93% of total) to the same type of trust shortly. Back by Takefuji co.