Investment Bridge Announces Investment Opinion: Bridge Report on NOVARESE Issued: FY12/12 Earnings Weaker Than Expected,

  Investment Bridge Announces Investment Opinion: Bridge Report on NOVARESE
  Issued: FY12/12 Earnings Weaker Than Expected, Estimates Call for Strong
  Growth in Sales, Profits in FY12/13

NOTE TO EDITORS: The following is an investment opinion issued by Investment

Business Wire

TOKYO -- April 04, 2013

Investment Bridge, one of Japan's leading IR services companies, has released
a "Bridge Report" on NOVARESE, Inc. (TOKYO:2128) reviewing its earnings
performance in the earnings results for fiscal year December 2012 and
estimates for fiscal year December 2013.

Report Highlights

  *Sales rose by 6.6% year-over-year, but current profit declined by 7.7%
    year-over-year during fiscal year December 2012 due to pricing competition
    caused by weak consumer sentiment and expenses arising from newly opened
  *Earnings estimates for fiscal year December 2013 call for sales and
    current profit to rise by 8.9% and 13.9% year-over-year respectively owing
    to an increase in orders for weddings and contributions from newly opened
  *The Bridge Report calls attention to NOVARESE's efforts to offer a wide
    range of unique products and services designed to match the diversified
    needs of customers and the contributions from opening of new facilities.

NOVARESE is one of Japan's leading wedding production and related services
providers and it pursues a corporate philosophy of providing entertaining and
unique experiences to its customers in its main businesses of wedding ceremony
production, wedding clothing, and hotels and restaurants operations. NOVARESE
targets Japanese in the latter half of their 20s to 30s and provides them with
simply designed and modern weddings that are highly unique, which in turn
allows NOVARESE to achieve high levels of profitability.

Despite an 8.8% decline in wedding orders outstanding at the term start, sales
rose by 6.6% year-over-year to JPY11.753 billion during fiscal year December
2012 due to NOVARESE's efforts to cultivate demand for general parties and
parties after wedding, and the contribution from weddings held at facilities
newly opened in the previous term. Stagnant growth accompanying difficulties
in cultivating sales at existing facilities compounded by the concentration of
new facilities openings during the second half and associated increases in
anticipatory expenses caused operating profit margin to deteriorate by 1.5%
point and operating profit to fall by 6.6% year-over-year to JPY1.178 billion.
Net profit fell by a larger margin of 28.5% year-over-year due in part to
impairment accounting losses of JPY150 million arising from the closure of
unprofitable facilities.

Fiscal year December 2013 estimates call for sales to rise by 8.9%
year-over-year to JPY12.8 billion due in part to a 10.2% year-over-year growth
in orders outstanding at the start of the term, the full scale launch of
operations at "TENJIN MONOLITH" and "JAMES-TEI" wedding facilities opened
during the second half, and the opening of another two facilities expected
during the coming term. Operating profit is expected to rise by JPY172 million
or 14.6% year-over-year to JPY1.350 billion.

To view the full report, please go to the website at the URL listed below.

About Bridge Report:
Bridge Report is produced by Investment Bridge Co., Ltd. and provides accurate
and objective information about the earnings, business strategies, and other
information of publicly traded Japanese companies.


Investment Bridge Co., Ltd.
Kaoru Hosaka for NOVARESE, Inc.
+81-3-5842-5765 (Japanese correspondence only) (English and Japanese correspondence)
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