News Releases and Notices

June 13, 2005

At a Board of Directors meeting held today, NTT Urban Development Corporation (President: Kiyoshi Mita, Headquarters: 2-2, Otemachi 2-chome, Chiyoda-ku, Tokyo) resolved to participate in the first phase of the Otemachi redevelopment project as a corporate partner. NTT Urban Development will join three other companies—Mitsubishi Estate Company, Limited, Tokyo Tatemono Co., Ltd., and Sankei Building Co., Ltd., in the project.

1. Project Overview

First phase of the Otemachi redevelopment project
(Type 1 urban redevelopment project under the Urban Redevelopment Law, planned for the Otemachi common government office sites)

Planned operating entity	Otemachi Kaihatsu, Ltd.
Planned site	Otemachi common government office sites 1 and 2 7 - 18, - 19, Otemachi 1-chome, Chiyoda-ku, Tokyo
Planned site area	Approx. 13,400 m²
Corporate partner role	To undertake some business for the operating entity and acquire a portion of its holdings

(Reference) Outline of Otemachi Kaihatsu, Ltd.

Head office	6-2 Marunouchi 2-chome, Chiyoda-ku, Tokyo
Established	June 3, 2004
Capitalization	¥3 million
Representative	Kenji Iimori
Primary objectives	Acquiring, developing, holding, buy / selling, leasing, managing and disposing of real estate Acquiring, holding, buy / selling and disposing of real estate beneficial trust interests

(Any activities related to those stated above)

2. Investment

NTT Urban Development's maximum investment is expected to be ¥30.0 billion.

3. Participation Schedule

June 13, 2005	Board of Directors resolution Conclusion of agreement to participate in the first-stage development of the Otemachi common government sites
2007	Commencement of building construction on the first-stage development of the Otemachi common government sites
2009	Completion of construction