News Releases and Notices

November 1, 2006

On November 1, 2006, the Board of Directors of NTT Urban Development Corporation resolved to implement a stock split, as described below.

1. Purpose of the Stock Split

The purpose of this stock split is to increase the liquidity of shares and to expand the investor base by creating an environment more amenable to investors.

2. Overview of the Stock Split

(1) Share increase resulting from the stock split

Shares issued and outstanding prior to the stock split	658,240 shares
Increase resulting from the stock split	2,632,960 shares
Shares issued and outstanding after the stock split	3,291,200 shares

(2) Stock Split Procedure

A five-for-one stock split shall be implemented for shares held by shareholders as of December 31, 2006 (Sunday), the date of record.

*However, as this day is a holiday for the custodian of the shareholders' register, the effective date shall be December 29, 2006 (Friday).

3. Schedule

(1) Date of record for the stock split	December 31, 2006
(2) Effective issue date	January 1, 2007
(3) Actual date of share issuance	February 20, 2007

4. Dividends for the Fiscal Year Ending in March 2007

The total amount of dividends awarded for the fiscal year ending in March 2007 shall not change. However, per-share dividends are expected to be as follows, owing to this stock split (a five-for-one split).

	Dividends per share
Date of record	End of the first half of the fiscal year	End of the fiscal year	Full year
Previous forecast	¥2,500	¥2,500	¥5,000
Revised forecast	¥2,500	¥500	¥3,000
Actual dividends for the fiscal year ended in March 2006	¥2,500	¥2,500	¥5,000

Note: The revised forecast's per-share dividend of ¥2,500 at the end of the first half of the fiscal year is based on the number of shares issued and outstanding prior to the stock split. The ¥500 per-share dividend for the full year is based on the number of shares issued and outstanding after the stock split.

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1. Partial Amendment of the Articles of Incorporation in Accordance with the Stock Split

(1) Reason for the Amendment

In accordance with the implementation of a stock split, the Articles of Incorporation shall be revised as of January 1, 2007(Monday) based on Article 184, Provision 2, of the Company Law, as the result of a resolution by the Company's Board of Directors.

(2) Content of the Amendment

Current Article	Following Amendment
(TOTAL NUMBER OF SHARES AUTHORIZED TO BE ISSUED)	(TOTAL NUMBER OF SHARES AUTHORIZED TO BE ISSUED)
Article 6. The total number of shares authorized to be issued by the Company shall be 2,100,000 shares.	Article 6. The total number of shares authorized to be issued by the Company shall be 10,500,000 shares.

(3) Schedule

Board of Directors' resolution	:	November 1, 2006 (Wednesday)
Effective date of the amendment to the Articles of Incorporation	:	January 1, 2007 (Monday)

2. Other issues pertaining to this stock split shall be determined at future meetings of the Board of Directors.

Note:

1. This stock split does not involve any increase in common stock.
   common stock as of November 1, 2006: ¥48,760,000,000
2. The Company is scheduled to mail notice on the number of shares held to the registered address of the share holder, on February 20, 2007.
   For persons not using the JASDEC Custody and Book-Entry Transfer System, additional share certificates after the stock split will also be enclosed. Please be aware that currently held shares may not be sold following the stock split, until the share certificates have been received.
   Persons using the JASDEC Custody and Book-Entry Transfer System may sell their shares from January 4, 2007.