News Releases and Notices

May 12, 2010

NTT Urban Development Corporation
(First Section of the Tokyo Stock Exchange: 8933)

The NTT Urban Development Group has sought to achieve sustainable growth by implementing an action plan included in business strategies based on its medium-term management plan for three years from FY2008 to FY2010.
However, although FY2010 is the final year of the existing medium-term management plan, with the business environment surrounding the Group still uncertain in a business downturn that is worse than expected, the Group has developed a new medium-term management plan for three years starting FY2010 to promptly respond to changes in the external environment.

1．Medium-term management plan

To achieve stable profits in challenging circumstances and cultivate growth possibilities, we will do the following:
(1)Restructure the business base
(2)Pursue growth in consideration of financial soundness

2．Initiatives

(1)Restructuring the business base
	●Building a strong revenue base in the leasing business
		Improve the profitability of existing properties Promote investment using development expertise
	●Generate stable profits in the residential property sales business
		Establish the WELLITH brand Enhance profitability
(2)Pursuing growth in consideration of financial soundness
	●Applying the expertise developed in core businesses to new fields
		The development and sale of property business, real-estate fund business, commercial business, international business, and solution business
	●Establishing managerial platform for growth
		Enhance corporate governance; promote CSR Bolster management resources Ensure shareholder-oriented management

3．Financial targets for FY2012

Operating income: 26.0 billion yen (Operating income in FY2009: 16.1 billion yen)

Net debt-to-equity ratio*　　 The 2.3times level (Ratio in FY2009: 2.55times)
*Net debt-to-equity ratio =(Interest-bearing debt – cash and cash equivalents – time deposits whose deposit terms exceed three months)/ Net assets

For further information on the medium-term management plan, please refer to the attachment “NTT Urban Development Group Medium-Term Management Plan 2012.”

Links	NTT Urban Development Group Medium-Term Management Plan 2012（PDF 2.84MB）