Notice of Selection of Additional Interim Independent Accounting Auditor
Last updated：September 1, 2006
NTT Urban Development Corporation announces that at a Board of Auditors meeting held today, the Company selected an additional interim independent accounting auditor, as provided in paragraphs 4 and 6, Article 346, of Japan's Company Law.
1. Reason for Selecting Interim Independent Accounting Auditor
On May 10, 2006, the Financial Services Agency ordered Misuzu Audit Corporation (the new corporate name of the former ChuoAoyama PricewaterhouseCoopers, which changed its name effective September 1, 2006) to halt its Company Law auditing operations during the period from July 1, 2006, to August 31, 2006. Consequently, that company lost its capacity to operate as NTT Urban Development's independent accounting auditor from July 1, 2006.
As announced on July 3, 2006, to avoid the situation of being without an independent accounting auditor during this period, we selected KPMG AZSA & Co. as an interim independent accounting auditor. However, to enhance our audit system, we have decided to add Misuzu Audit Corporation as a second interim independent accounting auditor and adopt a joint audit structure.
The Company's independent accounting auditor for the fiscal year ending March 31, 2008, and thereafter will be determined at the Ordinary General Meeting of Shareholders that is scheduled to take place in June 2007.
2. Name of Additionally Selected Interim Independent Accounting Auditor
| Name | : | Misuzu Audit Corporation |
| Location | : | Kasumigaseki Building, 2-5, Kasumigaseki 3-chome, Chiyoda-ku, Tokyo |
3. Date of Change
September 1, 2006