Notice of Selection of Independent Accounting Auditor

At a Board of Directors meeting held today, it was resolved to submit a proposal concerning the "Election of an Independent Accounting Auditor" to the 22nd Ordinary General Meeting of Shareholders, which is scheduled for June 21, 2007. NTT Urban Development Corporation (the "Corporation") hereby provides notice of this proposal, as outlined below.
The Board of Corporate Auditors approves this proposal.

1. Reason for Selecting Independent Accounting Auditor

   In July 2006 and September 2006, respectively, the Corporation selected KPMG AZSA & Co., and Misuzu Audit Corporation as interim Independent Accounting Auditors. However, on April 26, 2007, the Corporation received word from Misuzu Audit Corporation that it planned to transfer its employees and discontinue its provision of audit activities at the end of July 2007. Consequently, it was proposed that the firm step down from the provision of these services for the Corporation upon the appointment of a new Independent Accounting Auditor at the 22nd Ordinary General Meeting of Shareholders.In view of the familiarity of KPMG AZSA & Co., with the Corporation's business and to ensure that ongoing audits remain in place, it is hereby proposed that this same audit corporation be re-selected as Independent Accounting Auditor for the Corporation at the 22nd Ordinary General Meeting of Shareholders.

2. Name of Selected Independent Accounting Auditor

   Name	:	KPMG AZSA & Co.
   Location	:	AZSA Center Building, 1-2 Tsukudo-cho, Shinjuku-ku, Tokyo

3. Expected Date of Change

   June 21, 2007 (Scheduled date of the 22nd Ordinary General Meeting of Shareholders)