Mitsubishi Estate is going beyond the role of developer to that of a producer, as it maximizes the full potential of Marunouchi and delivers new functions that meet the business needs of today and tomorrow. In 1998, we commenced the first stage of Marunouchi Redevelopment, a 10-year program encompassing the upgrade, reconstruction and renovation of much of the Marunouchi district. Beginning with the Marunouchi Building in August 2002, six new buildings have been completed, highlighted by the grand opening of the Shin-Marunouchi Building in April 2007. With the opening of the Peninsula Tokyo in September 2007, the first stage of Marunouchi Redevelopment came to a close.

From 2008, and over the next 10 years, we will push ahead with the second stage. Designed to reorganize the area as one comprehensive city block, the first project of the second stage consisted of the construction of the Marunouchi Park Building and the restoration of Mitsubishi Ichigokan, along with the simultaneous redevelopment of the Mitsubishi Shoji Building, the Furukawa Building and the Marunouchi Yaesu Building. This large-scale project was completed in April 2009.

Adding to these initiatives, Mitsubishi Estate has launched the second project of the second stage, the "Marunouchi 1-4 Plan" (tentative name), encompassing the rebuilding of the Togin Building, the Sumitomo Trust and Banking Co., Ltd. Tokyo Building, and the Mitsubishi UFJ Trust and Banking Corporation Tokyo Building. Going forward, Mitsubishi Estate is tackling the third project -- rebuilding the Mitsubishi Soken Building -- through participation in the second phase of the Otemachi Redevelopment Project using a linked urban redevelopment process.

Based on the achievements of Marunouchi Redevelopment to date, the second stage will encompass broader and more comprehensive plans to further rejuvenate the Otemachi, Marunouchi and Yurakucho districts, an area of approximately 120 hectares.

In its retail property business, Mitsubishi Estate is pushing ahead with the development of various types of retail properties that match the unique features of each location and area. The Mitsubishi Estate Group continuously engages in facility planning, development, tenant leasing and management through its comprehensive business structure.

Mitsubishi Estate is evolving its retail property business to provide exciting new places where people of all occupations and lifestyles can gather in comfort. Since the 1989 opening of the Tenjin MM Building (IMS) in Fukuoka Prefecture, retail property operations have become a full-blown business with numerous projects completed, including the Landmark Tower, Aqua City Odaiba and the Marunouchi Building.

In its efforts to create a more appealing city, Mitsubishi Estate has continued to raise the value of retail facilities in the Marunouchi area, including the Shin-Marunouchi Building in 2007, to be followed by the Marunouchi Brick Square (commercial zone in the Marunouchi Park Building) in September 2009. Along with such infrastructure development, the Company is aggressively carrying out promotional activities. From an area management perspective, Mitsubishi Estate is focusing on operations that realize intangible benefits.

Outside the Marunouchi area, we opened the Minamisunamachi Shopping Center "SUNAMO" in Tokyo's Koto Ward, as well as the Izumi Park Town Tapio and the Sendai-Izumi Premium Outlets, both in Sendai City, Miyagi Prefecture in October 2008. More recently, the Company opened the "maruyama class" shopping center in Sapporo City, Hokkaido in March 2009, and the Ami Premium Outlets was opened in the town of Ami, Ibaraki Prefecture in July 2009.

In addition to urban retail properties in Marunouchi and other major city areas and community-based retail properties, including "SUNAMO," the Company will undertake various projects nationwide, with CHELSEAS PREMIUM OUTLETS shopping centers operated by Chelsea Japan Co., Ltd., which become a Mitsubishi Estate consolidated subsidiary in March 2009, as the third pillar of retail property operations.

Mitsubishi Ichigokan
Mitsubishi Ichigokan has been completely restored to what it was in 1894 -- the first office building in Marunouchi. This building will function as a key culture and arts complex for expanding the area's cultural horizon.

Minami-sunamachi Shopping Center "SUNAMO"
Located only five minutes on foot from Minami-sunamachi Station on the Tokyo Metro Tozai Line, this center opened in October 2008. As a life-style center in the heart of a residential district, the facility will stand out as the top shopping center in the area, offering high quality and comfort.