Mitsubishi Estate is going beyond the role of developer to that of producer, as it maximizes the full potential of the Marunouchi area 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, we have been pushing ahead with the second stage. The first project of the second stage consisted of the Marunouchi Park Building & Mitsubishi Ichigokan. In September 2009, we launched the second project, the Marunouchi 1-4 Project (tentative name), encompassing the simultaneous reconstruction 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 has begun a third project--rebuilding the Mitsubishi Soken Building--through participation in the second phase of the Otemachi 1-chome Second Area 1st Class Urban 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.

Mitsubishi Ichigokan
Mitsubishi Ichigokan has been completely restored to what it was in 1894--the first office building in Marunouchi. Today, this building is functioning as a key culture and arts complex for expanding the area's cultural horizons.

Marunouchi 1-4 Plan (tentative name)
Through this project, three existing office buildings are being reconstructed into one large-scale building to facilitate more effective land use. The new building will serve as an advanced business center that accommodates the wide-ranging needs encountered in today's business globalization and informatization. Leveraging the extensive portfolio of its business functions, Mitsubishi Estate will promote this project to create a highquality urban environment and enhance urban infrastructure, while giving due consideration to the environment-friendliness of the project.

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 operations through its comprehensive business structure.

Creating new value through our retail property business, synchronizing people's lifestyles with "urban heartbeats," Mitsubishi Estate orchestrates ideal urban environments that maximize cities' value and the quality of living, for everybody who lives, works and visits there. Since the 1989 opening of the Tenjin MM Building (IMS) in Fukuoka Prefecture, retail property operations have become a fullblown business with numerous projects completed, including the Yokohama Landmark Tower and the Marunouchi Buildings.

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, 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.

In a project outside the Marunouchi area, we opened the Higashikurume Shopping Center "Qurune" in Higashikurume City, Tokyo in November 2009. Also, the Company implemented the second stage of shop floor expansion at the Kobe-Sanda Premium Outlets in Kobe City, Hyogo Prefecture in December 2009 and the third stage of shop floor expansion at the Toki Premium Outlets in Toki City, Gifu Prefecture in July 2010.

Mitsubishi Estate will continue to focus on three types of retail properties: those in Marunouchi, centered on the Marunouchi Building; those situated in urban centers and suburban areas, such as Aqua City Odaiba in Minato Ward, Tokyo and the Minamisunamachi Shopping Center "SUNAMO" in Koto Ward, Tokyo; and outlet shopping centers operated by Chelsea Japan Co., Ltd., which became a Mitsubishi Estate consolidated subsidiary in March 2009. Maintaining this focus, the Company will promote retail property projects across Japan.

Marunouchi Brick Square
Opened in September 2009 as a commercial area in the Marunouchi Park Building, the Marunouchi Brick Square offers retail functions suitable for a hub that joins the Marunouchi and Yurakucho areas. The synergistic locations of the Mitsubishi Ichigokan and the Ichigokan Square significantly expanded people's "strolling options" in Marunouchi.

Toki Premium Outlets
Operated by Chelsea Japan Co., Ltd., this is the fifth CHELSEA PREMIUM OUTLETS shopping center in Japan. Located in Toki City, Gifu Prefecture, this shopping center opened in March 2005 and underwent a second and third shop floor expansion in October 2006 and July 2010, respectively. Total shop floor area increased from 17,521m2 to 28,099m2, and the number of retail shops increased from about 90 to 140.