The Mitsubishi Estate Group adheres to its mission of contributing to society through urban development. Since its involvement in the construction and 1894 completion of the Mitsubishi Ichigokan-the first office building in Marunouchi, Tokyo-Mitsubishi Estate has orchestrated numerous urban development projects in Marunouchi and many other locations in Japan and overseas. Now, as then, the sense of having a mission to fulfill remains; Mitsubishi Estate continues to work with due diligence to create ideal urban environments in which people can live, work and relax with contentment.

The Great East Japan Earthquake that occurred on March 11, 2011, has placed Japan in an extremely difficult situation. However, we strongly believe that Japan will recover and achieve renewed growth. As the entire nation makes all-out efforts toward this end, the Mitsubishi Estate Group will accelerate the development of safe and secure urban districts, thereby providing more people with the space and time that allow them to enjoy comfort to the full. Our responsibility is to promote and succeed in these activities to assist Japan’s resurgence.

Located both within and outside of Japan, the settings for our urban development projects are currently extending far and wide. To enable us to share our passion for ideal urban development with all stakeholders and to facilitate our dialogue with them on upcoming issues, we have formulated and launched two initiatives in the fiscal year ending March 31, 2012: a new long-term vision, dubbed BREAKTHROUGH 2020, and a new medium-term management plan. Through these initiatives, we aim to ensure that the Mitsubishi Estate Group remains a corporate entity as ideal as the urban environments it creates. More specifically, backed by our powerful value chains, we have in our sights on becoming the leader in the investment and development business. To accomplish this goal over the next 10 years, we will strengthen our competitive superiority in four of our business sectors: “Marunouchi redevelopment,” “urban development,” “residential business” and “international business.” At the same time, we will generate greater synergies by more closely dovetailing our operations in these sectors with those in the sophisticated management and services business, which encompasses property management (PM) and leasing as well as investment management. Through these activities, we will tackle the establishment of stronger value chains on a Groupwide scale.

To support the accurate implementation of these business strategies, we will focus on four Group themes, namely: (1) Groupwide promotion of globalization; (2) environmental initiatives; (3) management infrastructure enhancements; and (4) human resource (HR) development and workplace invigoration.

This raft of initiatives, strategies and themes is underpinned by the Mitsubishi Estate Group’s commitment to value creation and unwavering determination to self-innovate; a commitment and determination encapsulated in our corporate slogan, “A Love for People, A Love for the City.”

As we endeavor to remain true to our mission, I would like to take this opportunity, on behalf of the entire Mitsubishi Estate Group, to thank you, our stakeholders and seek your ongoing support and understanding.

June 2011