News Release
Mitsubishi Estate Juner 3, 2003


Paternoster Square Redevelopment Project Completed
- Tenants to Begin Occupying Buildings this Fall -



Mitsubishi Estate Co., Ltd. is pleased to announce the practical completion of development of all three principal commercial buildings at , the Paternoster Square site in the heart of the City of London. The buildings will now be handed over to the office tenants for fit-out. Of the three tenants, it is expected that CB Hillier Parker will be the first to be occupied, sometime before Christmas 2003, and then the London Stock Exchange sometime in the spring of 2004.

Since obtaining planning permission for the Paternoster Square Redevelopment Project in 1993, the Mitsubishi Estate Group has focused on establishing a foothold in London and pursuing development profits as a developer.
The redevelopment project involves the construction of four buildings (one for property management) and the central public spaces.

The key tenants in the three main buildings are Goldman Sachs International in Building 1, the London Stock Exchange in Building 2 and CB Hillier Parker in Building 3.
The Company has entered into an agreement to sell Building 3 to Legal and General Assurance Society (a subsidiary of the large British insurance conglomerate Legal and General Group plc) , for which hand-over is to be made sometime around the end of June this year.

END



•Reference Information
•Building Outline

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Building 1 (Warwick Court)

2 floors below ground, 8 floors above ground
Total Floor Area: 28,400m²
Construction started in January 2002. Completed in May 2003.

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Building 2 (King Edward Court)

2 floors below ground, 8 floors above ground
Total Floor Area: 33,600m²
Construction started in October 2001. Completed in May 2003.

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Building 3 (St. Martin's Court)

2 floors below ground, 7 floors above ground
Total Floor Area: 16,900m²
Construction started in August 2001. Completed in May 2003.

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Building for property management (Paternoster Lodge)

Total Floor Area: 800 m²

•Paternoster Project Details

1993

Obtained planning permission

1995

1995 Took over partnership interests of Graycourt Corporation (British developer) and Park Tower Corporation (American developer), both of which have been our partners
(The Mitsubishi Estate Group controls 100% of the project.)

1996

Started restudy of the redevelopment plans

1997

Filed planning application for the New Master Plan with City Corporation

1999

Obtained planning permission
Started building demolition

2000

2000 Started construction of the central public spaces

2003

Completed construction of the buildings