What follows is a summary of Mr. Minoru, President and CEO's speech to new recruits on April 3 at the Mori Building initiation ceremony.

For this fiscal year, 43 new employees overall joined the Mori Building Group: 30 for comprehensive and 10 for specialized positions at Mori Building Co., Ltd., and three for comprehensive positions at the Mori Building Ryutsu System Group.

- Speech given by the president and CEO of Mori Building Co., Ltd. at the April 3, 2006, initiation ceremony (summary)

I would like to extend my congratulations to all of you. I'm delighted that 43 new and talented employees will join our company this year, at a time when the cherry blossoms are in full bloom.

In passing, the cherry blossoms in Ark Hills, a development completed twenty years ago, are now quite beautiful. Rows of stately cherry trees create a corridor of cherry blossoms, and many enjoy walking along this promenade until late into the night. I'm deeply moved by such scenes because they remind me of the essential purpose of urban development projects, which take so many years to complete.

"Hills" is the name we give to large-scale, especially challenging multiple development projects that take many years to complete. The plural of the word is meant to indicate the integration of seemingly conflicting factors such as urbanization and greening, tradition and renovation, and economy and culture. The history of the "Hills" projects, which began with Ark Hills, is simultaneously a history of the challenges we've faced. It is my hope that these Hills projects will continue to serve as areas that nurture new industries in response to our changing times, and to symbolize a renaissance in urban development.

While maintaining a focus on urban development, our operations have expanded to a broad range of other fields, including retail, culture, education, and hospitality services. We expect continuing growth in the social impact of this work. Fulfilling these ambitions will require personable, socially-oriented individuals who bring with them a keen sense of management. It is my hope that the youngest of our staff members will continue to absorb knowledge outside their areas of specialization, seeking to acquire broad, balanced perspectives. I rely on all of you, working from an outlook both modest and enthusiastic, to contribute to the further development of our company.