On January 4th 2007, Mori Building Co., Ltd. (headquarters: Minato-ku, Tokyo; President and CEO: Minoru Mori) held an event to mark the start of its business operations during the year 2007. The following is a summary of some comments presented by Mori Building President and CEO Minoru Mori.

-Comments from the President and CEO of Mori Building (summary)

Last year, Omotesando Hills, which opened in February, earned even better reputations than expected, and Mori Hills REIT Investment Corporation, which was listed in November as the first investment trust Mori Building involved, set a new record in the REIT market as its price grew by approximately 40% over the one-month period following its listing. I believe that the high evaluatoin placed by the market on Mori Hills REIT both represents the valuation of the work we have done so far and reflects its high expectations for our urban development projects in general.

As Japan?s economy is experiencing a surge comparable to the years of economic expansion in the late 1960s, our business is expanding as well. This is a critical moment to think ahead our future progress. We need to redraw our company?s grand design for the future, asking ourselves how we should be three, five, and ten years down the road. The most important element is speed. I hope to see we enhance our human resources, our organizational structure, and our systems—as we seek even greater efficiency and speed in our business, anticipating the flow of the changing times.

In addition to our mission of creating safe urban environments, we are charged with the creation of advanced urban models, as we work to create attractive and internationally recognized cosmopolitan city. I want to see us establish a presence that is essential to society, as a developer that promotes the construction of attractive urban environments that can contribute to Japan?s economy and the lifestyles of people.

As expressed in our corporate brochure, I am hoping that 2007 will be a year in which we obtain solid results and achieve further development, by focusing our creative energies on the exciting new projects currently underway.