NTT URBAN DEVELOPMENT : Notice of Changes in Directors

As of May 15 2017 NTT URBAN DEVELOPMENT C O R P O R A T I O N

(Tokyo Stock Exchange (First S e c t i o n ) C o d e : 8 9 3 3 )

Notice of Changes in Directors

NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Sadao Maki) announced that a plan to make the following changes to Directors was decided on at a board of directors meeting convened today.

These changes are planned to be formally decided on at the Ordinary General Meeting of shareholders as well as board of directors meeting scheduled to be convened on June 22, 2017.

Notice

1. New Directors Candidates

   Takeshi Ogiwara (Executive Vice President, NTT Urban Development Building Service Corporation) Yoshiyuki Sayama (Senior Vice President, Development Strategy Department, Residential Business

   Headquarters)

   Shiro Tanikawa (Chief Counselor, Nomura Research Institute, Ltd.)

   Takashi Taniyama (Senior Manager, Corporate Strategy Planning Department, Nippon Telegraph and Telephone Corporation)

2. Retiring Directors

   Executive Vice President	Akiyoshi Kitamura	(NTT Learning Systems Corporation)
   Executive Vice President	Kanya Shiokawa	(President, Otemachi First Square Corporation)
   Senior Vice President	Toshio Koujitani
   Senior Vice President	Koichi Takami

3. Prospective Executive Directors

   President and Chief Executive Officer Hiroshi Nakagawa Senior Executive Vice President Masayuki Kusumoto

   Executive Vice President Shigehito Katsuki

   Executive Vice President Yoshihito Kichijo

   Executive Vice President Hideyuki Yamasawa

4. Prospective Directors

   (New Title or Role) President and Chief Executive Officer	(Name) Hiroshi Nakagwa	(Current Title or Role) Senior Executive Vice President
   Senior Executive Vice President, Commercial Business Headquarters Chief Design Officer (CDO)	Masayuki Kusumoto	Executive Vice President, Commercial Business Headquarters Chief Design Officer (CDO)
   Executive Vice President, Corporate Strategy Department IT Innovation Department, Accounting and Finance Department	Shigehito Katsuki	Senior Vice President, Corporate Strategy Department IT Innovation Department, Accounting and Finance Department
   Executive Vice President, General Affairs Department	Yoshihito Kichijo	Senior Vice President, General Affairs Department
   Executive Vice President, Global Business Department	Hideyuki Yamasawa	Senior Vice President, Global Business Department
   Senior Vice President, Residential Business Headquarters Managing Director, Design Management Office	Tomoyuki Sakaue	Vice President, Residential Business Headquarters Managing Director, Design Management Office
   Senior Vice President, Development Management Headquarters	Takeshi Ogiwara	Executive Vice President, NTT Urban Development Building Service Corporation
   Senior Vice President, Kansai Regional Headquarters	Yoshiyuki Sayama	Senior Vice President, Development Strategy Department, Residential Business Headquarters
   Senior Vice President, Corporate Adviser	Sadao Maki	President and Chief Executive Officer
   Senior Vice President	Shiro Tanikawa	Chief Counselor, Nomura Research Institute, Ltd.
   Senior Vice President	Takashi Taniyama	Senior Manager, Corporate Strategy Planning Department, Nippon Telegraph and Telephone Corporation

   (Note) - The new Senior Vice President candidate, Shiro Tanikawa is an external senior vice president candidate.

   • The Company is planning to newly register Shiro Tanikawa with Tokyo Stock Exchange Inc. as an independent director, based on the stipulations of the said Exchange.

   • Retiring directors, Akiyoshi Kitamura, Kanya Shiokawa, Toshio Koujitani, and Koichi Takami will resign at the end of 32nd Ordinary General Meeting of Shareholders convened on June 22.

5. New Corporate Directors

(As of June 22 2017)

(Title or Role) (Name)

President and Chief Executive Officer Hiroshi Nakagawa

Senior Executive Vice President, Commercial Business Headquarters Chief Design Officer (CDO)

Masayuki Kusumoto

Executive Vice President, Corporate Strategy Department IT Innovation Department,

Accounting and Finance Department

Shigehito Katsuki

Executive Vice President, General Affairs Department

Yoshihito Kichijo

Executive Vice President, Global Business Department

Hideyuki Yamasawa

Senior Vice President,

Project Management Department, Aoyama Development Department

Hirotoshi Shinohara

Senior Vice President,

Office Building Business Headquarters

Nobuyuki Fukui

Senior Vice President,

Residential Business Headquarters

Managing Director, Design Management Office

Tomoyuki Sakaue

Senior Vice President,

Development Management Headquarters

Takeshi Ogiwara

Senior Vice President,

Kansai Regional Headquarters

Yoshiyuki Sayama

Senior Vice President, Corporate Adviser

Sadao Maki

Senior Vice President Akira Komatsu

Senior Vice President Shiro Tanikawa

Senior Vice President Takashi Taniyama

Audit & Supervisory Board Member (full-time) Mitsuhiro Watanabe

Audit & Supervisory Board Member (full-time) Shunichi Okazaki

Audit & Supervisory Board Member Hisako Kato

Audit & Supervisory Board Member Harunobu Takeda

Ends