

I would like to deeply thank all stakeholders for supporting Nomura Real Estate Development.
Through the adoption of an in-house company structure with the aim of having our customers and society as a whole gain a real sense of contentment and abundance, we are further increasing our market adaptability and are providing products and services to meet the needs of the times.
In this in-house company structure we are expanding our business through 3 companies: the "Residential Development Company," utilizing the strengths of its comprehensive "development, sales and management" business model, provides housing with uncompromised quality through the "PROUD" brand; the "Corporate Real Estate Service Company" responds to the diverse real estate needs of our corporate customers; the "Investment Management & Advisory Company", along with the Group's asset management companies, provides various investment opportunities to investors in the real estate securitization market.
At Nomura Real Estate Development, the Group's holding company was listed on the First Section of the Tokyo Stock Exchange in October 2006 and, in 2007, we were able to mark our 50th year in business. We are grateful to all stakeholders for the support provided consistently over the years since our founding.
Although the environment enveloping the real estate industry is changing at a dizzying pace, at Nomura Real Estate Development we view change as an opportunity and, while placing our main development business at the core, we will not discount any business opportunity and continue to take the lead in new real estate businesses. As an integrated developer firmly fixed on the maximum satisfaction of customers, we will, on the foundation of the Nomura Real Estate Group Message "Bringing Tomorrow Today", strive to take up the challenge as a good corporate citizen to further contribute to the increased affluence of society.
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