Mitsui Fudosan announces development of a large-scale regional shopping center (RSC) tentatively called "LaLaport Yokohama" on the land of the "NEC Yokohama plant site" that NEC has decided to sell.

The planned site is placed nearly at the center of Yokohama City, one of the core cities in the metropolitan area, just seven minutes walk from Kamoi Station on the JR Yokohama line. Convenient road access to the site is available, coming from two adjacent main highways, the Midori Sangyo Road and the Yokohama Kami-asou Road, and from the Kohoku Interchange on the Daisan Keihin Expressway and the Yokohama Aoba Interchange on the Tomei Expressway.

Mitsui Fudosan is advancing development of this mega scale RSC on the planned site in the western part of the metropolitan area, because the area is well-suited to such a development as it has a high resident population of people in the commercial sphere, yet only a limited number of existing, large-scale RSC.

The RSC project including several hundred specialty stores and major core tenants that matches the Tokyo-Bay LaLaport (Funabashi City, Chiba Prefecture) class, will be worked out in details, aiming for an opening date in the spring of 2007.

Mitsui Fudosan formed the special purpose company called Kamoi Properties to finance acquisition and development of the site through a securitization scheme.

Mitsui Fudosan manages Tokyo-Bay LaLaport that is the one of the largest RSC in Japan, with 540 stores and 171,000 square meters site area. For the future we have plans for successive developments of large-scale commercial facilities including “Fuji Heavy Industries Miyahara Shopping Center” (tentatively named, to occupy 40,000 square meters in Saitama City, Saitama Prefecture), “Kawasaki Station West Gate Shopping Center” (tentatively named, to occupy 72,000 square meters in Kawasaki City, Kanagawa Prefecture) and “Hanshin Park Site Shopping Center” (tentatively named, to cover 87,000 square meters in Nishinomiya City, Hyogo Prefecture). Mitsui Fudosan is moving energetically forward, utilizing the know-how we have acquired in commercial site development. Our projects provide a positive contribution that benefit and enliven the local region.

[ Attached Material ]

<Attachment 1>-Project Overview

Location 4035-1, Ikebe-cho, Tsuzuki-ku, Yokohama, Kanagawa Prefecture Developer Mitsui Fudosan Site Area Approximately 100,000 square meters Floors 5 floors above ground Store floor space Approximately 80,000 square meters Parking Approximately 4,000 vehicles Schedule (subject to change) End of May: 2005, NEC Yokohama plant site to close Fall 2005: Construction commences Spring 2007: Construction completed and open

<Attachment 2>-Map

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<Attachment 3>-Image pers

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