Toyoko Inn Kawasaki Ekimae Shiyakusho-Dori and 2 Other Properties)

For Translation Purposes Only August 31, 2015

For Immediate Release United Urban Investment Corporation Hitoshi Murakami Executive Officer (Securities Code: 8960)

Asset Management Company: Japan REIT Advisors Co., Ltd. Ikuo Yoshida President and CEO Inquiries: Kenichi Natsume Chief Financial Officer TEL: +81-3-5402-3680

Notice Concerning Acquisition of Properties (Toyoko Inn Kawasaki Ekimae Shiyakusho-dori and 2 Other Properties)

United Urban Investment Corporation (“United Urban”) hereby announces that Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company to which United Urban entrusts asset management services, has decided today to acquire properties, and that United Urban has completed the acquisition as set forth below.

1. Acquisition of the Properties United Urban acquired the following trust beneficial interests in real estate (referred to as individually or collectively, the “Acquired Asset”).

Estimated Type of Acquisition Estimated Post- Property Acquisition Use Property Name Location Price NOI Yield Depreciation Number Date (Note 1) (Note 2) (Note 3) Yield (Note 4) Toyoko Inn Kawasaki Kawasaki, ¥2,655 C10 Hotel 4.6% 3.4% Ekimae Shiyakusho-dori Kanagawa million Toyoko Inn Hiroshima Hiroshima, ¥2,113 Aug. 31, C11 Hotel 5.4% 3.8% Heiwa-odori Hiroshima million 2015 Toyoko Inn Naha Naha, ¥745 C12 Hotel 5.8% 4.1% Kokusai-dori Miebashi-eki Okinawa million ¥5,513 5.0% 3.7% Total/Average — million (Note 5) (Note 5) (Notes) 1. The types of use indicated on the real estate register is shown. 2. The prices are shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs. 3. “Estimated NOI Yield” indicates the value arrived at when the result of dividing the “Estimated NOI (yearly)” by the acquisition price is expressed as a percentage and rounded to first decimal place. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “Estimated NOI (yearly)” means an estimated figure for 1 year from the acquisition by United Urban, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. 4. “Estimated Post-Depreciation Yield” indicates the value arrived at when the result of dividing (i) an amount deducting “Estimated Depreciation and Amortization” from “Estimated NOI (yearly)” by (ii) the acquisition price is expressed as a percentage and rounded to first decimal place. “Estimated Depreciation and Amortization” means the estimated figure of the depreciation and amortization for 1 year after the acquisition by United Urban, which is calculated under the straight-line method by applying the depreciation ratio to be derived for each depreciable asset of the Acquired Asset in accordance with the useful life thereof, based on the accounting policy of United Urban. 5. “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” shown in the “Average” column indicates the values arrived at when the “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” of each Acquired Asset are weighted averaged by the acquisition price of

This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 1/ 14

each Acquired Asset and are expressed as a percentage and rounded down to first decimal place.

2. Details of Acquisition

A. Toyoko Inn Kawasaki Ekimae Shiyakusho-dori (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban acquired the Acquired Asset for the purpose of expanding its portfolio of hotel. In making the decision to acquire the Acquired Asset, the following aspects were especially appreciated.

1. Location The property with regard to the Acquired Asset (hereinafter, the “Property” in this section A) is located within a 5-minute walk from Keikyu Kawasaki Station on the Keikyu Line and a 6-minute walk from Kawasaki Station on the JR Lines. Kawasaki City is home to a number of major companies and their affiliates who have large-scale production facilities and research and development centers. The neighborhood of the Property is an area in which Kawasaki City Office and Kawasaki Ward Office, financial institutions and offices are concentrated. In addition, having good access to Haneda Airport, the Property is situated in a location in which demand from business travelers and tourists, both domestic and international, is anticipated.

2. Tenants, etc. The Property is a limited service hotel (economy hotel) operated by Toyoko Inn Co., Ltd. (“Toyoko Inn”), a famous and major hotel operator in Japan which operates 249 hotels, or 48,832 guest rooms both in Japan and overseas (as of the end of March 2015). Toyoko Inn has a 30-year, long term building lease agreement with the trustee of the Property (the remaining lease period thereof is approximately 20 years), and thus a stable occupancy is anticipated.

(2) Summary of Acquisition

1. Acquired Asset : Trust beneficial interest in real estate 2. Property Name : Toyoko Inn Kawasaki Ekimae Shiyakusho-dori 3. Acquisition Price : ¥ 2,655 million 4. Agreement Date : August 31, 2015 (conclusion of the purchase and sale agreement of the trust beneficial interest） 5. Acquisition Date : August 31, 2015 (transfer of the trust beneficial interest) 6. Seller : Undisclosed (Please refer to “3.Seller Profile” below.) 7. Financing : Cash on hand 8. Date of Payment : August 31, 2015

(3) Outline of the Property Property Name Toyoko Inn Kawasaki Ekimae Shiyakusho-dori Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited. Period of Trust Agreement From August 6, 2007 to August 31, 2025 2-11-14 ～ 16 ・ 27 Isago, Kawasaki-ku, Kawasaki Lot number Location (Note 1) Kanagawa Residential 2-11-15 Isago, Kawasaki-ku, Kawasaki, Kanagawa (Note2) 5-minute walk from Keikyu Kawasaki Station (Keikyu Line) Access 6-minute walk from Kawasaki Station (JR Lines) Use (Note 1) Hotel (279 rooms) (attached building: water tank room and parking) Land 639.19 m2 Site Area (Note 1) Building 4,785.93 m2 (attached building: 150.61 m2) SRC B1/14F Structure and Scale(Note 1) (attached building: (water tank room)SRC 1F (parking)S 2F) Type of Ownership Land: Proprietary Ownership

Building: Proprietary Ownership Completion Date (Note 1) September 2005 Initial Building Owner Toyoko Inn Co., Ltd. Constructor Maeda Corporation Scheduled Acquisition Price ¥2,655 million Appraisal Value ¥2,910 million Date of Value Estimate August 1, 2015 Appraisal Agency Appraisal by Daiwa Real Estate Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) 14.5% Collateral None (Rights relations, etc.) ・United Urban and the tenant of the Property agreed to the effect that if Special Notations United Urban seeks to sell the Property, United Urban shall grant the tenant a preferential negotiation right to acquire the Property. Details of Tenant (Note 3) Total Number of Tenants (Note 4) 1 Security Deposit Undisclosed (Note 5) Total Rental Revenues (yearly) Undisclosed (Note 5) Total Leasable Floor Space 4,874.28 m2 (Note 6) 2 Total Leased Floor Space (Note 6) 4,874.28 m Occupancy Ratio (Note 7) 100.0% Reference Estimated NOI (yearly) (Note 8) ¥120 million Estimated NOI Yield (Note 8) 4.6 % (Notes) 1. Each piece of information in the “Location,” “Use,” “Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. The same shall apply hereinafter. 2. The location of the Property shows the location indicated on the real estate register for the building because the Property is not assigned an indication of residential address. 3. “Details of Tenant” indicates figures as of August 31, 2015. The same shall apply hereinafter. 4. “Total Number of Tenants” is the number of tenants that conclude a building lease agreement directly with the trustee (where there are lease agreements for only the parking lot facility, then excluding the number of tenants of such agreements). The same shall apply hereinafter. 5. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed due to unavoidable circumstances where consent for the disclosure has not been obtained from the tenants of the Property. The same shall apply hereinafter. 6. “Total Leasable Floor Space” means the total figure of leasable floor space in the space to be acquired by United Urban, and “Total Leased Floor Space” is the total figure of space subject to lease, which is stated in the lease agreement between the trustee and the tenant. The same shall apply hereinafter. 7. “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. The same shall apply hereinafter. 8. For the definition of “NOI (Net Operating Income)” and “Estimated NOI (yearly)”, please refer to Note 3 of “ 1. Acquisition of the Properties” above. The estimated occupancy ratio is 100%.

B. Toyoko Inn Hiroshima Heiwa-odori (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Acquired Asset for the purpose of further expanding its portfolio of hotel. In making the decision to acquire the Acquired Asset, the following aspects were especially appreciated.

1. Location The property with regard to the Acquired Asset (hereinafter, the “Property” in this section B) is located within a 8-minute walk from Kanayama-cho Station on the Hiroshima Electric Railway Main Line, along the Heiwa-odori Street (Peace Boulevard). The area surrounding the Property is a downtown in which a number of offices and restaurants are concentrated. In addition, with historical sites such as Hiroshima Peace Memorial Park situated in the neighborhood, the Property is situated in a location in which demand from business travelers and tourists, both domestic and international, is anticipated.

2. Tenants, etc. The Property is a limited service hotel (economy hotel) operated by Toyoko Inn. Toyoko Inn has a This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 3/ 14

30-year, long term building lease agreement with the trustee of the Property (the remaining lease period thereof is approximately 18 years), and thus a stable occupancy is anticipated.

(2) Summary of Acquisition

1. Acquired Asset : Trust beneficial interest in real estate 2. Property Name : Toyoko Inn Hiroshima Heiwa-odori 3. Acquisition Price : ¥2,113 million 4. Agreement Date : August 31, 2015 (conclusion of the purchase and sale agreement of the trust beneficial interest) 5. Acquisition Date : August 31, 2015 (transfer of the trust beneficial interest) 6. Seller : Undisclosed (Please refer to “3.Seller Profile” below. ) 7. Financing : Cash on hand 8. Date of Payment : August 31, 2015

(3) Outline of the Property

Property Name Toyoko Inn Hiroshima Heiwa-odori Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited Period of Trust Agreement From August 6, 2007 to August 31, 2025 Lot number 5-11・12 Tanakamachi, Naka-ku, Hiroshima, Hiroshima Location Residential 5-15 Tanakamachi, Naka-ku, Hiroshima, Hiroshima 8-minute walk from Kanayama-cho Station (Hiroshima Electric Railway Access Main Line ) Use Hotel (255 rooms) (attached building: parking) Land 660.40 m2 Site Area Building 4,345.24 m2(attached building: 81.72 m2) Structure and Scale SRC 14F(attached building: S 1F) Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date March 2004 Initial Building Owner Shoei Co., Ltd. Constructor Matsui Construction Co., Ltd. Scheduled Acquisition Price ¥2,113 million Appraisal Value ¥2,190 million Date of Value Estimate August 1, 2015 Appraisal Agency Appraisal by Daiwa Real Estate Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) 7% Collateral None (Rights relations, etc.) ・United Urban and the tenant of the Property agreed to the effect that if United Urban seeks to sell the Property, United Urban shall grant the tenant a preferential negotiation right to acquire the Property. Special Notations (Administrative laws and regulations) ・As the Property is located in a zone to which the municipal ordinance regarding the regulation of buildings stipulated pursuant to the plan of Heiwa Odori (Peace Boulevard) applies, the use and the floor area ratio of the building are subject to certain restrictions and standards. Details of Tenant Total Number of Tenants 1 Security Deposit Undisclosed Total Rental Revenues (yearly) Undisclosed Total Leasable Floor Space 4,357.75 m2 Total Leased Floor Space 4,357.75 m2 Occupancy Ratio 100.0%

Reference Estimated NOI (yearly) ¥113 million Estimated NOI Yield 5.4%

C. Toyoko Inn Naha Kokusai-dori Miebashi-eki (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Acquired Asset for the purpose of further expanding its portfolio of hotel. The Acquired Asset itself does not satisfy the criteria of minimum investment amount for a hotel (1.5 billion yen per property) stipulated in the Asset Management Guideline of JRA. We acquired the Acquired Asset, however, as (i) the Property is one of the three properties held and sold by a single owner and (ii) we have judged that the Property can anticipate stable revenue as set forth below.

1. Location The property with regard to the Acquired Asset (hereinafter, the “Property” in this section C) is located within a 1-minute walk from Miebashi Station on the Okinawa Urban Monorail (“Yui Rail”). Miebashi Station is about a 15-minute ride via Yui Rail from Naha Airport. The Property is conveniently located within a walking distance from the ferry terminal of the Tomari Port, where regular liners connecting the mainland Okinawa and its peripheral isolated islands arrive and depart. The Property is also located near the Kokusai-dori, a popular venue for leisure, and the Kumoji area in which a number of offices are concentrated. Therefore, the Property is situated in a location in which demand from business travelers and tourists, both domestic and international, is anticipated.

2. Tenants, etc. The Property is a limited service hotel (economy hotel) operated by Toyoko Inn. Toyoko Inn has a 30-year, long term building lease agreement with the trustee of the Property (the remaining lease period thereof is approximately 20 years), and thus a stable occupancy is anticipated.

(2) Summary of Acquisition

1. Acquired Asset : Trust beneficial interest in real estate 2. Property Name : Toyoko Inn Naha Kokusai-dori Miebashi-eki 3. Acquisition Price : ¥745 million 4. Agreement Date : August 31, 2015 (conclusion of the purchase and sale agreement of the trust beneficial interest) 5. Acquisition Date : August 31, 2015 (transfer of the trust beneficial interest) 6. Seller : Undisclosed (Please refer to “3.Seller Profile” below. ) 7. Financing : Cash on hand 8. Date of Payment : August 31, 2015

(3) Outline of the Property

Property Name Toyoko Inn Naha Kokusai-dori Miebashi-eki Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited Period of Trust Agreement From August 6, 2007 to August 31, 2025 Lot number 1-950-1・2・11 Makishi, Naha, Okinawa Location Residential 1-20-1 Makishi, Naha, Okinawa Access 1-minute walk from Miebashi Station (Okinawa Urban Monorail ) Use Hotel (94 rooms) Land 384.93 m2 Site Area Building 1,566.12 m2 Structure and Scale S/RC 9F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date April 2002 Initial Building Owner TATOL inc. Constructor Kokuba-Gumi Co., Ltd.

Scheduled Acquisition Price ¥745 million Appraisal Value ¥755 million Date of Value Estimate August 1, 2015 Appraisal Agency Appraisal by Daiwa Real Estate Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) 2% Collateral None (Rights relations, etc.) ・United Urban and the tenant of the Property agreed to the effect that if United Urban seeks to sell the Property, United Urban shall grant the Special Notations tenant a preferential negotiation right to acquire the Property. ・There is a mechanical parking lot on the land of the Property, which is property of the tenant. The site of the Property where such mechanical parking lot is installed has been leased to the tenant under a loan for use. Details of Tenant Total Number of Tenants 1 Security Deposit Undisclosed Total Rental Revenues (yearly) Undisclosed Total Leasable Floor Space 1,529.47 m2 Total Leased Floor Space 1,529.47 m2 Occupancy Ratio 100.0% Reference Estimated NOI (yearly) ¥43 million Estimated NOI Yield (Note 2) 5.8%

3. Seller Profile The seller of the Acquired Asset is a single SPC (Special Purpose Company) domiciled in Japan. Details of the seller are not disclosed as the consent for disclosure has not been obtained. As of today, the seller falls under neither the category of “related parties, etc.” (the “Related Party”) under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, as amended) nor the category of the sponsor/stakeholder (“Sponsor/Stakeholder”) under the self-imposed rules (rules for conflicts of interest) of JRA. In addition, United Urban and JRA have no significant capital ties, personal relationships and transactions with the seller, and the seller does not fall under a related party of United Urban and JRA.

4. Standing of the Property Owners and Others Not applicable.

5. Outline of Brokerage (1) Outline of Broker The broker is a domestic operating corporation. However, the broker’s details are not disclosed because the broker has not given its consent for the disclosure of its profile, etc. As of today, the broker falls under neither the category of the Related Party nor the category of Sponsor/Stakeholder. In addition, United Urban and JRA have no significant capital ties, personal relationships and transactions with the broker, and the broker is not a related party of United Urban and JRA.

(2) Amount and Details of Commission The amount of commission is not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the broker. The amount of commission for the broker is an amount less than the upper limit (3% of the scheduled acquisition price plus 60,000 yen (excluding consumption taxes) stipulated in the Building Lots and Buildings Transaction Business Act.

6. Transactions with Related Party and Sponsor/Shareholder (Common to each of the Acquired Asset) : Marubeni Real Estate Management Co., Ltd. Property Management Marubeni Real Estate Management Co., Ltd. falls under the categories of both Company the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA (Note). (Note) With a view to avoiding conflicts of interest, JRA sets forth limitations and procedures for transactions, etc. between United Urban and

Sponsor/Stakeholder in its internal rules on transactions (including a brokerage of a sale of an asset to be sold) with Sponsor/Stakeholder, which are called the “Investment Committee Rules on Transactions with Sponsor/Stakeholder.” The specific limitations set forth include the following: (i) When acquiring assets from Sponsor/Stakeholder, the acquisition price shall be the same as or less than the appraisal value; (ii) When selling assets to Sponsor/Stakeholder, the sale price shall be the same as or more than the appraisal value; and (iii) When Sponsor/Stakeholder is involved in the brokerage, etc. of acquisition or sale of assets with good reason, the commission for the acquisition or sale of assets shall be not more than 3% of the acquisition or sale price. In addition, specific procedures set forth are that, when United Urban and Sponsor/Stakeholder engage in a transaction, etc., the deliberation and resolution of the Investment Committee (the JRA’s autonomous body that enters into deliberations and makes decisions on asset management and performs asset management evaluations, etc.), which includes a chairman and an outside expert, shall be required, and that the resolution must be passed by the unanimous agreement of the members of Investment Committee who have voting rights (a member of the Investment Committee who has a special interest in the resolution may not participate in the vote). The agenda of the Investment Committee are to be deliberated at the Compliance Committee, the chairman of which is Chief Compliance Officer who is in charge of compliance duties, and which includes an outside expert, from the view point of the compliance with laws and regulations, guidelines, internal rules, etc.

7. Method of Payment and Acquisition Schedule

(1) Method of Payment Payment was a lump-sum payment upon the delivery of the property, using cash on hand.

(2) Acquisition Schedule The schedule for acquisition of the Asset to be Acquired is as follows. Date of decision of acquisition Date of conclusion of purchase Date of transfer of trust beneficial Property Name interest and sale agreement of the trust Date of payment beneficial interest Toyoko Inn Kawasaki Ekimae Shiyakusho-dori Toyoko Inn Hiroshima Heiwa-odori August 31, 2015 August 31, 2015 Toyoko Inn Naha Kokusai-dori Miebashi-eki

8. Outlook of Operating Condition

Please refer to the “Notice Concerning Revision to Forecasts of Financial Results for the Twenty-Fourth Fiscal Period Ending November 30, 2015 and Twenty-Fifth Fiscal Period Ending May 31, 2016” dated today for the forecasts of financial results for the twenty-fourth fiscal period (period ending November 30, 2015) and twenty-fifth fiscal period (period ending May 31, 2016).

9. Summaries of Appraisal Report

A. Toyoko Inn Kawasaki Ekimae Shiyakusho-dori

Appraisal Value ¥2,910,000 thousand Appraisal Agency Daiwa Real Estate Appraisal Co., Ltd. Date of Value Estimate August 1, 2015

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 2,910,000 － Price by Direct Capitalization Method 2,990,000 － Undisclosed (1) Total revenues － (Note) Undisclosed (2) Total expenses － (Note) (3) Net operating income (NOI: (1)-(2) ) 126,399 － Undisclosed (4) Operating profit of lump-sum money － (Note) (5) Capital expenditures (including Undisclosed － routine repairs) (Note) (6) Net cash flow (NCF: (3)+(4)-(5)) 128,603 － Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, the standing of the building including building grade, building age and (7) Cap rate 4.3% quality of equipments, and other conditions for the subject property such as term of renewal of rents under the current lease agreement, affordability of the tenant, by taking into account the appraisal cap rates for similar real estate deals, etc. Price by Discounted Cash Flow method 2,880,000 － Discount rate 4.1% － Terminal cap rate 4.7% － Cost approach price 2,800,000 Land ratio: 63.8%, Building ratio: 36.2% Other specific matters the appraisal agency has paid attention in None appraising the property (Note) JRA has deemed that disclosing this information would have an adverse effect on United Urban and may eventually harm the interests of the unitholders. Therefore, we do not disclose this information.

B. Toyoko Inn Hiroshima Heiwa-odori

Appraisal Value ¥2,190,000 thousand Appraisal Agency Daiwa Real Estate Appraisal Co., Ltd. Date of Value Estimate August 1, 2015

Details (thousand of yen, Item Grounds unless otherwise indicated) Income approach price 2,190,000 － Price by Direct Capitalization Method 2,190,000 － Undisclosed (1) Total revenues － (Note) Undisclosed (2) Total expenses － (Note)

(3) Net operating income (NOI: (1)-(2) ) 118,504 － Undisclosed (4) Operating profit of lump-sum money － (Note) (5) Capital expenditures (including Undisclosed － routine repairs) (Note) (6) Net cash flow (NCF: (3)+(4)-(5)) 120,474 － Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, the standing of the building including building grade, building age and (7) Cap rate 5.5% quality of equipments, and other conditions for the subject property such as term of renewal of rents under the current lease agreement, affordability of the tenant, by taking into account the appraisal cap rates for similar real estate deals, etc. Price by Discounted Cash Flow method 2,190,000 － Discount rate 5.3% － Terminal cap rate 5.9% － Cost approach price 1,710,000 Land ratio: 48.6%, Building ratio: 51.4% Other specific matters the appraisal agency has paid attention in None appraising the property (Note). JRA has deemed that disclosing this information would have an adverse effect on United Urban and may eventually harm the interests of the unitholders. Therefore, we do not disclose this information.

C. Toyoko Inn Naha Kokusai-dori Miebashi-eki

Appraisal Value ¥755,000 thousand Appraisal Agency Daiwa Real Estate Appraisal Co., Ltd. Date of Value Estimate August 1, 2015

Details (thousand of yen, Item Grounds unless otherwise indicated) Income approach price 755,000 － Price by Direct Capitalization Method 762,000 － Undisclosed (1) Total revenues － (Note) Undisclosed (2) Total expenses － (Note) (3) Net operating income (NOI: (1)-(2) ) 48,092 － Undisclosed (4) Operating profit of lump-sum money － (Note) (5) Capital expenditures (including Undisclosed － routine repairs) (Note) (6) Net cash flow (NCF: (3)+(4)-(5)) 48,792 － Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, the standing of the building including building grade, building age and (7) Cap rate 6.4% quality of equipments, and other conditions for the subject property such as term of renewal of rents under the current lease agreement, affordability of the tenant, by taking into account the appraisal cap rates for similar real estate deals, etc. Price by Discounted Cash Flow method 752,000 － Discount rate 6.2% －

Terminal cap rate 6.8% － Cost approach price 417,000 Land ratio: 40.1%, Building ratio: 59.9% Other specific matters the appraisal agency has paid attention in None appraising the property (Note) JRA has deemed that disclosing this information would have an adverse effect on United Urban and may eventually harm the interests of the unitholders. Therefore, we do not disclose this information.

【Attached Materials】 1. Portfolio Summary 2. Photo and Map

Reference Material 1 Portfolio Summary As of November 13, 2015 (scheduled) [Distribution by Type of Use] (scheduled) Acquisition Price Number of Properties Type of Use (Note 1) Amount (Millions of yen) Ratio (Note 2) (Note 3) Retail Property 35 196,407 35.8% Office Building 39 198,954 36.3% Hotel 13 69,148 12.6% Residence 24 44,978 8.2% Others 8 39,175 7.1% Total 117 548,661 100.0%

[Distribution by Geographical Location] (scheduled) Acquisition Price Location (Note 4) Number of Properties Amount (Millions of yen) Ratio (Note 2) (Note 3) 6 Central Wards of Tokyo 26 125,637 22.9% 23 Wards of Tokyo 12 57,211 10.4% Tokyo Metropolitan Area 31 169,704 30.9% Other Regions 48 196,110 35.7% Total 117 548,661 100.0% Notes 1. Each of “maricom-ISOGO / SYSTEM PLAZA YOKOHAMA (Site),” a retail property/office building complex and “Shin-Osaka Central Tower,” an office building/hotel complex has been counted as one property for each type of use, while counted as one property in the total column, respectively. Therefore, the number of properties of each type does not always add up to the total. 2. Figures have been rounded to the nearest unit. Therefore the sum of each figure does not always add up to the total. 3. Ratios have been rounded to first decimal place. Therefore the sum of each ratio does not always add up to the total. 4. The definition of geographical location is as set forth below. Tokyo Metropolitan Area (Note a) Other Regions (Note b) 6 Central Wards of Tokyo 23 Wards of Tokyo Tokyo Metropolitan Area Major Japanese cities including government designated cities Chiyoda-ku, Minato-ku, 23 wards of Tokyo except Tokyo Metropolitan Area Chuo-ku, Shinjuku-ku, (excluding those in Tokyo for 6 Central Wards of excluding 23 wards of Metropolitan Area) and the Shibuya-ku, and Tokyo Tokyo Shinagawa-ku surrounding areas thereof Notes a. Tokyo Metropolitan Area refers to Tokyo as well as Kanagawa, Chiba, Saitama, Ibaraki, Gunma, Tochigi and Yamanashi prefectures. b. Including Osaka Prefecture, Nagoya, Fukuoka and other cities. 5. Properties to be acquired contained in the above charts are as follows; Scheduled Scheduled Acquisition Price Type of Use Location Property Name Acquisition Date Amount (Millions of yen) Ratio Tokyo Residence Metropolitan UUR Court Shiki Sep. 18, 2015 2,730 0.5% Area Retail Tokyo Property Metropolitan Luz Shonan Tsujido Sep. 30, 2015 3,938 0.7% Area Others 6 Central Wards Quartz Tower (building) Nov. 13, 2015 1,165 0.2% of Tokyo 6. The latest information about United Urban’s portfolio is disclosed on United Urban’s website. http://www.united-reit.co.jp/eng_cms/portfolio/port_list.html

Reference Material 2 Photo and Map A. Toyoko Inn Kawasaki Ekimae Shiyakusho-dori

B. Toyoko Inn Hiroshima Heiwa-odori

C. Toyoko Inn Naha Kokusai-dori Miebashi-eki