For Translation Purposes Only June 21, 2013

For Immediate Release United Urban Investment Corporation Hisamitsu Abe Executive Officer (Securities Code: 8960)

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

Notice Concerning Acquisition of Properties

United Urban Investment Corporation (“United Urban”) hereby announces its decision to acquire properties as set forth below on June 21, 2013.

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

Scheduled Scheduled Property Type of Use Property Name Location Acquisition Price Acquisition Date Number (Note 1) (Note 1) Call center, data E3 center, backup Tsubogawa Square Building , Okinawa ¥4,150 million November 1, 2013 office, etc. (Note 2) GRAND-ROUGE D25 Apartment (Note 3) , Osaka ¥1,380 million June 25, 2013 -minami

Total ¥5,530 million —

(Notes) 1. In order to ensure that each of the Properties to be Acquired is acquired on the respective scheduled acquisition dates, United Urban executed a sale and purchase agreement of trust beneficial interest (referred to as collectively or individually the “Sale and Purchase Agreement” or “Sale and Purchase Agreements”) with each seller of the Properties to be Acquired. The scheduled acquisition prices shown are based on the purchase prices stated in the respective Sale and Purchase Agreements. In addition, the prices are shown in the amount excluding acquisition costs, consumption taxes and other costs. Please refer to “4. Matters on Forward Commitments” below for details of the Sale and Purchase Agreements. 2. Specific use based on the current status of the building are shown. 3. Of the types indicated on the real estate register, the primary types are shown.

2. Reasons 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 Properties to be Acquired for the purpose of expanding the asset size, enhancing the quality and profitability of the portfolio, and further diversifying its investment assets in the type of use. The Properties to be Acquired is consisted of (i) a building in Naha, Okinawa, which serves primarily as a call center and other uses including a data center and a backup office, and (ii) a rental apartment in Nishi-ku, Osaka, Osaka, and both properties are anticipated to exhibit strong competitiveness as described later. The lineup of these two different types of property is unique to United Urban, a diversified J-REIT.

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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

United Urban considers that the expansion in asset size and diversification of investment assets to be achieved through the acquisition of the Properties to be Acquired will improve the profitability and stability of the portfolio, which will result in a stable growth in the medium- to long-term, and thus enable United Urban to pay out a stable cash distribution. After the acquisition of the Properties to be Acquired, the asset size of United Urban will total ¥476.7 billion (based on acquisition price), and the number of properties will be 99. Moreover, for details of the Properties to be Acquired, please refer to “3.Details of Acquisition” below.

3. Details of Acquisition

A. Tsubogawa Square Building

(1) Reason for Acquisition In making the decision to acquire Tsubogawa Square Building (hereinafter, the “Property” in this section A), the following aspects were especially appreciated.

1. Location The property is located in front of Tsubogawa Station on the Okinawa Urban (“Yui Rail”) in Naha, Okinawa. It is a convenient location as it takes only 5 minutes to Kencho-mae Station in central Naha, and 10 minutes to Naha Kuko (Airport) Station, using the Yui Rail services. The property is facing the national route 329 (“Naha-higashi Bypass”) which is leading to the eastern part of the main island of Okinawa. Using the Naha-higashi Bypass, which is connecting to several national roads running north- and south-bound in , the Property is easily accessible from both inside and outside of the Naha City. In Okinawa Prefecture, where the Property is located, the manufacturing industry accounts for a small portion in the entire industry. Meanwhile, in the tertiary industry, the call center and data center businesses accounts for a large portion, except for the tourism. It is reflecting a strong corporate demand for call center and data center in Okinawa, due to such reasons as (i) geographical dispersion will mitigate companies’ earthquake risk, (ii) a stable electricity supply based on thermal power generation is available, (iii) labor cost is relatively cheap compared to that in major cities in mainland Japan and (iv) subsidization from the city and the prefecture is available, etc.

2. Building The Property, built in 2009, is relatively new and comprised of a main building (the “Business Tower”) and its attached building (the “Parking Tower”). The building of the Business Tower boasts a high specification with a floor height of 2,800 mm and a maximum floor weight of 1,200kg/m2. The Entrance hall is equipped with a security gate, which is rare in Okinawa, and along with the clerks at the front desk operating round-the-clock, the building security is tight. In addition, the electricity is provided from two different electric power substations, and the tenants are granted places to install emergency power generator, making the building ready for electric blackouts and other disasters. Therefore, this building is suitable not only for a call center, but also for a data center or a backup office. The Parking Tower has a parking space for approximately 450 passenger vehicles. Having this abundant parking space is advantageous not only in day-to-day business but also in hiring employee, especially in Okinawa where an automobile is an important means of transportation. The large capacity of the Parking Tower, along with the high specification of the Business Tower, differentiates the Property from other properties.

3. Tenants, etc. Due to its advantages in its traffic convenience, security and BCP (Business Continuity Planning), the Property has been leased to major IT companies, telecommunication companies, etc. and has been used primarily as a call center and for other uses including a data center and a backup office. In addition, the convenience store on the first floor of the Business Tower is serving for the workers of the Business Tower.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate (Note)

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 2

2. Property Name : Tsubogawa Square Building 3. Scheduled Acquisition Price : ¥ 4,150 million 4. Agreement Date : June 21, 2013 (conclusion of the Sale and Purchase Agreement) 5. Scheduled Acquisition Date : November 1, 2013 (transfer of trust beneficial interest) 6. Seller : RANIKA G. K. 7. Financing : Borrowing (scheduled) 8. Date of Payment : November 1, 2013 (scheduled) (Note) As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate.

(3) Outline of the Property

Property Name Tsubogawa Square Building Type of the Property Trust beneficial interest in real estate (Note 1) Trustee Mitsubishi UFJ Trust and Banking Corporation (Note 1) Period of Trust Agreement From November 1, 2013 to June 30, 2023 (Note 1) Lot number 3-3-5, 20 Tsubogawa, Naha, Okinawa Location (Note 2) Residential 3-3-5 Tsubogawa, Naha, Okinawa 1-minute walk from Tsubogawa Station (Okinawa Urban Monorail) (Yui Access Rail) Use (Note 2) Office, retail (attached building: parking lot) Land 5,294.63 m2 Site Area (Note 2) Building 14,742.80 m2 (attached building (Parking Tower: 11,147.79 m2) Structure and Scale(Note 2) S 11F (attached building: RC 7F) Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date (Note 2) June, 2009 Scheduled Acquisition Price ¥4,150 million Appraisal Value ¥4,410 million Date of Value Estimate April 30, 2013 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 8% Collateral None (Administrative laws and regulations) The Parking Tower, which is the attached building to the Property, shall serve, in principle, for the users of the Business Tower, which is the main building of the Property. Therefore, it is restricted (i) for a party who is not a user of the Business Tower to use the Parking Tower, and (ii) to lease Special Notations the Parking Tower to an outsider of the Property. (Rights relations, etc.) For the use of the private road between the Property and the land of the hotel adjacent to the Property, an easement has been created on the respective land. Details of Tenant (Note 3) Total Number of Tenants (Note 4) 6 Security Deposit ¥246,307 thousand Total Rental Revenues (yearly) ¥465,773 thousand Total Leasable Floor Space 10,570.98 m2 (Note 5) 2 Total Leased Floor Space (Note 5) 10,570.98 m Occupancy Ratio (Note 5) 100.0% Reference Estimated NOI (yearly) (Note 6) ¥332 million Estimated NOI Yield (Note 7) 8.0 % (Notes)

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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

1. As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. 2. Each piece of information in the “Location (Lot number),” “Use,” “Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. Moreover, the “Use” above shows the primary types of usage. The same shall apply hereinafter. Specifically, the Property is mainly used as a call center, while partially being used as a data center, and backup office, etc. 3. “Details of Tenant” indicate figures as of April 30, 2013. The same shall apply hereinafter. 4. “Total Number of Tenants” is the number of tenants that conclude a building lease agreement directly with the current owner (where such lease agreements are only relevant to the parking lot facility, then excluding the number of the tenants of such agreements) as of April 30, 2013. 5. “Total Leasable Floor Space” means the total figure of leasable floor space for the part 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 building lease agreement between the current owner and tenants (where such lease agreements are only relevant to the parking lot facility, then excluding the area of the parking lot of such agreements). In addition, “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. The same shall apply hereinafter. 6. “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, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. The same shall apply hereinafter. The estimated occupancy ratio is 100%. 7. “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. The same shall apply hereinafter.

“Owner”, “Architect”, “Structural Strength Calculator”, “Constructor” and “Building Inspection Agency” of the Property (hereinafter collectively, the “Building Architects, etc.”) are as set forth below.

Property Architect and Structural Owner Constructor Building Inspection Agency No. Strength Calculator KUNIKEN LTD, KOKUBA-GUMI CO.,LTD- JAPAN ERI CO., LTD./ E3 RANIKA G. K. Incorporated MAEDA CORPORATION Naha City (Note) Consortium (Note) While the Building Inspection Agency at the time of application for building construction authorization, in July 2008, was JAPAN ERI CO., LTD, the Building Inspection Agency at the time of application for amendment to building construction authorization, in June 2009, was Naha City.

Of the Building Architects, etc. above, JAPAN ERI CO., LTD. is one of the parties who were included in the list of Building Architects, etc. of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of April 17, 2013. However, as the completion date of the Property falls after the amendment in Building Standard Law triggered by the issue of falsification in structural strength calculation, United Urban judged that the building inspection has been properly implemented.

(4) Seller Profile

Company Name RANIKA G. K. A&C International, Head Office Address 11/F CJ Building, 2-7-4 Nishi-Shimbashi, Minato-ku, Tokyo Representative: General Incorporated Association NC2 Representative Administrator: Izumi Ishida Capital ¥100,000 (As of May 31, 2013) Date of Foundation February 5, 2007 Net Assets Undisclosed (Note) Total Assets Undisclosed (Note) Equity Member Undisclosed (Note) 1. Acquisition, holding and disposition of real estate; 2. Lease and management of real estate; Principal Business 3. Acquisition, holding and disposition of trust beneficial interest in real estate; and 4. Other businesses incidental or relating to the aforementioned items Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. Standing to Related Party RANIKA G. K. falls under neither the category of “related party,

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 4

etc.” under the Act on Investment Trusts and Investment Corporations of Japan (the “Related Party”) nor the category of sponsor/stakeholder under the self-imposed rules (rules for prevention of conflicts of interest) of Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company (the “Sponsor/Stakeholder”). (Note) Figures are not disclosed due to unavoidable circumstances where the consent for disclosure has not been obtained.

(5) Standing of the Property Owners and Others

The Property is not an acquisition from special related parties of United Urban or JRA.

(6) Outline of Brokerage

1. Outline of Broker The broker’s details are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the broker. As of today, the broker falls under neither the category of 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. Moreover, the amount of commission for the broker, altogether, is an amount less than or equal to 3% of the scheduled acquisition price (excluding consumption taxes).

(7) Transactions with Related Party or Sponsor/Stakeholder

There are no transactions with Related Parties.

B. GRAND-ROUGE Nakanoshima-minami

(1) Reason for Acquisition In making the decision to acquire GRAND-ROUGE Nakanoshima-minami (hereinafter, the “Property” in this section B), the following aspects were especially appreciated.

1. Location The Property is located in a convenient place as it has good access to three stations; a six-minute walk from on the Osaka City Subway , a seven-minute walk from Nakanoshima Station on the Keihan Nakanoshima Line and a 9-minute walk from on the Keihan Nakanoshima Line. It is also within a walking distance from major business districts in Osaka, such as Honmachi, Yodoyabashi and Umeda. With convenience stores, a supermarket which is open until late at night, a hospital, a postal office, etc. located in the vicinity, the Property provides high convenience to daily life and yet it boasts a sound living environment, as the rich greenery of is situated in a 5-minute walking distance. The number of households in and around the Nishi Ward of Osaka, which is where the Property is located, is on the increase in recent years. Backed by its high convenience, the number of households in this area is anticipated to keep growing.

2. Building The Property, built in 2009, is relatively new. The Property is primarily consisted of 1K (one room with a kitchenette) for singles and furnished with convenient equipments such as optical fiber networks (high-speed internet connection), Washlet (a toilet seat with bidet function), bathroom heater/dryer, bicycle parking lot (62 bicycles), etc. The building features an indoor hallway which protects the privacy of the residents, and equipments such as the entrance gate security system with video intercom,

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 5

double lock and security cameras (9 installed in the common area) that appeal to tenants.

3. Tenants, etc. Approximately 70% of the lease contracts are concluded with corporate tenants. With its convenient location and living comfort, the Property is anticipated to maintain its stable occupancy.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate (Note) 2. Property Name : GRAND-ROUGE Nakanoshima-minami 3. Scheduled Acquisition Price : ¥1,380 million 4. Agreement Date : June 21, 2013 (conclusion of the Sale and Purchase Agreement) 5. Scheduled Acquisition Date : June 25, 2013 (transfer of trust beneficial interest) 6. Seller : MG Leasing Corporation 7. Financing : Cash on hand (scheduled) 8. Date of Payment : June 25, 2013 (scheduled) (Note) As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate.

(3) Outline of the Property

Property Name GRAND-ROUGE Nakanoshima-minami Type of the Property Trust beneficial interest in real estate (Note1) Trustee Mitsubishi UFJ Trust and Banking Corporation (scheduled) (Note1) Period of Trust Agreement From June 25, 2013 to June 30, 2023 (scheduled) (Note1) Lot number 1-23-8 Edobori, Nishi-ku, Osaka, Osaka Location Residential 1-25-27 Edobori, Nishi-ku, Osaka, Osaka 6-minute walk from Higobashi Station (Osaka City Subway Yotsubashi Line) Access 7-minute walk from Nakanoshima Station (Keihan Nakanoshima Line) 9-minute walk from Watanabebashi Station (Keihan Nakanoshima Line) Use Apartment (118 units) Land 405.74 m2 Site Area Building 3,741.79 m2 Structure and Scale RC 15F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date August, 2009 Scheduled Acquisition Price ¥1,380 million Appraisal Value ¥1,490 million Date of Value Estimate April 30, 2013 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 15% Collateral None Special Notations None Details of Tenant Total Number of Tenants (Note2) 56 Security Deposit ¥8,694 thousand Total Rental Revenues (yearly) ¥105,154 thousand Total Leasable Floor Space 3,090.36 m2 Total Leased Floor Space 2,848.82 m2 Occupancy Ratio 92.2% Reference Estimated NOI (yearly) (Note3) ¥86 million Estimated NOI Yield 6. 3%

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 6

(Notes) 1. As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. 2. As of April 30, 2013 a pass-through-type master lease agreement has been concluded between MG Leasing Corporation, the seller, and the masterlessee with regard to the Property. Therefore, the “Total Number of Tenants” figure is stated by aggregating the number of end tenants subleased to by the master lessee. 3. The estimated occupancy ratio is 95%.

The Building Architects, etc. of the Property are as set forth below.

Property Building Owner Architect Constructor Structural Strength Calculator No. Inspection Agency GENDAI SOUGO MG Leasing NIPPO D25 ARCHITECTS & K.K. T.M.H. Nihon Testing K.K. Corporation CORPORATION ENGINEERS INC.

None of the Building Architects, etc. was included in the list of Building Architects, etc of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of April 17, 2013.

(4) Seller Profile

Company Name MG Leasing Corporation Head Office Address Josuikai Building, 2-1-1 Hitotsubashi, Chiyoda-ku, Tokyo Representative Shigemasa Sonobe, President Capital ¥4,500 million (As of March 31, 2013) Date of Foundation December, 1993 Net Assets ¥9,200 million (As of March 31, 2013) Total Assets ¥112,495 million (As of March 31, 2013) (As of March 31, 2013) Shareholding Shareholder Equity Member Ratio Sumitomo Mitsui Finance and Leasing Company, Limited 55% Marubeni Corporation 45%

Principal Business General Leasing and Related Business Relationship with United Urban or JRA Capital Ties There are no significant capital ties. One (1) director (non-executive) of JRA is concurrently serving as a Personal Relationship director of MG Leasing Corporation. Business Relationship There are no significant business relationships. MG Leasing Corporation falls under the category of the Related Party. In addition, MG Leasing Corporation falls under the category of the Standing to Related Party Sponsor/Stakeholder. Therefore, in acquiring the Property, JRA is abiding by the predetermined limitations and procedures of JRA. (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 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, asset management evaluations, etc.), which includes an outside expert, shall be required, and that the resolution must be passed by the unanimous agreement of the members of Investment Committee. 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, regulations, guidelines, internal rules, etc. The same shall apply to the transactions with Sponsor/Stakeholder hereinafter.

(5) Standing of the Property Owners and Others

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 7

Property name GRAND-ROUGE Nakanoshima-minami (location) (1-25-27 Edobori, Nishi-ku, Osaka, Osaka) Current owner or beneficiary of the Previous owner or beneficiary of the Standing of the property owners trust trust A party who does not have particular Company name / Name MG Leasing Corporation interest with United Urban or JRA

Relationship with special ― related parties Sponsor/Stakeholder Process of acquisition and ― reasons Investment and operation

Omitted because the current owner ― Acquisition price has owned for more than one year. June, 2007 Date of acquisition (The building was newly built in ― August, 2009)

(6) Outline of Brokerage

1. Outline of Broker Company Name Marubeni Asset Management Co., Ltd. Address 7/F Shin-Ohtemachi Building, 2-2-1 Ohtemachi, Chiyoda-ku, Tokyo Representative Hitoshi Murakami, President Investment management business, investment advisory and agency business, and type II financial instruments business as defined in the Financial Instruments and Exchange Act; building lots and buildings Principal Business transaction business as defined in the Building Lots and Buildings Transaction Business Act; real estate investment advisory; purchase, management, leasing, renting and operation of real estate and trust beneficial interests, and the brokerage and consulting of such; etc. Capital ¥50 million (As of June 21, 2013) Date of Foundation November 14, 2007 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship Two directors (non-executive) of JRA are concurrently serving as

directors of Marubeni Asset Management Co., Ltd. In the current fiscal period (fiscal period ending November 30, 2013), there have been no transaction with Marubeni Asset Management Co., Ltd., while in the previous fiscal period (fiscal period ended May 31, Business Relationship 2013), Marubeni Asset Management Co., Ltd. conducted brokerage for acquisition of assets (two properties) and transfer of assets (two properties). Marubeni Asset Management Co., Ltd. falls under the category of the Standing to Related Party Related Party. In addition, Marubeni Asset Management Co., Ltd. falls under the category of the Sponsor/Stakeholder.

2. Amount and Details of Commission Commission: ¥41,400 thousand (excluding consumption taxes)

(7) Transactions with Related Party

Seller : MG Leasing Corporation MG Leasing Corporation falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay MG Leasing Corporation ¥1,380 million (excluding acquisition costs, property tax, city planning tax and consumption tax) as an acquisition price. Broker : Marubeni Asset Management Co., Ltd.

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 8

Marubeni Asset Management Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA.Concerning the acquisition of the Property, United Urban will pay Marubeni Asset Management Co., Ltd. ¥41,400 thousand (consumption taxes are separately added) as a brokerage commission.

4. Matters on Forward Commitments

(1) Properties to be Acquired with Forward Commitments (Note)

Conclusion of the Sale Property Name Scheduled Acquisition Date and Purchase Agreement Tsubogawa Square Building June 21, 2013 November 1, 2013 (Note) In the “Guidelines for Financial Instruments Business Supervision” of Financial Services Agency, “forward commitments” is defined as “a sale and purchase agreement binding for forward and future transactions, with respect to which the settlement and delivery take place one or more months after the signing of the date of agreement, or other similar agreements.”.

(2) Impact on United Urban’s Financial Standing if Forward Commitment is not Implemented In order to secure the Properties to be Acquired, United Urban executed the Sale and Purchase Agreements as of June 21, 2013, pertaining to Tsubogawa Square Building, which falls under Forward Commitment as set forth in (1) above, as well as GRAND-ROUGE Nakanoshima-minami to be acquired on June 25, 2013, with each seller of the properties. The Sale and Purchase Agreement provides that it may be terminated on the grounds of a material breach of obligations thereunder in which case the party in breach is obliged to pay the other party 20% of the transaction price and other charges (amounts differ by each Sale and Purchase Agreement). However, each agreement is subject to the condition precedent of payment of an acquisition price that United Urban’s fund procurement is completed for the acquisition of the trust beneficial interest. Therefore, as for the acquisition of Tsubogawa Square Building, the Sale and Purchase Agreements will be terminated with no penalty if United Urban cannot consummate fund procurement (borrowing, etc.) as of the scheduled acquisition date. As for GRAND-ROUGE Nakanoshima-minami, United Urban will acquire by cash on hand. Consequently, United Urban believes that the acquisitions of Tsubogawa Square Building and GRAND-ROUGE Nakanoshima-minami are not likely cause material adverse effect on (i) United Urban’s financial standing and (ii) payment of cash distributions and other conditions.

5. Method of Payment and Acquisition Schedule

(1) Method of Payment Of the Properties to be Acquired, United Urban will to use cash on hand to acquire GRAND-ROUGE Nakanoshima-minami, while it intends to obtain new borrowings from lender(s) to acquire Tsubogawa Square Building, but the details of the borrowings are not determined as of today. We will make an announcement once the details of the borrowings are determined.

(2) Acquisition Schedule

Decision of Acquisition Property Name (conclusion of the sale and Scheduled Acquisition Date purchase agreement) GRAND-ROUGE Nakanoshima-minami June 21, 2013 June 25, 2013 Tsubogawa Square Building June 21, 2013 November 1, 2013

6. Outlook of Operating Condition

Please refer to “Notice Concerning Revision to Forecasts of Financial Results for the Nineteenth Fiscal Period Ending May 31, 2013 and Twentieth Fiscal Period Ending November 30, 2013, and Forecasts of Financial Results for the Twenty-first Fiscal Period Ending May 31, 2014” dated today for the forecasts for the fiscal

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 9

periods ending November 30, 2013 (twentieth fiscal period) and May 31, 2014 (twenty-first fiscal period).

【Attached Materials】 1. Summaries of Appraisal Report 2. Portfolio after Acquisition of Properties to be Acquired 3. Photos

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 10

Reference Material 1

Summaries of Appraisal Report

A. Tsubogawa Square Building

Appraisal Value ¥4,410,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate April 30, 2013

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 4,410,000

Price by Direct Capitalization Method 4,410,000 (1) Total profit 511,960 (Effective total profit: 1+2+3+4-5-6) - Assessed a unit value level of rent, etc. that can be received stably over the medium to long term based on 1. Potential total profit the rent levels received under the current lease agreements, the levels of rents and common area charges (rental revenues, common area 402,850 of the subject property in case the new rents are assumed charges) to take place and the quality of the current lessees; and recorded rental revenues and common area charges as calculated based on the unit value level thus assumed. Electricity charges for illuminating lamps and other equipment, air conditioning expenses and other expenses for the leased space were recorded as utility revenues in 2. Utility revenues 80,000 the case where the occupancy ratio for the leased space was 100%, which took into account occupancy conditions for the leased space based on the actual results of the previous fiscal year. Assessed a unit value level of charges that can be received stably over the medium to long term based on the average charges under the current lease agreements and the level, etc. of charges in case the new renting of 3. Parking revenues 79,544 parking lot is assumed to take place; and recorded parking revenues as calculated based on the unit value level thus assumed. Parking revenues for motorcycles and bicycles are recorded on a medium term perspective, by taking account the occupancy. 4. Other revenues 15,000 Facility fees, etc. were recorded as other revenues. Assessed an occupancy ratio level that will remain stable over the medium to long term based on the occupancy status of and the supply and demand trends of competing or alternative, etc. real estates with similar features in a comparable area within the same sphere of supply and demand, and past occupancy status of and 5. Losses from vacancies 65,434 future prospects of the subject property for each use; and recorded the losses from vacancies, etc. as calculated based on the occupancy ratio level thus assumed. As to parking revenues for motorcycles, bicycles revenues and other revenues, revenues are assumed based on medium- to long-term estimate and thus losses from vacancies, etc. are not recorded. Judged that no bad debt losses in view of the 6. Bad debt losses 0 circumstances, etc. of lessees. (2) Total expenses 200,912 - (7+8+9+10+11+12+13+14) Recorded the administrative and maintenance fees comprising cleaning expenses, equipment management 7. Administrative and maintenance costs, security costs, etc. by taking into account the 53,492 individualities of the subject property in reference to fees prior actual performance, the price estimate and administrative and management fees of similar real estates. Recorded utility expenses by taking into account the 8. Utilities 84,000 occupancy ratio,etc. for the leased space based on prior

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 11

actual performance. Recorded expenses for repairs by taking into account future management plans, the level of expenses of 9. Repairs 6,600 similar real estates and the annual average amounts, etc. of repairs in the engineering report in reference to prior actual performance. Assessed based on the amount of tax base for fiscal 10. Property and other tax 39,704 2012. responsible for overall control of the tenant management service and building management service, etc. In order to assess property management fee, recorded such fee by taking into account the price 11. Property Management Fee 7,992 estimate the fee rates for similar real estates and the individualities, etc. of the subject property.

For the brokerage, publicity and other expenses, etc. 12. Advertising expenses for required in advertising for new tenants, recorded annual 2,764 tenants, etc. average amount assessed by assumed turnover period of lessees. Recorded casualty insurance fee by taking into account insurance costs indicated on the price estimate and the 13. Casualty insurance 840 rate, etc. of insurance costs of buildings similar to the subject buildings. 14. Other expenses 5,520 Recorded reception service fee as other expenses. (3) Net operating income (NOI: (1)-(2) ) 311,048 -

Assumed a number-of-month-equivalent lease deposits that will remain stably passable over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed (4) Operating profit of lump-sum money 4,594 number-of-month-equivalent lease deposits as adjusted for the occupancy ratio by an investment yield. investment yield from the perspective of fund management during the period of deposit, by taking into account the level of interest rate, etc. of both sides of investment and procurement.

Renewal costs required for maintenance of the building to be recognized assuming that a projected average amount will be set aside every fiscal period, although (5) Capital expenditures (including the actual costs will arise on an irregular basis; and 15,790 routine repairs) assessed capital expenditures, taking into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 299,852 - Assessed based on a real-estate investment yield set for each area, by adjusting it with the spreads arising from location requirements, standing of the building and other (7) Cap rate 6.8% conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 4,400,000 - Discount rate 6.5% - Terminal cap rate 6.9% - Cost approach price 4,520,000 Land ratio: 18.6%, Building ratio: 81.4%

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 12

B. GRAND-ROUGE Nakanoshima-minami

Appraisal Value ¥1,490,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate April 30, 2013

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 1,490,000

Price by Direct Capitalization Method 1,500,000 (1) Total profit 110,952 (Effective total profit: 1+2+3+4-5-6) - Assessed a unit value level of rent, etc. that can be received stably over the medium to long term, based on 1. Potential total profit the rent levels received under the current lease agreements, the levels of rents and common area charges (rental revenues, common area 114,075 in case the new rents are assumed to take place and the charges) quality of the current lessees; and recorded rental revenue ands and common area charges based on the unit value level thus assumed. 2. Utility revenues 0 No utility revenues to be charged to lessee. Assessed a unit value level of charges that can be received stably over the medium to long term based on the average charges under the current lease agreements and the level, etc. of charges in case the new renting of 3. Parking revenues 1,230 parking lot is assumed to take place; and recorded parking revenues as calculated based on the unit value level thus assumed. Parking revenues for bicycles are recorded on a medium term perspective, by taking account the occupancy. Assumed the number-of-month-equivalent key money that will be received from individual tenants and annual average tenant replacement rate; and recorded key money based on the above. Also recorded revenues from 4. Other revenues 2,214 optical fiber networks charge as other revenues. Renewal fee revenues are not recorded in view of the lease terms in the subject area, lease terms of similar properties in the area, and other factors. Assessed an occupancy ratio level that will remain stable over the medium to long term based on the occupancy status and the supply and demand trends of competing or alternative, etc. real estates with similar features in a comparable area within the same sphere of supply and demand, and past occupancy status of and 5. Losses from vacancies 6,567 future prospects; and recorded the losses from vacancies, etc. as calculated based on the occupancy ratio level thus assumed. As to parking revenues for bicycles and other revenues, revenues are assumed based on medium- to long-term estimate and thus losses from vacancies, etc. are not recorded. Judged that no bad debt losses in view of the 6. Bad debt losses 0 circumstances, etc. of lessees. (2) Total expenses 22,968 - (7+8+9+10+11+12+13+14) Recorded the administrative and maintenance fees comprising cleaning expenses, equipment management 7. Administrative and maintenance costs, security costs, etc. by taking into account the 3,020 individualities of the Property in reference to prior fees actual performance, scheduled administrative and maintenance fees and administrative and management fees of similar real estates. Recorded utility expenses by taking into account utilities of similar real estate and the individualities, etc. of the 8. Utilities 1,200 Property with reference to prior actual amounts in the process of the assessment of utilities for common areas. Recorded restitution fees based on the level of 9. Repairs 4,562 restitution fees per room that will ordinarily arise in

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 13

correlation with tenant replacement, the proportion of the lessor’s burden, average timing of expense payment, degree of restitution and other factors. Also recorded by taking into account the actual results of the past fiscal year, the level of expenses for similar properties, the annual average amounts of costs for repairs in the relevant engineering report and other factors in the process of assessment of repairs. Assessed based on the amount of tax base for fiscal 2013. (With respect to building, tax reductionthat are 10. Property and other tax 7,266 applicable to newly built residential buildings are not taken into account.) This is a consignment fee payable to the outsourcee responsible for overall control of the tenant management service and building management service, etc. In order to assess property management fee, recorded such fee by 11. Property Management Fee 2,721 taking into account the fee rates for similar real estates and the individualities, etc. of the Property in reference to fee rates etc. based on the schedule agreement terms.

Recorded the administrative fees associated with advertising and contracting new tenants as advertisement fee, with reference to current agreement terms, lease terms of similar properties in the area and 12. Advertising expenses for 4,092 other factors and additionally by taking into account tenants, etc. commission fee and actual results of the previous fiscal year. Fees associated with renewing contracts are not recorded in view of current agreement terms and lease terms of the subject area. Recorded casualty insurance fee by taking into account insurance costs based on the current insurance policy 13. Casualty insurance 107 and the rate of insurance costs of buildings similar to the subject buildings, etc. 14. Other expenses 0 No particular expenses to be recorded as other expenses. (3) Net operating income (NOI: (1)-(2) ) 87,984 -

Assumed a number-of-month-equivalent lease deposits that will remain stably passable over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed (4) Operating profit of lump-sum money 181 number-of-month-equivalent lease deposits as adjusted for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account the level of interest rate, etc. of both sides of investment and procurement. Renewal costs required for maintenance of the building to be recognized assuming that a projected average amount will be set aside every fiscal period, although (5) Capital expenditures (including the actual costs will arise on an irregular basis; and 4,220 routine repairs) assessed capital expenditures, taking into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 83,945 - Assessed based on a real-estate investment yield set for each area, by adjusting it with the spreads arising from location requirements, standing of the building and other (7) Cap rate 5.6% conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 1,470,000 - Discount rate 5.4% - Terminal cap rate 5.8% - Cost approach price 1,420,000 Land ratio: 33.5%, Building ratio: 66.5%

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 14

Reference Material 2 Portfolio after the Acquisition of Properties to be Acquired As of November 1, 2013 (scheduled) (scheduled) (scheduled) Share in Share in Property Acquisition Acquisition Price acquisition Type Name of Property type No. Date (Millions of yen) price (Note 2) (Note 1) (Note 2) (Note 2) A1 Daiei Himonya Dec. 25, 2003 15,300 3.2% A2 Joy Park Izumigaoka Dec. 22, 2003 6,770 1.4% A3 Daimaru Peacock Ashiya Kawanishi Dec. 22, 2003 769 0.2% A4 Re-LAND Shopping Center Sep. 17, 2004 5,200 1.1% A5 AEON MALL Uki Dec. 3, 2004 11,100 2.3% A6 TENJIN LUCE Apr. 14, 2006 6,500 1.4% A7 Yamada Denki Tecc Land Sakai Honten Apr. 28, 2006 3,210 0.7% A8 Miyamae Shopping Center Feb. 19, 2007 5,312 1.1% A9 KONAMI SPORTS CLUB Korigaoka Jun. 29, 2007 2,040 0.4% A10 ACTIOLE Minami-ikebukuro Sep. 27, 2007 3,760 0.8% A11 Tip’s Machida Building Dec. 27, 2007 4,100 0.9% A12 Daiei Takarazuka Nakayama Jan. 30, 2008 4,284 0.9% maricom-ISOGO / SYSTEM PLAZA A13 Feb. 18, 2008 6,883 1.4% YOKOHAMA (Site) (retail portion) Retail A14 ACTIOLE Kannai Jun. 30, 2008 2,410 0.5% 35.3% Properties A15 Shinsaibashi OPA Honkan Dec. 1, 2010 22,800 4.8% A16 Shinsaibashi OPA Kireikan Dec. 1, 2010 2,770 0.6% A19 Albore Jingumae Dec. 1, 2010 1,580 0.3% A20 Albore Sendai Dec. 1, 2010 2,590 0.5% A21 Mallage Kashiwa Dec. 1, 2010 7,040 1.5% A23 Ito-Yokado Owariasahi Dec. 1, 2010 4,840 1.0% A24 Yokohama Kariba Shopping Center (Note 3) Dec. 1, 2010 2,500 0.5% A25 Luz Jiyugaoka Jun. 15, 2011 5,090 1.1% A26 ACTIOLE Ichikawa Jun. 15, 2011 3,350 0.7% A27 VIVAHOME Yokohama Aoba (Site) Oct. 31, 2011 2,600 0.5% A28 Yamada Denki Tecc Land Aoba (Site) May 18, 2012 2,150 0.5% A29 Yodobashi Camera Multimedia Kichijoji Mar. 18, 2013 28,000 5.9% Yamada Denki Tecc Land New Matsudo A30 Mar. 18, 2013 5,150 1.1% Honten B1 T&G Hamamatsucho Building Dec. 26, 2003 2,257 0.5% B2 SK Nagoya Building Dec. 26, 2003 5,400 1.1% B3 Fukuoka Eartheon Building Dec. 26, 2003 2,080 0.4% B4 Marumasu Kojimachi Building Mar. 29, 2004 2,350 0.5% B5 Rokubancho K Building Mar. 30, 2004 2,150 0.5% Office 41.6% B6 Buildings Shin-Osaka Central Tower (office portion) Dec. 2, 2004 14,279 3.0% B7 Kawasaki Toshiba Building Dec. 20, 2004 19,200 4.0% maricom-ISOGO / SYSTEM PLAZA (A13) Feb. 28, 2008 5,021 1.1% YOKOHAMA (Site) (office portion) B8 UUR Toyocho Building Jun. 30, 2008 8,500 1.8% B9 FOUR SEASONS BLDG Dec. 25, 2009 4,200 0.9% B10 Hitachi High-Tech Building Dec. 1, 2010 14,800 3.1%

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 15

B11 Pacific Marks Shinjuku Parkside Dec. 1, 2010 12,100 2.5% B12 UUR Tsukiji Building Dec. 1, 2010 6,860 1.4% B13 Pacific Marks Tsukishima Dec. 1, 2010 6,080 1.3% B14 Pacific Marks Yokohama East Dec. 1, 2010 7,050 1.5% B15 Pacific Marks Shin-Urayasu Dec. 1, 2010 3,920 0.8% B16 Omori City Building Dec. 1, 2010 4,120 0.9% B17 Akasaka Hikawa Building Dec. 1, 2010 3,290 0.7% B18 Pacific Marks Shibuya Koen-dori Dec. 1, 2010 2,570 0.5% B19 Pacific Marks Nihonbashi-Tomizawacho Dec. 1, 2010 1,890 0.4% B20 Pacific Marks Akasaka-mitsuke Dec. 1, 2010 2,210 0.5% B21 Yokohama Aioicho Building Dec. 1, 2010 1,060 0.2% B22 Pacific Marks Shin-Yokohama Dec. 1, 2010 1,710 0.4% B25 Pacific Marks Kawasaki Dec. 1, 2010 9,890 2.1% B26 Hamamatsucho 262 Building (Note 4) Dec. 1, 2010 6,260 1.4% B27 Lila Hijirizaka Dec. 1, 2010 2,750 0.6% B28 Pacific Marks Aobadai Dec. 1, 2010 1,620 0.3% B29 Otsuka HT Building Dec. 1, 2010 1,160 0.2% B30 Pacific Marks Shinjuku South-gate Dec. 1, 2010 2,460 0.5% B31 Pacific Marks Nishi-Umeda Dec. 1, 2010 6,860 1.4% B32 Pacific Marks Higobashi Dec. 1, 2010 4,570 1.0% B33 Nagoya Nishiki City Building Dec. 1, 2010 2,670 0.6% B34 Pacific Marks Esaka Dec. 1, 2010 9,590 2.0% B35 Pacific Marks Sapporo Kita-Ichijo Dec. 1, 2010 1,790 0.4% B36 Shin-Sapporo Center Building Dec. 1, 2010 987 0.2% B37 ARENA TOWER Jun. 16, 2011 9,500 2.0% B38 Yushima First Building Aug. 29, 2012 2,100 0.4% B39 Dogenzaka Square Nov. 22, 2012 2,300 0.5% C1 Shinjuku Washington Hotel Honkan Dec. 22, 2003 21,140 4.4% (B6) Shin-Osaka Central Tower (hotel portion) Dec. 2, 2004 9,721 2.0% C2 Toyoko Inn Shinagawa-eki Takanawa-guchi Feb. 18, 2005 1,884 0.4% C3 MZ BLD. Apr. 10, 2008 3,800 0.8% C4 Hotels HOTEL ROUTE-INN Yokohama Bashamichi Jun. 30, 2008 4,720 1.0% 12.6% C5 Hotel JAL City Naha Oct. 25, 2011 7,650 1.6% C6 Hotel JAL City Yotsuya Tokyo Dec. 26, 2011 4,200 0.9% C7 Yotsuya 213 Building Mar. 18, 2013 5,020 1.1% C8 HOTEL ROUTE-INN Nagoya Imaike Ekimae Mar. 25, 2013 2,000 0.4% D1 T&G Higashi-ikebukuro Mansion Dec. 26, 2003 2,021 0.4% D2 T&G Yotsuya Mansion Dec. 26, 2003 1,355 0.3% D4 Komazawa Court Dec. 26, 2003 1,680 0.4% Residential D5 Ropponmatsu Court Dec. 26, 2003 757 0.2% 8.2% Properties D6 Sky Court Shiba-Daimon Oct. 15, 2004 1,175 0.2% D7 Maison Ukima Oct. 26, 2004 3,530 0.7% D8 Narashino Residence Oct. 26, 2004 1,140 0.2% D9 Aprile Shin-Ohgi Ichibankan Apr. 13, 2005 3,031 0.6%

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 16

D10 UUR Court Sapporo Kita-Sanjo Mar. 16, 2006 1,278 0.3% D11 UUR Court Chiba Soga Feb. 8, 2006 620 0.1% D12 Higashi-kurume Dormitory Shinkan Feb. 8, 2006 480 0.1% D13 Nanzan Court Ichigokan Mar. 30, 2006 1,070 0.2% D14 Nanzan Court Nigokan Mar. 30, 2006 450 0.1% D15 CLIO Bunkyo Koishikawa Apr. 28, 2006 3,170 0.7% D16 GRAND-ROUGE Sakae Nov. 30, 2006 1,570 0.3% D17 GRAND-ROUGE Sakae II Dec. 26, 2007 1,300 0.3% D18 MA Sendai Building Sep. 24, 2008 3,440 0.7% D19 UUR Court Nagoya Meieki Sep. 30, 2008 1,473 0.3% D20 UUR Court Sapporo Shinoro Ichibankan Nov. 11, 2008 870 0.2% D21 Park Site IZUMI Nov. 21, 2008 900 0.2% D22 UUR Court Osaka Juso-honmachi Feb. 26, 2009 1,570 0.3% D23 UUR Court Kinshicho Jun. 15, 2011 2,900 0.6% D24 Glenpark Sapporo Premier Tower Jun. 28, 2012 2,050 0.4% D25 GRAND-ROUGE Nakanoshima-minami Jun. 25, 2013 1,380 0.3% E1 Lilycolor Tohoku Branch May 29, 2006 2,050 0.4% E2 Others KDDI Fuchu Building May 16, 2013 4,920 1.0% 2.3% E3 Tsubogawa Square Building Nov. 1, 2013 4,150 0.9% Total 476,746 100.0% 100.0% (Notes) 1. The “Acquisition Date” of succeeded properties from Nippon Commercial Investment Corporation is described as December 1, 2010, the effective date of the merger. For the properties for which United Urban made additional acquisition, the date of the first acquisition time is stated. 2. The acquisition prices are rounded to the nearest one million yen. Ratios are rounded to first decimal place. Accordingly, the total of each column of ratios may not be equal to the total of relevant individual ratios. The acquisition price of the property for which United Urban made additional acquisition shows an aggregated amount including the additional acquisition amount. 3. The name of this property was changed from “Nitori Yokohama Kariba I.C.” to “Yokohama Kariba Shopping Center” on July 1, 2012. 4. The name of this property will be changed to “Hamamatsucho 262 Building” on February 25, 2013.

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 17

Reference Material 3 Photos A. Tsubogawa Square Building

B. GRAND-ROUGE Nakanoshima-minami

This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of properties by United Urban Investment Corporation, and not for the purpose of soliciting any 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. 18