Notice Concerning Acquisition of Investment Assets (COMFORIA KUDAN, Other 21 Assets)

January 10, 2014 For Immediate Release Real Estate Investment Trust Securities Issuer: Comforia Residential REIT, Inc 1-16-3 Dogenzaka, Shibuya-ku, Tokyo Hiroyuki Tohmata, Executive Director (Code: 3282)

Asset Management Company: TLC Comforia Investment Management INC. Hiroyuki Tohmata, President & CEO Inquires: Nobuhide Kashiwagi, Director, General Manager of Finance & Accounting department (TEL: +81-3-6415-6200)

Notice Concerning Acquisition of Investment Assets (COMFORIA KUDAN, other 21 assets)

Comforia Residential REIT, Inc (“Investment Corporation”) announces today its decision to acquire the investment assets as shown below.

1．Summary of Acquisition

Acquisition Price No Type of Asset Property Name (thousand yen) (Note 1) Beneficial Interest in 1 COMFORIA KUDAN 1,280,500 Real Estate Trust Beneficial Interest in COMFORIA NIHONBASHININGYOCHO NORTH 2 1,108,000 Real Estate Trust (Note 2) Beneficial Interest in 3 COMFORIA SHINKAWA (Note 2) 1,840,800 Real Estate Trust Beneficial Interest in 4 COMFORIA AKASAKA 1,945,000 Real Estate Trust Beneficial Interest in 5 COMFORIA MITA EAST 3,190,550 Real Estate Trust Beneficial Interest in 6 COMFORIA LIV SHIBAURA CANAL (Note 2) 1,570,000 Real Estate Trust Beneficial Interest in 7 COMFORIA UENOHIROKOJI 1,050,000 Real Estate Trust Beneficial Interest in 8 COMFORIA KASUGATOMISAKA 2,912,150 Real Estate Trust Beneficial Interest in 9 COMFORIA HONKOMAGOME (Note 2) 1,344,000 Real Estate Trust Beneficial Interest in 10 COMFORIA MORISHITA (Note 2) 1,530,000 Real Estate Trust Beneficial Interest in 11 COMFORIA LIV KIBAKOEN 956,000 Real Estate Trust Beneficial Interest in 12 COMFORIA MEGURO CHOJAMARU 1,972,000 Real Estate Trust Beneficial Interest in 13 COMFORIA NISHIMAGOME (Note 2) 990,000 Real Estate Trust

This document is a press release to make a public announcement of acquisition of investment assets, and has not been prepared as a solicitation for investment. Investment Corporation cautions investors to ensure that they refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by Investment Corporation (if such have been prepared) before undertaking investments and investments be made at their own discretion and responsibility. 1

Acquisition Price No Type of Asset Property Name (thousand yen) (Note 1) Beneficial Interest in 14 COMFORIA KITASANDO (Note 3) 4,268,000 Real Estate Trust Beneficial Interest in 15 COMFORIA YOYOGIUEHARA (Note 2) 1,560,000 Real Estate Trust Beneficial Interest in 16 COMFORIA SASAZUKA 1,789,000 Real Estate Trust Beneficial Interest in 17 COMFORIA SHINJUKUGYOENⅡ 1,806,000 Real Estate Trust Beneficial Interest in 18 COMFORIA ICHIGAYAYANAGICHO 1,623,000 Real Estate Trust Beneficial Interest in 19 COMFORIA KAGURAZAKA 736,000 Real Estate Trust Beneficial Interest in 20 COMFORIA HIGASHIIKEBUKURO EAST 1,712,000 Real Estate Trust Beneficial Interest in 21 COMFORIA HIGASHIIKEBUKURO 1,132,000 Real Estate Trust Beneficial Interest in 22 COMFORIA SHINKOYASU (Note 2) 1,077,000 Real Estate Trust

Total 37,392,000 (Note 1) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of the concerned asset, etc. (taxes and public dues, etc.) (specified in the Agreement on Purchase and Sale of Beneficial Interest in Real Estate Trust, etc.). (Note 2) The Investment Corporation plans to change the names about one month after the acquisition. The current property names are the table below. The current property names will be omitted hereinafter. No The current property name 2 Chester House Mitsukoshimae 3 OZIO Shinkawa 6 Chester House Shibaura 9 Chester Court Honkomagome 10 OZIO Morishita 13 Chester House Nishimagome 15 Chester Court Yoyogiuehara 22 Chester House Shinkoyasu (Note 3) Although the current property name is Vert Varie Kitasando, the Investment Corporation plans to change the name to COMFORIA KITASANDO after obtaining the consent of the other segment owner. The current property name will be omitted hereinafter.

(1) Date of Agreement January 10, 2014 (2) Date of Acquisition February 4, 2014 (3) Seller Refer to “3. Summary of the Seller” (4) Financing for Acquisition The properties will be bought using proceeds from the issuance of new investment units outlined in the press release “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” announced today and the borrowings (Note). (5) Method of Payment Full payment at the time of delivery

(Note) The Investment Corporation will announce concerning the borrowings after its decision.

2. Summary of the Properties (1) COMFORIA KUDAN Property Name COMFORIA KUDAN Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned)

Location (Residential address) 2-6-12 Kudanminami, Chiyoda-ku, Tokyo Area (Note 1) 349.35 m2 Land Type of Ownership Ownership Completion Date (Note 1) February, 2007 Structure / Number of Floors RC / 13F (Note 1) 2 Building Gross Floor Area (Note 1) 1,787.89 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 36 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising compact-type rooms located a 7-minute walk from Kudanshita Station on the Tokyo Metro Tozai Line, Hanzomon Line and the Toei Shinjuku Line and a 9-minute walk from Ichigaya Station on the JR Chuo-Sobu Local Line, the Tokyo Metro Namboku Line and one other line. As 2 stations and 5 lines are available, taking approximately 4 minutes to Otemachi Station and approximately 8 minutes to Shinjuku Station, Features of the Property it has very good access to major business and commercial zones. This area is convenient with proximity to Chidorigafuchi, which are renowned Tokyo sites for cherry blossom viewing, and has convenience stores, eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand, mainly from single persons and DINKS families focusing on the comfort and convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 1,370,000 thousand yen Direct Capitalization Price 1,390,000 thousand yen

Cap Rate 4.7% DCF Price 1,340,000 thousand yen Discount Rate 4.4% Terminal Cap Rate 5.0% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,589.22 m2 Rented Area 1,589.22 m2 Occupancy Rate 100.0% Rentable Units 36 Units Rented Units 36 Units Total Number of Tenants 1 Total Monthly Rent 6,674 thousand yen Deposits, guarantees 11,480 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013

Estimated Amount 70 thousand yen of Emergency Repair Expenses Estimated Amount 30 thousand yen of Short-Term Repaid Expenses Estimated Amount 27,490 thousand yen of Long-Term Repaid Expenses Replacement Value 414,600 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.93% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. A・JRM Sekkei Contractor MABUCHI CONSTRUCTION Co., LTD. Building Permit Agency Building Navigation Kakuninhyoukakikou, Inc. Investment Agency or Structural HOUSEPLUS CORPORATION, Inc. Calculation Fitness Judge, etc.

(2) COMFORIA NIHONBASHININGYOCHO NORTH Property Name COMFORIA NIHONBASHININGYOCHO NORTH Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Sumitomo Mitsui Trust Bank, Limited Expiration Date of Beneficial Trust Contract February 3, 2029 (planned) Location (Residential address) 1-1-6 Nihonbashi Horidomecho, Chuo-ku, Tokyo Area (Note 1) 253.15 m2 Land Type of Ownership Ownership Completion Date (Note 1) January, 2005 Structure / Number of Floors RC / 10F (Note 1) 2 Building Gross Floor Area (Note 1) 1,717.58 m Type of Ownership Ownership Use (Note 1) Apartment building / Bicycle parking / Garbage depot / Storage Rentable Units (Note 6) 36 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising compact-type rooms located a 4-minute walk from Ningyocho Station on the Tokyo Metro Hibiya Line and the Toei Asakusa Line. As 2 stations are available, taking approximately 2 minutes to Nihonbashi Station and approximately 10 minutes to Ginza Station, it has very good access to major business and commercial zones. This area is convenient Features of the Property with convenience stores, eating and drinking establishments, etc. in the local area and Mitsukoshi main store, which is a department store in the heart of the city's leading business and commercial district, is within walking distance. Given these characteristics, solid rental demand mainly from DINKS families focusing on the comfort and convenience of the city-center location and residential environment, etc. is expected for this property.

Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,140,000 thousand yen Direct Capitalization Price 1,150,000 thousand yen

Cap Rate 4.9% DCF Price 1,120,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,447.92 m2 Rented Area 1,287.82 m2 Occupancy Rate 88.9% Rentable Units 36 Units Rented Units 32 Units Total Number of Tenants 1 Total Monthly Rent 5,324 thousand yen Deposits, guarantees 9,207 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 300 thousand yen of Short-Term Repaid Expenses Estimated Amount 26,410 thousand yen of Long-Term Repaid Expenses Replacement Value 362,700 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 7.61% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. SHIKI Architectural Design Studio Contractor Maeda Corporation / Fujimi Building Service Inc. Building Permit Agency Chuo-ku Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(3) COMFORIA SHINKAWA Property Name COMFORIA SHINKAWA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-15-5 Shinkawa, Chuo-ku, Tokyo Area (Note 1) 425.08 m2 Land Type of Ownership Ownership

Completion Date (Note 1) March, 2008 Structure / Number of Floors RC / 12F (Note 1) 2 Building Gross Floor Area (Note 1) 2,866.08 m Type of Ownership Ownership Use (Note 1) Apartment building / Parking / Bicycle parking Rentable Units (Note 6) 59 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising compact- type rooms located a 5-minute walk from Hatchobori Station on the JR Keiyo Line and the Tokyo Metro Hibiya Line and a 7-minute walk from Kayabacho Station on the Tokyo Metro Tozai Line and one other line. As 2 stations and 3 lines are available, taking approximately 1 minute to Tokyo Station and approximately 6 minutes to Ginza Station, it has good access to major business and Features of the Property commercial zones. This area is convenient with proximity to advanced commercial accumulation areas such as Tokyo and Ginza, as well as supermarkets, convenience stores and eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 1,920,000 thousand yen Direct Capitalization Price 1,950,000 thousand yen

Cap Rate 4.8% DCF Price 1,880,000 thousand yen Discount Rate 4.5% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,452.32 m2 Rented Area 2,288.12 m2 Occupancy Rate 93.3% Rentable Units 59 Units Rented Units 55 Units Total Number of Tenants 1 Total Monthly Rent 8,945 thousand yen Deposits, guarantees 17,354 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 60 thousand yen of Emergency Repair Expenses Estimated Amount 370 thousand yen of Short-Term Repaid Expenses Estimated Amount 44,360 thousand yen

of Long-Term Repaid Expenses Replacement Value 624,000 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.01% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect X-ARC URBAN ARCHITECTS INC. Contractor KAGATA CORPORATION. Building Permit Agency UHEC (K.K. Toshi Kyojyuu Hyouka Center) Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(4) COMFORIA AKASAKA Property Name COMFORIA AKASAKA Type of Asset (planned) Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-17-63 Akasaka, Minato-ku, Tokyo Area (Note 1) 710.61 m2 Land Type of Ownership Ownership Completion Date (Note 1) April, 2013 Structure / Number of Floors RC / B1F-11F (Note 1) 2 Building Gross Floor Area (Note 1) 2,956.70 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 40 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising compact-type rooms located a 4-minute walk from Akasaka Station on the Tokyo Metro Chiyoda Line and an 8-minute walk from Tameike-sanno Station on the Tokyo Metro Ginza Line and Namboku Line. As 2 stations and 3 lines are available, taking approximately 8 minutes to Otemachi Station and approximately 10 minutes to Shibuya Station and Akasaka and Tameike area, which is an office area in Tokyo’s Features of the Property leading business district, is within walking distance and has very good access to major business and commercial zones.There are high- class tower residences, etc. along with supermarkets, convenience stores, etc. in the local area, so solid rental demand mainly from single persons and DINKS families focusing on the convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013

Appraisal Value 2,000,000 thousand yen Direct Capitalization Price 2,030,000 thousand yen

Cap Rate 4.8% DCF Price 1,970,000 thousand yen Discount Rate 4.6% Terminal Cap Rate 5.0% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,182.10 m2 Rented Area 1,582.20 m2 Occupancy Rate 72.5% Rentable Units 40 Units Rented Units 29 Units Total Number of Tenants 1 Total Monthly Rent 7,566 thousand yen Deposits, guarantees 8,455 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 520 thousand yen of Short-Term Repaid Expenses Estimated Amount 37,420 thousand yen of Long-Term Repaid Expenses Replacement Value 659,300 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.28% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect IAO TAKEDA ARCHITECTS ASSOCIATES CO., LTD. Contractor TOKYU CONSTRUCTION CO.,LTD. Building Permit Agency UHEC (K.K. Toshi Kyojyuu Hyouka Center) Investment Agency or Structural Jyuutakukinyufukyuukyoukai, Foundation. Calculation Fitness Judge, etc.

(5) COMFORIA MITA EAST Property Name COMFORIA MITA EAST Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 4-18-1 Shiba, Minato-ku, Tokyo Area (Note 1) 807.54 m2 Land Type of Ownership Ownership Completion Date (Note 1) January, 2008 Structure / Number of Floors Building RC / B1F-13F (Note 1) Gross Floor Area (Note 1) 4,973.31 m2

Type of Ownership Ownership Use (Note 1) Apartment building / Garage Rentable Units (Note 6) 111 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising single-type and compact-type rooms located an 8-minute walk from Tamachi Station on the JR Yamanote Line and Keihin-Tohoku Line and a 5-minute walk from Mita Station on the Toei Mita Line and Asakusa Line. As 2 stations and 4 lines are available, taking approximately 6 minutes to Tokyo Station and approximately 7 minutes to Hibiya Station, it Features of the Property has very good access to major business and commercial zones. There are supermarkets, convenience stores and eating and drinking establishments, etc. in the local area, so solid rental demand mainly from single persons and DINKS families focusing on the convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 3,300,000 thousand yen Direct Capitalization Price 3,350,000 thousand yen

Cap Rate 4.8% DCF Price 3,240,000 thousand yen Discount Rate 4.5% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 3,639.93 m2 Rented Area 3,437.87 m2 Occupancy Rate 94.4% Rentable Units 111 Units Rented Units 105 Units Total Number of Tenants 1 Total Monthly Rent 15,614 thousand yen Deposits, guarantees 30,304 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 670 thousand yen of Short-Term Repaid Expenses Estimated Amount 75,480 thousand yen of Long-Term Repaid Expenses Replacement Value 1,062,300 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013

PML 6.97% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Mitsubishi Jisho Sekkei Inc. Contractor SHIMIZU CORPORATION Building Permit Agency UHEC (K.K. Toshi Kyojyuu Hyouka Center) Investment Agency or Structural HOUSEPLUS CORPORATION, Inc. Calculation Fitness Judge, etc.

(6) COMFORIA LIV SHIBAURA CANAL Property Name COMFORIA LIV SHIBAURA CANAL Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 3-1-9 Kaigan, Minato-ku, Tokyo Area (Note 1) 545.13 m2 Land Type of Ownership Ownership Completion Date (Note 1) December, 2004 Structure / Number of Floors RC / 10F (Note 1) 2 Building Gross Floor Area (Note 1) 2,703.41 m Type of Ownership Ownership (sectional ownership interest 100%) Use (Note 1) Apartment building/ Parking / Bicycle parking / Garbage depot Rentable Units (Note 6) 95 Unit Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising single-type rooms located a 13-minute walk from Tamachi Station on the JR Keihin- Tohoku Line and Yamanote Line and an 8-minute walk from Hinode Station on the Yurikamome Line. As 2 stations and 3 subway lines are available, taking approximately 4 minutes to Shiodome Station, it has good access to major business and commercial zones.Since the Features of the Property property faces the Shibaura canal, a good view is obtained in rooms facing the canal. This area is convenient with convenience stores and eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand mainly from single-persons focusing on proximity to the city center and a comfortable, convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,650,000 thousand yen Direct Capitalization Price 1,670,000 thousand yen

Cap Rate 5.1% DCF Price 1,630,000 thousand yen Discount Rate 4.9% Terminal Cap Rate 5.3% Summary of Rental Status (as of October 31, 2013) (Note 6)

Rentable Area 2,070.14 m2 Rented Area 1,917.16 m2 Occupancy Rate 92.6% Rentable Units 95 Units Rented Units 88 Units Total Number of Tenants 1 Total Monthly Rent 8,101 thousand yen Deposits, guarantees 14,287 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 30 thousand yen of Emergency Repair Expenses Estimated Amount 640 thousand yen of Short-Term Repaid Expenses Estimated Amount 53,590 thousand yen of Long-Term Repaid Expenses Replacement Value 575,500 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 9.52% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Nihon Housing Co., Ltd. Contractor Nihon Housing Co., Ltd. Building Permit Agency Bureau Veritas Japan Co., Ltd. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(7) COMFORIA UENOHIROKOJI Property Name COMFORIA UENOHIROKOJI Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 3-17-4, Ueno, Taito-ku, Tokyo Area (Note 1) 197.04 m2 Land Type of Ownership Ownership Completion Date (Note 1) November, 2007 Structure / Number of Floors RC / B1F-14F (Note 1) 2 Building Gross Floor Area (Note 1) 1,935.60 m Type of Ownership Ownership Use (Note 1) Apartment building / Retail facilities Rentable Units (Note 6) 37 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None

Special affairs (Note 4) None This property is a rental residence principally comprising compact- type rooms as well as single-type rooms etc. located a 3-minute walk from Ueno-hirokoji Station on the Tokyo Metro Ginza Line and a 4- minute walk from Okachimachi Station on the JR Yamanote Line, Keihin-Tohoku Line and one other line and a 3-minute walk from Yushima Station on the Tokyo Metro Chiyoda Line. As 3 stations and 5 lines are available, taking approximately 5 minutes to Otemachi Station and approximately 1 minute to Ueno Station, it has Features of the Property good access to major business and commercial zones. The Ueno and Okachimachi area, which is within walking distance, is a major commercial area formed by Ameya Yokocho, a famous street in Japan, department stores, retail stores and eating and drinking establishments. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 1,110,000 thousand yen Direct Capitalization Price 1,120,000 thousand yen

Cap Rate 4.8% DCF Price 1,090,000 thousand yen Discount Rate 4.5% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,426.39 m2 Rented Area 1,328,66 m2 Occupancy Rate 90.9% Rentable Units 37 Units Rented Units 34 Units Total Number of Tenants 1 Total Monthly Rent 5,342 thousand yen Deposits, guarantees 16,313 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 390 thousand yen of Short-Term Repaid Expenses Estimated Amount 31,630 thousand yen of Long-Term Repaid Expenses Replacement Value 387,100 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.95% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect M.C.Architects Co., Ltd.

Contractor Honma Corporation Building Permit Agency Tokyo Bldg-Tech Center Co.,Ltd Investment Agency or Structural HOUSEPLUS CORPORATION, Inc. Calculation Fitness Judge, etc.

(8) COMFORIA KASUGATOMISAKA Property Name COMFORIA KASUGATOMISAKA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 1-11-18 Kasuga, Bunkyo-ku, Tokyo Area (Note 1) 674.02 m2 Land Type of Ownership Ownership Completion Date (Note 1) February, 2008 Structure / Number of Floors RC / B1F-12F (Note 1) 2 Building Gross Floor Area (Note 1) 4,479.23 m Type of Ownership Ownership Use (Note 1) Apartment building / Retail facilities / Parking / Bicycle parking Rentable Units (Note 6) 106 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single-type rooms and compact-type rooms located a 6-minute walk from Korakuen Station on the Tokyo Metro Marunouchi Line and Namboku Line and a 6-minute walk from Kasuga Station on the Toei Mita Line and Oedo Line. As 2 stations and 4 subway lines are available, taking approximately 6 minutes to Otemachi Station and approximately 11 minutes to Ginza Station, it has good access to Features of the Property major business and commercial zones. The peaceful environment is formed by many educational facilities, and there are supermarkets, convenience stores and eating and drinking establishments, etc. in the local area, so solid rental demand mainly from single persons and DINKS families focusing on proximity to the city center and a comfortable, convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 3,050,000 thousand yen Direct Capitalization Price 3,100,000 thousand yen

Cap Rate 4.7% DCF Price 2,990,000 thousand yen Discount Rate 4.4% Terminal Cap Rate 5.0% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 3,527.90 m2 Rented Area 3,506.43 m2

Occupancy Rate 99.4% Rentable Units 106 Units Rented Units 105 Units Total Number of Tenants 1 Total Monthly Rent 14,932 thousand yen Deposits, guarantees 31,415 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 150 thousand yen of Short-Term Repaid Expenses Estimated Amount 55,380 thousand yen of Long-Term Repaid Expenses Replacement Value 945,800 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 3.02% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Urban Consultants Inc. Contractor Tokyu Construction Co., Ltd Building Permit Agency Jyuutakukinyufukyuukyoukai, Foundation. Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(9) COMFORIA HONKOMAGOME Property Name COMFORIA HONKOMAGOME Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Sumitomo Mitsui Trust Bank, Limited Expiration Date of Beneficial Trust Contract February 3, 2029 (planned) Location (Residential address) 2-29-24 Honkomagome, Bunkyo-ku, Tokyo Area (Note 1) 391.46 m2 Land Type of Ownership Ownership Completion Date (Note 1) January, 2005 Structure / Number of Floors RC / 13F (Note 1) Gross Floor Area (Note 1) 2,623.37 m2 Building Type of Ownership Ownership Apartment building / Bicycle parking / Storage / Machine room / Use (Note 1) Lavatory / Garbage depot Rentable Units (Note 6) 36 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None

This property is a rental residence principally comprising family- type and large-type rooms located within a 1-minute walk from Sengoku Station on the Toei Mita Line. Taking approximately 10 minutes to Otemachi Station and approximately 12 minutes to Hibiya Station, it has very good access to major business and commercial zones. In addition to park having the history as Features of the Property Rikugien, etc. and educational facilities, there are supermarkets, convenience stores and eating and drinking establishments, etc. in the local area, so solid rental demand mainly from families and DINKS families focusing on proximity to the city center and a comfortable residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,420,000 thousand yen Direct Capitalization Price 1,430,000 thousand yen

Cap Rate 4.9% DCF Price 1,400,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,222.28 m2 Rented Area 2,100.22 m2 Occupancy Rate 94.5% Rentable Units 36 Units Rented Units 34 Units Total Number of Tenants 1 Total Monthly Rent 6,876 thousand yen Deposits, guarantees 13,279 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 20 thousand yen of Emergency Repair Expenses Estimated Amount 400 thousand yen of Short-Term Repaid Expenses Estimated Amount 36,040 thousand yen of Long-Term Repaid Expenses Replacement Value 620,700 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 4.27% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect TOKAI KOGYO CO., LTD Contractor TOKAI KOGYO CO., LTD Building Permit Agency Bureau Veritas Japan Co., Ltd. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(10) COMFORIA MORISHITA Property Name COMFORIA MORISHITA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 3-6-8 Shinohashi, Koto-ku, Tokyo Area (Note 1) 449.54 m2 Land Type of Ownership Ownership Completion Date (Note 1) September, 2007 Structure / Number of Floors RC / 14F (Note 1) 2 Building Gross Floor Area (Note 1) 2,159.39 m Type of Ownership Ownership Use (Note 1) Apartment building / Retail facilities / Bicycle parking Rentable Units (Note 6) 75 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single-type rooms located a 1-minute walk from Morishita Station on the Toei Shinjuku Line and Oedo Line and a 10-minute walk from Kiyosumi- shirakawa Station on the Tokyo Metro Hanzomon Line and one other line. As 2 stations and 3 subway lines are available, taking approximately 8 minute to Otemachi Station and approximately 13 minutes to Shiodome Station, it has good access to major business Features of the Property and commercial zones. Access to the Tokyo area, the Shiodome area and the Shinjuku area, etc. is excellent and there are convenience stores and eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 1,560,000 thousand yen Direct Capitalization Price 1,580,000 thousand yen

Cap Rate 5.0% DCF Price 1,530,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.3% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,977.02 m2 Rented Area 1,927.02 m2 Occupancy Rate 97.5% Rentable Units 75 Units Rented Units 73 Units Total Number of Tenants 1 Total Monthly Rent 7,976 thousand yen

Deposits, guarantees 18,239 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 660 thousand yen of Short-Term Repaid Expenses Estimated Amount 47,640 thousand yen of Long-Term Repaid Expenses Replacement Value 570,200 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 4.76% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Minatosougoukenchikusekkei, Inc Contractor P.S. Mitsubishi Construction Co., Ltd. Building Permit Agency Bureau Veritas Japan Co., Ltd. Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(11) COMFORIA LIV KIBAKOEN Property Name COMFORIA LIV KIBAKOEN Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-17-7 Kiba, Koto-ku, Tokyo Area (Note 1) 339.23 m2 Land Type of Ownership Ownership Completion Date (Note 1) September, 2007 Structure / Number of Floors RC / 9F (Note 1) 2 Building Gross Floor Area (Note 1) 1,753.85 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 60 Units Property Management Company (Note 2) Tokyu Relocation Service Co., Ltd. (planned) Master Leasing Company (Note 3) Tokyu Relocation Service Co., Ltd. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising single-type rooms located a 4-minute walk from Kiba Station on the Tokyo Metro Tozai Line. Taking approximately 8 minutes to Otemachi Station and approximately 6 minutes to Ginza Station, it has good access to Features of the Property major business and commercial zones. It is closed to Kiba Park, which features the Museum of Contemporary Art, and there are convenient facilities such as supermarkets, convenience stores and eating and drinking establishments, etc. in the local area, so solid

rental demand mainly from single persons focusing on proximity to the city center and a comfortable residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 996,000 thousand yen Direct Capitalization Price 1,010,000 thousand yen

Cap Rate 5.0% DCF Price 981,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.3% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,281.00 m2 Rented Area 1,216.95 m2 Occupancy Rate 95.0% Rentable Units 60 Units Rented Units 57 Units Total Number of Tenants 1 Total Monthly Rent 5,147 thousand yen Deposits, guarantees 9,740 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 370 thousand yen of Short-Term Repaid Expenses Estimated Amount 27,770 thousand yen of Long-Term Repaid Expenses Replacement Value 369,900 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 5.70% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect YukishitaSekkei, Inc Contractor NISHIMATSU CONSTRUCTION CO.,LTD. Building Permit Agency Koto-ku Investment Agency or Structural HOUSEPLUS CORPORATION, Inc. Calculation Fitness Judge, etc.

(12) COMFORIA MEGURO CHOJAMARU Property Name COMFORIA MEGURO CHOJAMARU Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-6-25 Kamiosaki, Shinagawa-ku, Tokyo

Area (Note 1) 1,826.45 m2 (Note 11) Land Type of Ownership Ownership Completion Date (Note 1) March, 2005 Structure / Number of Floors RC / B2F-3F (Note 1) 2 Building Gross Floor Area (Note 1) 3,720.52 m Type of Ownership Ownership Use (Note 1) Apartment building/ Parking Rentable Units (Note 6) 71 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising compact- type rooms located an 8-minute walk from Meguro Station on the JR Yamanote Line, the Tokyu Meguro Line and the Tokyo Metro Nanboku Line. As 3 lines are available, taking approximately 6 minutes to Shibuya Station and approximately 7 minutes to Shinagawa Station, it has good access to major business and Features of the Property commercial zones. It is closed to Ebisu area, popular with young people and there are supermarkets, convenience stores and eating and drinking establishments, etc. in the local area. Given these characteristics, rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company DAIWA REAL ESTATE APPRAISAL CO., LTD. Appraisal Date October 31, 2013 Appraisal Value 2,050,000 thousand yen Direct Capitalization Price 2,070,000 thousand yen

Cap Rate 5.0% DCF Price 2,040,000 thousand yen Discount Rate 4.8% Terminal Cap Rate 5.2% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,890.13 m2 Rented Area 2,547.30 m2 Occupancy Rate 88.1% Rentable Units 71 Units Rented Units 62 Units Total Number of Tenants 1 Total Monthly Rent 10,423 thousand yen Deposits, guarantees 12,605 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 90 thousand yen of Emergency Repair Expenses Estimated Amount 550 thousand yen of Short-Term Repaid Expenses

Estimated Amount 85,830 thousand yen of Long-Term Repaid Expenses Replacement Value 795,300 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 11.33% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Deku Kenchikusekkeikikaku K.K. Contractor TOBISHIMA CORPORATION Building Permit Agency Bureau Veritas Japan Co., Ltd. Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(13) COMFORIA NISHIMAGOME Property Name COMFORIA NISHIMAGOME Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Sumitomo Mitsui Trust Bank, Limited Expiration Date of Beneficial Trust Contract February 3, 2029 (planned) Location (Residential address) 2-35-8 Nishimagome, Ota-ku, Tokyo Area (Note 1) 958.66 m2 Land Type of Ownership Ownership Completion Date (Note 1) August, 2005 Structure / Number of Floors RC with roofing alloy plated steel sheet / 5F (Note 1) 2 Building Gross Floor Area (Note 1) 1,793.93 m Type of Ownership Ownership Use (Note 1) Apartment building / Garbage depot Rentable Units (Note 6) 52 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None A part of this land (about 339.45 m2) is located in the city planning road zone (City Planning Road No. 16, plan width 33m). No business decision concerning the road construction (i.e. details of Special affairs (Note 4) construction schedule and land area) has been made as of yet, however if construction proceeds as planned there is a possibility that the building will be deemed as a non-conforming structure during the land acquisition process. This property is a rental residence principally comprising single-type rooms as well as compact-type rooms located a 6-minute walk from Nishimagome Station on the Toei Asakusa Line. Taking approximately 19 minutes to Shinbashi Station and approximately 21 minutes to Higashi-Ginza Station, it has good access to major Features of the Property business and commercial zones. It is located in a tranquil area as farm land can be spotted in between houses and low-rise apartments. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city center and a comfortable, convenient residential environment, etc. is expected for this property.

Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,040,000 thousand yen Direct Capitalization Price 1,050,000 thousand yen

Cap Rate 5.2% DCF Price 1,020,000 thousand yen Discount Rate 5.0% Terminal Cap Rate 5.4% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,553.35 m2 Rented Area 1,399.55 m2 Occupancy Rate 90.1% Rentable Units 52 Units Rented Units 47 Units Total Number of Tenants 1 Total Monthly Rent 5,273 thousand yen Deposits, guarantees 8,852 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 380 thousand yen of Short-Term Repaid Expenses Estimated Amount 36,110 thousand yen of Long-Term Repaid Expenses Replacement Value 362,800 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.52% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. SHIKI Architectural Design Studio Contractor Maeda Corporation / Fujimi Building Service Inc. Building Permit Agency Jyuutakukinyufukyuukyoukai, Foundation. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(14) COMFORIA KITASANDO Property Name COMFORIA KITASANDO Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 4-5-10 Sendagaya, Shibuya-ku, Tokyo Area (Note 1) 1,159.94 m2 (Note 12) Land Type of Ownership Ownership (land ownership interest 90.9552%)

Completion Date (Note 1) February, 2005 Structure / Number of Floors RC / B1F-14F (Note 1) 2 Building Gross Floor Area (Note 1) 7,667.04 m (Note 13) Type of Ownership Ownership (sectional ownership interests) Use (Note 1) Apartment building / Bicycle parking / Parking / Garbage depot Rentable Units (Note 6) 144 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence comprising compact-type rooms located a 5-minute walk from Yoyogi Station on the JR Yamanote Line, Chuo-Sobu Local Line, the Toei Oedo Line and a 3-minute walk from Kitasando Station on the Tokyo Metro Fukutoshin Line. As 2 stations and 4 lines are available, taking approximately 3 minutes to Shinjuku Station and approximately 5 minute to Shibuya Station, it has very good access to major business and commercial Features of the Property zones. It is located in an area sandwiched between Meiji Shrine, Jingu Gaien and Shinjuku Gyoen considered the “oasis in the heart of the city” and there are convenient facilities such as convenience stores, eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on the convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 4,490,000 thousand yen Direct Capitalization Price 4,550,000 thousand yen

Cap Rate 4.9% DCF Price 4,430,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 5,031.01 m2 Rented Area 4,548.40 m2 Occupancy Rate 90.4% Rentable Units 144 Units Rented Units 131 Units Total Number of Tenants 1 Total Monthly Rent 20,577 thousand yen Deposits, guarantees 28,041 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 1,110 thousand yen of Short-Term Repaid Expenses

Estimated Amount 98,980 thousand yen of Long-Term Repaid Expenses Replacement Value 1,569,300 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 2.34% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect SHIMIZU CORPORATION Contractor SHIMIZU CORPORATION Building Permit Agency The Building Center of Japan Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(15) COMFORIA YOYOGIUEHARA Property Name COMFORIA YOYOGIUEHARA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-31-5 Uehara, Shibuya-ku, Tokyo Area (Note 1) 787.75 m2 Land Type of Ownership Ownership Completion Date (Note 1) February, 2003 Structure / Number of Floors RC / 10F (Note 1) 2 Building Gross Floor Area (Note 1) 2,344.24 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 51 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising compact- type rooms as well as family-type rooms located a 9-minute walk from Yoyogi-uehara Station on the Odakyu Odawara Line and the Tokyo Metro Chiyoda Line. Taking approximately 4 minutes to Shinjuku Station and approximately 5 minutes to Omotesando Station, it has good access to major business and commercial zones. Features of the Property It is located in a quiet area adjacent to the Shibuya area where fashionable eating and drinking establishments and retail stores are located to make up a convenient lifestyle. Given these characteristics, solid rental demand mainly from families and DINKS families focusing on the convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013

Appraisal Value 1,620,000 thousand yen Direct Capitalization Price 1,640,000 thousand yen

Cap Rate 4.9% DCF Price 1,600,000 thousand yen Discount Rate 4.7% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,001.41 m2 Rented Area 1,903.33 m2 Occupancy Rate 95.1% Rentable Units 51 Units Rented Units 48 Units Total Number of Tenants 1 Total Monthly Rent 7,636 thousand yen Deposits, guarantees 15,117 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 210 thousand yen of Emergency Repair Expenses Estimated Amount 870 thousand yen of Short-Term Repaid Expenses Estimated Amount 59,460 thousand yen of Long-Term Repaid Expenses Replacement Value 565,500 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 6.62% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Natural Design Planning Co.,Ltd. Contractor Asanuma Corporation Building Permit Agency JAPAN ERI CO.,LTD. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(16) COMFORIA SASAZUKA Property Name COMFORIA SASAZUKA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 1-59-10 Sasazuka, Shibuya-ku, Tokyo Area (Note 1) 555.14 m2 Land Type of Ownership Ownership Completion Date (Note 1) November, 2006 Structure / Number of Floors Building RC / 14F (Note 1) Gross Floor Area (Note 1) 3,440.91 m2

Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 89 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single-type rooms as well as compact-type rooms located a 2-minute walk from Sasazuka Station on the Keio Line and Keio new Line. As two subway lines are available, taking approximately 5 minutes to Shinjuku Station and approximately 12 minutes to Ichigaya Station, it has good access to major business and commercial zones. In the periphery of Sasazuka Station, supermarkets and restaurants are Features of the Property abundant along with many shopping districts (i.e. No.10 Street shopping district, Sasazuka avenue mall and Sasazuka shopping mall). Hence, a convenient lifestyle can be experienced in this area. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company DAIWA REAL ESTATE APPRAISAL CO., LTD. Appraisal Date October 31, 2013 Appraisal Value 1,860,000 thousand yen Direct Capitalization Price 1,880,000 thousand yen

Cap Rate 5.0% DCF Price 1,600,000 thousand yen Discount Rate 4.8% Terminal Cap Rate 5.2% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,579.00 m2 Rented Area 2,524.87 m2 Occupancy Rate 97.9% Rentable Units 89 Units Rented Units 87 Units Total Number of Tenants 1 Total Monthly Rent 10,912 thousand yen Deposits, guarantees 21,823 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 830 thousand yen of Short-Term Repaid Expenses Estimated Amount 89,670 thousand yen of Long-Term Repaid Expenses Replacement Value 738,500 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc.

Report Date October, 2013 PML 9.59% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. Socialarchi Kenchikujimusyo Contractor The Zenitaka Corporation Building Permit Agency JAPAN ERI CO.,LTD. Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(17) COMFORIA SHINJUKUGYOENⅡ Property Name COMFORIA SHINJUKUGYOENⅡ Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 1-13-3 Shinjuku, Shinjuku-ku, Tokyo Area (Note 1) 460.30 m2 Land Type of Ownership Ownership Completion Date (Note 1) November, 2005 Structure / Number of Floors RC / 15F (Note 1) 2 Building Gross Floor Area (Note 1) 2,312.79 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 65 Units Property Management Company (Note 2) Tokyu Relocation Co., Ltd. (planned) Master Leasing Company (Note 3) Tokyu Relocation Co., Ltd. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single- types and compact-type rooms located within a 2-minute walk from Shinjukugyoen-mae Station on the Tokyo Metro Marunouchi Line and a 10-minute walk from Shijuku-3chome Station on the Tokyo Metro Fukutoshin Line, the Toei Shinjuku Line and one other line. As 2 stations and 3 lines are available, taking approximately 11 minutes to Kasumigaseki Station and approximately 3 minutes to Shinjuku Station, it has good access to major business and Features of the Property commercial zones. This area is convenient as Isetan Shinjuku main store, a department store in Central Tokyo is located within walking distance along with an abundance of convenience stores and eating and drinking establishments, etc. in the local area. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on the convenience of the city-center location and residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Valuers Co., Ltd. Appraisal Date October 31, 2013 Appraisal Value 1,850,000 thousand yen Direct Capitalization Price 1,870,000 thousand yen

Cap Rate 4.7% DCF Price 1,820,000 thousand yen

Discount Rate 4.5% Terminal Cap Rate 4.9% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,060.47 m2 Rented Area 1,889.04 m2 Occupancy Rate 91.7% Rentable Units 65 Units Rented Units 59 Units Total Number of Tenants 1 Total Monthly Rent 8,461 thousand yen Deposits, guarantees 17,016 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 20 thousand yen of Emergency Repair Expenses Estimated Amount 450 thousand yen of Short-Term Repaid Expenses Estimated Amount 58,280 thousand yen of Long-Term Repaid Expenses Replacement Value 502,700 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 9.53% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. Designnetworks Contractor Maeda Corporation Building Permit Agency eHomes, Inc. Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(18) COMFORIA ICHIGAYAYANAGICHO Property Name COMFORIA ICHIGAYAYANAGICHO Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 18-2 Ichigayayanagicho, Shinjuku-ku, Tokyo Area (Note 1) 318.34 m2 (Note 14) Land Type of Ownership Ownership Completion Date (Note 1) October, 2007 Structure / Number of Floors RC / 13F (Note 1) 2 Building Gross Floor Area (Note 1) 2,416.85 m Type of Ownership Ownership Use (Note 1) Apartment building / Retail facilities Rentable Units (Note 6) 69 Units

Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None This building, which was built in compliance with urban development requirements, is deemed as a non-conforming structure with regards to floor area ratio at the moment, as part of the land (147.96 m2) was transferred to the Tokyo Metropolitan Government Special affairs (Note 4) after the completion of the building, when the urban project known as the Tokyo City Planning Project Loop Road (Kanjo) No. 3 was approved for the Tokyo municipal road to the east of the land (known as Gaien-higashi street). This property is a rental residence principally comprising single-type rooms as well as compact-type rooms etc. located a 3-minute walk from Ushigome-yanagicho Station on the Toei Oedo Line and a 9- minute walk from Akebonobashi Station on the Toei Shinjuku Line. As 2 stations and 2 subway lines are available, taking approximately 4 minutes to Iidabashi Station and approximately 3 minutes to Shinjuku Station, it has good access to major business and commercial zones. It is located in the shopping district centered Features of the Property around Ushigome-yanagicho Station extending along the Gaien- higashi street, and there is a convenience store as a tenant on the first floor along with many other convenient facilities such as supermarkets and eating and drinking establishments, etc. in the local area. Consequently, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013 Appraisal Value 1,700,000 thousand yen Direct Capitalization Price 1,730,000 thousand yen

Cap Rate 4.8% DCF Price 1,670,000 thousand yen Discount Rate 4.5% Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,033.51 m2 Rented Area 1,981.13 m2 Occupancy Rate 97.4% Rentable Units 69 Units Rented Units 67 Units Total Number of Tenants 1 Total Monthly Rent 8,433 thousand yen Deposits, guarantees 19,713 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 470 thousand yen of Short-Term Repaid Expenses Estimated Amount 33,110 thousand yen

of Long-Term Repaid Expenses Replacement Value 500,600 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 5.62% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect Syu Corporation. Contractor OKUMURA CORPORATION Building Permit Agency The Japan Building Equipment and Elevator Center Foundation Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(19) COMFORIA KAGURAZAKA Property Name COMFORIA KAGURAZAKA Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 26-1 Iwatocho, Shinjuku-ku, Tokyo Area (Note 1) 463.61 m2 Land Type of Ownership Ownership Completion Date (Note 1) September, 2007 Structure / Number of Floors RC / B1F-5F (Note 1) 2 Building Gross Floor Area (Note 1) 1,161.31 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 29 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single-type rooms as well as compact-type rooms located a 2-minute walk from Ushigome-kagurazaka Station on the Toei Oedo Line and a 5-minute walk from Kagurazaka Station on the Tokyo Metro Tozai Line and a 8-minute walk from Iidabashi Station on the JR Chuo-Sobu Local Line, Tokyo Metro Yurakucho Line and 2 other lines. As 3 stations and 5 lines are available, taking approximately 8 minutes to Features of the Property Otemachi Station and approximately 10 minutes to Yurakucho Station, it has good access to major business and commercial zones. It is located in one of the most popular areas in Tokyo, and this area is convenient with many eating and drinking establishments, etc., such as Kagurazaka shopping district. Given these characteristics, rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Morii Appraisal & Investment Consulting, Inc. Appraisal Date October 31, 2013

Appraisal Value 758,000 thousand yen Direct Capitalization Price 772,000 thousand yen

Cap Rate 4.7% DCF Price 744,000 thousand yen Discount Rate 4.4% Terminal Cap Rate 5.0% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 850.72 m2 Rented Area 825.66 m2 Occupancy Rate 97.1% Rentable Units 29 Units Rented Units 28 Units Total Number of Tenants 1 Total Monthly Rent 3,806 thousand yen Deposits, guarantees 7,869 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 210 thousand yen of Short-Term Repaid Expenses Estimated Amount 18,660 thousand yen of Long-Term Repaid Expenses Replacement Value 262,000 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 9.46% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect SEKKEI CENTER Co.,Ltd. Contractor SUMISEKI CONTECH CORPORATION. Building Permit Agency Japan Constructive Inspect Association K.K. Investment Agency or Structural HOUSEPLUS CORPORATION, Inc. Calculation Fitness Judge, etc.

(20) COMFORIA HIGASHIIKEBUKURO EAST Property Name COMFORIA HIGASHIIKEBUKURO EAST Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Sumitomo Mitsui Trust Bank, Limited Expiration Date of Beneficial Trust Contract February 3, 2029 (planned) Location (Residential address) 2-8-1 Higashiikebukuro, Toshima-ku, Tokyo Area (Note 1) 544.31 m2 Land Type of Ownership Ownership Completion Date (Note 1) November, 2009 Structure / Number of Floors Building RC / 11F (Note 1) Gross Floor Area (Note 1) 3,156.84 m2

Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 90 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned) Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising single-type rooms as well as compact-type rooms located an 8-minute walk from Otsuka Station on the JR Yamanote Line and an 8-minute walk from Higahi-ikebukuro Station on the Tokyo Metro Yurakucho Line. As 2 stations and 2 lines are available, taking approximately 13 minutes to Nagatacho Station and approximately 3 minutes to Ikebukuro Station, it has good access to major business and commercial zones. Features of the Property In addition to Sunshine City which serves as the premise for many tenants of retail stores and eating and drinking establishments, there are many other supermarkets and restaurants in the local area to make up a convenient lifestyle. Given these characteristics, solid rental demand mainly from single persons and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,790,000 thousand yen Direct Capitalization Price 1,820,000 thousand yen

Cap Rate 5.0% DCF Price 1,760,000 thousand yen Discount Rate 4.9% Terminal Cap Rate 5.3% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,754.80 m2 Rented Area 2,635.47 m2 Occupancy Rate 95.7% Rentable Units 90 Units Rented Units 86 Units Total Number of Tenants 1 Total Monthly Rent 10,510 thousand yen Deposits, guarantees 13,412 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount － of Emergency Repair Expenses Estimated Amount 820 thousand yen of Short-Term Repaid Expenses Estimated Amount 75,690 thousand yen of Long-Term Repaid Expenses Replacement Value 803,100 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc.

Report Date October, 2013 PML 7.54% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect HASE architect, Inc. Contractor Daiho Corporation Tokyo Metropolitan Center for Community Development and Building Permit Agency Disaster Resistant Architecture Investment Agency or Structural K.K. Center of International Architectural Standard Calculation Fitness Judge, etc.

(21) COMFORIA HIGASHIIKEBUKURO Property Name COMFORIA HIGASHIIKEBUKURO Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 4-3-5 Higashiikebukuro, Toshima-ku, Tokyo Area (Note 1) 364.76 m2 Land Type of Ownership Ownership Completion Date (Note 1) October, 2006 Structure / Number of Floors SRC / 15F (Note 1) 2 Building Gross Floor Area (Note 1) 1,798.18 m Type of Ownership Ownership Use (Note 1) Apartment building Rentable Units (Note 6) 48 Units Property Management Company (Note 2) Tokyu Relocation Service Co., Ltd. (planned) Master Leasing Company (Note 3) Tokyu Relocation Service Co., Ltd. (planned) Collateral None Special affairs (Note 4) None This property is a rental residence principally comprising compact- type rooms as well as single-type rooms located a 2-minute walk from Higahi-ikebukuro Station on the Tokyo Metro Yurakucho Line. Taking approximately 13 minutes to Nagatacho Station and approximately 3 minutes to Ikebukuro Station, it has good access to major business and commercial zones. In addition to Sunshine City Features of the Property which serves as the premise for many tenants of retail stores and eating and drinking establishments, there are many other supermarkets and restaurants in the local area to make up a convenient lifestyle. Given these characteristics, solid rental demand mainly from DINKS families and single persons focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,170,000 thousand yen Direct Capitalization Price 1,180,000 thousand yen

Cap Rate 4.9% DCF Price 1,150,000 thousand yen Discount Rate 4.7%

Terminal Cap Rate 5.1% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 1,496.46 m2 Rented Area 1,393.85 m2 Occupancy Rate 93.1% Rentable Units 48 Units Rented Units 45 Units Total Number of Tenants 1 Total Monthly Rent 5,768 thousand yen Deposits, guarantees 11,510 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 320 thousand yen of Emergency Repair Expenses Estimated Amount 710 thousand yen of Short-Term Repaid Expenses Estimated Amount 35,950 thousand yen of Long-Term Repaid Expenses Replacement Value 421,600 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013 PML 4.89% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect K.K. Kikukenchikusekkei Contractor SUMISEKI CONTECH CORPORATION. Building Permit Agency UHEC(K.K. Toshi Kyojyuu Hyouka Center) Investment Agency or Structural Japan Constructive Inspect Association K.K. Calculation Fitness Judge, etc.

(22) COMFORIA SHINKOYASU Property Name COMFORIA SHINKOYASU Type of Asset Beneficial Interest in Real Estate Trust Trustee of Beneficial Trust (planned) Mitsubishi UFJ Trust and Banking Corporation Expiration Date of Beneficial Trust Contract February 4, 2029 (planned) Location (Residential address) 2-216-2 Koyasudori, Kanagawa-ku, Yokohama-shi, Kanagawa Area (Note 1) 596.16 m2 Land Type of Ownership Ownership Completion Date (Note 1) January, 2007 Structure / Number of Floors RC / 10F (Note 1) 2 Building Gross Floor Area (Note 1) 2,622.19 m Type of Ownership Ownership Use (Note 1) Apartment building / Parking / Bicycle parking Rentable Units (Note 6) 36 Units Property Management Company (Note 2) TOKYU COMMUNITY CORP. (planned)

Master Leasing Company (Note 3) TOKYU COMMUNITY CORP. (planned) Collateral None A part of this land (about 167 m2) is located in the city planning road zone (No.3.1.2 national highway Route 15, standard width 33m). No business decision concerning the road construction (i.e. details of Special affairs (Note 4) construction schedule and land area) has been made as of yet, however if construction proceeds as planned there is a possibility that the building will be deemed as a non-conforming structure during the land acquisition process. This property is a rental residence principally comprising family- type rooms as well as compact-type rooms located a 6-minute walk from Shinkoyasu Station on the JR Keihin-Tohoku Line and the Keikyu Line. As 2 subway lines are available, taking approximately 21 minutes to Shinagawa Station and approximately 6 minutes to Yokohama Station, it has generally good access to major business Features of the Property and commercial zones. This area is convenient as there are supermarkets, convenience stores and eating and drinking establishments, etc. around the station. Given these characteristics, solid rental demand mainly from families and DINKS families focusing on proximity to the city-center and a convenient residential environment, etc. is expected for this property. Summary of the Appraisal Report (Note 5) Appraisal Company Japan Real Estate Institute Appraisal Date October 31, 2013 Appraisal Value 1,130,000 thousand yen Direct Capitalization Price 1,140,000 thousand yen

Cap Rate 5.3% DCF Price 1,110,000 thousand yen Discount Rate 5.1% Terminal Cap Rate 5.5% Summary of Rental Status (as of October 31, 2013) (Note 6) Rentable Area 2,320.47 m2 Rented Area 2,251.24 m2 Occupancy Rate 97.0% Rentable Units 36 Units Rented Units 35 Units Total Number of Tenants 1 Total Monthly Rent 5,811 thousand yen Deposits, guarantees 11,075 thousand yen Summary of the Engineering Report (Note 7) Reporting Company HI International Consultant Co., LTD. Report Date October, 2013 Estimated Amount 250 thousand yen of Emergency Repair Expenses Estimated Amount 580 thousand yen of Short-Term Repaid Expenses Estimated Amount 34,190 thousand yen of Long-Term Repaid Expenses Replacement Value 533,700 thousand yen Summary of the Earthquake Risk Analysis (Note 8) PML Reporting Company Sompo Japan Nipponkoa Risk Management Inc. Report Date October, 2013

PML 8.13% Architect/Contractor/Building Permit Agency, etc. (Note 9) Architect SANEI ARCHITECTURE PLANNING CO.LTD. Contractor IMAI Corporation Building Permit Agency Yokohama-shi Investment Agency or Structural HI International Consultant Co., LTD. Calculation Fitness Judge, etc.

(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area” and “Use” of “Building” are based on information in the real estate registry, and may not necessarily be identical with the actual figures. “Gross Floor Area” of “Building” denotes the area of the entire building (excepting annexes). (Note 2) “Property Management Company” is the company that provides a property management service for each property. (Note 3) “Master Leasing Company” is the lessee that concluded a master lease agreement with the titleholder of each property. (Note 4) “Special affairs” are matters recognized as important as of October 31, 2013, regarding the right and use, etc. of the asset, as well as consideration of the degree of impact on the appraised value, profitability, and appropriation. They include the following matters: i Significant limitation or restriction by laws, ordinances, rules and regulations ii Significant burdens or limitations on rights, etc. iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases where there are issues with boundary confirmation, etc., and related arrangements, etc. iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners. (Note 5) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were prepared by Japan Real Estate Institute, DAIWA REAL ESTATE APPRAISAL CO., LTD., Morii Appraisal & Investment Consulting, Inc. and Japan Valuers Co., Ltd., based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts and Investment Corporations, Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estate appraisal standards. The appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility of transactions at the appraised value. (Note 6) Explanation of “Summary of Rental Status” i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. is leased, the concerned area is also included). The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the real estate registry. ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited to the floor area of residences and retail stores, etc. [when all units are leased in bulk, the floor area of the entire leased units] and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end- tenant. Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent of Master Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease Agreement is referred to as “Pass-through type Master Lease Agreement”). iii “Occupancy Rate” is the rate of rented area to rentable area. iv “Rentable Units” is the number of rentable units (including the number of stores, if any). v “Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a lease agreement is executed with the end-tenant. vi “Total Number of Tenants” is the number of tenants with which the Investment Corporation or Trustee of Beneficial Trust has a direct rental contract relationship. Therefore, when the Investment Corporation or Trustee of Beneficial Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the sublease agreements are excluded. Further, even if the acquired property is leased by the Master Leasing Company, if there are end-tenants who do not accept the master leasing, the end-tenants and the Investment Corporation or Trustee of Beneficial Trust have a direct rental contract relationship. In those cases, however, the end-tenants in question are not included in the Total Number of Tenants either. vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the total monthly rent, as of the last day of October 2013 (including the common area expense, but not fees for incidental facilities such as parking lot or trunk room) stated in the lease agreement executed by the Master Leasing Company, or the owner of each real estate or Beneficial Interest in Real Estate Trust with end-tenants. Amounts are rounded down to the nearest thousand yen. Consumption tax and other taxes are excluded. viii “Security Deposit” is the total amount of security deposit, as of the last day of October 2013, based on lease agreements executed with the end-tenants, rounded down to the nearest thousand yen. However, if a Security Deposit does not need to be repaid based on special policy conditions such as the redemption of the deposit in a lease agreement, the amount of the Security Deposit is excluded. (Note 7) This section is a summary of the Engineering Report on the acquired asset prepared by the reporting company which is a third party with no special interest in the Investment Corporation. However, the content of the report is simply the opinion of the reporting company above, and the Investment Corporation does not guarantee the adequacy and accuracy of the content. i “Estimated Amount of Emergency Repair Expenses” is the amount of repair and renewal costs expected to emergently arise, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen. ii “Estimated Amount of Short-term Repair expenses” is the amount of repair and renewal costs that are assumed to be required within one year, and is stated in the engineering report. Amounts under a thousand yen are rounded down. iii “Estimated Amount of Long-term Repair expenses” is the amount of repair and renewal costs that are assumed to be required for 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.

iv “Replacement Value” is the estimated money amount provided in the Engineering Report of construction work required if the acquired asset with the same design and the same specifications were to be newly constructed at the time when the report was prepared. All amounts are rounded down to the nearest thousand yen. However, the content of the report is simply the opinion of the reporting company above, and the Investment Corporation does not guarantee the adequacy or accuracy of the content. (Note 8) This section is a summary of “Earthquake Risk Analysis” report on the acquired asset prepared by the PML reporting company which is a third party with no special interest in the Investment Corporation. However, the content of the report is simply the opinion of the PML reporting company above, and the Investment Corporation does not guarantee the adequacy or accuracy of the content. “PML” is the probable maximum loss from an earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In this document, PML is the expected loss (which is equivalent to the 90% non-exceedance probability) as a percentage of the replacement price, and denotes the costs incurred during the anticipated usable period (generally, the duration of a building is 50 years) from an expected large-scale earthquake (which corresponds to a return period of 475 years; the possibility of the earthquake occurring during the next 50 years exceeds 10%). (Note 9) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and the investment agency or structural calculation fitness judge, etc. of the acquired asset are stated. As a general rule, the Investment Corporation has asked a specialized third-party organization to make an inspection and received a report stating that there is no wrongful act such as the intentional falsification and forgery of documents related to structural design (structural drawings and structural calculation sheets, etc.). However, the content of the report is simply an opinion of the third-party organization, and the Investment Corporation does not guarantee the adequacy and accuracy of the content. For properties that have received from the specified structural calculation fitness judgment agency the judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Minister of Land, Infrastructure, Transport and Tourism in accordance with the Building Standards Act revised in June 2007 (Act No. 201 of 1950. Including subsequent revisions), the specified structural calculation fitness judgment agency constitutes a specialized third-party organization. (Note 10) Investment Corporation has entered into a basic agreement in accordance with the Conclusion of a trust agreement with Mitsubishi UFJ Trust and Banking Co., Ltd., which is scheduled as the trustee. (Note 11) Includes portion of private road burden (approximately 28.55m2). (Note 12) The sectional ownership interests are 909,552 of 1,000,000, but the area of a whole land is described. (Note 13) The total floor area of a whole building is described. (Note 14) Includes a setback portion (approximately 2.59 m2). (Note 15) Includes portion of private road burden (approximately 3.78m2).

3. Summary of the Seller (1) COMFORIA KUDAN / COMFORIA SHINKAWA / COMFORIA MITA EAST / COMFORIA UENOHIROKOJI / COMFORIA KASUGATOMISAKA / COMFORIA MORISHITA / COMFORIA LIV KIBAKOEN / COMFORIA ICHIGAYAYANAGICHO / COMFORIA KAGURAZAKA Name Godo Kaisha RB-1 Headquarters Address Nihonbashi 1-chome Bldg. 1-4-1, Nihonbashi, Chuo-ku, Tokyo Representative Partner Ippan Shadan Hojin Delphoi Representative Managing Director Takanori Mishina 1. Acquisition, possession and disposal of beneficial interests in real estate trust Principal Business 2. Leasing, management, acquisition, possession and disposal of real estate

3. Any other business activities related to the items described above Capital 200 thousand yen Date Established June 7, 2013 Relationship with the Investment Corporation and the Asset Management Company The Investment Corporation funds the company, operator of anonymous partnership, 100 million yen (About 2.3% of total anonymous partnership equity Capital relationship interests) and holds the anonymous partnership equity interests. Tokyu Land Corporation, the parent company of the Asset Management Company, partially funds the company as the anonymous partnership equity interests. Personal relationship None Trade relationship None The company is not an interested party with respect to the Investment Corporation and the Asset Management Company. However, because TLCM, which is to be the asset manager of the company, is an interested party etc. in relation to the Asset Interested parties Management Company, the company is scheduled to be an interested party etc. in relation to the Asset Management Company in accordance with the bylaws of the Asset Management Company.

(2) COMFORIA NIHONBASHININGYOCHO NORTH / COMFORIA LIV SHIBAURA CANAL / COMFORIA HONKOMAGOME / COMFORIA NISHIMAGOME / COMFORIA KITASANDO / COMFORIA YOYOGIUEHARA / COMFORIA SHINKOYASU Name Godo Kaisha Derbent Headquarters Address Nihonbashi 1-chome Bldg. 1-4-1, Nihonbashi, Chuo-ku, Tokyo Representative Partner Ippan Shadan Hojin Delphoi Representative Managing Director Akira Sugai 1. Acquisition, possession and disposal of beneficial interests in real estate trust Principal Business 2. Leasing, management, acquisition, possession and disposal of real estate

3. Any other business activities related to the items described above. Capital 700 thousand yen Date Established March 12, 2010 Relationship with the Investment Corporation and the Asset Management Company None. Tokyu Land Corporation, the parent company of the Asset Management Capital relationship Company, partially funds the company as the anonymous partnership equity interests. Personal relationship None Trade relationship None The company is not an interested party with respect to the Investment Corporation and the Asset Management Company. However, because TLCM, which is to be the asset manager of the company, is an interested party etc. in relation to the Asset Interested parties Management Company, the company is scheduled to be an interested party etc. in relation to the Asset Management Company in accordance with the bylaws of the Asset Management Company.

(3) COMFORIA AKASAKA Name Tokyu Land Corporation Headquarters Address 1-21-2, Dogenzaka, Shibuya-ku, Tokyo Representative President & CEO Kiyoshi Kanazashi 1. Management, leasing, buying and selling, brokerage, consulting, apprising of real estate Principal Business 2. Buying and selling, brokerage, and management of investments and equities in investment, etc. in specific purpose companies, special purpose companies and real estate investment trusts 3. Any other business activities related to the items described above. Capital 57,551 million yen Date Established December 17, 1953 Relationship with the Investment Corporation and the Asset Management Company The company owns 9.99% of units that the Investment Corporation has issued as of July 31, 2013. The company is also the parent company (ownership of 100%) of Capital relationship the Asset Management Company, and is thus an interested party under the Act on Investment Trusts and the Investment Corporations. 17 employees (excluding part-time director) of the Asset Management Company Personal relationship are seconded from the company as at the time of writing. The Investment Corporation acquired the 3 properties from the company in the Trade relationship fiscal period ended July 31, 2013. The company is classed as an interested party in relation to the Investment Corporation. As described above, the company is an interested party of the Asset Interested parties Management Company under the Investment Trusts and the Investment Corporations.

(4) COMFORIA MEGURO CHOJAMARU / COMFORIA SASAZUKA / COMFORIA HIGASHIIKEBUKURO EAST Name Godo Kaisha Adam Headquarters Address Nihonbashi 1-chome Bldg. 1-4-1, Nihonbashi, Chuo-ku, Tokyo Representative Partner Ippan Shadan Hojin ADAM Representative Managing Director Akira Sugai 1. Acquisition, disposal and management of beneficial interests in real estate trust Principal Business 2. Acquisition, disposal, leasing, management of real estate

3. Any other business activities related to the items described above. Capital 500,001 yen Date Established March 15, 2011 Relationship with the Investment Corporation and the Asset Management Company None. However, Tokyu Land Corporation, the parent company of the Asset Capital relationship Management Company, funds this company as the anonymous partnership equity. Personal relationship None Trade relationship None Interested parties None

(5) COMFORIA SHINJUKUGYOENⅡ / COMFORIA HIGASHIIKEBUKURO Name Yugen Kaisha Comforia Jack Headquarters Address Nihonbashi 1-chome Bldg. 1-4-1, Nihonbashi, Chuo-ku, Tokyo Representative Director Takanori Mishina 1. Acquisition, possession and disposal of beneficial interests in real estate trust Principal Business 2. Possession, acquisition, disposal, leasing and management of real estate

3. Any other business activities related to the items described above. Capital 3 million yen Date Established April 27, 2006 Relationship with the Investment Corporation and the Asset Management Company None. Tokyu Land Corporation, the parent company of the Asset Management Capital relationship Company, partially funds the company, etc as the anonymous partnership equity interests. Personal relationship None Trade relationship None The company is not an interested party with respect to the Investment Corporation and the Asset Management Company. However, because TLCM, which is to be the asset manager of the company, is an interested party etc. in relation to the Asset Interested parties Management Company, the company is scheduled to be an interested party etc. in relation to the Asset Management Company in accordance with the bylaws of the Asset Management Company.

4. Ownership History of Assets (1) COMFORIA KUDAN Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Tauras special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 1,270 million yen － price owned for more than 1 year Acquisition July, 2013 April, 2007 － date

(2) COMFORIA NIHONBASHININGYOCHO NORTH Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 1,097 million yen －－ price Acquisition March, 2013 －－ date

(3) COMFORIA SHINKAWA Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Orion special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 1,830 million yen － price owned for more than 1 year Acquisition July, 2013 April, 2008 － date

(4) COMFORIA AKASAKA Previous Owner Name Tokyu Land Corporation

Relationship with interested parties Refer to “3. Summary of the Seller” Background / reasons for acquisition Development purpose Acquisition price －

(5) COMFORIA MITA EAST Previous Owner Former Owner Owner Prior to Former Owner Godo Kaisha Comforia Name Godo Kaisha RB-1 Tokyu Land Corporation Cassiopeia The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to Refer to relation to the Asset interested “3. Summary of the Seller” “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose Development purpose acquisition Acquisition Omitted, as the asset was 1,830 million yen － price owned for more than 1 year Acquisition July, 2013 December, 2008 － date

(6) COMFORIA LIV SHIBAURA CANAL Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 1,553 million yen －－ price Acquisition March, 2013 －－ date

(7) COMFORIA UENOHIROKOJI Previous Owner Former Owner Owner Prior to Former Owner Godo Kaisha Comforia Other than those that have Name Godo Kaisha RB-1 Cassiopeia special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 1,040 million yen － price owned for more than 1 year Acquisition July, 2013 January, 2008 － date

(8) COMFORIA KASUGATOMISAKA Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Orion special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 2,830 million yen － price owned for more than 1 year Acquisition July, 2013 March, 2008 － date

(9) COMFORIA HONKOMAGOME Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 1,339 million yen －－ price Acquisition March, 2013 －－ date

(10) COMFORIA MORISHITA Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Libra special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 1,530 million yen － price owned for more than 1 year Acquisition July, 2013 October, 2007 － date

(11) COMFORIA LIV KIBAKOEN Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Libra special interest

The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 949 million yen － price owned for more than 1 year Acquisition July, 2013 September, 2007 － date

(12) COMFORIA NISHIMAGOME Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 992 million yen －－ price Acquisition March, 2013 －－ date

(13) COMFORIA KITASANDO Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 4,318 million yen －－ price Acquisition March, 2013 －－ date

(14) COMFORIA YOYOGIUEHARA Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 1,547 million yen －－

price Acquisition March, 2013 －－ date

(15) COMFORIA SHINJUKUGYOENⅡ Previous Owner Former Owner Owner Prior to Former Owner Name Yugen Kaisha Comforia Jack Tokyu Land Corporation － Relationship with Refer to Refer to － interested “3. Summary of the Seller” “3. Summary of the Seller” parties Background / reasons for Investment purpose Development purpose － acquisition Acquisition Omitted, as the asset was －－ price owned for more than 1 year Acquisition January, 2007 －－ date

(16) COMFORIA ICHIGAYAYANAGICHO Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Pegasus special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 1,613 million yen － price owned for more than 1 year Acquisition July, 2013 November, 2007 － date

(17) COMFORIA KAGURAZAKA Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha RB-1 Godo Kaisha Comforia Libra special interest The SPC which Tokyu Land Capital Management Inc. Relationship (which is an interested party in with Refer to relation to the Asset － interested “3. Summary of the Seller” Management Company) parties provides the asset management service. Background / reasons for Investment purpose Investment purpose － acquisition Acquisition Omitted, as the asset was 736 million yen － price owned for more than 1 year Acquisition July, 2013 October, 2007 － date

(18) COMFORIA HIGASHIIKEBUKURO Previous Owner Former Owner Owner Prior to Former Owner Other than those that have a Name Yugen Kaisha Comforia Jack － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition Omitted, as the asset was －－ price owned for more than 1 year Acquisition December, 2006 －－ date

(19) COMFORIA SHINKOYASU Previous Owner Former Owner Owner Prior to Former Owner Other than those that have Name Godo Kaisha Derbent － special interest Relationship with Refer to －－ interested “3. Summary of the Seller” parties Background / reasons for Investment purpose －－ acquisition Acquisition 1,071 million yen －－ price Acquisition March, 2013 －－ date

(20) COMFORIA MEGURO CHOJAMARU / COMFORIA SASAZUKA / COMFORIA HIGASHIIKEBUKURO EAST The above 3 properties are omitted because the previous owners aren’t interested parties in relation to Investment Corporation or Asset Management Company.

5. Asset Management Company’s Interested Parties in the Acquired Assets (1) Godo Kaisha RB-1, Godo Kaisha Derbent, Tokyu Land Corporation and Yugen Kaisha Comforia Jack, which are sellers of the acquired assets (as described in “3. Ownership History of Asset,” above) are interested parties in relation to the Investment Corporation. Therefore, the procedures required in accordance with the bylaws were completed with respect to agreements with these companies. (2) The Investment Corporation delegates the master leasing and property management service to Tokyu Community Corp., Tokyu Relocation Co., Ltd. and Tokyu Relocation Service Co., Ltd., which are interested parties in relation to the Asset Management Company. Therefore, the procedures required in accordance with the bylaws were completed with respect to agreements with these companies.

6. Summary of Brokerage No brokers were involved in the transaction of the acquired assets above.

7. Forecast Refer to the “Notice Concerning Forecast of Financial Results for the Periods Ending July 31, 2014 and January 31, 2015” released today for forecasts of the management performance for the period ending July 31, 2014 (February 1, 2014 - July 31, 2014) and the period ending January 31, 2015 (August 1, 2014 - January 31, 2015) after the acquisition of the assets.

*The original Japanese version of this press release has been distributed to the press club of TSE (Kabuto Club), the Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism. *Website of the Investment Corporation: http://comforia-reit.co.jp/english/

Attachments 1. Summary of the Appraisal Reports of the Properties to be Acquired 2. Portfolio List 3. Property Images, etc. of the Properties to be Acquired

Attachments 1. Summary of the Appraisal Reports of the Properties to be Acquired

(thousand yen) COMFORIA COMFORIA Property Name COMFORIA KUDAN NIHONBASHININGYO SHINKAWA CHO NORTH Morii Appraisal & Japan Real Estate Morii Appraisal & Appraisal Company Investment Consulting, Inc. Institute Investment Consulting, Inc. Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 1,370,000 1,140,000 1,920,000

Price of the Direct Capitalization Method 1,390,000 1,150,000 1,950,000 ((6)/(7)) (1) Operating Income 80,400 70,137 114,803 Potential Gross Income 85,130 73,814 121,231 Rental Income (including 80,192 71,163 115,740 common area expense) Utility Charge Income 00 0 Parking Lot Income 2,400 80 3,096 Key Money / Renewal Income 2,507 2,371 2,335 Other Income 31 200 60 Vacancy Loss ▲ 4,730 ▲ 3,677 ▲ 6,428 Collection Loss 00 0 (2) Operating Expense 13,726 12,631 19,161 Maintenance and Management Fee 2,275 1,922 2,796 Utility Charge 980 1,100 1,068 Repair Cost 1,501 1,186 2,475 Property Management Fee 1,947 1,624 2,810 Tenant Advertisement Cost 2,838 2,976 4,567 Taxes and Public Dues 3,663 3,242 5,060 Insurance 256 189 385 Other Expenses 266 392 0 (3) Net Operating Income 66,674 57,506 95,642 (NOI, (1)-(2)) (4) Interest on Security Deposit 243 212 348 (5) Capital Expenditure 1,604 1,541 2,588 (6) Net Cash Flow 65,313 56,177 93,402 (NCF, (3)+(4)-(5)) (7) Cap Rate 4.7% 4.9% 4.8% Price of the DCF Method 1,340,000 1,120,000 1,880,000 Discount Rate 4.4% 4.7% 4.5% Terminal Cap Rate 5.0% 5.1% 5.1% Cost Approach Value 925,000 789,000 1,130,000 Total Value of Land and Building 925,000 607,000 1,132,000 Land Value 584,000 316,000 601,000 Building Value 341,000 291,000 531,000 Adjustment for Change 100% 130% 100% (Note) The numbers above are a summary of real estate appraisal reports prepared by Morii Appraisal & Investment Consulting, Inc. and Japan Real Estate Institute.

(thousand yen) COMFORIA MITA COMFORIA LIV Property Name COMFORIA AKASAKA EAST SHIBAURA CANAL Japan Real Estate Morii Appraisal & Japan Real Estate Appraisal Company Institute Investment Consulting, Inc. Institute Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 2,000,000 3,300,000 1,650,000

Price of the Direct Capitalization Method 2,030,000 3,350,000 1,670,000 ((6)/(7)) (1) Operating Income 122,844 198,811 107,251 Potential Gross Income 129,432 210,242 112,024 Rental Income (including 123,084 197,895 105,199 common area expense) Utility Charge Income 00 0 Parking Lot Income 2,465 6,192 1,603 Key Money / Renewal Income 3,883 6,040 5,122 Other Income 0 115 100 Vacancy Loss ▲ 6,588 ▲ 11,431 ▲ 4,773 Collection Loss 00 0 (2) Operating Expense 23,581 34,073 19,431 Maintenance and Management Fee 3,300 6,204 2,858 Utility Charge 1,200 1,453 1,200 Repair Cost 1,595 3,959 2,091 Property Management Fee 3,575 4,819 2,323 Tenant Advertisement Cost 5,567 7,545 5,434 Taxes and Public Dues 7,812 8,648 5,234 Insurance 340 654 291 Other Expenses 192 791 0 (3) Net Operating Income 99,263 164,738 87,820 (NOI, (1)-(2)) (4) Interest on Security Deposit 188 601 316 (5) Capital Expenditure 2,183 4,403 3,126 (6) Net Cash Flow 97,268 160,936 85,010 (NCF, (3)+(4)-(5)) (7) Cap Rate 4.8% 4.8% 5.1% Price of the DCF Method 1,970,000 3,240,000 1,630,000 Discount Rate 4.6% 4.5% 4.9% Terminal Cap Rate 5.0% 5.1% 5.3% Cost Approach Value 2,040,000 1,960,000 1,100,000 Total Value of Land and Building 1,850,000 1,957,000 915,000 Land Value 1,190,000 1,070,000 502,000 Building Value 660,000 887,000 413,000 Adjustment for Change 110% 100% 120% (Note) The numbers above are a summary of real estate appraisal reports prepared by Japan Real Estate Institute and Morii Appraisal & Investment Consulting, Inc.

(thousand yen) COMFORIA COMFORIA COMFORIA Property Name UENOHIROKOJI KASUGATOMISAKA HONKOMAGOME Morii Appraisal & Morii Appraisal & Japan Real Estate Appraisal Company Investment Consulting, Inc. Investment Consulting, Inc. Institute Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 1,110,000 3,050,000 1,420,000

Price of the Direct Capitalization Method 1,120,000 3,100,000 1,430,000 ((6)/(7)) (1) Operating Income 69,206 178,486 88,535 Potential Gross Income 72,545 192,716 93,503 Rental Income (including 70,172 180,528 88,464 common area expense) Utility Charge Income 00 0 Parking Lot Income 0 6,864 963 Key Money / Renewal Income 1,327 5,284 2,846 Other Income 1,046 40 1,230 Vacancy Loss ▲ 3,339 ▲ 14,230 ▲ 4,968 Collection Loss 00 0 (2) Operating Expense 13,748 30,128 16,637 Maintenance and Management Fee 2,832 5,208 1,814 Utility Charge 1,061 1,792 1,250 Repair Cost 1,530 3,256 1,573 Property Management Fee 1,697 4,329 2,030 Tenant Advertisement Cost 2,497 6,582 3,374 Taxes and Public Dues 3,762 8,146 5,076 Insurance 239 583 315 Other Expenses 130 232 1,205 (3) Net Operating Income 55,458 148,358 71,898 (NOI, (1)-(2)) (4) Interest on Security Deposit 321 595 271 (5) Capital Expenditure 1,845 3,231 2,102 (6) Net Cash Flow 53,934 145,722 70,067 (NCF, (3)+(4)-(5)) (7) Cap Rate 4.8% 4.7% 4.9% Price of the DCF Method 1,090,000 2,990,000 1,400,000 Discount Rate 4.5% 4.4% 4.7% Terminal Cap Rate 5.1% 5.0% 5.1% Cost Approach Value 887,000 1,760,000 1,100,000 Total Value of Land and Building 887,000 1,759,000 915,000 Land Value 557,000 957,000 474,000 Building Value 330,000 802,000 441,000 Adjustment for Change 100% 100% 120% (Note) The numbers above are a summary of real estate appraisal reports prepared by Morii Appraisal & Investment Consulting, Inc. and Japan Real Estate Institute.

(thousand yen) COMFORIA COMFORIA LIV COMFORIA MEGURO Property Name MORISHITA KIBAKOEN CHOJAMARU Morii Appraisal & Morii Appraisal & DAIWA REAL ESTATE Appraisal Company Investment Consulting, Inc. Investment Consulting, Inc. APPRAISAL CO., LTD. Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 1,560,000 996,000 2,050,000

Price of the Direct Capitalization Method 1,580,000 1,010,000 2,070,000 ((6)/(7)) (1) Operating Income 99,030 65,580 137,239 Potential Gross Income 104,370 69,019 145,340 Rental Income (including 98,734 65,100 138,025 common area expense) Utility Charge Income 00 0 Parking Lot Income 1,944 1,296 6,000 Key Money / Renewal Income 3,652 2,581 1,313 Other Income 40 42 1 Vacancy Loss ▲ 5,340 ▲ 3,439 ▲ 8,101 Collection Loss 00 0 (2) Operating Expense 17,612 13,411 28,924 Maintenance and Management Fee 4,176 3,781 3,168 Utility Charge 1,148 836 1,573 Repair Cost 2,193 1,471 3,598 Property Management Fee 2,383 1,574 4,077 Tenant Advertisement Cost 3,368 2,563 5,455 Taxes and Public Dues 3,691 2,597 7,916 Insurance 352 229 573 Other Expenses 301 360 2,560 (3) Net Operating Income 81,418 52,169 108,315 (NOI, (1)-(2)) (4) Interest on Security Deposit 339 195 218 (5) Capital Expenditure 2,779 1,620 5,007 (6) Net Cash Flow 78,978 50,744 103,526 (NCF, (3)+(4)-(5)) (7) Cap Rate 5.0% 5.0% 5.0% Price of the DCF Method 1,530,000 981,000 2,040,000 Discount Rate 4.7% 4.7% 4.8% Terminal Cap Rate 5.3% 5.3% 5.2% Cost Approach Value 856,000 582,000 2,160,000 Total Value of Land and Building 856,000 582,000 2,163,176 Land Value 372,000 267,000 1,551,537 Building Value 484,000 315,000 611,639 Adjustment for Change 100% 100% 100% (Note) The numbers above are a summary of real estate appraisal reports prepared by Morii Appraisal & Investment Consulting, Inc. and DAIWA REAL ESTATE APPRAISAL CO., LTD.

(thousand yen) COMFORIA MEGURO COMFORIA COMFORIA Property Name NISHIMAGOME KITASANDO YOYOGIUEHARA Japan Real Estate Japan Real Estate Japan Real Estate Appraisal Company Institute Institute Institute Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 1,040,000 4,490,000 1,620,000

Price of the Direct Capitalization Method 1,050,000 4,550,000 1,640,000 ((6)/(7)) (1) Operating Income 70,520 278,161 102,061 Potential Gross Income 74,310 295,408 108,099 Rental Income (including 69,919 276,639 96,350 common area expense) Utility Charge Income 00 0 Parking Lot Income 1,692 10,332 7,012 Key Money / Renewal Income 2,676 8,107 4,737 Other Income 23 330 0 Vacancy Loss ▲ 3,790 ▲ 17,247 ▲ 6,038 Collection Loss 00 0 (2) Operating Expense 14,156 50,063 18,440 Maintenance and Management Fee 2,300 7,005 2,530 Utility Charge 1,200 2,600 900 Repair Cost 1,467 4,300 2,212 Property Management Fee 1,631 6,483 2,341 Tenant Advertisement Cost 3,496 12,612 4,967 Taxes and Public Dues 3,786 12,198 4,830 Insurance 180 865 270 Other Expenses 96 4,000 390 (3) Net Operating Income 56,364 228,098 83,621 (NOI, (1)-(2)) (4) Interest on Security Deposit 203 831 299 (5) Capital Expenditure 2,106 5,774 3,469 (6) Net Cash Flow 54,461 223,155 80,451 (NCF, (3)+(4)-(5)) (7) Cap Rate 5.2% 4.9% 4.9% Price of the DCF Method 1,020,000 4,430,000 1,600,000 Discount Rate 5.0% 4.7% 4.7% Terminal Cap Rate 5.4% 5.1% 5.1% Cost Approach Value 967,000 3,920,000 1,450,000 Total Value of Land and Building 806,000 3,480,000 (Note2) 1,212,000 Land Value 518,000 2,180,000 (Note2) 867,000 Building Value 288,000 1,300,000 (Note2) 345,000 Adjustment for Change 120% 130% (Note2) 120% Allocation Ratio 0.8679 (Note1) The numbers above are a summary of real estate appraisal reports prepared by Japan Real Estate Institute. (Note2) The numbers are the prices, etc. concerning a whole land and building.

(thousand yen) COMFORIA COMFORIA COMFORIA Property Name SASAZUKA SHINJUKUGYOENⅡ ICHIGAYAYANAGICHO DAIWA REAL ESTATE Morii Appraisal & Appraisal Company Japan Valuers Co., Ltd. APPRAISAL CO., LTD. Investment Consulting, Inc. Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 1,860,000 1,850,000 1,700,000

Price of the Direct Capitalization Method 1,880,000 1,870,000 1,730,000 ((6)/(7)) (1) Operating Income 127,409 111,494 103,119 Potential Gross Income 136,247 117,836 108,431 Rental Income (including 131,399 110,808 104,228 common area expense) Utility Charge Income 00 0 Parking Lot Income 3,852 3,540 480 Key Money / Renewal Income 995 3,488 3,723 Other Income 00 0 Vacancy Loss ▲ 8,837 ▲ 6,341 ▲ 5,312 Collection Loss 00 0 (2) Operating Expense 28,698 20,758 18,707 Maintenance and Management Fee 5,952 3,012 4,789 Utility Charge 1,778 1,113 1,033 Repair Cost 3,797 2,952 1,838 Property Management Fee 3,792 3,244 2,485 Tenant Advertisement Cost 6,050 5,023 3,451 Taxes and Public Dues 6,744 4,786 3,698 Insurance 532 135 309 Other Expenses 50 490 1,104 (3) Net Operating Income 98,711 90,736 84,412 (NOI, (1)-(2)) (4) Interest on Security Deposit 400 338 375 (5) Capital Expenditure 5,231 3,399 1,931 (6) Net Cash Flow 93,881 87,675 82,856 (NCF, (3)+(4)-(5)) (7) Cap Rate 5.0% 4.7% 4.8% Price of the DCF Method 1,850,000 1,820,000 1,670,000 Discount Rate 4.8% 4.5% 4.5% Terminal Cap Rate 5.2% 4.9% 5.1% Cost Approach Value 1,440,000 1,080,000 1,010,000 Total Value of Land and Building 1,435,567 1,079,249 1,005,000 Land Value 843,524 680,141 580,000 Building Value 592,043 399,108 425,000 Adjustment for Change 100% 100% 100% (Note) The numbers above are a summary of real estate appraisal reports prepared by DAIWA REAL ESTATE APPRAISAL CO., LTD., Japan Real Estate Institute and Morii Appraisal & Investment Consulting, Inc.

(thousand yen) COMFORIA COMFORIA COMFORIA Property Name HIGASHIIKEBUKURO KAGURAZAKA HIGASHIIKEBUKURO EAST Morii Appraisal & Japan Real Estate Japan Real Estate Appraisal Company Investment Consulting, Inc. Institute Institute Appraisal Date October 31, 2013 October 31, 2013 October 31, 2013 Appraisal Value 758,000 1,790,000 1,170,000

Price of the Direct Capitalization Method 772,000 1,820,000 1,180,000 ((6)/(7)) (1) Operating Income 46,272 125,734 74,641 Potential Gross Income 48,631 138,510 78,927 Rental Income (including 47,187 127,019 74,409 common area expense) Utility Charge Income 00 0 Parking Lot Income 0 7,800 916 Key Money / Renewal Income 1,430 3,691 2,902 Other Income 14 0 700 Vacancy Loss ▲ 2,359 ▲ 12,776 ▲ 4,286 Collection Loss 00 0 (2) Operating Expense 9,055 30,300 15,033 Maintenance and Management Fee 2,000 8,071 2,082 Utility Charge 710 1,500 1,010 Repair Cost 966 3,142 1,442 Property Management Fee 1,121 3,667 2,136 Tenant Advertisement Cost 1,825 6,421 3,800 Taxes and Public Dues 2,063 7,088 3,287 Insurance 161 411 216 Other Expenses 209 0 1,060 (3) Net Operating Income 37,217 95,434 59,608 (NOI, (1)-(2)) (4) Interest on Security Deposit 141 227 221 (5) Capital Expenditure 1,089 4,416 2,100 (6) Net Cash Flow 36,269 91,245 57,729 (NCF, (3)+(4)-(5)) (7) Cap Rate 4.7% 5.0% 4.9% Price of the DCF Method 744,000 1,760,000 1,150,000 Discount Rate 4.4% 4.9% 4.7% Terminal Cap Rate 5.0% 5.3% 5.1% Cost Approach Value 554,000 1,530,000 891,000 Total Value of Land and Building 554,000 1,178,000 685,000 Land Value 333,000 488,000 361,000 Building Value 221,000 690,000 324,000 Adjustment for Change 100% 130% 130% (Note) The numbers above are a summary of real estate appraisal reports prepared by Morii Appraisal & Investment Consulting, Inc. and Japan Real Estate Institute.

(thousand yen) COMFORIA Property Name SHINKOYASU Japan Real Estate Appraisal Company Institute Appraisal Date October 31, 2013 Appraisal Value 1,130,000

Price of the Direct Capitalization Method 1,140,000 ((6)/(7)) (1) Operating Income 75,960 Potential Gross Income 79,823 Rental Income (including 71,616 common area expense) Utility Charge Income 0 Parking Lot Income 2,820 Key Money / Renewal Income 2,839 Other Income 2,548 Vacancy Loss ▲ 3,863 Collection Loss 0 (2) Operating Expense 13,769 Maintenance and Management Fee 1,982 Utility Charge 850 Repair Cost 1,557 Property Management Fee 1,697 Tenant Advertisement Cost 2,754 Taxes and Public Dues 3,913 Insurance 276 Other Expenses 740 (3) Net Operating Income 62,191 (NOI, (1)-(2)) (4) Interest on Security Deposit 166 (5) Capital Expenditure 1,994 (6) Net Cash Flow 60,363 (NCF, (3)+(4)-(5)) (7) Cap Rate 5.3% Price of the DCF Method 1,110,000 Discount Rate 5.1% Terminal Cap Rate 5.5% Cost Approach Value 946,000 Total Value of Land and Building 728,000 Land Value 228,000 Building Value 500,000 Adjustment for Change 130% (Note) The numbers above are a summary of real estate appraisal reports prepared by Japan Real Estate Institute.

Attachments 2. Portfolio List Acquisition (planned) Area Type of Share Property Name Location (Residential address) Price(million (Note 1) Asset (Note 3) yen) (Note 2) Beneficial Central COMFORIA Interest in 3-5-10 NihonbashiNingyocho, Chuo-ku, Tokyo 1,586 1.4% Tokyo NIHONBASHININGYOCHO Real Estate Trust Beneficial Interest in COMFORIA WASEDA 147 Bentencho, Shinjyuku-ku, Tokyo 1,900 1.7% Real Estate Trust Beneficial Interest in COMFORIA SHIMOOCHIAI 2-7-10 Nakaochiai, Shinjuku-ku, Tokyo 1,181 1.1% Real Estate Trust Beneficial COMFORIA Interest in 4-34-2 Kitashinjuku, Shinjuku-ku, Tokyo 552 0.5% HIGASHINAKANO Real Estate Trust Beneficial Interest in COMFORIA GINZA EAST 1-3-1 Irifune, Chuo-ku, Tokyo 3,059 2.7% Real Estate Trust Beneficial Interest in COMFORIA AZABUDAI 3-4-4 Azabudai, Minato-ku, Tokyo 574 0.5% Real Estate Trust Beneficial Interest in COMFORIA SHIBAKOEN 2-2-15 Shibakoen, Minato-ku, Tokyo 1,398 1.2% Real Estate Trust Beneficial Interest in COMFORIA NISHIAZABU 4-1-10 Nishiazabu, Minato-ku, Tokyo 755 0.7% Real Estate Trust Beneficial COMFORIA Interest in 4-1-12 Minamiaoyama, Minato-ku, Tokyo 1,041 0.9% MINAMIAOYAMA Real Estate Trust Beneficial COMFORIA Interest in 4-2-1 Minamiaoyama, Minato-ku, Tokyo 248 0.2% MINAMIAOYAMA DEUX Real Estate Trust Beneficial Interest in COMFORIA NISHIWASEDA 1-5-19 Takadanobaba, Shinjuku-ku, Tokyo 1,685 1.5% Real Estate Trust (Terrace Building) Beneficial

1-21-14 Ebisunishi, Shibuya-ku, Tokyo Interest in COMFORIA DAIKANYAMA 1,807 1.6% (Tower Building) Real Estate

1-21-15 Ebisunishi, Shibuya-ku, Tokyo Trust Beneficial COMFORIA Interest in 3-8-19 Sendagaya, Shibuya-ku, Tokyo 533 0.5% HARAJYUKU NORD Real Estate Trust Beneficial Interest in COMFORIA HARAJYUKU 3-61-3 Sendagaya, Shibuya-ku, Tokyo 3,629 3.2% Real Estate Trust Beneficial Interest in COMFORIA MITA NORTH 2-7-16 Mita, Minato-ku, Tokyo 850 0.8% Real Estate Trust

Beneficial Central COMFORIA Interest in 3-13-12 Kaigan, Minato-ku, Tokyo 2,650 2.4% Tokyo SHIBAURA BOWHOUSE Real Estate Trust Beneficial COMFORIA Interest in 5-1-21 Mita, Minato-ku, Tokyo 1,300 1.2% SHIROKANETAKANAWA Real Estate Trust Beneficial COMFORIA Interest in NIHONBASHININGYOCHO 3-6-3 NihonbashiNingyocho, Chuo-ku, Tokyo 2,139 1.9% Real Estate EAST Trust Beneficial Interest in COMFORIA ATAGO 3-23-7 Toranomon, Minato-ku, Tokyo 826 0.7% Real Estate Trust Beneficial Interest in COMFORIA KUDAN 2-6-12 Kudanminami, Chiyoda-ku, Tokyo 1,280 1.1% Real Estate Trust Beneficial COMFORIA Interest in NIHONBASHININGYOCHO 1-1-6 NihonbashiHoridomecho, Chuo-ku, Tokyo 1,108 1.0% Real Estate NORTH Trust Beneficial Interest in COMFORIA SHINKAWA 2-15-5 Shinkawa, Chuo-ku, Tokyo 1,840 1.6% Real Estate Trust Beneficial Interest in COMFORIA AKASAKA 2-17-63 Akasaka, Minato-ku, Tokyo 1,945 1.7% Real Estate Trust Beneficial Interest in COMFORIA MITA EAST 4-18-1 Shiba, Minato-ku, Tokyo 3,190 2.8% Real Estate Trust Beneficial COMFORIA LIV Interest in 3-1-9 Kaigan, Minato-ku, Tokyo 1,570 1.4% SHIBAURA CANAL Real Estate Trust Beneficial Interest in COMFORIA KITASANDO 4-5-10 Sendagaya, Shibuya-ku, Tokyo 4,268 3.8% Real Estate Trust Beneficial Interest in COMFORIA YOYOGIUEHARA 2-31-5 Uehara, Shibuya-ku, Tokyo 1,560 1.4% Real Estate Trust Beneficial Interest in COMFORIA SASAZUKA 1-59-10 Sasazuka, Shibuya-ku, Tokyo 1,789 1.6% Real Estate Trust Beneficial COMFORIA Interest in 1-13-3 Shinjuku, Shinjuku-ku, Tokyo 1,806 1.6% SHINJUKUGYOENⅡ Real Estate Trust Beneficial COMFORIA Interest in 18-2 Ichigayayanagicho, Shinjuku-ku, Tokyo 1,623 1.4% ICHIGAYAYANAGICHO Real Estate Trust Beneficial Interest in COMFORIA KAGURAZAKA 26-1 Iwatocho, Shinjuku-ku, Tokyo 736 0.7% Real Estate Trust Subtotal 50,431 45.0%

Beneficial Sub-central COMFORIA Interest in 1-15-12 Nishikata, Bunkyo-ku, Tokyo 1,470 1.3% Tokyo BUNKYOKASUGA Real Estate Trust Beneficial COMFORIA Interest in 1-11-5 Matsugaya, Taito-ku, Tokyo 910 0.8% ASAKUSAMATSUGAYA Real Estate Trust Beneficial Interest in COMFORIA NISHIOI 6-6-1 Nishioi, Shinagawa-ku, Tokyo 902 0.8% Real Estate Trust Beneficial Interest in COMFORIA NAKANO 2-40-12 Kamitakada, Nakano-ku, Tokyo 881 0.8% Real Estate Trust Beneficial COMFORIA Interest in 1-9-14 Hanegi, Setagaya-ku, Tokyo 2,587 2.3% SHIMOKITAZAWA Real Estate Trust Beneficial Interest in COMFORIA NISHIKAMATA 6-37-3 Nishikamata, Ota-ku, Tokyo 1,550 1.4% Real Estate Trust Beneficial Interest in COMFORIA OYAMA 4-4 Oyamacho, Itabashi-ku, Tokyo 1,987 1.8% Real Estate Trust Beneficial COMFORIA Interest in KIYOSUMISHIRAKAWA 3-2-13 Miyoshi, Koto-ku, Tokyo 740 0.7% Real Estate SOUTH Trust Beneficial Interest in COMFORIA KOMAZAWA 2-1-5 Komazawa, Setagaya-ku, Tokyo 1,290 1.2% Real Estate Trust Beneficial COMFORIA LIV Interest in 2-17-27 Koishikawa, Bunkyo-ku, Tokyo 552 0.5% KOISHIKAWA Real Estate Trust Beneficial Interest in COMFORIA LIV SENGOKU 4-3-20 Sengoku, Bunkyo-ku, Tokyo 1,219 1.1% Real Estate Trust Beneficial COMFORIA Interest in 2-1-7 Aobadai, Meguro-ku, Tokyo 926 0.8% DAIKANYAMAAOBADAI Real Estate Trust Beneficial Interest in COMFORIA IKEBUKURO 2-57-1 Ikebukuro, Toshima-ku, Tokyo 602 0.5% Real Estate Trust Beneficial COMFORIA LIV Interest in 1-36-1 Ishiwara, Sumida-ku, Tokyo 651 0.6% RYOGOKUISHIWARA Real Estate Trust Beneficial COMFORIA Interest in 5-24-10 Asakusabashi, Taito-ku, Tokyo 874 0.8% ASAKUSABASHI DEUX Real Estate Trust Beneficial Interest in COMFORIA OSHIAGE 4-7-2 Narihira, Sumida-ku, Tokyo 714 0.6% Real Estate Trust

Beneficial Sub-central COMFORIA Interest in 2-11-12 Honjo, Sumida-ku, Tokyo 762 0.7% Tokyo HONJOAZUMABASHI Real Estate Trust Beneficial COMFORIA Interest in KIYOSUMISHIRAKAWA 3-5-14 Shirakawa, Koto-ku, Tokyo 873 0.8% Real Estate TROIS Trust Beneficial COMFORIA Interest in 16-8 Fuyuki, Koto-ku, Tokyo 2,658 2.4% MONZENNAKACHO Real Estate Trust Beneficial Interest in COMFORIA HIMONYA 2-3-3 Himonya, Meguro-ku, Tokyo 1,189 1.1% Real Estate Trust Beneficial Interest in COMFORIA MISYUKU 3-23-2 Ikejiri, Setagaya-ku, Tokyo 1,874 1.7% Real Estate Trust Beneficial COMFORIA Interest in 6-46-6 Shimouma, Setagaya-ku, Tokyo 1,138 1.0% GAKUGEIDAIGAKU Real Estate Trust Beneficial COMFORIA Interest in 4-2-19 Higashinakano, Nakano-ku, Tokyo 833 0.7% HIGASHINAKANO DEUX Real Estate Trust Beneficial COMFORIA Interest in 3-22-21 Higashiikebukuro, Toshima-ku, Tokyo 3,911 3.5% HIGASHIIKEBUKURO WEST Real Estate Trust Beneficial COMFORIA Interest in 1-2-10 Chitose, Sumida-ku, Tokyo 1,014 0.9% RYOGOKU DEUX Real Estate Trust Beneficial Interest in COMFORIA OMORI DEUX 3-4-2 Omorikita, Ota-ku, Tokyo 1,188 1.1% Real Estate Trust Beneficial Interest in COMFORIA MACHIYA 5-51-7 Arakawa, Arakawa-ku, Tokyo 594 0.5% Real Estate Trust Beneficial Interest in COMFORIA ASAKUSABASHI 2-20-10 Yanagibashi, Taito-ku, Tokyo 2,680 2.4% Real Estate Trust Beneficial COMFORIA Interest in 2-14-8 Chitose, Sumida-ku, Tokyo 1,240 1.1% RYOGOKU SOUTH Real Estate Trust Beneficial Interest in COMFORIA TOYOSU 1-4-12 Edagawa, Koto-ku, Tokyo 3,096 2.8% Real Estate Trust Beneficial COMFORIA Interest in 5-18-5 Tachibana, Sumida-ku, Tokyo 938 0.8% SUMIDA-TACHIBANA Real Estate Trust Beneficial Interest in COMFORIA UENOHIROKOJI 3-17-4 Ueno, Taito-ku, Tokyo 1,050 0.9% Real Estate Trust

Beneficial Sub-central COMFORIA Interest in 1-11-18 Kasuga, Bunkyo-ku, Tokyo 2,912 2.6% Tokyo KASUGATOMISAKA Real Estate Trust Beneficial 2-29-24 Honkomagome, Bunkyo-ku, Interest in COMFORIA HONKOMAGOME 1,344 1.2% Tokyo Real Estate Trust Beneficial Interest in COMFORIA MORISHITA 3-6-8 Shinohashi, Koto-ku, Tokyo 1,530 1.4% Real Estate Trust Beneficial COMFORIA LIV Interest in 2-17-7 Kiba, Koto-ku, Tokyo 956 0.9% KIBAKOEN Real Estate Trust Beneficial COMFORIA MEGURO Interest in 2-6-25 Kamiosaki, Shinagawa-ku, Tokyo 1,972 1.8% CHOJAMARU Real Estate Trust Beneficial Interest in COMFORIA NISHIMAGOME 2-35-8 Nishimagome, Ota-ku, Tokyo 990 0.9% Real Estate Trust Beneficial COMFORIA 2-8-1 Higashiikebukuro, Toshima-ku, Interest in 1,712 1.5% HIGASHIIKEBUKURO EAST Tokyo Real Estate Trust Beneficial COMFORIA 4-3-5 Higashiikebukuro, Toshima-ku, Interest in 1,132 1.0% HIGASHIIKEBUKURO Tokyo Real Estate Trust Subtotal 55,443 49.5% Beneficial Tokyo Interest in Metropolitan COMFORIA LIV KOMAE 3-9-5 Iwadokita, Komae-shi, Tokyo 399 0.4% Real Estate Area Trust Beneficial COMFORIA 2-8-15 Okinacho, Naka-ku, Yokohama-shi, Interest in 972 0.9% YOKOHAMAKANNAI Kanagawa Real Estate Trust Beneficial COMFORIA LIV Interest in 1-9-10 Shioyaki, Ichikawa-shi, Chiba 606 0.5% ICHIKAWAMYODEN Real Estate Trust Beneficial Interest in COMFORIA LIV YATSUKA 3-38-3 Sezaki, Soka-shi, Saitama 626 0.6% Real Estate Trust Beneficial 2-216-2 Koyasudori, Kanagawa-ku, Interest in COMFORIA SHINKOYASU 1,077 1.0% Yokohama-shi, Kanagawa Real Estate Trust Subtotal 3,680 3.3% Beneficial Other Major 1-21-24 Higashinakajima, Higashiyodogawa-ku, Interest in COMFORIA SHIN-OSAKA 2,400 2.1% Cities Osaka-shi, Osaka Real Estate Trust Subtotal 2,400 2.1% Total 111,955 100.0%

(Note 1) Explanation of “Area” i "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya). ii "Sub-central Tokyo" denotes the other 18 wards of Tokyo. iii "Tokyo Metropolitan Area" denotes residential areas in Central Tokyo and Sub-central Tokyo (areas outside of Central Tokyo and Sub-central Tokyo (including Tokyo, Kanagawa, Saitama and Chiba) where demand for rental residences is strong. iv "Other Major Cities" denotes ordinance-designated cities, etc except for Central Tokyo, Sub-central Tokyo and Tokyo Metropolitan Area. (Note 2) “Acquisition (planned) price” is the purchase price (not including tax and rounded down to the nearest million yen) of the trust beneficial interest in real estate or the real estate listed in the respective sales and purchase agreement. (Note 3) “Share” refers to the ratio of the acquisition price or the planned acquisition price of each property to the total acquisition (planned) price rounded to the nearest hundredths.

Attachments 3. Property Images, etc. of the Properties to be Acquired

(1) COMFORIA KUDAN

Kudanshita

(2) COMFORIA NIHONBASHININGYOCHO NORTH

Ningyocho

(3) COMFORIA SHINKAWA

Kayabacho

Hatchobori

(4) COMFORIA AKASAKA

Akasaka Tameike-sanno

(5) COMFORIA MITA EAST

Mita

Tamachi

(6) COMFORIA LIV SHIBAURA CANAL

Hinode

(7) COMFORIA UENOHIROKOJI

Ueno-hirokoji

Yushima Okachimachi

(8) COMFORIA KASUGATOMISAKA

Kasuga

Korakuen

(9) COMFORIA HONKOMAGOME

Sengoku

(10) COMFORIA MORISHITA

Morishita

(11) COMFORIA LIV KIBAKOEN

Kiba

(12) COMFORIA MEGURO CHOJAMARU

Meguro

(13) COMFORIA NISHIMAGOME

Nishimagome

(14) COMFORIA KITASANDO

Yoyogi

Kitasando

(15) COMFORIA YOYOGIUEHARA

Yoyogi-uehara

(16) COMFORIA SASAZUKA

Sasazuka

(17) COMFORIA SHINJUKUGYOENⅡ

Shijuku-3chome

Shinjukugyoen-mae

(18) COMFORIA ICHIGAYAYANAGICHO

Ushigome-yanagicho

(19) COMFORIA KAGURAZAKA

Kagurazaka

Ushigome-kagurazaka

(20) COMFORIA HIGASHIIKEBUKURO EAST

Otsuka

Higahi-ikebukuro

(21) COMFORIA HIGASHIIKEBUKURO

Higahi-ikebukuro

(22) COMFORIA SHINKOYASU

Shinkoyasu