Samty Residential Investment Corporation 1‐8‐3 Marunouchi, Chiyoda‐Ku, Tokyo Tetsuro Kawamoto, Executive Director (Securities Code: 3459)

January 15, 2018 For Translation Purposes Only Real Estate Investment Trust Securities Issuer: Samty Residential Investment Corporation 1‐8‐3 Marunouchi, Chiyoda‐ku, Tokyo Tetsuro Kawamoto, Executive Director (Securities Code: 3459)

Asset Management Company: Samty Asset Management Co., Ltd. Yosuke Masuda, President Inquiries: Takeshi Fujiwara Director Business Management Department Phone: +81‐3‐5220‐3841

Notice Concerning Acquisition and Lease of Domestic Real Estate (Trust Beneficiary Interests in Real Estate and Real Estate (in Kind))

Samty Residential Investment Corporation (“Samty Residential”) announces that Samty Asset Management Co., Ltd. (the “Asset Management Company”), to which Samty Residential entrusts management of its portfolio assets, decided today to acquire and lease the 33 properties described below (the “Properties to be Acquired”). As the sellers of these assets fall under the category of an interested party, etc. as defined under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; the “Investment Trusts Act”), the Asset Management Company obtained the consent of Samty Residential to the acquisition based on the approval at Samty Residential’s Board of Directors’ meeting held on January 15, 2018, pursuant to the Investment Trusts Act.

1. Overview of the Properties to be Acquired Planned Date of Planned Property Name of property to acquisition conclusion Acquisition Settlement Area Location date of Seller number be acquired (Note 1) price (Note 2) of fund method acquisition (Million yen) agreement S‐RESIDENCE Higashinari‐ku, GK Bridge A‐30 1,846 Midoribashi Ekimae Osaka‐shi February Fourth Proceeds S‐FORT Tsurumai Showa‐ku, 1, 2018 Samty Co., A‐31 1,571 from the reale Nagoya‐shi Ltd. issuance of S‐FORT Osu Kannon Naka‐ku, March 1, Undisclosed A‐32 1,147 new (Note 3) Nagoya‐shi 2018 (Note 4) investment Nakagawa‐ku, (Note 5) A‐33 S‐FORT Kita‐Sanno 841 units Nagoya‐shi Samty Co., determined S‐FORT Minami‐ku, Ltd. A‐34 449 at Samty Aratamabashi Nagoya‐shi Residential’s S‐FORT Toyohira Toyohira‐ku, GK Bridge A‐35 762 Board of Sanjyo Sapporo‐shi January Fourth Directors’ Lump‐sum Major S‐FORT Chuo‐ku, 15, 2018 meeting held payment Regional A‐36 425 Kitamaruyama Sapporo‐shi February on January upon Cities S‐FORT Hakata‐ku, A‐37 389 1, 2018 15, 2018, delivery Hakata‐Higashi I Fukuoka‐shi borrowings S‐FORT Hakata‐ku, (Note 6) A‐38 382 , Hakata‐Higashi II Fukuoka‐shi Samty Co., proceeds S‐FORT Kobe Chuo‐ku, Ltd. from A‐39 515 Sannomiya‐Kita Kobe‐shi issuance of investment Nishi‐ku, A‐40 S‐FORT Nakahirodori 885 corporation Hiroshima‐shi bonds(Note 7) Naka‐ku, A‐41 S‐FORT Tsurumicho 820 and cash on Hiroshima‐shi hand S‐FORT Aoba Aoba‐ku, January February GK Bridge A‐42 918 Kamisugi Sendai‐shi 15, 2018 1, 2018 Fourth

Disclaimer: This translation is for informational purposes only. Neither Samty Residential Investment Corporation nor Samty Asset Management Co., Ltd. guarantees the accuracy or completeness of the translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for public announcement concerning property acquisition and leasing by Samty Residential, and has not been prepared as an inducement or invitation for investment. We caution investors to refer to Samty Residential’s prospectus (available in Japanese) and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility. 1

Nishinomiya‐shi, B‐10 S‐FORT Nishinomiya 1,412 Hyogo S‐FORT Nishinomiya Nishinomiya‐shi, B‐11 789 Uegahara Hyogo

B‐12 S‐FORT Mito Chuo Mito‐shi, Ibaraki 1,807

S‐FORT Tsu B‐13 Tsu‐shi, Mie 767 Shinmachi S‐FORT Mie B‐14 Tsu‐shi, Mie 599 Daigaku‐mae Other Proceeds Regional S‐FORT B‐15 Oita‐shi, Oita 1,015 Samty Co., from the Cities Takasagomachi Ltd. issuance of B‐16 S‐FORT Oita Ekimae Oita‐shi, Oita 904 new investment S‐FORT Oita B‐17 Oita‐shi, Oita 277 units (Note 5) Otemachi determined Chuo‐ku, B‐18 S‐FORT Suizenji 1,332 at Samty Kumamoto Residential’s S‐FORT Chuo‐ku, B‐19 1,125 Board of Kumadaibyoin‐mae Kumamoto Directors’ Lump‐sum S‐FORT Kumamoto Chuo‐ku, meeting held payment B‐20 1,010 Senba Kumamoto on January upon Nishitokyo‐shi, C‐12 S‐FORT Hoya 645 15, 2018, delivery Tokyo GK Bridge borrowings S‐FORT (Note 6) Machida‐shi, Fourth , C‐13 Tamagawagakuen‐ 587 Tokyo proceeds mae from Machida‐shi, Samty Co., issuance of C‐14 S‐FORT Tsurukawa 520 Tokyo Ltd. investment S‐RESIDENCE Kanagawa‐ku, GK Bridge corporation C‐15 627 (Note 7) Yokohama Tanmachi Yokohama‐shi Fourth bonds and cash on Greater Chigasaki‐shi, C‐16 S‐FORT Chigasaki 1,137 hand Tokyo Area Kanagawa S‐FORT Kawaguchi Kawaguchi‐shi, Samty Co., C‐17 1,110 Namiki Saitama Ltd. Toda‐shi, C‐18 S‐FORT Todakoen 914 Saitama S‐FORT Funabashi Funabashi‐shi, GK Bridge C‐19 1,900 Tsukada Chiba Fourth Kashiwa‐shi, Samty Co., C‐20 S‐FORT Kashiwa 536 Chiba Ltd.

Total 29,964 (Note 1) The property names indicated are names after changes were made by Samty Residential. The same follows. Samty Residential plans to change the names of the Properties to be Acquired to the names indicated in the table above as soon as they are acquired. The current names of the properties are as shown in the table below

Number Current property name A‐31 GRANDUKE Tsurumai reale A‐33 SAMTY Sanno Residence A‐34 Green Court Aratama A‐36 SAMTY Kitamaruyama Residence A‐37 SAMTY Charme Hakata A A‐38 SAMTY Charme Hakata B A‐39 SAMTY Sannomiya‐Kita A‐40 SAMTY Nakahirodori A‐41 SAMTY Tsurumi B‐10 SAMTY Nishinomiya Residence B‐11 Uni E'terna Nishinomiya Uegahara B‐12 SAMTY Residence Mito Chuo B‐13 GRANDUKE Tsu Shinmachi B‐14 AS Residence Tsu City B‐15 Studio Square Takasagomachi B‐16 Grand E'terna Oita B‐17 SAMTY Otemachi Residence B‐18 SAMTY Suizenji B‐19 SAMTY Honjo B‐20 SAMTY Kumamoto Keitokukomae C‐12 College Square Hoya

C‐13 CQ Residence Tamagawa Gakuen C‐14 Prospere Tsurukawa C‐16 SAMTY Residence Shonan Chigasaki C‐19 Trois Bonheurs Honcho C‐20 Crest Tower Kashiwa (Note 2) “Planned acquisition price” is the amount which will be required for the acquisition of the Properties to be Acquired excluding various costs such as commissions for mediation of transaction, taxes and public dues, etc. (the amount of the price of purchase of the real estate, etc. indicated in the purchase agreements, etc. for the acquisition). Amounts less than a million yen are rounded down. (Note 3) This property has not been completed as of today. (Note 4) The seller is not disclosed as no consent to disclosure was obtained from the company. (Note 5) For details of the issuance of new investment units, please refer to the press release “Notice Concerning Issuance of New Investment Units through Third‐Party Allotment” announced today by Samty Residential. (Note 6) For details of the borrowings, please refer to the press release “Notice Concerning Borrowing of Funds, Partial Refinancing and Partial Early Repayment of Existing Borrowing” announced today by Samty Residential. (Note 7) For details of the borrowings, please refer to the press release “Notice Concerning Issuance of Investment Corporation Bonds” announced today by Samty Residential. (Note 8) For Type of specified asset of the Properties to be Acquired, please refer to the following “Type of specified asset” column for individual properties of the Properties to be Acquired described in “3. Details of the Properties to be Acquired and Leasing (1) Overview of Individual Properties of the Properties to be Acquired.”

2. Reason of Acquisition and Leasing The acquisition and leasing of the properties will be conducted based on Samty Residential’s investment policy which calls for “Stability” (diversified investments in strictly selected residential properties nationwide), “Growth potential” (expansion of the portfolio size by continually investing in new properties centered on major regional cities) and “Earnings potential” (realization of anticipated high returns by investing in carefully screened residential properties located in major regional cities).

In its Asset Management Guidelines, Samty Residential has set the targeted investment ratio of regional cities in the entire portfolio at around 70%, as well as established the policy of investing in the greater Tokyo area at around 30% as a target in order to expand the asset size and diversify the portfolio of properties. Following this policy, Samty Residential has invested in regional cities widely around Japan, without concentrating on the Greater Tokyo area. At present, however, in consideration of the current market conditions including an increase in real estate prices in the greater Tokyo area, the investment ratio in regional cities has been raised to 82.5% based on the (planned) acquisition price. The rise is not only due to efforts from a viewpoint of maintaining and enhancing profitability but also a reflection of the fact that Samty Residential has placed priority on increasing the stability of the portfolio through progressing diversification in expanding the number of properties incorporated in the portfolio and the number of cities where such properties are located, and increasing the number of tenants, among other measures. Furthermore, the investment ratio by area after acquiring these properties is projected to be 79.2% for regional cities (56.1% for major regional cities and 23.1% for other regional cities) and 20.8% for the greater Tokyo area based on the (planned) acquisition price. Going forward, Samty Residential will aim to steadily expand the asset size. For the points Samty Residential recognized upon the acquisition, please refer to the following “Characteristics of the property” for individual properties of the Properties to be Acquired described in “3. Details of the Properties to be Acquired and Leasing (1) Overview of Individual Properties of the Properties to be Acquired.”

3. Details of the Properties to be Acquired and Leasing (1) Overview of Individual Properties of the Properties to be Acquired The overview of the Property to be Acquired is as shown in the table below. Unless otherwise specified, the information in the tables describing the overview of the respective properties is as of January 15, 2018. Furthermore, the following tables may refer to real estate that are the Properties to be Acquired or real estate that are the trust assets of real estate trust beneficial interests as the “Property.”

Please refer to the following terms with regard to the tables. ・ “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, “Use,” “Construction completion,” “Structure and floors” and “Total floor area” of buildings are based on information in the real estate registry, and may not necessarily be identical with the present state. As to A‐32 (S‐FORT Osu Kannon), the building has not been registered as it is yet to be completed. Therefore, its “Location” is based on the information described in the real estate registry of the main land, “Use” indicates such planned to be in the registry

after completion, “Construction completion” indicates the date planned as of the date of this press release, and “Structure and floors” and “Total floor area” indicate such planned as of the completion based on the information in the confirmation report required by provisions specified in the Building Standards Act. ・ “Planned acquisition price” is the amount which will be required for the acquisition of the Properties to be Acquired excluding various costs such as commissions for mediation of transaction, taxes and public dues, etc. (the amount of the price of purchase of the real estate, etc. indicated in the purchase agreements, etc. for the acquisition). Amounts less than a million yen are rounded down. ・ “Trustee” indicates the trustee or planned trustee of trust pertaining to the trust real estate. ・ “Building coverage ratio” is, in principle, the ratio of the building area of the building designated in Article 53, Paragraph 1 of the Building Standards Act (Act No. 201 of 1950, as amended; the “Building Standards Act”) to its site area, and represents the maximum value of the building coverage ratio provided in city plans in accordance with zoning, etc. Such a maximum value of the building coverage ratio may be relaxed, increased or decreased due to being a fire‐resistant building within a fire prevention district and for other reasons, and may be different from the building coverage ratio that is actually applied. ・ “Floor area ratio” is, in principle, the ratio of the total floor area of the building to site area designated in Article 52, Paragraph 1 of the Building Standards Act, and represents the maximum value of the floor area ratio provided in city plans in accordance with zoning, etc. Such a maximum value of the floor area ratio may be relaxed, increased or decreased due to the width of roads connecting to the site area, and may be different from the floor area ratio that is actually applied. ・ “Zoning” is the type of zoning listed in Article 8, Paragraph 1, Item 1 of the City Planning Act (Act No. 100 of 1968, as amended.) ・ “Total floor area” is the entire building’s floor area (excluding the floor area of attached buildings). ・ “Number of leasable units” is the number of units (including the number of stores, etc., if any) that can be leased as of October 31, 2017. ・ “Property management company” is the property management company to which property management is entrusted or planned to be entrusted with regard to the real estate. ・ “Master lease company” is the lessee that has concluded or planned to conclude a master lease agreement with the owner of the real estate. ・ “Master lease type” indicates whether a pass‐through type master lease agreement (a master lease agreement in which it is agreed that the rent of the master lease agreement shall be the same as the rent the master lease company collects from end tenants,) or a fixed rent type master lease agreement (a master lease agreement in which it is agreed that the rent of the master lease agreement shall be a fixed rent) is concluded. ・ “Probable maximum loss (PML value)” is the value calculated in the evaluation of seismic risk analysis conducted by Tokio Marine & Nichido Risk Consulting Co., Ltd. and Japan Constructive Inspect Association as requested as part of due diligence upon acquisition of the real estate or real estate trust beneficial interests by Samty Residential. Furthermore, “PML (probable maximum loss) value” refers to the extent of the damage that would be incurred due to the largest earthquake (a great earthquake with the likelihood of occurring once in 475 years = a great earthquake with a 10% likelihood of occurring once in 50 years) foreseen during the assumed useful life (50 years being the useful life of an ordinary building) as a ratio (%) of the replacement value for the foreseeable restoration costs of the damage. ・ “Total leasable area” is the total floor area of residences and shops, etc. that is practically leasable to end tenants (if the common area, etc. is leased, the concerned area is also included). Total leasable area is not based on the real estate registry, but by 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. ・ “Leased area” is the area (the area indicated in lease agreements) for which lease agreements are actually concluded with end tenants if the master lease type as of October 31, 2017 is a pass‐through type master lease agreement (or the master lessee if the lease agreements include fixed rent type master leasing and, for properties under long‐term lease agreements (Note), the lessees of such agreements). However, the indicated figure includes only the area of residences and shops, etc. (or the area of the entire units if all the units are leased in a lump‐sum), and excludes the leased area of parking lots, etc. For residential portion of B‐16 (S‐FORT Oita Ekimae), the leased area is based on the fixed rent type master lease

agreement concluded on September 1, 2017 among the trustee of the property, J.S.B. Company, Ltd. and the main sponsor. For B‐17 (S‐FORT Oita Otemachi), the leased area is based on the assumption that the fixed rent type master lease agreement (however, the parties are to agree that the master lease agreement be a pass‐through type master lease agreement for the period from February 1, 2018 to March 31, 2018) to be concluded on February 1, 2018 between J.S.B. Company, Ltd. and the main sponsor was existent as of October 31, 2017. For C‐12 (S‐FORT Hoya), the leased area is based on the fixed rent type master lease agreement concluded on March 15, 2017 among the trustee of the property, Mainichi Comnet Co., Ltd. and the asset manager of GK Bridge Fourth. For C‐15 (S‐RESIDENCE Yokohama Tanmachi), the leased area is based on the lease agreement concluded on January 31, 2017 (the status of the lessor was succeeded by the master lease company on March 15, 2017) between Samty Co., Ltd. and tenants, the lessees. For C‐19 (S‐FORT Funabashi Tsukada), the leased area is based on the lease agreement between the sub‐lessor and tenants, the lessees. Leased area is not indicated for A‐32 (S‐FORT Osu Kannon), which is yet to be completed as of today. ・ “Occupancy rate” is the rate of leased area to leasable area as of October 31, 2017, rounded to the first decimal place. For B‐17 (S‐FORT Oita Otemachi), the occupancy rate is based on the assumption that the fixed rent type master lease agreement (however, the parties are to agree that the master lease agreement be a pass‐through type master lease agreement for the period from February 1, 2018 to March 31, 2018) to be concluded on February 1, 2018 between J.S.B. Company, Ltd. and the main sponsor was existent as of October 31, 2017. Occupancy rate is not indicated for A‐32 (S‐FORT Osu Kannon), which is yet to be completed as of today. ・ “Number of tenants” is the number of tenants with which Samty Residential or the trustee has a direct rental contract relationship. Therefore, when the master lease company subleases each unit to end tenants due to the introduction of a master lease, the number of tenants is shown as 1; that is, the end tenants of the sublease agreements are excluded. Furthermore, even if the managed asset is leased by the master lease company, if there are end tenants who do not accept the master lease, the end tenants and Samty Residential or the trustee have a direct rental contract relationship. In those cases, however, the end tenants in question are not included in the number of tenants either. For B‐17 (S‐FORT Oita Otemachi), the number of tenants is based on the assumption that the fixed rent type master lease agreement to be concluded on February 1, 2018 between J.S.B. Company, Ltd. and the main sponsor is existent. Number of tenants is not indicated for A‐32 (S‐FORT Osu Kannon), which is yet to be completed as of today. ・ “When the master lease type is a pass‐through type master lease agreement, “Monthly rental revenue” is the total monthly rent as of October 31, 2017 (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the lease agreement concluded by the master lease company, or the owners of each real estate or trust real estate, with end tenants (or the master lessee if the lease agreements include fixed rent type master leasing and, for properties under long‐term lease agreements, the lessees of such long‐term agreements). For residential portion of B‐16 (S‐FORT Oita Ekimae), the monthly rental revenue is based on the fixed rent type master lease agreement concluded on September 1, 2017 among the trustee of the property, J.S.B. Company, Ltd. and the main sponsor. For B‐17 (S‐FORT Oita Otemachi), the monthly rental revenue is based on the assumption that the fixed rent type master lease agreement (however, the parties are to agree that the master lease agreement be a pass‐through type master lease agreement for the period from February 1, 2018 to March 31, 2018) to be concluded on February 1, 2018 between J.S.B. Company, Ltd. and the main sponsor was existent as of October 31, 2017. For C‐12 (S‐FORT Hoya), the monthly rental revenue is based on the fixed rent type master lease agreement concluded on March 15, 2017 among the trustee of the property, Mainichi Comnet Co., Ltd. and the asset manager of GK Bridge Fourth. For C‐15 (S‐RESIDENCE Yokohama Tanmachi), the monthly rental revenue is based on the lease agreement concluded on January 31, 2017 (the status of the lessor was succeeded by the master lease company on March 15, 2017) between Samty Co., Ltd. and tenants, the lessees. For C‐19 (S‐FORT Funabashi Tsukada), the monthly rental revenue is based on the lease agreement between the sub‐lessor and tenants, the lessees. Monthly rental revenue is not indicated for A‐32 (S‐FORT Osu Kannon), which is yet to be completed as of today. Amounts are rounded down to the nearest thousand yen. Consumption tax and other taxes are excluded. ・ “Security and guarantee deposits” is the total amount of security and guarantee deposits as of October 31, 2017 based on lease agreements concluded with end tenants, rounded down to the nearest thousand yen.

However, if such does not need to be refunded based on special policy conditions such as deductions from deposits and non‐refundable deposit in a lease agreement, such an amount is excluded. Security and guarantee deposits is not indicated for A‐32 (S‐FORT Osu Kannon), which is yet to be completed as of today. ・ “Characteristics of the property” are the basic nature, characteristics, etc. of the real estate with reference to the real estate appraisal report and considering the results of surveys independently conducted by the Asset Management Company. ・ “Special remarks” are matters recognized as important as of October 31, 2017 in terms of the rights and use, etc. of the real estate, including the following matters, as well as consideration of the degree of impact on the appraised value, profitability, and disposition. 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. made with co‐owners or sectional owners ・ “Unless otherwise stated, percentage figures in the above‐mentioned sections are rounded to the nearest first decimal place. As such, figures may not necessarily add up to 100%. ・ “Regarding monetary amounts in the above‐mentioned sections, acquisition prices and appraisal values are rounded down to the nearest million yen and other amounts are rounded down to the nearest thousand yen. (Note) ”Long‐term lease agreement” refers to an agreement that is to lease a single property that has already been acquired, or a property to be acquired, on its entirety to end tenants and has a lease period of over 5 years, except for the cases in which such a property is leased based on a master lease agreement. The same follows.

A‐30 S‐RESIDENCE Midoribashi Ekimae Property name S‐RESIDENCE Midoribashi Ekimae Location 2‐13‐3 Nakamoto, Higashinari‐ku, Osaka‐shi, Osaka Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,846 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 15, 2017 Trust expiration date March 31, 2037 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 720.54m2 (Note 1) Building Land 80% coverage ratio Floor area ratio 600/300% (Note 2) Zoning Commercial district and category 1 residential district Type of ownership Ownership Use Apartment Total floor area 4,041.08m2 Construction October 3, 2016 Building completion Structure and Reinforced concrete structure, flat roof, 13 floors floors Number of 148 leasable units Collateral None Property management Samty Property Management Co., Ltd. company Master lease company Samty Property Management Co., Ltd. Master lease type Pass‐through type Appraisal value 1,980 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd.

Probable maximum loss 12.8% (PML value) Overview of leasing Total leasable area 3,691.67m2 Leased area 3,592.13m2 Occupancy rate 97.3% Number of tenants 1 Monthly rental revenue 10,112 thousand yen

Security and guarantee 2,427 thousand yen deposits The Property, which has single type units, is located about a two‐minute walk from Midoribashi Station on the Osaka City Subway Chuo Line and the Imazatosuji Line. From Midoribashi Station, it takes approx. 7 minutes by subway to Honmachi Station, and approx. 20 minutes to either Shinsaibashi or Umeda Station. As such, the Property commands excellent access to business and commercial areas. With streets lined with many residences and factories, etc., the area forms a district where workplaces and Characteristics of the property residences gather together. There is a concentration of restaurants, supermarkets, etc. in the vicinity within walking distance offering a convenient living environment, therefore, demand for lease from single‐household working adults commuting to a business area can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note 1) Including the burden of a part of land used as private road (approx. 72.42m2) based on Article 42, Paragraph 2 of the Building Standards Act. (Note 2) The standard floor area ratio calculated by weighted average of the subject area is 575.03%.

A‐31 S‐FORT Tsurumai reale Property name S‐FORT Tsurumai reale Location 2‐9‐3 Tsurumai, Showa‐ku, Nagoya‐shi, Aichi Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,571 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 910.21m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 3,722.22m2 Construction Building January 18, 2017 completion Structure and floors Reinforced concrete structure, flat roof, 15 floors Number of leasable 56 units Collateral None Property management Global Community Co., Ltd. company Master lease company Global Community Co., Ltd. Master lease type Pass‐through type Appraisal value 1,640 million yen (date of value) (November 1, 2017)

Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 5.8% (PML value) Overview of leasing Total leasable area 3,597.72m2 Leased area 3,475.94m2 Occupancy rate 96.6% Number of tenants 1 Monthly rental revenue 7,424 thousand yen

Security and guarantee 2,959 thousand yen deposits The Property, which has family type units, is located about a seven‐minute walk from “Tsurumai Station on JR Chuo Main Line. From Tsurumai Station, it takes approx. 7 minutes by JR Chuo Main Line to Nagoya Station, and approx. 14 minutes by Subway Tsurumai Line to Sakae Station. As such, the Property commands excellent access to business and commercial areas. With streets lined with many condominiums and single‐family houses, etc. and lush greenery of Tsurumai Park located near the statin, the area is a good residential area as there is a concentration of supermarkets and Characteristics of the property restaurants, etc. in the vicinity within walking distance offering a convenient living environment, therefore, demand for lease from DINKS (meaning families of double‐income couples having no child; same applies hereinafter) and families can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐32 S‐FORT Osu Kannon Property name S‐FORT Osu Kannon Location 2‐10‐12 Matsubara, Naka‐ku, Nagoya‐shi, Aichi (Note 1) Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,147 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 1, 2018 Trust expiration date February 29, 2028 Planned acquisition date March 1, 2018 Type of ownership Ownership Site area 502.24m2 Building coverage Land 80% ratio Floor area ratio 600% Zoning Commercial district Type of Ownership ownership Use Apartment (Note 1) Total floor area 2,915.72m2 (Note 1) Building Construction January 31, 2018 (Note 2) completion Structure and floors Reinforced concrete structure, flat roof, 15 floors (Note 1) Number of leasable 84 (Note 1) units Collateral None Property management Mininet Inc. company Master lease company Mininet Inc. Master lease type Pass‐through type Appraisal value 1,250 million yen (date of value) (November 1, 2017)

Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 5.8% (PML value) Overview of leasing Total leasable area 2,514.12m2 Leased area ‐ (Note 3) Occupancy rate ‐ (Note 3) Number of tenants ‐ (Note 3) Monthly rental revenue ‐ (Note 3)

Security and guarantee ‐ (Note 3) deposits The Property, which has single and compact type units, is located about a six‐minute walk from Osu Kannon Station on JR Nagoya City Subway Tsurumai Line. From Osu Kannon Station, it takes approx. 2 minutes by Tsurumai Line to Fushimi Station, approx. 3 minutes to Marunouchi Station, and approx. 4 minutes to Sakae Station. As such, the Property commands excellent access to business and commercial areas. With streets lined with many condominiums, office buildings and stores, etc., the area forms a district where residences, commercial facilities and workplaces gather Characteristics of the property together as there is a concentration of supermarkets and restaurants, etc. in the vicinity within walking distance in addition to the Osu Shopping Street around the station offering a convenient living environment where various kinds of restaurants and other stores stand in a row, therefore, demand for lease from single‐household working adults commuting to business areas and DINKS can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. The Property is under construction as of today. Incidentally, under the trust beneficial interest transaction contract for the Property and the position assignment contract with condition precedent concluded on January 15, 2018, the settlement is intended to be made after the payment for the third party allotment, and as the settlement and delivery of the property are made at least one month after the conclusion of contracts, the trust beneficial interest transaction contract for the Property is defined to fall under a category of a forward commitment (which is a postdated sales contract Special remarks to undertake to make settlement and delivery after a certain period has elapsed from the conclusion of contract). However, in case all or part of the third party allotment is not completed, Samty Co., Ltd. shall be the buyer pursuant to the position assignment contract with condition precedent. Accordingly, Samty Residential considers that, in cases where it is unable to make the third party allotment and to fulfill the obligation to pay the purchase price under the trust beneficial interest transaction contract for the Property, such default is unlikely to have a material impact directly on the financial affairs and dividends of Samty Residential. (Note 1) As the building is not registered because it is uncompleted, the “Location” is indicated based on the description in the real estate registry pertaining to the major land, the “Total floor area,” “Structure and number of floors” and “Number of leasable units” are indicated based on the planned figures at the time of completion in accordance with the contents of the building confirmation certificate under the provisions in the Building Standards Act, and “Use” is indicated based on the planned use planned to be registered after the completion is indicated. (Note 2) The Construction completion is planned date as of today, and therefore, the Construction completion may be changed depending on the progress of the building construction work. (Note 3) As the Property is not completed as of today, the “Leased area,” “Occupancy rate,” “Number of tenants,” “Monthly rental revenue” and “Security and guarantee deposits” are not indicated. After the completion of the Property, it is planned to conclude a pass‐through type master lease agreement between the trustee of the Property and Mininet Inc., and a lease agreement covering the part of all rental rooms (Leased area: 2,514.12m2) between Mininet Inc. and Samty Co., Ltd. which is the seller of the Property, both dated March 1, 2018. The overview of those contracts are as follows:

Overview of the lease agreement Annual rent Security and guarantee Name of tenant (million yen) Contract period deposits (Note 4) (thousand yen)

From March 1, 2018 to February 29, Samty Co., Ltd. 68 5,749 2020 Rent revision: There is no provision regarding rent revision. Cancellation: The agreement may be cancelled if the lessor notifies of cancellation by six months prior to the expiration of the lease agreement and the lessee notifies three months prior to the expiration of the lease agreement. Revision of agreement: Unless a notice in writing is made by any of the parties by one month prior to the expiration date of the contract period, the agreement will be automatically renewed for a period of two years. (Note 4) “Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12. The monthly rent is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the fixed rent type master lease agreement. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded. (Note 5) The Property is not completed as of today, and the Properties to be Acquired at this time include 5 properties whose age of building is less than one year including the Property, and the average age of those buildings is expected to lower from 8.6 years to 8.3 years. Acquisition of the Property is considered to contribute to lowering of the average age of building of the entire portfolio. Also, in consideration of the fact that the trust beneficial interest transaction contract for the Property stipulates the completion of the Property to be not later than the end of January 2018 and the response to risk arising from the fact that the Property is not completed, as well as that a lease agreement is planned to be concluded with Samty Co., Ltd. and a stable revenue from the Property can be expected, the acquisition of the Property was decided.

A‐33 S‐FORT Kita‐Sanno Property name S‐FORT Kita‐Sanno Location 2‐2‐2 Nishihioki, Nakagawara‐ku, Nagoya‐shi, Aichi Type of specified asset Real estate trust beneficial interest Planned acquisition price 841 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 542.81m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 1,961.49m2 Construction Building August 28, 2012 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 36 units Collateral None Property management Haseko Livenet Inc. company Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 844 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 7.8% (PML value) Overview of leasing Total leasable area 1.757.61m2 Leased area 1.542.36m2 Occupancy rate 87.8% Number of tenants 1 Monthly rental revenue 3,665 thousand yen Security and guarantee 961 thousand yen

deposits The Property, which has compact type units, is located about a nine‐minute walk from Sanno Station on the Meitetsu Nagoya Main Line. It takes approx. 3 minutes from Sanno Station to Meitetsu Nagoya Station. As such, the Property commands excellent access to business and commercial areas. With streets lined with condominiums, office buildings, factories and stores, etc., the area forms a district where residences, commercial facilities and workplaces gather together. In addition, as there is a Characteristics of the property concentration of supermarkets and restaurants, etc. in the vicinity within walking distance and access to Nagoya and Sakae Stations by bus or bicycle is available, demand for lease from single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐34 S‐FORT Aratamabashi Property name S‐FORT Aratamabashi Location 16‐21 Yobitsugimotomachi, Minami‐ku, Nagoya‐shi, Aichi Type of specified asset Real estate (Actual real estate) Planned acquisition price 449 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,885.34m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Category 1 residential district Type of ownership Ownership Use Apartment Total floor area 1,741.44m2 Construction Building March 30, 1999 completion Structure and floors Reinforced concrete structure, flat roof, 5 floors Number of leasable 29 units Collateral None Property management company Good Works Co., Ltd. Master lease company Good Works Co., Ltd. Master lease type Pass‐through type Appraisal value 452 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 9.8% (PML value) Overview of leasing Total leasable area 1,699.11m2 Leased area 1,699.11m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 2,386 thousand yen

Security and guarantee 2,982 thousand yen deposits The Property, which has compact type units, is located about a nine‐minute walk from Aratamabashi Station on both the Nagoya City Subway Sakura‐dori Line and Meijo Line, and about four‐minute walk from Yobitsugi Station on Meitetsu Nagoya Main Line. From Aratamabashi Station, it takes approx. 20 minutes by Sakura‐dori Line to Nagoya Station, and approx. 17 minutes by Meijo Line to Sakae Station. As such, the Property commands excellent access to business and commercial areas. Characteristics of the property With streets lined with condominiums and single‐family houses, etc., offering a good living environment. As there is a concentration of living convenience facilities including a large‐scale commercial facility in the vicinity within a walking distance, demand for lease from DINKS commuting to business areas can be anticipated. With such characteristics, the Property is believed to have competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐35 S‐FORT Toyohira Sanjyo Property name S‐FORT Toyohira Sanjyo Location 2‐3‐1 Toyohira Sanjyo, Toyohira‐ku, Sapporo‐shi, Hokkaido Type of specified asset Real estate trust beneficial interest Planned acquisition price 762 million yen Trustee Sumitomo Mitsui Trust Bank, Limited Trust establishment date May 1, 2012 Trust expiration date March 15, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 748.94m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 3,432.05m2 (Note) Construction Building March 14, 2008 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 63 units Collateral None Property management TAKARA Inc. company Master lease company TAKARA Inc. Master lease type Pass‐through type Appraisal value 786 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 4.5% (PML value) Overview of leasing Total leasable area 2,868.75m2 Leased area 2,706.49m2 Occupancy rate 94.3% Number of tenants 1 Monthly rental revenue 4,529 thousand yen

Security and guarantee 4,535 thousand yen deposits The Property, which has compact type units, is located about an eight‐minute walk from Kikusui Station on the Sapporo City Subway Tozaia‐dori Line. From Kikusui Station, it takes approx. 10 minutes to Odori Station. As such, the Property commands excellent access to business and commercial areas. With streets lined with condominiums and single‐family houses, etc. and the Toyohira River flowing through Characteristics of the property good natural environment in lush greenery to the north of the area, the area forms a good living environment, and demand for lease from single‐household working adults and DINKS commuting to business areas can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. The road facing the southeastern side of the Property is a city planning road, and in the event that the readjustment of the corner cutoff part, which is currently not Special remarks readjusted, is implemented, the site area will decrease in its northeastern corner cutoff part. (Note) A building (garbage storage) covering 3.84m2 is attached, but this is not included in the Total floor area indicated above.

A‐36 S‐FORT Kitamaruyama Property name S‐FORT Kitamaruyama Location 20‐2‐20 Kita‐4jo‐Nishi, Chuo‐ku, Sapporo‐shi, Hokkaido Type of specified asset Real estate (Actual real estate) Planned acquisition price 425 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 421.48m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 1,852.15m2 Construction Building October 5, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 11 floors Number of leasable 49 units Collateral None Property management TAKARA Inc. company Master lease company TAKARA Inc. Master lease type Pass‐through type Appraisal value 428 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 4.9% (PML value) Overview of leasing Total leasable area 1,613.37m2 Leased area 1,425.21m2 Occupancy rate 88.3% Number of tenants 1 Monthly rental revenue 2,424 thousand yen

Security and guarantee 2,555 thousand yen deposits The Property, which has compact type units, is located about a one‐minute walk from Kita‐5jo‐Nishi‐20chome Bus stop on JR Hokkaido Bus, and about eleven‐minute walk from Nishi‐18chome Station on Subway Tozai Line. From Nishi‐18chome Station, it takes approx. 4 minutes by Subway Tozai Line to Odori Station, and approx. 10 minutes to Sapporo Station. As such, the Property commands excellent access to business and commercial areas. The area is located in the northeastern part of Maruyama District, where greenery and cultural affairs can be enjoyed at Hokkaido Shrine, Hokkaido Museum of Modern Art and Mayor’s Official Residence, etc. and there is a Characteristics of the property concentration of condominiums, restaurants and office buildings in the vicinity, forming a district of commercial facilities and residents lining the streets. As it is possible to reach Sapporo Station by bicycle, etc. in about 10 minutes, demand for lease from single‐household working adults and DINKS commuting to business areas can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐37 S‐FORT Hakata‐Higashi I Property name S‐FORT Hakata‐Higashi I Location 1‐10‐7 Enokida, Hakata‐ku, Fukuoka‐shi, Fukuoka Type of specified asset Real estate (Actual real estate) Planned acquisition price 389 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 539.23m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Semi‐industrial district Type of ownership Ownership Use Apartment and store Total floor area 1,132.54m2 Construction Building February 23, 2003 completion Structure and floors Reinforced concrete structure, concrete roof, 10 floors Number of leasable 35 units Collateral None Property management Good Real Estate, Inc. company Master lease company Good Real Estate, Inc. Master lease type Pass‐through type Appraisal value 392 million yen (date of value) (November 2, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 5.8% (PML value) Overview of leasing Total leasable area 1,034.20m2 Leased area 1,006.41m2 Occupancy rate 97.3% Number of tenants 1 Monthly rental revenue 1,978 thousand yen

Security and guarantee 1,293 thousand yen deposits The Property, which has single and compact type units, is about nine‐minute walk from Higashi‐Hie Station on Fukuoka City Subway Kuko Line. From Higashi‐Hie Station, it takes approx. 3 minutes to Hakata Station, and approx. 8 minutes to Tenjin Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and stores, etc. as well as airport‐related facilities and logistics facilities, the area forms a district where workplaces and Characteristics of the property residences gather together. As there is a concentration of living convenience facilities such as supermarkets and restaurants, etc. in the vicinity within walking distance, demand for lease by single‐household working adults and DINKS commuting to nearby airport‐related facilities and business areas can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐38 S‐FORT Hakata‐Higashi II Property name S‐FORT Hakata‐Higashi II Location 1‐10‐22 Enokida, Hakata‐ku, Fukuoka‐shi, Fukuoka Type of specified asset Real estate (Actual real estate) Planned acquisition price 382 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February1, 2018 Type of ownership Ownership Site area 539.22m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Semi‐industrial district Type of ownership Ownership Use Apartment and stores Total floor area 1,132.54m2 Construction Building February 23, 2003 completion Structure and floors Reinforced concrete structure, concrete roof, 10 floors Number of leasable 35 units Collateral None Property management Good Real Estate, Inc. company Master lease company Good Real Estate, Inc. Master lease type Pass‐through type Appraisal value 385 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 5.8% (PML value) Overview of leasing Total leasable area 1,034.20m2 Leased area 962.53m2 Occupancy rate 93.1% Number of tenants 1 Monthly rental revenue 1,861 thousand yen

Security and guarantee 1,194 thousand yen deposits The Property, which has single and compact type units, is about nine‐minute walk from Higashi‐Hie Station on Fukuoka City Subway Kuko Line. From Higashi‐Hie Station, it takes approx. 3 minutes to Hakata Station, and approx. 8 minutes to Tenjin Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and stores, etc. as well as airport‐related facilities and logistics facilities, the area forms a district where workplaces and Characteristics of the property residences gather together. As there is a concentration of living convenience facilities such as supermarkets and restaurants, etc. in the vicinity within walking distance, demand for lease by single‐household working adults and DINKS commuting to nearby airport‐related facilities and business areas can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐39 S‐FORT Kobe Sannomiya‐Kita Property name S‐FORT Kobe Sannomiya‐Kita Location 2‐2‐13 Nunobikicho, Chuo‐ku, Kobe‐shi, Hyogo Type of specified asset Real estate (Actual real estate) Planned acquisition price 515 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 173.54m2 Building coverage Land 80% (Note) ratio Floor area ratio 600% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 1,364.58m2 Construction Building March 6, 2004 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors with 1 basement floor Number of leasable 45 units Collateral None Property management Samty Property Management Co., Ltd. company Master lease company Samty Property Management Co., Ltd. Master lease type Pass‐through type Appraisal value 518 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 8.0% (PML value) Overview of leasing Total leasable area 884.88m2 Leased area 767.11m2 Occupancy rate 86.7% Number of tenants 1 Monthly rental revenue 2,554 thousand yen

Security and guarantee 2,161 thousand yen deposits The Property, which has single type units, is about ten‐minute walk from Sannomiya Station on JR Tokaido Main Line, and about five‐minute walk from Shin‐Kobe Station on Kobe City Subway Yamate Line. With streets lined with condominiums and office buildings, etc. forming a district where residences, workplaces and commercial facilities gather together. To the west of the area, there is Kobe Kitano Ijinkan (Foreign Characteristics of the property Houses) Street, etc. offering an environment in which feeling of old Western culture can be fully enjoyed. As there is a concentration of many corporate bases and commercial facilities, etc. around Sannomiya Station, demand for lease by single‐household working adults commuting to the business area can be anticipated. With such characteristics, the Property is believed to have competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note) This is currently 100% by easing of regulation for fire‐resistant buildings in fire protection districts.

A‐40 S‐FORT Nakahirodori Property name S‐FORT Nakahirodori Location 2‐20‐1 Nakahiromachi, Nishi‐ku, Hiroshima‐shi, Hiroshima Type of specified asset Real estate trust beneficial interest Planned acquisition price 885 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 550.82m2 Building coverage Land 80% (Note) ratio Floor area ratio 400% Zoning Neighborhood commercial district Type of ownership Ownership Use Apartment and garage Total floor area 2,239.33m2 Construction Building March 8, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 74 units Collateral None Property management company Haseko Livenet Inc. Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 897 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 5.0% (PML value) Overview of leasing Total leasable area 2,127.92m2 Leased area 2,072.74m2 Occupancy rate 97.4% Number of tenants 1 Monthly rental revenue 4,633 thousand yen

Security and guarantee 7,550 thousand yen deposits The Property, which has single type units, is about nine‐minute walk from Teramachi Station on Hiroshima Electric Railway Yokogawa Line. From Teramachi Station, it takes approx. 9 minutes to Kamiyacho‐Nishi Station, approx. 10 minutes to Hatchobori Station, but if bicycle is used, it takes only 10 minutes or so to the same stations. As such, the area has a good command of access to business and commercial areas, and forms a residential area with streets lined with condominiums Characteristics of the property and single‐family houses. There is a concentration of living convenience facilities such as supermarket in the vicinity within walking distance, and demand for lease by single‐household working adults commuting to the business area can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note) This is currently 90% by easing of regulation for a corner lot.

A‐41 S‐FORT Tsurumicho Property name S‐FORT Tsurumicho Location 7‐10 Tsurumicho, Naka‐ku, Hiroshima‐shi, Hiroshima Type of specified asset Real estate trust beneficial interest Planned acquisition price 820 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 445.65m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Neighborhood commercial district Type of ownership Ownership Use Apartment and garage Total floor area 2,252.47m2 Construction Building October 16, 2008 completion Structure and floors Reinforced concrete structure, flat roof, 14 floors Number of leasable 51 units Collateral None Property management Haseko Livenet Inc. company Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 823 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 3.2% (PML value) Overview of leasing Total leasable area 2,006.49m2 Leased area 1,697.55m2 Occupancy rate 84.6% Number of tenants 1 Monthly rental revenue 3,736 thousand yen

Security and guarantee 6,134 thousand yen deposits The Property, which has compact and family type units, is about six‐minute walk from Hijiyamabashi Station on Hiroshima Electric Railway Minami Line. From Hijiyamabashi Station, it takes approx. 17 minutes to Kamiyacho‐Nishi Station, and approx. 15 minutes to Hatchobori Station, and if a bicycle is used, it takes only 10 minutes or so to the same stations. As such, the area has a good command of access to business and commercial areas, and forms a good residential area with streets lined with Characteristics of the property condominiums and single‐family houses. There is a concentration of living convenience facilities including a large‐scale daily necessities store in addition to an elementary school and Hijiyama Park offering a recreation area, and demand for lease by DINKS commuting to the business area and families can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

A‐42 S‐FORT Aoba‐Kamisugi Property name S‐FORT Aoba‐Kamisugi Location 1‐16‐28 Kamisugi, Aoba‐ku, Sendai‐shi, Miyagi Type of specified asset Real estate trust beneficial interest Planned acquisition price 918 million yen Trustee Sumitomo Mitsui Trust Bank, Limited Trust establishment date November 8, 2007 Trust expiration date March 15, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 555.30m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment and garage Total floor area 2,389.56m2 Construction Building October 18, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 12 floors Number of leasable 66 units Collateral None Property management Haseko Livenet Inc. company Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 990 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 4.8% (PML value) Overview of leasing Total leasable area 2,072.84m2 Leased area 1,947.58m2 Occupancy rate 94.0% Number of tenants 1 Monthly rental revenue 5,218 thousand yen

Security and guarantee 7,095 thousand yen deposits The Property, which has compact type units, is about ten‐minute walk from Kita‐4bancho Station on Sendai City Subway Nanboku Line. From Kita‐4bancho Station, it takes approx. 5 minutes to Sendai Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with office buildings and condominiums, the area forms a district where residences, workplaces and commercial facilities gather together. Around the area, there is a concentration of government offices including Sendai City Office and Prefectural Characteristics of the property Government Office, etc., and the area surrounding Kita‐4bancho Station forms a business area where the streets are lined with office buildings. As there are living convenience facilities such as stores in the vicinity within walking distance, demand for lease by single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. The Property rents a parking lot from the neighborhood for the purpose of fulfilling Special remarks the obligation to have a parking lot as its auxiliary facility as stipulated in the “Sendai City Ordinance Concerning Prevention and Adjustment of Disputes Related to

Construction of Medium‐to‐high‐rise Buildings” pertaining to the land and property, etc. of the Property.

B‐10 S‐FORT Nishinomiya Property name S‐FORT Nishinomiya Location 5‐31 Todacho, Nishinomiya‐shi, Hyogo Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,412 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 15, 2017 Trust expiration date March 31, 2037 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 655.22m2 Building coverage Land 80% ratio Floor area ratio 500% Zoning Commercial district Type of ownership Ownership Use Apartment and stores Total floor area 2,976.19m2 Construction Building March 9, 2009 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 102 units Collateral None Property management Samty Property Management Co., Ltd. company Master lease company Samty Property Management Co., Ltd. Master lease type Pass‐through type Appraisal value 1,500 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 9.4% (PML value) Overview of leasing Total leasable area 2,887.26m2 Leased area 2,687.46m2 Occupancy rate 93.1% Number of tenants 1 Monthly rental revenue 7,117 thousand yen

Security and guarantee 2,614 thousand yen deposits The Property, which has single and compact type units, is about three‐minute walk from Nishinomiya Station on Hanshin Electric Railway Main Line. From Nishinomiya Station, it takes approx. 20 minutes to Umeda Station, and approx. 15 minutes to Sannomiya Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and stores, the area forms a district where residences, workplaces and commercial facilities gather Characteristics of the property together. As there is a concentration of public facilities including City Office and living convenience facilities such as stores in the vicinity within walking distance, demand for lease by single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

B‐11 S‐FORT Nishinomiya‐Uegahara Property name S‐FORT Nishinomiya‐Uegahara Location 2‐43 Uegahara‐6bancho, Nishinomiya‐shi, Hyogo Type of specified asset Real estate trust beneficial interest Planned acquisition price 789 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,154.19m2 (Note) Building coverage Land 60% ratio Floor area ratio 150% Zoning Category 1 medium‐to‐high‐rise exclusive residential district Type of ownership Ownership Use Apartment Total floor area 1,818.38m2 Construction Building February 28, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 5 floors Number of leasable 62 units Collateral None Property management J.S.B. Company, Ltd. company Master lease company J.S.B. Company, Ltd. Master lease type Pass‐through type Appraisal value 805 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 9.9% (PML value) Overview of leasing Total leasable area 1,546.28m2 Leased area 1,546.28m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 4,000 thousand yen

Security and guarantee 3,364 thousand yen deposits The Property, which has single type units, is located about one‐minute walk from Uegahara‐6bancho Bus stop on Hankyu Bus, and is accessible from Kotoen Station on Hankyu Imazu Line in approx. 11 minutes, and from Nishinomiya Station on JR Kobe Line in approx. 17 minutes. The area forms a good residential area with streets lined with single‐family houses, etc. As the Property is located in close vicinity of Kwansei Characteristics of the property Gakuin University and Kobe College, and there is a concentration of living convenience facilities such as convenience stores and supermarket, demand for lease from students who attend the university or college can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note) Including the burden of a part of land used as private road (approx. 18.59m2) based on Article 42, Paragraph 1, Subparagraph 5 of the Building Standards Act.

B‐12 S‐FORT Mito‐Chuo Property name S‐FORT Mito‐Chuo Location 1‐2‐10 Chuo, Mito‐shi, Ibaraki Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,807 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,682.48m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 6,974.34m2 (Note) Construction Building January 11, 2008 completion Structure and floors Reinforced concrete structure, flat roof, 12 floors Number of leasable 80 units Collateral None Property management Shimizu Comprehensive Development company Master lease company Shimizu Comprehensive Development Master lease type Pass‐through type Appraisal value 1,810 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Real Estate Institute Probable maximum loss 2.6% (PML value) Overview of leasing Total leasable area 6,440.90m2 Leased area 6,269.83m2 Occupancy rate 97.3% Number of tenants 1 Monthly rental revenue 9,823 thousand yen

Security and guarantee 18,379 thousand yen deposits The Property, which has family type units, is located about a nine‐minute walk from Mito Station on JR Joban Line. There is a concentration of commercial facilities including stores and volume‐sales electronics retailer in front of the station. With streets lined with condominiums, single‐family houses, etc. as well as City Office, office buildings and restaurants, the area forms a district where residences, commercial facilities and workplaces gather together. To the west of the area, there Characteristics of the property are Kairakuen which is one of the three most famous gardens in Japan, Museum of Modern Art, etc., offering an environment where greenery and cultural affairs can be enjoyed. As such, demand for lease from DINKS commuting to business areas and families can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. According to the Mito City Flood Hazard Map (anticipated inundation area of the Naka, Fujii, Sakura and Hinuma Rivers), the west side of the Property is located in the Special remarks anticipated less than 5‐ to 10‐meter inundation area, and the east side, in the anticipated less than 3‐ to 5‐meterinundation area. Incidentally, the Property has a history of flood damage to its parking lot flatly placed on the north side in June 2011.

(Note) A building (electric room) covering 21.45m2 is attached to the Property, but this is not included in Total floor area indicated above.

B‐13 S‐FORT Tsu‐Shinmachi Property name S‐FORT Tsu‐Shinmachi Location 1‐1‐5 Shinmachi, Tsu‐shi, Mie Type of specified asset Real estate trust beneficial interest Planned acquisition price 767 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,281.60m2 (Note) Building coverage Land 60% ratio Floor area ratio 200% Zoning Category 1 residential district Type of ownership Ownership Use Apartment Total floor area 2,536.54m2 Construction Building January 13, 2010 completion Structure and floors Reinforced concrete structure, flat roof, 14 floors Number of leasable 69 units Collateral None Property management Mininet Inc. company Master lease company Mininet Inc. Master lease type Pass‐through type Appraisal value 836 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 8.1% (PML value) Overview of leasing Total leasable area 2,463.30m2 Leased area 2,427.60m2 Occupancy rate 98.6% Number of tenants 1 Monthly rental revenue 4,551 thousand yen

Security and guarantee 8,377 thousand yen deposits The Property, which has compact type units, is located about a five‐minute walk from Tsu‐Shinmachi Station on Kintetsu Nagoya Line. To the northeast of the station, there is a concentration of government offices including the City Office, Legal Affairs Bureau, Court, etc. and financial institutes. As such, the area has a good command of access to business area. With streets lined with single‐family houses and condominiums, the area offers a good living environment. In addition to supermarkets and restaurants located around the station, there is a large‐scale retail store along the arterial road Characteristics of the property offering living convenience facilities. In view of the concentration of government office such as the City Office and Legal Affairs Bureau, etc. existing to the northwest of Tsu‐Shinmachi Station, demand for lease from single‐household working adults and DINKS commuting to business areas can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. As the Tsu City Government enforced the “Guidelines for administrative procedures concerning the project for the improvement of narrow roads in Tsu City” as of September 1, 2016, when a reconstruction, etc. is planned, it is required to have a Special remarks prior consultation with the Mayor of the city on the intended road widening work, etc. based on the said Guidelines. Depending on the result of the said consultation, the road centerline and set back from road may be changed.

(Note) Including the burden of a part of land used as private road (approx. 16.2m2) based on Article 42, Paragraph2 of the Building Standards Act.

B‐14 S‐FORT Mie Daigaku‐Mae Property name S‐FORT Mie Daigaku‐Mae Location 1‐131 Edobashi, Tsu‐shi, Mie Type of specified asset Real estate (Actual real estate) Planned acquisition price 599 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,287.81m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Category 1 residential district Type of ownership Ownership Use Apartment Total floor area 1,939.62m2 Construction Building February 20, 2006 completion Structure and floors Reinforced concrete structure, flat roof, 7 floors Number of leasable 62 units Collateral None Property management Mininet Inc. company Master lease company Mininet Inc. Master lease type Pass‐through type Appraisal value 645 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 10.8% (PML value) Overview of leasing Total leasable area 1,874.88m2 Leased area 1,874.88m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 3,733 thousand yen

Security and guarantee 1,229 thousand yen deposits The Property, which has compact type units, is located about a nine‐minute walk from Edobashi Station on Kintetsu Nagoya Line. The location is quite near to Mie University and Mie University Hospital. The area forms a residential district with a street lined with condominiums and single‐family houses, etc. There are restaurants within a walking distance and retail stores, etc. along the arterial road, offering living Characteristics of the property convenience facilities. As such, demand for lease by students attending the university, single‐household working adults and DINKS associated with the hospital can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. As there is no public sewage available in the area around the Property, a combined treatment septic tank is installed for the subject building. However, it is reported that public sewage is planned to be laid in or after 2019. Once public sewage has been laid Special remarks around the Property and its common use has commenced, connection to public sewage will become necessary, when a burden of expenses for connection work and removal of the septic tank in an estimated amount of 4.5 to 5.5 million yen plus a

burden of beneficiary charge in the amount to be decided after the completion of the public sewage are expected to arise.

B‐15 S‐FORT Takasagomachi Property name S‐FORT Takasagomachi Location 1‐30 Takasagomachi, Oita‐shi, Oita Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,015 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date September 29, 2014 Trust expiration date September 30, 2044 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 751.80m2 Building coverage Land 80% ratio Floor area ratio 500% Zoning Commercial district Type of ownership Ownership Use Apartment and stores Total floor area 3,930.81m2 Construction Building December 16, 2006 completion Structure and floors Reinforced concrete structure, flat roof, 12 floors Number of leasable 92 units Collateral None Property management Best‐Property Corporation company Master lease company Best‐Property Corporation Master lease type Pass‐through type Appraisal value 1,020 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 11.3% (PML value) Overview of leasing Total leasable area 3,588.84m2 Leased area 2,985.38m2 Occupancy rate 83.2% Number of tenants 1 Monthly rental revenue 5,495 thousand yen

Security and guarantee 8,152 thousand yen deposits The Property, which has single, compact and family type units, is located about a nine‐minute walk from Oita Station on JR Nippo Main Line. Around the area, there are a broadcast station and a culture center, and in Oita Station Building, there are commercial facilities and restaurants. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums, stores Characteristics of the property and office buildings, the area forms a district where residences, commercial facilities and workplaces gather together. Therefore, demand for lease by single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

B‐16 S‐FORT Oita‐Ekimae Property name S‐FORT Oita‐Ekimae Location 3‐1‐4 Chuomachi, Oita‐shi, Oita Type of specified asset Real estate trust beneficial interest Planned acquisition price 904 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 552.72m2 Building coverage Land 80% ratio Floor area ratio 500% Zoning Commercial district Type of ownership Ownership Use Apartment and stores Total floor area 2,772.19m2 Construction Building March 27, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 11 floors Number of leasable 91 units Collateral None Property management J.S.B. Company, Ltd. company Master lease company J.S.B. Company, Ltd. (Note 1) Master lease type Fixed rent type (Note 1) Appraisal value 907 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 11.4% (PML value) Overview of leasing Total leasable area 2,662.36m2 Leased area 2,662.36m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 5,016 thousand yen

Security and guarantee 5,421 thousand yen deposits The Property, which has single and compact type units, is located about a six‐minute walk from Oita Station on JR Nippo Main Line. In its vicinity within a walking distance, there are Oita Prefectural Government Office, City Office and financial facilities, etc. as well as an arcade where a department store and various types stores nestle up to one another. In addition, there are commercial facilities and restaurants in JR’s Oita Station Building. As such, the area has a good command of access to business areas and Characteristics of the property commercial areas. With streets lined with condominiums, stores and office buildings, the area forms a district where residences, commercial facilities and workplaces gather together. As such, demand for lease by single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note 1) For the residential part of the Property, a fixed rent type master lease agreement was concluded between the trustee, J. S. B. Co., Ltd. and the Sponsor on September 1, 2017. Based on the trust beneficial interest transaction contract for the Property, Samty Residential will succeed the position of the Sponsor as the

beneficiary. The overview of the lease agreement is as follows. For the part of stores, a lease agreement is concluded with the tenant.

Overview of the fixed rent type master lease agreement Security and Annual rent Guarantee Tenant name (million yen) Contract period deposits (Note 2) (million yen) J.S.B. Company, Ltd. 60 From September 1, 2017 to March 31, 2021 5 Rent revision: There is no provision regarding rent revision. Cancellation: There is no provision regarding cancellation by the lesee. Revision of agreement: Unless a notice in writing is made by any of the parties by one month prior to the expiration date of the contract period, the agreement will be automatically renewed for a period of one year. (Note 2) Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12. The monthly rent is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the fixed rent type master lease agreement. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded.

B‐17 S‐FORT Oita‐Otemachi Property name S‐FORT Oita‐Otemachi Location 1‐4‐9 Otemachi, Oita‐shi, Oita Type of specified asset Real estate (Actual real estate) Planned acquisition price 277 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 419.81m2 (Note 1) Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 941.01m2 Construction Building July 15, 2016 completion Structure and floors Reinforced concrete structure, flat roof, 5 floors Number of leasable 35 units Collateral None Property management J.S.B. Company, Ltd. company Master lease company J.S.B. Company, Ltd. (Note 2) Master lease type Fixed rent type (Note 2) Appraisal value 280 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 12.1% (PML value) Overview of leasing Total leasable area 905.8m2 Leased area 905.8m2 (Note 4) Occupancy rate 100% (Note 4) Number of tenants 1 (Note 4) Monthly rental revenue 1,760 thousand yen (Note 4)

Security and guarantee ‐ deposits

The Property, which has single type units, is located about a two‐minute walk from Compal Hall Iriguchi Bus stop on Oita Shigaichi Junkan Bus Line, and about a 13‐minute walk from Oita Station on JR Nippo Main Line. In its vicinity within a walking distance, there are Oita Prefectural Government Office, City Office and financial facilities, etc. In addition, there are commercial facilities and restaurants in JR’s Oita Station Building. As such, the area has a good command of access to business Characteristics of the property areas and commercial areas. With streets lined with condominiums, single‐family houses and office buildings, the area forms a district where residences, commercial facilities and workplaces gather together. As such, demand for lease by single‐household working adults commuting to the business area and DINKS can be anticipated. With such characteristics, the Property is believed to have competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note 1) As a result of preparation, by Oita District Legal Affairs Bureau, of the map kept in the Registry Office for all of the Otemachi 1‐chome and 2‐chome, Kanaikemachi 3‐chome, 4‐chome and 5‐chome, Oita‐shi and part of Nagahamamachi 1‐chome, Oita‐shi (Otemachi Area), the area of the Property’s site has been determined to be 416.91m2, and the change to the parcel area is to be registered in or after February 2018. (Note 2) For the Property, it is planned to conclude a fixed rent type master lease agreement between J. S. B. Co., Ltd. and Samty Residential on February 1, 2018, and it is planned to make it a pass‐through type master lease agreement for the period from February 1 to March 31, 2018. The overview of the lease agreement is as follows: Overview of fixed rent type master lease agreement Security and Annual rent Guarantee Tenant name (million yen) Contract period deposits (Note 3) (million yen) J.S.B. Company, Ltd. 21 From February 1, 2018 to March 31, 2028 1 Rent revision: Will be consulted once every three years. Cancellation: Not permitted for three years from commencement of the contract; after that may be cancelled if the lessee notifies of cancellation by one year prior to the expiration of the lease agreement. Revision of agreement: Unless either Party gives a written notice to the other Party by one month prior to the expiration date of the Contract, the Contact shall be automatically renewed for additional three years. (Note 3) It is planned to agree to make the contract a pass‐through type master lease agreement for the period from February 1 to March 31, 2018. “Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12. The monthly rent is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the fixed rent type master lease agreement for the period after April 2018. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded. (Note 4) “Leased area,” “Occupancy rate,” “Number of tenants,” and “Monthly rental revenue” are indicated on the assumption that the fixed rent type maser lease agreement which is planned to be concluded between J.S.B. Company, Ltd. and Samty Residential on February 1, 2018 had existed at the time of October 31, 2017.

B‐18 S‐FORT Suizenji Property name S‐FORT Suizenji Location 3‐34‐10 Suizenji, Chuo‐ku, Kumamoto‐shi, Kumamoto Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,332 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 2,189.58m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Category 1 residential district Type of ownership Ownership Building Use Apartment

Total floor area 4,502.96m2 Construction July 27, 2006 completion Structure and floors Reinforced concrete structure, flat roof, 8 floors Number of leasable 119 units Collateral None Property management Meiwa Real Estate Co., Ltd. company Master lease company Meiwa Real Estate Co., Ltd. Master lease type Pass‐through type Appraisal value 1,340 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 13.5% (PML value) Overview of leasing Total leasable area 4,256.91m2 Leased area 4,192.96m2 Occupancy rate 98.5% Number of tenants 1 Monthly rental revenue 7,044 thousand yen

Security and guarantee 5,066 thousand yen deposits The Property, which has single, compact and family type units, is located about a six‐minute walk from Suizenji Station on JR Hohi Main Line. From Suizenji Station, it takes approx. 10 minutes to Kumamoto Station, and approx. 22 minutes by Kumamoto City Tram Line to Hanabatacho Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and stores, the area forms a district where residences and commercial facilities gather Characteristics of the property together. As there is a concentration of supermarket, commercial stores and restaurants, etc., demand for lease by single‐household working adults commuting to the business area and DINKS as well as families can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

B‐19 S‐FORT Kumadaibyoin‐Mae Property name S‐FORT Kumadaibyoin‐Mae Location 3‐2‐22 Honjo, Chuo‐ku, Kumamoto‐shi, Kumamoto Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,125 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date August 1, 2017 Trust expiration date July 31, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 1,052.90m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Building Total floor area 4,160.25m2 Construction February 21, 2006 completion

Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 99 units Collateral None Property management company Meiwa Real Estate Co., Ltd. Master lease company Meiwa Real Estate Co., Ltd. Master lease type Pass‐through type Appraisal value 1,150 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 7.3% (PML value) Overview of leasing Total leasable area 3,459.60m2 Leased area 3,392.94m2 Occupancy rate 98.1% Number of tenants 1 Monthly rental revenue 6,089 thousand yen

Security and guarantee 2,713 thousand yen deposits The Property, which has compact type units, is located about a nine‐minute walk from Karashimacho Station on Kumamoto City Tram Line. As the area from Karashimacho Station to the front side of City Office is the central part of business and commercial districts, the Property has a good command of access to business areas and commercial areas. Furthermore, at the site of former Kumamoto Kotsu Center located in Sakuramachi, Chuo‐ku, Kumamoto‐shi, a large‐scale urban redevelopment work to build a bus terminal, commercial facilities, movie theaters, hotels, etc. is ongoing. With streets lined with condominiums, stores and office Characteristics of the property buildings, the area forms a district where residences and commercial facilities gather together. Since Kumamoto University Graduate School of Health Sciences and its affiliated hospital are located quite near from the area, demand for lease by students, single‐household working adults and DINKS who are associated with the university and hospital can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

B‐20 S‐FORT Kumamoto Senba Property name S‐FORT Kumamoto Senba Location 1‐23 Senbamachi‐Shimo, Chuo‐ku, Kumamoto‐shi, Kumamoto Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,010 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 664.69m2 Building coverage Land 80% ratio Floor area ratio 500% Zoning Commercial district Type of ownership Ownership Use Apartment Building Total floor area 3,357.18m2 Construction January 18, 2018 completion

Structure and floors Reinforced concrete structure, flat roof, 14 floors Number of leasable 91 units Collateral None Property management Meiwa Real Estate Co., Ltd. company Master lease company Meiwa Real Estate Co., Ltd. Master lease type Pass‐through type Appraisal value 1,040 million yen (date of value) (November 1, 2017) Real estate appraiser Daiwa Real Estate Appraisal Corporation Probable maximum loss 6.6% (PML value) Overview of leasing Total leasable area 3,224.24m2 Leased area 3,103.45m2 Occupancy rate 96.3% Number of tenants 1 Monthly rental revenue 5,891 thousand yen

Security and guarantee 5,711 thousand yen deposits The Property, which has single and compact type units, is located about a three‐minute walk from Nishi‐Karashimacho Station on Kumamoto City Tram Line. As the area from Karashimacho Station which is within a walking distance to the front side of City Office is the central part of business and commercial districts, the Property has a good command of access to business areas and commercial areas. Furthermore, at the site of former Kumamoto Kotsu Center located in Sakuramachi, Chuo‐ku, Kumamoto‐shi, a large‐scale urban redevelopment work to build a bus terminal, commercial facilities, movie theaters, hotels, etc. is ongoing. With streets Characteristics of the property lined with many condominiums, office buildings and stores, etc., the area forms a district where residences, commercial facilities and workplaces gather together as there is a concentration of stores and buildings, etc. offering living convenience facilities in the vicinity within walking distance, and its central part is also within walking distance. As such, demand for lease by students, single‐household working adults commuting to the business area, DINKS and families can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

C‐12 S‐FORT Hoya Property name S‐FORT Hoya Location 2‐6‐5 Higashicho, Nishi‐Tokyo‐shi, Tokyo Type of specified asset Real estate trust beneficial interest Planned acquisition price 645 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 15, 2017 Trust expiration date March 31, 2037 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 631.86m2 Building coverage Land 60% / 50% (Note 1) ratio Floor area ratio 200% / 150% (Note 1) Zoning Semi‐residential district, Category 1 medium‐to‐high‐rise exclusive residential district Type of ownership Ownership Building Use Apartment Total floor area 1,345.28m2

Construction March 20, 2007 completion Structure and floors Reinforced concrete structure, flat roof, 6 floors Number of leasable 60 units Collateral None Property management Mainichi Comnet Co., Ltd. company Master lease company Mainichi Comnet Co., Ltd. (Note 2) Master lease type Fixed rent type (Note 1) Appraisal value 728 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Real Estate Institute Probable maximum loss 7.0% (PML value) Overview of leasing Total leasable area 1,177.94m2 Leased area 1,177.94m2 Occupancy rate 100% Number of tenants 1 Monthly rental revenue 3,270 thousand yen

Security and guarantee 3,270 thousand yen deposits The Property, which has single type units, is located about a ten‐minute walk from Hoya Station on Seibu Ikebukuro Line. It takes approx. 16 minutes from Hoya Station to Ikebukuro Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums, single‐family homes, the area forms a good living environment. There are living convenience Characteristics of the property facilities such as daily necessities stores and a post office in the vicinity within walking distance. As the Property is a condominium for students, demand for lease by students who commute to universities mainly located along Seibu Ikebukuro Line and in Ikebukuro area can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. In case the Property is reconstructed or otherwise altered, part of its land plot no less than 3 meters from the centerline of the road must be used for road widening depending on the scale and content of the reconstruction work and/or development Special remarks activity, based on the “Nishi‐Tokyo City Ordinances for the Aging Society and Disabilities,” and in such case, it is impossible to reconstruct a building of the same scale as that of the Property. (Note 1) The standard building coverage ratio and standard floor area ratio calculated by weighted average of the subject area are 59.88% and 199.42%, respectively. (Note 2) For the Property, a fixed rent type master lease agreement was concluded between the trustee, Mainichi Comnet Co., Ltd. and the asset manager of GK Bridge Fourth on March 15, 2017, and based on the trust beneficial interest transaction contract for the Property, Samty Residential will succeeds to the position of GK Bridge Fourth as the beneficiary. The overview of the lease agreement is as follows: Overview of the fixed rent type master lease agreement Security and Annual rent Guarantee Tenant name (million yen) Contract period deposits (Note 3) (million yen) Mainichi Comnet 39 From September 13, 2011 to March 31, 2022 3 Co., Ltd. Rent revision: May be revised after consultation held once every two years. Cancellation: There is no provision regarding cancellation by the lessee. Renewal of agreement: It is stipulated that, in case the agreement is to be terminated, the lessor or lessee shall give a written notice by one year prior to the date of expiration of the period, and that decision shall be made after consultation that shall be held by six months prior to the date of expiration of the period with regard to matters related to the agreement and terms of the agreement after the renewal. In case the consultation does not come to a decision by six months prior to the

date of expiration of the period, the agreement shall be terminated. (Note 3) “Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12. The monthly rent is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the fixed rent type master lease agreement. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded.

C‐13 S‐FORT Tamagawagakuen‐mae Property name S‐FORT Tamagawagakuen‐mae Location 2‐16‐28 Tamagawagakuen, Machida‐shi, Tokyo Type of specified asset Real estate trust beneficial interest Planned acquisition price 587 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 15, 2017 Trust expiration date March 31, 2037 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 991.59m2 Building coverage Land 40% ratio Floor area ratio 80% Zoning Category 1 low‐rise exclusive residential district Type of ownership Ownership Use Apartment Total floor area 1,295.58m2 (Note) Construction Building February 23, 2008 completion Structure and floors Reinforced concrete structure, flat roof, 3 floors with 1 basement floor Number of leasable 45 units Collateral None Property management Goodworks Co., Ltd. company Master lease company Goodworks Co., Ltd. Master lease type Pass‐through type Appraisal value 605 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Real Estate Institute Probable maximum loss 6.8% (PML value) Overview of leasing Total leasable area 978.75m2 Leased area 891.75m2 Occupancy rate 91.1% Number of tenants 1 Monthly rental revenue 2,803 thousand yen

Security and guarantee 356 thousand yen deposits The Property, which has single type units, is located about a four‐minute walk from Tamagawagakuen‐Mae Station on Odakyu Odawara Line. From Tamagawagakuen‐Mae Station, it takes approx. 3 minutes to Machida Station, and approx. 40 minutes to Shinjuku Station or Shibuya Station. As such, the area has a command of access to business areas and commercial areas. With streets lined with single‐family houses, the area forms a district surrounded by a good living environment. In addition, as there is a concentration of living convenience facilities including supermarkets and Characteristics of the property restaurants, etc. in front of Tamagawagakuen‐Mae Station, and also there are multiple number of universities including Tamagawa University, demand for lease by students who attend universities, and single‐household working adults commuting to the business areas can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note) A building (bicycle parking space, parking lots) covering 64.1m2 but is not including in the above total floor area.

C‐14 S‐FORT Tsurukawa Property name S‐FORT Tsurukawa Location 2‐19‐4 Tsurukawa, Machida‐shi, Tokyo Type of specified asset Real estate (Actual real estate) Planned acquisition price 520 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 2,238.87m2 Building coverage Land 50% ratio Floor area ratio 100% Zoning Category 1 low‐rise exclusive residential district Type of ownership Ownership Use Apartment Total floor area 1,937.40m2 Construction Building March 1, 2002 completion Structure and floors Reinforced concrete structure, flat roof, 3 floors Number of leasable 30 units Collateral None Property management Shimizu Comprehensive Development company Master lease company Shimizu Comprehensive Development Master lease type Pass‐through type Appraisal value 523 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Real Estate Institute Probable maximum loss 7.6% (PML value) Overview of leasing Total leasable area 1,886.70m2 Leased area 1,760.92m2 Occupancy rate 93.3% Number of tenants 1 Monthly rental revenue 2,671 thousand yen

Security and guarantee 2,349 thousand yen deposits The Property, which has family type units, is located about a two‐minute walk from Tsurukawa‐1chome Bus Stop on Odakyu Bus Line, and at about a fourteen‐minute walk from Tsurukawa Station on Odakyu Odawara Line, via a two‐minute walk from Tsurukawa‐1chome Bus Stop. It takes approx. 10 minutes by bus from Tsurukawa‐1chome Bus Stop to Tsurukawa Station on Odakyu Odawara Line, approx. 30 minutes from Tsurukawa Station to Shinjuku Station, and approx. 35 minutes to Shibuya Station. As such, the area has a good command of access to business areas Characteristics of the property and commercial areas. With streets lined with single‐family houses, the area forms a district surrounded by a quiet living environment. In the vicinity within walking distance, there are living convenience facilities including daily necessities stores and post office in addition to lush greenery, parks, educational institutes such as elementary and middle‐high schools and therefore, demand for lease by DINKS commuting to the business areas can be anticipated. With such characteristics, the Property is believed to have competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

C‐15 S‐RESIDENCE Yokohama Tanmachi Property name S‐RESIDENCE Yokohama Tanmachi Location 2‐14‐10 Tanmachi, Kanagawa‐ku, Yokohama‐shi, Kanagawa Type of specified asset Real estate trust beneficial interest Planned acquisition price 627 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date March 15, 2017 Trust expiration date March 31, 2037 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 198.61m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 953.33m2 Construction Building November 16, 2016 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 36 units Collateral None Property management company Haseko Livenet Inc. Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 694 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 9.5% (PML value) Overview of leasing Total leasable area 772.38m2 Leased area 772.38m2 Occupancy rate 100% Number of tenants 1 Monthly rental revenue 3,060 thousand yen

Security and guarantee 3,060 thousand yen deposits The Property, which has single type units, is located about a four‐minute walk from Tanmachi Station on Tokyu Toyoko Line, and about a nine‐minute walk from Kanagawa Station on Keikyu Main Line. From Tanmachi Station, it takes approx. 1 minute by Toyoko Line to Yokohama Station, and approx. 25 minutes to Shibuya Station in central Tokyo, and by Keikyu Main Line, approx. 25 minutes to Shinagawa Station, also in Tokyo. As such, the area has a good command of access to business areas and commercial areas and to Tokyo, as well. With streets lined with Characteristics of the property condominiums and single‐family houses, the area offers a good living environment. There are Tanmachi Park adjacent to the area, and a concentration of stores and restaurants, etc. offering fine living convenience facilities in a rich green environment. Demand for lease by single‐household working adults commuting to the business areas can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note 1) For the Property, a building lease agreement was conclude between the tenant and Samty Co., Ltd. January 31, 2017, and the master lease company succeeds to the position of the lessor in the said building lease agreement

on March 15, 2017. The overview of the lease agreement is as follows:

Overview of the building lease agreement Security and Annual rent Guarantee Tenant name (million yen) Contract period deposits (Note 2) (million yen) Not disclosed (Note 3) 36 From February 1, 2017 to January 31, 2022 3 Rent revision: The rent may be revised under certain conditions even during the contract period. Cancellation: The agreement may be cancelled if the lessee notifies of cancellation by six months prior to the expiration of the lease agreement. Revision of agreement: Unless a notice in writing is made by any of the parties by one month prior to the expiration date of the contract period, the agreement automatically is renewed for a period of two years. (Note 2) “Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12, which is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the building lease agreement. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded. (Note 3) The tenant name is not disclosed as no consent for disclosure has been obtained from the tenant.

C‐16 S‐FORT Chigasaki Property name S‐FORT Chigasaki Location 22‐8 Saiwaicho, Chigasaki‐shi, Kanagawa Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,137 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 350.16m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 1,627.62m2 Construction Building January 5, 2017 completion Structure and floors Steel frame Reinforced concrete structure, flat roof, 10 floors Number of leasable 36 units Collateral None Property management company Haseko Livenet Inc. Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 1,140 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 14.4% (PML value) Overview of leasing Total leasable area 1,382.17m2 Leased area 1,382.17m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 5,377 thousand yen

Security and guarantee 17,078 thousand yen deposits

The Property, which has single type units, is located about a two‐minute walk from Chigasaki Station on JR Tokaido Line. From Chigasaki Station, it takes approx. 25 minutes to Yokohama Station, and approx. 42 minutes to Shinagawa Station in Tokyo. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and single‐family houses, the area forms a good residential area. In front of the station, there is a concentration of living Characteristics of the property convenience facilities including financial institutes and commercial stores, etc. As there are medical institutes around Chigasaki and Fujisawa Stations, demand for lease by single‐household working adults commuting to nearby facilities and business areas and DINKS can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. The road on the east side of the land in trust is designate as a city planning road (3.4.3 Chigasaki Station–Chigasaki Line: Planned width (representative): 20 m / Classification: Widening / Date of city planning decision (initial): September 30, 1953). In an area near the north side of the land in trust, there are the following city planning roads:  3.6.4 Station front—Nakakaigan Line: Planned width (representative): 16 to 20 m / Classification: Widening / Date of city planning decision (initial): March 2, 1966  3.4.6 Station front—Kami‐Ishigamishita Line: Planned width (representative): 16 to Special remarks 20 m / Classification: Widening / Date of city planning decision (initial): March 2, 1966 Part of the northeast side of the land in trust exists in the area for the city planning families. In case a building is constructed in the land plot which exists in the area for the city planning facilities, permission based on Article 53 of the City Planning Act.

In the event that the project for the city planning road on the northeast side of the land in trust is decided and the land in trust is expropriated, the floor area ratio of the building in trust will become excessive, and the building will become an existing non‐conformed building.

C‐17 S‐FORT Kawaguchi Namiki Property name S‐FORT Kawaguchi Namiki Location 4‐4‐5 Namiki, Kawaguchi‐shi, Saitama Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,110 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date September 28, 2016 Trust expiration date September 30, 2026 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 499.88m2 Building coverage Land 80% ratio Floor area ratio 300% Zoning Neighborhood commercial district Type of ownership Ownership Use Apartment Total floor area 1,739.14m2 Construction Building July 22, 2016 completion Structure and floors Reinforced concrete structure, flat roof, 7 floors Number of leasable 70 units Collateral None Property management Haseko Livenet Inc. company

Master lease company Haseko Livenet Inc. Master lease type Pass‐through type Appraisal value 1,130 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 6.8% (PML value) Overview of leasing Total leasable area 1,457.51m2 Leased area 1,436.71m2 Occupancy rate 98.6% Number of tenants 1 Monthly rental revenue 5,432 thousand yen

Security and guarantee 4,394 thousand yen deposits The Property, which has single type units, is located about a seven‐minute walk from Nishi‐Kawaguchi Station on JR Keihin‐Tohoku Line. From Nishi‐Kawaguchi Station, it takes approx. 27 minutes to Tokyo Station. As such, the area has excellent access to business areas and commercial areas. With streets lined with condominiums and single‐family houses, the area forms a good living environment. Around Kawaguchi Station which is the next station, there are a number of large‐scale commercial facilities and various kinds of specialty stores standing side by side, and in the vicinity within walking distance, there is Nishi‐Kawaguchi Namiki Shopping Street extending Characteristics of the property from the station front to the area near the Property, where all sorts of foods and daily necessities can be bought from various shops, supermarket, restaurants, etc., offering high level of living convenience. As the area also offers excellent to access to central Tokyo, demand for lease by single‐household working adults commuting to nearby facilities and business areas can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

C‐18 S‐FORT Todakoen Property name S‐FORT Todakoen Location 2‐11‐13 Shimomae, Toda‐shi, Saitama Type of specified asset Real estate trust beneficial interest Planned acquisition price 914 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Trust establishment date February 1, 2018 Trust expiration date January 31, 2028 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 368.98m2 Building coverage Land 80% ratio Floor area ratio 400% Zoning Commercial district Type of ownership Ownership Use Apartment Total floor area 1,556.48m2 Construction Building January 17, 2017 completion Structure and floors Reinforced concrete structure, flat roof, 11 floors Number of leasable 62 units Collateral None Property management Goodworks Co., Ltd.

company Master lease company Goodworks Co., Ltd. Master lease type Pass‐through type Appraisal value 938 million yen (date of value) (November 1, 2017) Real estate appraiser The Tanizawa Sogo Appraisal Co., Ltd. Probable maximum loss 5.0% (PML value) Overview of leasing Total leasable area 1,438.71m2 Leased area 1,391.45m2 Occupancy rate 96.7% Number of tenants 1 Monthly rental revenue 4,583 thousand yen

Security and guarantee 1,434 thousand yen deposits The Property, which has single type units, is located about a seven‐minute walk from Toda Koen Station on JR Saikyo Line. From Toda Koen Station, it takes approx. 16 minutes to Ikebukuro Station, and approx. 20 minutes to Shinjuku Station. As such, the area has a good command of access to business areas and commercial areas. The area forms a good residential district with its streets lined with condominiums and single‐family houses, and also offers a comfortable living environment with sports Characteristics of the property grounds laid on the riverbed of the Arakawa River. As there is a concentration of living convenience facilities including large‐scale commercial facilities and hospitals, etc. in the vicinity within walking distance, demand for lease by single‐household working adults commuting to nearby facilities and business areas can be anticipated. With such characteristics, the Property is believed to have a high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable

C‐19 S‐FORT Funabashi Tsukada Property name S‐FORT Funabashi Tsukada Location 2‐39‐1 Kitahoncho, Funabashi‐shi, Chiba Type of specified asset Real estate trust beneficial interest Planned acquisition price 1,900 million yen Trustee Sumitomo Mitsui Trust Bank, Limited Trust establishment date September 16, 2016 Trust expiration date March 15, 2027 Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 6,087.67m2 Building coverage Land 60% ratio Floor area ratio 200% Zoning Category 1 residential district Type of ownership Ownership Use Apartment Total floor area 5,884.01m2 (Note 1) Construction Building March 14, 2008 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 117 units Collateral None Property management Goodworks Co., Ltd. company Master lease company Goodworks Co., Ltd.

Master lease type Pass‐through type Appraisal value 1,940 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 5.2% (PML value) Overview of leasing Total leasable area 5,640.60m2 Leased area 5,640.60m2 Occupancy rate 100.0% Number of tenants 1 Monthly rental revenue 9,021 thousand yen

Security and guarantee 18,042 thousand yen deposits The Property, which has family type units, is located about a six‐minute walk from Tsukada Station on Tobu Noda Line. From Tsukada Station, it takes approx. 4 minutes to Funabashi Station, and approx. 30 minutes to Tokyo Station. As such, the area has a good command of access to business areas and commercial areas. The area forms a good residential district with its streets lined with condominiums and single‐family houses. As there is a concentration of large‐scale stores and restaurants around the Characteristics of the property area, and also a department store and large‐scale logistics facilities near Funabashi Station offering a living convenience facilities, demand for lease by single‐household working adults commuting to the business areas, DINKS and family‐households can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. The height of the Property is approx. 30 m. The Property was in conformity with the regulation related to city planning at the time of the acquisition of the building certification, but, because the change in the regulations on the Funabashi‐shi’s city planning regarding the new landscape policy, under which the maximum height of Special remarks structures in height control districts was changed from 31 m to 20 m, the Property is now not in conformity with the regulation. Accordingly, under the current legal restriction, when the Property is reconstructed, any building having the same height as that of the present building cannot be constructed. (Note 1) A building (garbage storage) covering 19.50m2 is attached, but this is not included in the Total floor area indicated above. (Note 2) For the Property, a building lease agreement is concluded between the tenant and the sub‐lessor, and a building lease agreement for the purpose of subleasing the entire building is concluded between the master lease company and the sub‐lessor, and furthermore, a building lease agreement is concluded between the sub‐lessor and the tenant. The overview of the building lease agreement between the sub‐lessor and the tenant is as follows: Overview of the building lease agreement Security and Annual Rent guarantee Tenant name (million yen) Contract period deposits (Note 3) (million yen) Not disclosed (Note 4) 108 From March 19, 2008 to September 30, 2018 18 Rent revision: The rent may be revised under certain conditions even during the contract period. Cancellation: The agreement may be cancelled if the lessee notifies of cancellation by six months prior to the expiration of the lease agreement. Revision of agreement: Unless a notice in writing is made by any of the parties by six months prior to the expiration date of the contract period, the agreement automatically is renewed for a period of two years. (Note 3) “Annual rent” indicates the annualized amount calculated by multiplying the monthly rent by 12, which is the total monthly rent (including the common area expense, but not fees for incidental facilities such as parking lots or trunk rooms) stated in the building lease agreement. Amounts are rounded down to the nearest million yen. Consumption tax and other taxes are excluded. (Note 4) The tenant name is not disclosed as no consent for disclosure has been obtained from the tenant.

C‐20 S‐FORT Kashiwa Property name S‐FORT Kashiwa Location 3‐4‐17 Kashiwa, Kashiwa‐shi, Chiba Type of specified asset Real estate (Actual real estate) Planned acquisition price 536 million yen Trustee ‐ Trust establishment date ‐ Trust expiration date ‐ Planned acquisition date February 1, 2018 Type of ownership Ownership Site area 371.25m2 (Note) Building coverage Land 80% ratio Floor area ratio 300% Zoning Neighborhood commercial district Type of ownership Ownership Use Apartment Total floor area 1,288.65m2 Construction Building March 9, 2006 completion Structure and floors Reinforced concrete structure, flat roof, 10 floors Number of leasable 37 units Collateral None Property management Goodworks Co., Ltd. company Master lease company Goodworks Co., Ltd. Master lease type Pass‐through type Appraisal value 552 million yen (date of value) (November 1, 2017) Real estate appraiser Japan Valuers Co., Ltd. Probable maximum loss 4.2% (PML value) Overview of leasing Total leasable area 983.06m2 Leased area 846.35m2 Occupancy rate 86.1% Number of tenants 1 Monthly rental revenue 2,445 thousand yen

Security and guarantee 678 thousand yen deposits The Property, which has single and compact type units, is located about an eight‐minute walk from Kashiwa Station on JR Joban Line. From Kashiwa Station, it takes approx. 35 minutes to Tokyo Station and approx. 30 minutes to Ueno Station. As such, the area has a good command of access to business areas and commercial areas. With streets lined with condominiums and commercial facilities, etc., the area forms a district where residences and commercial facilities gather together. In the vicinity within walking distance, there is a concentration of commercial facilities including a Characteristics of the property department store in addition to living convenience facilities such as the City Office and hospital, etc. Furthermore, as there are a number of universities around the area, demand for lease by students who attend universities, single‐household working adults commuting to the business areas and DINKS can be anticipated. With such characteristics, the Property is believed to have a relatively high level of competitiveness in the leasing market with areas with comparable supply and demand trends. Special remarks Not applicable (Note) Including the burden of a part of land used as private road (approx. 9.65m2) based on Article 42, Paragraph 2 of the Building Standards Act.

(2) Outline of Seller S‐RESIDENCE Midoribashi Ekimae, S‐FORT Toyohira Sanjyo, S‐FORT Aoba‐Kamisugi, S‐FORT Nishinomiya, S‐FORT Hoya, S‐FORT Tamagawagakuen‐Mae, S‐RESIDENCE Yokohama‐Tanmachi and S‐FORT Funabashi‐Tsukada (1) Name GK Bridge Fourth (2) Location 3‐2‐5 Kasumigaseki, Chiyoda‐ku, Tokyo (3) Post and name of 3‐2‐5 Kasumigaseki, Chiyoda‐ku, Tokyo representative Representative employee: Bridge Fourth Co., Ltd. 7‐12‐5‐106 Minami‐Aoyama, Minato‐ku, Tokyo Takehisa Tei, Function Manager (4) Line of business 1. Acquisition and ownership of real estates 2. Leasing and management of real estates 3. Acquisition, ownership and disposition of real estate trust beneficial right 4. All other businesses pertaining to the above (5) Capital ¥100,000 (6) Date of establishment February 9, 2017 (7) Net assets Not disclosed because approval of the relevant Company has not been obtained. (8) Total assets Not disclosed because approval of the relevant Company has not been obtained. (9) Major shareholders and Not disclosed because approval of the relevant Company has not been shareholding ratio obtained. (10) Relationship with Samty Residential and the Asset Management Company (11) Relationship with Samty Residential and the Asset Management Company Samty Residential and Samty Co., Ltd., the parent company of the Asset Capital relationship Management Company, invests through silent partnership in the company at

investment ratios of approximately 7.8% and approx. 12.4%, respectively. Personal There are no personnel relationships to be stated between the company and

relationship Samty Residential or the Asset Management Company. There are no business relationships to be stated between the company and Business Samty Residential or the Asset Management Company, but the Asset Management

relationship Company is entrusted with handling of the private placement based on a silent partnership contract in which GK Bridge Fourth acts as the operator. Though the company does not fall under the category of an interested party, etc. as stipulated in the Investment Trust Act, it does fall under the category of an Status of interested party, etc. as stipulated by the regulations on transactions with classification as interested parties, etc. in the Asset Management Company’s internal regulations. related party The decision‐making procedures have been completed by the Asset Management Company regarding the regulations on transactions with interested parties, etc. for the acquisition of the assets.

S‐FORT Tsurumai reale, S‐FORT Kita‐Sanno, S‐FORT Aratamabashi, S‐FORT Kitamaruyama, S‐FORT Hakata‐Higashi I, S‐FORT Hakata‐Higashi II, S‐FORT Kobe Sannomiya‐Kita, S‐FORT Nakahirodori, S‐FORT Tsurumicho, S‐FORT Nishinomiya‐Uegahara, S‐FORT Mito‐Chuo, S‐FORT Tsu‐Shinmachi, S‐FORT Mie Daigaku‐Mae, S‐FORT Takasagomachi, S‐FORT Oita‐Ekimae, S‐FORT Oita‐Otemachi, S‐FORT Suizenji, S‐FORT Kumadaibyoin‐Mae, S‐FORT Kumamoto Senba, S‐FORT Tsurukawa, S‐FORT Chigasaki, S‐FORT Kawaguchi‐Namiki, S‐FORT Todakoen and S‐FORT Kashiwa (1) Name Samty Co., Ltd. (2) Location 4‐3‐24 Nishi‐Nakajima, Yodogawa‐ku, Osaka Post and name of Shigeru Moriyama, Representative Director (3) representative Kazushi Eguchi, Representative Director 1. Trade, brokerage and appraisal of real estate 2. Possession, management and rental of real estate (4) Line of business 3. Construction and sale of residences 4. Development, establishment and sale of land 5. Contracting, design, execution and supervision of civil engineering and

construction work 6. Administration and management of parking lots 7. Businesses based on the Real Estate Specified Joint Enterprise Act 8. Investment as well as transaction, brokerage and management of equity interest in specified purpose companies, special purpose companies (company defined in the Regulations Concerning Terminology, Forms and Preparation Methods of Consolidated Financial Statements) and real estate investment trusts 9. Investment advisory business 10. Financial instruments business 11. Money lending business 12. Ownership, leasing and management of hotels, restaurants, leisure and logistics facilities, fee‐based nursing homes, etc. 13. . Transaction, ownership and management of securities 14. All other business pertaining to the above (5) Capital ¥8,377 million (as of August 31, 2017) (6) Date of establishment December 1, 1982 (7) Net assets ¥37,668 million (as of August 31, 2017) (8) Total assets ¥155,061 million (as of August 31, 2017) (9) Major shareholders and Shigeru Moriyama (14.58%) shareholding ratios Ichiro Matsushita (10.07%) Japan Trustee Service Bank, Lt. (Trust Account) (6.77%) (all are as of May 31, 2017) (10) Relationship with Samty Residential and the Asset Management Company The company owns 6.12% of Samty Residential’s outstanding investment units as of the date of this document. The company also owns 100% of the Capital relationship outstanding shares of the Asset Management Company and it falls under

the category of an interested party, etc. as stipulated by the Investment Trust Act. The company has two part‐time directors dispatched to the Asset Management Company as of the date of this document. Five executives and Personal relationship employees of the Asset Management Company are loaned staff from the company. The company has concluded a sponsor support agreement, pledge on Business relationship holdings of investment units and trademark license agreement with Samty Residential and the Asset Management Company. The company is the parent company of the Asset Management Company and falls under the category of a related party. Furthermore, as stated above, the company falls under the category of a related party, etc. as Status of classification stipulated by the Investment Trust Act. The decision‐making procedures as related party have been completed by the Asset Management Company regarding the regulations on transactions with interested parties, etc. for the acquisition of the assets. Furthermore, the seller of S‐FORT Osu Kannon is a general business company in Japan. Its details are undisclosed as no consent to disclosure of their names, etc. have been obtained from the sellers of respective properties. The sellers do not fall under the category of a party having particular vested interest in Samty Residential or the Asset Management Company.

(3) Transaction with Interested Parties, Etc. Samty Co., Ltd., one of the sellers of the properties, is the parent company of the Asset Management Company (fully owned) and therefore falls under the category of an interested party, etc. as stipulated by the Investment Trust Act as well as under the category of an interested party, etc. as stipulated by the regulations on transactions with interested parties, etc. in the Asset Management Company’s internal regulations. As such, the decision‐making procedures for the acquisition of the assets from Samty Co., Ltd. have been completed by the Asset Management Company in accordance with the regulations on transactions with interested parties, etc. for the acquisition of the assets.

4. Status of Property Owners, Etc. The following table shows ① the name of the company, ② relation with party having particular vested interest and ③ history, reasons, etc. of acquisition. Note that S‐FORT Osu Kannon was not acquired from a party having particular vested interest in Samty Residential or the Asset Management Company. Property name Previous owner Second previous owner Third previous owner (Location) ①, ②, ③ ①, ②, ③ ①, ②, ③ Acquisition (transfer) price Acquisition (transfer) price Acquisition (transfer) price Acquisition (transfer) period Acquisition (transfer) period Acquisition (transfer) period S‐RESIDENCE Midoribashi ①GK Bridge Fourth ① Samty Co., Ltd. Other than a party having Ekimae ②A real estate ② Parent company of the particular vested interest (Location) private‐placement fund in Asset Management 2‐13‐3 Nakamoto, which Samty Residential Company Higashinari‐ku, Osaka‐shi, and Samty Co., Ltd., the ③ Newly built in October Osaka parent company of the 2016 Asset Management Company, invests through silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③Acquired for investment management purposes ¥1,830 million －－ December 2014 March 2017 － (Acquisition of land) S‐FORT Tsurumai reale ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐9‐3 Tsurumai, Showa‐ku, Asset Management Nagoya‐shi, Aichi Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥1,450 million － August 2017 － S‐FOTT Kita‐Sanno ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐2‐2 Nishihioki, Asset Management Nakagawara‐ku, Nagoya‐shi, Company Aichi ③ Acquired for investment management purposes Not disclosed (description is － omitted as the previous owner owned the property for over one year) March 2015 － S‐FORT Aratamabashi ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 16‐21 Yobitsugimotomachi, Asset Management Minami‐ku, Nagoya‐shi, Aichi Company ③ Acquired for investment management purposes ¥360 million －

February 2017 － S‐FORT Toyohira Sanjyo ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having (Location) ② A real estate ② Parent company of the particular vested interest 2‐3‐1 Toyohira‐3jyo, private‐placement fund in Asset Management Toyohira‐shi, Sapporo‐shi, which Samty Residential Company Hokkaido and Samty Co., Ltd., the ③ Acquisition for supplying parent company of the warehousing functions as Asset Management part of sponsor support Company, invests through operations silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes ¥755 million ¥585 million March 2017 November 2016 S‐FORT Kitamaruyama ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 20‐2‐20 Kita‐4jyo‐Nishi, Asset Management Chuo‐ku, Sapporo‐shi, Company Hokkaido ③ Acquired for investment management purposes Not disclosed (description is － omitted as the previous owner owned the property for over one year) August 2016 － S‐FORT Hakata‐Higashi I ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐10‐7 Enokida, Hakata‐ku, Asset Management Fukuoka‐shi, Fukuoka Company ③ Acquired for investment management purposes Not disclosed (description is －－ omitted as the previous owner owned the property for over one year) January 2014 －－ S‐FORT Hakata‐Higashi II ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐10‐22 Enokida, Hakata‐ku, Asset Management

Fukuoka‐shi, Fukuoka Company ③ Acquired for investment management purposes Not disclosed (description is － omitted as the previous owner owned the property for over one year) January 2014 － S‐FORT Kobe Sannomiya‐Kita ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐2‐13 Nunobikicho, Asset Management Chuo‐ku, Kobe‐shi, Company Hyogo ③ Acquired for investment

management purposes Not disclosed (Note 3) － April 2017 － S‐FORT Nakahirodori ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐20‐1 Nakahiromachi, Asset Management Nishi‐ku, Hiroshima‐shi, Company Hiroshima ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥885 million － August 2017 － S‐FORT Tsurumicho ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 7‐1 Tsurumicho, Naka‐ku, Asset Management Hiroshima‐shi, Hiroshima Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥820 million － August 2017 － S‐FORT Aoba‐Kamisugi ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having (Location) ② A real estate ② Parent company of the particular vested interest 1‐16‐28 Kamisugi, Aoba‐ku, private‐placement fund in Asset Management Sendai‐shi, Miyagi which Samty Residential Company and Samty Co., Ltd., the ③ Acquisition for supplying parent company of the warehousing functions as Asset Management part of sponsor support Company, invests through operations silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes ¥910 hundred ¥716 hundred － March 2017 November 2016 － S‐FORT Nishinomiya ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having (Location) ② A real estate ② Parent company of the particular vested interest 5‐31 Todacho, private‐placement fund in Asset Management Nishinomiya‐shi, Hyogo which Samty Residential Company and Samty Co., Ltd., the ③ Acquired for investment parent company of the management purposes Asset Management Company, invests through silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes Not disclosed (description is － ¥1,400 hundred omitted as the second

previous owner owned the property for over one year) March 2017 ‐ － S‐FORT ① Samty Co., Ltd. Other than a party having Nishinomiya‐Uegahara ② Parent company of the particular vested interest (Location) Asset Management 2‐43 Uegahara‐6bancho, Company Nishinomiya‐shi, Kobe ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥749 million －－ August 2017 －－ S‐FORT Mito‐Chuo ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐2‐10 Chuo, Mito‐shi, Asset Management Ibaraki Company ③ Acquired for investment management purposes ¥1,571 million －－ March 2017 －－ S‐FORT Tsu Shinmachi ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐1‐5 Shinmachi, Tsu‐shi, Mie Asset Management Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥700 million －－ August 2017 －－ S‐FORT Mie Daigaku‐Mae ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐131 Edobashi Tsu‐shi, Mie Asset Management Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations Not disclosed (description is －－ omitted as the previous owner owned the property for over one year) February 2016 －－ S‐FORT Takasagomachi ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐30 Takasagomachi, Asset Management Oita‐shi, Oita Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations Not disclosed (description is －－

omitted as the previous owner owned the property for over one year) September 2016 －－ S－FORT Oita‐Ekimae ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 3‐1‐4 Chuomachi, Oita‐shi, Asset Management Oita Company ③ Acquired for investment management purposes Not disclosed (description is －－ omitted as the previous owner owned the property for over one year) August 2014 －－ S‐FORT Oita‐Otemachi ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐4‐9 Otemachi, Oita‐shi, Asset Management Oita Company ③ Acquired for investment management purposes ¥318 million －－ May 2017 －－ S‐FORT Suizenji ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 3‐34‐10 Suizenji, Chuo‐ku, Asset Management Kumamoto‐shi, Kumamoto Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥1,300 million －－ August 2017 －－ S‐FORT Kumadaibyoin‐Mae ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 3‐2‐22 Honjo, Chuo‐ku, Asset Management Kumamoto‐shi, Kumamoto Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥1,100 million －－ August 2017 －－ S‐FORT Kumamoto Senba ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 1‐23 Senbamachi‐Shimo, Asset Management Chuo‐ku, Kumamoto‐shi, Company Kumamoto ③ Acquisition for supplying warehousing functions as part of sponsor support operations Not disclosed (description is －－ omitted as the previous owner

owned the property for over one year) April 2014 －－ S‐FORT Hoya ① GK Bridge Fourth Other than a party having (Location) ② A real estate particular vested interest 2‐6‐5 Higashicho, private‐placement fund in Nishi‐Tokyo‐shi, Tokyo which Samty Residential and Samty Co., Ltd., the parent company of the Asset Management Company, invests through silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes ¥630 million －－ March 2017 －－ S‐FORT ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having Tamagawagakuen‐Mae ② A real estate ② Parent company of the particular vested interest (Location) private‐placement fund in Asset Management 2‐16‐28 Tamagawagakuen, which Samty Residential Company Machida‐shi, Tokyo and Samty Co., Ltd., the ③ Acquisition for supplying parent company of the warehousing functions as Asset Management part of sponsor support Company, invests through operations silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes ¥572 million ¥488 million － March 2017 June 2016 － S‐FORT Tsurukawa ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐19‐4 Tsurukawa, Asset Management Machida‐shi, Tokyo Company ③ Acquired for investment management purposes ¥465 million －－ September 2017 ‐ － S‐RESIDENCE ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having Yokohama‐Tanmachi ② A real estate ② Parent company of the particular vested interest (Location) private‐placement fund in Asset Management 2‐14‐10 Tanmachi, which Samty Residential Company Kanagawa‐ku, Yokohama‐shi, and Samty Co., Ltd., the ③ Newly built in November Kanagawa parent company of the 2016 Asset Management Company, invests through silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes

¥622 million －－ May 2015 March 2017 － (Land was acquired) S‐FORT Chigasaki ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 22‐8 Saiwaicho, Asset Management Chigasaki‐shi, Kanagawa Company ③ Acquired for investment management purposes Not disclosed (Note 4) －－ January 2017 ‐ － S‐FORT Kawaguchi‐Namiki ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 4‐4‐5 Namiki, Kawaguchi‐shi, Asset Management Saitama Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations Not disclosed (description is － omitted as the previous owner － owned the property for over one year) September 2016 －－ S‐FORT Todakoen ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 2‐11‐13, Shimomae, Asset Management Toda‐shi, Saitama Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥891 million －－ August 2017 －－ S‐FORT Funabashi‐Tsukada ① GK Bridge Fourth ① Samty Co., Ltd. Other than a party having (Location) ② A real estate ② Parent company of the particular vested interest 2‐39‐1Kitahoncho, private‐placement fund in Asset Management Funabashi‐shi, Chiba which Samty Residential Company and Samty Co., Ltd., the ③ Acquisition for supplying parent company of the warehousing functions as Asset Management part of sponsor support Company, invests through operations silent partnership at investment ratios 7.8% and approx. 12.4%, respectively ③ Acquired for investment management purposes ¥1,880 million ¥1,820 million － March 2017 September 2016 －

S‐FORT Kashiwa ① Samty Co., Ltd. Other than a party having (Location) ② Parent company of the particular vested interest 3‐4‐17 Kashiwa, Kashiwa‐shi, Asset Management Chiba Company ③ Acquisition for supplying warehousing functions as part of sponsor support operations ¥510 million －－ August 2017 －－ (Note 1) ”Acquisition (transfer) price” is the amount which was required for the acquisition of the acquired asset excluding various costs such as commissions for mediation of transaction, taxes and public dues, etc. (the amount of the price of purchase of the real estate, etc. indicated in the purchase agreement, etc.). Amounts less than a million yen are rounded off. (Note 2) Acquisition price for the previous owner / trustee (sale price of the second previous owner / trustee) is not disclosed as the consent of the second previous owner / trustee, etc. for the disclosure of the acquisition price for the previous owner / trustee was not obtained. (Note 3) The information is not disclosed because, despite consultations with the second previous owner being repeatedly made for disclosure of information as the matter was a bidding item and a transaction on the premise of non‐disclosure of information among other reasons, we were not able to obtain consent from the second previous owner on the ground of influence on bidding‐related parties. Incidentally, as the Asset Management Company, we have independently confirmed that the acquisition price by Samty Residential is reasonable taking into consideration the content and appraisal price of the real estate appraisal statement, etc. (Note 4) The information is not disclosed because the holding period of the previous owner exceeds one year as of February1, 2018 which is the date of scheduled acquisition of the Property.

5. Overview of Broker Not applicable.

6. Future Outlook Please refer to the press release “Notice Concerning Revisions to the Forecast of Management Status and Distribution per Unit for Fiscal Period Ending July 2018 and Forecast of Management Status and Distribution per Unit for Fiscal Period Ending January 2019” separately announced today.

7. Overview of Appraisal Reports A‐30 S‐RESIDENCE Midoribashi Ekimae Overview of real estate appraisal report Property name S‐RESIDENCE Midoribashi Ekimae Appraisal value 1,980,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,980,000 and that based on the DCF method, both of which were considered to method have the same level of canonicity Appraisal value using the direct Assessed by capitalization rate based on net profit that is recognized as 1,990,000 capitalization method being stable in the medium to long term (1) Operating profit (a – b) 119,455 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 125,832 the medium to long term in consideration of new rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 6,377 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 24,888 Assessed with verification of the past results and planned maintenance Maintenance and 2,392 and management expenses as well as the level of maintenance and management expenses management expenses of similar real estate Assessed based on the conditions in the planned property management Property management 2,389 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 4,599 etc. Utilities expenses 1,329 Assessed based on past results of cash flow, etc. Assessed in consideration of repair and renewal costs in the engineering Repair expenses 3,236 report as well as similar cases Taxes and dues 9,468 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 159 premiums Other expenses 1,314 Assessed based on the past result of cash flow, etc. (3) Net operating profit 94,566 (NOI＝(1)－(2)) (4) Income from deposits ‐ Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 890 report as well as similar cases (6) Net profit 93,676 (NCF＝(3)＋(4)－(5)) Assessed based on the comparison with multiple transaction yields of (7) Cap rate 4.7% similar real estate, taking into account the real estate’s locational conditions, building condition, etc. as a whole. Appraisal value using the 1,970,000 discount cash flow method Assessed by adding individual risk of the subject real estate to the base Discount rate 4.8% yield Assessed based on the cap rate, taking into consideration the future Terminal cap rate 4.9% unpredictability as well Appraisal value by cost method 1,930,000 Land ratio 47.2% Building ratio 52.8% Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

A‐31 S‐FORT Tsurumai reale Overview of real estate appraisal report Property name S‐FORT Tsurumai reale Appraisal value 1,640,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,640,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,640,000 being stable in the medium to long term (1) Operating profit (a – b) 97,661 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 102,726 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 5,065 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 18,048 Assessed with verification of the past results and planned maintenance Maintenance and 1,683 and management expenses as well as the level of maintenance and management expenses management expenses of similar real estate Assessed based on the conditions in the planned property management Property management 1,924 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,133 etc. Utilities expenses 1,942 Assessed based on past results of cash flow, etc. Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,551 report as well as similar cases Taxes and dues 7,193 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 129 premiums Other expenses 488 Assessed based on similar cases, etc. (3) Net operating profit 79,613 (NOI＝(1)－(2)) (4) Income from deposits 33 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 900 report as well as similar cases (6) Net profit 78,746 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.8% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,640,000 discount cash flow method Assessed by adding individual risk of the subject real estate to the base Discount rate 4.9% yield Assessed based on the cap rate, taking into consideration the future Terminal cap rate 5.0% unpredictability as well Appraisal value by cost method 1,560,000 Land ratio 44.6% Building ratio 55.4% Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

A‐32 S‐FORT Osu Kannon Overview of real estate appraisal report Property name S‐FORT Osu Kannon Appraisal value 1,250,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,250,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,270,000 being stable in the medium to long term (1) Operating profit (a – b) 79,594 Assessed based on the level of the rent in current agreement and the level of new rent of similar real estate as well as its trends taking into a) Total potential profit 83,932 account competitiveness of the subject real estate in medium to long term. b) Loss from vacancies, Assessed based on the past result of vacancy rate of the subject 4,337 etc. real estate and the standard vacancy rates of similar real estates (2) Operating costs 15,754 Assessed based on verification with the level of maintenance and Maintenance and 1,552 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed based on verification with the level of PM fee of similar real 1,560 fees estate and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,535 etc. Assessed based on the standard level and amounts of past results of Utilities expenses 912 similar properties Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,459 report as well as similar cases Taxes and dues 5,687 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 221 premiums Other expenses 1,825 Assessed in reference to past results, etc. (3) Net operating profit 63,840 (NOI＝(1)－(2)) (4) Income from deposits 57 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,591 report as well as similar cases (6) Net profit 62,306 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and based on the yield of properties for similar use located in districts having the lowest risk Appraisal value using the 1,240,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 1,270,000 Land ratio 50.0% Building ratio 50.0% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

A‐33 S‐FORT Kita‐Sanno Overview of real estate appraisal report Property name S‐FORT Kita‐Sanno Appraisal value 844,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 844,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 852,000 being stable in the medium to long term (1) Operating profit (a – b) 51,439 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 54,226 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,786 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 10,792 Assessed with verification of the past results and planned maintenance Maintenance and 1,104 and management expenses as well as the level of maintenance and management expenses management expenses of similar real estate Assessed based on the conditions in the planned property management Property management 1,008 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,398 etc. Utilities expenses 601 Assessed based on past results of cash flow, etc. Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,875 report as well as similar cases Taxes and dues 3,444 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 75 premiums Other expenses 1,285 Assessed based on similar cases, etc. (3) Net operating profit 40,647 (NOI＝(1)－(2)) (4) Income from deposits 19 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,459 report as well as similar cases (6) Net profit 39,207 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.6% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 840,000 discount cash flow method Assessed by adding individual risk of the subject real estate to the base Discount rate 4.7% yield Assessed based on the cap rate, taking into consideration the future Terminal cap rate 4.8% unpredictability as well Appraisal value by cost method 813,000 Land ratio 50.1% Building ratio 49.9% Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

A‐34 S‐FORT Aratamabashi Overview of real estate appraisal report Property name S‐FORT Aratamabashi Appraisal value 452,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 452,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 458,000 being stable in the medium to long term (1) Operating profit (a – b) 32,213 Assessed based on the level of the rent in current agreement and the level of new rent of similar real estate as well as its trends taking into a) Total potential profit 33,746 account competitiveness of the subject real estate in medium to long term. b) Loss from vacancies, Assessed based on the past result of vacancy rate of the subject real 1,532 etc. estate and the standard vacancy rates of similar real estates (2) Operating costs 7,015 Assessed based on verification with the level of maintenance and Maintenance and 1,418 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed based on verification with the level of PM fee of similar real 638 fees estate and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 932 etc. Assessed based on utilities expenses level of similar real estate and Utilities expenses 431 amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,093 report as well as similar cases Taxes and dues 2,193 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 70 premiums Other expenses 236 Assessed in reference to past results, etc. (3) Net operating profit 25,198 (NOI＝(1)－(2)) (4) Income from deposits 33 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,878 report as well as similar cases (6) Net profit 23,353 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.1% locational conditions, building condition, etc. and based on the yield of properties for similar use located in districts having the lowest risk Appraisal value using the 449,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.9% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.3% marketability and future unpredictability of net profits Appraisal value by cost method 484,000 Land ratio 65.9% Building ratio 34.1% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

A‐35 S‐FORT Toyohira Sanjyo Overview of real estate appraisal report Property name S‐FORT Toyohira Sanjyo Appraisal value 786,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 786,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 791,000 being stable in the medium to long term (1) Operating profit (a – b) 58,446 Assessed based on the level of the rent in current agreement and the level of new rent of similar real estate as well as its trends taking into a) Total potential profit 61,520 account competitiveness of the subject real estate in medium to long term. b) Loss from vacancies, Assessed based on the past result of vacancy rate of the subject real 3,074 etc. estate and the standard vacancy rates of similar real estates (2) Operating costs 13,891 Assessed based on verification with the level of maintenance and Maintenance and 1,524 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed based on verification with the level of PM fee of similar real 1,168 fees estate and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,962 etc. Assessed based on utilities expenses level of similar real estate and Utilities expenses 1,196 amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,490 report as well as similar cases Taxes and dues 5,321 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 123 premiums Other expenses 104 Assessed in reference to past results, etc. (3) Net operating profit 44,554 (NOI＝(1)－(2)) (4) Income from deposits 42 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 3,442 report as well as similar cases (6) Net profit 41,155 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.2% locational conditions, building condition, etc. and based on the yield of properties for similar use located in districts having the lowest risk Appraisal value using the 784,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.0% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.4% marketability and future unpredictability of net profits Appraisal value by cost method 765,000 Land ratio 38.9% Building ratio 61.1% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

A‐36 S‐FORT Kitamaruyama Overview of real estate appraisal report Property name S‐FORT Kitamaruyama Appraisal value 428,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 428,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 431,000 being stable in the medium to long term (1) Operating profit (a – b) 32,912 Assessed based on appropriate rent levels recognized as being stable in the a) Total potential profit 34,740 medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 1,827 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 9,319 Maintenance and Assessed based on verification with the engineering report and level of 948 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 648 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,199 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 1,413 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,860 report as well as similar cases Taxes and dues 3,018 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 65 premiums Other expenses 164 Assessed in reference to similar cases (3) Net operating profit 23,593 (NOI＝(1)－(2)) (4) Income from deposits 28 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,624 report as well as similar cases (6) Net profit 21,997 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.1% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 427,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.2% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.3% marketability and future unpredictability of net profits Appraisal value by cost method 522,000 Land ratio 50.7% Building ratio 49.3% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

A‐37 S‐FORT Hakata‐Higashi I Overview of real estate appraisal report Property name S‐FORT Hakata‐Higashi I Appraisal value 392,000 thousand ye Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 392,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 395,000 being stable in the medium to long term (1) Operating profit (a – b) 27,697 Assessed based on the level of the rent in current agreement and the level of new rent of similar real estate as well as its trends taking into a) Total potential profit 29,010 account competitiveness of the subject real estate in medium to long term. b) Loss from vacancies, Assessed based on the past result of vacancy rate of the subject real 1,312 etc. estate and the standard vacancy rates of similar real estates (2) Operating costs 7,033 Assessed based on verification with the level of maintenance and Maintenance and 825 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed based on verification with the level of PM fee of similar real 748 fees estate and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 895 etc. Utilities expenses 1,125 Assessed based on the amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,659 report as well as similar cases Taxes and dues 1,623 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 44 premiums Other expenses 110 Assessed in reference to past results, etc. (3) Net operating profit 20,664 (NOI＝(1)－(2)) (4) Income from deposits 19 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,332 report as well as similar cases (6) Net profit 19,352 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and based on the yield of properties for similar use located in districts having the lowest risk Appraisal value using the 390,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 342,000 Land ratio 60.1% Building ratio 39.9% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

A‐38 S‐FORT Hakata‐Higashi II Overview of real estate appraisal report Property name S‐FORT Hakata‐Higashi II Appraisal value 385,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 385,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 389,000 being stable in the medium to long term (1) Operating profit (a – b) 27,689 Assessed based on the level of the rent in current agreement and the level of new rent of similar real estate as well as its trends taking into a) Total potential profit 29,002 account competitiveness of the subject real estate in medium to long term. b) Loss from vacancies, Assessed based on the past result of vacancy rate of the subject real 1,312 etc. estate and the standard vacancy rates of similar real estates (2) Operating costs 7,327 Assessed based on verification with the level of maintenance and Maintenance and 825 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed based on verification with the level of PM fee of similar real 748 fees estate and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 895 etc. Utilities expenses 1,425 Assessed based on the amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,653 report as well as similar cases Taxes and dues 1,623 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 44 premiums Other expenses 110 Assessed in reference to past results, etc. (3) Net operating profit 20,362 (NOI＝(1)－(2)) (4) Income from deposits 19 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,323 report as well as similar cases (6) Net profit 19,059 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and based on the yield of properties for similar use located in districts having the lowest risk Appraisal value using the 383,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 342,000 Land ratio 60.1% Building ratio 39.9% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

A‐39 S‐FORT Kobe Sannomiya‐Kita Overview of real estate appraisal report Property name S‐FORT Kobe Sannomiya‐Kita Appraisal value 518,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 518,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 524,000 being stable in the medium to long term (1) Operating profit (a – b) 34,711 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 36,538 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 1,826 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 8,290 Maintenance and Assessed based on verification with the engineering report and level of 1,168 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 694 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,703 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 796 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,462 report as well as similar cases Taxes and dues 2,242 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 49 premiums Other expenses 173 Assessed in reference to similar cases, etc. (3) Net operating profit 26,421 (NOI＝(1)－(2)) (4) Income from deposits 25 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,817 report as well as similar cases (6) Net profit 24,629 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.7% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 515,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.8% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.9% marketability and future unpredictability of net profits Appraisal value by cost method 557,000 Land ratio 73.2% Building ratio 26.8% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

A‐40 S‐FORT Nakahirodori Overview of real estate appraisal report Property name S‐FORT Nakahirodori Appraisal value 897,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 897,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 906,000 being stable in the medium to long term (1) Operating profit (a – b) 56,999 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 59,977 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,978 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 10,336 Maintenance and Assessed based on verification with the engineering report and level of 1,758 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,123 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,681 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 540 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,454 report as well as similar cases Taxes and dues 3,222 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 76 premiums Other expenses 478 Assessed in reference to similar cases, etc. (3) Net operating profit 46,662 (NOI＝(1)－(2)) (4) Income from deposits 74 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,434 report as well as similar cases (6) Net profit 45,303 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.0% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 887,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.8% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.2% marketability and future unpredictability of net profits Appraisal value by cost method 431,000 Land ratio 60.3% Building ratio 39.7% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

A‐41 S‐FORT Tsurumicho Overview of real estate appraisal report Property name S‐FORT Tsurumicho Appraisal value 823,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 823,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 832,000 being stable in the medium to long term (1) Operating profit (a – b) 52,065 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 54,746 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,680 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 10,629 Maintenance and Assessed based on verification with the engineering report and level of 1,512 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,025 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,613 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 490 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,511 report as well as similar cases Taxes and dues 3,254 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 76 premiums Other expenses 145 Assessed in reference to similar cases (3) Net operating profit 41,436 (NOI＝(1)－(2)) (4) Income from deposits 41 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 725 report as well as similar cases (6) Net profit 40,753 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 813,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 432,000 Land ratio 51.6% Building ratio 48.4% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

A‐42 S‐FORT Aoba Kamisugi Overview of real estate appraisal report Property name S‐FORT Aoba Kamisugi Appraisal value 990,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 990,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 999,000 being stable in the medium to long term (1) Operating profit (a – b) 68,770 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 74,638 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 5,868 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 16,148 Maintenance and Assessed based on verification with the engineering report and level of 1,865 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,322 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,591 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 994 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,725 report as well as similar cases Taxes and dues 4,318 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 82 premiums Other expenses 2,247 Assessed in reference to similar cases (3) Net operating profit 52,622 (NOI＝(1)－(2)) (4) Income from deposits 99 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,778 report as well as similar cases (6) Net profit 49,943 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.0% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 986,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.1% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.2% marketability and future unpredictability of net profits Appraisal value by cost method 755,000 Land ratio 54.3% Building ratio 45.7% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

B‐10 S‐FORT Nishinomiya Overview of real estate appraisal report Property name S‐FORT Nishinomiya Appraisal value 1,500,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,500,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,520,000 being stable in the medium to long term (1) Operating profit (a – b) 92,854 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 98,104 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Vacancy rate was calculated as that being appropriate to rental room rent income, common service expense income and parking lot income which b) Loss from vacancies, are recognized as being stable in the medium to long term, taking into 5,250 etc. account the competitiveness, etc. of the subject real estate based on the past result of the subject real estate’s vacancy rate and standard vacancy rates of similar real estates (2) Operating costs 18,215 Allocated based on verification with the level of maintenance and Maintenance and 2,622 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed, and allocated based on the level of PM fee of similar real estate 1,813 fees and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 4,061 etc. Assessed based on utilities expenses level of similar real estate and Utilities expenses 1,780 amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,151 report as well as similar cases Taxes and dues 5,137 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.02% of the building replacement 125 premiums costs Other expenses 524 Assessed in reference to past results, etc. (3) Net operating profit 74,638 (NOI＝(1)－(2)) (4) Income from deposits 18 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,768 report as well as similar cases (6) Net profit 72,887 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.8% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,490,000 discount cash flow method Assessed based on comparison with the discount rate associated with Discount rate 4.6% transaction of similar real estates, yields associated with other financial instruments, etc. Assessed in consideration of marketability of the subject real estate at the Terminal cap rate 5.0% time of expiration of the period for the analysis of cap rate Appraisal value by cost method 1,060,000 Land ratio 51.9% Building ratio 48.1% Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be

more persuasive. B‐11 S‐FORT Nishinomiya Uegahara Overview of real estate appraisal report Property name S‐FORT Nishinomiya Uegahara Appraisal value 805,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 805,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 815,000 being stable in the medium to long term (1) Operating profit (a – b) 50,654 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 53,567 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Vacancy rate was calculated as that being appropriate to rental room rent income, common service expense income and parking lot income which b) Loss from vacancies, are recognized as being stable in the medium to long term, taking into 2,913 etc. account the competitiveness, etc. of the subject real estate based on the past result of the subject real estate’s vacancy rate and standard vacancy rates of similar real estates (2) Operating costs 10,692 Allocated based on verification with the level of maintenance and Maintenance and 2,280 management expenses of similar real estate and materials obtained from management expenses the client Property management Assessed, and allocated based on the level of PM fee of similar real estate 925 fees and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,036 etc. Assessed based on utilities expenses level of similar real estate and Utilities expenses 1,682 amounts of past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,517 report as well as similar cases Taxes and dues 3,013 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.02% of the building replacement 69 premiums costs Other expenses 168 Assessed in reference to past results, etc. (3) Net operating profit 39,961 (NOI＝(1)－(2)) (4) Income from deposits 34 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 865 report as well as similar cases (6) Net profit 39,131 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.8% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 801,000 discount cash flow method Assessed based on comparison with the discount rate associated with Discount rate 4.6% transaction of similar real estates, yields associated with other financial instruments, etc. Assessed in consideration of marketability of the subject real estate at the Terminal cap rate 5.0% time of expiration of the period for the analysis of cap rate Appraisal value by cost method 740,000 Land ratio 68.4% Building ratio 31.6% Points of attention in determining the appraisal Appraisal value was decided in reference to the cost method price and value and adjusting the estimated price based on the profit price, because it is recognized that the primary user

of the property will be an investor, etc. to whom the profit price will be more persuasive.

B‐12 S‐FORT Mito Chuo Overview of real estate appraisal report Property name S‐FORT Mito Chuo Appraisal value 1,810,000 thousand yen Appraiser Japan Real Estate Institute Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,810,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,830,000 being stable in the medium to long term (1) Operating profit (a – b) 130,252 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 136,341 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 6,089 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 29,292 Assessed based on verification with the current maintenance and Maintenance and 3,723 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 2,489 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 8,166 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 1,520 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 5,327 report as well as similar cases Taxes and dues 7,840 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 227 premiums Other expenses ‐ ‐ (3) Net operating profit 100,960 (NOI＝(1)－(2)) (4) Income from deposits 183 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 7,840 report as well as similar cases (6) Net profit 93,303 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.1% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,790,000 discount cash flow method Assessed based on comparison with the discount rate associated with Discount rate 4.9% transaction of similar real estates, yields associated with other financial instruments, etc. Assessed in consideration of marketability of the subject real estate at the Terminal cap rate 5.3% time of expiration of the period for the analysis of cap rate Appraisal value by cost method 1,640,000 Land ratio 50.0% Building ratio 50.0%

Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

B‐13 S‐FORT Tsu Shinmachi Overview of real estate appraisal report Property name S‐FORT Tsu Shinmachi Appraisal value 836,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 836,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 843,000 being stable in the medium to long term (1) Operating profit (a – b) 60,483 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 63,049 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,565 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 12,609 Assessed based on verification with the past results, planned Maintenance and 2,040 management expenses and level of maintenance and management management expenses expenses of similar real estates Property management Assessed, and allocated based on the level of PM fee of similar real estate 1,161 fees and materials obtained from the client Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,441 etc. Assessed based on the past results, taking into consideration the level of Utilities expenses 1,780 occupancy rate of the rental room portion Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,444 report as well as similar cases Taxes and dues 3,387 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.04% of the building replacement 81 premiums costs Other expenses 271 Assessed in reference to past results, etc. (3) Net operating profit 47,874 (NOI＝(1)－(2)) (4) Income from deposits 41 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 696 report as well as similar cases (6) Net profit 47,219 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.6% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 829,000 discount cash flow method Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into Discount rate 5.4% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Assessed based on the cap rate in consideration of the future Terminal cap rate 5.8% unpredictability as well Appraisal value by cost method 369,000 Land ratio 37.9% Building ratio 62.1% Appraisal value was decided based on the verification with cost method price using the profit price as a standard, because the subject real estate Points of attention in determining the appraisal is a property for the renting purpose located in a place where the rent value and adjusting the estimated price can be stably received and the profit price is judged to be the most persuasive price.

B‐14 S‐FORT Mie Daigaku‐mae Overview of real estate appraisal report Property name S‐FORT Mie Daigaku‐mae Appraisal value 645,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 645,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 650,000 being stable in the medium to long term (1) Operating profit (a – b) 47,443 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 50,344 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,900 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 10,186 Assessed based on verification with the past results, planned Maintenance and 1,724 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 896 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,312 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 1,498 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,068 report as well as similar cases Taxes and dues 2,657 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 64 premiums Other expenses 963 Assessed in reference to past results, etc. (3) Net operating profit 37,257 (NOI＝(1)－(2)) (4) Income from deposits ‐ Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 839 report as well as similar cases (6) Net profit 36,418 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 5.6% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 640,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.4% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the future Terminal cap rate 5.8% unpredictability as well Appraisal value by cost method 217,000 Land ratio 44.7% Building ratio 55.3% Appraisal value was decided based on the verification with cost method Points of attention in determining the appraisal price using the profit price as a standard, because the subject real estate value and adjusting the estimated price is a property for the renting purpose located in a place where the rent

can be stably received and the profit price is judged to be the most persuasive price. B‐15 S‐FORT Takasagomachi Overview of real estate appraisal report Property name S‐FORT Takasagomachi Appraisal value 1,020,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,020,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,030,000 being stable in the medium to long term (1) Operating profit (a – b) 80,689 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 88,217 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Vacancy rate was calculated as that being appropriate to rental room rent income, common service expense income and parking lot income which b) Loss from vacancies, are recognized as being stable in the medium to long term, taking into 7,527 etc. account the competitiveness, etc. of the subject real estate based on the past result of the subject real estate’s vacancy rate and standard vacancy rates of similar real estates (2) Operating costs 22,683 Assessed based on verification with the current maintenance and Maintenance and 3,900 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed, and allocated based on the level of PM fee of similar real estate Property management 2,241 and materials obtained from the client fees

Fees for finding tenants, Assessed based on the expected rotation period of tenants 3,400 etc. Assessed based on the past results, taking into consideration the level of Utilities expenses 3,906 occupancy rate of the rental room portion Assessed in consideration of repair and renewal costs in the engineering Repair expenses 3,494 report as well as similar cases Taxes and dues 5,381 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.02% of the building replacement 180 premiums costs Other expenses 178 Assessed in reference to past results, etc. (3) Net operating profit 58,006 (NOI＝(1)－(2)) (4) Income from deposits 101 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,288 report as well as similar cases (6) Net profit 55,820 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.4% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,010,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.2% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the future Terminal cap rate 5.6% unpredictability as well Appraisal value by cost method 978,000 Land ratio 31.6% Building ratio 68.4%

Appraisal value was decided in reference to the cost method price and Points of attention in determining the appraisal based on the profit price, because it is recognized that the primary user value and adjusting the estimated price of the property will be an investor, etc. to whom the profit price will be more persuasive.

B‐16 S‐FORT Oita Ekimae Overview of real estate appraisal report Property name S‐FORT Oita Ekimae Appraisal value 907,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 907,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 922,000 being stable in the medium to long term (1) Operating profit (a – b) 64,200 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 64,360 the medium to long term in consideration of the current rent, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 159 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 12,250 Assessed based on verification with the current maintenance and Maintenance and 3,578 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 95 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 79 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 1,214 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,919 report as well as similar cases Taxes and dues 4,116 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.02% of the building replacement 118 premiums costs Other expenses 128 Assessed in reference to past results, etc. (3) Net operating profit 51,949 (NOI＝(1)－(2)) (4) Income from deposits 58 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 3,146 report as well as similar cases (6) Net profit 48,861 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 5.3% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 900,000 discount cash flow method Assessed based on the yield of financial instruments, taking into account Discount rate 5.4% individual risks associated with the subject real estate Assessed based on the cap rate in comprehensive consideration of the Terminal cap rate 5.5% features, marketability of the subject real estate and trends in the real estate market Appraisal value by cost method 859,000 Land ratio 42.6% Building ratio 57.4% Appraisal value was decided based on the verification with cost method Points of attention in determining the appraisal price using the profit price as a standard, because most effective use of value and adjusting the estimated price the subject real estate is mid‐rise apartment with stores and the profit price is judged to be the most persuasive price.

B‐17 S‐FORT Oita Otemachi Overview of real estate appraisal report Property name S‐FORT Oita Otemachi Appraisal value 280,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 280,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 281,000 being stable in the medium to long term (1) Operating profit (a – b) 21,126 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 21,126 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, ‐ medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 5,754 Assessed based on verification with the current maintenance and Maintenance and 782 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,260 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants ‐ etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 163 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 783 report as well as similar cases Taxes and dues 1,875 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.02% of the building replacement 45 premiums costs Other expenses 845 Assessed in reference to past results, etc. (3) Net operating profit 15,371 (NOI＝(1)－(2)) (4) Income from deposits 17 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 470 report as well as similar cases (6) Net profit 14,918 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 5.3% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 280,000 discount cash flow method Assessed based on the yield of financial instruments, taking into account Discount rate 5.4% individual risks associated with the subject real estate Assessed based on the cap rate in consideration of the future Terminal cap rate 5.5% unpredictability as well Appraisal value by cost method 356,000 Land ratio 23.3% Building ratio 76.7% Appraisal value was decided based on the verification with cost method Points of attention in determining the appraisal price using the profit price as a standard, because the most effective use value and adjusting the estimated price of the subject real estate is mid‐rise apartments and the profit price is judged to be the most persuasive price.

B‐18 S‐FORT Suizenji Overview of real estate appraisal report Property name S‐FORT Suizenji Appraisal value 1,340,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,340,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,350,000 being stable in the medium to long term (1) Operating profit (a – b) 94,048 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 97,927 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 3,878 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 19,740 Assessed based on verification with the current maintenance and Maintenance and 2,868 management expenses and level of maintenance and management management expenses expenses of similar real estates Property management Assessed based on the conditions in the property management 1,772 fees agreement Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,898 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 4,250 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 2,737 report as well as similar cases Taxes and dues 5,978 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 153 premiums Other expenses 81 Assessed in reference to past results, etc. (3) Net operating profit 74,307 (NOI＝(1)－(2)) (4) Income from deposits 49 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,781 report as well as similar cases (6) Net profit 71,575 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 5.3% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 1,330,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.1% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the future Terminal cap rate 5.5% unpredictability as well Appraisal value by cost method 725,000 Land ratio 53.7% Building ratio 46.3% Appraisal value was decided based on the verification with cost method Points of attention in determining the appraisal price using the profit price as a standard, because the subject real estate value and adjusting the estimated price is a property for the renting purpose located in a place where the rent can be stably received and the profit price is judged to be the most

persuasive price.

B‐19 S‐FORT Kumadaibyoin‐mae Overview of real estate appraisal report Property name S‐FORT Kumadaibyoin‐mae Appraisal value 1,150,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,150,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,160,000 being stable in the medium to long term (1) Operating profit (a – b) 80,343 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 83,653 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 3,310 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 16,987 Assessed based on verification with the current maintenance and Maintenance and 2,642 management expenses and level of maintenance and management management expenses expenses of similar real estates Property management Assessed based on the conditions in the property management 1,527 fees agreement Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,699 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 3,795 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,974 report as well as similar cases Taxes and dues 5,135 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed at an amount equivalent to 0.04% of the building replacement 140 premiums costs Other expenses 71 Assessed in reference to similar cases (3) Net operating profit 63,356 (NOI＝(1)－(2)) (4) Income from deposits 27 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,002 report as well as similar cases (6) Net profit 61,381 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 5.3% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 1,140,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.1% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the future Terminal cap rate 5.5% unpredictability as well Appraisal value by cost method 446,000 Land ratio 36.5% Building ratio 63.5% Appraisal value was decided based on the verification with cost method price using the profit price as a standard, because the subject real estate Points of attention in determining the appraisal is a property for the renting purpose located in a place where the rent value and adjusting the estimated price can be stably received and the profit price is judged to be the most persuasive price.

B‐20 S‐FORT Kumamoto Senba Overview of real estate appraisal report Property name S‐FORT Kumamoto Senba Appraisal value 1,040,000 thousand yen Appraiser Daiwa Real Estate Appraisal Corporation Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,040,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,050,000 being stable in the medium to long term (1) Operating profit (a – b) 75,469 Assessed based on the level of the rent in the current agreement and the level of new rent of similar real estate in the same supply and demand a) Total potential profit 79,355 area as well as its trends, and taking into account the competitiveness of the subject real estate in the medium to long term Vacancy rate was calculated as that being appropriate to rental room rent income, common service expense income and parking lot income which b) Loss from vacancies, are recognized as being stable in the medium to long term, taking into 3,885 etc. account the competitiveness, etc. of the subject real estate based on the past result of the subject real estate’s vacancy rate and standard vacancy rates of similar real estates (2) Operating costs 15,779 Maintenance and Allocated based on the amount in the planned agreement, judging the 2,252 management expenses amount to be reasonable Assessed based on the conditions in the planned property management Property management 1,492 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,615 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 935 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 3,013 report as well as similar cases Taxes and dues 5,075 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 111 premiums Other expenses 282 Assessed in reference to past results, etc. (3) Net operating profit 59,689 (NOI＝(1)－(2)) (4) Income from deposits 56 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,879 report as well as similar cases (6) Net profit 56,866 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 5.4% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,040,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 5.2% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed in consideration of marketability of the subject real estate at the Terminal cap rate 5.6% time of expiration of the period for the analysis of cap rate Appraisal value by cost method 715,000 Land ratio 33.6% Building ratio 66.4% Points of attention in determining the appraisal Appraisal value was decided based on the verification with cost method value and adjusting the estimated price price using the profit price as a standard, because the subject real estate

is a property for the renting purpose located in a place where the rent can be stably received and the profit price is judged to be the most persuasive price.

C‐12 S‐FORT Hoya Overview of real estate appraisal report Property name S‐FORT Hoya Appraisal value 728,000 thousand yen Appraiser Japan Real Estate Institute Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 728,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 736,000 being stable in the medium to long term (1) Operating profit (a – b) 39,240 Assessed based on the level of new rent, attribute of tenant in the case a) Total potential profit 39,240 where the subject real estate is assumed to be newly rented, including the average rent under the current rental agreement, etc. Assessed in consideration of the level of rent for end tenants, occupancy b) Loss from vacancies, ‐ rate status, etc. as the current agreement is for wholesale lease on a etc. building (2) Operating costs 2,693 Maintenance and Such expenses as periodic inspection expenses, etc. was allocated, in 170 management expenses view of the case being wholesale lease on a building Assessed based on the conditions in the planned property management Property management ‐ agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the contents of the lease agreement, in view of the ‐ etc. case being wholesale lease on a building Assesse based on the contents of the lease agreement, in view of the Utilities expenses ‐ case being wholesale lease on a building Assessed in consideration of repair and renewal costs in the engineering Repair expenses 213 report as well as similar cases Taxes and dues 2,260 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 50 premiums Other expenses ‐ ‐ (3) Net operating profit 36,547 (NOI＝(1)－(2)) (4) Income from deposits 33 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 496 report as well as similar cases (6) Net profit 36,084 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 720,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 526,000 Land ratio 62.2% Building ratio 37.8% Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

C‐13 S‐FORT Tamagawagakuen‐mae Overview of real estate appraisal report Property name S‐FORT Tamagawagakuen‐mae Appraisal value 605,000 thousand yen Appraiser Japan Real Estate Institute Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 605,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 613,000 being stable in the medium to long term (1) Operating profit (a – b) 37,706 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 39,276 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 1,570 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 8,091 Assessed based on verification with the current maintenance and Maintenance and 1,952 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 721 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,505 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 450 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 971 report as well as similar cases Taxes and dues 2,438 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 54 premiums Other expenses ‐ ‐ (3) Net operating profit 29,615 (NOI＝(1)－(2)) (4) Income from deposits 11 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 1,440 report as well as similar cases (6) Net profit 28,186 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.6% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 597,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.4% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.8% marketability and future unpredictability of net profits Appraisal value by cost method 545,000 Land ratio 61.2% Building ratio 38.8% Appraisal value was decided using the cost method price as mere a reference, because it is recognized that, judging from the characteristics Points of attention in determining the appraisal of the subject real estate such as the locational conditions, its intended value and adjusting the estimated price use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be

more persuasive.

C‐14 S‐FORT Tsurukawa Overview of real estate appraisal report Property name S‐FORT Tsurukawa Appraisal value 523,000 thousand yen Appraiser Japan Real Estate Institute Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 523,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 529,000 being stable in the medium to long term (1) Operating profit (a – b) 35,822 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 37,694 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 1,872 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 9,078 Assessed based on verification with the current maintenance and Maintenance and 1,800 management expenses and level of maintenance and management management expenses expenses of similar real estates Assessed based on the conditions in the planned property management Property management 696 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,051 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 900 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,524 report as well as similar cases Taxes and dues 3,031 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 76 premiums Other expenses ‐ ‐ (3) Net operating profit 26,744 (NOI＝(1)－(2)) (4) Income from deposits 26 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 2,446 report as well as similar cases (6) Net profit 24,324 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.6% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 517,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.4% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.8% marketability and future unpredictability of net profits Appraisal value by cost method 559,000 Land ratio 77.6% Building ratio 22.4% Appraisal value was decided using the cost method price as mere a Points of attention in determining the appraisal reference, because it is recognized that, judging from the characteristics value and adjusting the estimated price of the subject real estate such as the locational conditions, its intended

use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

C‐15 S‐RESIDENCE Yokohama Tanmachi Overview of real estate appraisal report Property name S‐RESIDENCE Yokohama Tanmachi Appraisal value 694,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 694,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 697,000 being stable in the medium to long term (1) Operating profit (a – b) 37,332 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 37,332 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, ‐ medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 5,442 Maintenance and Assessed based on verification with the engineering report and level of 1,686 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 624 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 306 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 92 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 190 report as well as similar cases Taxes and dues 2,466 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 38 premiums Other expenses 37 Assessed in reference to similar cases (3) Net operating profit 31,889 (NOI＝(1)－(2)) (4) Income from deposits 30 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 570 report as well as similar cases (6) Net profit 31,350 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.5% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 692,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.5% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.7% marketability and future unpredictability of net profits Appraisal value by cost method 414,000 Land ratio 47.1% Building ratio 52.9% Points of attention in determining the appraisal Appraisal value was decided using the cost method price as mere a value and adjusting the estimated price reference, because it is recognized that, judging from the characteristics

of the subject real estate such as the locational conditions, its intended use, etc., the primary user of the property will be a corporate investor with sufficient fund raising capacity, to whom the profit price will be more persuasive.

C‐16 S‐FORT Chigasaki Overview of real estate appraisal report Property name S‐FORT Chigasaki Appraisal value 1,140,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,140,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,160,000 being stable in the medium to long term (1) Operating profit (a – b) 65,436 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 68,734 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 3,297 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 9,514 Maintenance and Assessed based on verification with the engineering report and level of 1,509 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,253 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,174 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 414 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 956 report as well as similar cases Taxes and dues 2,820 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 59 premiums Other expenses 327 Assessed in reference to similar cases (3) Net operating profit 55,921 (NOI＝(1)－(2)) (4) Income from deposits 174 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 640 report as well as similar cases (6) Net profit 55,456 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.8% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,130,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.8% marketability and future unpredictability of net profits Appraisal value by cost method 753,000 Land ratio 50.9% Building ratio 49.1% Appraisal value was decided based on the verification with cost method Points of attention in determining the appraisal price using the profit price as a standard, because the most effective use value and adjusting the estimated price of subject real estate is medium‐to‐high‐rise apartments and the profit price is judged to be the most persuasive price.

C‐17 S‐FORT Kawaguchi Namiki Overview of real estate appraisal report Property name S‐FORT Kawaguchi Namiki Appraisal value 1,130,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,130,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,120,000 being stable in the medium to long term (1) Operating profit (a – b) 64,627 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 67,934 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 3,306 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 12,321 Maintenance and Assessed based on verification with the engineering report and level of 2,378 management expenses maintenance and management expenses of similar real estates Assessed based on the conditions in the planned property management Property management 1,256 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,804 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 524 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,304 report as well as similar cases Taxes and dues 3,818 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 71 premiums Other expenses 1,163 Assessed in reference to similar cases (3) Net operating profit 52,305 (NOI＝(1)－(2)) (4) Income from deposits 45 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 606 report as well as similar cases (6) Net profit 51,745 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 4.6% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 1,130,000 discount cash flow method Assessed based on the yield of financial instruments, taking into account Discount rate 4.6% individual risks associated with the subject real estate Assessed based on the cap rate in consideration of the future Terminal cap rate 4.8% unpredictability as well Appraisal value by cost method 895,000 Land ratio 48.0% Building ratio 52.0% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

C‐18 S‐FORT Todakoen Overview of real estate appraisal report Property name S‐FORT Todakoen Appraisal value 938,000 thousand yen Appraiser The Tanizawa Sogo Appraisal Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 938,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 948,000 being stable in the medium to long term (1) Operating profit (a – b) 55,113 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 57,933 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 2,820 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 10,801 Maintenance and Assessed based on verification with the engineering report and level of 1,933 management expenses maintenance and management expenses of similar real estates Property management Assessed based on the conditions in the property management 1,071 fees agreement Fees for finding tenants, Assessed based on the expected rotation period of tenants 2,040 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 604 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 1,448 report as well as similar cases Taxes and dues 3,362 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 66 premiums Other expenses 275 Assessed in reference to similar cases (3) Net operating profit 44,311 (NOI＝(1)－(2)) (4) Income from deposits 38 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 720 report as well as similar cases (6) Net profit 43,630 (NCF＝(3)＋(4)－(5)) Assessed based on the examination by comparison of multiple transaction yields of similar real estates with each other, taking into (7) Cap rate 4.6% account the estimate of future fluctuation of net profits and paying attention to its relationship with the discount rate as well Appraisal value using the 933,000 discount cash flow method Assessed based on the yield of financial instruments, taking into account Discount rate 4.6% individual risks associated with the subject real estate Assessed based on the cap rate in consideration of the future Terminal cap rate 4.8% unpredictability as well Appraisal value by cost method 694,000 Land ratio 40.1% Building ratio 59.9% Appraisal value was decided based on the verification with cost method price using the profit price as a standard which appropriately reflects the Points of attention in determining the appraisal investment feasibility in the light of the price formation process, etc. value and adjusting the estimated price placing emphasis on the profitability, since typical market players associated with the subject real estate are investors who have purpose of earning profits.

C‐19 S‐FORT Funabashi Tsukada Overview of real estate appraisal report Property name S‐FORT Funabashi Tsukada Appraisal value 1,940,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 1,940,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 1,950,000 being stable in the medium to long term (1) Operating profit (a – b) 117,853 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 118,844 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 991 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 21,537 Maintenance and Assessed based on the engineering report, etc. 5,556 management expenses Assessed based on the conditions in the planned property management Property management 600 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, ‐ ‐ etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 1,842 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 3,081 report as well as similar cases Taxes and dues 9,927 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 203 premiums Other expenses 326 Assessed in reference to similar cases (3) Net operating profit 96,315 (NOI＝(1)－(2)) (4) Income from deposits 181 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 4,893 report as well as similar cases (6) Net profit 91,603 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.7% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 1,930,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.5% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 4.8% marketability and future unpredictability of net profits Appraisal value by cost method 1,560,000 Land ratio 67.4% Building ratio 32.6% Appraisal value was decided based on the verification with cost method price using the profit price as a standard, because the subject real estate Points of attention in determining the appraisal is a property for the renting purpose located in a an area which is value and adjusting the estimated price gradually maturing as a residential district and the profit price is judged to be the most persuasive price.

C‐20 S‐FORT Kashiwa Overview of real estate appraisal report Property name S‐FORT Kashiwa Appraisal value 552,000 thousand yen Appraiser Japan Valuers Co., Ltd. Date of value November 1, 2017 Item (units: thousand yen) Value Basis Calculated by associating value based on the direct capitalization method Appraisal value by capitalization 552,000 and that based on the DCF method, both of which were considered to have the same level of canonicity Assessed by capitalization rate based on net profit that is recognized as Appraisal value using the direct 559,000 being stable in the medium to long term (1) Operating profit (a – b) 34,391 Assessed based on appropriate rent levels recognized as being stable in a) Total potential profit 35,896 the medium to long term in consideration of current rents, market rents, etc. Assessed based on occupancy level recognized as being stable in the b) Loss from vacancies, 1,504 medium to long term in consideration of current occupancy rates, market etc. vacancy rates, etc. (2) Operating costs 6,636 Maintenance and Assessed based on the engineering report, etc. 1,332 management expenses Assessed based on the conditions in the planned property management Property management 667 agreement in consideration of property management fee rates, etc. of fees similar real estate as well Fees for finding tenants, Assessed based on the expected rotation period of tenants 1,281 etc. Allocated considering utilities expenses of similar real estates as well as Utilities expenses 570 individuality, etc. of the subject real estate, and in reference to the past results Assessed in consideration of repair and renewal costs in the engineering Repair expenses 277 report as well as similar cases Taxes and dues 2,004 Assessed based on tax base amount in 2017 tax year Non‐life insurance Assessed based on the estimate of insurance premium, etc. 47 premiums Other expenses 98 Assessed in reference to similar cases (3) Net operating profit 27,755 (NOI＝(1)－(2)) (4) Income from deposits 12 Assessed by assuming investment yield at 1.0% Assessed in consideration of repair and renewal costs in the engineering (5) Capital expenditure 354 report as well as similar cases (6) Net profit 27,413 (NCF＝(3)＋(4)－(5)) Assessed in comprehensive consideration of the subject real estate’s (7) Cap rate 4.9% locational conditions, building condition, etc. and in reference to multiple transaction yields of similar real estates Appraisal value using the 545,000 discount cash flow method Assessed based on the comparison with multiple transaction yields of Discount rate 4.7% similar real estates as well as the yields of financial assets, taking into account the real estate’s individuality Assessed based on the cap rate in consideration of the features, Terminal cap rate 5.1% marketability and future unpredictability of net profits Appraisal value by cost method 238,000 Land ratio 64.7% Building ratio 35.3% Appraisal value was decided based on the verification with cost method price using the profit price as a standard, because the subject real estate Points of attention in determining the appraisal is a property for the renting purpose located in a place where the rent value and adjusting the estimated price can be stably received and the profit price is judged to be the most persuasive price.

Reference Material 1: Overview of Building Condition Survey Reports Reference Material 2: Photograph of Exterior and Map Reference Material 3: List of Samty Residential’s Portfolio Properties

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*Samty Residential Investment Corporation website: http://www.samty‐residential.com/en/

Reference Material 1: Overview of Building Condition Survey Reports Estimated Estimated Estimated Building long‐term emergency short‐term replacement repair repair repair cost expenses expenses expenses (thousand Number Property name Survey company Date of report (thousand (thousand (thousand yen) yen) yen) yen) (Note 4) (Note 3) (Note 1) (Note 2)

S‐RESIDENCE Tokio Marine & Nichido Risk A‐30 Midoribaashi January 2017 ‐ ‐ 9,899 895,400 Consulting Co., Ltd. Ekimae S‐FORT A‐31 Tsurumai ERI Solution Co., Ltd. June 2017 ‐ ‐ 13,844 754,000 reale S‐FORT Osu Tokio Marine & Nichido Risk A‐32 November 2017 ‐ ‐ 1,091 552,700 Kannon Consulting Co., Ltd. S‐FORT Tokio Marine & Nichido Risk A‐33 November 2017 ‐ ‐ 21,290 417,900 Kita‐Sanno Consulting Co., Ltd. S‐FORT Tokio Marine & Nichido Risk A‐34 November 2017 ‐ ‐ 20,674 354,200 Aratamabashi Consulting Co., Ltd. S‐FORT Toyohira Tokio Marine & Nichido Risk A‐35 November 2017 ‐ ‐ 48,824 616,900 Sanjyo Consulting Co., Ltd. S‐FORT Tokio Marine & Nichido Risk A‐36 November 2017 ‐ ‐ 23,741 361,800 Kitamaruyama Consulting Co., Ltd. S‐FORT A‐37 ERI Solution Co., Ltd. November 2017 210 1,000 21,580 221,000 Hakata‐Higashi I S‐FORT A‐38 Hakata‐Higashi ERI Solution Co., Ltd. November 2017 150 1,000 21,490 221,000 II S‐FORT Kobe Tokio Marine & Nichido Risk A‐39 November 2017 ‐ ‐ 22,233 255,700 Sannomiya‐Kita Consulting Co., Ltd. S‐FORT A‐40 ERI Solution Co., Ltd. July 2017 30 ‐ 23,120 421,240 Nakahirodori S‐FORT A‐41 ERI Solution Co., Ltd. July 2017 100 ‐ 25,810 422,500 Tsurumicho S‐FORT Aoba Tokio Marine & Nichido Risk A‐42 November 2017 ‐ ‐ 40,904 462,700 Kamisugi Consulting Co., Ltd. S‐FORT Japan Constructive Inspect B‐10 November 2017 ‐ ‐ 12,899 627,169 Nishinomiya Association S‐FORT B‐11 Nishinomiya ERI Solution Co., Ltd. July 2017 90 ‐ 15,800 345,000 Uegahara S‐FORT Mito B‐12 ERI Solution Co., Ltd. December 2017 160 100 17,030 1,360,000 Chuo Japan Constructive Inspect B‐13 S‐FORT津新町 July 2017 ‐ ‐ 12,474 445,848 Association S‐FORT Japan Constructive Inspect B‐14 Mie November 2016 ‐ ‐ 12,277 342,050 Association Daigaku‐mae S‐FORT B‐15 Tokyo Kantei Co., Ltd. November 2017 ‐ ‐ 34,100 900,000 Takasagocho S‐FORT Oita Tokio Marine & Nichido Risk B‐16 December 2017 ‐ ‐ 44,737 684,300 Ekimae Consulting Co., Ltd. S‐FORT Tokio Marine & Nichido Risk B‐17 November 2017 ‐ ‐ 6,136 234,900 Oita Otemachi Consulting Co., Ltd.

Tokio Marine & Nichido Risk B‐18 S‐FORT Suizenji July 2017 ‐ ‐ 39,732 880,300 Consulting Co., Ltd. S‐FORT Tokio Marine & Nichido Risk B‐19 Kumadaibyoin‐ July 2017 ‐ ‐ 27,213 802,400 Consulting Co., Ltd. mae S‐FORT Tokio Marine & Nichido Risk B‐20 Kumamoto April 2017 90 ‐ 40,271 624,800 Consulting Co., Ltd. Senba Japan Constructive Inspect C‐12 S‐FORT Hoya November 2017 ‐ ‐ 7,093 260,654 Association S‐FORT C‐13 Tamagawagakue Nippon Kanzai Co., Ltd. March 2017 ‐ ‐ 20,530 291,400 n‐mae S‐FORT Tokio Marine & Nichido Risk C‐14 November 2017 ‐ ‐ 34,940 431,000 Tsurukawa Consulting Co., Ltd. S‐RESIDENCE Tokio Marine & Nichido Risk C‐15 Yokohama January 2017 ‐ ‐ 8,607 190,400 Consulting Co., Ltd. Tanmachi S‐FORT C‐16 ERI Solution Co., Ltd. November 2017 ‐ ‐ 10,050 319,000 Chigasaki S‐FORT C‐17 Kawaguchi Nippon Kanzai Co., Ltd. November 2017 ‐ ‐ 3,520 403,400 Namiki S‐FORT C‐18 ERI Solution Co., Ltd. March 2017 ‐ ‐ 10,220 361,100 Todakoen S‐FORT Tokio Marine & Nichido Risk C‐19 Funabashi November 2017 ‐ ‐ 61,317 1,165,800 Consulting Co., Ltd. Tsukada Japan Constructive Inspect C‐20 S‐FORT Kashiwa July 2017 ‐ ‐ 6,322 246,388 Association (Note 1) Estimated emergency repair expenses are repair and renewal costs assumed to be urgent indicated in the building condition survey report. Amounts are rounded down to the nearest thousand yen. The same follows. (Note 2) Estimated short‐term repair expenses are repair and renewal costs assumed to be needed within a year indicated in the building conditions survey report. Amounts are rounded down to the nearest thousand yen. The same follows. (Note 3) Estimated long‐term repair expenses are repair and renewal costs assumed to be needed within 10 years indicated in the building conditions survey report. Amounts are rounded down to the nearest thousand yen. The same follows. (Note 4) Building replacement costs are the estimated construction procurement amounts as of the point of survey for newly constructing each managed asset with the same design and specifications, indicated in the building conditions survey report. However, the figures reflect the unique views and opinions of the survey company as of a certain point, and the validity and accuracy of such are not guaranteed. Building replacement costs are rounded down to the nearest thousand yen. The same follows

Reference Material 2: Photograph of Exterior and Map

A‐30 S‐RESIDENCE Midoribashi Ekimae

S‐RESIDENCE Midoribashi Ekimae

A‐31 S‐FORT Tsurumai reale

S‐FORT Tsurumai reale

A‐32 S‐FORT Osu Kannon

S‐FORT Osu Kannon

A‐33 S‐FORT Kita‐Sanno

S‐FORT Kita Sanno

A‐34 S‐FORT Aratamabashi

S‐FORT Aratamabash i

A‐35 S‐FORT Toyohira Sanjyo

S‐FORT Toyohira Sanjyo

A‐36 S‐FORT Kitamaruyama

S‐FORT Kitamaruyama

A‐37 S‐FORT Hakata‐Higashi I / A‐38 S‐FORT Hakata‐Higashi II

S‐FORT Hakata‐Higashi I

S‐FORT Hakata‐Higashi Ⅱ

A‐39 S‐FORT Kobe Sannomiya‐Kita

S‐FORT Kobe Sannomiya‐Kita

A‐40 S‐FORT Nakahirodori

S‐FORT Nakahirodori

A‐41 S‐FORT Tsurumicho

S‐FORT Tsurumicho

A‐42 S‐FORT Aoba Kamisugi

S‐FORT Aoba Kamisugi

B‐10 S‐FORT Nishinomiya

S‐FORT Nishinomiya

B‐11 S‐FORT Nishinomiya Uegahara

S‐FORT Nishinomiya Uegahara

B‐12 S‐FORT Mito Chuo

S‐FORT Mito Chuo

B‐13 S‐FORT Tsu Shinmachi

S‐FORT Tsu Shinmachi

B‐14 S‐FORT Mie Daigakumae

S‐FORT Mie Daigakumae

B‐15 S‐FORT Takasagomachi

S-FORT Takasagomachi

S‐FORT Oita Ekimae S‐FORT Oita Otemachi

B‐16 S‐FORT Oita Ekimae

S-FORT Takasagomachi

S‐FORT Oita Ekimae S‐FORT Oita Otemachi

B‐17 S‐FORT Oita Otemachi

S-FORT Takasagomachi

S‐FORT Oita Ekimae S‐FORT Oita Otemachi

B‐18 S‐FORT Suizenji

S‐FORT Suizenji

B‐19 S‐FORT Kumadaibyoin‐mae

S-FORT Kumamoto Senba

S‐FORT Kumadaibyoin‐mae

B‐20 S‐FORT Kumamoto Senba

S-FORT Kumamoto Senba

S‐FORT Kumadaibyoin‐mae

C‐12 S‐FORT Hoya

S‐FORT Hoya

C‐13 S‐FORT Tamagawa Gakuenmae

S‐FORT Tamagawa Gakuenmae

C‐14 S‐FORT Tsurukawa

S‐FORT Tsurukawa

C‐15 S‐RESIDENCE Yokohama Tanmachi

S‐RESIDENCE Yokohama Tanmachi

C‐16 S‐FORT Chigasaki

S‐FORT Chigasaki

C‐17 S‐FORT Kawaguchi Namiki

S‐FORT Kawaguchi Namiki

C‐18 S‐FORT Todakoen

S‐FORT Todakoen

C‐19 S‐FORT Funabashi Tsukada

S‐FORT Funabashi Tsukada

C‐20 S‐FORT Kashiwa

S‐FORT Kashiwa