For Translation Purposes Only February 22, 2013 for Immediate

For Translation Purposes Only

February 22, 2013

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

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

Notice Concerning Acquisition of Properties

United Urban Investment Corporation (“United Urban”) hereby announces its decision to acquire properties as set forth below on February 22, 2013.

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

Scheduled Scheduled Type of Use Property Name Location (residential) Acquisition Price Acquisition Date (Note 1) (Note 2) (Note 2) Yodobashi Camera Department 1-19-1 Kichijoji-honcho, ¥28,000 million March 18, 2013 Multimedia Kichijoji Store Musashino, Tokyo 2289-3,6,8,12 Matsudo Aza Yamada Denki Tecc Iwase-sakai, Matsudo, Chiba, Land New Matsudo Store ¥5,150 million March 18, 2013 612-1,7 Iwase Aza Kajizuka, Honten Matsudo, Chiba (Note 4) Yotsuya 213 Building Hotel, 2-1-3 Yotsuya, Shinjuku, Tokyo ¥5,020 million March 18, 2013 (Note 3) Apartment, Store (Note 4) HOTEL ROUTE-INN 3-31-7 Uchiyama, Chikusa-ku, Hotel ¥2,000 million March 25, 2013 Nagoya Imaike Ekimae Nagoya, Aichi

Total ¥40,170 million —

(Notes) 1. Of the types indicated on the real estate register, the primary types are shown. 2. In order to ensure that each of the Properties to be Acquired is acquired on the respective scheduled acquisition dates, United Urban executed a sale and purchase agreement of trust beneficial interest (referred to as collectively or individually the “Sale and Purchase Agreement” or “Sale and Purchase Agreements”) with each seller of the Properties to be Acquired. The scheduled acquisition prices shown are based on the purchase prices stated in the respective Sale and Purchase Agreements. In addition, the prices are shown in the amount excluding acquisition costs, consumption taxes and other costs. Please refer to “4. Matters on Forward Commitments” below for details of the Sale and Purchase Agreements. 3. The name of this property was changed from “Yotsuya Tokyu Building” to “Yotsuya 213 Building” on September 3, 2012. 4. Each of the location of “Yamada Denki Tecc Land New Matsudo Honten” and “Yotsuya 213 Building” shows the location indicated on the real estate register for the building because the location of property is not assigned an indication of residential address.

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

2. Reasons for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Properties to be Acquired for the purpose of expanding the asset size, enhancing the quality and profitability of the portfolio, and further diversifying its investment assets in the type of use. United Urban considers that the expansion in asset size and diversification of investment assets to be achieved through the acquisition of the Properties to be Acquired will improve the profitability and stability of the portfolio, which will result in a stable growth in the medium- to long-term, and thus enable United Urban to pay out a stable cash distribution. After the acquisition of the Properties to be Acquired, the asset size of United Urban will total ¥466.9 billion (based on acquisition price), and the number of properties will be 97. Moreover, for details of the Properties to be Acquired, please refer to “3.Details of Acquisition” below.

3. Details of Acquisition

A. Yodobashi Camera Multimedia Kichijoji

(1) Reason for Acquisition In making the decision to acquire Yodobashi Camera Multimedia Kichijoji (hereinafter, the “Property” in this section A), the following aspects were especially appreciated.

1. Location The property attracts a lot of customers as it is located in a convenient 3-minute walk from Kichijoji station and in a location with excellent visibility, facing “Kichijoji-Odori,” which is leading from the station. Musashino, Tokyo, where the Property is located, is popular as a residential area as it has good access to central Tokyo, while being a relatively silent neighborhood. In recent years, the population and the number of households of the city are on the increase. Income level of the households living in the surrounding area are higher than that of the national average or the average of Tokyo, and their purchasing power is observed to be sufficient, making this area a suitable place to operate a retail store.

2. Building The building of the Property was originally used as department store and furniture store. The building underwent a large-scale renovation work from 2006 through 2008, and since June 2007, the building has been used as a retail facility, with “Yodobashi Camera Multimedia Kichijoji” as the core tenant. The portion of the building from the 1st basement level to the 5th floor of the building is used by “Yodobashi Camera Multimedia Kichijoji”. The 6th and the 7th floors are used as specialized store floors, occupied by apparel/clothing stores and a music CD store, etc. The 8th floor is used as a restaurant floor. During the large-scale renovation work, almost all of the equipments (including air conditioning machines and elevators), outer wall and interiors were fully replaced and refurbished, except for the building frame and some equipment such as the power generator, etc. Therefore, despite the building of the Property has been built in 1974, the specification of this building was restored to almost a brand-new state, upon the completion of such large-scale renovation work. The building of the Property was designed and built in accordance with the anti-seismic standard under the Building Standard Law prior to 1981 Amendment (also known as former anti-seismic standard). However, a seismic diagnosis and seismic reinforcement design were implemented, and following a seismic retrofitting assessment by the Tokyo Association of Architectural Firms, an anti-seismic reinforcement work was implemented in 2007.

3. Tenants, etc. The Property is leased in its entirety to Yodobashi Camera Co., Ltd., a major consumer electronics retailer. The tenant has a 20-year, long-term fixed lease agreement with the trustee (the remaining lease period thereof is approximately 14 years). Therefore, United Urban anticipates stable income over the medium and long-term. Moreover, the building tenant includes major national brands such as UNIQLO, ABC-MART and Tower Records who subleases the Property from Yodobashi Camera Co., Ltd, which makes the Property meet various consumer demands, highly convenient and attract customers, and thus United Urban anticipates stable occupancy and profitability going forward.

4. Exercise of preferential negotiation right United Urban acquires the Property this time by exercising the preferential negotiation right which was granted to United Urban (hereinafter, the “Preferential Negotiation Right” in this section A) in connection with the investment in anonymous association (tokumei kumiai) equity interest of Godo Kaisha Kichijoji YCM Funding (hereinafter, the “Godo Kaisha” in this section A). United Urban carefully considered the exercise of the Preferential Negotiation Right and the acquisition of the Property, paying attention to the effect on the composition and profitability of its entire portfolio, and taking into account the management environment of United Urban, such as trends in the stock markets and the financial markets, and real estate market conditions, etc. Consequently, United Urban judged that this is an opportune time to acquire the Property with an appraisal value of ¥30,200 million (as of December 31, 2012) at an opportune purchase price of ¥28,000 million, and that the Property would contribute to a further expansion of the portfolio and to an increase in its quality. Therefore, United Urban exercises the Preferential Negotiation Right and acquires the Property. Moreover, for an overview of investment in anonymous association equity interest of the Godo Kaisha and the Preferential Negotiation Right, please refer to “Notice Concerning Acquisition of Interest for Anonymous Association” dated December 26, 2011.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Property Name : Yodobashi Camera Multimedia Kichijoji 3. Scheduled Acquisition Price : ¥ 28,000 million 4. Agreement Date : February 22, 2013 (conclusion of the Sale and Purchase Agreement） 5. Scheduled Acquisition Date : March 18, 2013 (transfer of trust beneficial interest) 6. Seller : Godo Kaisha Kichijoji YCM Funding 7. Financing : Proceeds by the issuance of new investment units by way of offering, borrowing, and cash on hand (scheduled) 8. Date of Payment : March 18, 2013 (scheduled)

(3) Outline of the Property

Property Name Yodobashi Camera Multimedia Kichijoji Type of the Property Trust beneficial interest in real estate Trustee Mizuho Trust & Banking Co., Ltd. Period of Trust Agreement From July 12, 2011 to July 31, 2021 Lot number 1-2103-2 Kichijoji-honcho, Musashino, Tokyo Location (Note 1) Residential 1-19-1 Kichijoji-honcho, Musashino, Tokyo 3 minute walk from Kichijoji Station (JR Chuo Line, Keio Inokashira Access Line) Use (Note 1) Department store Land 3,582.39 m2 Site Area (Note 1) Building 37,932.95 m2 Structure and Scale(Note 1) S/SRC B4/9F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date (Note 1) May, 1974 Renovation Date (Note 2) June 25, 2008 Scheduled Acquisition Price ¥28,000 million Appraisal Value ¥30,200 million Date of Value Estimate December 31, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 14% (Note 2) Collateral None

(Other) The building of the Property has been designed and built in accordance with the anti-seismic standard under the Building Standard Law prior to 1981 Amendment (also known as former anti-seismic standard). Special Notations However, a seismic diagnosis and seismic reinforcement design were implemented, and following a seismic retrofitting assessment by the Tokyo Association of Architectural Firms, an anti-seismic reinforcement work was implemented in 2007. Details of Tenant (Note 3) Total Number of Tenants (Note 4) 1 Security Deposit (Note 5) Total Rental Revenues (yearly) (Note 5) Total Leasable Floor Space 37,932.95 m2 (Note 6) 2 Total Leased Floor Space (Note 6) 37,932.95 m Occupancy Ratio (Note 6) 100.0% Reference Estimated NOI (yearly) (Note 7) ¥1,449 million Estimated NOI Yield (Note 8) 5.2% (Notes) 1. Each piece of information in the “Location (Lot number),” “Use,” “Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. Moreover, the “Use” above shows the primary types of usage. The same shall apply hereinafter. 2. “Renovation Date” shows the date on which the inspection certificate was issued in connection with the large-scale renovation work because the building underwent a large-scale renovation work from 2006 through 2008 and equipment, outer wall and interiors were fully replaced and refurbished, except for the building frame and some equipment such as the power generator, etc. The Property has been designed and built in accordance with the anti-seismic standard under the Building Standard Law before 1981 amendment (also known as former anti-seismic standard), but a seismic diagnosis and seismic reinforcement design were implemented, and following a seismic retrofitting assessment by the Tokyo Association of Architectural Firms, an anti-seismic reinforcement work was implemented in 2007. For details, please refer to “(1) Reason for the Acquisition 2. Building” 3. “Details of Tenant” are figures as of December 31, 2012. The same shall apply hereinafter. 4. “Total Number of Tenants” is the number of tenants that conclude a building lease agreement directly with the trustee or the current owner (where there are lease agreements for only the parking lot facility, then excluding the number of tenants of such agreements) as of December 31, 2012. The same shall apply hereinafter. 5. “Security Deposits” and “Total Rental Revenues (yearly)” are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the tenant. 6. “Total Leasable Floor Space” means the total figure of leasable floor space for the part to be acquired by United Urban, and “Total Leased Floor Space” is the total figure of space subject to lease, which is stated on the building lease agreement between the current owner or the trustee and tenants (where there are lease agreements for only the parking lot facility, then excluding the area of the parking lot of such agreements). In addition, “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. The same shall apply hereinafter. 7. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “Estimated NOI (yearly)” means an estimated figure, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. The same shall apply hereinafter. The estimated occupancy ratio is 100%. 8. “Estimated NOI Yield” indicates the value arrived at when the result of dividing the “Estimated NOI (yearly)” by the acquisition price is expressed as a percentage and rounded to first decimal place. The same shall apply hereinafter.

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

Property Architect and Structural Constructor Building Inspection Owner No. Strength Calculator Agency Takenaka Corporation (at the time of new Tokyo Kintetsu Department Store, Co.,Ltd. construction)/ A29 (at the time of new construction)/ K.K. Kankyo Keikaku Takenaka Musashino City F4O17 Tokutei Mokuteki Kaisha Sekkei Jimusho Corporation (at the time of renovation work) (at the time of renovation work)

None of the Building Architects, etc. was included in the list of Building Architects, etc of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of January 16, 2013.

(4) Seller Profile

Company Name Godo Kaisha Kichijoji YCM Funding Head Office Address Tokyo Kyodo Accounting Office, 3-1-1 Marunouchi, Chiyoda-ku, Tokyo Representative Representative: General Incorporated Association Kichijoji YCM Administrator: Hideomi Miyazawa Capital ¥100,000 (As of February 22, 2013) Date of Foundation December 2, 2011 Net Asset ¥7,220 million (As of September 30, 2012) Total Asset ¥29,962 million (As of September 30, 2012) (As of February 22, 2013) Equity Member Name Percentage 100.0 % General Incorporated Association Kichijoji YCM 1. Acquisition, holding, disposition, lease and management of real estate. Principal Business 2. Acquisition, holding and disposition of trust beneficially interest of real estate. 3. Other businesses incidental or relating to the aforementioned items Relationship with United Urban or JRA United Urban holds anonymous association equity interest in the Godo Kaisha (¥2,200 million: 29.5% of anonymous association equity interest). As of today, however, the Godo Kaisha does not Capital Ties fall under the category of “related parties, etc.” under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, including subsequent amendments) (the “Related Party”). Other than the above, there are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. As mentioned above, the Godo Kaisha does not fall under the category of Related Party, but falls under the category of the sponsor/stakeholder (“Sponsor/Stakeholder”) under the self-imposed rules (rules for conflicts of interest) of Japan REIT Advisors Co., Ltd. (“JRA”) to which United Urban entrusts its asset management Standing to Related Party services. This is due to the fact that Marubeni Asset Management Co., Ltd., a subsidiary of Marubeni Corporation who is the parent company of JRA, serves as the asset manager of the Godo Kaisha. Therefore, in acquiring the Property, JRA is abiding by the predetermined limitations and procedures of JRA. (Note) (Note) With a view to avoiding conflicts of interest, JRA sets forth limitations and procedures for transactions, etc. between United Urban and Sponsor/Stakeholder in its internal rules on transactions with Sponsor/Stakeholder, which are called the “Investment Committee Rules on Transactions with Sponsor/Stakeholder.” The specific limitations set forth include the following: (i) When acquiring assets from Sponsor/Stakeholder, the acquisition price shall be the same as or less than the appraisal value; (ii) When selling assets to Sponsor/Stakeholder, the sale price shall be the same as or more than the appraisal value; and (iii) When Sponsor/Stakeholder is involved in the brokerage, etc. of acquisition or sale of assets with good reason, the commission for the acquisition or sale of assets shall be no more than 3% of the acquisition or sale price. In addition, specific procedures set forth are that, when United Urban and Sponsor/Stakeholder engage in a transaction, etc., the deliberation and resolution of the Investment Committee (the JRA’s autonomous body that enters into deliberations and makes decisions on asset management, asset management evaluations, etc.), which includes an outside expert, shall be required, and that the resolution must be passed by the unanimous agreement of the members of Investment Committee. The agenda of the Investment Committee are to be deliberated at the Compliance Committee, the chairman of which is Chief Compliance Officer who is in charge of compliance duties, and which includes an outside expert, from the view point of the compliance with laws, regulations, guidelines, internal rules, etc. The same shall apply to transactions with Sponsor/Stakeholder hereinafter.

(5) Standing of the Property Owners and Others

Property name Yodobashi Camera Multimedia Kichijoji (location) (1-19-1 Kichijoji-honcho,Musashino, Tokyo) Standing of the property owners Current owner or beneficiary of the Previous owner or beneficiary of the trust trust A party who does not have particular Company name / Name Godo Kaisha Kichijoji YCM Funding interest with United Urban or JRA

Relationship with special Sponsor/Stakeholder ― related parties Process of acquisition and ― reasons Investment and operation Omitted because the current owner ― Acquisition price owns for more than one year. Date of acquisition December 27, 2011 ―

(6) Outline of Brokerage

1. Outline of Broker Company Name Hulic Build Co., Ltd. Hulic Kabutocho Building, 6-7 Nihonbashi-Kabutocho, Chuo-ku, Address Tokyo Representative Shoji Kitamura, President Contract of construction, supervision of design and construction work, inspection and management of facility, sale of furniture and equipment Principal Business (including office furniture), removal service, pay-by-the-hour parking, vendor business, real estate brokerage, and management of automatic vending machine Capital ¥90 million (As of February 22, 2013) Date of Foundation April 2, 2001 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. Standing to Related Party Hulic Build Co., Ltd. falls under neither the category of Related Party

nor the category of Sponsor/Stakeholder.

2. Amount and Details of Commission Commission: ¥840,000 thousand (excluding consumption taxes)

(7) Transactions with Related Party or Sponsor/Stakeholder

Seller : Godo Kaisha Kichijoji YCM Funding Godo Kaisha Kichijoji YCM Funding falls under the category of Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay Godo Kaisha Kichijoji YCM Funding ¥28,000 million (excluding acquisition costs, property tax, city planning tax and consumption tax) as an acquisition price. Property Management : Marubeni Community Co., Ltd. Company Marubeni Community Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA.

B. Yamada Denki Tecc Land New Matsudo Honten

(1) Reason for Acquisition In making the decision to acquire Yamada Denki Tecc Land New Matsudo Honten (hereinafter, the “Property” in this section B), the following aspects were especially appreciated.

1. Location The Property is a large electronics retailer, facing 3 streets including the national route 6 (also known as “Mito Kaido”), a major arterial roadway in northern part of Chiba prefecture. The trading zone of the

Property encompasses Matsudo, the third largest city in terms of population in Chiba prefecture, and along with the fact that potential development site for competitor is scarce in the relevant trading zone, it is an attractive location to operate a large scale retail facility.

2. Tenants, etc. A 20-year, fixed term lease agreement pertaining to the Property (the remaining lease period thereof is approximately 16 years) has been concluded between the current owner of the Property and Yamada Denki Co., Ltd. Since such lease agreement will be succeeded to the trustee, the Property is anticipated to generate stable revenue after United Urban has acquired the Property. Moreover, Yamada Denki Co., Ltd. operates “Yamada Denki Tecc Land New Matsudo Honten,” a large electronics retailer that always boasts high sales volumes among the numerous stores operated by Yamada Denki Co., Ltd. in Chiba prefecture.

(2) Summary of Acquisition

1. Asset to be Acquired ： Trust beneficial interest in real estate (Note) 2. Property Name : Yamada Denki Tecc Land New Matsudo Honten 3. Scheduled Acquisition Price : ¥5,150 million 4. Agreement Date : February 22, 2013 (conclusion of the Sale and Purchase Agreement) 5. Scheduled Acquisition Date : March 18, 2013 (transfer of trust beneficial interest) 6. Seller : Godo Kaisha Impact Holding 7. Financing : Proceeds by the issuance of new investment units by way of offering, borrowing, and cash on hand (scheduled) 8. Date of Payment : March 18, 2013 (scheduled) (Note) As of today, the Property has not been entrusted. However, current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate.

(3) Outline of the Property

Property Name Yamada Denki Tecc Land New Matsudo Honten Type of the Property Trust beneficial interest in real estate (Note1) Trustee Mitsubishi UFJ Trust and Banking Corporation (scheduled) (Note1) Period of Trust Agreement From March 18, 2013 to March 31, 2023 (scheduled) (Note1) 2289-3,6,8,12 Matsudo Aza Iwase-sakai, Matsudo, Chiba, Lot number 612-1,7 Iwase Aza Kajizuka, Matsudo, Chiba Location Residential 2289-3,6,8,12 Matsudo Aza Iwase-sakai, Matsudo, Chiba, 612-1,7 Iwase Aza Kajizuka, Matsudo, Chiba (Note2) Access 16 minute walk from Matsudo Station (JR Joban Line) Use Store (attached building: storage) Land 7,311.98 m2 Site Area Building 17,461.22 m2 Structure and Scale S/SRC 4F (attached building: S) Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date August, 2009 Scheduled Acquisition Price ¥5,150 million Appraisal Value ¥5,740 million Date of Value Estimate December 31, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 11% Collateral None (Administrative laws and regulations) Projected lines of an urban road under an authorized city plan run through Special Notations the southeast part of the property. The site area of the Property may decrease in the event the concerned city plan is implemented in the future. (Boundary, etc.)

A portion of fence and brick wall, etc. of the land adjacent to the Property crosses the boundary into the land of the Property. Details of Tenant Total Number of Tenants 1 Security Deposit (Note3) Total Rental Revenues (yearly) (Note3) Total Leasable Floor Space 17,561.23 m2 Total Leased Floor Space 17,561.23 m2 Occupancy Ratio 100.0% Reference Estimated NOI (yearly) (Note4) ¥373 million Estimated NOI Yield 7.3% (Notes) 1. As of today, the Property has not been entrusted. However, current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. 2. The location of the Property shows the location indicated on the real estate register for the building because the Property is not assigned an indication of residential address. 3. “Security Deposits” and “Total Rental Revenues (yearly)” are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the tenant. 4. The estimated occupancy ratio is 100.0%.

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

Property Building Owner Architect Constructor Structural Strength Calculator No. Inspection Agency

Godo Kaisha KANTO KENSO Co., JAPAN ERI CO., A30 Aoyama Architects Inc. YK Wako Kikaku Impact Holding Ltd. LTD.

Of the Building Architects, etc. above, JAPAN ERI CO., LTD. is one the parties who was included in the list of Building Architects, etc. of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of January 16, 2013. Meanwhile, as the completion date of the Property falls after the amendment in Building Standard Law triggered by the issue of falsification in structural strength calculation, United Urban judged that the building inspection has been properly implemented.

(4) Seller Profile

Company Name Godo Kaisha Impact Holding Head Office Address Roppongi Annex Building, 6-7-6 Roppongi, Minato-ku, Tokyo Representative Partner, Impact Holding Cayman Company Limited Representative Executor of duties, Tadasuke Akatsu Capital ¥1,000 thousand (As of February 22, 2013) Date of Foundation January 17, 2007 Equity Member Undisclosed (Note) Net Asset Undisclosed (Note) Total Asset Undisclosed (Note) Purchase of loans, purchase and sale and leasing of real estate and brokerage thereof, management of real estate, acquisition, holding, Principal Business management and disposition of trust beneficial interest in real estate, and all other businesses incidental or relating to aforementioned items. Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. Godo Kaisha Impact Holding falls under neither the categories of Standing to Related Party Related Party nor the category of Sponsor/Stakeholder. (Note) “Equity Member””Net Asset” and “Total Asset” are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the seller.

(5) Standing of the Property Owners and Others

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

(6) Outline of Brokerage

1. Outline of Broker Company Name Marubeni Asset Management Co., Ltd. Address 18/F Shin-Ohtemachi Building, 2-2-1 Ohtemachi, Chiyoda-ku, Tokyo Representative Hitoshi Murakami, President Investment management business, investment advisory and agency business, and type II financial instruments business as defined in the Financial Instruments and Exchange Act; building lots and buildings Principal Business transaction business as defined in the Building Lots and Buildings Transaction Business Act; real estate investment advisory; purchase, management, leasing, renting and operation of real estate and trust beneficial interests, and the brokerage and consulting of such; etc. Capital ¥50 million (As of February 22, 2013) Date of Foundation November 14, 2007 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Marubeni Asset Management Co., Ltd. is the asset manager of Godo Kaisha Kichijoji YCM Funding and Godo Kaisha Euler, of which United Urban holds portion of anonymous association equity interests. Business Relationship In the current fiscal period (fiscal period ending May 31, 2013), Marubeni Asset Management Co., Ltd. conducted brokerage for a transfer of an asset (one property). Marubeni Asset Management Co., Ltd. falls under the category of the Standing to Related Party Related Party. In addition, Marubeni Asset Management Co., Ltd. falls under the category of the Sponsor/Stakeholder.

2. Amount and Details of Commission Commission: ¥77,250 thousand (excluding consumption taxes)

(7) Transactions with Related Party

Property Management : Marubeni Community Co., Ltd. Company Marubeni Community Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Broker : Marubeni Asset Management Co., Ltd. Marubeni Asset Management Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay Marubeni Asset Management Co., Ltd. ¥77,250 thousand (consumption taxes are separately added) as a brokerage commission.

C. Yotsuya 213 Building

(1) Reason for the Acquisition In making the decision to acquire Yotsuya 213 Building (hereinafter, the “Property” in this section C), the following aspects were especially appreciated.

1. Location The Property is located virtually in the center of the Tokyo area. Facing “Shinjuku-Dori,” the Property is conveniently located. Being within a 3-minute walk from the Yotsuya station where the JR Chuo Line, the Tokyo Metro Marunouchi Line and Namboku Line intersect, and easily accessible to major districts in Tokyo, such as Shinjuku, Marunouchi and Tokyo, etc. the Property can also be appreciated as a base for business activities.

2. Tenants, etc. The portion of the Property from the 3rd floor to the 14th floor has been leased to Tokyu Relocation Co., Ltd, with a lease period of 20 years (the remaining lease period thereof is about 12 years) and has been operated as “Tokyu Stay Yotsuya” hotel and “Tokyu Stay Yotsuya Residence” serviced apartments. The 1st and the 2nd floor of the Property have been leased to commercial tenants, on a long and fixed term lease and retail stores suitable to the demand of the location are operated. Such lease agreements will be succeeded upon acquisition by United Urban. Therefore, United Urban anticipates stable income over the medium and long term.

3. Exercise of preferential negotiation right In a same manner described in the abovementioned “A. Yodobashi Camera Multimedia Kichijoji,” United Urban acquires the Property this time by exercising the preferential negotiation right (hereinafter, the “Preferential Negotiation Right” in this section C) which was granted to United Urban in connection with the investment in anonymous association equity interest of Godo Kaisha Euler (hereinafter, the “Godo Kaisha” in this section C). United Urban carefully considered the exercise of the Preferential Negotiation Right along with the acquisition of the Property, paying attention to the effect on the composition and profitability of its entire portfolio, and taking into account the management environment of United Urban, such as trends in the stock markets and the financial markets, and real estate market conditions, etc. United Urban considered that this is an opportune time to acquire the Property with an appraisal value of ¥5,240 million (as of December 31, 2012) at an opportune purchase price of ¥5,020 million, and that the Property would contribute to a further expansion of the portfolio and to an increase in its stability. Therefore, United Urban exercises the Preferential Negotiation Right and acquires the Property this time. For an overview of investment in anonymous association equity interest of the Godo Kaisha and the Preferential Negotiation Right, please refer to “Notice Concerning Acquisition of Interest for Anonymous Association (Godo Kaisha Euler)” dated March 27, 2012.

(2) Summary of Acquisition

1. Asset to be Acquired ： Trust beneficial interest in real estate 2. Property Name : Yotsuya 213 Building 3. Scheduled Acquisition Price : ¥ 5,020 million 4. Agreement Date : February 22, 2013 (conclusion of the Sale and Purchase Agreement) 5. Scheduled Acquisition Date : March 18, 2013 (transfer of trust beneficial interest) 6. Seller : Godo Kaisha Euler 7. Financing : Proceeds by the issuance of new investment units by way of offering, borrowing, and cash on hand (scheduled) 8. Date of Payment : March 18, 2013 (scheduled)

(3) Outline of the Property

Property Name Yotsuya 213 Building (Note 1) Type of the Property Trust beneficial interest in real estate Trustee Mitsubishi UFJ Trust and Banking Corporation Period of Trust Agreement From March 30, 2012 to March 31, 2017 Lot number 2-1-3 Yotsuya, Shinjuku, Tokyo Location Residential 2-1-3 Yotsuya, Shinjuku, Tokyo (Note 2) 3 minute walk from Yotsuya Station (JR Chuo Line, Tokyo Metro Access Marunouchi Line and Namboku Line)

Use Hotel (148 rooms), apartment (32 units), store (3 compartments) Land 1,264.94 m2 Site Area 2 Building 7,884.53 m (Note 3) Structure and Scale SRC 14F Land: Proprietary Ownership Type of Ownership Building: Compartmentalized Proprietary Ownership Completion Date April, 2001 Scheduled Acquisition Price ¥5,020 million Appraisal Value ¥5,240 million Date of Value Estimate December 31, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 13% Collateral None (Boundary, etc.) Special Notations A portion of brick wall and a clasp of the land adjacent to the Property are crossing the boundary into the land of the Property. Details of Tenant Total Number of Tenants 4 Security Deposit ¥238,841 thousand Total Rental Revenues (yearly) ¥317,490 thousand (Note 4) 2 Total Leasable Floor Space 7,531.90 m (Note 5) 2 Total Leased Floor Space 7,531.90 m (Note 5) Occupancy Ratio 100.0% Reference Estimated NOI (yearly) ¥279 million Estimated NOI Yield (Note 6) 5.6% (Notes) 1. The name of this property was changed from “Yotsuya Tokyu Building” to “Yotsuya 213 Building” on September 3, 2012. 2. The location of the Property shows the location indicated on the real estate register for the building because the Property is not assigned an indication of residential address. 3. Floor space of parking (50.36 m2), storage I (7.26 m2) and storage II( 4.19 m2) of the attached building are not included. 4. Percent rent for the store portion is not taken into consideration. 5. Leased floor space pertaining to one of the tenants is not specified in the lease agreement with the relevant tenant. Therefore, the “Total Leasable Floor Space,” “Total Leased Floor Space,” and “Occupancy Ratio” of the entire building are calculated by recognizing the figure of space subject to lease stated in the document received from the seller as the leasable floor space and the leased floor space with regard to the relevant tenant. 6. The estimated occupancy ratio is 100.0%.

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

Property Owner Architect, Constructor and Structural Strength Calculator Building Inspection Agency No. Tokyo Metropolitan Center for Tokyu Relocation Co., Ltd./ C7 Tokyu Construction Co, Ltd. Fire Prevention, Architecture, Tokyu Construction Co, Ltd. and Town Planning

(4) Seller Profile

Company Name Godo Kaisha Euler Tokyo Kyodo Accounting Office, 3-1-1 Marunouchi, Chiyoda-ku, Head Office Address Tokyo Representative: General incorporated association Bohr Representative Administrator: Hideomi Miyazawa Capital ¥100,000 (as of February 22, 2013) Date of Foundation March, 2012 Net Asset ¥1,686 million (as of September 30, 2012)

Total Asset ¥5,472 million (as of September 30, 2012) (as of February 22, 2013) Investors Name Percentage 100.0 % General Incorporated Association Bohr 1. Acquisition, holding, disposition and lease and management of real estate. Principal Business 2. Acquisition, holding and disposition of trust beneficially interest of real estate. 3. Other businesses incidental or relating to the aforementioned items Relationship with United Urban or JRA United Urban holds anonymous association equity interest in the Godo Kaisha (¥250 million: 14.8% of anonymous association equity Capital Ties interest). As of today, however, the Godo Kaisha does not fall under the category of Related Party. Other than the above, there are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. As mentioned above, the Godo Kaisha does not fall under the category of Related Party, but falls under the category of the Sponsor/Stakeholder. This is due to the fact that Marubeni Asset Standing to Related Party Management Co., Ltd., a subsidiary of Marubeni Corporation who is the parent company of JRA, serves as the asset manager of the Godo Kaisha. Therefore, in acquiring the Property, JRA is abiding by the predetermined limitations and procedures of JRA.

(5) Standing of the Property Owners and Others Property name Yotsuya 213 Building (location) (2-1-3 Yotsuya, Shinjuku, Tokyo) Current owner or beneficiary of the Previous owner or beneficiary of the Standing of the property owners trust trust A party who does not have particular Company name / Name Godo Kaisha Euler interest with United Urban or JRA

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

Acquisition price ¥4,980 million ―

Date of acquisition March 30, 2012 ―

(6) Outline of Brokerage

1. Outline of Brokers Two domestic corporations are the brokers for the Property. However, the brokers’ details are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from each broker. As of today, each broker falls under neither the category of Related Party nor the category of Sponsor/Stakeholder. In addition, United Urban and JRA have no significant capital ties, personal relationships and transactions with each broker, and each broker is not a related party of United Urban and JRA.

2. Amount and Details of Commission The amount of commission is not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the brokers. Moreover, the amount of commission for the both brokers, altogether, is an amount less than or equal to 3% of the scheduled acquisition price (excluding consumption taxes).

(7) Transactions with Related Party

Seller : Godo Kaisha Euler Godo Kaisha Euler falls under the category of Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay Godo Kaisha Euler ¥5,020 million (excluding acquisition costs, property tax, city planning tax and consumption tax) as an acquisition price.

D. HOTEL ROUTE-INN Nagoya Imaike Ekimae

(1) Reason for the Acquisition In making the decision to acquire HOTEL ROUTE-INN Nagoya Imaike Ekimae (hereinafter, the “Property” in section D), the following aspects were appreciated.

1. Location The Property is a business hotel that boasts convenient access to broad range of area using various means of transportation, as it is situated within approximately one-minute walk from Imaike Station on the Nagoya City Subway Higashiyama Line, and also located near a highway interchange. There is a concentration of business facilities in the surrounding area, including a major factory of a major electric company in Japan. In addition, universities and tourist sites are located, making this area a suitable location for a business hotel, where various accommodation demands are anticipated.

2. Tenants, etc. United Urban anticipates a stable operation as the Property has been operated by Route Inn Japan co, Ltd., a hotel operator who has a strong capability in suburban hotel operation, including a broad corporate customer base, expertise in operation, and customer loyalty, etc. A 30-year, long term lease agreement has been concluded with the current owner of the Property (the remaining lease period thereof is about 27 years). Since such lease agreement is scheduled to be succeeded to the trustee, United Urban anticipates ongoing stable income.

(2) Summary of Acquisition

1. Asset to be Acquired ： Trust beneficial interest in real estate (Note) 2. Property Name : HOTEL ROUTE-INN Nagoya Imaike Ekimae 3. Scheduled Acquisition Price : ¥2,000 million 4. Agreement Date : February 22, 2013 (conclusion of the Sale and Purchase Agreement) 5. Scheduled Acquisition Date : March 25, 2013 (transfer of trust beneficial interest) 6. Seller : Marubeni Corporation 7. Financing : Proceeds by the issuance of new investment units by way of offering, borrowing and cash on hand (scheduled) 8. Date of Payment : March 25, 2013 (scheduled) (Note) As of today, the Property has not been entrusted. However, current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate.

(3) Outline of the Property

Property Name HOTEL ROUTE-INN Nagoya Imaike Ekimae Type of the Property Trust beneficial interest in real estate (scheduled) (Note 1) Trustee Mitsubishi UFJ Trust and Banking Corporation (scheduled) (Note 1) Period of Trust Agreement From March 25, 2013 to March 31, 2023 (scheduled) (Note 1) Location Lot number 3-3103, 3104, 3105, 3106, 3111-1 Uchiyama, Chikusa-ku,

Nagoya, Aichi Residential 3-31-7 Uchiyama, Chikusa-ku, Nagoya, Aichi 1 minute walk from Imaike Station (Nagoya City Subway Higashiyama Access Line) 5 minute walk from Chikusa Station (JR Chuo Line) Use Hotel (262 rooms) Land 1,045.37 m2 Site Area Building 5,735.24 m2 Structure and Scale RC 12F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date June, 2010 Scheduled Acquisition Price ¥2,000 million Appraisal Value ¥2,300 million Date of Value Estimate December 31, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 12% Collateral None (Rights, etc.) There is a mechanical parking lot on the land of the Property, which has been brought and installed by the tenant. The site of the Property where such mechanical parking lot is installed has been leased to the tenant under Special Notations a loan for use. (Boundary, etc.) A portion of concrete foundation and pipe, etc. of the land adjacent to the Property is crossing the boundary into the land of the Property. Details of Tenant Total Number of Tenants 1 Security Deposit (Note 2) Total Rental Revenues (yearly) (Note 2) Total Leasable Floor Space 5,880.69 m2 Total Leased Floor Space 5,880.69 m2 Occupancy Ratio 100.0% Reference Estimated NOI (yearly) ¥146 million Estimated NOI Yield 7.3% (Notes) 1. As of today, the Property has not been entrusted. However, current owner of the Property (the seller) will entrust the Property to Mitsubishi UFJ Trust and Banking Corporation acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. 2. “Security Deposits” and “Total Rental Revenues (yearly)” are not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the tenant. 3. The estimated occupancy ratio is 100.0%.

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

Property Building Inspection Owner Architect and Structural Strength Calculator Constructor No. Agency

ROUTE-INN Kaihatsu ISHIMOTO ARCHITECTURAL AND Bureau Veritas C8 TEKKEN CORPORATION Co., Ltd. ENGINEERING FIRM, INC Japan Co., Ltd.

(4) Seller Profile

Company Name Marubeni Corporation Head Office Address 1-4-2 Ohtemachi, Chiyoda-ku, Tokyo Representative Teruo Asada, President and CEO, Director Capital ¥262,686 million (as of December 31, 2012) Date of Foundation December 1, 1949 Net Asset ¥1,035,441 million (on consolidation base, as of December 31, 2012) Total Asset ¥5,525,636 million (on consolidation base, as of December 31, 2012)

(As of September 30, 2012) Shareholder Shareholding Ratio Investors Japan Trustee Services Bank, Ltd. (trust account) 7.38% The Master Trust Bank of Japan, Ltd. (trust account) 5.06% (Note) Shareholders with shareholding ratio of 5% or more are listed.

Principal Business Trading (Importing and Exporting) and sales of materials Relationship with United Urban or JRA Capital Ties Marubeni Corporation is a shareholder of JRA (95% ownership) Five employees have been seconded to JRA from Marubeni Personal Relationship Corporation. As of the end of the previous fiscal period (ended on November 30, Business Relationship 2012), Marubeni Corporation rents a property from United Urban. Marubeni Corporation falls under the category of Related Party. Moreover, Marubeni Corporation falls under the category of the Standing to Related Party Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA.

(5) Standing of the Property Owners and Others

Property name HOTEL ROUTE-INN Nagoya Imaike Ekimae (location) (3-31-7 Uchiyama, Chikusa-ku, Nagoya, Aichi) Standing of the property owners Current owner or beneficiary of the Previous owner or beneficiary of the trust trust Parties who do not have particular interest with United Urban or JRA (hereinafter, the 2 previous owners of Company name / Name Marubeni Corporation the land will be referred to as “Original Land Owner I”,” Original Land Owner II” and previous owner of the building will be referred to as “Original Building Owner”)

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

Omitted because the current owner ― Acquisition price has owned for more than one year. Land I: February, 2008 Date of acquisition Land II: July, 2008 ― Building: June, 2010 Current owner (Marubeni Corporation) acquired Land I, a portion of the land of the Property, from Original Land Owner I in February 2008, and Land II, a portion of the land of the Property from Original Land Owner II in July 2008 and integrated the both lands. Then, current owner leased the land of the Property to Original Building Owner, an affiliate company of the current Other tenant, upon conclusion of a building lease reservation agreement pertaining to the building of the Property stating that current tenant would lease the building. The Original Building Owner constructed the building of the Property as the project owner. Upon completion of the building, in June 2010, current owner acquired the building from Original Building Owner.

(6) Outline of Brokerage

1. Outline of Broker The Broker is Marubeni Asset Management Co., Ltd. For details, please refer to section “B. Yamada Denki Tecc Land New Matsudo Honten, (6) Outline of Brokerage, 1.Outline of Broker”.

2. Amount and Details of Commission Commission: ¥60,000 thousand (excluding consumption taxes)

(7) Transactions with Related Party

Seller : Marubeni Corporation Marubeni Corporation falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay Marubeni Corporation ¥2,000 million (excluding acquisition costs, property tax, city planning tax and consumption tax) as an acquisition price. Property Management : Marubeni Community Co., Ltd. Company Marubeni Community Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Broker : Marubeni Asset Management Co., Ltd. Marubeni Asset Management Co., Ltd. falls under the categories of both the Related Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. Concerning the acquisition of the Property, United Urban will pay Marubeni Asset Management Co., Ltd. ¥60,000 thousand (consumption taxes are separately added) as a brokerage commission.

4. Matters on Forward Commitments

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

Conclusion of the Sale Property Name Scheduled Acquisition Date and Purchase Agreement HOTEL ROUTE-INN Nagoya February 22, 2013 March 25, 2013 Imaike Ekimae (Note) In the “Guidelines for Financial Instruments Business Supervision” of Financial Services Agency, “forward commitments” is defined as “a sale and purchase agreement binding for forward and future transactions, with respect to which the settlement and delivery take place one or more months after the signing of the date of agreement, or other similar agreements.”.

(2) Impact on United Urban’s Financial Standing if Forward Commitment is not Implemented In order to secure the Properties to be Acquired, United Urban executed the Sale and Purchase Agreements as of February 22, 2013, pertaining to “HOTEL ROUTE-INN Nagoya Imaike Ekimae”, which falls under Forward Commitment as set forth in (1) above, as well as “ Yodobashi Camera Multimedia Kichijoji,” “Yamada Denki Tecc Land New Matsudo Honten” and “Yotsuya 213 Building” to be acquired on March 18, 2013, with each seller of the properties. Of the Sale and Purchase Agreements, the Sale and Purchase Agreement for “Yamada Denki Tecc Land New Matsudo Honten” and “HOTEL ROUTE-INN Nagoya Imaike Ekimae” provides that United Urban is obliged to pay the seller an amount equivalent to approximately 20% of the transaction price (amounts differ by each Sale and Purchase Agreement) in case United Urban is in breach of obligations. The Sale and Purchase Agreements for “Yodobashi Camera Multimedia Kichijoji” and “Yotsuya 213 Building” do not provide penalty in case United Urban is in breach

of obligations. However, each agreement is subject to the condition precedent that United Urban’s issuance of new investment units announced today or other funding are completed. Therefore, each of the Sale and Purchase Agreements will be terminated without any payment of penalty or other charges if United Urban does not complete the issuance of new investment units or other funding. Consequently, United Urban believes that there is not likely to be material impact on United Urban’s financial standing, payment of cash distributions and other conditions.

5. Method of Payment and Acquisition Schedule

(1) Method of Payment Each of the payments for the Properties to be Acquired is scheduled to be a lump-sum payment upon the delivery of the respective property, using proceeds from the issuance of new investment units by way of offering outlined in the press release “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” dated today, proceeds from borrowing outlined in the press release “Notice Concerning Debt Financing” dated today, and cash on hand.

(2) Acquisition Schedule

Decision of Acquisition Property Name (conclusion of the sale and Scheduled Acquisition Date purchase agreement) Yodobashi Camera Multimedia Kichijoji Yamada Denki Tecc Land New Matsudo Honten March 18, 2013 February 22, 2013 Yotsuya 213 Building HOTEL ROUTE-INN Nagoya Imaike Ekimae March 25, 2013

6. Outlook of Operating Condition

Please refer to “Notice Concerning Revision of Forecasts of Financial Results for the Nineteenth Fiscal Period Ending May 31, 2013 and Twentieth Fiscal Period Ending November 30, 2013” dated today for the forecasts for the fiscal periods ending May 31, 2013 (nineteenth fiscal period) and November 30, 2013 (twentieth fiscal period).

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

Reference Material 1

Summaries of Appraisal Report

A. Yodobashi Camera Multimedia Kichijoji

Appraisal Value ¥30,200,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate December 31, 2012

Details Item (stated in thousands of Grounds yen, unless otherwise indicated) Income approach price 30,200,000 － Price by Direct Capitalization Method 30,300,000 － (1) Total revenues (Note1) － (2) Total expenses (Note1) － (3) Net operating income 1,460,436 － (NOI:(1)-(2) ) Calculated an operating profit of lump-sum money by multiplying the lease deposits under the current lease terms by an investment yield. (4) Operating profit of lump-sum Moreover, we assessed 2.0% as being the appropriate 24,200 money investment yield for the perspective of fund management during the period of deposit, by taking into account the level of interest rate, etc. for both asset management and financing. Renewal costs required for maintenance of the building to be recognized assuming that a projected average (5) Capital expenditures (including amount will be set aside every fiscal period, although 29,342 the actual costs will arise on an irregular basis, taking routine repairs) into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 1,455,294 － Assessed based on a real-estate investment yield set for each area, by adjusting it with the spreads arising from location requirements, standing of the building and other (7) Cap rate 4.8% conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 30,100,000 － Discount rate 4.5% － Terminal cap rate 4.9% － Cost approach price 21,800,000 Land ratio: 66.2%, Building ratio: 33.8% (Note) Consent from the tenant to disclose the amount of rental revenues (yearly), etc. has not been obtained. Therefore, total revenues and total expenses are not indicated.

B. Yamada Denki Tecc Land New Matsudo Honten

Appraisal Value ¥5,740,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate December 31, 2012

Details Item (stated in thousands of Grounds yen, unless otherwise indicated) Income approach price 5,740,000 － Price by Direct Capitalization Method 5,760,000 － (1) Total revenues (Note1) － (2) Total expenses (Note1) － (3) Net operating income 376,747 － (NOI:(1)-(2) ) In regard to the lease deposit that is a lump sum payment exhibiting the nature of the money in custody, calculated an operating profit of lump-sum money by multiplying the lease deposits under the current lease terms by an (4) Operating profit of lump-sum investment yield. Moreover, we assessed 2.0% as being 6,956 money the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account yields of securitized assets, such as other financial instruments, and by referring to yields of stable assets, etc., as references. Renewal costs required for maintenance of the building to be recognized assuming that a projected average (5) Capital expenditures (including amount will be set aside every fiscal period, although 3,353 the actual costs will arise on an irregular basis, taking routine repairs) into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 380,350 － Based on a real-estate investment yield of the lowest investment risk and adjusting it with the spreads arising from location requirements, status of the building, other (7) Cap rate 6.6% conditions of the subject property and any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 5,720,000 － Discount rate 6.3% － Terminal cap rate 6.8% － Cost approach price 5,120,000 Land ratio: 53.7%, Building ratio: 46.3% (Note) Consent from the tenant to disclose the amount of rental revenues (yearly), etc. has not been obtained. Therefore, total revenues and total expenses are not indicated.

C. Yotsuya 213 Building

Appraisal Value ¥5,240,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate December 31, 2012

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 5,240,000

Price by Direct Capitalization Method 5,290,000 (1) Total profit 354,490 (Effective total profit: 1+2+3+4-5-6) － (Hotel/serviced apartments portion) Recorded the rental income based on current lease agreements, taking into account the terms and conditions of the current lease agreements, standard income level of hotel and serviced apartment businesses in a stabilized period and the quality of the current lessees. 1. Potential total profit (Store portion) (rental revenues, common area 317,490 Recorded the rental income that can be received stably charges) over the medium to long term, by taking into account the rent levels received under the current lease agreements, the levels of rents (including common area charges) of the subject property in case the new rents are assumed to take place and the quality of the current lessees. Percent rent for the store portion is not assumed to arise. Electricity charges for illuminating lamps and other equipment, air conditioning expenses and other expenses for the store portion and the common area were recorded 2. Utility revenues 26,500 as utility revenues in the case where the occupancy ratio for the leased space was 100%, which took into account occupancy conditions for the leased space based on the actual results of the previous fiscal year. Recorded parking revenues based on the current lease agreement, taking into account the terms and conditions 3. Parking revenues 7,200 of current lease agreement, and the nature of the current lessee. Parking revenues for motorcycles are not assumed on a medium term perspective. The fees for installing antenna and automatic vending 4. Other revenues 3,300 machines were recorded as other revenues. (Hotel/serviced apartments/Store/Parking portion) For each use, losses from vacancies are not recorded, taking into account the details of current lease terms (whether or not the lease is a fix term building lease agreement, whether or not the lease agreement prohibits 5. Losses from vacancies 0 lease termination, whether or not penalty for lease termination is provided), the nature and credibility of current lessees, etc. As to other revenues, revenues are assumed based on medium- to long-term estimate and thus losses from vacancies, etc. are not recorded. Judged that no bad debt losses in view of the 6. Bad debt losses 0 circumstances of lessees, etc. (2) Total expenses 73,163 － (7+8+9+10+11+12+13+14) Recorded the administrative and maintenance fees comprising cleaning expenses for the store portion, the service apartments portion and the common area, 7. Administrative and maintenance equipment management costs, security costs, etc. by 9,682 taking into account the individualities of the subject fees property in reference to prior actual performance, current administrative and maintenance fees and administrative and management fees of similar real estates. Recorded utility expenses by taking into account the 8. Utilities 20,700 occupancy ratio, etc., of the retail store portion based on the actual results of the previous fiscal year.

Recorded expenses for repairs by taking into account future management plans, the level of expenses of 9. Repairs 4,579 similar real estates and the annual average amounts of repairs in the engineering report, etc. in reference to prior actual performance. Recorded based on the amount of tax base for fiscal 10. Property and other tax 34,949 2012. This is a consignment fee payable to the outsourcee responsible for overall control of the tenant management service and building management service, etc. It is 11. Property Management Fee 2,952 based on the fee rates, etc. indicated on the price estimate, considering the fee rates for similar real estates and the individualities of the subject property. Determined that advertising expenses for tenants, etc. deems unnecessary, by taking into account the current 12. Advertising expenses for 0 lease agreements, etc.; and expenses for brokerage tenants, etc. which is performed for advertising new tenants and advertising expenses are not recorded. Recorded casualty insurance fee by taking into account insurance costs indicated on the price estimate and the 13. Casualty insurance 299 rate of insurance costs of buildings similar to the subject buildings, etc. 14. Other expenses 2 Recorded CATV cable usage charge as other expenses. (3) Net operating income (NOI: (1)-(2) ) 281,327 － Assumed a number-of-month-equivalent lease deposits that will remain stably passable over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed number-of-month-equivalent lease deposits as adjusted (4) Operating profit of lump-sum money 4,777 for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account yields of securitized assets, such as other financial instruments, and by referring to yields of stable assets, etc., as references. Renewal costs required for maintenance of the building to be recognized assuming that a projected average (5) Capital expenditures (including amount will be set aside every fiscal period, although 11,010 the actual costs will arise on an irregular basis, taking routine repairs) into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 275,094 － Assessed based on a real-estate investment yield set for each area, by adjusting it with the spreads arising from location requirements, standing of the building and other (7) Cap rate 5.2% conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 5,180,000 － Discount rate 5.0% － Terminal cap rate 5.4% － Cost approach price 5,420,000 Land ratio: 78.6%, Building ratio: 21.4%

D. HOTEL ROUTE-INN Nagoya Imaike Ekimae

Appraisal Value ¥2,300,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate December 31, 2012

Details Item (stated in thousands of Grounds yen, unless otherwise indicated) Income approach price 2,300,000 － Price by Direct Capitalization Method 2,310,000 － (1) Total profit (Note1) － (2) Total expenses (Note1) － (3) Net operating income 146,471 － (NOI:(1)-(2) ) Assumed a number-of-month-equivalent lease deposits that will remain stably passable over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed (4) Operating profit of lump-sum number-of-month-equivalent lease deposits as adjusted 1,500 money for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account yields of securitized assets, such as other financial instruments, and by referring to yields of stable assets, etc., as references. Renewal costs required for maintenance of the building to be recognized assuming that a projected average (5) Capital expenditures (including amount will be set aside every fiscal period, although 0 the actual costs will arise on an irregular basis, taking routine repairs) into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 147,971 Assessed based on a real-estate investment yield set for each area, by adjusting it with the spreads arising from location requirements, standing of the building and other (7) Cap rate 6.4% conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 2,280,000 － Discount rate 6.2% － Terminal cap rate 6.6% － Cost approach price 2,120,000 Land ratio: 28.1%, Building ratio: 71.9% (Note) Consent from the tenant to disclose the amount of rental revenues (yearly) has not been obtained. Therefore, total revenues and total expenses are not indicated.

Reference Material 2 Portfolio after the Acquisition of Properties to be Acquired As of March 25, 2013(scheduled) (scheduled) (scheduled) Share in Share in Property Acquisition Acquisition Price acquisition Type Name of Property type No. Date (Millions of yen) price (Note 2) (Note 1) (Note 2) (Note 2) A1 Daiei Himonya Dec. 25, 2003 15,300 3.3% A2 Joy Park Izumigaoka Dec. 22, 2003 6,770 1.4% A3 Daimaru Peacock Ashiya Kawanishi Dec. 22, 2003 769 0.2% A4 Re-LAND Shopping Center Sep. 17, 2004 5,200 1.1% A5 AEON MALL Uki Dec. 3, 2004 11,100 2.4% A6 TENJIN LUCE Apr. 14, 2006 6,500 1.4% A7 Yamada Denki Tecc Land Sakai Honten Apr. 28, 2006 3,210 0.7% A8 Miyamae Shopping Center Feb. 19, 2007 5,312 1.1% A9 KONAMI SPORTS CLUB Korigaoka Jun. 29, 2007 2,040 0.4% A10 ACTIOLE Minami-ikebukuro Sep. 27, 2007 3,760 0.8% A11 Tip’s Machida Building Dec. 27, 2007 4,100 0.9% A12 Daiei Takarazuka Nakayama Jan. 30, 2008 4,284 0.9% maricom-ISOGO / SYSTEM PLAZA A13 Feb. 18, 2008 6,883 1.5% YOKOHAMA (Site) (retail portion) Retail A14 ACTIOLE Kannai Jun. 30, 2008 2,410 0.5% 36.0% Properties A15 Shinsaibashi OPA Honkan Dec. 1, 2010 22,800 4.9% A16 Shinsaibashi OPA Kireikan Dec. 1, 2010 2,770 0.6% A19 Albore Jingumae Dec. 1, 2010 1,580 0.3% A20 Albore Sendai Dec. 1, 2010 2,590 0.6% A21 Mallage Kashiwa Dec. 1, 2010 7,040 1.5% A23 Ito-Yokado Owariasahi Dec. 1, 2010 4,840 1.0% A24 Yokohama Kariba Shopping Center (Note 3) Dec. 1, 2010 2,500 0.5% A25 Luz Jiyugaoka Jun. 15, 2011 5,090 1.1% A26 ACTIOLE Ichikawa Jun. 15, 2011 3,350 0.7% A27 VIVAHOME Yokohama Aoba (Site) Oct. 25, 2011 2,600 0.6% A28 Yamada Denki Tecc Land Aoba (Site) May 18, 2012 2,150 0.5% A29 Yodobashi Camera Multimedia Kichijoji Mar. 18, 2013 28,000 6.0% Yamada Denki Tecc Land New Matsudo A30 Mar. 18, 2013 5,150 1.1% Honten B1 T&G Hamamatsucho Building Dec. 26, 2003 2,257 0.5% B2 SK Nagoya Building Dec. 26, 2003 5,400 1.2% B3 Fukuoka Eartheon Building Dec. 26, 2003 2,080 0.4% B4 Marumasu Kojimachi Building Mar. 29, 2004 2,350 0.5% B5 Rokubancho K Building Mar. 30, 2004 2,150 0.5% Office B6 Shin-Osaka Central Tower (office portion) Dec. 2, 2004 14,279 3.1% 42.4% Buildings B7 Kawasaki Toshiba Building Dec. 20, 2004 19,200 4.1% maricom-ISOGO / SYSTEM PLAZA (A13) Feb. 28, 2008 5,021 1.1% YOKOHAMA (Site) (office portion) B8 UUR Toyocho Building (Note 4) Jun. 30, 2008 8,500 1.8% B9 FOUR SEASONS BLDG Dec. 25, 2009 4,200 0.9% B10 Hitachi High-Tech Building Dec. 1, 2010 14,800 3.2%

B11 Pacific Marks Shinjuku Parkside Dec. 1, 2010 12,100 2.6% B12 UUR Tsukiji Building Dec. 1, 2010 6,860 1.5% B13 Pacific Marks Tsukishima Dec. 1, 2010 6,080 1.3% B14 Pacific Marks Yokohama East Dec. 1, 2010 7,050 1.5% B15 Pacific Marks Shin-Urayasu Dec. 1, 2010 3,920 0.8% B16 Omori City Building Dec. 1, 2010 4,120 0.9% B17 Akasaka Hikawa Building Dec. 1, 2010 3,290 0.7% B18 Pacific Marks Shibuya Koen-dori Dec. 1, 2010 2,570 0.6% B19 Pacific Marks Nihonbashi-Tomizawacho Dec. 1, 2010 1,890 0.4% B20 Pacific Marks Akasaka-mitsuke Dec. 1, 2010 2,210 0.5% B21 Yokohama Aioicho Building Dec. 1, 2010 1,060 0.2% B22 Pacific Marks Shin-Yokohama Dec. 1, 2010 1,710 0.4% B25 Pacific Marks Kawasaki Dec. 1, 2010 9,890 2.1% B26 Towa Hamamatsucho Building (Note 5) Dec. 1, 2010 6,840 1.5% B27 Lila Hijirizaka Dec. 1, 2010 2,750 0.6% B28 Pacific Marks Aobadai Dec. 1, 2010 1,620 0.3% B29 Otsuka HT Building Dec. 1, 2010 1,160 0.2% B30 Pacific Marks Shinjuku South-gate Dec. 1, 2010 2,460 0.5% B31 Pacific Marks Nishi-Umeda Dec. 1, 2010 6,860 1.5% B32 Pacific Marks Higobashi Dec. 1, 2010 4,570 1.0% B33 Nagoya Nishiki City Building Dec. 1, 2010 2,670 0.6% B34 Pacific Marks Esaka Dec. 1, 2010 9,590 2.1% B35 Pacific Marks Sapporo Kita-Ichijo Dec. 1, 2010 1,790 0.4% B36 Shin-Sapporo Center Building Dec. 1, 2010 987 0.2% B37 ARENA TOWER Jun. 16, 2011 9,500 2.0% B38 Yushima First Building Aug. 29, 2012 2,100 0.4% B39 Dogenzaka Square Nov. 22, 2012 2,300 0.5% C1 Shinjuku Washington Hotel Honkan Dec. 22, 2003 21,140 4.5% (B6) Shin-Osaka Central Tower (hotel portion) Dec. 2, 2004 9,721 2.1% C2 Toyoko Inn Shinagawa-eki Takanawa-guchi Feb. 18, 2005 1,884 0.4% C3 MZ BLD. Apr. 10, 2008 3,800 0.8% C4 Hotels HOTEL ROUTE-INN Yokohama Bashamichi Jun. 30, 2008 4,720 1.0% 12.9% C5 Hotel JAL City Naha Oct. 25, 2011 7,650 1.6% C6 Hotel JAL City Yotsuya Tokyo Dec. 26, 2011 4,200 0.9% C7 Yotsuya 213 Building Mar. 18, 2013 5,020 1.1% C8 HOTEL ROUTE-INN Nagoya Imaike Ekimae Mar. 25, 2013 2,000 0.4% D1 T&G Higashi-ikebukuro Mansion Dec. 26, 2003 2,021 0.4% D2 T&G Yotsuya Mansion Dec. 26, 2003 1,355 0.3% D3 Excellia Magome Dec. 26, 2003 697 0.1%

D4 Residential Komazawa Court Dec. 26, 2003 1,680 0.4% 8.2% D5 Properties Ropponmatsu Court Dec. 26, 2003 757 0.2% D6 Sky Court Shiba-Daimon Oct. 15, 2004 1,175 0.3% D7 Maison Ukima Oct. 26, 2004 3,530 0.8% D8 Narashino Residence Oct. 26, 2004 1,140 0.2%

D9 Aprile Shin-Ohgi Ichibankan Apr. 13, 2005 3,031 0.6% D10 UUR Court Sapporo Kita-Sanjo Mar. 16, 2006 1,278 0.3% D11 UUR Court Chiba Soga Feb. 8, 2006 620 0.1% D12 Higashi-kurume Dormitory Shinkan Feb. 8, 2006 480 0.1% D13 Nanzan Court Ichigokan Mar. 30, 2006 1,070 0.2% D14 Nanzan Court Nigokan Mar. 30, 2006 450 0.1% D15 CLIO Bunkyo Koishikawa Apr. 28, 2006 3,170 0.7% D16 GRAND-ROUGE Sakae Nov. 30, 2006 1,570 0.3% D17 GRAND-ROUGE Sakae II Dec. 26, 2007 1,300 0.3% D18 MA Sendai Building Sep. 24, 2008 3,440 0.7% D19 UUR Court Nagoya Meieki Sep. 30, 2008 1,473 0.3% D20 UUR Court Sapporo Shinoro Ichibankan Nov. 11, 2008 870 0.2% D21 Park Site IZUMI Nov. 21, 2008 900 0.2% D22 UUR Court Osaka Juso-honmachi Feb. 26, 2009 1,570 0.3% D23 UUR Court Kinshicho (Note 6) Jun. 15, 2011 2,900 0.6% D24 Glenpark Sapporo Premier Tower Jun. 28, 2012 2,050 0.4% E1 Others Lilycolor Tohoku Branch May 29, 2006 2,050 0.5% 0.4% Total 466,993 100.0% 100.0% (Notes) 1. The “Acquisition Date” of succeeded properties from Nippon Commercial Investment Corporation is described as December 1, 2010, the effective date of the merger. For the properties for which United Urban made additional acquisition, the date of the first acquisition time is stated. 2. The acquisition prices are rounded to the nearest one million yen. Ratios are rounded to first decimal place. Accordingly, the total of each column of ratios may not be equal to the total of relevant individual ratios. The acquisition price of the property for which United Urban made additional acquisition shows an aggregated amount including the additional acquisition amount. 3. The name of this property was changed from “Nitori Yokohama Kariba I.C.” to “Yokohama Kariba Shopping Center” on July 1, 2012. 4. The name of this property was changed from “Haseman Building Toyocho” to “UUR Toyocho Building” on April 17, 2012. 5. The name of this property will be changed to “Hamamatsucho 262 Building” on February 25, 2013. 6. The name of this property was changed from “Le Monde Koto” to “UUR Court Kinshicho” on June 1, 2012. 7. Other than the above portfolio properties, United Urban holds anonymous association (tokumei kumiai) equity interest of Godo Kaisha Kichijoji YCM Funding (2,200 million yen) and Godo Kaisha Euler (250 million yen). For details, please refer to the “Notice Concerning Acquisition of Interest for Anonymous Association,” dated December 26, 2011 and the “Notice Concerning Acquisition of Interest for Anonymous Association (Godo Kaisha Euler),” dated March 27, 2012.

Reference Material 3 Photos

A. Yodobashi Camera Multimedia Kichijoji

B. Yamada Denki Tecc Land New Matsudo Honten

C. Yotsuya 213 Building

D. HOTEL ROUTE-INN Nagoya Imaike Ekimae