For Translation Purposes Only November 20, 2012 for Immediate

For Translation Purposes Only

November 20, 2012

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 Property (Dogenzaka Square)

United Urban Investment Corporation (“United Urban”) hereby announces its decision to acquire a property as set forth below on November 20, 2012.

1. Acquisition of the Property

United Urban will acquire the following trust beneficial interest in real estate (the “Asset to be Acquired”).

Scheduled Scheduled Property Name Type of Use Location (residential) Acquisition Price Acquisition Date (Note) Office, Retail, 5-18 Maruyamacho, Shibuya-ku, November 22, Dogenzaka Square ¥2,300 million Apartment Tokyo 2012 (Note) The scheduled acquisition price shown is based on the purchase price to be stated in the sale and purchase agreement for the acquisition of the Asset to be Acquired. In addition, the price is shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs.

2. Details of Acquisition

(1) Reason for the Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Asset to be Acquired for the purpose of expanding its portfolio of office buildings in the 6 central Wards of Tokyo. In making the decision to acquire such Asset to be Acquired, the following aspects were appreciated.

1. Location The property related to the Asset to be Acquired (the “Property”) is conveniently located in terms of public transportation, as it is an approximately four-minute-walk from Shibuya Station (distance from the entrance gate of the Keio Inokashira Line), one of the major train terminals in Tokyo, and also within a three-minute-walk from Shinsen Station on the Keio Inokashira Line. Located in the vicinity of the west exit of Shibuya Mark City, and facing the Dogenzaka Street, the property boasts high visibility. The Shibuya area where the Property is located is known as a trendsetting town of youth culture. The area, however, is also an office area where various businesses, including IT related business, retail and

whole sale business, personnel-service business, and creative businesses such as design, music and movie, are based. The area surrounding the Property features a concentration of rapid-growing IT related companies and web design offices, etc. Therefore, abundant demand for small-sized offices, SOHO (small office home office), and residences from such emerging companies is anticipated. In addition, as there is an array of stores centering on restaurants along the Dogenzaka Street where the Property is situated, strong demand for retail premises are anticipated for the lower floors of the building, particularly for the ground floor.

2. Building The Property is a multi-type property, comprised of retail space on the 1st basement level through the 3rd floor, office space on the 4th through the 6th floor, and residence space on the 7th through the 9th floor. Two sides of the Property are facing the streets, and the entrance and the elevator for the retail space are located on the side facing the Dogenzaka Street, while the entrance for the office and the residence is located on the other side. The traffic line between the retail space and office/residence space are clearly divided and thus the Property is designed in a way to secure the privacy of the tenants. The Property was completed 8 years ago and is relatively new. In an area where buildings of similar size and similar age are scarce, the Property is expected to exhibit strong competitiveness against other buildings in each use of the office, retail, and residence. Particularly the office is recognized as having strong appeal to tenants, due to the small-sized renting spaces that meet the requirement of the emerging companies featuring the neighboring area, the glass curtain wall which exudes a certain dignity, and the equipment specification of high level, including a ceiling height of 2,750mm and 100mm raised floor for OA connection.

3. Tenants, etc. Tenants of the office space are of variety, including IT related companies and designers office, which reflects the characteristics of the area. Tenants of the retail space are several restaurants, and there has been no tenant changes since the opening of the Property, as these restaurants business is fitting the needs of the workers of the nearby offices. The residences, taking advantage of its convenient access to major stations, respond to a wide range of needs from the workers of the nearby offices, including SOHO and residence of employee of companies in the neighborhood. The Property has maintained occupancy of high level and we anticipate a solid occupancy after United Urban has acquired the property.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Name of the property : Dogenzaka Square 3. Scheduled Acquisition Price : ¥2,300,000 thousand (excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs) 4. Agreement Date : November 22, 2012 (conclusion of the sale and purchase agreement of trust beneficial interest) 5. Scheduled Acquisition Date : November 22, 2012 (transfer of trust beneficial interest) 6. Seller : DH Holding, Ltd. 7. Financing : Cash on hand and debt financing (scheduled) 8. Date of Payment : November 22, 2012 (scheduled)

(3) Outline of the Asset to be Acquired

Property Name Dogenzaka Square Type of the Asset to be Acquired Trust beneficial interest in real estate Trustee Mitsubishi UFJ Trust and Banking Corporation (Note 1) Current Beneficiary DH Holding, Ltd. Period of Trust Agreement From December 8, 2004 to November 30, 2022 (Note 1) Lot number 6-1 Maruyamacho, Shibuya-ku, Tokyo Location (Note 2) Residential 5-18 Maruyamacho, Shibuya-ku, Tokyo

4 minute walk from Shibuya Station (Keio Inokashira Line) 5 minute walk from Shibuya Station (Tokyu Den-en-toshi Line, Tokyo Access Metro Hanzomon Line) 7 minute walk from Shibuya Station (JR Lines, Tokyo Metro Ginza Line) 3 minute walk from Shinsen Station (Keio Inokashira Line) Use (Note 2) Office, Retail, Apartment Total Site Area 488.93m2 The site area corresponding to Land (Note 3) expediential ownership of building to 443.67m2 Site Area (Note 2) be acquired this time Total Floor Area 3,227.62m2 Building (Note The floor area of the private-use 4) 2,212.98m2 portion to be acquired this time Structure (Note 2) SRC B1/9F Land: Right of Site (co-ownership) Type of Ownership Building: Compartmentalized ownership Completion Date (Note 2) October 15, 2004 Scheduled Acquisition Price ¥2,300,000 thousand Appraisal Value ¥2,460,000 thousand Date of Value Estimate November 1, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 16% Collateral None Special Instructions None Details of Tenant (Note 5) Total Number of Tenants (Note 6) 27 Security Deposit ¥117,611 thousand Total Rental Revenues (yearly) ¥166,085 thousand Total Leasable Floor Space 2,231.84 m2 Total Leased Floor Space 2,057.47 m2 Occupancy Ratio (Note 7) 92.2% Reference Estimated NOI (yearly) (Note 8) ¥139,187 thousand (Notes) 1. While the trustee of the Property as of November 20, 2012 is Shinsei Trust & Banking Co., Ltd, the seller of the Property will change the trustee to Mitsubishi UFJ Banking and Trust Corporation as of the same date of the acquisition of the Property. In addition the period of the trust agreement will also be changed due to a trust change agreement to be concluded between United Urban and Mitsubishi UFJ Banking and Trust Corporation. Therefore each piece of information in “Trustee” and “Period of Trust Agreement” shows that after change. 2. Each piece of information in “Location (Lot number)”, “Use”, “Site Area”, “Structure” and “Completion Date” is described as it appears on the real estate register. 3. The expediential area of the land corresponding to United Urban’s ownership interest is calculated by multiplying the area of the land by percentage of the co-ownership interest of site right that will be acquired in the form of common ownership. The area will be 443.67m2 and represent 90.744% of the entire building site. 4. The total floor area of the private-use portion of the building is 2,626.52m2. A portion of private-use portion of the building (193.14m2) is stipulated as “common area by the terms of management” by the terms of management of the Property. The floor area of the compartmentalized ownership of the building that United Urban will acquire in the form of proprietary ownership will total 2,212.98m2 and represent 90.943% of 2,433.38 m2, or the total floor area of the private-use portion of the building excluding the “common area by the terms of management”. 5. “Details of Tenant” are figures as of October 31, 2012. Figures are rounded down to nearest thousand yen and ratios are rounded to first decimal place. 6. The building lease agreement with regard to the Property concluded between the trustee and a master lessee as of October 31, 2012, is a pass-through-type master lease agreement. Therefore, the “Total Number of Tenants” figure is stated by aggregating the number of end tenants subleased to by the master lessee. 7. “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. 8. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “Estimated NOI” means an estimated figure, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. The estimated occupancy ratio is 92.2%.

“Owner”, “Architect”, “Constructor”, “Structural Strength Calculator” and “Building Inspection Agency” of the Property are as set forth below.

Property Structural Strength Building Inspection Owner Architect Constructor No. Calculator Agency K.K. Kanou Toshi Tokyu Construction K.K. Kanou Toshi JAPAN ERI CO., B39 Urban Corporation Kenkyusho Co., Ltd Kenkyusho LTD.

None of the above owner, building architect, constructor and structural strength calculator was included in the list of owners, architects, constructors and structural strength calculators of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of October 17, 2012. However, the building inspection company, JAPAN ERI CO., LTD., was announced as having been involved in the properties whose structural calculation statements were falsified. Therefore, United Urban has requested a specialized third-party institution to reconfirm the structural calculation statements of the Property, and it has been reported that the structural safety was confirmed by comparing the members’ cross-sections of the structural calculation statements and those of structural drawings of this property and by confirming the method of structural calculation and earthquake resisting performance, and so forth. The report provided no indication from which United Urban could suspect a problem.

(4) Seller Profile Company Name DH Holding, Ltd. Head Office Address Tokyo Kyodo Accounting Office, 3-2-3 Marunouchi, Chiyoda-ku, Tokyo Representative Kazuhiko Suda, Director Principal Business 1. Purchasing, selling, holding and managing trust beneficial interest in real estate. 2. Purchasing, selling, exchanging, leasing, holding and managing real estate. 3. All other businesses incidental or relating to the aforementioned items. Capital ¥3,000,000 (as of October 31, 2012) Date of Foundation April 28, 2006 Net Asset Undisclosed (Note) Total Asset Undisclosed (Note) Equity Member Undisclosed (Note) 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 The seller, DH Holding, Ltd., falls under neither the category of “related party, etc.” under the Act on Investment Trusts and Investment Corporations of Japan (the “Related Party”) nor the

category of sponsor/stakeholder under the self-imposed rules of Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company (the “Sponsor/Stakeholder”). (Note) Not disclosed because the seller has not given its consent for the disclosure.

(5) Status of Parties Relating to the Acquisition of the Property The acquisition of the property is not a transaction with a party who has particular interest with United Urban or JRA.

(6) Outline of Brokerage

1. Outline of Broker Company Name Capital Brain Co., Ltd. Address 1-6-8 Hirakawacho, Chiyoda-ku, Tokyo Representative Soichi Suzuki, President 1. Purchasing, selling, leasing, and managing real estate and Principal Business brokerage business related thereto.

2. Consulting business on asset management and assessment. 3. “Second financial instruments business” and “investment advisory and agency business” under the Financial Instruments and Exchange Act. Capital ¥10,000 thousand (As of October 31, 2012) Date of Foundation May 14, 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 Capital Brain Co., Ltd. falls under neither the category of Related

Parties Party nor the category of Sponsor/Stakeholder.

2. Amount and Details of Commission The amount and details of commission is not disclosed because the broker has not given its consent for the disclosure.

(7) Transactions with Related Party

There are no transactions with Related Parties.

(8) Method of Payment

The payment for the Asset to be Acquired is scheduled to be a lump-sum payment upon the delivery of the Asset to be Acquired, using cash on hand and debt financing.

(9) Acquisition Schedule

The schedule for acquisition of the Asset to be Acquired is as follows.

Date of decision of acquisition November 20, 2012 Date of conclusion of sale and purchase agreement of November 22, 2012 (scheduled) trust beneficial interest Date of transfer of trust beneficial interest November 22, 2012 (scheduled) Date of payment November 22, 2012 (scheduled)

3. Outlook of Operating Condition

United Urban does not make any change to the forecasts of financial results for the eighteenth fiscal period (period ending November 30, 2012) and the nineteenth fiscal period (period ending May 31, 2013) as the effect of the acquisition of the Asset to be Acquired is immaterial.

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

Reference Material 1

Summaries of Appraisal Report

Appraisal Value ¥2,460,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate November 1, 2012

Details Item (thousand of yen, unless Grounds otherwise indicated) Profit Price 2,460,000 － Price by Direct Capitalization Method 2,460,000 － (1) Total profit 177,049 － (Effective total profit: 1+2+3+4-5-6) Assessed a unit value level of rents, etc. that can be received stably over the medium to long term based on 1. Potential total profit average rents under the current lease agreements, the levels of rents and common area charges of the subject (rental revenues, common area 167,421 property in case the new rents are assumed to take place, charges) and attributes of the current lessees, etc.; and recorded rental revenues and common area charges as calculated based on the unit value level thus assumed. Recorded utility revenues of the private-use area based on medium to long term estimated amount in light of 2. Utility revenues 13,000 occupancy ratios. Moreover, utility revenues for the retail space and residence space are not recorded as utility expenses are borne by the lessee. Assessed a unit value level of charges that can be received stably over the medium to long term based on the average charges under the current lease agreement 3. Parking revenues 3,000 and the level, etc. of charges in case the new renting of parking lot is assumed to take place; and recorded parking revenues as calculated based on the unit value level thus assumed. Recorded renewal fee income by taking account the number-of-month-equivalent renewal fees that will be received from individual tenants, annual average tenant 4. Other revenues 2,881 replacement rate and average agreement period. Also recorded outside signage use fees as other revenues. Key money revenues are not recorded. Assessed an occupancy ratio level that will remain stable over the medium to long term based on the occupancy status of and the supply and demand trends of competing or alternative, etc. real estates with similar features in a comparable area within the same sphere of 5. Losses from vacancies 9,253 supply and demand, and past records and future prospects of the occupancy ratio of the subject property for each use; and recorded the losses from vacancies, etc. as calculated based on the occupancy ratio level thus assumed. Judged that no bad debt losses are necessary to be 6. Bad debt losses 0 recorded in view of the circumstances of lessees, etc. (2) Total expenses 43,743 － (7+8+9+10+11+12+13+14) Recorded management fee and disaster management fee charged by the management association in proportion of the ownership ratio as administrative and maintenance fees. 7. Administrative and maintenance The subject property is a compartmentalized ownership 10,872 fees building. Therefore, in regard to the common area, administrative and maintenance fee, building management fees (comprising equipment management costs, and cleaning expenses, etc.), and utilities will be covered by management fees and parking lot charges

paid by each owner of the private-use area, pursuant to management terms. Thus, the maintenance fees to be borne by the owner of the subject property were recorded as administrative and maintenance fees. In regard of the private-use area, administrative and maintenance fees, and supplies expenses were recorded by taking into account the individualities of the subject property in reference to prior actual performance, and administrative and maintenance fees of similar real estates. Recorded utility expenses by taking into account utilities of similar real estate and the individualities of the subject property with reference to prior actual amounts in the process of the assessment of utilities for common 8.Utilities 12,000 areas. Moreover, of the utility expenses pertaining to private-use area, those of the retail space and residence space are not recorded as utility expenses are borne by the lessee. Recorded restitution fees based on the level of restitution fees per room that will ordinarily arise in correlation with tenant replacement, the proportion of the lessor’s burden, average timing of expense payment, degree of restitution and other factors. Also recorded 9. Repairs 2,325 expenses for repairs by taking into account the actual results of the past fiscal year, the level of expenses for similar properties, the annual average amounts of costs for repairs in the relevant engineering report and other factors in the process of assessment. Land: Recorded based on the amount of tax base for fiscal 2012. Building: Recorded based on the amount of tax base for 10. Property and other tax 11,414 fiscal 2012. Depreciable Asset: Recorded based on the documents received. Recorded based on the fee rates, etc. under current terms and conditions, considering the rate of fee rates for similar real estates and the individualities of the subject property in the process of the assessment of property 11. Property Management Fee 3,718 management fee, which is consignment fee payable to the outsourcee responsible for overall control of the tenant management service and building management service, etc. Recorded the administrative fees associated with advertising and contracting new tenants and renewing contracts, assessing one month’s worth of the annual 12. Advertising expenses for rental revenues for the lease fees with reference to 3,036 tenants, etc. current agreement terms, lease terms of similar properties in the area and other factors and additionally by taking into account annual average tenant replacement rate, occupancy ratio and other factors. Recorded by taking into account insurance premium under current insurance estimate and rate of insurance 13. Casualty insurance 378 premium of the subject property and similar buildings, etc. 14. Other expenses 0 No particular expense to be recorded as other expenses. (3) Net operating income (NOI: (1)-(2) ) 133,306 － In regard to the lease deposit that is a lump sum payment exhibiting the nature of the money in custody, assessed 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 (4) Operating profit of lump-sum money 2,201 contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed number-of-month-equivalent lease deposits as adjusted for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield 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. Assessed by taking into account the level of capital expenditure for the similar real estates, and the age of the property and the annual average amount of renewal (5) Capital expenditures (including 4,910 costs in the relevant engineering report, on the routine repairs) assumption that a projected average amount will be set aside in every fiscal period although the actual costs will arise on an irregular basis. (6) Net cash flow (NCF: (3)+(4)-(5)) 130,597 － Assessed based on a real-estate investment yield set for each area by Japan Real Estate Institute, by adjusting it with the spreads arising from location requirements, (7) Cap rate 5.3% standing of the building and other 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 2,460,000 － Discount rate 5.0% － Terminal cap rate 5.5% － Cost approach price 2,240,000 － Land ratio 73.4% Building ratio 26.6%

Reference Material 2 Portfolio after Acquisition of Asset to be Acquired As of November 22, 2012 (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 3.6% A2 Joy Park Izumigaoka Dec. 22, 2003 6,770 1.6% A3 Daimaru Peacock Ashiya Kawanishi Dec. 22, 2003 769 0.2% A4 Re-LAND Shopping Center Sep. 17, 2004 5,200 1.2% A5 AEON MALL Uki Dec. 3, 2004 11,100 2.6% A6 TENJIN LUCE Apr. 14, 2006 6,500 1.5% A7 Yamada Denki Tecc Land Sakai Honten Apr. 28, 2006 3,210 0.7% A8 Miyamae Shopping Center Feb. 19, 2007 5,312 1.2% A9 KONAMI SPORTS CLUB Korigaoka Jun. 29, 2007 2,040 0.5% A10 ACTIOLE Minami-ikebukuro Sep. 27, 2007 3,760 0.9% A11 Tip’s Machida Building Dec. 27, 2007 4,100 1.0% A12 Daiei Takarazuka Nakayama Jan. 30, 2008 4,284 1.0% Retail maricom-ISOGO / SYSTEM PLAZA A13 Feb. 18, 2008 6,883 1.6% 31.5% Properties YOKOHAMA (Site) (retail portion) A14 ACTIOLE Kannai Jun. 30, 2008 2,410 0.6% A15 Shinsaibashi OPA Honkan Dec. 1, 2010 22,800 5.3% A16 Shinsaibashi OPA Kireikan Dec. 1, 2010 2,770 0.6% A19 Albore Jingumae Dec. 1, 2010 1,580 0.4% A20 Albore Sendai Dec. 1, 2010 2,590 0.6% A21 Mallage Kashiwa Dec. 1, 2010 7,040 1.6% A23 Ito-Yokado Owariasahi Dec. 1, 2010 4,840 1.1% A24 Yokohama Kariba Shopping Center (Note 3) Dec. 1, 2010 2,500 0.6% A25 Luz Jiyugaoka Jun. 15, 2011 5,090 1.2% A26 ACTIOLE Ichikawa Jun. 15, 2011 3,350 0.8% 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% B1 T&G Hamamatsucho Building Dec. 26, 2003 2,257 0.5% B2 SK Nagoya Building Dec. 26, 2003 5,400 1.3% B3 Fukuoka Eartheon Building Dec. 26, 2003 2,080 0.5% B4 Marumasu Kojimachi Building Mar. 29, 2004 2,350 0.5% B5 Rokubancho K Building Mar. 30, 2004 2,150 0.5% B6 Shin-Osaka Central Tower (office portion) Dec. 2, 2004 14,279 3.3% B7 Kawasaki Toshiba Building Dec. 20, 2004 19,200 4.5% Office maricom-ISOGO / SYSTEM PLAZA 46.7% (A13) Buildings Feb. 28, 2008 5,021 1.2% YOKOHAMA (Site) (office portion) B8 UUR Toyocho Building (Note 4) Jun. 30, 2008 8,500 2.0% B9 FOUR SEASONS BLDG Dec. 25, 2009 4,200 1.0% B10 Hitachi High-Tech Building Dec. 1, 2010 14,800 3.4% B11 Pacific Marks Shinjuku Parkside Dec. 1, 2010 12,100 2.8% B12 UUR Tsukiji Building Dec. 1, 2010 6,860 1.6% B13 Pacific Marks Tsukishima Dec. 1, 2010 6,080 1.4%

B14 Pacific Marks Yokohama East Dec. 1, 2010 7,050 1.6% B15 Pacific Marks Shin-Urayasu Dec. 1, 2010 3,920 0.9% B16 Omori City Building Dec. 1, 2010 4,120 1.0% B17 Akasaka Hikawa Building Dec. 1, 2010 3,290 0.8% 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% B23 Pacific Marks Shinkawa Dec. 1, 2010 2,790 0.7% B25 Pacific Marks Kawasaki Dec. 1, 2010 9,890 2.3% B26 Towa Hamamatsucho Building Dec. 1, 2010 6,260 1.5% B27 Lila Hijirizaka Dec. 1, 2010 2,750 0.6% B28 Pacific Marks Aobadai Dec. 1, 2010 1,620 0.4% B29 Otsuka HT Building Dec. 1, 2010 1,160 0.3% B30 Pacific Marks Shinjuku South-gate Dec. 1, 2010 2,460 0.6% B31 Pacific Marks Nishi-Umeda Dec. 1, 2010 6,860 1.6% B32 Pacific Marks Higobashi Dec. 1, 2010 4,570 1.1% B33 Nagoya Nishiki City Building Dec. 1, 2010 2,670 0.6% B34 Pacific Marks Esaka Dec. 1, 2010 9,590 2.2% 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 2.2% B38 Yushima First Building Aug. 29, 2012 2,100 0.5% B39 Dogenzaka Square Nov. 22, 2012 2,300 0.5% C1 Shinjuku Washington Hotel Honkan Dec. 22, 2003 21,140 4.9% (B6) Shin-Osaka Central Tower (hotel portion) Dec. 2, 2004 9,721 2.3% C2 Toyoko Inn Shinagawa-eki Takanawa-guchi Feb. 18, 2005 1,884 0.4% C3 Hotels MZ BLD. Apr. 10, 2008 3,800 0.9% 12.4% C4 HOTEL ROUTE INN Yokohama Bashamichi Jun. 30, 2008 4,720 1.1% C5 Hotel JAL City Naha Oct. 25, 2011 7,650 1.8% C6 Hotel JAL City Yotsuya Tokyo Dec. 26, 2011 4,200 1.0% D1 T&G Higashi-ikebukuro Mansion Dec. 26, 2003 2,021 0.5% D2 T&G Yotsuya Mansion Dec. 26, 2003 1,355 0.3% D3 Excellia Magome Dec. 26, 2003 697 0.2% D4 Komazawa Court Dec. 26, 2003 1,680 0.4% D5 Ropponmatsu Court Dec. 26, 2003 757 0.2%

D6 Residential Sky Court Shiba-Daimon Oct. 15, 2004 1,175 0.3% 9.0% D7 Properties Maison Ukima Oct. 26, 2004 3,530 0.8% D8 Narashino Residence Oct. 26, 2004 1,140 0.3% D9 Aprile Shin-Ohgi Ichibankan Apr. 13, 2005 3,031 0.7% 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 0.4% D17 GRAND-ROUGE Sakae II Dec. 26, 2007 1,300 0.3% D18 MA Sendai Building Sep. 24, 2008 3,440 0.8% 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 0.4% D23 UUR Court Kinshicho (Note 5) Jun. 15, 2011 2,900 0.7% D24 Glenpark Sapporo Premier Tower Jun. 28, 2012 2,050 0.5% E1 Others Lilycolor Tohoku Branch May 29, 2006 2,050 0.5% 0.5% Total 429,033 100.0% 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 was changed from “Le Monde Koto” to “UUR Court Kinshicho” on June 1, 2012. 6. 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 Photo