COMFORIA RESIDENTIAL REIT, INC ~Investor Presentation~ 6Th

COMFORIA RESIDENTIAL REIT, INC

~Investor Presentation~ 6th Fiscal Period (ended July 2013)

As of September 2013 Table of Contents

1. IPO Highlights 6. Appendix z Public Listing of COMFORIA RESIDETIAL REIT, z P&L: 6th Period -25- Inc (“CRR”) - 4 - z Balance Sheet: 6th Period -26- 2. Executive Summary z CRR Characteristics -27- z Executive Summary - 6 - z “COMFORIA” Series -28- th 3. 6 Fiscal Period Results z Portfolio Policy -30- th z Financial Results for the 6 Fiscal Period - 8 - z “COMFORIA” Series Representative Properties z Stable Occupancy Rate - 9 - -31- z Fluctuations in Rent Rate -10- z Portfolio Map (as at end of Jul’13) -32- z Internal Growth -11- z Portfolio List -33- 4. Growth Strategies z Appraisal Value -35- z Overview of Growth Strategies -13- z Occupancy and Rent Rates -37- z RoFR through Anonymous Partnership Equity z Overview of Portfolio -38- Interests -14- z Status of Interest-bearing Debt (as at end of Jul’13) z Sponsor Pipeline -15- -40- z Acquisitions during 7th Period -16- z Unitholders (as at end of Jul’13) -41- z Portfolio Summary -17- z Historical Unit Price -42- z External Growth -18- z Household Statistics in Tokyo Area -43- z Financial Strategy -19- z Governance -44- z Overview of CRR -45- 5. 7th Period Performance Forecast z Overview of Asset Management Company -46- z 7th Period Forecast of Financial Results -23-

2 1. IPO Highlights

3 Public Listing of COMFORIA RESIDETIAL REIT, Inc (“CRR”)

Conducting asset management specialized in residential properties while focusing on earnings stability and growth

IPOIPO Summary Summary CRRCRR CharacteristicsCharacteristics

Investment in COMFORIA series

Listed on Feb 6, 2013 High-grade rental residences provided by Tokyu Land Corporation (TLC) Group Primarily invests in residential properties in the Asset size: 53 properties (¥71.2 billion) Tokyo 23 Wards where the number of singles and small families are expected to rise

Privately managed for 2.5 years Utilizing the value chain of TLC Group until public listing Asset management utilizing TLC group synergy with 5 TLC affiliates Offering price: ¥550,000 per unit Unrealized gains

Total investment units issued: 67,361 Appraisal value : ¥79.2 billion (IPO : 18,691 units) Acquisition price: ¥71.2 billion Unrealized gains: ¥8.0 billion

4 2. Executive Summary

5 Executive Summary

DividendDividend performanceperformance (period(period endingending Jul’13)Jul’13)

ForecastedForecasted DPUDPU ¥¥15,44015,440 ActualActual DPUDPU ¥¥16,20516,205

MetMet occupancyoccupancy targettargetss atat earlyearly stagestage Projected average occupancy 94%→Actual 95.5%

CapturedCaptured InitiativesInitiatives forfor steadysteady growthgrowth Granted RoFR (first refusal rights) on 9 properties (¥15.5 billion) through anonymous partnership equity interests in the SPC vehicle

DividendDividend forecastforecast (7(7thth FiscalFiscal PeriodPeriod endingending Jan’14)Jan’14)

ForecastedForecasted DPUDPU¥¥15,380 15,380 UpwardUpward revisionrevision ¥¥16,20016,200

ConsistentConsistent growthgrowth Acquired an asset (¥2.4 billion) in close proximity to Shin-Osaka station (a major rail hub in the Osaka area)

SoundSound financialfinancial policypolicy Ratio of fixed interest debt 70.5% → 75.1%

Average debt maturity 2.5 years → 3.9 years

6 3. 6th Fiscal Period Results

7 Financial Results for the 6th Fiscal Period

~Surpassed initial profit projections through earnings growth and cost reduction measures~ Positive performance derived from high occupancy rates and lower-than-expected IPO costs ComparableComparable forecastforecast vs.vs. actualactual

Profit/loss from Revenue from leasing business Operating income Ordinary income leasing business Current net Operating Revenue from Other revenue from Leasing business Interest payable, income expenses (non- leasing business leasing business expenses etc. leasing business) Forecast 2,468 million 80 million 954 million 233 million 320 million 1,040 million

Actual 2,486 million 100 million 946 million 238 million 309 million 1,091 million

Differential +18 million + 20 million △8 million + 5 million △11 million + 51 million

Basis for change Occupancy↑ Renewal fees↑ Operating costs↓ Mgmt. fees↑ IPO costs↓ ―

Property mgmt. REIT mgmt.

Effects from achieving high occupancy Operating costs IPO costs were lower than expected rate and contract renewal fees among were lower than others exceeded expectations expected + ¥87 + ¥118

+ ¥560 Actual DPU ¥16,205 Projected DPU (at IPO) ¥15,440

8 Stable Occupancy Rate

~Actualized stable income which is characteristic of residential assets~ Occupancy performance surpassed previous FP results on a yearly and monthly basis. Recent occupancy levels generally exceeded 95%.

4th Fiscal Period 5th Fiscal Period 6th Fiscal Period

100.0% Total portfolio Total portfolio(monthly YoY)

95.0%

90.0%

85.0%

100.0% Central Tokyo Sub-central Tokyo Tokyo-Metropolitan Area

95.0%

90.0%

85.0%

Jul’12 Aug’12 Sep’12 Oct’12 Nov’12 Dec’12 Jan’13 Feb’13 Mar’13 Apr’13 May’13 Jun’13 Jul’13 Total portfolio 93.1% 93.8% 94.0% 94.3% 94.3% 94.8% 96.1% 95.3% 96.1% 95.2% 94.8% 95.5% 95.9% Central Tokyo 91.7% 92.2% 91.9% 92.5% 93.0% 93.8% 95.0% 94.7% 94.6% 93.2% 93.6% 94.5% 95.2% Sub-central Tokyo 94.2% 94.9% 95.3% 95.5% 95.2% 95.2% 96.7% 95.6% 97.1% 96.6% 95.6% 96.3% 96.5% Tokyo Metropolitan Area 91.8% 92.1% 94.2% 93.5% 94.4% 96.3% 96.9% 94.9% 95.9% 93.1% 94.3% 94.5% 94.4% Jul’11 Aug’11 Sep’11 Oct’11 Nov’11 Dec’11 Jan’12 Feb’12 Mar’12 Apr’12 May’12 Jun’12 Jul’12 Total portfolio (monthly YoY) （92.0%）（92.5%）（93.3%）（93.8%）（94.5%）（94.6%）（95.5%）（94.3%）（94.5%）（92.1%）（91.7%）（92.7%）（93.1%）

9 Fluctuations in Rent Rate

Portfolio rent rate seems to be bottoming out as the number of leases with higher contract rent have risen.

RentRent raterate fluctuationfluctuation fromfrom tenanttenant changechange andand renewalsrenewals HistoricalHistorical rentrent ratesrates (6(6thth PeriodPeriod endedended Jul’13)Jul’13) (6(6thth PeriodPeriod endedended Jul’13)Jul’13)

Change of tenants (# of contracts base) △0.08% +0.05% △0.03% △0.05% △0.08% (yen) MoM 100.0% # of rent # of rent 13,000 increase increase 18.5% 80.0% No change 27.0% 14.6% No change 60.0% 13.8%

# of rent 40.0% # of rent decrease decrease 67.0% 12,500 20.0% 59.3%

0.0% 5th Period 6th Period Lease renewals (# of contracts base) 100.0%

12,000 80.0% No change No change Jan 31, Rent (month/tsubo) Feb’13 Mar’13 Apr’13 May’13 Jun’13 Jul’13 98.3% 2013 98.4% 60.0% Portfolio total 12,964 13,011 13,001 13,007 13,003 12,996 12,985 40.0% # of rent # of rent decrease decrease Almost no fluctuation in rent rates as rent 20.0% 1.6% 1.7% decreased merely 0.3% YoY in all properties except for 5 properties acquired in Feb’13. 0.0% 5th Period 6th Period

10 Internal Growth

AccommodatingAccommodating marketmarket needsneeds CostCost reductionreduction measure-1:measure-1: ManagementManagement costscosts

Renovated 1R (single room) units to 1LDK units for Streamlined management of 4 properties and adopted COMFORIA WASEDA against the backdrop of higher cost-cutting measures during the 6th Period. demand for 1LDK units compared to 1R units. Implementing similar measures for other properties. Approx. ¥3.5 million per annum 【Before】 1R 【After】 1LDK

CostCost reductionreduction measure-2:measure-2: LEDLED lightlight fixturefixture

Installed LED light fixtures in the common area of 8 properties as part of an effort to reduce electricity costs. Plans to continue installing LED fixtures and monitor results.

CostCost reductionreduction measure-3:measure-3: InternetInternet serviceservice Appointed new ISP vendor at COMFORIA SHIMOKITAZAWA to reduce overhead and provide better internet service to tenants.

Previous vendor New vendor

Approx. ¥1,252,000 Approx. ¥530,000 Running cost per annum per annum

11 4. Growth Strategies

12 Overview of Growth Strategies

Achieve asset size at an early stage of ¥100 billion while maintaining stable distribution levels

Internal growth strategy Financial strategy Maintain over 95% average occupancy rate Keep LTV within low to mid 50% range Make strategic investments and streamline Extend debt maturities and diversify repayment management dates Deploy effective cost control Effectively utilize cash reserves oriented Stability- ⇒ Utilizing synergy with TLC group

External growth strategy Achieve growth primarily through sponsor support

TLC group support: create opportunities for acquisitions utilizing “bridge SPCs” Sponsor support: take advantage of sponsor pipeline to acquire new developments Proprietary sources: procure assets from external entities Growth- oriented Investment in COMFORIA series Deploy over 80% of total investments into the ever-growing Tokyo area Capitalize on strong demand for rental housing in other major cities

Medium-term DPU target Maintain stable distributions with 50~55% LTV

13 RoFR through Anonymous Partnership Equity Interests

Capturing opportunities to acquire high-grade real estate by working closely with TLC group. Implementing portfolio strategies while targeting urban properties expecting strong rental demand.

SummarySummary ofof acquiredacquired assetasset ListList ofof propertiesproperties

Godo Kaisha RB-1

Non-recourse loan ¥11,300 million Beneficial interest in real estate trust and Ikebukuro other assets Net assets including Ueno ¥15,600 million anonymous Shinjuku partnership equity COMFORIA COMFORIA COMFORIA Tokyo KUDAN UENO HIROKOJI interests MITA EAST

¥4,300 million Shibuya

Properties / units 9 / 582 Shinagawa CRR contribution ¥100 million

Contract date Jul. 16, 2013 Total appraisal ¥15,742 million value COMFORIA COMFORIA LIV COMFORIA Avg. appraisal NOI ● Assets owned by ICHIGAYAYANAGICHO 5.2% KASUGATOMISAKA KIBAKOEN yield* Godo Kaisha RB-1

Central Tokyo Sub-central Tokyo Tokyo Metropolitan Total

# of properties 5 4 － 9 Appraisal value 9,048 6,694 － 15,742 (million yen) (Note 1) By acquiring equity interests in the anonymous partnership, CRR has obtained first refusal rights on the underlying assets in the vehicle. (Note 2) “Average appraisal NOI yield” is calculated by dividing the total NOI (appraisal report base) derived from COMFORIA OZIO OZIO the direct method by the total minimum purchase price (excluding consumption tax amounts at 5%). KAGURAZAKA SHINKAWA MORISHITA

14 Sponsor Pipeline

Actively co-working with sponsors to ensure consistent flow of acquisition leads Integrate TLC developments into CRR portfolio to enhance portfolio quality Sponsor-affiliatedSponsor-affiliated propertiesproperties Sponsor-developedSponsor-developed propertiesproperties Properties owned by the SPC vehicle where the sponsor has Currently 7 properties are under development affiliations with in Tokyo 23 Wards Location # of units Location # of units Akasaka, Minato-ku, 40 Chuo-ku 36 Iwatocho, Shinjuku-ku 46 Minato-ku 95 Taihei, Sumida-ku 46 Shibuya-ku① 144 Kamata, Ota-ku 203 Shibuya-ku② 89 Ikebukuro Kitashinagawa, Ueno Shinagawa-ku Shibuya-ku③ 51 Under Aobadai, Meguro-ku planning Shinagawa-ku 71 phase Shinjuku Higashikanda, Chiyoda-ku Bunkyo-ku 36 Tokyo

Toshima-ku 90 Shibuya

Ota-ku 52 Shinagawa Yokohama-shi 36

Total 700

(Note): No decision has been made by CRR to acquire the above assets as of yet.

● Assets owned by Godo Kaisha RB-1 ● Sponsor-affiliated assets ● Sponsor-developed assets

15 Acquisitions during 7th Period

Building up the portfolio while placing consideration on portfolio yield Drive continual external growth utilizing acquisition leads created by the asset management company

COMFORIACOMFORIA SHIN-OSAKASHIN-OSAKA SummarySummary ofof acquisitionacquisition

1-21-24 Higashinakajima, HigashiYodogawa-ku, Location Osaka-shi, Osaka 3 minute walking distance from Shin-Osaka station on Nearest train station the JR Tokaido & Sanyo Shinkansen and Tokaido line Acquisition price ¥2,400,000,000 Appraisal value ¥2,450,000,000 Appraisal NOI ¥139,375,000 Appraisal NOI yield 5.8% Structure / floors RC / 15F Gross Floor Area 6,530.63㎡ Completion date Oct. 2006 Rentable area 5,999.67㎡ Rentable units 133 units Occupancy (Jun’13) 99.4% Acquisition date September 4, 2013 This area is convenient in close proximity to Shin- Osaka Station as the entrance door to Osaka area and has convenience stores, eating and drinking establishments, etc. in the local area. Given these Features characteristics, extensive rental demand from single persons and DINKS families to families focusing on a Shin-Osaka convenient residential environment, etc. is expected for this property.

StatusStatus ofof propertyproperty informationinformation sourcingsourcing

Feb March April May June July 6th Period

地図データ@2013 Google. ZENRIN # of properties 65 26 76 36 33 44 280 w/ disclosures # of properties 8 3 5 4 10 2 32 under DD

16 Portfolio Summary

Focus investments on single/compact type housing located in the Tokyo 23 Wards

Post-acquisitionPost-acquisition ofof COMFORIACOMFORIA SHIN-OSAKASHIN-OSAKA

Avg. walking Single, Compact distance to nearest Tokyo 23 wards 81.9% 93.2% train station 5.2 minutes 2.4% 3.5% 1.6% 3.3% 13.8%

MinutesMinutes to 2.0% 41.5% 37.6% Investment nearestto nearest train Investment 40.0% RoomRoom type area trainstation station (on area foot) (on foot) 58.4% 40.4% 55.6%

Central Tokyo Sub-central Tokyo Under 5 mins 5 to 10 mins Single（S） Compact（C） Tokyo Metropolitan area Oher major cities Over 10 mins Family（F） Large（L） Stores

Avg. building age (as of Jul’13) (*2) 7.2 years

Acquisition price 73,625 million

Appraisal value 81,659 million

Avg. appraisal NOI yield (*3) 5.81%

(Note 1) Refer to “References (*1)” and “Overview of Portfolio“ for calculation assumptions of above graphs. (Note 2) “Average Building Age” is derived from a weighted average of building age of each property and acquisition price as at September 4, 2013. (Note 3) “Average appraisal NOI yield” is calculated by dividing the total NOI (most recent appraisal report base) derived from the direct method by the acquisition price.

17 External Growth

Actualize consistent external growth while maintaining stable DPU levels

HistoricalHistorical AUMAUM andand GrowthGrowth TargetsTargets

Phase-1 Phase-2 Phase-3

Target: Target: Medium-term target: Achieve growth geared towards IPO Expand asset size to ¥100 billion Achieve ¥200 billion in asset size

9 Acquire sponsor-developed assets 9 Sponsor pipeline 9 Expand portfolio through accessing proprietary 9 Continuous growth by utilizing bridge SPC sources for assets

(¥100 mn)

2,000

1,000

712 736 559 612 359 366 374 155

Founding 1st 2nd 3rd 4th 5th 6th 7th Within 1~ Medium- Period Period Period Period Period Period Period 2y rs af ter term target listing

18 Financial Strategy

Calculated decision-making while staying congruent with current policies

DebtDebt profileprofile (Jul’13)(Jul’13) SignificantSignificant policiespolicies

Interest-bearing debt (as of Jul’13) Maintain LTV levels within low to mid 50% range Outstanding balance ¥40,720 million 9 Continue sound management as current and projected LTV Average maturity 2.5 years Extend remains within target range maturity Post-acquisition of COMFORIA SHIN-OSAKA Weighted average 1.01% LTV levels (total asset base) interest rate 6th Period ending 52.7% Ratio of fixed interest 70.5% debt Post-acquisition 53.9% （*） (+ 1.2pts) （*） Calculation method of above figures is as follows: LTV (total asset base) 52.7% Interest-bearing debt (Jul’13) + New borrowings Total assets (Jul’13) + Projected book value of COMFORIA SHIN-OSAKA Appraisal LTV 51.4% Address finance- Extend debt maturity and repayment dates Debt maturity levels (as of Jul’13) related issues 25,000 9Strengthen financial base through current policies 22,420 A Extend average debt maturities Management 20,000 plan for B Diversify repayment dates current period 15,000 diversify

10,000 repayment Effective use of cash reserves dates 6,000 6,000 6,300 9 Engage active investments while adhering to 5,000 current financial policies

0 e.g. Granted First Refusal Rights 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th Period Period Period Period Period Period Period Period Period Period Period through anonymous partnership equity interests

19 Financial Strategy

77thth PeriodPeriod financialfinancial policypolicy Implement measures shown below as the current debt market environment is favorable

Initiative Measure Description Intended results from policy A Extend ① Extend maturities Extend weighted average maturity to 4.8 years by Substantial extension of average by refinancing repackaging debt into two tranches average years to maturity debt loans maturing Current Projected maturity within 1 year Current maturity 4.5 yrs 0.5 yrs (end of Sept’13) 6.0 yrs (before) 2.5yrs (end of 6th Period) ② Extend maturities Extend maturity of pre-IPO borrowings by changing loan + 1.4yrs terms or extending Before After

maturity Current maturity 2.5 yrs 2.5 yrs (end of Sept’13) 5.5 yrs (after) 3.9yrs (end of Sept’13) ③ Draw new long- Overview of financing for new acquisition term debt Maturity: 5 yrs, Interest rate: 0.795% (fixed) BDiversify Flatten remaining Extend repayment dates of borrowings Achieve two-fold reduction of loan debt payments by maturing debt repayment adjusting loan Before After dates contract terms (12th Period) (before) ¥22,420mn (12th Period) ¥9,925 million Debt repayments ¥22,420 (18th Period) million ¥12,495 million (after) ¥12,495mn

20 Financial Strategy

DiversificationDiversification ofof debtdebt maturitymaturity (million yen) 25,000 ② Maturity extension (¥12,495million, maturity extension: 3yrs) 20,000 ① New borrowings (Shin-Osaka) ③ Refinancing 15,000 (¥2,000million, 5 yrs) A. ¥4,650million, 4.5 yrs 12,495 B. ¥1,350million, 6 yrs 9,925 10,000

6,000 6,300 4,650 5,000

2,000 1,350

0 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period

OutstandingOutstanding debtdebt balancebalance byby lenderlender Tokyo Sumitomo Tomin Mitsubishi UFJ Trust and Banking Loan amount Mits ui Financial institution Ratio Bank (million) Banking 1,500 Mitsubishi UFJ Corporation Trust Sumitomo Mitsui Trust Bank Mitsubishi UFJ Trust and Banking ¥9,060 21.2% 3,485 and Banking 9,060 Sumitomo Mitsui Trust Bank ¥7,495 17.5% The Bank of Tokyo- Development Bank of Japan Mitsubishi UFJ Development Bank of Japan ¥7,060 16.5% 7,060 Mizuho Bank Mizuho Bank ¥7,060 16.5% Sumitomo Mitsui Trust Bank The Bank of Tokyo-Mitsubishi UFJ ¥7,060 16.5% The Bank of Tokyo-Mitsubishi UFJ 7,495 Sumitomo Mitsui Banking Corporation ¥3,485 8.2% Mizuho Bank 7,060 Sumitomo Mitsui Banking Development The Tokyo Tomin Bank ¥1,500 3.5% Corporation Bank of Japan Total ¥42,720 7,060 Tokyo Tomin Bank

21 5. 7th Period Performance Forecast

22 7th Period Forecast of Financial Results

7th Period projected DPU: ¥16,200 upon factoring in portfolio occupancy rates and acquisition-driven growth.

ComparableComparable resultsresults (6(6thth PeriodPeriod vs.vs. 77thth Period)Period)

Profit/loss from Revenue from leasing business Operating income Ordinary income leasing business Current net Operating Revenue from Other revenue from Leasing business Interest payable, income expenses (non- leasing business leasing business expenses etc. leasing business) Actual 2,486 million 100 million 946 million 239 million 309 million 1,091 million

Forecast 2,575 million 72 million 967 million 286 million 302 million 1,091 million

Differential 89 million ▲27 million 21 million 47 million ▲7 million 0 million Acquisitions ↑ Contract renewals↓ Acquisitions↑ Mgmt. fees ↑ IPO costs ↓ Basis for change Occupancy ↑ Other income ↓ Property tax↑ Others ↑ New borrowing↑

ComparableComparable 7th 7th PeriodPeriod forecforecasastt (as(as atat IPOIPO vs.vs. Current)Current)

External Internal growth targets Financial targets growth

+ ¥524 + ¥161 ▲ ¥109 DPU + ¥244 + ¥296 (current forecast) DPU New acquisitions Maintain high Extended debt and payouts from (forecast Cost reduction occupancy level maturities anonymous ¥16,200 at IPO) partnership equity interests ¥15,380

23 6．Appendix

24 P&L: 6th Period

6th Fiscal Period (ended July 2013)

(thousand yen) Operating revenue 2,586,938 ※1~3 Profit/loss from leasing business (thousand yen) Income from leasing business ※1 2,486,494 Ａ Revenue from leasing business 2,586,938 Other income from leasing business ※2 97,321 Revenue from leasing business (※1) 2,486,494 Income from anonymous partnership 3,122 Rent/common area 2,440,777 Operating expense 1,185,349 Revenue from parking lot, etc. 45,716 Leasing business expenses ※3 946,464 Other revenue from leasing business (※2) 97,321 Asset manager's fee 147,147 Revenue from key money, etc. 63,604 Other operating expenses ※4 91,737 Other revenue 33,716 Operating income 1,401,588 Revenue from anonymous partnership (※3) 3,122 Non-operating revenue 319 Ｂ Expenses from leasing business 946,464 Non-operating expense 309,310 Leasing business expenses (※3) 946,464 Interest payable 203,349 Property management fee, etc. 224,507 Others ※5 105,960 Expense for repairs 47,748 Ordinary income 1,092,597 Depreciation 409,157 EBIT 1,092,597 Other expenses from leasing business 265,049 Income tax 974 Ｃ Profit/loss from leasing business (Ａ-Ｂ) 1,640,473 Income tax 976 Income taxes-deferred ▲ 2 ※4 Other operating expense (thousand yen) Net income 1,091,622 Outsourcing fee 14,318 Deferred income at beginning of term 0 Director compensation 3,600 Unappropriated retained earnings 1,091,623 Auditing fee 11,016 Others 62,802 Rent ＮＯＩ 2,049,631 ※5 Other non-operating expense (thousand yen) Total cash distributions 1,091,585 Borrowing costs 49,530 Issued units 67,361 units Amortization of issuance cost 25,115 DPU 16,205 yen Others 31,314

25 Balance Sheet: 6th Period

As of July 31, 2013

《Asset》 (thousand yen) Current assets 4,216,069 ※1 Properties (Tangible assets and leasehold right in trust) (thousand yen) Cash and bank deposits 1,644,280 Acquisition Accumulated depreciation FP ended Cash and bank deposits in trust 2,532,542 Price Current FP book value Other current assets 39,245 Land in trust 39,384,674 - - 39,384,674 Noncurrent assets 72,958,619 Buildings in trust 34,500,211 1,542,721 409,157 32,957,489 Tangible assets ※1 72,342,164 Total tangible assets 73,884,885 1,542,721 409,157 72,342,164 Properties in trust 72,342,164 Leasehold right in trust 265,279 - - 265,279 Intangible assets (leasehold right in trust) ※1 265,279 Total leasehold right in trust 265,279 - - 265,279 Other intangible assets 5,521 Total properties 74,150,164 1,542,721 409,157 72,607,443 Investment and other assets ※2 345,654 Number of properties at end of the FP 53 properties Deferred assets 85,113 Total leasable floor area at end of the FP 110,050.68㎡ Total assets 77,259,801 《Liability and Net Asset》 (thousand yen) ※2 Investment and other assets (thousand yen) Current liabilities 6,605,844 Investment securities 100,000 Long-term debt maturing within one year ※3 6,000,000 Tenant leasehold and security deposits 10,000 Account payables 133,273 Long-term prepaid expense 181,365 Other account payables 17,825 Derivatives 54,289 Accrued expenses 55,142 Income taxes payable, etc. 700 ※3 Loans payable Advance received 398,509 Long-term debt maturing within one year 6,000 million yen Others 393 Long-term loans payable 34,720 million yen Noncurrent liabilities 35,532,208 Loan-to-value 52.7% Long-term loans payables ※3 34,720,000 Tenant leasehold and security deposits in trust 812,208 ※4 Net asset Total liabilities 42,138,053 Issued units 67,361 units Unitholders' equity 35,067,459 Constant value (unit per net asset) 521,395 yen Unitholders' capital 33,975,836 NAV per unit 619,398 yen Surplus 1,091,623 Valuation and translation adjustments 54,289 Total net assets ※4 35,121,748 Total liabilities and net assets 77,259,801

26 CRR Characteristics

Main investment target are "COMFORIA" series assets and other investments that utilize the value chain of Tokyu Land Corporation (TLC) Group.

“COMFORIA“COMFORIA ”” Series Series ValueValue chainchain ofof TLCTLC GroupGroup z A high-grade rental residence series produced by TLC Group enabling tenants to enjoy urban convenience and smart TOKYU LAND CORPORATION lifestyles <> Comprehensive real estate developer 3 Concepts of COMFORIA zInformation on the sale of properties zWarehousing zAdvisory zHuman resources / Knowhow

TOKYU COMMUNITY CORP. Tokyu Livable, Inc.

Comfortable---Key concept of the brand Management of Comprehensive real z In principle, TLC Group companies undertake property condominiums and estate marketing buildings intermediary and management for COMFORIA series properties in providing zProperty management brokerage of land and residences that offer comfort agreements TLC COMFORIA Investment buildings zInformation on the sale of Management INC. zInformation on the sale of properties properties zProspective tenant advisory zMarket information Active urban lifestyle zMarket information

z For tenants to enjoy active urban lifestyles, COMFORIA Tokyu Relocation Co., Ltd. TOKYU E-LIFE DESIGN Inc. series properties are conveniently located primarily in the Tokyo 23 wards Real estate rental Management and operation management, management of senior residence and of long-term-stay hotels nursing homes Smart lifestyle with an emphasis on security zProperty management zMarket information agreements zInformation on the sale of z COMFORIA series have facilities that enable tenants to properties enjoy smart lifestyles with an emphasis on security zProspective tenant advisory zMarket information

27 "COMFORIA" Series

Development of COMFORIA Series started as of 2003 and currently there are a total of 88 properties with 5,017 units mainly in central Tokyo as of July 31, 2013 Widely recognized by many real estate leasing brokers as a high-grade urban rental residence brand "COMFORIA""COMFORIA" SeriesSeries inin TokyoTokyo 2323 WardsWards TotalTotal "COMFORIA""COMFORIA" SeriesSeries unitsunits

(Units)

5017 4734

3879 Ikebukuro池袋上野Ueno 3563

Shinjuku新宿東京 Tokyo 2490 2490 Shibuya渋谷 2014

1189 Shinagawa品川 863

201 50

Properties held by CRR (as of July 31, 2013) Dec- Dec- Dec- Dec- Dec - Dec - Dec- Dec- Dec - Dec - Jul- "COMFORIA" series properties other than the 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 above

(Note 1): The above map includes properties not held by CRR and CRR has no obligation to (Note 2) Refer to “References (*2)” for details concerning the above graph. purchase those properties.

28 “COMFORIA” Series

Key concept of the brand

TLC Group companies undertake property management for COMFORIA series properties in providing residences that offer comfort

All images from COMFORIA Ryogoku South

Active urban lifestyle For tenants to enjoy active urban lifestyles, COMFORIA series properties are conveniently located primarily in the Tokyo 23 wards

COMFORIA Nihonbashi COMFORIA Higashi Ikebukuro COMFORIA Nishi-Azabu COMFORIA Bunkyo Kasuga COMFORIA Misyuku COMFORIA Atago Ningyocho (Chuo-ku, Tokyo) WEST (Toshima-ku, Tokyo) (Minato-ku, Tokyo) (Bunkyo-ku, Tokyo) (Setagaya-ku, Tokyo) (Minato-ku, Tokyo)

Smart lifestyle with an emphasis on security

COMFORIA series have facilities that enable tenants to enjoy smart lifestyles with an emphasis on security

Security camera Dimple key CS antenna

29 Portfolio Policy

InvestmentInvestment TargetTarget

Primary target: Maintain over 80% investment ratio of “Rental Residences” generating stable earnings. Sub-target: “Operational Rental Residences” with services likely to attract demand (i.e. senior residences, serviced apartments and student apartments.

Investment Asset Type Investment Targets (acquisition price base) Rental residences Rental residences 80%～100% Residential properties Operational rental residences 0%～20%

(Note 1): Investment ratio is based on acquisition price. In terms of land with limited property rights, calculations are based on the type of residential Over 80% property built on the parcel.

InvestmentInvestment AreaArea

Maintain over 80% investment ratio of assets in “Central Tokyo”, “Sub-central Tokyo” and “Tokyo Metropolitan area”, where there is strong potential demand for rental residences. Investment ratio Category Investment Area (acquisition price base) Chiyoda-ku, Chuo-ku, Minato-ku, Tokyo area Central Tokyo 5 major wards Shinjuku-ku, and Shibuya-ku Sub-central Dense residential districts Other Tokyo wards (excluding above) Tokyo outside of the 5 major wards 80%～100% Over 80% Tokyo Dense residential districts in All other areas within Tokyo Metropolitan all other Tokyo Metropolitan Metropolitan boundaries expecting area areas strong demand Other major Dense residential districts in ordinance-designated cities 0%～20% cities

(Note 2): Investment ratio is based on acquisition price. In terms of land with limited property rights, calculations are based on the area where the parcel exists.

30 “COMFORIA” Series Representative Properties

41 COMFORIA HIGASHI 14 COMFORIA GINZA EAST 26 COMFORIA HARAJYUKU IKEBUKURO WEST

3 Sendagaya, Shibuya-ku, 3 Higashiikebukuro, Location 1 Irifune, Chuo-ku, Tokyo Location Location Tokyo Toshima-ku,Tokyo Acquisition Price 3,059,000 (thousand yen) Acquisition Price 3,629,000 (thousand yen) Acquisition Price 3,911,000 (thousand yen)

Land area/GFA 717.80 ㎡ / 5,773.48 ㎡ Land area/GFA 1,476.95 ㎡ / 6,314.63 ㎡ Land area/GFA 1,117.88 ㎡ / 8,296.57 ㎡

Rentable Units 133 units Rentable Units 99 units Rentable Units 155 units Construction/ Construction/ Construction/ SRC / B1-14F RC/ B1-7F RC/13F Floors Floors Floors Completion Date March 2005 Completion Date February 2005 Completion Date June 2009

31 Portfolio Map (as at end of Jul’13)

：Properties acquired during 6th Period

1 COMFORIA NIHONBASHININGYOCHO 11 COMFORIA OYAMA 21 COMFORIA LIV KOISHIKAWA 31 COMFORIA SHIBAURA BOWHOUSE 41 COMFORIA HIGASHIIKEBUKURO WEST 51 COMFORIA ASAKUSABASHI

2 COMFORIA WASEDA 12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 22 COMFORIA LIV SENGOKU 32 COMFORIA ASAKUSABASHI DEUX 42 COMFORIA YOKOHAMAKANNAI 52 COMFORIA RYOUGOKU SOUTH

3 COMFORIA SHIMOOCHIAI 13 COMFORIA KOMAZAWA 23 COMFORIA DAIKANYAMAAOBADAI 33 COMFORIA OSHIAGE 43 COMFORIA RYOGOKU DEUX 53 COMFORIA TOYOSU

4 COMFORIA HIGASHINAKANO 14 COMFORIA GINZA EAST 24 COMFORIADAIKANYAMA 34 COMFORIA HONJOAZUMABASHI 44 COMFORIA OMORI DEUX

5 COMFORIA BUNKYOKASUGA 15 COMFORIA AZABUDAI 25 COMFORIA HARAJYUKU NORD 35 COMFORIA KIYOSUMISHIRAKAWA TROIS 45 COMFORIA MACHIYA

6 COMFORIA ASAKUSAMATSUGAYA 16 COMFORIA SHIBAKOEN 26 COMFORIA HARAJYUKU 36 COMFORIA MONZENNAKACHO 46 COMFORIA LIV ICHIKAWAMYODEN

7 COMFORIA NISHIOI 17 COMFORIA NISHIAZABU 27 COMFORIA IKEBUKURO 37 COMFORIA HIMONYA 47 COMFORIA LIV YATSUKA

8 COMFORIA NAKANO 18 COMFORIA MINAMIAOYAMA 28 COMFORIA LIV KOMAE 38 COMFORIA MISYUKU 48 COMFORIA SHIROKANETAKANAWA

9 COMFORIA SHIMOKITAZAWA 19 COMFORIA MINAMIAOYAMA DEUX 29 COMFORIA LIV RYOGOKUISHIWARA 39 COMFORIA GAKUGEIDAIGAKU 49 COMFORIA NIHONBASHI NINGYOCHO EAST

10 COMFORIA NISHIKAMATA 20 COMFORIA NISHIWASEDA 30 COMFORIA MITA NORTH 40 COMFORIA HIGASHINAKANO DEUX 50 COMFORIA ATAGO Central Sub-central Tokyo Tokyo Tokyo Metropolitan area

32 Portfolio List (1)

Nearest Completion Residenti Commercial Rentable No. Property name Location Transportation station Structure/Floors Gross floor area date al units units units (walk) As of the end of July 2013 1 COMFORIA NIHONBASHI NINGYOCHO Chuo-ku, Tokyo Ningyocho Station on Tokyo Metro Hibiya Line 2 min Feb. 2008 45 - 45 RC/10F 3,021.53㎡ 2 COMFORIA WASEDA Shinjuku-ku, Tokyo Ushigome-yanagicho Station on Toei Oedo Line 5 min Apr. 2009 79 - 79 RC/B1-5F 3,080.28㎡ 3 COMFORIA SHIMOOCHIAI Shinjuku-ku, Tokyo Shimo-Ochiai Station on Seibu-Shinjuku Line 3 min Mar. 2005 44 - 44 RC/5F 2,726.15㎡ 4 COMFORIA HIGASHINAKANO Shinjuku-ku, Tokyo Higashi-Nakano Station on JR Chuo Line Sobu Line 6 min Mar. 2008 37 - 37 RC/7F 1,058.75㎡ 5 COMFORIA BUNKYOKASUGA Bunkyo-ku, Tokyo Kasuga Station on Toei Mita Line/Toei Oedo Line 1 min Nov. 2009 80 - 80 SRC/B1-14F 3,198.54㎡ 6 COMFORIA ASAKUSAMATSUGAYA Taito-ku, Tokyo Tawaramachi Station on Tokyo Metro Ginza Line 7 min Sep. 2009 62 - 62 SRC/14F 2,264.84㎡ 7 COMFORIA NISHIOI Shinagawa-ku, Tokyo Nishi-Oi Station on JR Yokosuka Line 3 min Jan. 2007 59 - 59 RC/4F 1,542.53㎡ 8 COMFORIA NAKANO Nakano-ku, Tokyo Araiyakushi-mae Station on Seibu-Shinjuku Line 10 min Jun. 2007 35 - 35 RC/B1-6F 1,935.39㎡ 9 COMFORIA SHIMOKITAZAWA Setagaya-ku, Tokyo Shindaita Station on Keio Inokashira Line 5 min Feb. 2005 116 - 116 RC/B1-11F 5,287.18㎡ 10 COMFORIA NISHIKAMATA Ota-ku, Tokyo Kamata Station on JR Keihin-Tohoku Line 4 min Feb. 2009 103 - 103 RC/15F 3,358.99㎡ 11 COMFORIA OYAMA Itabashi-ku, Tokyo Oyama Station on Tobu Tojo Line 1 min Oct. 2000 94 3 stores 97 SRC・RC/B1-14F 4,793.28㎡ 12 COMFORIA KIYOSUMISHIRAKAWA SOUTH Koto-ku, Tokyo Kiyosumi-shirakawa Station on Tokyo Metro Hanzomon Line 7 min Nov. 2006 45 - 45 RC/10F 1,317.22㎡ 13 COMFORIA KOMAZAWA Setagaya-ku, Tokyo Komazawa-daigaku Station on Tokyu Den-en-toshi Line 1 min Apr. 2007 37 2 stores 39 SRC/15F 1,695.46㎡ 14 COMFORIA GINZA EAST Chuo-ku, Tokyo Hatchobori Station on Tokyo Metro Hibiya Line 2 min Mar. 2005 132 1 store 133 SRC/B1-14F 5,773.48㎡ 15 COMFORIA AZABUDAI Minato-ku, Tokyo Roppongi-itchome Station on Tokyo Metro Namboku Line 6 min Feb. 2005 23 1 office 24 RC/B1-4F 1,028.94㎡ 16 COMFORIA SHIBAKOEN Minato-ku, Tokyo Shibakoen Station on Toei Mita Line 3 min Dec. 2004 54 - 54 SRC/13F 1,914.13㎡ 17 COMFORIA NISHIAZABU Minato-ku, Tokyo Hiro-o Station on Tokyo Metro Hibiya Line 9 min Sep. 2003 21 1 store 22 RC/9F 1,069.77㎡ 18 COMFORIA MINAMIAOYAMA Minato-ku, Tokyo Gaiemmae Station on Tokyo Metro Ginza Line 5 min Oct. 2003 23 1 store 24 RC・S/B1-9F 1,763.88㎡ 19 COMFORIA MINAMIAOYAMA DEUX Minato-ku, Tokyo Gaiemmae Station on Tokyo Metro Ginza Line 6 min Feb. 2003 6 - 6 RC/8F 487.97㎡ 20 COMFORIA NISHIWASEDA Shinjuku-ku, Tokyo Takadanobaba Station on Tokyo Metro Tozai Line 3 min Feb. 2005 60 - 60 SRC・RC/B1-13F 2,971.10㎡ 21 COMFORIA LIV KOISHIKAWA Bunkyo-ku, Tokyo Kasuga Station on Toei Mita Line 5 min Nov. 2004 37 - 37 RC/B1-7F 1,015.71㎡ 22 COMFORIA LIV SENGOKU Bunkyo-ku, Tokyo Sengoku Station on Toei Mita Line 6 min May. 1989 44 - 44 RC/5F 3,514.75㎡ 23 COMFORIA DAIKANYAMAAOBADAI Meguro-ku, Tokyo Shinsen Station on Keio Inokashira Line 8 min Dec. 2005 26 - 26 RC/B1-10F 1,533.95㎡ (Terrace)RC/B1-5F (Terrace) 634.79㎡ 24 COMFORIA DAIKANYAMA Shibuya-ku, Tokyo Ebisu Station on Tokyo Metro Hibiya Line 2 min Jan. 2005 40 1 store 41 (Tower)S・SRC/B1-14F (Tower) 1,632.82㎡ 25 COMFORIA HARAJYUKU NORD Shibuya-ku, Tokyo Kita-sando Station on Tokyo Metro Fukutoshin Line 4 min Jul. 2003 8 - 8 RC/B1-6F 1,227.15㎡ 26 COMFORIA HARAJYUKU Shibuya-ku, Tokyo Harajuku Station on JR Yamanote Line 4 min Feb. 2005 99 - 99 RC/B1-7F 6,314.63㎡ 27 COMFORIA IKEBUKURO Toshima-ku, Tokyo Ikebukuro Station on JR Yamanote Line 5 min Jan. 2005 28 - 28 RC/11F 1,171.21㎡ 28 COMFORIA LIV KOMAE Komae-shi, Tokyo Kitami Station on Odakyu Line 7 min Mar. 1990 24 - 24 RC/4F 1,468.30㎡ 29 COMFORIA LIV RYOGOKUISHIWARA Sumida-ku, Tokyo Ryogoku Station on Toei Oedo Line 5 min Mar. 2007 47 - 47 RC/11F 1,151.47㎡ 30 COMFORIA MITA NORTH Minato-ku, Tokyo Akabanebashi Station on Toei Oedo Line 5 min Feb. 2003 30 - 30 SRC・RC/11F 1,257.94㎡

33 Portfolio List (2)

Nearest Completion Resident Commercial Rentable No. Property name Location Transportation station Structure/Floors Gross floor area date ial units units units (walk) As of the end of July 2013 (cont.) Shibaura-futo Station on New Transit Yurikamome 6 min 31 COMFORIA SHIBAURA BOWHOUSE Minato-ku, Tokyo Mar. 2006 75 - 75 RC/15F 4,862.18㎡ Tamachi Station on JR Yamanote Line 11 min 32 COMFORIA ASAKUSABASHI DEUX Taito-ku, Tokyo Asakusabashi Station on JR Chuo Line Sobu Line 8 min Dec. 2007 46 - 46 SRC/13F 1,596.33㎡ 33 COMFORIA OSHIAGE Sumida-ku, Tokyo Oshiage Station on Tokyo Metro Hanzomon Line 2 min Oct. 2007 47 - 47 RC/11F 1,369.26㎡ 34 COMFORIA HONJOAZUMABASHI Sumida-ku, Tokyo Honjo-azumabashi Station on Toei Asakusa Line 8 min Jan. 2008 48 - 48 RC/9F 1,434.29㎡ 35 COMFORIA KIYOSUMISHIRAKAWA TROIS Koto-ku, Tokyo Kiyosumi-shirakawa Station on Tokyo Metro Hanzomon Line 4 min Apr. 2008 50 - 50 RC/9F 1,553.45㎡ 36 COMFORIA MONZENNAKACHO Koto-ku, Tokyo Monzen-nakacho Station on Tokyo Metro Tozai Line 7 min Apr. 2008 144 - 144 RC/13F 4,916.04㎡ 37 COMFORIA HIMONYA Meguro-ku, Tokyo Gakugei-daigaku Station on Tokyu Toyoko Line 12 min Mar. 2003 28 - 28 RC/6F 2,302.53㎡ 38 COMFORIA MISYUKU Setagaya-ku, Tokyo Ikejiri-ohashi Station on Tokyu Den-en-toshi Line 6 min Feb. 2004 56 3 stores 59 RC/14F 2,842.56㎡ 39 COMFORIA GAKUGEIDAIGAKU Setagaya-ku, Tokyo Gakugei-daigaku Station on Tokyu Toyoko Line 8 min Apr. 2005 38 - 38 RC/4F 1,919.59㎡ 40 COMFORIA HIGASHINAKANO DEUX Nakano-ku, Tokyo Higashi-Nakano Station on JR Chuo Line Sobu Line 2 min Dec. 2009 40 - 40 RC/B1-9F 1,419.08㎡ 41 COMFORIA HIGASHIIKEBUKURO WEST Toshima-ku, Tokyo Higashi-ikebukuro Station on Tokyo Metro Yurakucho Line 9 min Jun. 2009 154 1 store 155 RC/13F 8,296.57㎡ Naka-ku, Yokohamashi, 42 COMFORIA YOKOHAMAKANNAI Kannai Station on JR Keihin-Tohoku Line 5 min Jul. 2009 60 - 60 RC/10F 2,377.62㎡ Kanagawa 43 COMFORIA RYOGOKU DEUX Sumida-ku, Tokyo Morishita Station on Toei Shinjuku Line 9 min Aug. 2006 66 - 66 RC/9F 2,010.27㎡ 44 COMFORIA OMORI DEUX Ota-ku, Tokyo Omori Station on JR Keihin-Tohoku Line 8 min Feb. 2007 64 - 64 RC/12F 2,180.52㎡ 45 COMFORIA MACHIYA Arakawa-ku, Tokyo Shim-Mikawashima Station on Keisei Line 6 min Apr. 2007 29 1 store 30 RC/11F 1,361.92㎡ 46 COMFORIA LIV ICHIKAWAMYODEN Ichikawa-shi, Chiba Myoden Station on Tokyo Metro Tozai Line 9 min Apr. 2007 48 - 48 RC/5F 1,533.11㎡ 47 COMFORIA LIV YATSUKA Soka-shi, Saitama Yatsuka Station on TOBU SKYTREE Line 7 min Mar. 2007 62 - 62 SRC/13F 1,710.09㎡ 48 COMFORIA SHIROKANETAKANAWA Minato-ku, Tokyo Shirokane-takanawa Station on Tokyo Metro Namboku Line 4 min Oct. 2007 36 1 store 37 RC/13F 1,932.57㎡ 49 COMFORIA NIHONBASHI NINGYOCHO EAST Chuo-ku, Tokyo Ningyocho Station on Tokyo Metro Hibiya Line 2 min Oct. 2007 81 1 store 82 RC/10F 2,912.38㎡ 50 COMFORIA ATAGO Minato-ku, Tokyo Kamiyacho Station on Tokyo Metro Hibiya Line 3 min Apr. 2004 38 - 38 SRC/11F 1,147.20㎡ 51 COMFORIA ASAKUSABASHI Taito-ku, Tokyo Asakusabashi Station on JR Chuo Line Sobu Line 5 min Nov. 2011 140 1 store 141 RC/B1-14F 5,273.67㎡ 52 COMFORIA RYOGOKU SOUTH Sumida-ku, Tokyo Morishita Station on Toei Shinjuku Line 7 min Nov. 2011 61 - 61 RC/9F 2,404.23㎡ 53 COMFORIA TOYOSU Koto-ku, Tokyo Toyosu Station on Tokyo Metro Yurakucho Line 9 min Mar. 2009 160 1 store 161 RC/9F 4,513.10㎡ Total 3,109 3,128 133,080.69㎡

Acquisitions during current FP Higashi Yodogawa-ku, Shin-osaka station on JR Tokaido & Sanyo Shinkansen, 3 min 54 COMFORIA SHIN-OSAKA Oct. 2006 132 1 store 133 RC/15F 6,530.63㎡ Osaka-shi, Osaka-fu Tokaido Line / Osaka-shi Shiei Midosuji Line 8 min Total 132 133 6,530.63㎡

Total portfolio properties 3,241 3,261 139,611.32㎡

34 Appraisal Value (1)

Acquisition At acquisition FP ended Jan 2013 FP ended Jul 2013 Appraisal - Acquisition price price Appraisal-book FP ended FP ended No. Property name Appraisal valueAppraisal value Appraisal value Book value At acquisition Appraisal company (million value Jan'13 Jul'13 yen) (million yen) Cap Rate (million yen) Cap Rate (million yen) Cap Rate (million yen) (million yen) (million yen) (million yen) (million yen) As of the end of July 2013 1 COMFORIA NIHONBASHI NINGYOCHO 1,586 1,610 5.3% 1,720 5.0% 1,760 4.9% 1,637 122 24 134 173 Japan Real Estate Institute 2 COMFORIA WASEDA 1,900 1,940 5.3% 2,120 5.0% 2,160 4.9% 1,967 192 40 220 260 Japan Real Estate Institute 3 COMFORIA SHIMOOCHIAI 1,181 1,280 5.7% 1,390 5.2% 1,400 5.1% 1,176 223 99 209 219 Japan Real Estate Institute 4 COMFORIA HIGASHINAKANO 552 556 5.4% 593 5.1% 599 5.0% 578 20 4 41 46 Japan Real Estate Institute 5 COMFORIA BUNKYOKASUGA 1,470 1,550 5.3% 1,700 5.0% 1,730 4.9% 1,472 257 80 230 260 DAIWA REAL ESTATE APPRAISAL CO.,LTD 6 COMFORIA ASAKUSAMATSUGAYA 910 926 5.8% 1,040 5.5% 1,060 5.4% 910 149 16 130 150 DAIWA REAL ESTATE APPRAISAL CO.,LTD 7 COMFORIA NISHIOI 902 913 5.5% 927 5.3% 942 5.2% 933 8 11 25 39 Japan Real Estate Institute 8 COMFORIA NAKANO 881 896 5.4% 912 5.1% 941 5.0% 912 28 15 31 59 Japan Real Estate Institute 9 COMFORIA SHIMOKITAZAWA 2,587 2,640 5.4% 2,840 5.0% 2,910 4.9% 2,569 340 53 253 323 Japan Real Estate Institute 10 COMFORIA NISHIKAMATA 1,550 1,650 5.6% 1,850 5.3% 1,870 5.2% 1,549 320 100 300 320 DAIWA REAL ESTATE APPRAISAL CO.,LTD 11 COMFORIA OYAMA 1,987 2,120 5.9% 2,050 5.5% 2,070 5.4% 1,986 83 133 63 83 Japan Real Estate Institute 12 COMFORIA KIYOSUMISHIRAKAWA SOUTH 740 772 5.5% 820 5.1% 838 5.0% 747 90 32 80 98 Japan Real Estate Institute 13 COMFORIA KOMAZAWA 1,290 1,360 5.3% 1,430 5.0% 1,460 4.9% 1,302 157 70 140 170 Japan Real Estate Institute 14 COMFORIA GINZA EAST 3,059 3,300 5.4% 3,450 5.1% 3,530 5.0% 3,074 455 241 391 471 Japan Real Estate Institute 15 COMFORIA AZABUDAI 574 677 5.1% 694 4.9% 701 4.8% 579 121 103 120 127 Japan Real Estate Institute 16 COMFORIA SHIBAKOEN 1,398 1,480 5.2% 1,540 4.9% 1,570 4.8% 1,403 166 82 142 172 Morii Appraisal & Investment Consulting,Inc. 17 COMFORIA NISHIAZABU 755 842 5.1% 833 4.9% 833 4.9% 761 71 87 78 78 Japan Real Estate Institute 18 COMFORIA MINAMIAOYAMA 1,041 1,250 5.2% 1,280 4.9% 1,290 4.8% 1,053 236 209 239 249 The Tanizawa Sogo Appraisal Co.,Ltd. 19 COMFORIA MINAMIAOYAMA DEUX 248 321 5.2% 341 5.0% 346 4.9% 252 93 73 93 98 The Tanizawa Sogo Appraisal Co.,Ltd. 20 COMFORIA NISHIWASEDA 1,685 1,830 5.2% 1,870 4.9% 1,900 4.8% 1,692 207 145 185 215 Morii Appraisal & Investment Consulting,Inc. 21 COMFORIA LIV KOISHIKAWA 552 579 5.4% 602 5.1% 606 5.0% 556 49 27 50 54 DAIWA REAL ESTATE APPRAISAL CO.,LTD 22 COMFORIA LIV SENGOKU 1,219 1,390 5.6% 1,430 5.4% 1,460 5.3% 1,230 229 171 211 241 Japan Real Estate Institute 23 COMFORIA DAIKANYAMAAOBADAI 926 1,110 4.8% 1,110 4.7% 1,130 4.6% 933 196 184 184 204 Japan Valuers Co.,Ltd. 24 COMFORIA DAIKANYAMA 1,807 2,020 5.1% 2,030 4.9% 2,050 4.8% 1,819 230 213 223 243 Japan Real Estate Institute 25 COMFORIA HARAJYUKU NORD 533 592 5.2% 615 5.0% 632 4.9% 540 91 59 82 99 The Tanizawa Sogo Appraisal Co.,Ltd. 26 COMFORIA HARAJYUKU 3,629 4,230 5.1% 4,050 4.9% 4,060 4.8% 3,645 414 601 421 431 Japan Real Estate Institute 27 COMFORIA IKEBUKURO 602 638 5.5% 640 5.2% 642 5.1% 604 37 36 38 40 DAIWA REAL ESTATE APPRAISAL CO.,LTD 28 COMFORIA LIV KOMAE 399 490 6.2% 501 5.9% 502 5.8% 411 90 91 102 103 Japan Real Estate Institute 29 COMFORIA LIV RYOGOKUISHIWARA 651 679 5.6% 723 5.2% 731 5.1% 657 73 28 72 80 Morii Appraisal & Investment Consulting,Inc. 30 COMFORIA MITA NORTH 850 887 4.8% 883 4.8% 904 4.7% 865 38 37 33 54 Japan Valuers Co.,Ltd.

35 Appraisal Value (2)

Acquisition At acquisition FP ended Jan 2013 FP ended Jul 2013 Appraisal - Acquisition price price Appraisal-book At FP ended FP ended No. Property name Appraisal valueAppraisal value Appraisal value Book value Appraisal company (million value acquisition Jan'13 Jul'13 yen) (million yen) Cap Rate (million yen) Cap Rate (million yen) Cap Rate (million yen) (million yen) (million yen) (million yen) (million yen) As of the end of July 2013 (cont.) 31 COMFORIA SHIBAURA BOWHOUSE 2,650 2,890 5.2% 2,910 5.1% 2,920 5.0% 2,710 209 240 260 270 Japan Real Estate Institute 32 COMFORIA ASAKUSABASHI DEUX 874 886 5.1% 892 5.1% 902 5.0% 912 -10 12 18 28 Japan Real Estate Institute 33 COMFORIA OSHIAGE 714 733 5.2% 745 5.2% 746 5.1% 747 -1 19 31 32 Japan Real Estate Institute 34 COMFORIA HONJOAZUMABASHI 762 775 5.2% 784 5.2% 793 5.1% 795 -2 13 22 31 Japan Real Estate Institute 35 COMFORIA KIYOSUMISHIRAKAWA TROIS 873 932 5.1% 929 5.1% 943 5.0% 891 51 59 56 70 Japan Real Estate Institute 36 COMFORIA MONZENNAKACHO 2,658 2,730 5.1% 2,750 5.1% 2,780 5.0% 2,714 65 72 92 122 Japan Real Estate Institute 37 COMFORIA HIMONYA 1,189 1,280 4.9% 1,290 4.9% 1,310 4.8% 1,208 101 91 101 121 Japan Valuers Co.,Ltd. 38 COMFORIA MISYUKU 1,874 2,040 4.8% 2,070 4.8% 2,080 4.7% 1,897 182 166 196 206 Japan Valuers Co.,Ltd. 39 COMFORIA GAKUGEIDAIGAKU 1,138 1,220 5.0% 1,250 4.9% 1,270 4.8% 1,165 104 82 112 132 Japan Real Estate Institute 40 COMFORIA HIGASHINAKANO DEUX 833 903 5.2% 903 5.1% 917 5.0% 850 66 70 70 84 Japan Real Estate Institute 41 COMFORIA HIGASHIIKEBUKURO WEST 3,911 4,260 5.4% 4,440 5.3% 4,520 5.2% 3,966 553 349 529 609 DAIWA REAL ESTATE APPRAISAL CO.,LTD 42 COMFORIA YOKOHAMAKANNAI 972 1,080 5.7% 1,120 5.6% 1,130 5.4% 994 135 108 148 158 Japan Real Estate Institute 43 COMFORIA RYOGOKU DEUX 1,014 1,070 5.1% 1,070 5.1% 1,090 5.0% 1,077 12 56 56 75 Japan Real Estate Institute 44 COMFORIA OMORI DEUX 1,188 1,240 5.1% 1,240 5.1% 1,260 5.0% 1,258 1 52 52 72 Japan Real Estate Institute 45 COMFORIA MACHIYA 594 644 5.3% 668 5.3% 681 5.2% 631 49 50 74 87 Japan Real Estate Institute 46 COMFORIA LIV ICHIKAWAMYODEN 606 666 5.6% 666 5.6% 681 5.5% 644 36 60 60 75 Japan Real Estate Institute 47 COMFORIA LIV YATSUKA 626 673 6.0% 670 6.0% 677 5.9% 668 8 47 44 51 Japan Real Estate Institute 48 COMFORIA SHIROKANETAKANAWA 1,300 1,350 4.9% 1,380 4.8% 1,410 4.7% 1,372 37 50 80 110 Morii Appraisal & Investment Consulting,Inc. 49 COMFORIA NIHONBASHI NINGYOCHO EAST 2,139 2,160 5.0% - - 2,190 4.9% 2,188 1 50 - 50 Japan Real Estate Institute 50 COMFORIA ATAGO 826 843 4.9% - - 852 4.8% 846 5 26 - 26 Morii Appraisal & Investment Consulting,Inc. 51 COMFORIA ASAKUSABASHI 2,680 2,750 5.2% - - 2,850 5.1% 2,770 79 170 - 170 DAIWA REAL ESTATE APPRAISAL CO.,LTD 52 COMFORIA RYOGOKU SOUTH 1,240 1,290 5.2% - - 1,330 5.1% 1,282 47 90 - 90 DAIWA REAL ESTATE APPRAISAL CO.,LTD 53 COMFORIA TOYOSU 3,096 3,230 5.1% - - 3,250 5.0% 3,182 67 153 - 153 Japan Real Estate Institute Total 71,225 76,173 - 67,761 - 79,209 - 72,607 6,601 5,149 6,521 7,983

Acquired properties during current FP 54 COMFORIA SHIN-OSAKA 2,400 2,450 5.4% ------50 - - Morii Appraisal & Investment Consulting,Inc. Total 2,400 2,450 ------50--

Total portfolio properties 73,625 78,623 - - - 81,659 - - - 5,199 - -

36 Occupancy and Rent Rates

FP Ended July 2012 FP Ended January 2013 FP Ended July 2013 Invested Items area Feb. 2012 Mar. 2012 Apr. 2012 May. 2012 Jun. 2012 July. 2012 Aug. 2012 Sep. 2012 Oct. 2012 Nov. 2012 Dec. 2012 Jan. 2013 Feb. 2013 Mar. 2013 Apr. 2012 May. 2013 Jun. 2013 July. 2013

# of properties 42 42 42 42 42 42 42 47 47 48 48 48 53 53 53 53 53 53

Rentable units 2,338 2,338 2,338 2,338 2,338 2,338 2,338 2,608 2,608 2,645 2,645 2,645 3,128 3,128 3,128 3,128 3,128 3,128 Total portfolio Rent: Yen/Tsubo 13,002 12,989 12,981 12,965 12,944 12,913 12,901 12,744 12,736 12,770 12,762 12,750 12,829 12,817 12,822 12,817 12,811 12,801 (residential units)

Occupancy rate 94.3% 94.5% 92.1% 91.7% 92.7% 93.1% 93.8% 94.0% 94.3% 94.3% 94.8% 96.1% 95.3% 96.1% 95.2% 94.8% 95.5% 95.9%

# of properties 16 16 16 16 16 16 16 16 16 17 17 17 19 19 19 19 19 19

Rentable units 781 781 781 781 781 781 781 781 781 818 818 818 938 938 938 938 938 938 Central Tokyo Rent: Yen/Tsubo 13,662 13,647 13,625 13,614 13,552 13,503 13,486 13,455 13,460 13,513 13,496 13,475 13,602 13,581 13,598 13,607 13,605 13,575 (residential units)

Occupancy rate 93.0% 92.8% 90.0% 89.6% 91.5% 91.7% 92.2% 91.9% 92.5% 93.0% 93.8% 95.0% 94.7% 94.6% 93.2% 93.6% 94.5% 95.2%

# of properties 24 24 24 24 24 24 24 27 27 27 27 27 30 30 30 30 30 30

Rentable units 1,473 1,473 1,473 1,473 1,473 1,473 1,473 1,633 1,633 1,633 1,633 1,633 1,996 1,996 1,996 1,996 1,996 1,996 Sub-Central Tokyo Rent: Yen/Tsubo 12,727 12,721 12,722 12,701 12,706 12,686 12,678 12,647 12,627 12,637 12,635 12,629 12,660 12,664 12,659 12,647 12,639 12,637 (residential units)

Occupancy rate 95.2% 95.6% 93.5% 93.2% 93.7% 94.2% 94.9% 95.3% 95.5% 95.2% 95.2% 96.7% 95.6% 97.1% 96.6% 95.6% 96.3% 96.5%

# of properties2 22222244444444444

Rentable units 84 84 84 84 84 84 84 194 194 194 194 194 194 194 194 194 194 194 Tokyo Metropolitan area Rent: Yen/Tsubo 10,389 10,392 10,396 10,367 10,291 10,301 10,281 9,846 9,834 9,812 9,814 9,789 9,803 9,748 9,747 9,734 9,699 9,701 (residential units)

Occupancy rate 93.2% 95.3% 92.0% 89.4% 91.1% 91.8% 92.1% 94.2% 93.5% 94.4% 96.3% 96.9% 94.9% 95.9% 93.1% 94.3% 94.5% 94.4%

37 Overview of Portfolio (1)

Investment area Nearest train station (on foot)

5th FP Tokyo 23 Wards: 95.7%6th FP Tokyo 23 Wards: 96.3% 5th FP Avg. distance: 5.2 min 6th FP Avg. distance: 5.2 min

4.3% 3.7% 1.9% 1.7%

Minutes Minutes Investment投資 40.4% Investment投資 38.9% to最寄駅から nearest to最寄駅から nearest エリア 41.0% の徒歩分数 41.3% の徒歩分数 area エリアarea train station train station (on foot) 57.1% (on foot) 57.0% 55.3% 57.4%

Central Tokyo Under 5 mins 5 to 10 mins Sub-central Tokyo Over 10 mins Tokyo Metropolitan area (Note 3): Graph data based on acquisition price. (Note 1): Graph data based on acquisition price. (Note 4): Refer to “References (*1) for calculation method of “Minutes to nearest train (Note 2): Refer to “References (*1) for calculation method of “Investment area”. station (on foot)” and “Avg. distance”. Average building age Average units per property

5th FP Avg. age: 7.1 years 6th FP Avg. age: 7.1 years 5th FP Avg. units/property: 54.8 units6th FP Avg. units/property: 58.7 units

5.9% 9.0% 10.4% 20.8% 13.2% 28.1% 26.1% 18.9% Average Average Residential1物件 Residential1物件築年数築年数 31.3% 当たり building age building age units当たり per 32.1% units per 住宅戸数property 住宅戸数property 35.8% 66.0% 64.9% 37.5%

Under 5 years 5 to 10 years Over 10 years Under 30 units Over 30 less than 50 units Over 50 less than 100 units Over 100 units (Note 5): Graph data based on build year of each asset as at end of each fiscal period. (Note 7): Graph data represents ratio of residential units (excluding retail and office space) (Note 6): Refer to “References (*1) for calculation method of “Average building age”. to number of portfolio properties.

38 Overview of Portfolio (2)

Acquisition price per unit Area per unit (㎡)

5th FP Price per unit: ¥1.28 billion6th FP Price per unit: ¥1.34 billion 5th FP Area per unit: 35.7㎡ 6th FP Area per unit: 34.6㎡

8.4% 7.1% 27.6% 24.9% 6.3% 30.2% 6.9% 1物件 37.1% 13.4% Area Acquisition Acquisition1物件 1Area物件 1物件当たり 15.0% 49.1% per当たり unit price per price当たり per per当たり unit 53.6% 取得価格取得価格面積（㎡）(㎡) unit unit 面積（㎡）(㎡) 20.6% 19.6% 20.2% 21.9% 17.4% 20.7%

Less than 30㎡ Over 30㎡ less than 40㎡ Less than 1 Bil JPY Over 1 Bil JPY less than 1.5 Bil JPY Over 1.5 Bil JPY less than 2 Bil JPY Over 2 Bil JPY Over 40㎡ less than 50㎡ Over 50㎡ less than 60㎡ Over 60㎡

(Note 1): Graph data based on acquisition price. Rounded to the nearest tenth decimal. (Note 2): Graph data represents floor area according to the rentable area of all space (excludes retail and office space) for each investment portfolio. Unit type *Room types 5th FP Single・Compact：81.1%6th FP Single・Compact：83.3%

Under 30㎡~ 40㎡~ 50㎡~ 60㎡~ 70㎡~ Over 80㎡ 2.4% 2.4% 30㎡ 40㎡ 50㎡ 60㎡ 70㎡ 80㎡ 14.4% 12.6% STUDIO S S C C F F F 2.0% 39.7% 1.8% 43.7% 1BED S C C C F F F Room部屋タイプ type Room部屋タイプ type 2BED C C C L L L 3BED L L L L L 39.6% 4BED L L L 41.4% STUDIO: 1K, one room 1BED: 1DK,1LDK,1LDK+service room and/or closet space, etc. Single（S） Compact（C） Family（F） 2BED: 2DK,2LDK,2LDK+service room and/or closet space, etc. Large（L） Stores 3BED: 3DK,3LDK,3LDK+service room and/or closet space, etc. (Note 3): Graph data represents ratio of rentable space by “Room type”. 4BED: 4DK,4LDK,4LDK+service room and/or closet space, etc. (Note 4): Refer to right chart for description of “Room type”.

39 Status of Interest-bearing Debt (as at end of Jul’13)

Interest-bearingInterest-bearing debtdebt statusstatus LoanLoan statusstatus

Loan amount Fixed/ Interest Type Lender Drawdown date Maturity date Interest-bearing (million yen) Variable (%) ¥40,720 million Development Bank of Japan 1,350 debt balance Long term Mizuho Bank 1,350 loans The Bank of Tokyo-Mitsubishi UFJ 1,350 maturing Variable 0.45000 06-Feb-13 31-Mar-14 Mitsubishi UFJ Trust and Banking 1,350 Avg. maturity 2.5 years within 1 year Sumitomo Mitsui Banking Corporation 600 Sub-total 6,000 Weighted avg. 1.01% Sumitomo Mitsui Trust Bank 5,355 1.03715 interest rate Development Bank of Japan 3,570 1.34500 Mizuho Bank 3,570 1.03715 Fixed Ratio of fixed The Bank of Tokyo-Mitsubishi UFJ 3,570 1.03715 23-Mar-11 23-Mar-16 70.5% (*2) interest debt Mitsubishi UFJ Trust and Banking 3,570 1.33500 Sumitomo Mitsui Banking Corporation 1,785 1.03715 The Tokyo Tomin Bank 1,000 1.03715 Appraisal LTV 51.4% Development Bank of Japan 1,050 Mizuho Bank 1,050 Sumitomo Mitsui Trust Bank 1,050 Long term The Bank of Tokyo-Mitsubishi UFJ 1,050 Variable 0.65000 03-Feb-12 30-Apr-15 loans Mitsubishi UFJ Trust and Banking 1,050 Sumitomo Mitsui Banking Corporation 550 The Tokyo Tomin Bank 200 Development Bank of Japan 1,090 Mizuho Bank 1,090 Sumitomo Mitsui Trust Bank 1,090 The Bank of Tokyo-Mitsubishi UFJ 1,090 Fixed 1.41200 03-Feb-12 29-Sep-17 Mitsubishi UFJ Trust and Banking 1,090 Sumitomo Mitsui Banking Corporation 550 The Tokyo Tomin Bank 300 Sub-total 34,720 Total 40,720 Credit rating (Note 1): Refer to “References (*3)” for calculation method of “Interest-bearing debt status”. Credit rating (Note 2): Fixed interest rate as per interest swap agreement shown above.

Rating agency Type Grade Outlook

Japan Credit Rating Agency Long-term issuer rating A＋ Stable

40 Unitholders (as at end of Jul’13)

UnitholdersUnitholders by by issuesissues heldheld MajorMajor unitholdersunitholders (Top (Top 10)10)

Foreign entities Unitholders Units held Holding ratio 6.6% (4,464 units)

1 Japan Trustee Services Bank, Ltd. (trust account) 13,830 20.53 Individuals / others 19.3% (12,969 units) 2 Tokyu Land Corporation 6,736 9.99

Financial institutions 3 Mizuho Securities Co., Ltd. 2,951 4.38 49.7% (33,455 units) Trust & Custody Services Bank, Ltd. (securities trust 4 2,817 4.18 Other domestic entities investment account)

19.0% (12,803 units) 5 Nomura Bank (Luxembourg) S.A. 2,628 3.90 Financial Instruments Business Operators 6 The Nomura Trust & Banking Co., Ltd. (trust account) 2,404 3.56 5.4% (3,670 units) 7 Asahi Fire & Marine Insurance 2,400 3.56 UnitholderUnitholder by by ratioratio Trust & Custody Services Bank, Ltd. (taxable trust 8 2,396 3.55 Financial Instruments money account) Business Operators Financial institutions 9 Master Trust Bank of Japan, Ltd. (trust account) 1,643 2.43 1.4% (51 entities) 0.7% (26 entities) 10 Mizuho Bank, Ltd. 1,600 2.37 Other domestic Foreign entities entities Total 39,405 58.49 1.3% (48 entities) 3.7% (136 entities) (Note 1): Figures in above chart were rounded down to the nearest hundredths. (Note 2): All data based on unitholder registry as at Jul 31, 2013.

Individuals / others 92.8% (3,374 entities)

41 Historical Unit Price (units)

HistoricalHistorical UnitUnit PricePrice andand VolumeVolume (JPY)(円) (Unit)(口) 21,577 Unit 1,000,000 Volume 5,000 売買高投資口価格Unit Price 900,000 (Right Axis) 4,500 ～ 800,000 4,000 700,000 3,500 600,000 3,000 500,000 Record high : 890,000 yen 2,500 400,000 Record low : 614,000 yen 2,000 300,000 1-day avg. trading : 877.9 units 1,500 200,000 1,000 100,000 500 0 0 2/6 2/21 3/7 3/22 4/5 4/19 5/8 5/22 6/5 6/19 7/3 7/18 (Note): As at July 31, 2013

ComparableComparable UnitUnit PricePrice

150 CRRUnit Price 東証TSE REIT Index指数東証TSE REITResidential住宅指数 REIT Index 140 Unit price : 628,000 yen (+1.0%) 130 TSE REIT Index : 1,312.77 pt (+5.5%) 120 TSE Residential REIT Index : 1,678.16 pt (-0.1%)

110

100

90 2/6 2/21 3/7 3/22 4/5 4/19 5/8 5/22 6/5 6/19 7/3 7/18 (Note): As of July 31, 2013. Price as of February 6, 2013 (the date of listing) is benchmarked at 100%.

42 Household Statistics in Tokyo Area

CRR invests in rental residences located primarily in the Tokyo area for “singles and small families”. Such residences are likely to receive stronger demand as the aggregate number of households increase.

① Number of households are expected to increase in the Tokyo metropolitan area and Tokyo. Trends of ② Households Due to demographic changes associated with declining birth rate and late marriages, the number of singles and small families are expected to continue increasing.

EstimatedEstimated NumberNumber ofof HouseholdsHouseholds inin TokyoTokyo NumberNumber ofof HouseholdsHouseholds inin TokyoTokyo byby TypeType

(Tokyo metropolitan area： (Tokyo： Thousand households) Thousand households) (Thousand households) 16,000 15,254 15,415 15,415 10,000 14,918 7,000 14,232 6,000 14,000 8,000 5,000 4,000 3,000 12,000 6,000 2,000 6,069 6,224 6,308 6,332 5,747 1,000 10,000 4,000 0 2005 2010 2015 2020 2025 2005 2010 2015 2020 2025 Tokyo Metropolitan Area To kyo Single Married couple Married couple with children Single parent with children Others

Source: National Institute of Population and Social Security Research's "Household Source: National Institute of Population and Social Security Research's "Household Projections for Japan (by prefecture) Dec. 2009.” statistical projection for Japan (by prefecture) Dec. 2009.“ (Note): Refer to References (*4) for more information. (Note): Refer to References (*4) for more information.

43 Governance

GovernanceGovernance structurestructure Decision-making flowchart in relation to asset acquisition The Asset Management Company ensures impartiality in decision-making by inviting outside real-estate appraisers to the Investment Committee.

Proposal by the Investment Operation Department Selecting candidates for assets to be acquired / Conducting detailed due diligence / Proposing acquisition plans

Approval by the Compliance Officer Examine compliance issues, considering laws, regulations, the Articles of incorporation, and the bylaws

Deliberation and resolution y The committee members are inhouse participants of the Asset by the Investment Committee Management Company and an outside real-estate appraiser y The resolution shall be adopted unanimously by all committee members

Deliberation and resolution by the Compliance Committee y Committee meetings shall be held to discuss transactions with interested parties y The committee members are inhouse participants of the Asset Deliberation and resolution by the Board of Directors Management Company and outside experts conversant with compliance (lawyers or certified public accountants) y The resolution shall be adopted by a two-thirds majority of the members present, including outside experts and Compliance Officer Report to the Investment Corporation

Aligning interests of unitholders with those of TLC To serve the interests of both the Investment Corporation and TLC, the Asset Management Company has received notice outlining TLC’s intentions as follows: ①TLC will hold Approx. 10% of the investment units issued before the listing by the Investment Corporation for five years after the listing. (Note) : Holdings via affiliates of TLC are included. ② In the event of a subsequent offering following the listing, TLC will seriously consider purchasing a portion of the additional issuance.

Hold approx. 10% of the issued investment units during listing process.

44 Overview of CRR

CompanyCompany ProfileProfile OverviewOverview ofof OrganizationOrganization

Name: Comforia Residential REIT, Inc (CRR) Asset Custodian Asset Management General Administration CRR (operation of the administrative Management form: Company instrument) Closed-end type Transfer agent Asset management company: Mitsubishi UFJ Trsut and Banking TLC comforia Investment Management INC.

Address: 1-16-3 Dogenzaka, Shibuya-ku, Tokyo Asset custody Administrative service Officers: Hiroyuki Tohmata, Executive Director Investors’ Meeting Transfer agency (President and CEO of TLC comforia Asset management Investment Management INC.) Yoshihiro Kataoka, Supervisory Director (lawyer) Board of Directors Accounting Sponsor support Koji Yamamoto, Supervisory Director service (CPA / tax accountant)

General administration History: June 2010 Registration of incorporation Auditor Sponsor (accounting, etc.) Registration by the prime Ernst & Young ShinNihon LLC minister Heiseikaikeisha Tax (registration number: Director of Corporation Kanto Finance Bureau No. 71) August 2010 Commenced business February 2013 Listed on the Real Estate Investment Trust Securities Market of Tokyo Stock Exchange

45 Overview of Asset Management Company

CompanyCompany ProfileProfile OverviewOverview ofof OrganizationOrganization

Name: TLC comforia Investment Management INC. Shareholder’sShareholder’s meetingmeeting Established: October 2009 CorporateCorporate Capital: 200 million yen AuditorAuditor Address: 1-16-3 Dogenzaka, Shibuya-ku, Tokyo BoardBoard ofof Shareholder: Tokyu Land Corporation100% DirectorsDirectors

Number of directors and employees: InvestmentInvestment ComplianceCompliance Committee Committee 21 (full time as of July 31, 2013) Committee Committee

Business description: PresidentPresident && CEOCEO Investment management Compliance Registrations/Licenses Internal Audit Compliance Internal Audit Officer Financial Instruments Business Firm, granted by Officer the Director of the Kanto Regional Finance Bureau (Financial Instruments) Registration No. 2370 Discretionary Transaction Agent granted by the InvestmentInvestment FinanceFinance && StrategicStrategic Minister of Land, Infrastructure, Transport and OperationOperation AccountingAccounting PlanningPlanning Tourism, Registration No. 65 DepartmentDepartment DepartmentDepartment DepartmentDepartment Building Lots and Building Transactions Business License, granted by the Governor of Tokyo (1) No. 91139

46 References

（*1） Specific investment areas defined as “Investment area” by the Investment Corporation are as follows: Category Investment Area Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Central Tokyo 5 major wards and Shibuya-ku Dense residential districts outside of Sub-central Tokyo Other Tokyo wards (excluding above) the 5 major wards Tokyo Metropolitan Dense residential districts in all other All other areas within Tokyo Metropolitan area Tokyo Metropolitan areas boundaries expecting strong demand

Other major cities Dense residential districts in ordinance-designated cities

Time required to arrive at the property on foot in “Minutes to Nearest Train Station,” is calculated on the assumption that it takes one minute to walk 80 meters. “Average Walk Minutes” is derived from a weighted average based on the acquisition price. “Average Building Age” is derived from a weighted average of building age of each property and acquisition price.

（*2） With regard to the properties developed by Tokyu Land Corporation and those related to the Tokyu Land Corporation Group at or before the competition, the time of supply shall be the time of completion for those in which the offering coincided with the completion, and the start of offering for those offered subsequent to completion, respectively. In the case of occupied properties acquired from an entity other than Tokyu Land Corporation, the time of supply shall be the time of property acquisition. However, in the case where the name of a property has been changed to “COMFORIA” brand or “COMFORIA LIV” brand after two months have passed since property acquisition, the time of supply shall be the time of change in property name. Total units supplied includes those sold to entities other than the Tokyu Land Corporation Group after supply and not managed as COMFORIA series at present. Total units supplied includes offices and retail establishments.

47 References

（*3） “Average maturity,” ”Weighted average rate”, “Long-term debt ratio”, “Ratio of fixed interest debt”, “Term-end interest-bearing debt ratio” and “Appraisal LTV” are calculated as follows:

“Average maturity” is derived from a weighted average based on each borrowings amount for the period until the repayment date described in the contract on borrowings, etc. “Weighted average rate” is derived from a weighted average of interest rate as of July 31, 2013 (If interest rate is significantly fixed under an interest rate swap agreement, etc., based on such fixed interest rate) in accordance with borrowings amount. “Ratio of fixed interest debt” ＝ Amount of borrowings with fixed interest rate (including those significantly fixed by interest rate swap transaction) / Borrowings (Short-term ＋ Long-term) amount “Appraisal LTV” is calculated based on the following formula as at the end of period:July 31 2013: Total Interest-bearing debt (¥40,720 million）/ Total real estate appraisal value (¥79,209 million)

（*4） Based on statistics from National Institute of Population and Social Security Research's "Household statistical projection for Japan (by prefecture) Dec. 2009 compiled from survey conducted in 2005. Post-2010 figures are projections. Areas in “Tokyo Metropolitan area” are Tokyo-to, Saitama- ken, Kanagawa-ken and Chiba-ken.

48 Disclaimer

All content presented in this document is provided solely for informational purposes with regard to CRR and is not intended to serve as an inducement or solicitation to trade in any product offered by CRR.

Information provided in this document contains forward-looking statements such as business forecasts, which should not be construed as CRR’s commitment to or guarantee of future performance.

Comforia Residential REIT, INC and TLC Comforia Investment Management do not guarantee or warrant the accuracy and safety of the information provided in this document, and shall not be liable for updating the information provided.

Please be advised that forward-looking statements provided herein may be subject to change or deletion without prior notice.

Duplication or reproduction of any item presented as information herein without the prior consent of CRR or its authorized representative is strictly prohibited.