Industrial & Infrastructure Fund Investment Corporation ( Stock Exchange Company Code:3249) News Release – February 21, 2011

IIF Acquire Five Properties in , Kanagawa, Saitama, Aichi Prefecture

Industrial & Infrastructure Fund Investment Corporation (“IIF”) announced today the planned acquisition of five properties in Chiba, Kanagawa, Saitama, Aichi prefecture as outlined below.

1. Summary of Acquisition Number of L-10 L-11 L-12 Property IIF Yokohama Tsuzuki IIF Narashino Logistics Center Ⅱ Property name IIF Atsugi Logistics Center Ⅱ Logistics Center (land with leasehold interest) (Location)(Note*) (Atsugi-shi, Kanagawa) (Tsuzuki-ku, Yokohama-shi, (Narashino-shi, Chiba) Kanagawa) Trust beneficiary Trust beneficiary Type of asset Interests in Real estate Interests in real estate real estate Acquisition 3,350 million yen 3,100 million yen 2,350 million yen Price Appraisal value 3,760 million yen 3,180 million yen 2,580 million yen NOI yield 6.3% 7.0% 6.5% NOI yield after 6.3% 6.2% 5.5% amortization Completion date February 21, 2011 February 21, 2011 February 21, 2011 of contract Acquisition date March 25, 2011 March 14, 2011 March 14, 2011 Co., Ltd. A domestic Special Purpose Seller Godo Kaisha Industrial Akanehama Company

Number of L-13 L-14 Property Property name IIF Saitama Logistics Center IIF Nagoya Logistics Center (Location)(Note*) (Kita-ku, Saitama-shi, Saitama) (Nakagawa-ku, Nagoya-shi, Aichi) Trust beneficiary Type of asset Interests in Real estate real estate Acquisition 1,490 million yen 1,050 million yen Price Appraisal value 1,700 million yen 1,110 million yen NOI yield 8.2% 7.9% NOI yield after 6.7% 7.3% amortization Completion date February 21, 2011 February 21, 2011 of contract Acquisition date March 14, 2011 March 14, 2011 Seller Godo Kaisha Bayside CORPORATION Note* In the “Name of Property’’, a property name which IIF will use after acquisition of properties, is scribed, and following each article we scribe as above.

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[Portfolio before and after acquisition of five properties] As of the end of December Acquiring new properties After acquisition of new 2010 (the seventh fiscal (scheduled) properties (scheduled) period) Number of Property 11 5 16 Total acquisition 96,900 million yen 11,340 million yen 108,240 million yen price(scheduled) Average of NOI yield* 5.0% 6.9% 5.2% Average of NOI yield 3.8% 6.2% 4.0% after amortization* Average of lease 11.9 years 16.4 years 12.3 years remaining period*

2. Description of lease on acquiring properties (scheduled) Annual rent Total lease area (excluded Revision of rent (percentage in Period of Type of Property name Lessee consumption Cancelation before total leasable contract contract tax) (Note1*) ended contract period area) Deposit 231,873,504 Applies only for cases IIF Narashino yen where separate Logistics Center Fixed-term agreements were Mizuho Trust & 2 50 years Ⅱ 58,070.00 m lease contract reached in cases of Banking Co., (to March 23, (land with (100%) of commercial revision of rent or Ltd. 115,936,752 leasehold yen 2061) land (Note3) redevelopment etc. interest) No provisions for midterm cancellations -(Note4) Revision of rent: every 3 years rent may be revised based on Sun Toshi IIF Atsugi 2 5 years General lease discussions between Tatemono 20,661.13 m Logistics Center (to August 31, contract of the lessor and lessee Kabushiki (100%) Ⅱ -(Note4) 2012) building Cancelation: possible Kaisha with letter before 6 months of ended contract period -(Note4) To be discussed every 5 years in cases of significant changes in rent market or financial IIF Yokohama 2 15 years Fixed term Tokyo Logi 9,464.03 m environment etc. Tsuzuki (to March 31, lease contract Factory Co., Ltd. (100%) Midterm cancellations Logistics Center -(Note4) 2024) of building not permitted until March 2019, enabled thereafter upon prior notice of 6 months 133,845,600 No revisions of rent yen during contract period. New rent to be discussed at least 6 months before maturity 7 years and 5 2 General lease of contract. In case of IIF Saitama 8,995.00 m months MM Corporation contract of midterm cancellations, Logistics Center 33,461,400 (100%) (to November building there will be penalties 30, 2014) yen of the larger of either 50% of the remaining balance of rent to be paid or rent for 12 months. 96,636,000 Discussing possible DHL Supply 2 1 year General lease IIF Nagoya yen 8,728.52 m change to fixed-term Chain Kabushiki (to May 31, contract of Logistics Center (100%) lease agreement with Kaisha 48,318,000 2012) building yen leaseholder at present (Note1)IIF Narashino Logistics CenterⅡ (land with leasehold interest) is not taxed. 2

(Note2) As Mizuho Trust and Banking Co., Ltd. is entrusted as the beneficiary in regards to the building located on the property in question, Mizuho Trust and Banking Co., Ltd. is planned to become the leaseholder and the end tenant will be a different party. (Note3)IIF schedules to complete fixed-term lease contract of commercial land with Mizuho Trust & Banking Co., Ltd. on the acquisition date of IIF Narashino Logistics Center. (Note4)Tenant has not agreed to disclosure the details of Annual rent and Deposit.

3. Our investment corporation has decided to acquire the properties based on our judgment that the characteristics of the said properties match with our investment strategies (acquisition of prize assets which can contribute to the increase of dividends). Through the acquisition, the estimated dividend per unit in the Term ending June 2011 (8th Term) following the acquisition is JPY11,012, and the estimated dividend per unit in the Term ending December 2011 (9th Term) when the profit contribution from the newly acquired property will be on a full-term basis is JPY12,090, versus the dividend per unit of JPY10,102 in the Term ended December 2010 (7th Term).

Distribution per unit before and after acquisition of properties December 2010 June 2011 December 2010 (seventh fiscal period) (eighth fiscal period) (ninth fiscal period) Number of property 11 11→16 16 Distribution per unit 10,102 yen (result) 11,012 yen (forecast) 12,090 yen (forecast)

------Exception of special scribing, in the “4. Summary of properties”, details in each article of tables as follows, * In “Location” we note the address indicated officially, or in the official book * In ”Area”, “Structure and stories”, “Total floor space”, “Type”, “Construction completion”, we note as recorded in the official book * In “Zoning” we note the type provided in Section 1-1, Article 8 of City Planning Act * In “Earthquake PML”based on the joint search report of earthquake risk by Engineering & Risk Services Corporation and OYO RMS Corporation)

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4. Summary of Property

[IIF Narashino Logistics Center Ⅱ(land with leasehold interest)] (1) Summary of Property Property name IIF Narashino Logistics Center Ⅱ (land with leasehold interest) 6-4, Akanehama 3-chome, Narashino-shi, Location Land area 58,070 m2 Chiba Construction date - Building area - Structure / stories - Type of building - Designated floor area Zoning Industrial area ratio / building-to-land 200% / 50% ratio Earthquake PML - Type of possession Ownership Acquisition price 3,350 million yen Collateral note None (scheduled) Appraisal value 3,760 million yen (as of February 1, 2011) Number of tenant 1 (appraisal date) Mizuho Trust & Appraisal firm Real Estate Institute Name of tenant Banking Co., Ltd. It is confirmed that, while there is a possibility that the amount of soil elution of fluorine due to natural causes in the peripheral areas of the property may exceed standard levels as the areas are reclaimed land made up of the same dredge mud from Tokyo Bay, there is little risk of damage to health and little possibility of any existence of soil contamination risks for the property concerned as there are no drinking wells within the property. Under the trust agreement, Breweries Ltd., the initial entrustor, does not carry any liability Others for defect warranty associated with soil contamination. While there are no signed boundary confirmation documents in regards to the boundary with the public waters northeast of the property, the matter is to be addressed through funding of the expenses by Ltd. following the acquisition of the property by our investment corporation.

(Note) As Mizuho Trust and Banking Co., Ltd. is entrusted as the beneficiary in regards to the building located on the property in question, Mizuho Trust and Banking Co., Ltd. is planned to become the leaseholder and the end tenant will be a different party.

(2)Reason of acquisition ①Acquisition Highlights To be acquired in accordance with the proposed solution made in collaboration with Ltd. and LaSalle Investment Management Ltd. in response to the needs of Sapporo Breweries Ltd. to streamline their distribution functions and liquidate their assets. Sapporo Breweries Ltd. will continue to use the facilities for the next 2 years, and discussions are ongoing with Mitsubishi Corporation Ltd. and LaSalle Investment Management Ltd. at present in regards to the redevelopment upon maturity of the period of use by Sapporo Breweries Ltd. Our investment corporation plans to receive the same amount of ground rent during the redevelopment period as the owner of the occupied land and has agreed to discuss revisions of the ground rent following the redevelopment, and the ground rent is therefore expected to increase in accordance with the increase in profitability. Upon acquisition of the property concerned, we will use the warehousing functions of Mitsubishi Corporation Ltd. and the development functions of the same for redevelopment. ②Profitability The NOI yield of the property concerned and the NOI yield after depreciation which contributes to dividend are both approximately 6.3% and will contribute to the increase in dividends as yields in excess of the NOI yield after depreciation of the existing portfolio owned by our investment corporation can be secured. ③Continuity We are planning to enter into a 50-year fixed-term lease agreement for business use with Mizuho Trust and Banking Co., Ltd. under condition of conducting redevelopment following the maturity of the contract period in regards to the agreement with Sapporo Breweries Ltd. which is the end tenant at present, to seek stable rent income and increase in ground rent following the redevelopment. While the floor area ratio of the current building is limited to approximately 53% which is approximately one-fourth of the statutory floor area ratio of 200%, rebuilding of a larger distribution center is considered to be possible through redevelopment. 4

④Commonality The property is located adjacent to the IIF Narashino Logistics Center (land with leasehold interest) acquired by our investment corporation on February 16, 2010. Akanehama in Narashino City offers good access to the Higashi-Kanto Expressway, National Highway 357 which runs parallel to the Expressway and Keiyo Road, and functions as a major base which covers central Tokyo and the greater metropolitan area. There are major logistics bases such as , Start Today Co., Ltd. and Jupiter Shop Channel Co., Ltd. located in the peripheral areas of the property and demand for major distribution facilities can thus be expected.

[Photo of the property]

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[IIF Atsugi Logistics Center Ⅱ] (1) Summary of Property Property name IIF Atsugi Logistics Center Ⅱ Location 602-9, Funako, Atsugi-shi, Kanagawa Land area 11,599.65 m2 October 28, 1992 Construction date Building area 22,068.60m2 July 27, 2009 (extension) Main building: 6 stories steel flamed with flat Main building: roof Warehouse, office Attached building1: 1 story steel flamed with Attached building1: Structure / stories Type of building galvanized plate roof Security room Attached building2: 1 story steel flamed with Attached building2: flat roof Refuse dump Designated floor area Zoning Semi-Industrial area ratio / building-to-land 200% / 70%(Note) ratio Earthquake PML 7.6% Type of possession Ownership Acquisition price 3,100 million yen Collateral note None (scheduled) Appraisal value 3,180 million yen (as of February 1, 2011) Number of tenant 1 (appraisal date) Sun Toshi Tatemono Appraisal firm Japan Real Estate Institute Name of tenant Kabushiki Kaisha It is confirmed that, while there is existence of soil contamination including chromium VI (exceeding soil elution standards, conforming to soil matter content standards), the existence is confirmed to be local in Others both surface span and depth and originating from part of buried land. Additionally, it is confirmed that the possibility of diffusion of the contaminated matter under the current land usage status is extremely small and the possibility for health damage to be caused is small. (Note) Building-to-land ratio of IIF Atsugi Logistics Center is 60%, however we describe 70% by calculation with corner lot

(2)Reason of acquisition ①Acquisition Highlights Property with an excellent location to be acquired under a mutual transaction through a proposed solution made after promptly obtaining information regarding the CRE strategies (non-core asset divestiture needs and financial needs) of Odakyu Electric Railway Co., Ltd.

②Profitability The NOI yield of the property concerned and the NOI yield after depreciation which contributes to dividend are approximately 7.0% and approximately 6.2%, respectively, and will contribute to the increase in dividends as yields in excess of the NOI yield after depreciation of the existing portfolio owned by our investment corporation can be secured.

③Continuity The property is used by PFU Quality Service Ltd. (one of the end tenants), a subsidiary of Limited, as its head office and business office. The property plays an important role for the company as the base for various support and services extending from introducing IT-related equipment to after-sales services.

④Commonality The areas peripheral to the Atsugi Interchange of the Tokyo-Nagoya Expressway can be said to be a regional management base which enables logistics for the Tama region in addition to those for Western Tokyo, Kawasaki, and central Yokohama regions, and functions as the relay point between the Chubu and Kinki regions with the central metropolitan area and the gateway for the West. The rent levels are inexpensive as compared with the harbor areas, there are more large-scale properties than other areas and major bases of companies such as Motor Co., Ltd., Corporation, and Fuji Xerox Co., Ltd. are located in the peripheral areas of the Atsugi interchange. The property is located approximately 5 minutes by car from the Atsugi interchange of the Tokyo-Nagoya Expressway, offering good access to the main roads and located in an area with high potential as a distribution base. The property is a six-story building with a total floor space of 22,000 m2, it has truck berths installed on the 1st 6 and 3rd floor, and it is relatively convenient even for multi-tenants.

[Photo of the property]

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[IIF Yokohama Tsuzuki Logistics Center] (1) Summary of Property Property name IIF Yokohama Tsuzuki Logistics Center 747, Minamikochi, Kawamukou-cho, Location Land area 5,088.48 m2 Tsuzuki-ku, Yokohama-shi, Kanagawa Construction date September 16, 1999 Building area 9,562.26m2 5 stories steel flamed with galvanized plate Structure / stories Type of building Warehouse roof Designated floor area Zoning Industrial area ratio / building-to-land 200% / 60% ratio Earthquake PML 8.7% Type of possession Ownership Acquisition price 2,350 million yen Collateral note None (scheduled) Appraisal value 2,580 million yen (as of February 1, 2011) Number of tenant 1 (appraisal date) Tokyo Logi Factory Appraisal firm Japan Real Estate Institute Name of tenant Co., Ltd. It is confirmed that the possibility of soil contamination as result of the use of land is small. Additionally, while there are concerns over “received contamination” from adjacent and peripheral areas, no impact on health Others from direct intake of toxic substances through received contamination is considered to exist and any impact on health from intake of groundwater is considered to be difficult to assume as the ground water is not used for drinking water.

(2)Reason of acquisition ①Acquisition Highlights We will acquire a scarce property located in an area with limited offerings of new properties and stable demand in use of our independent acquisition network and avoidance of competition. A long-term stable rent income evidenced by a long-term agreement with the tenant can be expected.

②Profitability The NOI yield of the property concerned and the NOI yield after depreciation which contributes to dividend are approximately 6.5% and approximately 5.5%, respectively, and will contribute to the increase in dividends as yields in excess of the NOI yield after depreciation of the existing portfolio owned by our investment corporation can be secured.

③Continuity Tokyo Logistics Factory Co., Ltd., the tenant, has been the leaseholder for the property since 1998 including its use under its former name of Tokyo System Transportation Ltd., and has entered into a 15-year fixed-term lease agreement in regards to the property concerned (approximately 8 years of midterm cancellation prohibition period remaining, approximately 13 years of lease agreement remaining) in 2009 under condition of long-term use. Tokyo Logistics Factory Co., Ltd. is a company established on October 1, 2010 as result of an inter-group reorganization by Tokyo System Transportation Holdings Inc., which takes charge of the warehousing business of the group.

④Commonality The property is located very close to the Daisan Keihin Road Kohoku interchange and is one of the few distribution areas in the Yokohama inland region. The location is able to meet distribution needs for the beverage, cosmetics and healthcare industries neighboring the consumer areas and manufacture and distribution needs of neighboring precision equipment manufacturers that support the major manufacture plants of companies such as Mobile Communications Ltd. and various companies of the NEC Group, and is highly scarce and has stable tenant demand amid the decrease in locations suitable for distribution due to the promotion of development of commercial facilities and homes. The property is a major distribution center with a total floor space of 9,500 m2 and 1 vertical conveyor and 3 elevators installed. The distribution center is a 5-story building (4 warehousing layers) making full use of the land, and it can be conveniently used to serve a broad range of requirements and enjoys an excellent location and 8 high commonality.

[Photo of the property]

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[IIF Saitama Logistics Center] (1) Summary of Property Property name IIF Saitama Logistics Center 398-3 etc., Yoshino-cho 1-chome, Kita-ku, Location Land area 4,545.49 m2 Saitama-shi, Saitama Construction date December 19, 1989 Building area 8,610.44 m2 Warehouse building: 4 stories steel flamed with flat roof Structure / stories Type of building Warehouse, office Office building: 3 stories steel flamed with flat roof Designated floor area Zoning Industrial area ratio / building-to-land 200% / 60% ratio Earthquake PML 4.2% Type of possession Ownership Acquisition price 1,490 million yen Collateral note None (scheduled) Appraisal value 1,700 million yen (as of February 1, 2011) Number of tenant 1 (appraisal date) Appraisal firm Japan Real Estate Institute Name of tenant MM Corporation It is confirmed that the possibility for existence of soil contamination as result of the use of land to be small. Additionally, while there are concerns over contamination from adjacent and peripheral areas, it is confirmed that the possibility of received contamination is small based on the results of past investigations conducted Others with plants located in the upper stream side of the ground water. While there were issues raised upon inspection of facilities for fire extinguishers and other devices (loss of sign plates on the fire extinguishers and malfunctioning of the achievement meters of the fire hydrant pumps), the issues are planned to be corrected prior to the planned date of acquisition.

(2)Reason of acquisition ①Acquisition Highlights We will acquire a property in an excellent location through capturing the portfolio strategy of a foreign investment fund intending to focus on management of assets of its home country thereby seeking to divest the property in question, which is the only foreign property owned by the fund. The acquisition will be made under a mutual transaction, based on the high evaluation by the seller of the credibility of our investment corporation, managed by an asset management company for which Mitsubishi Corporation is one of the sponsors.

②Profitability The NOI yield of the property concerned and the NOI yield after depreciation which contributes to dividend are approximately 8.2% and approximately 6.7%, respectively, and will contribute to the increase in dividends as yields in excess of the NOI yield after depreciation of the existing portfolio owned by our investment corporation can be secured.

③Continuity MM Corporation, which is a Medipal Holdings Corporation group company, conducts its operations as the delivery base for medical materials for multiple university hospitals in the metropolitan area and regional medical support hospitals. Additionally, the company’s Saitama branch, which is the base of its sales operations, is located in a separate building, and high continuity as a facility to support the company’s delivery business with high mobility can thus be expected.

④Commonality The property offers good access to National Highway 16, which is a belt line for the metropolitan area, and good access to National Highway 17 which longitudinally runs across Saitama Prefecture. As the property is located in between the Tohoku Expressway and Kanetsu Expressways, it also offers easy regional access from both expressways. Additionally, Omiya Station can be reached by car in less than 15 minutes and offers one of the best locations within Saitama City. As there are many residents in the peripheral areas and the location is walking distance from the nearest railway station, the property can also be considered to be advantageous from the standpoint of recruiting employees. The property offers standard specifications with 8,600 m2 in total floor space, a floor load of 1.5 t/m2 and 3 10 elevators and can thus be contemplated to respond to distribution needs of not only medical products but also a broad range of consumer products including beverages (dry), confectionery, apparel, and toiletry in consideration of its closeness to major consumer areas and its ability to cover the whole of the metropolitan area. Additionally, distribution bases and sales bases can be set up next to one another as the property also offers a separate building tower.

[Photo of the property]

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[IIF Nagoya Logistics Center] (1) Summary of Property Property name IIF Nagoya Logistics Center 27 etc., Yanagida-cho 2-chome, Location Land area 8,321.51 m2 Nakagawa-ku, Nagoya-shi, Aichi Construction date April 11, 1990 Building area 8,721.01 m2 Main building: 2 stories steel flamed with Main building: Office, galvanized plate roof Warehouse Structure / stories Type of building Attached building: 1 story steel flamed with Attached building: galvanized plate roof Pump control room Designated floor area Zoning Semi-Industrial area ratio / building-to-land 200% / 70% (Note) ratio Earthquake PML 8.7% Type of possession Ownership Acquisition price 1,050 million yen Collateral note None (scheduled) Appraisal value 1,110 million yen (as of February 1, 2011) Number of tenant 1 (appraisal date) DHL Supply Chain Appraisal firm Japan Real Estate Institute Name of tenant Kabushiki Kaisha It is confirmed that the possibility of soil contamination as result of the use of land is small. Additionally, while there are concerns over contamination from adjacent and peripheral areas, the possibility of received contamination is estimated to be small as the manufacturing plants located in the upper stream side of the ground water are relatively new and taking into consideration the distance from the sites to the location of the property. Others There is a roof installed in the bicycle lot in the west exterior and east exterior sides of the property, and we are currently under discussions as to who will remove the roof. The hanging smoke barrier walls have been removed from the inspection room on the 2nd floor, and are planned to be repaired by the seller. While boundary determination has been conducted, the boundary confirmation document and the certification from Nagoya City are planned to be obtained prior to the planned acquisition date. (Note) Building-to-land ratio of IIF Nagoya Logistics Center is 60%, however we describe 70% by calculation with corner lot

(2)Reason of acquisition ①Acquisition Highlights We will provide a solution which enables stable management through long-term ownership by our investment corporation in response to the needs for continued use by DHL Supply Chain Ltd. which highly evaluates the superiority of the location and convenience of the building, while responding to the CRE strategy (divestiture of non-core assets) of Taiheiyo Cement Ltd. Additionally, the property will become the first property to be acquired by our investment corporation in the Nagoya region.

②Profitability The NOI yield of the property concerned and the NOI yield after depreciation which contributes to dividend are approximately 7.9% and approximately 7.3%, respectively, and will contribute to the increase in dividends as yields in excess of the NOI yield after depreciation of the existing portfolio owned by our investment corporation can be secured.

③Continuity DHL Supply Chain Ltd., while using the property as the distribution base for personal computers and peripheral equipment for office use in the central locations of Nagoya City, also uses the property as a distribution center for precision equipment of major electrical appliance companies which position the Tokai and Hokuriku regions as their logistic areas. Additionally, as the property serves as one of the important bases for the company through use as an after-sales service base for customers within Nagoya City, we consider high continuity to be expected.

④Commonality The property is very close to the center of Nagoya City being located approximately 6 km from JR Nagoya Station, in a very convenient location contributing to the reduction in lead time from a distribution standpoint with 12 proximity to various pieces of distribution infrastructure such as the harbor and highway interchanges. Nagoya Highway Kogane interchange, Sennonji interchange and Tomeihan Expressway Ohharuminami interchange are all located approximately 15 minutes away by car, and the location can be considered to enable regional logistics for peripheral cities. While there are mid-size to small warehouses and plants located in peripheral areas, mid-large warehouses with a space of over 3,306 m2 (1,000 tsubo) are limited to offices owned by the companies themselves and the scarcity of large scale facilities can thus be considered to be high. The property has a total floor space of 8,700 m2, with 1 freight elevator. The specifications, unlike major superior facilities which generally enjoy high commonality, are limited to those for tenants mainly concerning transfer centers related to inspection and sorting logistics, and not for inventory storage. It has a floor load capacity of 1 t/m2 for the 1st floor and 400 kg/m2 for the 2nd floor. It also has a sufficient number of truck berths and thus can be considered to present no specific concerns in regards to the operations within the site.

[Photo of the property]

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5. Profile of Seller (1) IIF Narashino Logistics Center Ⅱ(land with leasehold interest) 1) Name Godo Kaisha Industrial Akanehama 2) Location Nihonbashi-1-chome Building, 1-4, Nihonbashi 1-chome, Chuo-ku, Tokyo 3) Name and Job title of Representative: HNS General Incorporated Association (Executor : Keiichi Representatives Omura) 4) Business Acquisition, ownership and selling, etc., of trust beneficially interest in real estate 5) Capital 10 thousand yen 6) Date Established March 2010 7) Relationship with JRF or asset manager The company is a limited liability company funded by Mitsubishi Corporation Capital relationship which is the parent company of our investment corporation, established for the Personal relationship purpose of acquisition, ownership and disposal of beneficiary interests in real Trade relationship estate trust. The aforementioned company comes under the classification of an interested party under the transaction rules of our investment corporation in regards to Interested party interested parties, and an interested party etc. under the Act on Investment Trust and Investment Corporations.

Summary of owner Previous owner / trustee Before previous owner / trustee

Company / name Godo Kaisha Industrial Akanehama None

The company is a special purpose company funded by Mitsubishi Relationship with special Corporation which is the parent - interested person or party company of our investment corporation Details and reason of acquisition For warehousing - Acquisition price 4,400 million yen (Note) - Acquisition term December 22, 2010 - (Note) While Limited Liability Company Industrial Akanehama has acquired the beneficiary interests in real estate trust whereby the land and building of the property is the trust property valued at JPY4,400 million, the company is planning to divide the trust into the land portion and building portion of JPY3,350 million and JPY1,050 million, respectively, and our investment corporation is planning to acquire the land portion for JPY3,350 million. The transaction comes under transactions with interested parties under the transaction rules of asset management companies in regards to interested parties. The transaction has been confirmed by the Compliance Management Office pursuant to internal regulations and has undergone deliberation and review at the Investment Management Review Committee within an asset management company and Board of Directors Meeting.

(2) IIF Atsugi Logistics Center Ⅱ 1) Name Odakyu Electric Railway Co., Ltd. 2) Location 28-12, Yoyogi 2-chome, -ku, Tokyo 3) Name and Job title of President & CEO: Yorihiko Osuga Representatives 4) Business Railway and real estate business, etc. 5) Capital 60,359 million yen 6) Date Established June 1948 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Capital relationship Investment Corporation/the Asset Management Company and Odakyu Electric Personal relationship Railway Co., Ltd.. In addition, there is no Trade relationship noteworthy capital, personal or trade relationship between affiliated companies of

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the Investment Corporation/the Asset Management Company and those of Odakyu Electric Railway Co., Ltd..

Odakyu Electric Railway Co., Ltd. does not meet the condition of interested party of the Investment Corporation / the Asset Management Company. In addition, the Interested party interest parties of Odakyu Electric Railway Co., Ltd. do not meet the condition of those of the Investment Corporation and the Asset Management Company.

(3) IIF Yokohama Tsuzuki Logistics Center 1) Name The seller has not been disclosed at the request of the seller. 2) Location 3) Name and Job title of Representatives 4) Business 5) Capital 6) Date Established 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Investment Capital relationship Corporation/the Asset Management Company and the seller. In addition, there is Personal relationship no noteworthy capital, personal or trade relationship between affiliated Trade relationship companies of the Investment Corporation/the Asset Management Company and those of the seller. The seller does not meet the condition of interested party of the Investment Corporation / the Asset Interested party Management Company. In addition, the interest parties of the seller do not meet the condition of those of the Investment Corporation and the Asset Management Company.

(4) IIF Saitama Logistics Center 1) Name Godo Kaisha Bayside 2) Location Gracchus & Associates Inc. Ochanomizu-Motomachi Building 3-7, Hongo 2-chome, Bunkyo-ku, Tokyo 3) Name and Job title of Representative: General Incorporated Association Suzuran (Executor :Tetsuya Representatives Kimura) 4) Business Acquisition, ownership and selling, etc., of trust beneficially interest in real estate 5) Capital 1 million yen 6) Date Established September 2007 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Investment Corporation/the Asset Management Company and Godo Kaisha Capital relationship Bayside. In addition, there is no noteworthy capital, personal or trade relationship Personal relationship between affiliated Trade relationship companies of the Investment Corporation/the Asset Management Company and those of Godo Kaisha Bayside. Godo Kaisha Bayside does not meet the condition of interested party of the Investment Corporation / the Asset Management Company. In addition, the Interested party interest parties of Godo Kaisha Bayside do not meet the condition of those of the Investment Corporation and the Asset Management Company.

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(5) IIF Nagoya Logistics Center 1) Name TAIHEIYO CEMENT CORPORATION 2) Location 3-5, Daiba 2-chome, Minato-ku, Tokyo 3) Name and Job title of President & Representative Director : Keiji Tokuue Representatives Business on Cement, Stock, Environment, Architectural material, Civil 4) Business engineering and construction, Ceramic and electronics 5) Capital 69,499 million yen 6) Date Established May 1881 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Investment Corporation/the Asset Management Company and TAIHEIYO Capital relationship CEMENT CORPORATION. In addition, there is no Personal relationship noteworthy capital, personal or trade relationship between affiliated companies of Trade relationship the Investment Corporation/the Asset Management Company and those of TAIHEIYO CEMENT CORPORATION. TAIHEIYO CEMENT CORPORATION does not meet the condition of interested party of the Investment Corporation / the Asset Interested party Management Company. In addition, the interest parties of TAIHEIYO CEMENT CORPORATION do not meet the condition of those of the Investment Corporation and the Asset Management Company.

6. Broker IIF completed a contract on broking in which broker is the third party, it has no special relationship with IIF, on IIF Atsugi Logistics CenterⅡ, IIF Yokohama Tsuzuki Logistics Center, IIF Saitama Logistics Center.

(1) Broker of IIF Atsugi Logistics Center Ⅱ (joint broking by two company) 1) Name Odakyu Real Estate Co., Ltd. 2) Location 47-1, Hatsudai 1-chome, Shibuya-ku, Tokyo 3) Name and Job title of President & CEO: Takumasa Mase Representatives 4) Business Business on Sale, Lease and Broking of land and building, incidental business. 5) Capital 2,140 million yen 6) Date Established August 1950 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Investment Corporation/the Asset Management Company and Odakyu Real Capital relationship Estate Co., Ltd.. In addition, there is no Personal relationship noteworthy capital, personal or trade relationship between affiliated companies of Trade relationship the Investment Corporation/the Asset Management Company and those of Odakyu Real Estate Co., Ltd.. Odakyu Real Estate Co., Ltd. does not meet the condition of interested party of the Investment Corporation / the Asset Interested party Management Company. In addition, the interest parties of Odakyu Real Estate Co., Ltd. do not meet the condition of those of the Investment Corporation and the Asset Management Company. Commission The broker has not agreed to disclosure of commission

1) Name The Sumitomo Trust Banking Co., Ltd. 2) Location 5-33, Kitahama 4-chome, Chuo-ku, Osaka-shi, Osaka 3) Name and Job title of President & CEO: Hitoshi Tsunekage Representatives 4) Business Business on Bank, Real estate, Trustee, Fund-raise for market 5) Capital 342,037 million yen 6) Date Established July 1925

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7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Investment Corporation/the Asset Management Company and The Sumitomo Capital relationship Trust Banking Co., Ltd.. In addition, there is no Personal relationship noteworthy capital, personal or trade relationship between affiliated companies of Trade relationship the Investment Corporation/the Asset Management Company and those of The Sumitomo Trust Banking Co., Ltd.. The Sumitomo Trust Banking Co., Ltd. does not meet the condition of interested party of the Investment Corporation / the Asset Interested party Management Company. In addition, the interest parties of The Sumitomo Trust Banking Co., Ltd. do not meet the condition of those of the Investment Corporation and the Asset Management Company. Commission The broker has not agreed to disclosure of commission

(2) IIF Yokohama Tsuzuki Logistics Center IIF completed a contract on broking in which broker is the third party, it has no special relationship with IIF. However, the broker has not agreed to disclosure of its company name and broker fee etc.

(3) Broker of IIF Saitama Logistics Center 1) Name Resona Bank, Ltd. 2) Location 2-1, Bingo-machi 2-chome, Chuo-ku, Osaka-shi, Osaka 3) Name and Job title of President & CEO: Naoki Iwata Representatives Business on Deposit, Loan, Selling and buying of securities, Securities investment, Internal and external exchange, Trustee of corporate bond, Issue on 4) Business transfer bond, agency on payment, Trustee of financial dealing in futures, Trustee, Banking agency, and Incidental business. 5) Capital 279,928 million yen 6) Date Established May 1918 7) Relationship with JRF or asset manager There is no capital, personal trade relationship between the Capital relationship Investment Corporation/the Asset Management Company and Resona Bank, Personal relationship Ltd.. In addition, there is no noteworthy capital, personal or trade relationship Trade relationship between affiliated companies of the Investment Corporation/the Asset Management Company and those of Resona Bank, Ltd.. Resona Bank, Ltd. does not meet the condition of interested party of the Investment Corporation / the Asset Management Company. In addition, the Interested party interest parties of Resona Bank, Ltd. do not meet the condition of those of the Investment Corporation and the Asset Management Company. Commission The broker has not agreed to disclosure of commission

7. Payment Acquisition of the properties will be funded through financing through issuance of new investment units and loans and through cash reserves. Please refer to “Notification in regards to Issuance of New Investment Units and Offering of Investment Units” dated today for the issuance of new investment units and “Notification in regards to Loan (Refinancing) of Funds” dated today for the loan of funds. Additionally, we are planning a lump-sum settlement upon delivery for all properties.

8. Others Our acquisition of IIF Narashino Logistics Center II (occupied land) comes under “Forward Commitment etc. by Investment Corporations” (Note) as provided in “Comprehensive Guidelines for Supervision of Financial 17

Instruments Business Operators etc. (Financial Services Agency, final revised in January 2011)” There are no penalty provisions in regards to Forward Commitment etc. in the aforementioned Trust Beneficiary Interest Sales and Purchase Agreement and no deposit payments. (Note) Forward Commitment etc. is defined as “A postdating sales and purchase agreement which provides for the delivery and settlement to take place one month or more from the effective date of the agreement or any other related agreements.”

9. Future Outlook of IIF This transaction has slight impact on increasing revenue in the 7th Fiscal Period ended December 31, 2010 (July 1, 2010 – December 31, 2010).

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[Reference] Summary of Appraisal value IIF Narashino IIF Yokohama Logistics Center Ⅱ IIF Atsugi Logistics IIF Saitama IIF Nagoya Tsuzuki (land with Center Ⅱ Logistics Center Logistics Center Logistics Center leasehold interest) Appraisal value 3,760 million yen 3,180 million yen 2,580 million yen 1,700 million yen 1,110 million yen Value based on direct capitalization 3,760 million yen 3,200 million yen 2,600 million yen 1,710 million yen 1,120 million yen

Direct cap rate 5.7% 5.8% 5.7% 6.3% 6.5% Value based on DCF 3,160 million yen 3,760 million yen 2,550 million yen 1,690 million yen 1,100 million yen method Discount rate 4.6% 5.5% 5.5% 6.0% 6.2% Terminal cap rate 6.4% 6.1% 5.95 6.6% 6.8% Integrated value - 2,840 million yen 1,870 million yen 962 million yen 1,170 million yen based on cost method Proportion of land - 60.9% 67.1% 42.6% 77.8% Proportion of building - 39.1% 32.9% 57.4% 22.2% Appraisal firm Japan Real Estate Institute Appraisal date February 1, 2011

Property Portfolio Overview after acquisition Property Acquisition Rate of Asset Type No. Name of Property Price Investment (Note1) (million yen) (%)(Note2) L-1 IIF Shinonome Logistics Center (Note3) 13,700 12.7 L-4 IIF Noda Logistics Center 6,500 6.0 L-5 IIF Shinsuna Logistics Center 5,300 4.9 L-6 IIF Atusgi Logistics Center 2,100 1.9 L-7 IIF Koshigaya Logistics Center 2,000 1.8 L-8 IIF Nishinomiya Logistics Center 1,300 1.2 IIF Narashino Logistics Center Industrial L-9 1,190 1.1 Properties (land with leasehold interest) IIF Narashino Logistics Center Ⅱ L-10 3,350 3.1 (land with leasehold interest) L-11 IIF Atsugi Logistics Center Ⅱ 3,100 2.9 L-12 IIF Yokohama Tsuzuki Logistics Center 2,350 2.2 L-13 IIF Saitama Logistics Center 1,490 1.4 L-14 IIF Nagoya Logistics Center 1,050 1.0 Sub total 43,430 40.1 Factory and IIF Totsuka Technology Center F-1 4,500 4.2 Research (land with leasehold interest) Development Property F-2 IIF Yokohama Tsuzuki Technology Center 1,100 1.0 Sub total 5,600 5.2 Infrastructure I -1 IIF Kobe District Heating and Cooling Center 18,100 16.7 Properties I -2 IIF Haneda Airport Maintenance Center 41,110 38.0 Sub total 59,210 54.7 Total 108,240 100.0 (Note1) The prefix indicates the property category (L for logistics facilities, F for factory, research and development facilities and I for infrastructure facilities). (Note2) In the “Rate of Investment” we describe data rounded to the nearest ten. (Note3) The appraised value of IIF SHINONOME Logistics Center is calculated by taking 53% (the percentage of its joint trust beneficiary interest) of the total, as described in relevant lease agreements.

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About IIF: Industrial and Infrastructure Fund Investment Corporation (“IIF”) is the first J-REIT focused on acquiring and operating both industrial and infrastructure properties in Japan－properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term. With respect to industrial properties, IIF intends to invest in a diverse portfolio of properties, including manufacturing and research and development facilities. Please refer to our website at http://www.iif-reit.com/english/index.html

Contacts: For the further information relating to this press release as well as the Fund and its Asset Manager, please feel free to contact Mr. Yoshito Nishikawa (Telephone Number: 81-3-5293-7090), Head of Industrial Division at Mitsubishi Corp.-UBS Realty, Inc., Asset Manager for Industrial & Infrastructure Fund Investment Corporation.

Investor Relations: Telephone Number: 81-3-5293-7091

It is for informational purposes only, and the Japanese language release should be referred to as the original.

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