For Translation Purposes Only November 20, 2014 for Immediate

For Translation Purposes Only November 20, 2014

For Immediate Release United Urban Investment Corporation Hitoshi Murakami Executive Officer (Securities Code: 8960)

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

Notice Concerning Acquisition of Properties (MT Ariake Center Building I&II and 2 Other Properties)

United Urban Investment Corporation (“United Urban”) hereby announces that Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company to which United Urban entrusts asset management services, has decided today to acquire properties as set forth below.

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

Estimated Scheduled Type of Estimated Post- Scheduled Property Acquisition Use Property Name Location NOI Yield Depreciation Acquisition Number Price (Note 3) Yield Date (Note 1) (Note 2) (Note 4) MT Ariake Center Building Koto-ku, ¥8,000 Nov. 25, E6 Warehouse 5.2% 4.5% I&II Tokyo million 2014 LIFE Nishikujo (Site) Osaka, ¥1,760 March 2, A34 - 5.0% 5.0% (Note 5) Osaka million 2015 LIFE Tamatsukuri (Site) Osaka, ¥1,880 March 2, A35 - 5.2% 5.2% (Note 5) Osaka million 2015 ¥11,640 5.2% 4.7% Total/Average — million (Note 6) (Note 6) (Notes) 1. Of the types of use indicated on the real estate register, the primary types are shown. 2. The prices are shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs. 3. “Estimated NOI Yield” indicates the value arrived at when the result of dividing the “Estimated NOI (yearly)” by the scheduled acquisition price is expressed as a percentage and rounded to first decimal place. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “Estimated NOI (yearly)” means an estimated figure for 1 year from the acquisition by United Urban, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. 4. “Estimated Post-Depreciation Yield” indicates the value arrived at when the result of dividing (i) an amount deducting “Estimated Depreciation and Amortization” from “Estimated NOI (yearly)” by (ii) the scheduled acquisition price is expressed as a percentage and rounded to first decimal place. “Estimated Depreciation and Amortization” means the estimated figure of the depreciation and amortization for 1 year after the acquisition by United Urban, which is calculated under the straight-line method by applying the depreciation ratio to be derived for each depreciable asset of the Properties to be Acquired in accordance with the useful life thereof, based on the accounting policy of United Urban. 5. The asset held in trust of the Asset to be Acquired is a land (site). Buildings and structures situated on the land (site) are not included in the asset held in trust.

This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 1/ 15

6. “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” shown in the “Average” column indicates the values arrived at when the “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” of each Property to be Acquired are weighted averaged by the scheduled acquisition price of each Property to be Acquired and are expressed as a percentage and rounded down to first decimal place. 7. Regarding the Assets to be Acquired, the aggregated security deposit are 238,288 thousand yen and the aggregated total rental revenues (yearly) are 664,894 thousand yen.

2. Details of Acquisition

A. MT Ariake Center Building I&II (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Asset to be Acquired for the purpose of expanding its portfolio of logistics properties which falls into the category of “Others”. In making the decision to acquire the Asset to be Acquired, the following aspects were especially appreciated.

1. Location The property with regard to the Asset to be Acquired (hereinafter, the “Property” in this section A) is located in Ariake area of Koto-ku, Tokyo. The area along Tokyo Bay, including Ariake, is an area in which logistics centers are concentrated, due to its convenient access to central Tokyo and greater Tokyo area. The Property has an advantage as a logistics facility, as it is located in vicinity of the expressway interchanges. Located within a 5-minute walk from Ariake-tennis-no-mori Station on the Yurikamome Line and 9-minute walk from Kokusai-tenjijo Station on the Rinkai Line, the Property is conveniently located in terms of public transportation and thus has advantage in securing employee. The area on the north side of the Property is scheduled to be one of the venues for the 2020 Tokyo Olympic Games. The area on further north of the Property, Toyosu, is an area where a new wholesale market is to open. Therefore, a further development in the future is anticipated. Moreover, the area along Tokyo Bay is an area in which a numerous condominium development has been taken place in recent years due to its proximity to the central business district. Therefore, the land of the Property has a high asset value as a site for condominium development.

2. Building The Property comprises two buildings; MT Ariake Center Building I (the “Building I”) which was build in 1989 and MT Ariake Center Building II (the “Building II”) which was built in 1992. The Property is a large-scale logistics facility with an aggregated floor area of over 22,000 m2 and it features a ceiling height of 6.3-4.8m (Building I: 6.3-5.4m, Building II: 5.6-4.8m), a floor weight capacity of 2.0-1.0t/ m2 (Building I: 2.0-1.5t/ m2, Building II: 1.0t/ m2), a column span of 9.8-9.0m. It is also equipped with truck berths and thus has a versatility that enables an efficient operation by the tenants.

3. Tenants, etc. The Property has been leased to 3 end-tenants (Building I: 2 tenants, Building II: 1 tenant) through the master lessee. Due to its proximity to area of high consumption in central Tokyo, demands from clients that distribute items in a frequent manner, such as home-delivery service, apparel, sundries, processed food, beverages, etc. are anticipated. In addition, the Property can correspond to various tenant needs such as storage and distribution of office supplies, and depository of business documents, and thus a stable occupancy is anticipated.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Property Name : MT Ariake Center Building I&II 3. Scheduled Acquisition Price : ¥ 8,000 million 4. Agreement Date : November 20, 2014 (conclusion of the purchase and sale agreement of the trust beneficial interest） 5. Scheduled Acquisition Date : November 25, 2014 (transfer of the trust beneficial interest) 6. Seller : Undisclosed (Please see “(4) Seller Profile” below.) 7. Financing : Borrowing and cash on hand (scheduled) 8. Date of Payment : November 25, 2014 (scheduled)

(3) Outline of the Property (Note 1) Property Name MT Ariake Center Building I&II Type of the Property Trust beneficial interest in real estate Trustee Mizuho Trust & Banking Co., Ltd. Period of Trust Agreement From October 31, 2003 to November 30, 2024 Lot number 1-6-2 Ariake, Koto-ku, Tokyo Location (Note 2) ①1-2-41 Ariake, Koto-ku, Tokyo Residential ②1-2-39 Ariake, Koto-ku, Tokyo 5-minute walk from Ariake-tennis-no-mori Station (Yurikamome Line, Tokyo Waterfront New Transit Waterfront Line) Access 9-minute walk from Kokusai-tenjijo Station (Rinkai Line, Tokyo Waterfront Area Rapid Transit) Use (Note 2) Warehouse Land 8,307.00 m2 2 Site Area (Note 2) Building ①18,887.44 m ②4,030.50 m2 ①S/SRC 5F Structure and Scale(Note 2) ②S 5F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership ①April 1989 Completion Date (Note 2) ②June 1992 Initial Building Owner Maruishi Kogyo K.K. ①Shimizu Corporation Constructor ②Maruishi Kogyo K.K. Scheduled Acquisition Price ¥8,000 million Appraisal Value ¥8,160 million Date of Value Estimate October 1, 2014 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) ①12% ②13% Collateral None (Administrative laws and regulations) ・As the Property is located in a zone designated in the plan of Ariake North Area in the New Tokyo Waterfront Sub-center (Rinkai-Fukutoshin), the use of the land, height of the building, location of the walls, etc., of the Property are subject to certain limitations and standards. (Others) Special Notations ・Arsenic and lead were detected from the site of the Property at levels exceeding designated levels. However, as the subject portion of the site is currently covered, soil ingestion and soil scattering are thought to be unlikely. In addition, as the water supply and sewerage systems are fully organized, groundwater is unlikely to be used for drinking. Expert opinion, stating that there is judged to be no harm in ongoing use of the land, has been obtained. Details of Tenant (Note 3) Total Number of Tenants (Note 4) ①2 ②1 Security Deposit Undisclosed (Note 5) Total Rental Revenues (yearly) Undisclosed (Note 5) Total Leasable Floor Space ①19,426.12 m2 ②4,508.20 m2 (Note 6) Total Leased Floor Space (Note 6) ①19,426.12 m2 ②4,508.20 m2 Occupancy Ratio (Note 7) 100.0% Reference Estimated NOI (yearly) (Note 8) ¥414 million This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 3/ 15

Estimated NOI Yield (Note 8) 5.2 % (Notes) 1. The Property comprised two buildings; some of the information are shown for each of the two buildings, hereafter, with the Building I expressed as ① and the Building II expressed as ②. 2. Each piece of information in the “Location,” “Use,” “Site Area (Building),” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register, while “Site Area (Land)” is described as it appears on the notification for provisional replotting. Moreover, “Location (Lot number)” is described for the information of the original plot before replotting. 3. “Details of Tenant” indicate figures as of November 20, 2014. The same shall apply hereinafter. 4. A pass-through-type master lease agreement has been concluded between the trustee and the lessee (master lessee) with regard to the Property. Therefore, the “Total Number of Tenants” figure is stated by aggregating the number of end tenants subleased to by the master lessee (where such lease agreements are only relevant to the parking lot facility, then excluding the number of tenant for such agreements). 5. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed due to unavoidable circumstances where consent for the disclosure has not been obtained from the tenants of the Property. 6. “Total Leasable Floor Space” means the total figure of leasable floor space in the space to be acquired by United Urban, and “Total Leased Floor Space” is the total figure of space subject to lease, which is stated in the lease agreement between the master lessee and tenants. 7. “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. The same shall apply hereinafter. 8. For the definition of “NOI (Net Operating Income)” and “Estimated NOI (yearly)”, please refer to Note 3 of “ 1. Acquisition of the Properties” above. The estimated occupancy ratio is 100%.

(4) Seller Profile The seller is a TMK (tokutei mokuteki kaisha) domiciled in Japan. Details of the seller are not disclosed as the consent for disclosure has not been obtained. As of today, the seller falls under neither the category of “interested parties, etc.” (the “Interested Party”) under the Act on Investment Trusts and Investment Corporations of Japan (Act No. 198 of 1951, as amended) nor the category of the sponsor/stakeholder (“Sponsor/Stakeholder”) under the self-imposed rules (rules for conflicts of interest) of JRA. In addition, United Urban and JRA have no significant capital ties, personal relationships and transactions with the seller, and the seller does not fall under a related party of United Urban and JRA.

(5) Standing of the Property Owners and Others The Property will not be acquired from special related parties of United Urban or JRA.

(6) Outline of Brokerage Not applicable.

(7) Transactions with Related Party or Sponsor/Stakeholder Not applicable.

B. LIFE Nishikujo (Site) (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Asset to be Acquired for the purpose of further expanding its portfolio of retail properties. In making the decision to acquire the Asset to be Acquired, the following aspects were especially appreciated.

1. Location The property with regard to the Asset to be Acquired (hereinafter, the “Property” in this section B) is the site (land with leasehold interest) of the supermarket store “LIFE Nishikujo” which is located in Konohana-ku, Osaka, Osaka. The Property is conveniently located as it is within a 3-minute walk from the nearest station, and a number of multi-family apartments are situated in the neighborhood. The population in the trading zone of the Property is abundant, with approximately 12 thousand in 500m radius and approximately 46 thousand in 1km radius.

2. Tenants, etc. The Property has been leased to Life Corporation, an operator of a food supermarket chain “LIFE,” under a fixed-term land lease agreement for 20 years. The tenant will continue to lease the land after the acquisition of the Property by United Urban, and therefore stable revenue from the Property is anticipated.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Property Name : LIFE Nishikujo (Site) 3. Scheduled Acquisition Price : ¥1,760 million 4. Agreement Date : November 20, 2014 (conclusion of the purchase and sale agreement of the trust beneficial interest) 5. Scheduled Acquisition Date : March 2, 2015 (transfer of the trust beneficial interest) 6. Seller : Sumitomo Mitsui Finance&Leasing Company, Limited 7. Financing : Proceeds from the issuance of new investment units by way of public offering (Public Offering) and proceeds from the issuance of new investment units by a third-party allotment (Maximum) which was ratified on the same date as the public offering (scheduled) 8. Date of Payment : March 2, 2015 (scheduled)

(3) Outline of the Property

Property Name LIFE Nishikujo (Site) Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited Period of Trust Agreement From March 2, 2015 to March 31, 2025 Location (Note1) Lot number 6-41-6 Nishikujo, Konohana-ku, Osaka, Osaka 3-minute walk from Nishikujo Station (JR Osaka Loop Line and Yumesaki Access Line, and Hanshin Namba Line ) Use (Note1) - Land 3,252.76 m2 Site Area (Note1) Building - Structure and Scale (Note1) - Land: Proprietary Ownership Type of Ownership Building: - Completion Date (Note1) - Initial Building Owner - Constructor - Scheduled Acquisition Price ¥1,760 million Appraisal Value ¥1,800 million Date of Value Estimate November 1, 2014 Appraisal Agency Appraisal by Tanizawa Sōgō Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) - Collateral None (Rights relations, etc.) ・The land lease agreement between the owner and the lessee of the Property includes a provision which requires a prior notice be given to the lessee when the owner seeks to sell the Property to a third party, and a provision which requires a priority be given to the lessee to discuss the Special Notations purchase of the Property when the lessee declares an intent to purchase the Property. ・A right-of-way has been created with regard to a portion of the land to bury underground pipelines for sewage disposal, gas supply, and telecommunication. Details of Tenant Total Number of Tenants 1 Security Deposit Undisclosed (Note 2) Total Rental Revenues (yearly) Undisclosed (Note 2) Total Leasable Floor Space 3,252.76 m2 2 Total Leased Floor Space (Note3) 3,252.76 m Occupancy Ratio 100.0% Reference Estimated NOI (yearly) ¥87 million Estimated NOI Yield (Note3) 5.0%

(Notes) 1. Each piece of information in the “Location (Lot Number),” “Use,””Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. The same shall apply hereinafter. 2. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed due to unavoidable circumstances where consent for the disclosure has not been obtained from the tenants of the Property. 3. The estimated occupancy ratio is 100.0%.

(4) Seller Profile

Company Name Sumitomo Mitsui Finance and Leasing Company, Limited Head Office Address 3-9-4 Nishi-Shimbashi, Minato-ku, Tokyo Takashi Kano, Chairman of the Board Representative Yoshinori Kawamura, President Capital ¥15 billion (As of March 31, 2014) Date of Foundation January 12, 1948 Net Assets ¥402.8 billion (As of March 31, 2014) Total Assets ¥2,753.3 billion (As of March 31, 2014) (As of March 31, 2014) Shareholding Shareholder Ratio Major Shareholders Sumitomo Mitsui Financial Group, Inc. 58% Sumitomo Corporation 39% Sumitomo Mitsui Finance and Leasing Company, Limited 3%

1. Leasing and installment sales of a variety of equipment and machinery Principal Business 2. Loans and factoring 3. Other 4. Services relating to above-mentioned businesses Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. Falls under neither the category of Interested Party nor the category of Standing to Related Party Sponsor/Stakeholder.

(5) Standing of the Property Owners and Others Not applicable.

(6) Outline of Brokerage 1. Outline of Broker Company Name Sumitomo Mitsui Trust Bank, Limited Address 1-4-1 Marunouchi, Chiyoda-ku, Tokyo Representative Hitoshi Tsunekage, President Trust business, banking business, concurrent businesses such as real Principal Business estate brokerage business and transfer agent business, and businesses as a registered financial institution. Capital ¥342.0 billion (As of March 31, 2014) Date of Foundation July 28, 1925 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Sumitomo Mitsui Trust Bank, Limited is the asset custodian, transfer agent, and administrator of special accounts of United Urban. In Business Relationship addition, United Urban borrows funds from Sumitomo Mitsui Trust Bank, Limited. Falls under neither the category of Interested Party nor the category of Standing to Related Party Sponsor/Stakeholder.

less than the upper limit (3% of the scheduled acquisition price plus 60,000 yen (excluding consumption taxes) stipulated in the Building Lots and Buildings Transaction Business Act.

(7) Transactions with Related Party Not applicable.

C. LIFE Tamatsukuri (Site) (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Asset to be Acquired for the purpose of further expanding its portfolio of retail properties. In making the decision to acquire the Asset to be Acquired, the following aspects were especially appreciated.

1. Location The property with regard to the Asset to be Acquired (hereinafter, the “Property” in this section C) is the site (land with leasehold interest) of the supermarket store “LIFE Tamatsukuri” which is located in Higashinari-ku, Osaka, Osaka. The Property is conveniently located as it is within a 5-minute walk from the nearest station, and a number of multi-family apartments are situated in the neighborhood. The population in the trading zone of the Property is abundant, with approximately 13 thousand in 500m radius and approximately 51 thousand in 1km radius.

2. Tenants, etc. The Property has been leased to Life Corporation, an operator of a food supermarket chain “LIFE,” under a fixed-term land lease agreement for 21 years. The tenant will continue to lease the land after the acquisition of the Property by United Urban, and therefore stable revenue from the Property is anticipated.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Property Name : LIFE Tamatsukuri (Site) 3. Scheduled Acquisition Price : ¥1,880 million 4. Agreement Date : November 20, 2014 (conclusion of the purchase and sale agreement of the trust beneficial interest) 5. Scheduled Acquisition Date : March 2, 2015 (transfer of the trust beneficial interest) 6. Seller : Sumitomo Mitsui Finance&Leasing Company, Limited 7. Financing : Proceeds from the issuance of new investment units by way of public offering and proceeds from the issuance of new investment units by a third-party allotment (Maximum) which was ratified on the same date as the public offering 8. Date of Payment : March 2, 2015 (scheduled)

(3) Outline of the Property

Property Name LIFE Tamatsukuri (Site) Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited Period of Trust Agreement From March 2, 2015 to March 31, 2025 Location Lot number 3-12-1 Nakamichi, Higashinari-ku, Osaka, Osaka 5-minute walk from Tamatsukuri Station (JR Osaka Loop Line, Osaka Access Municipal Subway Nagahori Tsurumi-ryokuchi Line) Use - Land 2,391.44 m2 Site Area Building - Structure and Scale - Land: Proprietary Ownership Type of Ownership Building: - Completion Date -

Initial Building Owner - Constructor - Scheduled Acquisition Price ¥1,880 million Appraisal Value ¥1,920 million Date of Value Estimate November 1, 2014 Appraisal Agency Appraisal by Tanizawa Sōgō Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) - Collateral None (Rights relations, etc.) ・The land lease agreements between the owner and the lessee of the Property includes a provision which requires a prior notice be given to Special Notations the lessee when the owner seeks to sell the Property to a third party, and a provision which requires a priority be granted to the lessee to discuss the purchase of the Property when the lessee declares an intent to purchase the Property. Details of Tenant Total Number of Tenants 1 Security Deposit Undisclosed (Note 1) Total Rental Revenues (yearly) Undisclosed (Note 1) Total Leasable Floor Space 2,391.44 m2 Total Leased Floor Space 2,391.44 m2 Occupancy Ratio 100.0% Reference Estimated NOI (yearly) ¥98 million Estimated NOI Yield (Note 2) 5.2% (Notes) 1. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed due to unavoidable circumstances where consent for the disclosure has not been obtained from the tenants of the Property. 2. The estimated occupancy ratio is 100.0%

(4) Seller Profile The seller is Sumitomo Mitsui Finance&Leasing Company, Limeted. For details, please refer to section “B. LIFE Nishikujo (Site), (4) Seller Profile”.

(5) Standing of the Property Owners and Others Not applicable.

(6) Outline of Brokerage 1. Outline of Broker The Broker is Sumitomo Mitsui Trust Bank, Limited. For details, please refer to section “B. LIFE Nishikujo, (6) Outline of Brokerage, 1.Outline of Broker”.

2. Amount and Details of Commission The amount of commission is not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the broker. The amount of commission for the broker is an amount less than the upper limit (3% of the scheduled acquisition price plus 60,000 yen (excluding consumption taxes) stipulated in the Building Lots and Buildings Transaction Business Act.

(7) Transactions with Related Party Not applicable.

3. Method of Payment and Acquisition Schedule

(1) Method of Payment Payment for MT Ariake Center Building I&II will be a lump-sum payment upon the delivery of the property, using the loans as announced in the press release “Notice concerning Debt Financing” dated today, and cash on hand. Payment for LIFE Nisikujo (Site) and LIFE Tamatsukuri (Site) is scheduled to be a lump-sum payment upon the delivery of the Property, using the proceeds from the issuance of new

investment units by way of public offering and the proceeds from the issuance of new investment units by a third-party allotment (Maximum) which was ratified on the same date as the public offering outlined in the press release “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” dated today.

(2) Acquisition Schedule

Date of decision of acquisition Date of conclusion of the Scheduled Property Name purchase and sale agreement of Acquisition Date the trust beneficial interest MT Ariake Center Building I&II November 25, 2014 LIFE Nishikujo (Site) November 20, 2014 March 2, 2015 LIFE Tamatsukuri (Site)

4. Matters on Forward Commitments

(1) Properties to be acquired with Forward Commitments (Note) LIFE Nishikujo (Site) and LIFE Tamatsukuri (Site) (Note) In the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” of Financial Services Agency, “forward commitments” is defined as “a postdated sales contract under which payment and delivery shall be made at least one month after the conclusion of the contract, or any other contract similar thereto”.

(2) Impact on United Urban’s Financial Standing if Forward Commitment is not Implemented In order to secure the Assets to be Acquired, United Urban executed purchase and sale agreements of the trust beneficial interests (the “PSA”) as of November 20, 2014 with the seller of the Assets to be Acquired set forth in (1) above. The PSA provides that either party may terminate the PSA if the other party has materially breached a provision thereof, in which case the party may request the party in breach to pay an amount equivalent to 20% of the transaction price as penalty charges. In addition, in the event that the party who terminated the PSA suffered a loss which exceeds the amount of the penalty charges, the such party may request the other party to compensate such loss in the amount exceeding the penalty charges, separately. However, this PSA is subject to the condition precedent of payment of an acquisition price that United Urban’s fund procurement is completed for the acquisition of the trust beneficial interests. Therefore, as for the acquisition of the Assets to be Acquired set forth in (1), the PSA will be terminated with no penalty if United Urban cannot consummate fund procurement as of the scheduled acquisition date. In view of the current state of the financial market and financial standings of United Urban, United Urban believes that material adverse effect on United Urban’s financial standing and the payment of cash distributions and other conditions are not likely to be caused in connection with the acquisitions of the Assets to be Acquired set forth in (1).

5. Outlook of Operating Condition

Please refer to the “Notice Concerning Revision to Forecasts of Financial Results for the Twenty-Second Fiscal Period Ending November 30, 2014 and Twenty-Third Fiscal Period Ending May 31, 2015 and Forecasts of Financial Results for the Twenty-Fourth Fiscal Period Ending November 2015” dated today for the forecasts of financial results for the twenty-second fiscal period (period ending November 30, 2014), twenty-third fiscal period (period ending May 31, 2015) and twenty-fourth fiscal period (period ending November 30, 2015).

【Attached Materials】 1. Summaries of Appraisal Report 2. Portfolio after Acquisition of Properties to be Acquired 3. Photo and Map, etc.

Reference Material 1

Summaries of Appraisal Report

A. MT Ariake Center Building I&II

Appraisal Value ¥8,160,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate October 1, 2014

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 8,160,000 Price by Direct Capitalization Method 8,300,000 (1) Total revenues (Note) － (2) Total expenses (Note) － (3) Net operating income (NOI: (1)-(2) ) 417,270 － Assumed a number-of-month-equivalent lease deposits that will remain passable in a stable manner over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed (4) Operating profit of lump-sum money 2,150 number-of-month-equivalent lease deposits as adjusted for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account the level of interest rate, etc. of both sides of investment and procurement. Renewal costs required for maintenance of the building to be recognized assuming that a projected average amount will be set aside every fiscal period, although (5) Capital expenditures (including the actual costs will arise on an irregular basis; and 12,649 routine repairs) assessed capital expenditures, taking into account the level of capital expenditure and the age for similar real estate, and the annual average amount of repair and renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 406,771 － Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, the standing of the (7) Cap rate 4.9% building, terms of the leasing agreements and other conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 8,010,000 － Discount rate 4.7% － Terminal cap rate 5.2% － Cost approach price 7,840,000 Land ratio: 84.2%, Building ratio: 15.8% (Note) Consent from the tenants to disclose the amount of rental revenues (yearly), etc. has not been obtained. Therefore, total revenues and total expenses are not indicated.

B. LIFE Nishikujo (Site)

Appraisal Value ¥1,800,000 thousand Appraisal Agency Tanizawa Sōgō Appraisal Co., Ltd. Date of Value Estimate November 1, 2014

Item Details Grounds Profit price by Discounted Cash Flow method 1,800,000 thousand yen Through (i) a method of adjusting the base 1st year to 3rd year 4.9% investment yield by adding a spread taking into account the individual risk of the property and (ii) a th th 4 year to 13 year 5.0% comparison of transaction of similar land, assessed by taking into account the current lease agreement, Discount rate 14th year to 33rd year 5.1% levels of land rent, period of lease agreement, business risks, etc. Raw land price after the Assessed based on the discount rate during the building, etc. are torn 5.1% holding period, adjusting it by taking into account down the possibility for sale as a raw land.

C. LIFE Tamatsukuri (Site)

Appraisal Value ¥1,920,000 thousand Appraisal Agency Tanizawa Sōgō Appraisal Co., Ltd. Date of Value Estimate November 1, 2014

Item Details Grounds Profit price by Discounted Cash Flow method 1,920,000 thousand yen Through (i) a method of adjusting the base 1st year to 10th year 4.9% investment yield by adding a spread taking into account the individual risk of the property and (ii) a th th 11 year to 20 year 5.0% comparison of transaction of similar land, assessed by taking into account the current lease agreement, Discount rate 21st year to 40.2th year 5.1% levels of land rent, period of lease agreement, business risks, etc. Raw land price after the Assessed based on the discount rate during the building, etc. are torn 5.1% holding period, adjusting it by taking into account down the possibility for sale as a raw land.

Reference Material 2 Portfolio after the Acquisition of Properties to be Acquired As of March 2, 2015 (scheduled) [Distribution by Type of Use] (scheduled) Acquisition Price Number of Properties Type of Use (Note 1) Amount (Millions of yen) Ratio (Note 2) (Note 3) Retail Property 32 184,348 35.2% Office Building 41 202,464 38.7% Hotel 10 63,635 12.2% Residence 23 42,248 8.1% Others 6 30,920 5.9% Total 110 523,614 100.0%

[Distribution by Geographical Location] (scheduled) Acquisition Price Location (Note 4) Number of Properties Amount (Millions of yen) Ratio (Note 2) (Note 3) 6 Central Wards of Tokyo 25 119,206 22.8% 23 Wards of Tokyo 13 58,831 11.2% Tokyo Metropolitan Area 27 157,826 30.1% Other Regions 45 187,752 35.9% Total 110 523,614 100.0% Notes 1. Each of “maricom-ISOGO / SYSTEM PLAZA YOKOHAMA (Site),” a retail property/office building complex and “Shin-Osaka Central Tower,” an office building/hotel complex has been counted as one property for each type of use, while counted as one property in the total column, respectively. Therefore, the number of properties of each type does not always add up to the total. 2. Figures have been rounded to the nearest unit. Therefore the sum of each figure does not always add up to the total. 3. Ratios have been rounded to first decimal place. Therefore the sum of each ratio does not always add up to the total. 4. The definition of geographical location is as set forth below. Tokyo Metropolitan Area (Note a) Other Regions (Note b) 6 Central Wards of Tokyo 23 Wards of Tokyo Tokyo Metropolitan Area Major Japanese cities including Chiyoda-ku, Minato-ku, government designated cities Chuo-ku, Shinjuku-ku, 23 wards of Tokyo except Tokyo Metropolitan Area (excluding those in Tokyo Shibuya-ku, and for 6 Central Wards of excluding 23 wards of Metropolitan Area) and the Shinagawa-ku Tokyo Tokyo surrounding areas thereof Notes a. Tokyo Metropolitan Area refers to Tokyo as well as Kanagawa, Chiba, Saitama, Ibaraki, Gunma, Tochigi and Yamanashi prefectures. b. Including Osaka Prefecture, Nagoya, Fukuoka and other cities. 5. Properties to be acquired contained in the above charts are as follows; Scheduled Scheduled Acquisition Price Type of Use Location Property Name Acquisition Date Amount (Millions of yen) Ratio 23 Wards of MT Ariake Center Others Tokyo Building I&II Nov. 25, 2014 8,000 1.5% Retail Other Regions LIFE Nishikujo (Site) March 2, 2015 1,760 0.3% Property Retail Property Other Regions LIFE Tamatsukuri (Site) March 2, 2015 1,880 0.4% 6. The latest information about United Urban’s portfolio is disclosed on United Urban’s website. http://www.united-reit.co.jp/eng_cms/portfolio/port_list.html

Reference Material 3 Photo and Map, etc. A. MT Ariake Center Building I&II

(left: Building I, right: Building II)

B. LIFE Nisikujo (Site)

C. LIFE Tamatsukuri (Site)