TATEMONO Fumio Inada General Manager Investment Management Division REAL ESTATE INDUSTRY

MARKET FORECAST

80 60 40 20 0 -20 -40 -60 -80 06/7 07/1 07/7 08/1 08/7 09/1 09/7 01/7 02/1 02/7 03/1 03/7 04/1 04/7 05/1 05/7 06/1

residential development office leasing brokerage residential brokerage commercial

Reference：The Land Insutite of Japan OFFICE MARKET ・・・・・・Supply-Demand

Tokyo 23 wards

1,500,000㎡ 100%

1,250,000㎡

1,000,000㎡

750,000㎡

500,000㎡ 90% 250,000㎡

0㎡

-250,000㎡

-500,000㎡

-750,000㎡ 80% 2002y 2003y 2004y 2005y 2010y 1998y 1999y 2000y 2001y 1994y 1995y 1997y 1996y 2006y 2007y 2008y 2009y 1992y 1993y

supply net absorption rate of occupancy

Reference： CB Richard Ellis Research Institute K.K. OFFICE MARKET ・・・・・・Average Asking Rent & Rate of Occupancy

Tokyo 23 wards

average asking rent rate of ccupancy

30,000 100% 98.2% 97.4%

96.7% 98% 96.2% 96.0% 95.7%

25,000 95.3%

94.6% 96% 94.1% 94.1% 94.0% 94.0% 93.9% 93.5% 93.1% 94%

20,000 92.0%

90.9% 92% 90.4% 15,000 90% 88% 10,000 86% 84% 5,000 82% 14,220 13,940 13,640 13,320 13,030 20,270 17,350 16,120 15,610 15,340 14,830 14,400 13,050 13,590 14,590 13,580 0 28,580 24,230 80% 2002 2003 2004 2005 2009 1998 1999 2000 2001 1997 2006 2007 2008 1992 1993 1994 1995 1996

Reference： CB Richard Ellis Research Institute K.K. OFFICE MARKET

Tokyo Tatemono's buildings at CHUO KU base year = 1997 115

110

105

100

95

90

85

80

75

70 1997y 1998y 1999y2000y 2001y2002y 2003y 2004y2005y 2006y 2007y 2008y 2009y

Average target rent for new contract Average rent of continued contract OFFICE MARKET ・・・・・・Forecast For Rent Price Index

50,000 forecast stndard 45,000 optimistic pessimistic 40,000

35,000

30,000

25,000

20,000

15,000

10,000 2004 2005 2006 2007 1997 1998 1999 2000 2001 2002 2003 2008 2009 2010 2011 2012 2013 1990 1991 1992 1995 1996 2014 1993 1994

Reference：NLI Research Institute BROKERAGE ・・・・・・Secondary condominium in the Greater Tokyo Area

Ten thousand yen Number of transactions & average price 1991～2009 transactions average price

39000 Inventory January-2009～January-2010 37000 35000 33000 31000 29000 27000 25000 09/01 09/02 09/03 09/04 09/05 09/06 09/07 09/08 09/09 09/10 09/11 09/12 10/01

Reference： Real Estate Information Network For East Japan BROKERAGE ・・・・・・Transactions over ¥100million

1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12 1-6 7-12

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Reference： Tokyo Tatemono Real Estate Sales Co.,Ltd Real Estate Investment Market

MARKET FORECAST（in ６months）

2008-october

better good stay bad worse

Reference：NLI Research Institute Real Estate Investment Market

MARKET FORECAST（in ６months）

2009-october

better good stay bad worse

Reference：NLI Research Institute RALLY･･･････Prime Location Otemachi･Marunouchi･ Otemachi 1-Chome Project Phase 2

Otemachi 1-Chome Project Phase 1 Otemachi１－６ project

TOKYO SANKEI Bldg.

Muromachi East JFE Bldg. Progect Reconstruction project

Palace Hotel Nihonbashi Tower Reconstruction project

Marunouchi 1-4 Marunouchi Oazo Project

Mitsubishi UFJ Trust And Bankingu Bldg. Sapia Tower Nihon kogyo Club Bldg.

Shin-Marunouchi Bldg.

COREDO Nihonbashi Mitsubishi Shoji Bldg.

Marunouchi Trust City Marunouchi Bldg.

Marunouchi Central Bldg. Meiji Yasuda Seimei Bldg.

Gran Tokyo North Tower Marunouchi Park Bldg.

Gran Tokyo South Tower Tokyo Bldg.

Kyobashi ３ chome JP tower project

Transactions･･･････Prime Location Otemachi･Marunouchi

Resona Maruha Bldg ４２Billion yen Dec-2009 Tokyu Reit→SPC(Mitsubishi Estate )

Asahi Seimei Otemachi Bldg. Mar-２００９ ８０billion yen Asahi Mutual Life Insurance → SPC(Mitsubishi Estate )

AIG otemachi Bldg Mar-２００９ １１５Billion yen AIG→Nippon Life Insurance Company

Pacific Century Place Marunouchi Dec-２００９ １４０billion yen SPC(daVinci Advisors) →Secured Capital Japan Otemachi１－６ project

Otemachi Forest Kyobashi ３ chome project