Notice Concerning Acquisition of Properties (Glenpark Umeda-kita and 1 other property)

For Translation Purposes Only For Immediate Release August 27, 2014 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 (Glenpark Umeda-kita and 1 other property) 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 Property United Urban will acquire the trust beneficial interests in the following real estate (referred to as individually or collectively the Asset to be Acquired or Assets to be Acquired ). Property Number A33 Type of Use Retail, clinic Property Name Plussing Wave Enoshima D26 Apartment Glenpark Umeda-kita Total/Average (Note5) Location Fujisawa, Kanagawa Osaka, Osaka Scheduled Acquisition Price (Note 1) 1,800 million 5,150 million 6,950 million Estimated NOI Yield (Note 2) Estimated Post- Depreciation Yield (Note 3) 6.2% 4.7% 5.5% 4.1% 5.7% (Note5) 4.2% (Note5) Scheduled Acquisition Date August 29, 2014 August 29, 2014 (Notes) 1. Of the types 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 an amount subtracting the rental expenses (excluding depreciation and amortization) from the rental revenues. 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 Asset to be Acquired in accordance with the useful life thereof, based on the accounting policy of United Urban. 5. Estimated NOI Yield and Estimated Post-Depreciation Yield shown in the Average column indicates the values arrived at whenthe 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 to first decimal place. - 1

2. Details of Acquisition A. Plussing Wave Enoshima (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 (hereinafter, the Property in this section A) for the purpose of further expanding its portfolio of retail properties in Tokyo Metropolitan Area. In making the decision to acquire the Property, the following aspects were especially appreciated. 1. Location The Property is located within a thirteen-minute walk from Kugenuma-Kaigan Station of the Odakyu Enoshima Line and Shonan-Kaigan-Kouen Station of the Enoshima Electric Railway Line. The Property is located in a scenic place with a beautiful view of Enoshima Island and Mt. Fuji. Facing the national route 134, the Property boasts high visibility. The neighborhood of the Property is a residential area. Therefore, visits from the residents in the neighboring area are anticipated. In addition, the Property is easily accessible by car via the national route 134 and it is anticipated to attract customers visiting by car. 2. Building The Property is a relatively new retail facility which was built in 2007. The first and second floors of the Property have been used as retail stores, while the third and fourth floors are used primarily as a clinic mall. The Property is equipped with a car parking space within its site. Along with an affiliated parking space nearby, the Property can accommodate customers visiting by car. 3. Tenants, etc. The first floor of the Property has been occupied by a supermarket, and the second floor has been occupied by a drugstore. The third and fourth floors of the Property have been used as a clinic mall by several clinics and other tenants. The drugstore on the second floor sells not just drugs without prescription, but prescribed drugs, making it convenient for the users of the clinics. Since the competition within the trade zone of the Property is not too intense, we anticipate a stable operation of the Property. (2) Summary of Acquisition 1. Asset to be Acquired : Trust beneficial interest in real estate (Note) 2. Property Name : Plussing Wave Enoshima 3. Scheduled Acquisition Price : 1,800 million 4. Scheduled Agreement Date : August 29, 2014 (conclusion of the sale and purchase agreement of the trust beneficial interest) 5. Scheduled Acquisition Date : August 29, 2014 (transfer of the trust beneficial interest) 6. Seller : Mediwel and two (2) individuals in Japan(undisclosed) 7. Financing : Borrowing and cash on hand 8. Date of Payment : August 29, 2014 (scheduled) (Note) As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mizuho Trust & Banking Co., Ltd. acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. (3) Outline of the Property Property Name Plussing Wave Enoshima Type of the Property Trust beneficial interest in real estate (Note 1) Trustee Mizuho Trust & Banking Co., Ltd. (Note 1) Period of Trust Agreement From August 29, 2014 to August 31, 2024 (Note 1) Location (Note 2) Lot number 1-5218-182 185 186 Kugenuma-Kaigan, Fujisawa, Kanagawa Residential 1-3-16 Kugenuma-Kaigan, Fujisawa, Kanagawa 13-minute walk from Kugenuma-Kaigan Station (Odakyu Enoshima Line) Access 13-minute walk from Shonan-Kaigan-Kouen Station (Enoshima Electric Railway Line) Use (Note 2) Retail, clinic Site Area (Note 2) Land 2,449.00 m 2 Building 3,471.69 m 2 2

Structure and Scale (Note 2) S 4F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date (Note 2) December 2007 Initial Building Owner K.K. Hirano (currently Mediwel) Constructor Kiuchi Construction Co. Ltd. Kanagawa Branch Scheduled Acquisition Price 1,800 million Appraisal Value 2,010 million Date of Value Estimate August 1, 2014 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 14% Collateral None Special Notations None Details of Tenant (Note3) Total Number of Tenants (Note4) 7 Security Deposit 314,044 thousand Total Rental Revenues (yearly) 125,800 thousand Total Leasable Floor Space 3,155.64 m 2 (Note5) Total Leased Floor Space (Note5) 3,030.35 m 2 Occupancy Ratio (Note6) 96.0% Reference Estimated NOI (yearly) (Note7) 112 million Estimated NOI Yield (Note7) 6.2% (Notes) 1. As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Mizuho Trust & Banking Co., Ltd. acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. The same shall apply hereinafter. 2. 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. 3. Details of Tenant indicate figures as of July 31, 2014. 4. Total Number of Tenants is the number of tenants that conclude lease agreements directly with the current owner. 5. Total Leasable Floor Space means the total figure of leasable floor space in the space 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 current owner and each tenant. 6. Occupancy Ratio means the percentage obtained by dividing Total Leased Floor Space by Total Leasable Floor Space. The same shall apply hereinafter. 7. For the definition of NOI (Net Operating Income) and Estimated NOI (yearly), please refer to Note 3 of 1. Acquisition of the Property above. The estimated occupancy ratio is 96.8%. (4) Seller Profile The seller comprises a domestic business corporation and two individuals in Japan. Details of the two individuals are not disclosed as the consent for disclosure has not been obtained. As of today, each of the two individuals 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 each of the two individuals, and each of the two individuals does not fall under a related party of United Urban and JRA. Detail of the domestic business corporation is as follows; Company Name Mediwel Head Office Address 1-2-2 Kugenuma-Kaigan, Fujisawa, Kanagawa Representative Banri Hirano, Representative Director Capital 10 million (as of March 31, 2014) Date of Foundation January 20, 1979 Net Assets Undisclosed (Note) Total Assets Undisclosed (Note) Major Shareholder(s) Undisclosed (Note) Principal Business Planning, development, and management of medical malls Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. 3

Business Relationship Standing to Related Party There are no significant business relationships. Mediwel falls under neither the category of Interested Party nor the category of Sponsor/Stakeholder. (Note) Figures, etc. are not disclosed due to unavoidable circumstances where the consent for disclosure has not been obtained from the seller. (5) Standing of the Property Owners and Others The Asset to be Acquired will not be acquired from special related parties of United Urban or JRA. (6) Outline of Brokerage 1. Outline of Broker Company Name Mizuho Trust & Banking Co., Ltd. Address 1-2-1 Yaesu, Chuo-ku, Tokyo Representative Takeo Nakano, President and CEO Trust business, banking business and other businesses (purchase and Principal Business sale of trust beneficial interest, and brokerage of purchase and sale of real estate, etc.) Capital 247,369,709,634 (As of March 31, 2014) Date of Foundation May 9, 1925 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Mizuho Trust & Banking Co., Ltd. is the administrative agent of Business Relationship United Urban. In addition, United Urban borrows funds from Mizuho Trust & Banking Co., Ltd. Standing to Related Party Falls under neither the category of Interested Party nor the category of Sponsor/Stakeholder. 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 brokers. The amount of commission for the brokers, altogether, 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 Interested Party and Sponsor/Shareholder Property Management Company and Building Management Company : Marubeni Real Estate Co., Ltd. Marubeni Real Estate Co., Ltd. falls under the categories of both the Interested Party and the Sponsor/Stakeholder, and therefore, JRA is abiding by the predetermined limitations and procedures of JRA. (Note) With a view to avoiding conflicts of interest, JRA sets forth limitations and procedures for transactions, etc. between United Urban and Sponsor/Stakeholder in its internal rules on transactions with Sponsor/Stakeholder, which are called the Investment Committee Rules on Transactions with Sponsor/Stakeholder. The specific limitations set forth include the following: (i) When acquiring assets from Sponsor/Stakeholder, the acquisition price shall be the same as or less than the appraisal value; (ii) When selling assets to Sponsor/Stakeholder, the sale price shall be the same as or more than the appraisal value; and (iii) When Sponsor/Stakeholder is involved in the brokerage, etc. of acquisition or sale of assets with good reason, the commission for the acquisition or sale of assets shall be not more than 3% of the acquisition or sale price. In addition, specific procedures set forth are that, when United Urban and Sponsor/Stakeholder engage in a transaction, etc., the deliberation and resolution of the Investment Committee (the JRA s autonomous body that enters into deliberations and makes decisions on asset management and performs asset management evaluations, etc.), which includes a chairman and an outside expert, shall be required, and that the resolution must be passed by the unanimous agreement of the members of Investment Committee who have voting rights (a member of the Investment Committee who has a special interest in the resolution may not participate in the vote). The agenda of the Investment Committee are to be deliberated at the Compliance Committee, the chairman of which is Chief Compliance Officer who is in charge of compliance duties, and which includes an outside expert, from the view point of the compliance with laws and regulations, guidelines, internal rules, etc. The same shall apply to the transactions with Sponsor/Stakeholder hereinafter. B. Glenpark Umeda-kita (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 (hereinafter, the Property in this section B) for the purpose of further expanding its portfolio of residential properties. 4

In making the decision to acquire the Property, the following aspects were especially appreciated. 1. Location The Property is located within a four-minute walk from Nakazakicho Station of the Osaka Municipal Subway Tanimachi Line, and a seven-minute walk from Tenjinbashisuji 6-chome Station of the Osaka Municipal Subway Tanimachi Line and Sakaisuji Line and the Hankyu Senri Line. The Property is convenient as it is located within a walking distance on the north-east of Umeda area, which keeps developing as the center of business and commerce in the greater Osaka region. The neighborhood of the Property is an area where apartments and single family housings are located. As the Tenjinbashisuji Shotengai, the longest shopping street in Japan, is located within its walking distance, this area provides convenience in daily life. Thus the number households at Kita-ku, Osaka, which is where the Property is located, is on the rise and it has increased by approximately 30% in the past ten years. 2. Building The Property is a relatively new rental apartment which was built in 2007. The first floor has been used by a nursery school, and the second through the fifteenth floor are used as rental apartment. The size of the residential units range approximately 40 to 150 m 2, and the units with 50 to 80 m 2 are dominant. Therefore the Property is primarily targeting the segments of DINKS and families. The Property is high-grade; a concierge provides services at the entrance lobby on the first floor, and specs of the equipments in the bathroom and kitchen, etc. are excellent. The fifteenth floor, the top floor, consists of only 6 large-scaled units, and the size of each unit is larger than 100 m 2, making the grade of this floor even higher than other floors. 3. Tenants, etc. Located within a walking distance from the Umeda area, a solid demand from DINKS and families focusing on the proximity to the city-center is expected for the Property. (2) Summary of Acquisition 1. Asset to be Acquired : Trust beneficial interest in real estate (Note) 2. Property Name : Glenpark Umeda-kita 3. Scheduled Acquisition Price : 5,150 million 4. Scheduled Agreement Date : August 29, 2014 (conclusion of the sale and purchase agreement of the trust beneficial interest) 5. Scheduled Acquisition Date : August 29, 2014 (transfer of the trust beneficial interest) 6. Seller : Japan Asset XII Holding TMK 7. Financing : Borrowing and cash on hand 8. Date of Payment : August 29, 2014 (scheduled) (Note) As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Sumitomo Mitsui Trust Bank, Limited acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. (3) Outline of the Property Property Name Glenpark Umeda-kita Type of the Property Trust beneficial interest in real estate (Note 1) Trustee Sumitomo Mitsui Trust Bank, Limited (Note 1) Period of Trust Agreement From August 29, 2014 to August 31, 2024 (Note 1) Location (Note 2) Lot number 3-56-6 15, 3-59-13 Nakazakicho, Kita-ku, Osaka, Osaka Residential 3-4-22 Nakazakicho, Kita-ku, Osaka, Osaka 4-minute walk from Nakazakicho Station (Osaka Municipal Subway Access Tanimachi Line) 7-minute walk from Tenjinbashisuji 6-chome Station (Osaka Municipal Subway Tanimachi Line and Sakaisuji Line, and Hankyu Senri Line ) Use Apartment (182 units) (Note 2) Site Area Land 2,156.35 m 2 Building 14,340.44 m 2 Structure and Scale RC B1F/15F Type of Ownership Land: Proprietary Ownership Building: Proprietary Ownership 5

Completion Date August 2007 Initial Building Owner K.K. Sakura Fudodan Constructor Asunaro Aoki Construction Co., Ltd. Scheduled Acquisition Price 5,150 million Appraisal Value 5,380 million Date of Value Estimate August 1, 2014 Appraisal Agency Appraisal by Tanizawa Sōgō Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) 15.5% Collateral None A right-of-way pertaining to a portion of the land of the Property has been Special Notations created on the land adjacent to the north-west side of the Property. Details of Tenant (Note3) Total Number of Tenants (Note4) 161 Security Deposit 31,312 thousand Total Rental Revenues (yearly) 321,324 thousand Total Leasable Floor Space 12,730.60 m 2 (Note5) Total Leased Floor Space (Note5) 11,106.10 m 2 Occupancy Ratio 87.2% Reference Estimated NOI (yearly) (Note6) 283 million Estimated NOI Yield (Note6) 5.5% (Notes) 1. As of today, the Property has not been entrusted. However, the current owner of the Property (the seller) will entrust the Property to Sumitomo Mitsui Trust Bank, Limited acting as the trustee by the scheduled acquisition date and United Urban will acquire the Property in the form of trust beneficial interest in real estate. 2. In addition to this, there is a compartment which is used as a nursery school on the first floor of the Property. 3. Details of Tenant indicate figures as of August 25, 2014. 4. Total Number of Tenants is the number of end tenants. 5. Total Leasable Floor Space means the total figure of leasable floor space in the space 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 each tenant. 6. The estimated occupancy ratio is 93.0%. (4) Seller Profile Company Name Japan Asset XII Holding TMK Head Office Address 6-56-15 Kameido, Koto-ku, Tokyo Representative Masaki Aguni, Director Capital 100,000 (amount of specified capital) Date of Foundation April 25, 2007 Net Assets Undisclosed (Note) Total Assets Undisclosed (Note) Major Shareholder(s) Undisclosed (Note) 1. Acquisition, management and disposition of specified assets based on asset securitization plan under the Act on Securitization of Principal Business Assets. 2. All business incidental or relating to the securitization of specified assets described in the preceding item. Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship There are no significant business relationships. Standing to Related Party Japan Asset XII Holding TMK falls under neither the category of Interested Party nor the category of Sponsor/Stakeholder. (Note) Figures, etc. are not disclosed due to unavoidable circumstances where the consent for disclosure has not been obtained from the seller. (5) Standing of the Property Owners and Others The Asset to be Acquired will not be acquired from special related parties of United Urban or JRA. (6) Outline of Brokerage 6

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 and other businesses (purchase and Principal Business sale of trust beneficial interest, and brokerage of purchase and sale of real estate, etc.) 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 Business Relationship agent, and administrator of special accounts of United Urban. In addition, United Urban borrows funds from Sumitomo Mitsui Trust Bank, Limited. Standing to Related Party Falls under neither the category of Interested Party nor the category of Sponsor/Stakeholder. 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 brokers. The amount of commission for the brokers, altogether, 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 Interested Party and Sponsor/Shareholder Not applicable. 3. Method of Payment and Acquisition Schedule (1) Method of Payment The payment for the Assets to be Acquired will be a lump-sum payment upon the delivery of the properties, using debt financing and cash on hand. For details of the debt financing, please refer to the press release Notice concerning Debt Financing dated today. (2) Acquisition Schedule The schedule for acquisition of the Assets to be Acquired is as follows. Date of decision of acquisition August 27, 2014 Date of conclusion of sale and purchase agreement of trust beneficial interest Date of transfer of trust beneficial interest August 29, 2014 Date of payment 4. Outlook of Operating Condition United Urban does not make any changes to the forecasts of financial results for the twenty-second fiscal period (period ending November 30, 2014) and the twenty-third fiscal period (period ending May 31, 2015) as the effect of the acquisition of the Assets to be Acquired is immaterial. Attached Materials 1. Summaries of Appraisal Report 2. Portfolio Summary 3. Photo and Map, etc. 7

Reference Material 1 A. Plussing Wave Enoshima Summaries of Appraisal Report Appraisal Value Appraisal Agency 2,010,000 thousand Japan Real Estate Institute Date of Value Estimate August 1, 2014 Details Item (thousand of yen, unless otherwise indicated) Income approach price 2,010,000 Price by Direct Capitalization Method 2,010,000 Grounds (1) Total profit (Effective total profit: 1+2+3+4-5-6) 133,764 - Assessed a unit value level of rent, etc. that can be received stably over the medium to long term based on 1. Potential total profit the rent levels received under the current lease agreements, the levels of rents and common area charges (rental revenues, common area 132,719 of the subject property in case the new rents are assumed charges) to take place and the quality of the current lessees; and recorded rental revenues and common area charges as calculated based on the unit value level thus assumed. Electricity charges for illuminating lamps and other 2. Utility revenues 0 equipment, and air conditioning expenses are not recorded as the expenses will be shouldered by the lessees. 3. Parking revenues 1,980 A portion of the site of the Property has been leased in its entirety as a parking space. Parking revenue received under such parking lot lease agreement has been recorded as parking revenues. 4. Other revenues 360 Commission income of vending machines, land usage fee for power pole installed in the site of the Property, and others were recorded as other revenues. 5. Losses from vacancies 1,295 Assessed an occupancy ratio level that will remain stable over the medium to long term based on the occupancy status of and the supply and demand trends of competing or alternative, etc. real estates with similar features in a comparable area within the same sphere of supply and demand, and past occupancy status of and future prospects of the subject property for each use; and recorded the losses from vacancies, etc. as calculated based on the occupancy ratio level thus assumed. As to other revenues, revenues are assumed based on mediumto long-term estimate and thus losses from vacancies, etc. are not recorded. 6. Bad debt losses 0 Judged that no bad debt losses in view of the circumstances, etc. of lessees. (2) Total expenses (7+8+9+10+11+12+13+14) 16,458-7. Administrative and maintenance fees 4,950 8. Utilities 0 9. Repairs 775 10. Property and other tax 8,162 Recorded the administrative and maintenance fees comprising cleaning expenses, equipment management costs, security costs, etc. by taking into account the individualities of the subject property in reference to prior actual performance and management fees of similar real estates. Electricity charges for illuminating lamps and other equipment, and air conditioning expenses are not recorded as the expenses will be shouldered by the lessees. Recorded expenses for repairs by taking into account future management plans, the level of expenses of similar real estates and the annual average amounts, etc. of repairs in the engineering report in reference to prior actual performance. Assessed based on the amount of tax base for fiscal 2013. 8

11. Property Management Fee 2,400 12. Advertising expenses for tenants, etc. 103 13. Casualty insurance 68 This is a consignment fee payable to the outsourcee responsible for overall control of the tenant management service and building management service, etc. In order to assess property management fee, recorded such fee in reference to the fee rate under the terms and conditions set forth in the agreement to be concluded, by taking into account the fee rates for similar real estates and the individualities, etc. of the subject property. For the brokerage, publicity and other expenses, etc. required in advertising for new lessees, recorded annual average amount assessed by assumed turnover period of lessees. Recorded casualty insurance fee by taking into account insurance costs indicated on the price estimate and the rate, etc. of insurance costs of buildings similar to the subject building. 14. Other expenses 0 No other expenses to be recorded. (3) Net operating income (NOI: (1)-(2) ) 117,306 - (4) Operating profit of lump-sum money 3,135 (5) Capital expenditures (including routine repairs) 1,861 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 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. The operating profit of security deposits, etc. are not recorded as they will be factored in by the cap rate. 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 the actual costs will arise on an irregular basis; and 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)) 118,580 - (7) Cap rate 5.9% Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, competitiveness of the store such as the standing of the 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 2,000,000 - Discount rate 5.6% - Terminal cap rate 6.1% - Cost approach price 1,560,000 Land ratio: 73.3%, Building ratio: 26.7% 9

B. Glenpark Umeda-kita Summaries of Appraisal Report Appraisal Value Appraisal Agency 5,380,000 thousand Tanizawa Sōgō Appraisal Co., Ltd. Date of Value Estimate August 1, 2014 Details Item (thousand of yen, unless otherwise indicated) Income approach price 5,380,000 Grounds Price by Direct Capitalization Method 5,420,000 (1) Total profit (Effective total profit: 1+2+3+4-5-6) 360,201-1. Potential total profit (rental revenues, common area charges) 363,115 2. Utility revenues 499 3. Parking revenues 29,827 4. Other revenues 5,763 5. Losses from vacancies 33,003 6. Bad debt losses 0 (2) Total expenses (7+8+9+10+11+12+13+14) 7. Administrative and maintenance fees Recorded rental revenues and common area charges by taking into accounts the competitiveness of the subject property, the current status of lease and the market environment, etc. Recorded in reference to the trend of prior actual performance. Recorded parking revenues for cars and bicycles in reference to the trend of prior actual performance and market environment, etc. Usage fee of antenna was recorded as other revenues in reference to the trend of prior actual performance, etc. In addition, key money to be received when a new renting is assumed to take place was recorded as other revenues by taking into accounts the competitiveness of the subject property and the market environment, etc. Calculated the vacancy rate and recorded the losses from vacancies taking into accounts the competitiveness of the subject property, the current status of lease and scheduled move-in and move-out of tenants, the presence or absence of free-rent, duration of work associated with tenant turnover, and market environment, etc. Do not record bad debt losses in view of the existence of the security deposits. 71,472-14,971 8. Utilities 3,361 9. Repairs 14,074 10. Property and other tax 21,684 11. Property Management Fee 5,356 12. Advertising expenses for tenants, etc. 11,271 13. Casualty insurance 391 14. Other expenses 363 Recorded the administrative and maintenance fees by taking into account the details of the services to be entrusted and prior actual performance. Recorded in reference to the trend of prior actual performance. Recorded expenses for repairs based on the annual assessed value of long-term repair expenses, urgent repair expenses and short-term repair expenses indicated in the engineering report, and verifying it by comparing with various comparable cases, and taking into account the status of building management, grade of the building, and building ages, etc. Recorded the expenses for restoration by taking into the grade of the exclusive area (residence), unit value of interior derived from prior actual performance, and future changes. Recorded the property and other tax for land and building based on the actual amount for fiscal 2014, while recorded an estimated amount for property and other tax for depreciable assets. Recorded the property management fee by taking into account details of the services to be entrusted, etc. Recorded the advertising expenses for tenants, etc. by taking into account the details of the services to be entrusted and market environment, etc. Recorded casualty insurance fee by taking into account insurance costs and the details of the insurance policy, etc. Recorded in reference to the trend of prior actual performance. 10

(3) Net operating income (NOI: (1)-(2) ) 291,729 - (4) Operating profit of lump-sum money 593 (5) Capital expenditures (including routine repairs) 16,100 Assessed the amount of security deposits to be received when a new renting is assumed to take place, in reference to the competitiveness of the subject property and market environment, etc. Recorded an operating profit of lump-sum money by calculating the investment yield of each year by taking into account the investment yield of financial assets in recent years and economic forecasts in the future. Recorded capital expenditures based on the annual assessed value of long-term repair expenses, urgent repair expenses and short-term repair expenses indicated in the engineering report, and verifying it by comparing with various comparable cases, and taking into account the status of building management, grade of the building, and building ages, etc. (6) Net cash flow (NCF: (3)+(4)-(5)) 276,222 - (7) Cap rate 5.1% Assessed the cap rate of the subject property, based on a cap rate of other comparable properties, and by taking into account the trend of real estate investment market in a comprehensive manner, and also by paying attention to the relation with the cap rate. Price by Discounted Cash Flow method 5,360,000 - Discount rate 5.2% - Terminal cap rate 5.3% - Cost approach price 5,050,000 Land ratio: 51.3%, Building ratio: 48.7% 11

Reference Material 2 Summary of Portfolio As of August 29, 2014 (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 30 180,708 35.9% Office Building 41 202,464 40.2% Hotel 10 63,635 12.6% Residence 23 42,248 8.4% Others 4 14,620 2.9% Total 106 503,674 100.0% [Distribution by Geographical Location] (scheduled) Acquisition Price Location (Note 4) Number of Properties Amount (Millions of yen) (Note 2) Ratio (Note 3) 6 Central Wards of Tokyo 25 119,206 23.7% 23 Wards of Tokyo 12 50,831 10.1% Tokyo Metropolitan Area 26 149,526 29.7% Other Regions 43 184,112 36.6% Total 106 503,674 100.0% 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 23 wards of Tokyo except Tokyo Metropolitan Area Chuo-ku, Shinjuku-ku, (excluding those in Tokyo for 6 Central Wards of excluding 23 wards of Shibuya-ku, and Metropolitan Area) and the Tokyo Tokyo Shinagawa-ku 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; Type of Use Location Property Name Retail Property Tokyo Metropolitan Area Scheduled Acquisition Date Scheduled Acquisition Price Amount (Millions of yen) Ratio Plussing Wave Enoshima August 29, 2014 1,800 0.4% Residence Other Regions Glenpark Umeda-kita August 29, 2014 5,150 1.0% 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 12

Reference Material 3 A. Plussing Wave Enoshima Photo and Map, etc. [Photo] [Map] 13

B. Glenpark Umeda-kita [Photo] [Map] 14