For Immediate Release United Urban Investment Corporation Yasuhiro Tanaka Executive Officer (Securities Code: 8960)

For Translation Purposes Only December 26, 2011 For Immediate Release United Urban Investment Corporation Yasuhiro Tanaka Executive Officer (Securities Code: 8960) Asset Management Company: Japan REIT Advisors Co., Ltd. Hisamitsu Abe Chairman of the Board, CEO and COO Inquiries: Kenichi Natsume Chief Financial Officer TEL: +81-3-5402-3680 Notice Concerning Acquisition of Property (Hotel JAL City Yotsuya Tokyo) United Urban Investment Corporation ( United Urban ) hereby announces that it has decided and completed an acquisition of a property as set forth below on December 26, 2011. 1. Acquisition of the Property United Urban acquired the following trust beneficial interest in real estate (the Acquired Asset ). Property Name Hotel JAL City Yotsuya Tokyo Type of Use (Note 1) Location (residential) Acquisition Price (Note 2) Acquisition Date Hotel, Office 3-14-1 Yotsuya, Shinjuku-ku, Tokyo 4,200 million December 26, 2011 (Notes) 1. Of the types indicated on the real estate register, the primary types are shown. 2. The acquisition price shown is based on the purchase price stated in the sale and purchase agreement for the Acquired Asset. In addition, the price is shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs. 2. Details of Acquisition (1) Reason for the Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban acquired the Acquired Asset for the purpose of expanding its portfolio of hotels in the 6 central wards in Tokyo. In making the decision to acquire such Acquired Asset, the following aspects were especially appreciated. 1. Location The property related to the Acquired Asset (the Property ) is located in Yotsuya, Shinjuku, which lies virtually in the center of the Tokyo area. Facing Shinjuku-Dori, an arterial roadway connecting the Shinjuku district and the central Tokyo district, and having convenient access that is within a two-minute walk from the Yotsuya-sanchome station on the Tokyo Metro Marunouchi Line, the Property stands in a location that is anticipated to attract various demands from customers for both sightseeing and business. In addition, said area boasts, during the four seasons, the rich greenery of Shinjuku Gyoen National Garden and other parks surrounding the Akasaka Detached Palace and is a fine environment for both residence and business. 1

The main users of the hotel are business travelers as the hotel has convenient access to central business districts, such as Tokyo station and Shinjuku station. Meanwhile, as the Ministry of Defense, university hospitals, and sports facilities such as the National Stadium are located in the neighborhood, wide accommodation needs for visitors of these institutions/facilities are also anticipated. 2. Tenants, etc. The Property has a lease agreement for the hotel portion and a master lease agreement for the office portion. For the hotel portion, which accounts for most of the leased area, the existing operation management entrustment agreement concluded with JAL Hotels Co., Ltd., a branded hotel operator, has been succeeded and the hotel business under the Hotel JAL City Yotsuya Tokyo brand by the tenant will continue after United Urban acquired the Acquired Asset. Therefore, the hotel is anticipated to keep attracting customers. For the office portion, Marubeni Community Co., Ltd., upon acquisition of the Acquired Asset by United Urban, has taken over the status of master lessee under the master lease agreement which was concluded between the asset custodian and the former master lessee. (2) Summary of Acquisition 1. Acquired Asset : Trust beneficial interest in real estate 2. Name of the property : Hotel JAL City Yotsuya Tokyo 3. Acquisition Price : 4,200,000 thousand (excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs) 4. Agreement Date : December 26, 2011 (conclusion of the sale and purchase agreement of trust beneficial interest) 5. Acquisition Date : December 26, 2011 (transfer of trust beneficial interest) 6. Seller : Godo Kaisha Prime Innovator 7. Financing : Cash on hand and debt financing 8. Date of Payment : December 26, 2011 (3) Outline of the Acquired Asset Property Name Hotel JAL City Yotsuya Tokyo Type of the Acquired Asset Trust beneficial interest in real estate Asset Custodian The Chuo Mitsui Trust and Banking Company, Limited Period of Trust Agreement From December 26, 2011 to December 30, 2021 3-14-1 2 3 Yotsuya, Shinjuku-ku, Tokyo Lot number Location (Note 1) 1-1 9 Aizumi-cho, Shinjuku-ku, Tokyo Residential 3-14-1 Yotsuya, Shinjuku-ku, Tokyo Access 2 minute walk from Yotsuya-sanchome Station (Tokyo Metro Marunouchi Line) Use (Note 1) Hotel, Office, Parking Site Area (Note 1) Land 1,105.23 m 2 Building 7,854.86 m 2 Structure (Note 1) SRC/RC B1/13F Type of Ownership Land: Proprietary Ownership Building: Proprietary Ownership Completion Date (Note 1) January 30, 1997 Acquisition Price 4,200,000 thousand Appraisal Value 4,490,000 thousand Date of Value Estimate December 1, 2011 Appraisal Agency (Appraisal Method) Appraisal by Japan Real Estate Institute Probable Maximum Loss (PML) 14% Collateral None 2

Special Instructions None Details of Tenant (Note 2) Total Number of Tenants(Note 3) 2 Security Deposit(Note 4) 153,480 thousand Total Rental Revenues (yearly) 354,420 thousand Total Leasable Floor Space 7,854.86 m 2 (Hotel portion: 7,404.72 m 2, Office portion: 450.14 m 2 ) Total Leased Floor Space 7,461.40 m 2 (Hotel portion: 7,404.72 m 2, Office portion: 56.68 m 2 ) Occupancy Ratio (Note 5) 95.0% Reference Estimated NOI (yearly) (Note 6) 301,618 thousand (Notes) 1. Each piece of information in the Location (Lot number), Use, Site Area, Structure and Completion Date is described as it appears on the real estate register. 2. Details of Tenant are figures as of October 31, 2011. Moreover, monetary values are truncated to the nearest thousand yen, while ratios are rounded to first decimal place. 3. The asset custodian has building leasing agreements between a hotel tenant and a master lessee at the time after acquisition of the Acquired Asset. The agreement with the master lessee is a pass-through-type master lease agreement. Therefore Total Number of Tenants shows the sum of the number of the hotel tenant and the number of the end tenants subleased by the master lessee. 4. Security Deposit shows the total amount of (i) the deposit placed by the hotel tenant with the asset custodian and (ii) the deposit placed by the end tenants with the master lessee, after acquisition of the Acquired Asset. Moreover, as of October 31, 2011, no deposit was placed by the former master lessee with the asset custodian, but due to a change in the master lease agreement in connection with the acquisition of the Acquired Asset by United Urban, the new master lessee placed a deposit with the asset custodian in an amount equivalent to the deposit placed by the end tenants with the master lessee. 5. Occupancy Ratio means the percentage obtained by dividing Total Leased Floor Space by Total Leasable Floor Space. 6. NOI (Net Operating Income) means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. Estimated NOI means the estimated figure, during steady operation, which is calculated based on the terms and conditions of leasing contract as of October 31, 2011. The estimated occupancy ratio is 95.0%. Owner, Architect, Constructor, Structural Strength Calculator and Building Inspection Agency of the Property are as set forth below. Property No. C6 Owner Architect Constructor Kugiman Corporation Ishimoto Architectural and Engineering Firm, Inc. Asanuma Corporation Structural Strength Calculator Ishimoto Architectural and Engineering Firm, Inc. Building Inspection Agency Shinjuku-ku None of the above owner, architect, constructor, structural strength calculator and building inspection agency was included in the list of owners, architects, constructors, structural strength calculators and building inspection agencies of properties whose structural calculation statements were falsified as announced by the Ministry of Land, Infrastructure, Transport and Tourism as of October 26, 2011. United Urban has also requested a specialized third-party institution to reconfirm the structural calculation statements for acquisition of the Acquired Asset, and it has been reported that there is no indication from which United Urban should suspect a problem after confirming the structural safety by comparing each of the members cross-sections of the structural calculation statements and those of structural drawings of this property and, furthermore, by confirming the method of structural calculation and earthquake resisting performance, etc. (4) Seller Profile Company Name Godo Kaisha Prime Innovator Head Office Address Sakura &Co., 1-11 Kanda-Jimbocho, Chiyoda-ku, Tokyo Representative Executive Director: Prime General incorporated association Administrator: Takao Ando 1. Acquisition, holding and disposition of immovable and movable properties. 2. Lease and management of immovable and movable properties Principal Business 3. Acquisition, holding and disposition of trust beneficially interest of real estate. 4. Other businesses incidental or relating to the aforementioned items. Capital 100,000 (As of December 1,2011) Composition Date August 30, 2006 3

Equity Member (As of December 1, 2011) Name Percentage Prime General incorporated association 100.0 % 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 Godo Kaisha Prime Innovator falls under neither the category of related party, etc. under the Act on Investment Trusts and Investment Corporations of Japan (the Related Party ) nor the category of sponsor/stakeholder under the self-imposed rules of Japan REIT Advisors Co., Ltd. ( JRA ), the asset management company (the Sponsor/Stakeholder ). (5) Outline of Brokerage 1. Outline of Broker Company Name Marubeni Asset Management Co., Ltd. Address 1-4-2 Ohtemachi, Chiyoda-ku, Tokyo Representative Hitoshi Murakami, President Investment management services, investment advisory services and the second financial instruments business under Financial Instruments and Principal Business Exchange Act, and Real estate business under the Building Lots and Buildings Transaction Business Act Capital 50 million (As of October 31, 2011) Date of Foundation November 14, 2007 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship Marubeni Asset Management Co., Ltd. has served as a broker when United Urban acquired three properties and sold two properties during the previous fiscal period ended November 30, 2011. Standing to Related Parties Marubeni Asset Management Co., Ltd. falls under the category of Related Party. Moreover, Marubeni Asset Management Co., Ltd. falls under the category of the Sponsor/Stakeholder, and therefore, is abiding by the predetermined limitations and procedures of JRA. (Note) (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 followings: (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. with good reason, the commission for the acquisition or sale of assets shall be no 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, asset management evaluations, etc.) shall be required, and that the resolution must be passed by the unanimous agreement of the members of the Investment Committee. The internal rules also set forth that meetings of the Investment Committee shall be attended by the Chief Compliance Officer, who is in charge of compliance duties, to monitor the status of the compliance with laws, regulations, guidelines, internal rules, etc. 2. Amount and Details of Commission Commission: 126,000 thousand (excluding consumption taxes) (6) Transactions with Related Party Broker : Marubeni Asset Management Co., Ltd. Marubeni Asset Management Co., Ltd. falls under the category of the Related Party and the Sponsor/Stakeholder, and therefore is abiding by the predetermined limitations and procedures of JRA. (Note) At the acquisition of the Acquired Asset, United Urban paid Marubeni 4

Tenant (Master Lessee) and Property Management Company Asset Management Co., Ltd. 126,000 thousand yen (consumption tax is separately added) as a brokerage commission. : Marubeni Community Co., Ltd. Marubeni Community Co., Ltd. falls under the category of the Related Party and the Sponsor/Stakeholder, and therefore is abiding by the predetermined limitations and procedures of JRA. (Note) (Note) Please refer to section (5) Outline of Brokerage, 1.Outline of Broker, (Note). (7) Method of Payment The payment for the Acquired Asset was a lump-sum payment upon the delivery of the trust beneficiary interest, using cash on hand and debt financing. (8) Acquisition Schedule The schedule for acquisition of the Acquired Asset was as follows. Date of decision of acquisition December 26, 2011 (Date of conclusion of sale and purchase agreement of trust beneficial interest) Date of transfer of trust beneficial interest December 26, 2011 3. Outlook of Operating Condition United Urban does not make any change to the forecasts of financial results for the seventeenth fiscal period (period ending May 31, 2012) as the effect of the acquisition of the Acquired Asset is immaterial. The forecasts of operating conditions for the eighteenth fiscal period ending November 2012 will be announced at the announcement of the financial results for the sixteenth fiscal period ended November 30, 2011 (January 18, 2012 (scheduled)). Attached Materials 1. Summary of Appraisal Report 2. Portfolio after Acquisition of Acquired Asset 3. Photo 5

Reference Material 1 Summary of Appraisal Report Appraisal Value Appraisal Agency 4,490,000 thousand Japan Real Estate Institution Date of Value Estimate December 1, 2011 Item Details (thousand of yen, unless otherwise indicated) Grounds Profit Price 4,490,000 Price by Direct Capitalization Method 4,490,000 (1) Total profit 369,093 (Effective total profit: 1+2+3+4-5-6) - (Hotel portion) Recorded the rental income based on current lease agreement, by taking into account the terms and conditions of current lease agreement, standard level of 1. Potential total profit hotel business income in stabilized period, and quality of the current lessee. (rental revenues, common area 370,500 (Office portion) charges) Recorded the rental income that can be received stably over the medium to long term, by taking into account the rent level received under the current lease agreement, the level of rents of the subject property in case the new renting is assumed to take place and quality of the current lessee. 2. Utility revenues 0 No utility revenues as utility expenses will be borne by the lessee. 3. Parking revenues 0 No parking revenues as they are included in the rental income of the hotel. 4. Other revenues 0 No particular revenue to be recorded as other revenues. 5. Losses from vacancies 1,407 Assumed an occupancy ratio level that will remain stably passable over the medium to long term from the occupancy status of and the supply and demand trends of competing or alternative properties with similar features in a comparable area within the same sphere of supply and demand, and past records and future prospects of the occupancy ratio of the subject property of appraisal; and recorded the losses from vacancies as calculated based on the occupancy ratio level thus assumed. 6. Bad debt losses 0 Judged that no bad debt losses in view of the circumstances of lessees, etc. (2) Total expenses (7+8+9+10+11+12+13+14) 51,874-7. Administrative and maintenance Not budgeted as the lessee will bear the administrative 0 and maintenance fees, comprised of cleaning expenses, fees maintenance expenses and security expenses. 8. Utilities 0 Not budgeted as the lessee will bear the expense. 9. Repairs 6,010 Recorded by taking into account future management plan, the level of expenses of similar real estates and the annual average amounts of repairs in the engineering report, etc. in reference to prior actual performance. 10. Property and other tax 42,703 Land: Recorded based on amount of tax base for fiscal 2011. Building: Recorded based on amount of tax base for fiscal 2011. Depreciable Asset: Recorded based on tax amount for fiscal 2011. 11. Property Management Fee 2,400 This is a consignment fee payable to the outsourcee responsible for overall control of the tenant management service and building management service, etc. It is based on the fee rates, etc. under current terms and conditions, considering the rate of fee rates for similar real estates and the individualities of the subject property. 12. Advertising expenses for 152 (Office portion) 6

tenants For the brokerage, publicity and other expenses, etc. required in advertising for new tenants, recorded annual average amount assessed by assumed turnover period of lessees. (Hotel portion) Advertising expenses for the hotel portion are not recorded; expenses regarding the tenant change in the hotel portion deems appropriate to incorporate into discount rate. 13. Casualty insurance 309 Recorded by taking into account insurance costs based on current insurance policy and the rate of insurance costs of buildings similar to the subject buildings, etc. 14. Other expenses 300 Recorded remittance charge as other expenses. (3) Net operating income (NOI: (1)-(2) ) 317,219 - (4) Operating profit of lump-sum money 3,374 In regard to the lease deposit that is a lump sum payment exhibiting the nature of money in custody, assumed a number-of-month-equivalent lease deposits that will remain stably passable 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 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 yields of securitized assets, such as other financial instruments, and by referring to yields of stable assets, etc., as references. (5) Capital expenditures (including routine repairs) 19,470 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, taking into account the level of capital expenditure and the age for similar real estate and the annual average amount of renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 301,123 - (7) Cap rate 6.7% Based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, standing of the building and other conditions for the subject property and any future uncertainties and yields from similar real estate deals, etc. Price by Discounted Cash Flow method 4,480,000 - Discount rate 5.5% - Terminal cap rate 5.9% - Cost approach price 4,390,000 - (Note) Figures are truncated to nearest thousand yen, while ratios are rounded to first decimal place. 7

Reference Material 2 Property No. A1 Type Retail Properties Portfolio after Acquisition of Acquired Asset Name of Property Acquisition Date (scheduled) (Note 1) Acquisition Price (scheduled) (Millions of yen) (Note2) As of December 26, 2011 Share in acquisition price Daiei Himonya Dec. 25, 2003 15,300 3.6% A2 Joy Park Izumigaoka Dec. 22, 2003 6,770 1.6% A3 Daimaru Peacock Ashiya Kawanishi Dec. 22, 2003 769 0.2% A4 Re-LAND Shopping Center Sep. 17, 2004 5,200 1.2% A5 AEON MALL Uki (Note 3) Dec. 3, 2004 11,100 2.6% A6 TENJIN LUCE Apr. 14, 2006 6,500 1.5% A7 Yamada Denki Tecc Land Sakai Honten Apr. 28, 2006 3,210 0.8% A8 Miyamae Shooping Center Feb. 19, 2007 5,312 1.3% A9 KONAMI SPORTS CLUB Korigaoka Jun. 29, 2007 2,040 0.5% A10 ACTIOLE Minami-ikebukuro Sep. 27, 2007 3,760 0.9% A11 Tip s Machida Building Dec. 27, 2007 4,100 1.0% A12 Daiei Takarazuka Nakayama Jan. 30, 2008 4,284 1.0% A13 maricom-isogo / SYSTEM PLAZA YOKOHAMA (Site) (retail portion) Feb. 18, 2008 6,883 1.6% A14 ACTIOLE Kannai Jun. 30, 2008 2,410 0.6% A15 Shinsaibashi OPA Honkan Dec. 1, 2010 22,800 5.4% A16 Shinsaibashi OPA Kireikan Dec. 1, 2010 2,770 0.7% A19 Albore Jingumae Dec. 1, 2010 1,580 0.4% A20 Albore Sendai Dec. 1, 2010 2,590 0.6% A21 Mallage Kashiwa Dec. 1, 2010 7,040 1.7% A22 Bellfa Uji Dec. 1, 2010 511 0.1% A23 Ito-Yokado Owariasahi Dec. 1, 2010 4,840 1.2% A24 Nitori Yokohama Kariba I.C. Dec. 1, 2010 2,500 0.6% A25 Luz Jiyugaoka Jun. 15, 2011 5,090 1.2% A26 ACTIOLE Ichikawa Jun. 15, 2011 3,350 0.8% A27 VIVAHOME Yokohama Aoba (Site) Oct. 31, 2011 2,600 0.6% B1 T&G Hamamatsucho Building Dec. 26, 2003 2,257 0.5% B2 SK Nagoya Building Dec. 26, 2003 5,400 1.3% B3 Fukuoka Eartheon Building Dec. 26, 2003 2,080 0.5% B4 Marumasu Kojimachi Building Mar. 29, 2004 2,350 0.6% B5 Rokubancho K Building Mar. 30, 2004 2,150 0.5% B6 Shin-Osaka Central Tower (office portion) Dec. 2, 2004 14,279 3.4% B7 Kawasaki Toshiba Building Dec. 20, 2004 19,200 4.6% Office (A13) Buildings maricom-isogo / SYSTEM PLAZA Feb. 28, 2008 5,021 1.2% YOKOHAMA (Site) (office portion) B8 Haseman Building Toyocho Jun. 30, 2008 8,500 2.0% B9 FOUR SEASONS BLDG Dec. 25, 2009 4,200 1.0% B10 Hitachi High-Tech Building Dec. 1, 2010 14,800 3.5% B11 Pacific Marks Shinjuku Parkside Dec. 1, 2010 12,100 2.9% B12 UUR Tsukiji Building (Note 4) Dec. 1, 2010 6,860 1.6% B13 Pacific Marks Tsukishima Dec. 1, 2010 6,080 1.4% Share in type 31.7% 46.5% 8

B14 Pacific Marks Yokohama East Dec. 1, 2010 7,050 1.7% B15 Pacific Marks Shin-Urayasu Dec. 1, 2010 3,920 0.9% B16 Omori City Building Dec. 1, 2010 4,120 1.0% B17 Akasaka Hikawa Building Dec. 1, 2010 3,290 0.8% B18 Pacific Marks Shibuya Koen-dori Dec. 1, 2010 2,570 0.6% B19 Pacific Marks Nihonbashi-Tomizawacho Dec. 1, 2010 1,890 0.4% B20 Pacific Marks Akasaka-mitsuke Dec. 1, 2010 2,210 0.5% B21 Yokohama Aioicho Building Dec. 1, 2010 1,060 0.2% B22 Pacific Marks Shin-Yokohama Dec. 1, 2010 1,710 0.4% B23 Pacific Marks Shinkawa Dec. 1, 2010 2,790 0.7% B25 Pacific Marks Kawasaki Dec. 1, 2010 9,890 2.3% Dec. 1, 2010 5,850 1.4% B26 Towa Hamamatsucho Building (Note 5) Oct. 31, 2011 410 0.1% Total 6,260 1.5% B27 Lila Hijirizaka Dec. 1, 2010 2,750 0.7% B28 Pacific Marks Aobadai Dec. 1, 2010 1,620 0.4% B29 Otsuka HT Building Dec. 1, 2010 1,160 0.3% B30 Pacific Marks Shinjuku South-gate Dec. 1, 2010 2,460 0.6% B31 Pacific Marks Nishi-Umeda Dec. 1, 2010 6,860 1. 6% B32 Pacific Marks Higobashi Dec. 1, 2010 4,570 1.1% B33 Nagoya Nishiki City Building Dec. 1, 2010 2,670 0.6% B34 Pacific Marks Esaka Dec. 1, 2010 9,590 2.3% B35 Pacific Marks Sapporo Kita-Ichijo Dec. 1, 2010 1,790 0.4% B36 Shin-Sapporo Center Building Dec. 1, 2010 987 0.2% B37 ARENA TOWER Jun. 16, 2011 9,500 2.3% C1 Shinjuku Washington Hotel Honkan Dec. 22, 2003 21,140 5.0% (B6) Shin-Osaka Central Tower (hotel portion) Dec. 2, 2004 9,721 2.3% C2 Toyoko Inn Shinagawa-eki Takanawa-guchi Feb. 18, 2005 1,884 0.5% C3 Hotels MZ BLD. Apr. 10, 2008 3,800 0.9% C4 HOTEL ROUTE INN Yokohama Bashamichi Jun. 30, 2008 4,720 1.1% C5 Hotel JAL City Naha Oct. 25, 2011 7,650 1.8% C6 Hotel JAL City Yotsuya Tokyo Dec. 26, 2011 4,200 1.0% D1 T&G Higashi-ikebukuro Mansion Dec. 26, 2003 2,021 0.5% D2 T&G Yotsuya Mansion Dec. 26, 2003 1,355 0.3% D3 Excellia Magome Dec. 26, 2003 697 0.2% D4 Komazawa Court Dec. 26, 2003 1,680 0.4% D5 Ropponmatsu Court Dec. 26, 2003 757 0.2% D6 Residential Sky Court Shiba-Daimon Oct. 15, 2004 1,175 0.3% D7 Properties Maison Ukima Oct. 26, 2004 3,530 0.8% D8 Narashino Residence Oct. 26, 2004 1,140 0.3% D9 Aprile Shin-Ohgi Ichibankan Apr. 13, 2005 3,031 0.7% D10 UUR Court Sapporo Kita-Sanjo Mar. 16, 2006 1,278 0.3% D11 UUR Court Chiba-Soga (Note 6) Feb. 8, 2006 620 0.1% D12 Higashi-kurume Dormitory Shinkan Feb. 8, 2006 480 0.1% 12.6% 8.7% 9

D13 Nanzan Court Ichigokan Mar. 30, 2006 1,070 0.3% D14 Nanzan Court Nigokan Mar. 30, 2006 450 0.1% D15 CLIO Bunkyo Koishikawa Apr. 28, 2006 3,170 0.8% D16 GRAND-ROUGE Sakae Nov. 30, 2006 1,570 0.4% D17 GRAND-ROUGE Sakae II Dec. 26, 2007 1,300 0.3% D18 MA Sendai Building Sep. 24, 2008 3,440 0.8% D19 UUR Court Nagoya Meieki Sep. 30, 2008 1,473 0.3% D20 UUR Court Sapporo Shinoro Ichibankan Nov. 11, 2008 870 0.2% D21 Park Site IZUMI Nov. 21, 2008 900 0.2% D22 UUR Court Osaka Juso-honmachi Feb. 26, 2009 1,570 0.4% D23 Le Monde Koto Jun. 15, 2011 2,900 0.7% E1 Others Lilycolor Tohoku Branch May 29, 2006 2,050 0.5% 0.5% Total 420,944 100% 100% (Notes) 1. The Acquisition Date of succeeded properties from NCI is described as December 1, 2010, the effective date of the merger. 2. The acquisition prices are rounded to the nearest one million yen. 3. The name of this property was changed from AEON MALL Uki Value to AEON MALL Uki on October 21, 2011. 4. The name of this property was changed from Pacific Marks Tsukiji to UUR Tsukiji Building on June 24, 2011. 5. United Urban acquired an additional portion of this property. For details, please refer to Notice Concerning Acquisition of Properties (VIVAHOME Yokohama Aoba (Site) and Towa Hamamatsucho Building: Additional Acquisition), dated October 26, 2011. 6. The name of this property was changed from Soga Dormitory to UUR Court Chiba Soga on November 8, 2011. 7. UUR acquired a Godo Kaisha Kichijoji YCM Funding silent partnership (tokumei kumiai) equity interest of 2,200 million yen. For details, please refer to the Notice Concerning Acquisition of Interest for Anonymous Association, dated December 26, 2011. Reference Material 3 Photo 10