From J-LISTO Rental Market (Office Rent）

J-REIT Market Data

Nippon Building FundOffice Building Specialized Type,

Mitsui Real Estate Group

Japan Real Estate Investment Corp. OfficeBuilding Specialized type, Mitsubishi Real

Estate Group

Real Estate Market Condition

This report was created to help providing references for these who considering asset purcase., not created to promote and sell particular asset. Sellection and purchase should be done according to the own research by the investors themselves. We use reliable data to bring this report, however, we should not beresponsible for the accuracy and completeness of the data. This reprot is written with the availble data on the day of issue and the numbers may change　so revision , change deletion amy occur without notice. The copy right of the report belong to J-Listo Corp. and usage/copy of this reprot wthiout our agreementshoul not be done in any case. The rights for original data/index used in this report belong to the original providers.

Japan Retail Fund Investment Corp.Commercial Facilities Specialized Type

Mitsubishi Corp. Grroup

Orix Jreit Inc.Convined Type, Orix Group

Nippon Accomodation FundResidence Specialized TypeMitsui Real Estate Group

Nomura Real Estate Residentail FundResidence Specialized TypeNomura Real Estate Group

Market Topics of the week 　　　　Newly developed condo market is soft　In greater Tokyo area, 4703 newly developed condo units have been sold in July. Compare to the samemonth last year, 1.3% down. Share of the whole Tokyo area is 48.2%. 3102 units have been sold and this is76.2% within July. Down 2 points compare to the same month last year of 78.2%, down 3 points compare to theprevious month.The average price of central Tokyo area is 54.4 million yen( 3.7 % down from previous month)and 822000yen per square meter (5.2% down from previous month). (from Real Estate Economic Institute Coarticles.)

Vacancy Rate/Average Rent Rate Weak trend for average office rent rateAverage office rent rate at the end of July for central Tokyo 5 wards (Chiyoda, Chuo, Minato, Shinjyuku andShibuya) was 17225 yen per tsubo (3.3m2). 3.67 % (656 yen) down compare to the same month previous yearand 0.39% (67yen) compare to previous month. Average rent for newly built offices is 23285 yen and 2.67%(661 yen) down (about the same with previous year). For offices in existing buildings is 17068 yen, 3.84%down (616 yen) compare to the same month last year, 0.42% (72yen) down compare to previous month. Costfor rent is watched carefully and trend to move to lower rent offices is still there, which created somewhatweak market. (from Miki Shoji articles)

Trend on REIT market REIT index still goes lowerStarting July 5th, Tokyo stock exchange REIT index went down 4 straight days. For whole July, weak trendhas been seen. Bank of Japan purchased 3 billion yen worth which stopped the number to go down but whenthe news of US expenditure cap came in, yen/dollar exchange rate went up and dividend ex-right period came,it continued to go down and went lower than 1000 which was experienced after 3.11 Earthquake. The numbericontinue to be lower 3 consecutive months. (from J-REIT Real Estate portal article)

In August, the stock markets all over the world suffered after rating cut of the USA. Nikkei average wentdown to 8619 yen on 22nd, which was very close to 8605 yen recorded right after 3.11 Earthquake.Yen/dollar exchange rate went up to 75.93 yen, the record since WWII and the intervention by the Gov. tothe market was talked about.Toward the end of August, members of Prime Minister Kan cabinet all resigned. Mr. Yoshihiko Noda became anew Prime Minister. He called a new cabinet not to have any political vacuum. Also he pushes for the partyunity which was not the realty before.Positive topics are in the supply chains. COO of Nissan Motor, Mr. Ghosn said full scale production wouldstart for all production lines of Nissan in October. Other manufactures, big/small/up-stream/down-streamwill have similar conditions starting this fall.

No.9 ： September 7, 2011

Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11

Chiyoda-ku 18,982 18,927 18,826 18,852 18,688 18,574 18,483 18,695 18,612 18,642 18,601 18,490

Chuo-Ku 17,228 17,144 17,120 17,175 17,077 16,983 16,958 16,820 16,799 16,658 16,522 16,455

Minato-ku 18,464 18,164 18,092 18,053 18,111 18,175 18,222 18,118 17,974 18,023 17,873 17,876

Sinjuku-ku 15,382 15,324 15,323 15,245 15,196 15,149 14,970 15,068 14,976 14,941 14,961 14,870

Sibuya-ku 18,565 18,543 18,396 18,366 18,417 18,281 18,231 18,152 17,994 18,059 17,873 17,861

14000

15000

16000

17000

18000

19000

20000

Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11

（Ye

n/T

sub

o）

Chiyoda-ku

Chuo-Ku

Minato-ku

Sinjuku-ku

Sibuya-ku

Asset No.

Name of Asset

（ ㎡ unit price ※ 1 ）

GROSS Annual Return

NOTE

Picture

Layout

Location

Type

Building Structure ＲＣ 5 stories ＲＣ 40 stories ＲＣ 14 stories SRC 8 stories SRC 7 stories

Stories/Total Unit No. 1th floor 16 units 33th floor 590 units 7th floor 49 units 7th floor 108 units 4th floor 19 units

Facing Toward

Total Area of the Unit

Balcony Area

Month/Year built

Vacancy

Annual Rent （ Forecast ） \1,576,509 （US$ 20,212) \2,791,906 （US$ 35,794) \2,677,633 （US$ 34,329) \4,395,204 （US$ 56,349) \4,195,917 （US$ 53,794)

Monthly Management and maintenanceCost（Apprx.） \21,210 （US$ 272) \29,780 （US$ 382) \10,230 （US$ 131) \94,610 （US$ 1,213) \38,450 （US$ 493)

Purchase Cost（Approximate Calculation）※ \2,632,000 （US$ 33,744) \4,064,000 （US$ 52,103) \4,688,000 （US$ 60,103) \6,384,000 （US$ 81,846) \7,984,000 （US$ 102,359)

Price（US$　421,795 ）

5.51%

・Private terrase 16.18㎡・Renovation had completed on Mar.2011

・Guest　Room、Roof　Garden・24Hours Security system・Consierge Service available・Pet available

・Floor　heating system・Corner Room

・24Hours Security system・Corner Room・With the use right of parking space

※Exchange Rate　1＄　＝　￥78

（US$　651,282 ）

Ryowa Palace Shiroganedai Cosmo Police Shinagawa

9-4 9-59-1 9-2 9-3

4.20%

\99,800,000

4.57%

（US$　751,282 ） （US$　1,023,077 ）

Tokyo Twin Parks Right wing

(￥790,882/㎡)

Imperial Minamiazabu Court & Satellite

\79,800,000

（US$　1,279,487 ）

(￥1,295,095/㎡)(￥757,541/㎡)

4.79% 5.50%

2Chome Shiroganedai Minatoku 3Chome Konan Shinagawaku 4Chome Minamiazabu Minatoku 1Chome Nishihara Shibuya-Ku

TransportationToei Mita　Line"Shiroganedai" ＪＲ Yamate Line "Shinagawa"

2Chome Shiba Minatoku

8 minutes walk

JR　Yamate　Line　"Hamamatsucho" Tokyo Metro Hibiya line "Hiroo" Odakyuu Line "Yoyogihachiman"

２LDK ２LDK１LDK

2005/2

6.45 ㎡

69.92 ㎡43.43 ㎡

２LDK

10 minutes walk

２LDK

61.47 ㎡

South-East West South-East East

2002/9

8.26 ㎡

1995/2

10.69 ㎡ 8.12 ㎡

2010/2

Vacant

1998/12

(￥726,545/㎡)

North-East

・Guest　Room、Fitness　ｇｙｍ・Pet Available・Corner Room

77.06 ㎡100.90 ㎡

情報有効期限： 2011/9/21

\58,600,000

Vacant VacantVacant

9 minutes walk 12 minutes walk 10 minutes walk

Pario Active

(￥953,311/㎡)

\32,900,000 \50,800,000

Vacant

11.08 ㎡

※Cost needed when asset is purchased, however it is approximate calculation （Asset Price ×8％）. Normally Purchase cost include, Acquisition Tax, Registration License Tax, Brokerage Charge. If you need to know management and maintenance cost, Property Tax, and other detailed information, Please request Property Detail Information Material (Due Diligence Info.).

Currently Available Properties

Asset No.

Name of Asset

（ ㎡ unit price ※ 1 ）

GROSS Annual Return

Note

Photo

Location

Type

Land Area(Official Registration)  540.15m² （私道26.44㎡）

Building Structure ＲＣ 9stories ＲＣ 9stories ＲＣ 7stories ＳＲＣ 3stories ＳＲＣ 9stories

Total Area(Official Registration) 552.03 ㎡ （区分所有面積）

Month/Year built

Rent (full occupancy) \42,646,000 （US$ 546,744) \37,090,000 （US$ 475,513) \75,937,000 （US$ 973,551) \36,811,452 （US$ 471,942) \37,608,924 （US$ 482,166)

（Unit ㎡ price of above ※2） \4,079 （US$ 52) \3,512 （US$ 45) \3,077 （US$ 39) \5,557 （US$ 71) \2,958 （US$ 38)

Purchase Cost ※3 \31,840,000 （US$ 408,205) \28,000,000 （US$ 358,974) \38,400,000 （US$ 492,308) \27,200,000 （US$ 348,718) \30,080,000 （US$ 385,641)

9-6 9-7 9-9

Retail＆Office

10.72%

※Exchange Rate　1＄　＝　￥78

Takadanobaba Retail &Office Building Shinjuku Ebisu Buildingu

3Chome Takadanobaba Shinjuku-ku

JR Yamate line"Takadanobaba"

871.31 ㎡

1992/6

188.59m²

・Faced to a public road

2Chome Shinjuku Shinjuku-ku

Tokyo Metro Marunouchi line"Shinjukugyoenmae"

3 minutes walk6 minutes walk

10.60%

・New built Condomium・Faced to 2 public road　(forWest:4m,East:15ｍ）

879.99 ㎡

1977/3

121.48m²

Retail＆Office

(￥233,404/㎡)

15.82%

\480,000,000

ＪＲ Sobu line"Sinkoiwa"

2Chome Sinkoiwa Katsushika-ku

・Cross to "Shinkoiwa" station・Retail ×　34・Faced to 3 Public Road

Office

3 minutes walk

Retail

2,056.52 ㎡

1990/7

Acros Shinkawa Building

5 minutes walk

10.00%

・Cross to "Nippori" Station・Faced to　a　Paublic road

(￥354,931/㎡)

1Chome Shinkawa Chuo-ku

Tokyo Metro Hibiya line"Kayabacho"

Nippori Building

JR Yamate line"Nippori"

1 minutes walk

171.41 ㎡

Retail＆Office&Residense

1994/6 1988/1

1,059.36 ㎡

9-10

\376,000,000

Date Expires 2011/9/21

9-8

(￥615,909/㎡)

10.83%

・Built by Big constraction company　inJapan．

（US$　4,358,974 ）

Shinkoiwa Sansho Building

Transportation

5Chome Higashi Nippori Arakawa-ku

(￥456,783/㎡)

（US$　4,820,513 ）Price

（US$　5,102,564 ） （US$　4,487,179 ） （US$　6,153,846 ）

\398,000,000 \340,000,000\350,000,000

(￥397,732/㎡)

※1　Asset Price ÷ Total Floor Area (Official Registration)※2　Annual Rent (Full Occupancy) ÷ Total Floor Areas※3　Cost needed when asset is purcahsed, however it is approximate calculation （Asset Price ×8％）.　　　Normally Purchase cost include, Acquisition Tax, Registration License Tax, Brokerage Charge.If you need to know management and maintenance cost, Property Tax, and other detaild infomation, Please request Property DetailInformation Material (Due Deligence Info.).

Currently Available Properties