For Translation Purposes Only
November 29, 2013

For Immediate Release
Nomura Real Estate Master Fund, Inc.
Takashi Kataoka, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Takashi Kataoka, NMF Chief Investment Officer
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Acquisition of Investment Assets (Equity Interest in Silent Partnership)
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today thatit has determined the acquisition of silent partnership equity interest (the “Acquisition”), as statedbelow.
1. Summary of the Asset to be Acquired
(1)
(2)
(3)
(4)
(5)
(6)
(7)

Type of asset: Equity interest in silent partnership investing mainly in real estate in trust
beneficiary interest
Name of asset: Ryoke Capital Godo Kaisha Silent Partnership Equity Interest (Note 1)
Target property: NIPPON EXPRESS CO., LTD. North Tokyo Distribution Center (Note 2)
Scheduled investment amount: ¥500 million (approximately 17.9% of total investment amountin the silent partnership)
Date of agreement: November 29, 2013
Scheduled date of acquisition of equity interest: March 25, 2014
Financing: Cash on hand (planned)(Note 1) The asset is a silent partnership equity interest (the “Silent Partnership Equity Interest”) in a silent
partnership (the “Silent Partnership”) operated by Ryoke Capital G.K. (the “G.K.”). For details concerning
the Silent Partnership, please refer to “3. Overview of the Asset to be Acquired (1) Overview of Silent
Partnership Equity Interest” below.
(Note 2) The G.K. is scheduled to acquire a trust beneficiary interest (the “Trust Beneficiary Interest”) in mainly realestate in trust (the “Property”) on March 26, 2014. Furthermore, the Trust Beneficiary Interest together
with the Property, are referred to as the “Trust Beneficiary Interest, etc.”

2. Grounds
Nomura Master Fund has determined that the investment in the Silent Partnership Equity Interest
will contribute to securing steady earnings over the medium-term and to stable growth of the assets
under management, and decided to acquire the asset in accordance with the Fund’s “AssetManagement Target and Policy” as stipulated in the Fund’s Articles of Incorporation.
The Acquisition is expected to contribute to enabling flexible acquisitions of properties andsecuring the Fund’s external growth opportunities in the future from the perspective of securing
opportunities to acquire prime properties from various sellers.

- 1 -As a member of the Silent Partnership, Nomura Master Fund can expect investment earning byreceiving profit in the form of dividends, backed by rental income and other income from thelessees of the Property, from the operator of the Silent Partnership with the Acquisition. In addition,
the Fund will be granted by the G.K. a preferential negotiation right concerning the acquisition of
the Trust Beneficiary Interest, etc. (the “Preferential Negotiation Right”) with the Acquisition (fordetails, please refer to “3. Overview of the Asset to be Acquired (1) Overview of Silent Partnership
Equity Interest” below). The Preferential Negotiation Right is expected to contribute to the
expansion of the Fund’s portfolio and the improvement of profitability from a medium-term
perspective, ensuring that the Fund secure an opportunity to acquire a prime logistics facility in the
future. The Preferential Negotiation Right is deemed as a right owned by Nomura Master Fund andthe Fund shall not be obliged to acquire the Trust Beneficiary Interest, etc. Furthermore, the Fundhas not determined to acquire the Trust Beneficiary Interest etc. and the Fund does not guarantee toacquire the Trust Beneficiary Interest etc. as of today.
For the Acquisition, Nomura Master Fund evaluated the following points regarding the individual
characteristic of the Property.
(1) Location
・Kawaguchi City, where the Property is located, has convenient access to a wide area toward
central Tokyo and Tohoku as it is located within 20km from central Tokyo, has favorable
approach to expressways as it is located approximately 2.3km from “Kaga IC” and 3.0km
from “Shikahamabashi IC” on the Metropolitan Expressway Kawaguchi Route, and is in
the immediate vicinity of National Route 122 and Metropolitan Route 318 (Kannana-dori).
・The Property is located in an industrial area and there is little concerns for issues such as
noise pollution and mechanical vibrations due to the location’s long history of being a place
where industrial facilities such as factories and logistics warehouses, etc. have been
concentrated. The Property is also capable of 24 hour operations. In addition, it is alocation appropriate for logistics facility management as it can expect to secure sufficient
employment as residential districts spread across the edge of the industrial area and there isan abundance of bus routes.
(2) Property features
・The Property has high specifications with capability for an efficient transfer of cargo insideand outside and storage with 3 truck berths (2 on the 1st floor and 1 on the 2nd floor) andvertical loading equipment (6 elevators and 2 vertical conveyor machines). In addition, theProperty has high-functioning facility specifications such as 5.5m of effective height undera lower beam and 1.5t/m2 of floor load.
・The Property has a facility specification that takes the employees’ working environment
into consideration such as onsite parking space, office space, resting room and changing
room, etc.

- 2 -

3. Overview of the Asset to be Acquired(1) Overview of Silent Partnership Equity Interest
Operator
Term of thesilent partnershipagreement
Total amount ofinvestment insilent partnership
equityOverview of thesilent partnership
equityRyoke Capital Godo Kaisha
Until September 26, 2017 (scheduled)¥2,800 million
Overview of the silent partnership equity is as follows.
Ryoke Capital Godo Kaisha
Beneficiary interest in real estatein trust, etc.
¥11,440 million(Note 1) (Note2)

Non-recourse loans¥8,640 million
Silent partnership equity, etc.
¥2,800 million (Note 3)(Note 1) The G.K. is scheduled to acquire the Trust Beneficiary Interest on March 26, 2014.
(Note 2) The appraisal value of the real estate in trust is 11,000 million yen as of October 31, 2013
(The appraisal value was acquired by the G.K.). The “Beneficiary interest in real estate intrust, etc.” above includes the cost of acquiring the Trust Beneficiary Interest, theestablishment cost of the silent partnership, and the reserve fund, etc.
(Note 3) Nomura Master Fund is scheduled to invest 500 million yen (approx. 17.9%) in the silent
partnership equity, etc. There is no special relationship between the G.K. and other silent
partnership members.
(Note 4) Mizuho Trust & Banking Co., Ltd. is planned to be the asset manager of the G.K.

Calculation period:
January 1 to March 31; April 1 to June 30; July 1 to September 30; and October 1
to December 31 of each year. However, the first calculation period shall be fromthe initial investment payment date to June 30, 2014, and in case the silent
partnership agreement terminates, the termination date shall be the lastcalculation period.
Distribution of profits and losses:
If profits arise in each calculation period, the operator shall distribute the profits
to the silent partners (including Nomura Master Fund, same hereinafter)
according to their respective investment ratio as of the end of each calculation
period. If cumulative loss exists in the operator or the silent partners, the profits
shall precede the distribution mentioned above and shall first (i) be allocated tooperator’s cumulative loss amount, then (ii) be allocated to the silent partners’
cumulative loss amount according to their respective investment ratio as of theend of each calculation period. In addition, if losses arise in each calculation
period, the operator shall first distribute the losses, with the amount of losses as
the limit, to the silent partners according to their respective investment ratio asof the end of each calculation period until the outstanding investment amount issatisfied. However, if the cumulative amount of losses distributed to the silent
partners exceeds the outstanding investment amount, the entire exceeding
amount shall be distributed to the operator.
(Note 1) The Silent Partnership agreement stipulates that any right to demand payment by the silent
partners against the operator shall be subordinated to loans payable concerning the Silent
Partnership bore by the operator.

- 3 -Overview of thePreferential
Negotiation Right

Overview of Preferential Negotiation Right granted with the acquisition of the Silent
Partnership Equity Interest
Contents of thePreferential
Negotiation Right

Exercise period of
the Preferential
Negotiation Right(scheduled)
Exercising conditionof the Preferential
Negotiation Right

Nomura Master Fund may propose to acquire the Trust
Beneficiary Interest, etc. (please refer to “(2) Overview of theTrust Beneficiary Interest, etc.” below) under the conditions
described in the “Exercising condition of the Preferential
Negotiation Right” below, and the G.K. shall not refuse toconsent to the transfer to the Fund without rational reasons, aslong as such conditions are satisfied.
From March 26, 2014 to March 26, 2016 (However, thetransaction date of the Trust Beneficiary Interest, etc. under the
exercise of the Preferential Negotiation Right shall be on or after
March 27, 2015).
All of the conditions stipulated in the preferential sales negotiationagreement with the G.K., including the following conditions, shallbe satisfied.
(1)Achieving the specified target yield for the silent partners
concerning the Silent Partnership business shall be reasonably
determined.
(2)The property sales price toward the Fund shall be more than theamount equivalent to the book value of the Trust BeneficiaryInterest, etc. added with the sales costs, etc.

- 4 -(2) Overview of the Trust Beneficiary Interest, etc.
Property Name
Asset type
Trustee
Trust term
Registry
Location(Note 1)StreetAccessCompletion Date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic Risk (PML) (Note 2)
Architect
Structural Strength Calculator
Constructor
Building Inspection Agency
Land
Area (Note 1)
Building
Land
Type ofOwnership
Building
Building Coverage Ratio
Floor Area Ratio

NIPPON EXPRESS CO., LTD. North Tokyo Distribution Center
Trust beneficiary interest in mainly real estateMizuho Trust & Banking Co., Ltd.
From August 13, 2002 to March 31, 2024
5-2114-1 Ryoke, Kawaguchi City, Saitama
5-1-57 Ryoke, Kawaguchi City, Saitama
1.5km from Kawaguchi-Motogo Station on the Saitama Railway Line
2.3km from Kaga IC and 3.0km from Shikahamabashi IC on the
Metropolitan Expressway Kawaguchi Route
October 2003
Storage, office
S/SRC 5F
4.09%
(Sompo Japan Nipponkoa Risk Management Inc.’s Earthquake PMLAppraisal Report as of November 2013)
Nittsu Real Estate, Tokyo Branch, First-Class Architect
Nittsu Real Estate, Tokyo Branch, First-Class Architect
Matsui Kensetsu, K. K.
UHEC

22,770.72 m2 (6,888.14 tsubo）
41,867.82 m2 (12,665.01 tsubo)
Ownership
Ownership
60%
200%
A pledge with the lender of the non-recourse loan as the pledgee
Collateralis established to the Trust Beneficiary Interest.
Property Management
Nomura Real Estate Development Co., Ltd, Nomura Building Management
Company (Note 3)
Co., Ltd.
¥11,000 million
Appraisal Value and Method (Based on the capitalization approach as of October 31, 2013)(Appraiser: Daiwa Real Estate Appraisal Co., Ltd.)
Leasing Status (As of November 29, 2013)
Total Number of Tenants1(Note 4)
Tenant NameNIPPON EXPRESSS CO., LTD.
Total Rental Income (Note 5) Undisclosed
Security Deposits (Note 6)
Undisclosed
Occupancy Rate (Note 7)
100.0%
Total Leased Floor Space
42,840.91 m2 (12,959.37 tsubo)(Note 8)
Total Leasable Floor Space
42,840.91 m2 (12,959.37 tsubo）(Note 9)August 31,
August 31,
August 31,
August 31,
August 31,
Occupancy Rates in the Past
2009
2010
2011
2012
2013
(Note 10)100.0%
100.0%
100.0%
100.0%
100.0%(Note 1)

Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Structure” and “Area” are based on the information in the realestate registry. Use is based on the main use of the type of building indicated in the real estate registry.

(Note 2)

PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to
the replacement cost. PML is calculated based on the statistical assumption that within next 475 years there is a
0.211% annual chance (10% probability of once every 50 years, i.e., average life time of buildings) of major
earthquake occurring.

(Note 3)

Property Management Company- 5 -Refers to the Property Management Company that is scheduled to be appointed after the acquisition.
(Note 4)

Total Number of Tenants
Indicates the total number of tenants to which the Property’s building is actually being leased as of today.

(Note 5)

Total Rental Income
Undisclosed as consent has not been obtained from the tenant.

(Note 6)

Security Deposits
Undisclosed as consent has not been obtained from the tenant.

(Note 7)

Occupancy Rate
Indicates the ratio of the Total Leased Floor to the Total Leasable Floor Space (rounded to the first decimal
place).

(Note 8)

Total Leased Floor Space
Indicates the floor space that is being leased to tenants as of today.

(Note 9)Total Leasable Floor Space
Indicates the total area of leasable spaces of retail property (including the area of common-use spaces, etc. ifthey are leased). The Total Leasable Floor Space is not an indication on the registry but shows the area
indicated in the lease agreements or the calculated areas based on the building completion drawings and otherdocuments. As such, the Total Leasable Floor Space is not necessarily equal to the Total Floor Space based on
the indications in the registry and may occasionally surpass the Total Floor Space.

(Note 10) Occupancy Rates in the Past
Based on the information from the seller.

(3) Overview of the operator of the silent partnership
Company Name
Head OfficePrincipal Business

Ryoke Capital Godo Kaisha
Tokyo Kyodo Accounting Office, 1-1 Marunouchi 3-chome, Chiyoda-ku, Tokyo
1. Acquisition, holding, sale, leasing and management of real estate
2. Acquisition, holding and sale of real estate trust beneficiary rights
3. All operations pertaining to or associated with each of business listed above
Representative
Ryoke Capital General Incorporated Associations, Managing Partner
Mitsuru Maeda, Functional Manager
Capital¥100,000
Established
November 17, 2013
Relationship with the Fund and/or NREAM
There is no capital involvement between the said company and the Fund or asset
management company. There is also no capital involvement between related
Capitalparties of the said company and related parties of the Fund or asset managementcompany.
There is no personnel involvement between the said company and the Fund or
asset management company. There is also no personnel involvement between
Personnel
related parties of the said company and related parties of the Fund or asset
management company.
There is no transaction between the said company and the Fund or asset
Transactions
management company. There is also no transaction between related parties ofthe said company and related parties of the Fund or asset management company.
The said company is not considered a directly associating party of the Fund.
Status of
Also, the said company is not considered a Related Party, etc., of the asset
Related Parties
management company under the Investment Trusts Act.

4. Transaction with Related Parties
None. The current owner of the Trust Beneficiary Right, etc. is a Japanese company, and there is no
special relation between the said company and the Fund or asset management company.

- 6 -5. Broker Profile
Company Name
Head Office
Representative
Principal Business

SPC Securities Inc.
40F St. Luke’s Garden Tower, 8-1 Akashi-cho, Chuo-ku, Tokyo
Masanobu Shiraishi, Representative Director
Brokerage of securities, etc. and handling of private placement businesses, financial
advisory business and fund arrangement business.

Registration Number of
Director General of Kanto Local Finance Bureau (Kin-sho) No. 47
Securities Dealer
Capital¥100 million
Established
December 27, 2000
Relationship with the Fund and/or NREAM
There is no capital involvement between the said company and the Fund or asset
Capitalmanagement company. There is also no capital involvement between related partiesof the said company and related parties of the Fund or asset management company.
There is no personnel involvement between the said company and the Fund or asset
management company. There is also no personnel involvement between related
Personnel
parties of the said company and related parties of the Fund or asset managementcompany.
There is no transaction between the said company and the Fund or asset
Transactions
management company. There is also no transaction between related parties of thesaid company and related parties of the Fund or asset management company.
The said company is not considered a directly associating party of the Fund. Also,
Status ofthe said company is not considered a Related Party, etc., of the asset management
Related Parties
company under the Investment Trusts Act.
Brokage fee
Undisclosed as consent has not been obtained from the brokerage company.

6. Form of Payment, etc.
(1) Form of Payment
The Fund is scheduled to pay the operator the entire amount of the initial investment for the
Silent Partnership in full on the scheduled settlement date for the acquisition of Silent
Partnership Equity Interest (March 25, 2014) from cash on hand.
(2) Impact on the Fund’s Financial Status in Case of Failure of the Forward Commitment, etc.
If the silent partnership agreement concluded between the Fund and the G.K. on November
29, 2013 (the “Silent Partnership Agreement”) is a postdated transaction agreement, thetransaction agreement falls under the “Sales contract under which payment and delivery shallbe made at least one month after the conclusion of the contract,” which falls under theforward commitment, etc. (Note 1) in the “Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc.” provided by the Financial Services Agency.
The Silent Partnership Agreement does not stipulate any payment of penalty fees orcancellation fees by the Fund, excluding the provision pertaining to compensatory liability
within the scope of reasonable and probable causation against the operator in case of theFund’s failure to fulfil the investment obligations (Note 2).
(Note 1)
(Note 2)

The forward commitment, etc., refers to postdated sale agreements where the conclusion anddelivery of the property is scheduled over one month ahead of the contract date, and other similar
agreements.
The transaction agreement concerning the Trust Beneficiary Interest, etc. to be concluded between
the G.K. and the seller of the Trust Beneficiary Interest, etc. (the “Related Transaction
Agreement”) stipulates that 1) each involved party may cancel the Related Transaction Agreementby paying the cancellation fee of 500 million yen by the delivery date. In addition, the Related
Transaction Agreement stipulates that 2) in case of a violation of conditions described in the
Related Transaction Agreement (involved party referred to as the “Violating Party”), the otherparty shall set a reasonable period and notify the Violating Party to fulfil the obligations, and if theViolating Party fails to correct their violations within the said period, the other party may cancel- 7 -the Related Transaction Agreement. In such case, the other party may demand the Violating Party
a payment of violation fee of 500 million yen (however, the other party may not demand theViolating Party a compensation amount exceeding 500 million yen, even in cases of damages orlosses exceeding 500 million yen). The Silent Partnership Agreement stipulates that if the Fundfails to conduct the investment despite satisfying the preconditions of the silent partnershipinvestment, the Fund shall compensate any damages or losses within the scope of reasonable andprobable causation by the operator, including the violation fee.

Nomura Master Fund determines there will be no particular issue in fulfilling the investment
obligations as the Fund’s initial scheduled investment amount is limited at 500 million yen,
and in addition, the Fund is scheduled to invest the entire amount with cash on hand.
7. Forecasts of Financial Results
As the impact of the acquisition of the Silent Partnership Equity Interest on Nomura Master Fund’s
forecasts of financial results for the fiscal period ending February 28, 2014 (September 1, 2013 to
February 28, 2014) and the fiscal period ending August 31, 2014 (March 1, 2014 to August 31, 2014)
will be minimal, there is no revision to the forecast of financial results.

【Exhibits】
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4

Appraisal Summary
Portfolio after Acquisition of the Asset
Property Photo
Property Map* Nomura Real Estate Master Fund, Inc. URL:

http://www.nre-mf.co.jp/english- 8 -Exhibit 1
Appraisal Summary
Appraiser
Appraisal Value
Appraisal Date
Price calculated by the direct capitalization approach
Net operating income from leasing business(NOI)
Net Cash Flow (NCF)
Capitalization rate
Price calculated by the Discounted Cash Flow
Approach
Discount rate
Terminal capitalization rate
Cost Approach Price
Ratio of land
Ratio of building

Daiwa Real Estate Appraial Co., Ltd.
¥11,000,000,000
October 31, 2013
¥11,000,000,000¥570,308,808¥550,635,363
5.0%¥11,000,000,000
4.8%
5.2%
¥7,300,000,000
55.8%
44.2%

Exhibit 2
Portfolio after Acquisition of the Asset
Use

Logistics

Acquisition Price(Scheduled)(million yen)
(Note 2)
17,40015,71013,70011,41010,600
8,700
8,250
7,340
4,660
4,590
3,810
3,750
2,830
2,690
3,430
2,170
650
330
122,020
16,600Percentage to Total(%)(Note 3)

Yokosuka More’s City

13,6405.7%

June 14, 2013
June 14, 2013
July 31, 2013
June 14, 2013
July 19, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013

Recipe SHIMOKITAEQUINIA Shinjuku
Kawasaki More’s
EQUINIA Ikebukuro
covirna Machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho Stear
EQUINIA Aobadori
Mitsubishi Motors Meguro
Mitsubishi Motors Chofu
Mitsubishi Motors Shibuya
Mitsubishi Motors Nerima
Mitsubishi Motors Kawasaki
Mitsubishi Motors Takaido
Mitsubishi Motors Katsushika
Mitsubishi Motors Higashi-Kurume
Mitsubishi Motors Setagaya
Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi
Mitsubishi Motors Higashi-Yamato
Mitsubishi Motors Motosumiyoshi
Mitsubishi Motors Kawagoe
Mitsubishi Motors Edogawa
Mitsubishi Motors Sayama
Mitsubishi Motors Ibaraki Maintenance Center

10,407
4,260
4,000
3,990
3,440
3,080
2,730
2,600
2,490
1,700
1,560
1,000
8,930
6,640
4,406
3,020
4,700
1,640
2,740
1,760
1,570
1,240
950
850
800
800
770
740
600
450
370
350
200
160
820
116,003
238,023

4.4%
1.8%
1.7%
1.7%
1.4%
1.3%
1.1%
1.1%
1.0%
0.7%
0.7%
0.4%
3.8%
2.8%
1.9%
1.3%
2.0%
0.7%
1.2%
0.7%
0.7%
0.5%
0.4%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%
0.2%
0.1%
0.1%
0.1%
0.3%
48.7%
100.0%

December 13, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
July 31, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013-

Area
(Note 1)

Greater Tokyo

Other areas

Property Name
Landport Urayasu
Landport Itabashi
Landport Kawagoe
Landport Atsugi
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi-Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi-Minami Logistics Center A Tower
Ota Nitta Logistics Center
Ota Higashi-Shinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center

Logistics Sub-total
Morisia Tsudanuma

Greater Tokyo

RetailKinki Area

Other areas

Retail (landwithGreater Tokyo
leaseholdinterest)

Kinki Area
Retail Sub-total

Total

7.3%
6.6%
5.8%
4.8%
4.5%
3.7%
3.5%
3.1%
2.0%
1.9%
1.6%
1.6%
1.2%
1.1%
1.4%
0.9%
0.3%
0.1%
51.3%
7.0%

Date of Acquisition(Scheduled)

Investment
Securities

GreaterTokyo

Ryoke Capital Godo Kaisha Silent Partnership
Equity Interest

500-

March 25, 2014

(Note 1) “Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Kinki Area”
refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo Area” refers to Aichi
Prefecture, Gifu Prefecture and Mie Prefecture. “Other Areas” refers to cabinet-order designated cities, prefectural capitals,
and cities having a population of at least 100,000 and their peripheral areas, excluding Greater Tokyo, Kinki Area and Chukyo
Area.
(Note 2) The Acquisition Price (Scheduled) is the amount (the amount of transaction payment of real estate, etc. described in the sales
agreement with condition precedent and the investment amount described in the Silent Partnership Agreement) excluding
costs required to acquire the properties, etc. and the Silent Partnership Equity Interest (transaction brokerage fee, taxes andpublic dues, etc.).
(Note 3) “Percentage to Total” indicates the ratio of the acquisition price (scheduled) of respective properties to the total acquisition
price (scheduled) of the entire portfolio (55 properties in total). The calculation of investment ratio excludes the Silent
Partnership Equity Interest. Furthermore, as the figures were rounded to the first decimal place, the total may not necessarilybe 100%.

Exhibit 3
Photo of NIPPON EXPRESS CO., LTD. North Tokyo Distribution Center

Exhibit 4
Map of NIPPON EXPRESS CO., LTD. North Tokyo Distribution Center

NIPPON EXPRESS CO., LTD.
North Tokyo Distribution Center