February 7, 2013
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director
Yuji Yokoyama(Code number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties andDomestic Real Estate Trust Beneficiary Interest
Nippon Accommodations Fund Inc. (“NAF“) hereby provides notice of its decision regarding its acquisition ofreal estate properties as well as real estate trust beneficiary interest in Japan as shown below.
1. Reason for acquisition
Based on the provisions for investments and policies on asset management provided in Article of Incorporation,
the decision to acquire the following properties was made to ensure the steady growth of the whole portfolio, andfor the diversification and further enhancement of the investment portfolio in Tokyo's 23 wards, and the Tokyoarea.
2. Overview of acquisitions
Type of property to beacquiredName of property to be acquired
Property 1
Property 2
Property 3
Property 4
Property 5
Property 6
Property 7
Property 8
Property 9
Property 10
Property 11
Property 12

Park Cube Nihonbashi Suitengu (Note 2)
Park Cube Ginza East (Note 3)
Park Cube Kayabacho (Note 4)
Park Cube Honjo Azumabashi (Note 5)
Park Axis Kiyosumi Shirakawa
Park Axis Asakusabashi Nichome
Park Axis Nishi Sugamo
Park Axis Ueno
Park Axis Akihabara East
Park Axis Yokohama Tanmachi Koen
Park Axis KayabachoPark Axis Kinshicho / Shinsui Koen
Total

Trust beneficiary interest
Trust beneficiary interest
Real estate (Note 6)
Real estate (Note 6)
Real estate (Note 6)
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate
Real estate

Acquisition price(Note 1)(Thousands of yen)
2,711,000
2,269,000
1,105,000
1,252,000
696,000
1,079,000
1,439,000
1,389,000
1,369,000
1,119,000
1,809,000
1,369,000
17,606,000(Note 1)“Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes, and local consumption taxes) specified in the contract for the sale of realestate or sale of real estate trust beneficiary interest with condition precedent for the properties to be acquired.

(Note 2)The current name of the property to be acquired is “Iris Nihonbashi Suitengu.” NAF plans to rename the property as
stated above without delay after it has acquired the property.

(Note 3)The current name of the property to be acquired is “Iris Ginza East.” NAF plans to rename the property as stated above
without delay after it has acquired the property.

(Note 4)The current name of the property to be acquired is “Alegria Tokyo.” NAF plans to rename the property as stated above
without delay after it has acquired the property.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

1

(Note 5)

The current name of the property to be acquired is “Libertive Honjo Azumabashi.” NAF plans to rename the property as
stated above without delay after it has acquired the property.

(Note 6)

For Properties 3 to 5, NAF plans to acquire trust beneficiary interests of which the trust property is each real estate, andthen terminate the trust on the same date.

(1)
(2)

(4)

Date of conclusion of sales contract
Planned dates of handover
Property 1 to Property 11
Property 12
Sellers
Property 1 and Property 2
Property 3 to Property 5
Property 6 to Property 12
Acquisition funds(5)

Method of payment(3)

February 7, 2013
March 1, 2013
April 1, 2013
Godo Kaisha ABF1
Not disclosed by seller’s request
Mitsui Fudosan Co., Ltd.
Net proceeds from issuance of new investment units through the
public offering and third-party allocation stated in “Notification
Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units” released on February 7, 2013 (If theamount of the net proceeds is lower than the total of the planned
acquisition prices for the properties to be acquired, borrowings
and own funds are allocated to make up for the shortfall).
Full payment at the time of handover<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

2

3. Description of the properties to be acquired(1) Outline of the properties to be acquired(i) Property 1: Park Cube Nihonbashi Suitengu
Name of property to be acquired
Type of property to be acquired
Trustee
Trust period
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)Park Cube Nihonbashi Suitengu
Trust beneficiary interest
Mitsubishi UFJ Trust and Banking Corporation
From June 29, 2005 to September 30, 2022
Morii Appraisal & Investment Consulting, Inc.
¥2,840,000 thousand
November 30, 2012
33-4, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo
80%
500%
Commercial zone
740.36 m2
Proprietorship
May 12, 2005
Flat-roofed reinforced concrete structure/12 stories
Apartment building
4,780.44 m2
Proprietorship
77
4,235.33 m2
None
This land is located within the scope of the Chuo Ward Streetscape
Promotion District Planning area for the Ningyocho and Hamacho
Kawagishi district. As this building satisfied the applicable requirements ofthe district plan at the time of construction, restrictions on its floor-area ratio
have been eased. However, due to a subsequent change in the districtplan, if any buildings are reconstructed on this land, it will not be possible
to reconstruct the building with the same design as this building.
This property is a two-minute walk from Suitengumae Station on the Tokyo
Metro Hanzomon Line and an eight-minute walk from Ningyocho Station on
the Tokyo Metro Hibiya Line and the Toei Subway Asakusa Line. As it
takes about five minutes from Suitengumae Station to Otemachi Station,
the property is close to the city center. It also has good access to Haneda
Airport and Narita Airport, since it is located a two-minute walk from Tokyo
City Air Terminal.
This property is expected to attract business people, DINKS households
and families who stress value on location.

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate77
71
4,235.33 m2
3,964.33 m2
93.6%

Deposit
Total rental
revenues¥23,605 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

1<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

3

(ii) Property 2: Park Cube Ginza East
Name of property to be acquired
Type of property to be acquired
Trustee
Trust period
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Cube Ginza East
Trust beneficiary interest
Mitsubishi UFJ Trust and Banking Corporation
From June 29, 2005 to September 30, 2022
Morii Appraisal & Investment Consulting, Inc.
¥2,350,000 thousand
November 30, 2012
1-3, Minato 3-chome, Chuo-ku, Tokyo
80%
500%
Commercial zone
555.26 m2
Proprietorship
June 1, 2005
Flat-roofed reinforced concrete and steel structure/12 stories
Apartment building
2

4,248.30 m

Proprietorship
77
3,358.63 m2
None
This land is located within the scope of the Chuo Ward Streetscape
Promotion District Planning area for the Kyobashi district. As this building
satisfied the applicable requirements of the district plan at the time of
construction, restrictions on its floor-area rate have been eased. However,
due to a subsequent change in the district plan, if any buildings arereconstructed on this land, it will not be possible to reconstruct the building
with the same design as this building.
This property is located a five-minute walk from Shintomicho Station on theTokyo Metro Yurakucho Line, and is also within walking distance of Tsukiji
Station on the Tokyo Metro Hibiya Line and Hatchobori Station on the JR
Keiyo Line. Having more than one station and several train lines, theproperty provides good access to the city center.
This area is generally convenient, with useful facilities including
convenience stores, and the ward office and hospital which are all withinwalking distance.
This property is expected to attract business people and families who
stress value on location.
177
69
3,358.63 m2
2,995.71 m2
89.2%¥16,228 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

4

(iii) Property 3: Park Cube Kayabacho
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests

Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Cube Kayabacho
Real estateMorii Appraisal & Investment Consulting, Inc.
¥1,160,000 thousand
November 30, 2012
1-8, Nihonbashi-kayabacho 3-chome, Chuo-ku, Tokyo
80%
600%
Commercial zone
261.41 m2
Proprietorship
March 15, 2006
Flat-roofed reinforced concrete structure/10 stories
Office, community life support facility, parking lot for bicycles, garbage depot
2

1,819.55 m

Proprietorship
27 residential, 1 retail etc.
1,695.06 m2
None
This land is located within the scope of the Chuo Ward Streetscape
Promotion District Planning area for the Shinkawa and Kayabacho district.
As this building satisfied the applicable requirements of the district plan at
the time of construction, restrictions on its floor-area ratio have been
eased. However, due to a subsequent change in the district plan, if any
buildings are reconstructed on this land, it will not be possible toreconstruct the building with the same design as this building.
This property is a four-minute walk from Kayabacho Station on the Tokyo
Metro Hibiya and Tozai Lines and a seven-minute walk from Nihombashi
Station on the Toei Subway Asakusa Line and Hatchobori Station on the
JR Keiyo Line. As it takes about three minutes to Otemachi Station bytrain, it provides excellent access to the city center.
With department stores, convenience stores, supermarkets, an elementary
school and others located within walking distance, it provides highconvenience to daily life.
This property is expected to attract business people and families who
stress value on location.
1
27 residential, 1 retail etc.
27
1,695.06 m2
1,627.76 m2
96.0%¥13,005 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

5

(iv) Property 4: Park Cube Honjo Azumabashi
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Cube Honjo Azumabashi
Real estateMorii Appraisal & Investment Consulting, Inc.
¥1,270,000 thousand
November 30, 2012
19-4, Honjo 4-chome, Sumida-ku, Tokyo
80%, 60%
500%, 300%
Commercial zone, Light-industrial district
472.85 m2
Proprietorship
March 23, 2006
Flat-roofed reinforced concrete structure/10 stories
Apartment building, garages, parking lot for bicycles, garbage depot
22,653.05 m

Proprietorship45
2,241.63 m2
None
None
This property is a six-minute walk from Honjo Azumabashi Station on the
Toei Subway Asakusa Line. As it takes about 15 minutes from the station
to Otemachi Station, it is close to the city center.
With small supermarkets, convenience stores, hospitals, the ward office,an elementary school and others situated nearby, it provides highconvenience to daily life.
This property is expected to attract business people and families who
stress value on the convenience of location.
145
432,241.63 m2
2,156.71 m2
96.2%¥13,293 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

6

(v) Property 5: Park Axis Kiyosumi Shirakawa
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Kiyosumi Shirakawa
Real estateMorii Appraisal & Investment Consulting, Inc.
¥719,000 thousand
November 30, 2012
18-4, Ogibashi 1-chome, Koto-ku, Tokyo
60%
300%
Light-industrial district
485.13 m2
Proprietorship
March 31, 2008
Flat-roofed reinforced concrete structure/8 stories
Apartment building
2

1,292.34 m

Proprietorship36
1,159.84 m2
None
None
This property is an 11-minute walk from Kiyosumishirakawa Station on theTokyo Metro Hanzomon Line and the Toei Subway Oedo Line. As it takes
about seven minutes from the station to Otemachi Station, the property isclose to the city center.
It is located behind a main road with a park on the east side as well as
supermarkets, convenience stores and others in its vicinity leading to highconvenience in daily life.
This property is expected to attract business people and DINKS
households who stress value on the convenience of location.
1
36
33
1,159.84 m2
1,044.43 m2
90.0%¥7,712 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

7

(vi) Property 6: Park Axis Asakusabashi Nichome
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Total number oftenants
Rentable units
Rented units
Details of tenants(Note 7)

Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Asakusabashi Nichome
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,080,000 thousand
November 30, 2012
27-8, Asakusabashi 2-chome, Taito-ku, Tokyo
80%
500%
Commercial zone
343.20 m2
Proprietorship
December 7, 2011
Flat-roofed reinforced concrete structure/13 stories
Apartment building, parking lot for bicycles, garages
22,281.83 m

Proprietorship48
1,569.00 m2
None
None
This property is a six-minute walk from Asakusabashi Station on the JR
Sobu Line and the Toei Subway Asakusa Line. It takes about 10 minutes toTokyo Station and about 13 minutes to Ginza Station by changing trains.
As such, it has good access to business districts and commercial areas in
the city center.
With various commercial facilities, health-care centers and financial
institutions as well as a park facility called “Sumidagawa Terrace” situatedin its vicinity, it provides comfort and convenience to daily life.
This property is expected to attract mainly single people and DINKS
households who stress value on the convenience of location.
1
48
48
1,569.00 m2
1,569.00 m2
100.0%¥11,189 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

8

(vii) Property 7: Park Axis Nishi Sugamo
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Nishi Sugamo
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,440,000 thousand
November 30, 2012
46-2, Takinogawa 7-chome, Kita-ku, Tokyo
80%
500%
Commercial zone
489.92 m2
Proprietorship
January 5, 2012
Flat-roofed reinforced concrete structure/13 stories
Apartment building
2,807.56m

2

Proprietorship
56
2,326.32 m2
None
None
This property is a five-minute walk from Nishi Sugamo Station on the Toei
Subway Mita Line. As it takes about 15 minutes to Otemachi Station bytrain, it is close to the city center. In addition, since it is a 10-minute walkfrom Itabashi Station on the JR Saikyo Line, it has good access to
Ikebukuro and Shinjuku.
With financial institutions, supermarkets and convenience stores andothers situated around the closest station, it provides convenience to daily
life.
This property is expected to attract mainly single people and DINKS
households who stress value to good access to central Tokyo andconvenient transport links.
156
54
2,326.32 m2
2,247.29 m2
96.6%¥15,478 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

9

(viii) Property 8: Park Axis Ueno
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Ueno
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,390,000 thousand
November 30, 2012
7-9, Kitaueno 2-chome, Taito-ku, Tokyo
80%
600%
Commercial zone
388.86 m2
Proprietorship
January 11, 2012
Flat-roofed reinforced concrete structure/12 stories
Apartment building, parking lot for bicycles, garages
22,604.04 m

Proprietorship
59
1,992.29 m2
None
None
This property is a six-minute walk from Iriya Station on the Tokyo Metro
Hibiya Line, an eight-minute walk from Inaricho Station on the Tokyo Metro
Ginza Line, and a nine-minute walk from JR Ueno Station. The area has
excellent access to transportation as the JR lines and the private railway
lines such as the Tobu Line, Keisei Line, the Tokyo Metro Ginza and Hibiya
Line, run through Ueno Station in every direction.
Various commercial facilities situated around Ueno Station form anentertainment district. As there are also supermarkets, convenience stores,
hospitals and the ward office in the vicinity of the property, it is aconvenient place to live.
This property is expected to attract mainly single people and DINKS
households who stress value to good access to central Tokyo and acomfortable lifestyle.
1
59
57
1,992.29 m2
1,926.01 m2
96.7%¥12,209 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

10

(ix) Property 9: Park Axis Akihabara East
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Akihabara East
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,370,000 thousand
November 30, 2012
5-9, Asakusabashi 5-chome, Taito-ku, Tokyo
80%
600%
Commercial zone
347.80 m2
Proprietorship
May 25, 2012
Flat-roofed reinforced concrete structure/14 stories
Apartment building
2

2,332.37 m

Proprietorship
58
1,890.20 m2
None
None
This property has good access to public transport, located a nine-minute
walk from Akihabara Station on the JR Yamanote, Keihin Tohoku andSobu Line, and an eight-minute walk from Akihabara Station on the Tokyo
Metro Hibiya Line. It is approximately five minutes by train to Tokyo Station
and about 20 minutes to Shinjuku Station, providing excellent access to thecity center and main districts of Tokyo.
With a supermarket that is open until late at night in the vicinity of theproperty, as well as a concentration of large commercial buildings around
Akihabara Station, it provides convenience to daily life.
This property is expected to attract working people and students who
commute to central Tokyo.
158
44
1,890.20 m2
1,426.77 m2
75.5%¥11,420 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

11

(x) Property 10: Park Axis Yokohama Tanmachi Koen
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location

Residence indication

Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Yokohama Tanmachi Koen
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,120,000 thousand
November 30, 2012
11-4, Tanmachi 1-chome, Kanagawa-ku, Yokohama-shi, Kanagawa(address written in the old addressing system with land given a registration
number)80%
400%
Commercial zone
448.88 m2
Proprietorship
June 20, 2012
Flat-roofed reinforced concrete structure/10 stories
Apartment building, parking lot for bicycles, garages
2

1,983.22 m

Proprietorship
63
1,682.46 m2
None
None
This property is a four-minute walk from Tanmachi Station on the Tokyu
Toyoko Line and an eight-minute walk from Higashi Kanagawa Station on
the JR Keihin Tohoku and Yokohama Lines. From Tanmachi Station, it
takes about two minutes to Yokohama Station, about 25 minutes to
Shinagawa Station by train, and about 30 minutes to Shibuya Station withtransfer express train. As such, it has good access to the main areas incentral Tokyo.
As there are supermarkets around the closest station and a rich green
environment with Tanmachi Park situated nearby, it provides relaxationand convenience to daily life.
This property is expected to attract mainly single people and DINKS
households who commute to office areas around Yokohama Station orTokyo.
1
63
44
1,682.46 m2
1,211.00 m2
72.0%¥8,590 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

12

(xi) Property 11: Park Axis Kayabacho
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Kayabacho
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,810,000 thousand
November 30, 2012
26-6, Shinkawa 1-chome, Chuo-ku, Tokyo80%
700%, 500%
Commercial zone
401.79 m2
Proprietorship
June 29, 2012
Flat-roofed reinforced concrete structure/14 stories
Apartment building, parking lot, parking lot for bicycle
23,314.01 m

Proprietorship72
2,355.07 m2
None
None
This property has three stations within walking distance with access toseveral train lines. It is located an eight-minute walk from Kayabacho
Station on the Tokyo Metro Hibiya Line and Tozai Line, a six-minute walkfrom Hatchobori Station on the JR Keiyo Line and Musashino Line, a
10-minute walk from Hatchobori Station on the Tokyo Metro Hibiya Line,and an 11-minute walk from Suitengumae Station on the Tokyo Metro
Hanzomon Line as such, it has a good access to public transport. As it isclose to commercial areas in central Tokyo such as Ginza andNihombashi, it provides convenience to daily life.
This property is expected to attract mainly single people and DINKS
households who stress value on convenient transport links and goodaccess to Central Tokyo.
172
60
2,355.07 m2
1,888.00 m2
80.2%¥15,232 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

13

(xii) Property 12: Park Axis Kinshicho / Shinsui Koen
Name of property to be acquired
Type of property to be acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio(Note 2)
Floor-area ratio(Note 2)Land
ZoningSite area (Note 3)
Ownership form
Completion date
(Note 4)Structure/number ofstories (Note 5)
Uses (Note 5)
Building
Gross floor area
(Note 5)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 6)

Special features of the property

Details of tenants(Note 7)

Total number oftenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental
revenues

Park Axis Kinshicho / Shinsui Koen
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥1,370,000 thousand
November 30, 2012
22-8, Kamezawa 4-chome, Sumida-ku, Tokyo
60%
300%
Light-industrial district
697.36 m2
Proprietorship
June 22, 2012
Flat-roofed reinforced concrete structure/7 stories
Apartment building, garages
22,805.82 m

Proprietorship60
2,085.62 m2
None
None
This property is a 10-minute walk from Kinshicho Station on the JR Sobu
Line and the Tokyo Metro Hanzomon Line. From the station, it takes about
10 minutes to Tokyo Station, about 15 minutes to Otemachi Station andabout 20 minutes to Shinjuku Station, providing excellent access to the city
center.
The various commercial facilities around the station provides convenience
to daily life.
With Oyokogawa Shinsui Park situated in the vicinity of the property, thearea is relatively rich in greenery. Some of the rooms on higher floors havea view of the Tokyo Skytree.
Having good access to central Tokyo, this property is expected to attract
mainly single people and DINKS households.
160
32
2,085.62 m2
1,155.58 m2
55.4%¥9,002 thousand
Refer to the Attached Document 1, “Summary of the appraisal reports on
the amount of the properties to be acquired”.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

14

(Note 1) “Appraised value” and “date of value appraisal” are based on the real estate appraisal reports prepared with regard to theproperties that NAF plans to acquire by Morii Appraisal & Investment Consulting, Inc. for properties 1–5, and by Daiwa
Real Estate Appraisal Co., Ltd. for properties 6–12.
(Note 2) “Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the
Building Standards Act, and the figure stipulated by city planning in accordance with zoning, etc. is indicated. “Floor-arearatio” is the ratio of the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act,and the figure stipulated by city planning in accordance with zoning, etc is indicated.
(Note 3) “Site area” denotes the land area included in the register as of December 31, 2012.
(Note 4) “Completion date” of the building denotes the date included in the register as of December 31, 2012.
(Note 5) “Structure/number of stories”, “uses”, and “gross floor area” are based on the description in the register as of December 31,
2012.
(Note 6) “Special affairs” include issues considered to be important by NAF with consideration of influence on the rights, uses, andappraisal values as well as profits of the properties that NAF plans to acquire as of January 31, 2013.
(Note 7) Explanation on “details of tenants”(i) “Total number of tenants” is entered as 1 if there is a master lease agreement (a bulk lease agreement) concluded witha master lease company. With regard to the properties that NAF plans to acquire, a master lease agreement isscheduled to be concluded with Mitusi Fudosan Housing Lease Co., Ltd. as the master lease company. The “total
number of tenants” above is therefore the number of tenants after such a master lease agreement is concluded.
(ii) “Rentable units” denotes the number of units that can be rented within the property that NAF plans to acquire.
(iii) “Rented units,” “rented area” and “deposit” denote figures as of December 31, 2012 based on the report received by
the seller.
(iv) “Rentable area” denotes the total area of the building that can be rented within the property that NAF plans to acquire.
(v) “Occupancy rate” denotes the ratio of the “rented area” against the “rentable area” and the figures are rounded to one
decimal place.

(2) Effect on NAF’s financial position in the event of inability to execute forward commitments, etc.
Property 12 is applicable to forward commitments (see Note) by investment corporations as provided for in
the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc defined by the
Financial Services Agency.
In the event of a violation of the terms and conditions of any sales contract related to the above property (the“Sales Contract”) made by NAF or the seller, the opposing party may cancel the Sales Contract and claim, as apenalty, an amount equivalent to 20% of the trading value of the property whose contract was cancelled.
However, the sale of the above property as per the Sales Contract is with condition precedent that the issuingof investment units of NAF released on February 7, 2013 as special provision is effected by NAF. Therefore, in theevent such issuing of the investment units of NAF cannot be effected by NAF, the Sales Contract is definitively
invalidated and, NAF, unless when the underlying reasons are attributable to NAF, is not obligated to pay a
penalty to the seller concerning the invalidation of the sales contract.
Note:

Refers to the postdated sales contract under which payment and delivery shall be made at least one month after theconclusion of the contract, or any other contract similar thereto.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

15

(3) Outline of investigations into the state of the building, etc.
Estimated
urgentrepair cost(Thousandsof yen)Estimatedshort-term
repair cost(Thousandsof yen)Estimated
long-term
repair cost(Thousandsof yen)Building
replacement
value(Thousandsof yen)January 16, 2013–

395

82,776

1,211,860

January 16, 2013

–

1,339

61,487980,853January 23, 2013––

21,168347,200

January 17, 2013––

29,901

488,300

January 11, 2013––

15,975

264,000

Sumitomo Mitsui
Construction Co., Ltd.

December 27, 2012–

175

26,620563,981

Shimizu Corporation

December 27, 2012––

35,510619,000

December 27, 2012––

30,942

637,427

December 27, 2012––

16,360597,582

Shimizu Corporation

December 27, 2012––

31,312512,000

Sumitomo Mitsui
Construction Co., Ltd.

December 27, 2012––

24,674854,440

Sumitomo Mitsui
Construction Co., Ltd.

December 27, 2012–60

18,691

663,787

Name of property
to be acquired

Property 1:
Property 2:

Park Cube
Nihonbashi
Suitengu
Park Cube
Ginza East

Property 3:

Park Cube
Kayabacho

Property 4:

Park Cube
Honjo Azumabashi

Property 5:
Property 6:
Property 7:
Property 8:
Property 9:
Property 10:
Property 11:
Property 12:

Park Axis
Kiyosumi
Shirakawa
Park Axis
Asakusabashi
NichomePark Axis
Nishi Sugamo
Park Axis Ueno
Park Axis
Akihabara East
Park Axis
Yokohama
Tanmachi Koen
Park Axis
Kayabacho
Park Axis
Kinshicho / Shinsui
Koen

Investigatingcompany

Investigation report
date

Sumitomo Mitsui
Construction Co., Ltd.
Sumitomo Mitsui
Construction Co., Ltd.
Tokio Marine & Nichido
Risk Consulting Co.,
Ltd.
Tokio Marine & Nichido
Risk Consulting Co.,
Ltd.
Tokio Marine & Nichido
Risk Consulting Co.,
Ltd.

Sumitomo Mitsui
Construction Co., Ltd.
Sumitomo Mitsui
Construction Co., Ltd.

Name of property to be acquired(Note)PML (Note)

Property 1:

Park Cube Nihonbashi Suitengu

9.3%

Property 2:

Park Cube Ginza East

6.9%

Property 3:

Park Cube Kayabacho

7.6%

Property 4:

Park Cube Honjo Azumabashi

9.5%

Property 5:

Park Axis Kiyosumi Shirakawa

10.8%

Property 6:

Park Axis Asakusabashi Nichome

7.8%

Property 7:

Park Axis Nishi Sugamo

9.6%

Property 8:

Park Axis Ueno

8.5%

Property 9:

Park Axis Akihabara East

9.7%

Property 10:

Park Axis Yokohama Tanmachi Koen

9.5%

Property 11:

Park Axis Kayabacho

9.7%

Property 12:

Park Axis Kinshicho / Shinsui Koen

8.0%

“PML” value is based on a report on earthquake risk diagnosis made by Sumitomo Mitsui Construction Co., Ltd. However,
the report on earthquake risk diagnosis only states the views of the outsourced research service provider and does notprovide any guarantee of its contents. PML (Probable Maximum Loss) represents the rate of probable maximum loss to becaused by earthquakes. In this case, it means the extent of damage to be caused by one of the biggest earthquakes
anticipated to happen within the expected duration of service (the biggest earthquake which happens once every 475
years = 10% chance of a big earthquake happening once every 50 years) represented by the rate (%) of the estimatedcost of restoration from the damage to the replacement cost.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

16

Profiles of third-party investigative body
Name
Head office address
Representative
CapitalDescription of principal
operations
Relationship with NAF or
investment trust
management company

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, Representative Director, President and Chief Executive
Officer¥12,003 million
Design, engineering and execution of civil, building and pre-stressed concrete
works, and related operations
None

Name
Head office address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Ken Kamikochi, President and Representative Director

Capital¥100 million
Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disastermanagement, sanitation, environment, product safety and information
management

Description of principal
operations
Relationship with NAF or
investment trust
management company
Name
Head office address
Representative
CapitalDescription of principal
operations
Relationship with NAF or
investment trust
management company

None

Shimizu Corporation
16-1, Kyobashi 2-chome, Chuo-ku, Tokyo
Yoichi Miyamoto, President and Representative Director¥74,365 million
Building, civil engineering and construction work based on contract (generalcontractor) and other related operations
None<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

17

4. Outline of sellers(1) Property 1 and Property 2
Name
Head office address

Godo Kaisha ABF1
Nihonbashi Itchome Building, 4-1, Nihombashi 1-chome, Chuo-ku, Tokyo
Representative employee: ABF1
Representative
Operational executor: Takanori Mishina
1. Acquisition, possession and disposal of trust beneficiary interest in real estatein trust
Description of principal
2. Transaction, leasing, management, acquisition, possession, disposal and use
operationsof real estate
3. All business incidental to the above
Capital¥100,000
Date of establishment
August 31, 2012
Equity holder
General Incorporated Associations ABF1
Relationships between NAF or the investment trust management company, and the seller
There are no capital relationships to report between NAF or the investment trust
management company, and the seller. Also, there are no capital relationships toreport between any related parties or associated companies of NAF or the
Capital relationships
investment trust management company, and any related parties or associatedcompanies of the seller.
There are no personal relationships to report between NAF or the investment
trust management company, and the seller. Also, there are no personal
Personal relationships relationships to report between any related parties or associated companies of
NAF or the investment trust management company, and any related parties or
associated companies of the seller.
There are no business relationships to report between NAF or the investment
trust management company, and the seller. Also, there are no businessBusiness relationships relationships to report between any related parties or associated companies of
NAF or the investment trust management company, and any related parties or
associated companies of the seller.
The seller does not fall under the category of related parties of NAF or the
Applicability to related investment trust management company. Also, any related parties and theparties
associated companies of the seller do not fall under the category of relatedparties of NAF or the investment trust management company.
(Note)

Godo Kaisha ABF1 is the operator of the anonymous partnership in which NAF invests ¥150 million (9.1% of the total
anonymous partnership equity interests). NAF has decided to exercise the preferential negotiating rights that were granted
upon the investment, and acquire these properties. For more information on the investment in the anonymous partnership,
please refer to the “Notice Concerning Acquisition of Investment Assets (Anonymous Partnership Equity Interests)” issued
on September 26, 2012.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

18

(2) Property 3 to Property 5
Name
Head office address
Representative
Description of principal
Not disclosed (Note)
operations
CapitalDate of establishment
Equity holder
Relationships between NAF or the investment trust management company, and the seller
There are no capital relationships to report between NAF or the investment trust
management company, and the seller. Also, there are no capital relationships toCapital relationships
report between any related parties or associated companies of NAF or theinvestment trust management company, and any related parties or associatedcompanies of the seller.
There are no personal relationships to report between NAF or the investment
trust management company, and the seller. Also, there are no personal
Personal relationships relationships to report between any related parties or associated companies of
NAF or the investment trust management company, and any related parties or
associated companies of the seller.
There are no business relationships to report between NAF or the investment
trust management company, and the seller. Also, there are no businessBusiness relationships relationships to report between any related parties or associated companies of
NAF or the investment trust management company, and any related parties or
associated companies of the seller.
The seller does not fall under the category of related parties of NAF or the
Applicability to related investment trust management company. Also, any related parties and theparties
associated companies of the seller do not fall under the category of relatedparties of NAF or the investment trust management company.
(Note)The sellers of Property 3, Property 4 and Property 5 are different domestic special purpose companies. Information onthem is not disclosed as per the sellers’ instructions.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

19

(3) Property 6 to Property 12
Name
Head office address
Representative
Description of principal
operations
CapitalDate of establishment
Net assets
Total assets

Mitsui Fudosan Co., Ltd.
1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
Masanobu Komoda, President and Chief Executive Officer
Acquisition, ownership, disposition, lease, subdivision sales and management ofreal estate and other related operations¥174,296 million
July 15, 1941
¥938,805 million (As of March 31, 2012)¥3,458,519 million (As of March 31, 2012)
Shareholding
Stockholder nameratio
Major stockholders and
The Master Trust Bank of Japan, Ltd. (trust account)
9.05%
shareholding ratio(As of September 30,
Japan Trustee Services Bank, Ltd. (trust account)
6.83%
2012)
CBLDN-STICHTING PGGM DEPOSITORY-LISTED REAL
2.92%
ESTATE PF FUND
Relationships between NAF or the investment trust management company, and the seller
The seller holds 3.38% of total NAF investment units issued as of August 31,
Capital relationships
2012 and all shares of the investment trust management company.
As of August 31, 2012, eight of employees and directors of the investment trust
Personal relationships management company (excluding part-time directors) are seconded from theseller, and one of them is concurrently serving as executive director of NAF.
There are no business relationships to report between NAF or the investment
trust management company, and the seller, for the period ended August 31,
Business relationships 2012. Also, there are no business relationships to report between the related
persons or related companies of NAF or the investment trust managementcompany, and the related persons or related companies of the seller.
Applicability to related The seller does not fall under the category of related parties of NAF. Also, thepartiesseller is the parent company of the investment trust management company.

5. Situation of the acquirer of the property
Property 1 to Property 5: Not applicable

Property 6: Park Axis Asakusabashi Nichome
Property 7: Park Axis Nishi Sugamo
Property 8: Park Axis Ueno
Property 9: Park Axis Akihabara East
Property 10: Park Axis Yokohama Tanmachi Koen
Property 11: Park Axis Kayabacho
Property 12: Park Axis Kinshicho / Shinsui Koen

Situation of the property
ownerFormer owner

Owner
before theformerowner

Company name,person’s name

Mitsui Fudosan Co., Ltd.

None

Relationship with a
special related party
Acquisition history,reason, etc.
Acquisition price(including othercosts)
Acquisition time

Parent company of theinvestment trust
management company
Development with goalof sale

―
―

―

―

―

―

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

20

6. Earthquake resistance matters
Regarding Property 1 to Property 5, NAF outsourced the inspection and verification of the details ofearthquake-resistant structures including structural calculation sheets and, for corresponding buildings, obtained
confirmation that, no falsification is suspected in the structural calculation and structural drawings with respect totheir structure, which ensures earthquake resistance as per the Building Standards Act. Also, Property 6 toProperty 12 received a structural calculation conformity judgment pursuant to the Building Standards Act asrevised by Act No. 92 of 2006.
In addition, NAF examines earthquake risks during the course of due diligence upon acquisition of properties,
from perspectives that are different from those of building certification investigations performed by an inspection
and certification agency, by inspecting designs and performing on-site reviews using structural drawings,
structural calculation sheets and other information.
7. Outlines of brokerage
Not applicable
8. Transactions with related parties and the like
(1)

Since Mitsui Fudosan Co., Ltd., the seller of Property 6 to Property 12 among the properties scheduled tobe acquired by NAF, corresponds to related parties and the like (see Note), the real estate sales contract
with condition precedent has been carried out through deliberation and decision by the compliancecommittee of the investment trust management company and the investment committee, in accordancewith NAF’s self-established rules on asset management relevant to transactions with related parties andthe like.

(2)

Although the sellers of Property 3 to Property 5 do not correspond to related parties and the like (seeNote), Mitsui Fudosan Investment Advisors, Inc., the asset manager of the property, corresponds torelated parties and the like (see Note). Therefore, as in (1) above, the real estate sales contract withcondition precedent has been carried out through deliberation and decision by the compliance committeeof the investment trust management company and the investment committee, in accordance with NAF’s
self-established rules on asset management relevant to transactions with related parties and the like.

(3)

Mitsui Fudosan Housing Lease Co., Ltd., which is scheduled to be the master lease company andproperty management company for Property 1 to Property 12, corresponds to related parties and the like(see Note). Therefore, the master lease and property management contract will be carried out throughdeliberation and decision by the compliance committee of the investment trust management company andthe investment committee by the planned date of handover for each property to be acquired.

Note:“Related parties and the like” means related parties and the like of an investment trust management company which has
concluded an asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment
Trust and Investment Corporation, Article 123.

9. Outlook for management after acquisition of the properties
As stated in “Notification Concerning Financial Results Forecast for the Periods Ending August 31, 2013 andFebruary 28, 2014” released on February 7, 2013.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

21

*

*

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and to
the press club of construction publications of the Ministry of Land, Infrastructure, Transport andTourism.
NAF’s website: http://www.naf-r.jp/english/index.html

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Summary of the appraisal reports on the amount of the properties to be acquired
2. Portfolio list after the purchase of the properties to be acquired is completed (on an acquisition (planned) pricebasis)
3. Photographs of exteriors and entrances of the properties to be acquired<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

22

<Attached Document 1> Summary of the appraisal reports on the amount of the properties to be acquired(unit: Thousands of yen)

Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Revenues from key money, etc.
Revenues from renewal fees
Other revenues(1) (a)+(b)+(c)+(d)Property 1
Park Cube
Nihonbashi
Suitengu
2,840,000

Property 2

Property 3

Park Cube
Ginza East

Park Cube
Kayabacho

2,350,000

1,160,000

Property 4
Park Cube
Honjo
Azumabashi
1,270,000

Details
176,817

146,30273,32080,847

0
7,104
4,494
0

0
6,192
4,732
1,455

0
0
1,929
30

0
840
4,652
1,642

4,133
361
188,4153,001
276
157,226

1,731
168
75,2491,938
1,072
86,339(e) Total loss from vacancies, etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expenses

10,2150
178,200
3,722

8,772
0
148,454
3,720

3,707
0
71,542
1,900

4,217
0
82,122
1,777(h) Utilities expenses(i) Repair expenses
Operating (j) Property management fees
expenses (k) Tenant soliciting fees, etc.
(l) Taxes and public dues(m) Property insurance fees(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposits(p) Capital expenditures

2,152
4,888
7,400
5,596
7,342
217
1,256

1,707
3,953
5,891
5,811
6,635
177
647

923
1,609
3,008
2,254
3,158
79
0

976
2,208
3,388
2,239
4,089
120
108

32,57328,541

12,931

14,905

145,627405

119,913338

58,611
257

67,217255

4,829
141,203

3,587
116,664

1,235
57,633

1,744
65,728

4.9%

4.9%

4.9%

5.1%

2,880,000

2,380,000

1,180,000

1,290,000

2,800,000

2,310,000

1,140,000

1,250,000

4.6%
5.2%
1,670,000
1,674,000
728,000
946,000

4.6%
5.2%
1,260,000
1,256,000
476,000
780,000

4.6%
5.2%
629,000
629,000
353,000
276,000

4.8%
5.4%
704,000
704,000
317,000
387,000

0

0

0

0

Operatingrevenues(5) Net income [(4)+(o)-(p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method ((5)÷(6))
Value calculated by discounted cash flow method
Discount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

23

(unit: Thousands of yen)

Name of property to be acquired
Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Revenues from key money, etc.
Revenues from renewal fees
Other revenues(1) (a)+(b)+(c)+(d)Property 5
Park Axis
Kiyosumi
Shirakawa
719,000

Property 6
Park Axis
Asakusabashi
Nichome1,080,000

Property 7

Property 8

Park Axis
Nishi Sugamo

Park Axis
Ueno

1,440,000

1,390,000

Details
48,80875,271

97,23893,944

0
1,740
2,040
819

0
991
1,385
784

0
2,421
2,754
1,930

0
1,386
2,563
1,665

1,000
221
52,588600
077,647824
0102,415898
097,893(e) Total loss from vacancies, etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expenses

3,089
049,499
2,174

4,267
0
73,380
2,904

5,437
0
96,977
3,124

5,201
0
92,692
3,977(h) Utilities expenses(i) Repair expenses
Operating (j) Property management fees
expenses (k) Tenant soliciting fees, etc.
(l) Taxes and public dues(m) Property insurance fees(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposits(p) Capital expenditures

673
965
2,341
1,828
2,373
220
216

968
1,640
2,519
2,365
4,008
233
630

1,520
2,141
3,297
2,949
5,651
310
566

1,084
1,909
3,154
2,525
4,554
312
693

10,79015,271

19,561

18,212

38,709154

58,109221

77,415286

74,480276

932
37,931

1,626
56,704

1,785
75,917

1,838
72,918

5.2%

5.2%

5.2%

5.2%

729,000

1,090,000

1,460,000

1,400,000

709,000
4.9%
5.5%
490,000
490,000
266,000
224,000

1,070,000
5.0%
5.4%
802,000
801,981
239,477
562,504

1,430,000
5.0%
5.4%
982,000
981,915364,535
617,380

1,380,000
5.0%
5.4%
887,000
887,351
251,592
635,759

0

0

0

0

Operatingrevenues(5) Net income [(4)+(o)-(p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method ((5)÷(6))
Value calculated by discounted cash flow method
Discount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

24

(unit: Thousands of yen)
Property 9
Name of property to be acquired

Appraised value (specified value)
Assessment item(a) Unit rental revenues,
including commons area fees(b) Utilities revenues(c) Parking lot revenues(d) Other revenues
Revenues from key money, etc.
Revenues from renewal fees
Other revenues

Park Axis
Akihabara
East1,370,000

Property 10
Park Axis
Yokohama
TanmachiKoen
1,120,000

Property 11

Property 12

Park Axis
Kayabacho

Park Axis
Kinshicho /Shinsui Koen

1,810,000

1,370,000

Details
93,48175,731

120,254

96,635

0
1,206
2,587
1,746

0
6,229
2,385
1,788

0
3,198
3,348
2,361

0
940
2,625
1,707

841
0

596
0

986
0

917
0

(1) (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expenses

97,2745,322
091,952
3,912

84,3464,709
079,636
3,240

126,800
6,789
0
120,0113,505

100,201
5,335
094,8653,937(h) Utilities expenses(i) Repair expenses
Operating (j) Property management fees
expenses (k) Tenant soliciting fees, etc.
(l) Taxes and public dues(m) Property insurance fees(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)](o) Earnings from temporary deposits(p) Capital expenditures

1,029
1,834
3,127
2,630
4,696
246
725

916
1,891
2,703
2,517
4,056
214
692

1,538
2,684
4,083
3,630
7,308
352
1,032

1,135
2,044
3,228
2,574
5,202
273
738

18,202

16,232

24,134

19,13473,750274

63,403219

95,877346

75,730283

1,723
72,301

1,476
62,1462,464
93,759

1,914
74,100

5.2%

5.4%

5.1%

5.3%

1,390,000

1,150,000

1,840,000

1,400,000

1,360,000

1,110,000

1,800,000

1,350,000

5.0%
5.4%
834,000
833,872
237,854596,0185.2%
5.6%
674,000
673,836
165,637
508,199

4.9%
5.3%
1,500,000
1,503,104
650,900
852,204

5.1%
5.5%
992,000
992,285
330,235
662,050

0

0

0

0

Operatingrevenues(5) Net income [(4)+(o)-(p)](6) Cap rate
Value of earnings calculated by the direct
capitalization method ((5)÷(6))
Value calculated by discounted cash flow method
Discount rate
Terminal cap rate
Cost method value
Total value of land and building
Land value
Building value
Adjustment<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

25

(Note)NAF requested real estate appraisals for the properties to be acquired, by Daiwa Real Estate Appraisal Co., Ltd. for
Property 1 to Property 5, and by Morii Appraisal & Investment Consulting, Inc. for Property 6 to Property 12, based on
the Act on Real Estate Appraisal (1963 Law No. 152, including later amendments) and on real estate appraisal
standards. The above figures record a summary of the real estate appraisal reports prepared. Each corresponding
appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to thevalidity or accuracy of these reports, nor the possibility of transactions at the appraised values. Yen amounts arerounded down to the nearest thousand yen.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

26

<Attached Document 2> Portfolio list after the purchase of the properties to be acquired is completed (on an
acquisition (planned) price basis)
1. Rental Apartments
Name

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)

Okawabata Apartment
Communities
Park Axis Gakugei Daigaku

Chuo-ku, Tokyo

29,696

11.4

Setagaya-ku, Tokyo

1,760

0.7

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.7

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.0

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.7

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.5

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.9

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.8

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.1

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.1

Park Axis Roppongi Hinokicho
Koen

Minato-ku, Tokyo

2,170

0.8

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.7

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.7

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.9

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.8

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.0

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.9

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.6

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.3

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.5

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.5

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.7

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.0

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.1

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.8

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.7

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.6

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.4

1,440

0.6

840

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.9

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

27

Name
Park Axis Kameido

Location
Koto-ku, Tokyo

Price of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)
2,359

0.9

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.6

Park Axis Oshiage

Sumida-ku, Tokyo

1,193

0.5

Park Axis Takadanobaba

Toshima-ku, Tokyo

1,222

0.5

Park Axis Toyosu

Koto-ku, Tokyo

14,3005.5Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.7

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.1

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.6

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.7

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.0

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.3

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.8

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.7

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.5

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.5

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.9

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.5

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.3

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.6

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.7

Park Axis Kinshicho / Shinsui Koen

Sumida-ku, Tokyo

Tokyo 23 wards total

1,369

0.5

217,94683.9

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba
Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi
Chiba
Chuo-ku, Chiba-shi,
Chiba
Matsudo-shi, Chiba

1,020

0.4

1,419

0.5

1,679

0.6

970

0.4

1,200

0.5

2,250

0.9

1,119

0.4

10,787

4.2

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba
Park Cube Kita Matsudo
Park Cube Musashi Kosugi
Park Axis Yokohama Tanmachi
Koen

Nakahara-ku,
Kawasaki-shi,
Kanagawa
Kanagawa-ku,
Yokohama-shi,
Kanagawa

Other Tokyo area total (Note 3)<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

28

Name
Park Axis Meieki Minami
Park Axis Marunouchi
Park Axis Ropponmatsu
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen

Location
Nakamura-ku,
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Aichi
Chuo-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku,
Sapporo-shi, Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,
Osaka

Price of (planned)
Portfolio shareacquisition(%)(millions of yen)
(Note 2)
(Note 1)
2,440

0.9

1,920

0.7

1,515

0.6

1,890

0.7

742

0.3

1,547

0.6

2,320

0.9

960

0.4

605

0.2

1,650

0.6

827

0.3

2,369

0.9

2,399

0.9

Other major cities total (Note 4)

21,184

8.2

Rental Apartments Total

249,917

96.2

LocationPrice of (planned)
acquisition(millions of yen)
(Note 1)

Portfolio share(%)(Note 2)Ashiya-shi, Hyogo

928

0.4

991

0.4

916

0.4

374

0.1

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Philosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.4

540

0.2

1,160

0.4

9,829

3.8

259,746

100.0

Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi-doriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
MiyagiOther Accommodation Assets Total
Grand total(Note 1) The “Price of (planned) acquisition” item does not include anticipated acquisition expenses, fixed property taxes, urban
planning taxes, consumption taxes or local consumption taxes.
(Note 2) The “Portfolio share” item indicates the percentage contribution of each property holding to the “Price of (planned)
acquisition” item. The percentage figure is rounded to one decimal place.
(Note 3) “Other Tokyo area” indicates Tokyo metropolis (excluding Tokyo’s 23 wards), and the 3 prefectures of Kanagawa, Saitama
and Chiba.
(Note 4) “Other major cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

29

<Attached Document 3> Photographs of exteriors and entrances of the properties to be acquired
Property 1. Park Cube Nihonbashi Suitengu

Property 2. Park Cube Ginza East

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

30

Property 3. Park Cube Kayabacho

Property 4. Park Cube Honjo Azumabashi<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

31

Property 5. Park Axis Kiyosumi Shirakawa

Property 6. Park Axis Asakusabashi Nichome<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

32

Property 7. Park Axis Nishi Sugamo

Property 8. Park Axis Ueno

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

33

Property 9. Park Axis Akihabara East

Property 10. Park Axis Yokohama Tanmachi Koen

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

34

Property 11. Park Axis Kayabacho

Property 12. Park Axis Kinshicho / Shinsui Koen

<Caution> This document is a press release intended for general publication regarding NAF’s acquisition of real estate properties
and is not for purposes of soliciting investment. When investing, we ask that investors exercise their own judgment taking full
responsibility after having read carefully the new investment unit issuance and secondary offering prospectus, or any corrections
thereof, prepared by NAF.

35