JPR Investment Policies (Reference)

These Investment Policies have been updated to reflect the revisions made to the Internal Rules (JPR Asset Management
Guidelines) on December 24, 2009.

A. INVESTMENT POLICIESBasic Policies
JPR's basic investment strategy centers on investment in urban commercial real estate. The Company will
invest primarily in real estate, which comprises superior urban office buildings and retail properties foundin thriving commercial areas, the land on which they are located, as well as in asset-backed securities thathave such real estate as their primary investments. In light of the returns and risks of these investments,
the Company will invest not only in Tokyo but will attempt to diversify into other cities so as to maximize
portfolio return.
The Company will diversify investments in terms of both tenants and properties, taking into accountthe amount of investment per property, and will thereby seek to achieve stable medium- and long-term
growth. Investment ratio targets are as shown on page 58 under "Investment Stance."
Note: For the definitions of "real estate" and "asset-backed securities that have real estate as their primary investments," please refer to the next section
under " Types of Investment Assets"

Types of Investment Assets
I) "Real estate" refers to the following:i) Real estateii) Real estate leasing rightsiii) Surface rightsiv) Beneficiary interests in the following trusts (including comprehensive trusts in which cash associated with realestate is also entrusted, but excluding the marketable securities defined in the Enforcement Order of the Law
Concerning Investment Trusts and Investment Corporations prior to the revisions pursuant to the Law to Partially
Revise the Securities Exchange Law, enforced on September 30, 2007, and to Article 3 of the Cabinet Order (2007
Cabinet Order No. 233) Concerning Preparations of Related Cabinet Orders Accompanying the Enforcement of the
Law Concerning Preparations of Related Laws Accompanying the Enforcement of the Law to Partially Revise the
Securities Exchange Law (hereinafter referred to as “former marketable securities.”)a) Real estateb) Surface rights and land leaseholdsv) Beneficiary certificates in monetary trusts (limited to trusts for which the primary purpose is investment in
the assets listed in i) to iii) above; excludes equivalents to former marketable securities)vi) Equity investment based on a contract that specifies that one party will provide funding to be invested in "theassets identified in i) to v) above and the other party will invest these funds in said assets, with theprofits and losses from these investments distributed to investors ("Tokumei Kumiai equity "in Japanese,referred to as "TK equity" hereinafter)II) "Asset-backed securities that have real estate as their primary investments" refer to investment insecurities with over half of their investment backed by real estate, detailed as follows:i)

Preferred securities as defined the Law Concerning Asset Liquidation (Law No. 105 of 1998, including all
subsequent amendments; referred to as the "Asset Liquidation Law" hereinafter)ii) Beneficiary certificates in investment trusts as defined under the Investment Trust Lawiii) Investment securities as defined under the Investment Trust Lawiv) Beneficiary certificates in special-purpose trusts as defined under the Asset Liquidation Law (excludes
beneficiary certificates in trusts listed in I) iv) and v) above)III) The Company may invest in the following designated assets in order to efficiently utilize surplus funds
remaining after the investments listed in I) and II) above:i)

Former marketable securities (as far as stock certificates are concerned, however, this is limited to thoserecognized to be necessary or useful in terms of the basic policies for asset management)ii) Monetary claims (as defined in the former Enforcement Order of the Law Concerning Investment Trusts andInvestment Corporations and include bank deposits, large-scale time deposits and transferable deposits (excluding
former marketable securities) and call loans)iii) Rights resulting from financial futures transactions (as defined in the former Enforcement Order of the Investment
Trust Law)
iv) Rights resulting from financial derivatives transactions (as defined in the former Enforcement Order of theInvestment Trust Law)v) Beneficiary interests in monetary trusts for the purpose of investments in those described in i) to iv) above.

IV) In addition to the specified assets identified in I) through III) above, the Company may invest in thefollowing assets when considered appropriate or of benefit to the Company in accordance with its basic
investment management policy:i) Trademarks, exclusive licenses and ordinary use rights based on the Trademark Law (Law No. 127 of 1959,
including all subsequent amendments)ii) Rights to use the source of hot springs as set forth in the Hot Spring Law (Law No. 125 of 1948, including all
subsequent amendments) and facilities related to such hot springsiii) Other assets related to the real estate, which are considered appropriate to acquire together with the subject
real estateV) The Company may invest in assets other than the assets under management when considered appropriate
and in line with the organizational operation of trademarks, etc., relating to the Company's name.

Investment StancePortfolio Management Standards
The table below indicates the general targets of the investment ratio by asset type, region, use, etc. that should
serve as the standards for portfolio management.
Type of Investment Asset

Real Estate Asset

Target Ratios

By Asset ClassAs the allocation ratio between office buildings and retail properties,
office buildings will be approximately from 70% to 90% and retailproperties will be approximately from 10% to 30% of the managed
portfolio, based on acquisition price

By Location

As the allocation ratio between Tokyo and other cities, Tokyo will beapproximately from 80% to 90% and other cities will be approximatelyfrom 10% to 20% of the managed portfolio, based on acquisition price

Rental revenues from any individual tenant (total rental revenue when the tenant
occupies multiple compartments and/or properties) will, in principle, be limited to lessthan 10% of total rental revenues
Asset-Backed
Securities, etc.
i)

The total after-investment value of asset-backed securities shall, in principle, be limited
to less than 10% of the net worth of the Company

Period of ownership
The Company will, in principle, hold assets for the medium- and long-term (one to five years and over five
years, respectively) and will not acquire assets for the purpose of short-term trading (less than one year).

ii) Use
JPR's investment targets primarily comprise excellent office buildings (urban commercial facilities) and retailproperties found in thriving commercial areas. (The targets cover other assets including building leaseholdsof the office buildings and retail properties, the leaseholds and surface rights of the land on which they arelocated, and marketable securities and trust beneficiary interests backed by such real estate.)
JPR will determine the allocation ratio of these assets in the portfolio based on full considerations of theeconomic situations, real estate market trends and other factors for respective occasions. As the allocation ratio
between office buildings and retail properties, office buildings will be approximately from 70% to 90% andretail properties will be approximately from 10% to 30% of the managed portfolio, based on acquisition price.
iii) Region
JPR shall work to realize a diversification of the portfolio, not limited to Tokyo but investing in regional cities,
primarily in consideration of the earthquake risks and risks associated with individual market conditions and inorder to generate more cash flow.
As the allocation ratio between Tokyo and other cities, Tokyo will be approximately from 80% to 90% and other
cities will be approximately from 10% to 20% of the managed portfolio, based on acquisition price. However,
JPR does not set a target allocation ratio within any region.

Note: JPR defines “Tokyo” as an investment area that refers to the combination of “Tokyo CBDs” and “Greater Tokyo” as designated below.
Category
Tokyo

Tokyo CBDs
Greater Tokyo
Other Cities

RegionChiyoda, Chuo, Minato, Shinjuku, Shinagawa and Shibuya Wards
All other areas of Tokyo, Chiba, Kanagawa and Saitama Prefectures
All other areas in Japaniv) Tenants
Rental revenues from any individual tenant (total rental revenue when the tenant occupies multiple
compartments and/or properties) will, in principle, be limited to less than 10% of total rental revenues.
("Rental revenues" includes common charges, parking revenues and storage revenues, but does not include
additional usage fees such as after-hours air-conditioning charges.) This ratio may be exceeded, however, if
there is any potential for tenant changes or if warranted by general considerations of leasing conditions andother factors.
v) Asset-backed securities, etc. primarily investing in real estate
The total after-investment value of asset-backed securities shall, in principle, be limited to less than 10% of thetotal unitholders’ equity of the Company. Investment in asset-backed securities assumes that there will be an
opportunity to obtain the relevant property, etc., at the end of the asset-backed security period.
vi) Investment policies for development projects
The Company will, in principle, acquire only real estate that generates or is expected to generate stable rental
revenues or similar revenues at the time of acquisition.
i) Development investments
The Company will not engage in development investments (projects in which the Company itself
develops land and builds buildings). However, the Company may place orders by concluding contract
agreements for the construction of a building. However, the Company shall not do so in situations
where it is not appropriate to place orders by concluding contract agreements for the construction of abuilding (including, but not limited to, the following cases).
When tenants need to vacate the premises for a certain period of time due to large-scale repairs,
renovations, etc., and it causes cash flow to fluctuate to the extent that the entire portfolio of theCompany is severely impacted.
When the acquisition of vacant land and investment to construct a new building severely impacts
the entire portfolio of the Company. Moreover, the measure of impact on the entire portfolio of theCompany shall be determined by giving consideration to the various risks with regard to real estatedevelopment (risks regarding development licenses/permission, interest rate fluctuations during
development, occurrence of great natural disasters, etc.) and the period of time required until cash
flow arises, among others.
ii) Rebuilding projects
The Company may conduct rebuilding projects for properties that it has already acquired, provided thatsufficient potential to secure tenants after rebuilding is determined and the projects are confirmed as
non-development investments.
iii)Properties under development
The Company may conclude sale and purchase agreements for buildings under construction by third
parties prior to their completion if sufficient potential to secure tenants after construction is determined
and if completion/delivery risk has been minimized.
vii) Equipment and fixtures investment policies
The Company will invest in equipment and fixtures in accordance with an efficient upkeep plan created foreach property and designed to maintain and improve the competitiveness of the property from mediumand long-term perspectives. In implementing equipment and fixtures investments, such investments will in
principle be made within the scope of the depreciation expense of the portfolio as a whole. In addition, repairs
to common areas will be implemented quickly by the Company from the perspective of tenant operational
policies, and reinforcements will be made quickly for buildings requiring earthquake resistance reinforcements
in light of the status of tenant operations.
viii) Insurance policiesa) Criteria for selecting underwriting insurance companies:
The Company will select fair underwriting insurance companies through independent brokers.
In principle, the underwriting insurance company for insurance finance shall have a long-term rating of
A3 or better from Moody’s Investors Service Inc. (referred to as “Moody’s” hereinafter) or A- or betterfrom Standard & Poor’s.
b) Earthquake insurance coverage criteria:
The decision to cover earthquake insurance will be made in light of comparisons between thepotential impact of the disaster and property insurance premiums based on the PML for the entire
portfolio. Earthquake insurance may be purchased individually for properties that have high PML.
Note: "PML" refers to the probable maximum loss in the event of an earthquake. PML may be calculated for individual properties
or for the portfolio as a whole. While there is no strict definition of PML (valuation methods will differ depending on the institution
conducting the survey), it is generally found by calculating the probable damage from the largest foreseeable earthquake during
the expected period of use (50 years is the useful lifetime ordinarily assigned to buildings; the largest foreseeable earthquake isa major earthquake of a size seen once every 475 years, having a 10% probability of occurring during any 50 year span). The figure
represents the ratio of projected expenses for restoration of damage to the price of reacquisition.

ix) Sales policya) The Company will select real estate, asset-backed securities that have real estate as their primary
investments, and other investments in its holdings to be sold based on overall considerations of thecurrent status of the asset to be sold, projections of its future profitability and changes in asset value,
and the asset allocation of the portfolio as a whole.
b) The Company will determine asset values each fiscal term and an investment policy committee will
study whether to sell or hold any property that has declined more than 20% in terms of appraisedvalue compared with book value. In addition, the Company may also consider the sale of otherproperties as it sees fit, as warranted by market conditions and other factors. The following are themain considerations in determining sales:
Market forecast
Development forecast for the surrounding area
Profitability forecast
Estimated amount of future investments
Forecast changes in valuation
Considerations of the portfolio as a whole (diversification by geographical location, tenant andasset class, etc.; impact on dividends, etc.)x) Value-up properties
Value-up properties refer to those properties that exhibit the potential for an increase in profitability and asset
value, and have an immediate income stream on acquisition, along with any of the following characteristics:
1. An occupancy rate of less than 80% at the time of acquisition
2. Significant investment return following effective renovation work
In principle, value-up properties occupy a maximum 15% of the total property portfolio (based on acquisition
price). The additional acquisition of value-up properties is also subject to a total portfolio occupancy rate inexcess of 90%.
Utilizing the know-how of its asset management company, the Company implements the following key strategies
in the management of value-up properties:
1. Reinforce leasing activities with the aim of improving the occupancy rate
2. Carry out effective renovations to enhance market competitiveness3. Implement cost controls by increasing efficiencies in management structure
Value-up properties will be reclassified as core properties, as defined below, when the Investment
Committee judges that the properties have realized enhanced values. The Company will consider thesale of value-up properties as one method to realize asset value appreciation.
xi) Core properties
Core properties refer to office buildings other than value-up properties. Core properties are
positioned as those properties that contribute to the profit stability of the overall portfolio.

Investment Standards
When investing in individual real estate properties, asset-backed securities that havereal estate as their primary investments, or other investments, the Company will, prior to
making the investment, perform a general evaluation that considers the current status, future
profitability, risk, location, building and facilities maintenance and management, deteriorationand obsolescence, earthquake resistance, rights, contracts with current tenants, environment,
topography, as well as other factors.
After acquisition of real estate, asset-backed securities that have real estate as their primary
investments or other investments, the Company will make ongoing and effective investments
in facilities and equipment so as to maintain and improve the value and competitiveness of theasset, and will seek to stabilize and expand profitability by increasing revenues and reducing
costs.
The major specific investment criteria of the Company are as follows:i) Geographical location
Real estate to be invested in will be located in the following areas:a) Major urban areas: CBDs in Tokyo, Yokohama, Kawasaki, Chiba, Saitama, Nagoya, Osaka,
Kyoto and Kobeb) Other government-designated cities: CBDs in Sapporo, Sendai, Hiroshima, Fukuoka,
Kitakyushu and othersc) Other core cities such as prefectural capitals with populations of 300,000 or more

When investing in retail properties, the Company will identify and determine an appropriate
business area for the property; analyze the business area from a variety of perspectives, including
population, demographic trends, number of households and average income; appropriately measure
the latent buying power and growth potential of the business area; and determine the suitabilityof the tenants and their businesses to the business area. The Company will also study and analyze
competitiveness from a variety of perspectives, including current market competition, plans for the
opening of competitive stores in the vicinity, and future room for development.

ii) Sizea) Office buildings
In principle, the Company will invest in office buildings with total floor space of at least 3,300
square meters and floor space of approximately 330 square meters for each standard floor above
the second story level.
b) Retail properties
In principle, the Company will invest in retail properties of an appropriate size in light of the
future growth potential of their areas, as determined by local characteristics, business area scale
and the standard property size for similar businesses.
iii)Facilities and equipmenta) Office buildings
The Company will evaluate specifications on a case-by-case basis, after giving generalconsideration to local characteristics or potential for post-acquisition property modifications, etc.
and fully confirming the specifications including the shape and dividability of lease floors, ceilingheight, floor fittings, power capacity and air-conditioning systems.
b) Retail properties
The Company will decide on retail properties individually, comparing them against standard
qualifications and judging from overall factors, including the local characteristics of theproperty's area, versatility as a retail property, potential for conversion to other uses, visitor
access, etc.
iv) Earthquake resistance
The Company will, in principle, invest only in buildings that meet new earthquake-resistancestandards (specified under the Buildings Standards Law) or for which earthquake-resistancereinforcement work has been completed (including properties for which earthquakeresistance reinforcement work has not been done, but can be completed after acquisition).
v) Tenantsa) Office buildings
In principle, no single tenant will occupy more than 50% of a property (parent companies
and their subsidiaries are considered as a single tenant). If a tenant occupies more than 50%,
the Company can acquire the property after an evaluation of the tenant's creditworthiness,suitability and substitution potential.
b) Retail properties
Although JPR establishes no limitation on the floor occupancy rate of a single tenant, theCompany will make a general evaluation of the tenant's creditworthiness, profitability of
individual shops, replacability and other factors in selecting tenants. The Company willconduct vigorous property examinations with an aim to pick up properties with strong
capability to attract tenants, while analyzing the subject trade zones and the competitive
situations. After the acquisition, the Company will continue monitoring of tenants.
vi) Rightsa) Co-ownership

The Company will, in principle, seek a co-ownership ratio above 50% in order to assure sufficient
latitude in property management (leasing, improvements, etc.), but may acquire properties
with an ownership ratio below 50% on a case-by-case basis after considering the nature andcreditworthiness of other owners and the characteristics of the property.
The Company shall, in order to assure sufficient latitude in disposal of the property, confirm
whether special contracts or other agreements providing for preferential purchasing rights or
options among the other owners will be executed and whether restrictions will be placed on thetransfer of rights, and if so, the nature of these restrictions.
The Company will attempt to assure the stability of revenues by fully confirming the nature andcreditworthiness of other owners and, where possible, providing for appropriate procedures.
(This may include, but is not limited to, signing contracts prohibiting the division of joint equity
and reaching agreements on the registration of rights and the mutual use of land).

b) Unit ownership
The Company will, in principle, reserve for itself at least 75% of the voting rights inmeetings attended by unit owners in order to assure sufficient latitude in improvements.
However, it may make individual decisions based on a general evaluation of the nature andcreditworthiness of other unit owners.
The Company shall, in order to assure sufficient latitude in disposal of the property, confirm
whether special contracts or other agreements providing for preferential purchasing rights or
options among the other owners will be executed, and whether restrictions will be placed on
the transfer of rights, and if so, the nature of these restrictions.
The Company will attempt to ensure the stability of revenues by confirming the operationsof the management union (reserves, liability ratios, insurance, etc.) and will take suchindividual measures as are required. (This may include, but is not limited to, increasing
accumulated amounts within the Company itself, or providing for insurance on the joint
areas and registration of land rights separately from the management union.)c) Leaseholds
The Company will, in principle, invest in leaseholds as specified in the old Leasehold Law(Law No. 49 of 1921, including all subsequent amendments) and the Land and Building
Leasing Law (Law No. 90 of 1991, including all subsequent amendments).
The Company will carefully study the nature of the proprietary right holder of land and will
make its decision after fully investigating the impact of the provisions for rent revisions,charges for renewing the leasing contract, charges for approval of rebuilding proposals,
charges for the approval of sales proposals and other factors in concerning profitability.
d) Collateral rights and usufructuary rights
The Company will confirm the existence of mortgages or other collateral rights on the
proposed property at the time of purchase, and the possibility of extinguishing such rights
on closing.
The Company will make its decision after confirming the existence of usufructuary rights(for example, surface rights or easements) set forth by third parties and the impact that suchrights will have on profitability.
vii) Investment amounta) Minimum investment per property
The minimum investment per property (only the purchasing price, exclusive of taxes,
acquisition costs, etc.) will, in principle, be more than 1 billion yen. A property can beacquired for a lesser amount under the following circumstances:
When acquiring part of a property valued in total at over 1 billion yen
When acquiring a property with an appraisal value of more than 1 billion yen, but acquired
after negotiation for a lesser amountIn cases where several properties are being acquired together as a package and theconcerned property is a subordinate assetb) Maximum investment per property
The ceiling on the investment amount per property will be one-third of the total investment
in real estate, asset-backed securities and other investments already held. Generally, however,properties that exceed this ratio can be acquired in cases where this is deemed advisable. The"total investment in real estate, asset-backed securities and other investments already held"refers to the total appraised value of investments up to the previous period, plus the price ofinvestments purchased in the current period (exclusive of taxes, acquisition costs, etc.), plus
the amount to be invested in the new property (exclusive of taxes, acquisition costs, etc.).
c) Restrictions on acquisition priceHowever, provided that the property acquisition does not cause the total property acquisition
fund to fall below the NOI yield criterion for the current period, the above-mentioned
acquisition price’s upper limit of 105% of appraised value can be exceeded in the following
cases:
Properties that, by long-term fixed leasing contracts, are forecast to contribute to stable
cash flow and that are expected to contribute to stably generating dividends in the mediumto long-term
Properties that, in terms of scale, location or general standpoint, are judged to contributeto an increase in total fund quality and that are expected to contribute to stably generating
dividends in the medium- to long-termviii) Selection guidelines concerning real estate acquisition ownership type
The Company acquires real estate under direct ownership or on an entrusted basis, acquiring
beneficiary interests to the property. The decision as to which form of ownership theCompany will take is determined after considering the requirements of the existing owner,
the cost of transferring rights and a number of other factors.

B. FINANCIAL POLICIESFund Management Policies
I) Leasehold and security deposits
For real estate trust beneficiary interests
In principle, all leasehold and security deposits by tenants will be reserved within the trust account,but the Company shall be able to reduce the reserve amount if warranted by accumulated historical
data, the establishment of commitment lines and other provisions.
For real estate, real estate leaseholds and surface rights
In principle, leasehold and security deposits by tenants will be deposited in full to a commercial banksavings account or time deposit account. However, the Company shall be able to reduce reserves
in order to more effectively utilize these funds if warranted by accumulated historical data, theestablishment of commitment lines and other provisions, while ensuring to maintain security.
II) Cash and bank deposits in the trust account (for real estate in trust)
All cash will be deposited in ordinary savings accounts or time deposit accounts at banks with shortterm debt ratings of at least P-2 from Moody's.
III) Cash and bank deposits in the Company accounts
The provisions of II) above will apply to cash and bank deposits in the Company accounts. However,this will not include savings accounts established for use in the execution of loans by financial
institutions or the payment of interest on loans.
Surplus funds will, in principle, be paid out in the following order of priority; any balances will beadministered as described above:
Reinvestment (refers to a use in purchasing properties or capital expenditures)
Cash distribution to investors (however, no cash distributions will be made to investors inexcess of profits as long as the current tax treatment requires investors to calculate capitalgains/losses each time such investors receive cash distribution exceeding earnings. However,if the board of the Company decides that cash distribution exceeding earnings is required, thecash distribution exceeding earnings is allowed.
Partial repayment of borrowings (however, this will be given the highest priority when therepayment maturity date of the loan agreement arrives, regardless of the priorities listed
above)IV) Derivatives
The Company will use financial futures, options and other derivatives only for the purpose ofhedging interest rate fluctuation risks and other risks generated by the liabilities of the Company.

Issuance of Additional Investment Units
The Company may issue additional investment units in a progressive manner for the purpose ofassuring stable, long-term asset growth as warranted by an accurate assessment of the market and upon
consideration of the dilution effects to existing units (reduction in equity of existing units from the issuingof new units; reduction in the per-unit net asset value or cash distribution of existing units).

Borrowings and Issuance of Corporate Bonds
I) Basic policies
The Company will seek to actively expand the size of assets and maintain stable cash distributions toinvestors by achieving an effective combination of stable long-term fund-raising and flexible shortterm fund-raising.
II) Loan to value (LTV)
Loan to value (LTV) refers to a ratio calculated as shown below and will be used as a measurementof the ratio of liabilities to total assets of the Company.
LTV = (Borrowings + Corporate bonds) / Total assets
The Company will, in principle, maintain LTV at levels of no higher than 55%, but may temporarily
exceed this level due to the acquisition of properties or changes in appraised values.
Note 1: Short-term corporate bonds are included in the corporate bonds.
Note 2: For purposes of this calculation, total assets refers to the amount shown in the assets column of the period-end balance sheet for the most recent periodprior to the calculation of LTV, and is found by adjusting the period-end book value of specified assets held by the Company (specified by Article 2,
Paragraph 1 of the Law Concerning Investment Trusts and Investment Corporations (No. 198 of 1951, including all subsequent amendments)) for thedifference between the period-end book value of the specified assets and its appraised value.

C. PROPERTY-RELATED BUSINESS ADMINISTRATION POLICIESProperty-related business refers to property management, general tenant agency, lease manager/
construction manager services and property transfers.
This business is necessary and effective for the achievement of growth for the Company. The Company willadminister this business in accordance with the following policies.

Asset Manager and Property Manager
The growth of the Company requires integrated management by the Asset Manager (AM) and expert
management by the Property Manager (PM), with the PM overseeing the facilities management, leasing
management and construction management of individual properties.
In order to achieve more integrated management, the AM may seek the advice of third-parties regarding
leasing management and construction plans for real estate invested in. The Company initially selectedTokyo Tatemono Co., Ltd. as the party to provide this advice (the Lease Manager/Construction Manager).
The AM will select PMs with high degrees of management expertise, seek to concentrate the PMs for eachgeographical area, rigorously seek to homogenize management across the portfolio and work to maximize
unitholder profits.
The AM will compare the capabilities and merits of a number of companies in its selection of property
managers.
Existing PMs and candidates include: Tokyo Tatemono, a company that supports the AM in its leasing
management activities and refurbishment plans; PMs that operate under existing contracts of properties
acquired by the Company and possess established knowledge of tenants and locations; and other PMs.
Final selection is also based on a variety of factors such as management expertise and efforts to integrate
PMs in line with property proximity.

Commissioned General Tenant Agents
The Company will provide information related to general tenant agency services to its general tenant
agents through the property manager. Furthermore, the Company will conclude contracts to commission
general tenant agency services with Tokyo Tatemono Co., Ltd., Yasuda Real Estate Co., Ltd. and Taisei
Corporation (Commissioned General Tenant Agents) and will commission general tenant agency services to

Property Transfer Agents
The Company will conclude a contract to commission property transfer services with Tokyo Tatemono.
Tokyo Tatemono will be commissioned to provide property transfer services, as needed, in order to ensure
the smooth execution of property purchases and sales．This will not be limited to the real estate, realestate leasing rights and surface rights, but will include real estate in trust as well. Services will include
confirmation of leasing status, confirmation of building and facility maintenance and management,
confirmation and establishment of rights, preparation and confirmation of delivery and other ancillarywork.

D. OTHER INVESTMENT POLICIESThe Company will administer its assets in such a way that the ratio of the total price of designated realestate (real estate, real estate leasing rights, surface rights, or real estate in trusts for which real estate,land leaseholds, or surface rights are the entrusted assets) to the total price of designated assets ownedby the Company is 75% or more.
The Company may modify the above ratios at any time as warranted by factors such as funding trends,
market trends, general economic conditions and real estate market trends.
Lending of assets in the portfolioI) The Company may lend (for such purposes as parking space and the installation of billboards) realestate, real estate leasing rights and surface rights from among the assets listed on page 59 in "A.
Investment Policies (2) Types of investment assets" in order to more efficiently administer assets andachieve higher investment performance.
II) If the lending of real estate described in a) above results in the acceptance of leasehold and security
deposits or other similar cash funds, the acceptance of these funds will follow the guidelines listed in"B. Financial Policies (1) Fund management policies I) Leasehold and security deposits," on page 65.
III) The Company shall not lend assets other than real estate, real estate leasing rights and surface rights.

E. DISTRIBUTION POLICIESThe Company shall make cash distributions to unitholders or eligible registered pledgees listed or registeredon the unitholders list at the end of each fiscal period, based on the following policies.

Distributable Amount

Income available for distribution by the Company (the "distributable amount") equals the amount calculated
by deducting the sum of unitholders’ capital, retained earnings and evaluation/conversion adjustments from thenet assets on the balance sheets.

2 Determining Amount of Distribution

The Company determines the amount of distribution, which must exceed 90% of the Company's distributable
income as stipulated in Article 67:15 of the Special Taxation Measures Law (Law No. 26 of 1957, including all
subsequent amendments). However, the actual amount of distribution may not exceed the distributable amount,as defined above. In addition, the Company can reserve funds for long-term repair reserves, payment
reserves, distribution reserves and similar reserves and allowances that are recognized to be necessary for
maintenance of or increasing the value of assets.

Retained Earnings

Retained earnings not distributed from the distributable amount will be allocated based on the asset
management policy of the Company.

Distribution of Cash Exceeding Earnings

In cases when the distribution is less than 90% of the distributable amount, or when the Company makes
an appropriate decision based on the trend of the economic environment, the real estate market, theleasing market or other conditions, the Company may distribute cash exceeding earnings for the relevant
period, as the sum of the distribution amount set in (2) above and the amount decided by the Company
with the upper limit of the depreciation amount reported at the end of the fiscal period. In such a case, if
the cash distribution does not meet the conditions of special tax treatments for the Company, the amountdecided by the Company for the purpose of meeting the conditions may be distributed in cash.
As long as the current tax treatment requires investors to calculate capital gains/losses each time suchinvestors receive cash distributions exceeding earnings, the Company will not conduct cash distribution
exceeding earnings to investors.
However, if the board of the Company decides that cash distributions exceeding earnings is required
to satisfy the "qualification test of distribution deductible", the distribution exceeding earnings is allowed
following the above distribution policy.

Method of Distribution

Distributions are paid in cash based on the number of investment units held to unitholders who arelisted on the final unitholders' list at the end of each fiscal period, or to eligible registered pledgees, within
three months, in principle, from the end of each fiscal period.

Extinctive Prescription

The Company will be released from its payment obligation of distributions after a lapse of three years
from the date of starting payment. No interest is payable in respect to unpaid distributions in arrears.