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April 22, 2016
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Mitsubishi UFJ Lease & Finance Company Limited
Tadashi Shiraishi, President & CEO8593
Tokyo Stock Exchange, First Section
Nagoya Stock Exchange, First Section
Kei Murakami, General Manager
Corporate Communications Department

Mitsubishi UFJ Lease & Finance Group makes full entry into
the real estate revitalization equity investment business
Mitsubishi UFJ Lease & Finance Company Limited (“MUL”) hereby announces that it hasestablished MUL Realty Investment Company Limited (“MURI”), a wholly owned real estate
investment company, and MUL Realty Advisers Company Limited (“MURA”), a joint investmentcompany between MURI and Kenedix, Inc. (“Kenedix”), one of Japan’s leading independent asset
management companies. MURA will engage in the real estate asset management business (“AMbusiness”). Through the establishment of these two companies, the MUL Group will fully enter into
the real estate revitalization equity investment business in Japan.
The MUL Group has been focusing on enhancing solutions in the real estate business, one of thekey business segments under its medium-term management plan “Limitless Evolution” launched inApril, 2014. MUL has for many years provided real estate-related finance, including non-recourse
loans, and is accelerating the expansion of business areas in this segment such as by starting
investments in the revitalization of aging building in partnership with Re-Seed* in 2014.
By evolving and developing these efforts, aiming to make a full-scale entry into the real estate
revitalization business in Japan, MUL established MURI on April 1, 2016. Following this, MURI
today established MURA through joint investment with Kenedix, which has extensive expertise andtrack records in the real estate AM business. MURA will engage in the AM business related torevitalization investments made by MURI and others by combining the strengths of the twocompanies—the MUL Group’s professional expertise gained through its long-standing real estatebusiness and Kenedix’s experience and industry networks.
＜Outline of the New Companies＞
1. Company
MUL Realty Investment Company
Name
Limited (MURI)
2. Incorporation
April 1, 2016
3. Location
Otemachi, Chiyoda-ku, Tokyo
4. Paid in Capital 300 million yen
5. Shareholders
Mitsubishi UFJ Lease & Finance
Company Limited 100%
6. Main Business
Real estate investment businessActivities
Consulting business related tooperation and management of realestate.

MUL Realty Advisers Company
Limited (MURA)
April 22, 2016
Otemachi, Chiyoda-ku, Tokyo
200 million yen
MURI 66.6%
Kenedix, Inc. 33.4%
Real estate-related AM business(advisory and consignment
service of asset acquisition,management, sale, etc.)* Real Estate Sustainability & Energy-Efficiency Diffusion (“Re-Seed”)
Re-Seed is a general incorporated association established with the mission of fostering high-quality,earthquake-resistant, and environmentally friendly real estate.

Key features of the new business are to make hands-on value enhancement investment including therevitalization of real estate by the combination of MURI’s equity investment and MURA’s AMbusiness. MURI will first make equity investments in offices, commercial facilities, and hotels
facing various issues such as the exit of tenants or increasing rate of vacancy. MURI will thenfacilitate the solution business aimed at increasing tenant appeal and profitability of real estatethrough value enhancement methods combining MUL’s energy-saving techniques gained throughthe energy solution business focusing on the replacement of equipment and its seismic
reinforcement expertise with MURA’s professional know-how including changing the usage
purpose of buildings, renewal, and cost cutting.
The real estate revitalization business is expected not only to contribute to reinvigorating local
communities but also to be an effective method to increase corporate value for it can increase theasset value of real estate whose economic value has declined. Going forward, MURA is alsoplanning to engage in the real estate revitalization fund business. Through MURI and MURA, theMUL Group aims to achieve 200 billion yen in asset volume under management in the next fiveyears.
Business Model
Equipment replacement /seismic reinforcement

Value enhancement(e.g. change in usage purpose, cost cutting)(e.g. equipment for energy saving/creation)

Business corporations(needs to sell/utilize
owned real estate)

Real estate market(open market)

Acquisition

ExitReal estate
revitalization

Sale of properties

Formation of funds

The MUL Group is driving forward “Evolve business models” as one of the pillar of growthstrategies in its medium-term management plan “Limitless Evolution.” The MUL Group aims tofurther expand business opportunities in key strategic areas by evolving and developing its businessmodel from the current approach focusing on providing finance/services and making businessparticipation to proactively promote new businesses which integrate finance and business.
As part of this strategy, MUL established MUL Energy Investment Company Limited, an asset
management company in the energy field, in October 2015. The Group’s full-scale entry into thereal estate revitalization equity investment business through the establishment of MURI and MURA
is the second step in the process. At the MUL Group, we will continue to facilitate efforts to“Evolve business models” in business segments where we have extensive knowledge and expertise.
END