April 5, 2012
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 Morio Shibata(TEL 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Properties
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on and completed the acquisitionof real estate properties in Japan as shown below.

1. Reason for Acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following properties was made to ensure steady growth anddiversification of the portfolio by investment in “other accommodation assets” (Note).
(Note)“Other accommodation assets” include dormitories, student apartments, service apartments, senior residences andcorporate housing.

2. Overview of Acquisition
Name of property
acquired
Property 1 Artis Sendai Kakyoin
Property 2 Artis Sendai Kimachi-dori
Total

Type ofpropertyacquiredReal Estate
Real Estate

Acquisition price(Note 1)

Appraised value(Note 2)(Thousands of yen)(Thousands of yen)

540,000
1,160,000
1,700,000(1) Date of conclusion of sales contract

March 29, 2012

(2) Date of handoverMarch 29, 2012(3) Seller

ITOCHU Corporation(4) Acquisition funds

Borrowings and own funds(5) Method of payment

Full payment at time of delivery(Note 1)

Asset type581,000 Other Accommodation
1,270,000 Assets
1,851,000“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 realestate sales contract for the planned properties acquired.

(Note 2)

“Appraised value” is based on the amount mentioned in the real estate appraisal report (as of February 29,2012) which Daiwa Real Estate Appraisal Co., Ltd., prepared for the properties acquired.

3. Description of Properties Acquired(1) Outline of the properties acquired(a) Property 1: Artis Sendai Kakyoin
Name of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication

Land

Building

Artis Sendai Kakyoin
Real estate
Daiwa Real Estate Appraisal Co., Ltd.

¥581,000 thousand
February 29, 2012
1-6, Kakyoin 2-chome, Aoba-ku, Sendai-shi, Miyagi

Building-to-land ratio
Floor-area ratio
ZoningSite area (Note 2)
Ownership form
Completion date (Note 3)

80%
500%
Commercial zone
310.77 m2
Proprietorship
December 10, 2008

Structure / number ofstories (Note 4)

Flat-roofed reinforced concrete structure / 11 stories

Uses (Note 4)

Apartment building

Gross floor area (Note 4)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 5)

2,234.24 m2
Proprietorship60
1,564.40 m2
None
None

Special features of the property

The property is a ten-minute walk from JR Sendai Station and an
eleven-minute walk from Kotodai-Koen Station on the Sendai
Subway Nanboku Line. It has excellent accessibility totransportation as well as high convenience in daily life as it is inwalking distance from the major terminal Sendai Station and central
commercial district.
In addition, demand can be expected from students who commuteto educational facilities such as Tohoku University, Tohoku Gakuin
University and various vocational schools in the area.
The property is an apartment mainly for students who commute to
the universities and vocational schools, etc. in the area.

Details of tenants(Note 6)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental revenues

1
60
60
2
1,564.40 m
2
1,564.40 m
100.0%
Not disclosed as per lessee’s
instructions
Please refer to Attached Document 1“Summary of the appraisal reports on theamounts of the properties acquired.”

(b) Property 2: Artis Sendai Kimachi-doriName of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location
Residence indication
Building-to-land ratio
Floor-area ratio
Land
ZoningSite area (Note 2)
Ownership form
Completion date (Note 3)

Building

Artis Sendai Kimachi-dori
Real estate
Daiwa Real Estate Appraisal Co., Ltd.

¥1,270,000 thousand
February 29, 2012
4-45, Kimachi-dori 1-chome, Aoba-ku, Sendai-shi, Miyagi
80%
400%
Commercial zone
12,589.75 m2
Proprietorship
March 5, 2010

Structure / number ofstories (Note 4)

Flat-roofed reinforced concrete structure / 14 stories

Uses (Note 4)

Apartment building, parking lot, bicycle parking
2

Gross floor area (Note 4)
Ownership form
Rentable units
Rentable area
Existence of security interests
Special affairs (Note 5)

4,864.04 m
Proprietorship
142
4,063.47 m2
None
None

Special features of the property

The property is a nine-minute walk from Kita-Yonbancho Stationon the Sendai Subway Nanboku Line, and three stations, four
minutes, away from Sendai Station. It has excellent accessibility to
the main business district and the central commercial district, andhas high convenience in daily life as an arcade shopping district,
where department stores and restaurants flourish, andKokubuncho, a downtown area representative of the Tohoku
region, are located in the southeast direction.
In addition, demand can be expected from students who commuteto educational facilities such as Tohoku University, Tohoku Gakuin
University and various vocational schools in the area.
The property is an apartment mainly for students who commute to
the universities and vocational schools, etc. in the area.

Details of tenants(Note 6)

Total number of tenants
Rentable units
Rented units
Rentable area
Rented area
Occupancy rate
Deposit
Total rental revenues

1
142
142
2
4,063.47 m
2
4,063.47 m
100.0%
Not disclosed as per lessee’s
instructions
Please refer to Attached Document 1“Summary of the appraisal reports on theamounts of the properties acquired.”(Note 1)

“Appraised value” and “Date of value appraisal” are stated based on the amount mentioned in the real estate(Note 2)“Site area” of the “Land” item denotes the land area as entered in the register.

appraisal report which Daiwa Real Estate Appraisal Co., Ltd. prepared for the property acquired.
(Note 3)“Completion date” of the “Building” item denotes the date as entered in the register.

(Note 4)

“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.

(Note 5)

“Special affairs” denotes matters which NAF recognizes as important as of today, taking into consideration
their effects on title-related matters, use, appraised value, profitability, etc. of the property acquired.

(Note 6)

Description of the “Details of tenants” column:(i)“Total number of tenants” is denoted as “1 tenant” where a master lease contract (blanket lease contract) has
been concluded with the lessee (operator). As to the property acquired, NAF has concluded a master lease
contract (lease contract and building management contract) with NAF as the lessor and J.S.B. Co., Ltd. as thelessee and operator, as of today. The above “Total number of tenants” means the total number of tenants after
conclusion of the said master lease contract.

(ii) “Rentable units” denotes the number of rentable units in the property acquired.
(iii) Figures for “Rented units and “Rented area” are based on information the condition as of today after theconclusion of master lease contract (lease contract and building management contract).

(iv) “Rentable area” denotes the total rentable area of the building of the property acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.
(vi) ”Deposit” is not disclosed as per the instructions of the lessee (due to the contract being a master lease with
fixed rent and fixed deposit).

(2) Outline of investigations into the state of the building, etc.
Name of property acquired
Consigned investigating company
Investigated date
Urgent repair cost
Investigations
into the state
Short-term repair cost (Note 1)of building
Repair and renewal costs expected
to be necessary within 12 years
Replacement value
Earthquake
PML value (Note 2)
risk diagnosis

Property 1
Property 2
Artis Sendai Kakyoin
Artis Sendai Kimachi-dori
Sumitomo Mitsui Construction Co., Ltd.
February 28, 2012－－¥36 thousand¥211 thousand¥14,755 thousand¥48,145 thousand¥373,564 thousand¥967,684 thousand

4.5％

5.0％

(Note 1)The short-term repair has been carried out prior to acquisition of asset.

(Note 2)The 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 consigned
investigating company and does not provide any guarantee for its contents. PML (Probable Maximum Loss)represents the rate of probable maximum loss to be caused by earthquakes. In this case, it means theextent 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 estimated cost of restorationfrom the damage to the replacement cost.

Profile of third party investigative body
Trade Name
Head office address
Representative
Description of principal operations
CapitalRelationship with NAF and Investment
Trust Management Company

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer
Design and construction of civil engineering, building, prestressed
concrete work and related operations, and others¥12,003 million
None

4. Outline of Seller
Trade name

ITOCHU Corporation

Head office address

1-3 Umeda 3-chome, Kita-ku, Osaka-shi, Osaka

Representative

Masahiro Okafuji, President and Chief Executive Officer

Description of principal
operations

Wholesale, etc.

CapitalDate of establishment
Net assets¥202,241 million
December 1, 1949
¥538,132 million (as of March 31, 2011)

Total assets

Major stockholders andshareholding ratio (as ofMarch 31, 2011)¥3,166,153 million (as of March 31, 2011)
Shareholder
Japan Trustee Services Bank, Ltd.
(Trust Account)
The Master Trust Bank of Japan, Ltd.
(Trust Account)

Shareholding ratio
6.37%
4.39%

STATE STREET BANK AND TRUST COMPANY

2.77%

Mitsui Sumitomo Insurance Co., Ltd.

2.60%

Nippon life Insurance Company

2.40%

Relationship between NAF or the Investment Trust Management Company, and seller

Capital relationships

Personal relationships

Business relationships

Applicability to relatedparties

There are no capital relationships to report between NAF or the Investment
Trust Management Company, and the seller. Also, there are no capital
relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, andany related parties or associated companies of the seller.
There are no personal relationships to report between NAF or theInvestment Trust Management Company, and the seller. Also, there are no
personal relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, andany related parties or associated companies of the seller.
There are no business relationships to report between NAF or theInvestment Trust Management Company, and the seller. Also, there are nobusiness relationships to report between any related parties or associatedcompanies of NAF or the Investment Trust Management Company, andany related parties or associated companies of the seller.
The seller does not fall under the category of related parties of NAF or theInvestment Trust Management Company. Also, the related parties andassociated companies of the seller do not fall under the category of relatedparties of NAF or the Investment Trust Management Company.

5. Transactions with Related Parties and the Like
The properties acquired have not been acquired from a party classified as having a relationship of special
interest with NAF or the Investment Trust Management Company.

6. Situation of the Acquirer of the Properties
Not applicable.

7. Earthquake Resistance Matters
The properties acquired received structural calculation conformity judgments pursuant to the BuildingStandards Act, as revised by Article 92 of 2006.
In addition NAF always performs earthquake risk diagnosis based on drawing reviews using structuredrawings structural design outlines, etc., as well as on on-site inspection and the like during the course of due
diligence upon acquisition of properties, from perspectives that are different to building certification
investigations performed by an inspection and certification agency.

8. Outline of BrokerageNot disclosed as per broker’s instructions. The broker does not fall under the category of related parties of
NAF or the Investment Trust Management Company.

9. Outlook for Management of the Properties after Acquisition
NAF will separately disclose the outlook for results of operations subsequent to acquisition of these properties
after it has considered the financial results of the other properties in the portfolio. NAF plans to make thedisclosure when the financial results for the fiscal period ending in February 2012 are announced (scheduled
for April 16, 2012).

*

The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange(Kabuto Club) and the Ministry of Land, Infrastructure, Transport, and Tourism and to the press clubof the construction trade newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.

*

NAF website: http://www.naf-r.jp/english/index.html

Please note that this English language notice is a translation of the Japanese language notice dated March 29,
2012 and was prepared solely for the convenience of, and reference by, overseas investors. NAF makes nowarranties as to its accuracy or completeness.

<Attached Documents>
1. Summary of the appraisal reports on the amounts of the properties acquired
2. Portfolio list after the acquisition of the properties is completed (on an acquisition price basis)

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

Name of property acquired
Appraised value (specified value)

Artis Sendai Kakyoin

Artis Sendai Kimachi-dori
1,270,000

581,000

42,811

100,16100(c) Parking lot revenues

2,640

6,912

Details

4

3

Revenues from key money, etc.

00

Renewal fees00

Other revenues

4345,455

107,076(e) Total loss from vacancies, etc.

00(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]0(1) (a)+(b)+(c)+(d)45,4550
107,076(g) Maintenance expense00(h) Utilities expense

0

0

1,001

2,597

52

138

(i) Repair expense(j) Property management fees
Operatingexpenses

Property 2

Assessment item(a) Unit rental revenues, includingcommon area fees(b) Utilities revenues(d) Other revenues
Operatingrevenues

Property 1(k) Tenant soliciting fee, etc.

00(l) Taxes and public dues

3,516

10,381(m) Property insurance fee

69

176

0

3,888

4,639

17,18140,81589,89475

178(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(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

1,077

2,791

39,81487,281

6.8%

6.8%

586,000

1,280,000

579,000

1,270,000

Discount rate

6.6％

6.6％

Terminal cap rate

7.0％

7.0％

467,000

1,120,000

466,576

1,116,065

Land value

121,051

182,475

Building value

345,525

933,59000

Cost method value
Total value of land and building

Adjustment

NAF requested real estate appraisal by Daiwa Real Estate Appraisal Co., Ltd., for the properties acquired, based on points tonote when appraising real estate from the Act on Securities Investment Trust and Securities Investment Corporations, andbased on the Act on Real Estate Appraisal (1963 Act No. 152, including later amendments) and on real estate appraisal
standards. The above figures record a summary of the real estate appraisal report prepared. The appraisal valuation is the
judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report,
nor the possibility of transactions at the appraised value. Yen amounts are rounded down to the nearest thousand yen.

<Attached Document 2> Portfolio list after the acquisition of the properties is completed (on an
acquisition price basis)
1. Rental Apartments
Location

Acquisition price(millions of yen)
(Note 1)

Portfolio Share(%)(Note 2)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

12.7

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.8

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.4

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

0.7

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.6

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

2.2

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.9

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.4

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.7

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.7

Name

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.6

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

3.2

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.9

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.2

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.2

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

0.9

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

4.2

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.5

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.8

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

1.1

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.8

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

1.1

Park Cube Ueno

Taito-ku, Tokyo

2,233

1.0

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.7

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.8

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.5

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.5

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.7

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.8

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.2

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.4

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

1.8

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

Park Cube Oimachi

Shinagawa-ku, Tokyo

Park Axis Nishigahara

Kita-ku, Tokyo

Park Axis Kinshicho

910

0.4

1,440

0.6

840

0.4

Sumida-ku, Tokyo

1,448

0.6

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

3.2

Park Axis Kameido

Koto-ku, Tokyo

2,359

1.0

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

14,300

6.1

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.8

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

1.2

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.8

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.5

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.6

Park Axis Itabashi Honcho Nibankan

Itabashi-ku, Tokyo

1,859

0.8

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.4

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.6

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.9

Park Axis HigashiJujo

Kita-ku, Tokyo

1,700

0.7

191,255

82.1

991

0.4

Tokyo 23 wards total
Park Cube Keio Hachioji

Hachioji-shi, Tokyo

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.5

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

1,419

0.6

1,679

0.7

970

0.4

Park Axis Yokohama Idogaya
Park Axis Chiba Shinmachi
Park Axis Chiba

Minami-ku,
Yokohama-shi,
Kanagawa
Chuo-ku, Chiba-shi,
Chiba
Chuo-ku, Chiba-shi,
ChibaPark Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.5

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi,
Kanagawa

2,250

1.0

10,659

4.6

2,440

1.0

1,920

0.8

1,515

0.7

1,890

0.8

742

0.3

1,547

0.7

2,320

1.0

960

0.4

605

0.3

1,650

0.7

827

0.4

Greater Tokyo Total (Note 3)
Nakamura-ku,
Park Axis Meieki Minami
Nagoya-shi, Aichi
Naka-ku, Nagoya-shi,
Park Axis Marunouchi
Aichi
Chuo-ku, Fukuoka-shi,
Park Axis Ropponmatsu
Fukuoka
Hakata-ku, Fukuoka-shi,
Park Axis Hakataeki Minami
Fukuoka
Hakata-ku, Fukuoka-shi,
Park Axis Naka Gofukumachi
Fukuoka
Higashi-ku, Nagoya-shi,
Park Axis Shirakabe
Aichi
Wakabayashi-ku,
Park Axis Sendai
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
Park Axis Hakata Minoshima
FukuokaMinami-ku, Fukuoka-shi,
Park Axis Takamiya Higashi
Fukuoka
Chuo-ku, Sapporo-shi,
Park Axis Sapporo Shokubutsuen Mae
Hokkaido
Atsubetsu-ku,
Park Axis Shin Sapporo
Sapporo-shi, Hokkaido
Park Axis Esaka Hiroshibacho

Suita-shi, Osaka

2,369

1.0

Park Axis Utsubo Koen

Nishi-ku, Osaka-shi,
Osaka

2,399

1.0

Other Major Cities Total (Note 4)
Total

21,1849.1

223,098

95.8

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

Location

Acquisition price(millions of yen)
(Note 1)

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

928

0.4

991

0.4

916

0.4

374

0.2

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

Phirosophia Nishidai

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.5

540

0.2

1,160

0.5

9,829

4.2

232,927

100.0

Dormy Musashi Kosugi

Artis Sendai Kakyoin
Artis Sendai Kimachi-doriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
Miyagi

Total

Grand total(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax,
urban planning tax, consumption tax, and local consumption tax) of the property acquired. Amounts less than one
million yen have been rounded off.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” refers to cities designated as regional government ordinance.