Asset Management Company

Japan Excellent Inc. ("JEI") has entered into an asset management agreement with Japan Excellent Asset Management Co., Ltd. ("Asset Management Company") and Asset Management Company has engaged in asset management of JEI in accordance with JEI's articles of incorporation and investment policy.

Collective support from sponsor companies with strengths in real estate and finance

Asset Management Company receives capital contributions as well as variety of business supports from its sponsor companies (shown in the table below) that have expertise in real estate and finance businesses.

Kowa Real Estate Co., Ltd.	Mizuho Corporate Bank's business partner in real estate Develops and operates office buildings and high-end apartments mainly in central Tokyo.
The Dai-ichi Life Insurance Company, Limited	Japan's second largest life insurer in terms of total assets and total amount of insurance in-force Owns and operates approximately 290 investment properties, mainly office buildings, throughout Japan.
Sekisui House, Ltd.	Japan's leading homebuilder, with a track record of over 2 million houses built. Engages in a number of urban redevelopment projects, such as "Akasaka Garden City" (completed in 2006), as a homebuilder that creates high-quality house and residential environments.
The Dai-Ichi Building Co., Ltd.	A leading property management firm that engages in operation and management of buildings nationwide, mainly on the office buildings owned by The Dai-ichi Life Insurance Company, Limited.
SOHGO HOUSING CO. Ltd.	A full-line real estate company that engages in operation and management of apartments and office buildings, urban development, and housing projects.
Mizuho Corporate Bank, Ltd.	A member bank of the Mizuho Financial Group, one of the three megabank groups in Japan. It mainly engages in corporate finance.
Mizuho Trust & Banking Co., Ltd.	A bank with its core businesses mainly in trust banking and asset management services having strength in both wholesale and retail transactions. Boasts diverse experience and track record in real estate business including brokerage, consulting, and land trusts.

Supporting system by sponsor companies

These sponsor companies support Asset Management Company by providing: 1) human resources, 2) network and information support for real estate acquisitions, 3) pipeline and warehousing functions, 4) macro economy and real estate market research, and 5) property management to Asset Management Company. Asset Management Company also establishes and implements a strategy to ensure JEI's financial stability based on a support of sponsor companies specialized in finance, such as Mizuho Financial Group and The Dai-ichi Life Insurance Company, Limited.

Asset Management Company, through its asset management services for JEI, pursues to maximize JEI's unitholders' value in corporation with its sponsor companies that specialize in variety of real estate businesses including development, leasing and property management, and that have extensive expertise in financial businesses.

Number of Properties

23

Asset Size

215,406 million yen

as of December 20, 2011

Occupancy Rate

93.8%

as of December 31, 2011