To Our Unitholders

I am Hidehiko Ogawa, appointed as the Executive Director of Japan Excellent, Inc. (JEI) at its fifth general unitholders meeting. First of all, I would like to express my sincere appreciation for your support of JEI. I am committed to managing JEI's business properly based on my professional experiences in both banking and real estate.

Since listing on the Tokyo Stock Exchange Real Estate Investment Trusts (J-REIT) market in June 2006, JEI has been making investments in office buildings, mainly in the Tokyo metropolitan area and large cities such as Osaka and Nagoya, with consistent objectives of stable growth and maximizing unitholder value from medium- to long-term perspectives.

JEI will continue to pursue both stable revenues and the expansion of its asset size in a balanced and timely manner to meet the product characteristics of a J-REIT that seeks stable medium- to long-term growth.

JEI remains committed to strict adherence to the Investment Trusts Act and other relevant laws and regulations to promote compliance, as well as to accurate and easy-to-understand disclosure of the status of our operations to our unitholders.

We kindly ask for your continued understanding and support.

Hidehiko Ogawa

Executive Director, Japan Excellent, Inc.