8953 Jiyugaoka Building is located in the Jiyugaoka district of Tokyo. It is just within a few minutes walk from Jiyugaoka Station, which is only ten minutes from Shibuya Station in Central Tokyo on the Tokyu Toyoko Line. Jiyugaoka and adjacent neighborhoods in Meguro Ward have become an increasingly popular residential area with high-quality housing in the Tokyo metropolitan area. Moreover, there are a wide array of small specialty shops, high-end variety stores, fashion boutiques, beauty salons and restaurants concentrated along the streets. Currently, there are two adjacent properties, Jiyugaoka NEXT and Jiyugaoka Colline, which previously had separate ownership and management. Jiyugaoka NEXT was newly developed and completed in March 2005. Jiyugaoka Colline was built in 1984. The core tenant at Jiyugaoka NEXT is NEXT, a U.K.-based publicly traded retailer selling clothes, shoes and accessories for women, men and children in over 350 stores in the U.K. and Ireland and 50 franchise stores in other areas of the world. The core tenant at Jiyugaoka Colline is Sûr Jiyugaoka, a fashionable hair salon. Subsequent to our acquisition of the two properties, we operate them as one unit, which we refer to as 8953 Jiyugaoka Building. We will consider connecting the two structures if appropriate in the future through the basement. Feb. 1, 05 JRF To Acquire 8953 Jiyugaoka Building in Meguro Ward, Tokyo

Location NEXT 2-9-17 Jiyugaoka, Meguro Ku, Tokyo Colline 2-9-19 Jiyugaoka, Meguro Ku, Tokyo Land size NEXT 555.78m2 Colline 284.56m2 Total floor space NEXT 1,367.43m2 Colline 521.68m2 Number of stories NEXT Three floors above ground and one basement floor Colline Two floors above ground and one basement floor Construction completion NEXT March 2005 Colline June 1984 Major tenants NEXT, Sûr Jiyugaoka