Cash Distribution Declared for the 16th Fiscal Period Ended Novemer 30, 2011

• The asset management period for the sixteenth fiscal period commenced on June 1, 2011 and carried through to November 30, 2011.
• The United Urban’s unit was split into six units as of December 1, 2010. The cash distribution forecast for the sixteenth fiscal period is the numerical value after the unit split.
• Unitholders of record as of November 30, 2011 are eligible for receipt of cash distributions. Furthermore, the last trading day for investment units with rights on the Tokyo Stock Exchange is scheduled for November 25, 2011.
• The scheduled commencement date for the payment of cash distributions is February 15, 2012.

Cash Distribution Forecast for the 17th Fiscal Period Ending May 31, 2012

• The asset management period for the seventeenth fiscal period commenced on December 1, 2011 and carries through to May 31, 2012.
• The United Urban’s unit was split into six units as of December 1, 2010. The cash distribution forecast for the seventeenth fiscal period is the numerical value after the unit split.
• The aforementioned forecast is underpinned by certain assumptions based on information available to United Urban and the Asset Management Company as of January 18, 2012. Accordingly, the actual cash distribution may differ from the forecast cash distribution due to the future acquisition and sale of investment assets, changes in the real estate market and other conditions confronting United Urban.
• United Urban does not guarantee payment of the forecast cash distribution per unit. United Urban undertakes to revise its cash distribution forecast in the event of significant changes in operating conditions.
• Unitholders of record as of May 31, 2012 are eligible for receipt of cash distributions. Furthermore, the last trading day for investment units with rights on the Tokyo Stock Exchange is scheduled for May 28, 2012.

Cash Distribution Forecast for the 18th Fiscal Period Ending November 30, 2012

• The asset management period for the eighteenth fiscal period commences on June 1, 2012 and carries through to November 30, 2012.
• The United Urban’s unit was split into six units as of December 1, 2010. The cash distribution forecast for the eighteenth fiscal period is the numerical value after the unit split.
• The aforementioned forecast is underpinned by certain assumptions based on information available to United Urban and the Asset Management Company as of January 18, 2012. Accordingly, the actual cash distribution may differ from the forecast cash distribution due to the future acquisition and sale of investment assets, changes in the real estate market and other conditions confronting Unietd Urban.
• United Urban does not guarantee payment of the forecast cash distribution per unit. United Urban undertakes to revise its cash distribution forecast in the event of significant changes in operating conditions.
• Unitholders of record as of November 30, 2012 are eligible for receipt of cash distributions. Furthermore, the last trading day for investment units with rights on the Tokyo Stock Exchange is scheduled for November 27, 2012.

Trends in Cash Distribution per Unit

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