Investment Policies - Type of Use

United Urban pursues properties as investment targets based on the following investment standards for respective property types. When the target property has multiple uses, it shall be classified according to the type of use with the largest leasable floor space.

Retail Properties	Location	Tokyo Metropolitan Area and other major cities in Japan including government designated cities, and surrounding areas thereof.
Retail Properties	Point of Analyses	Analyses on such factors as the potentiality and growth prospects of the relative commercial spheres, its conformity with the tenants' business types, competition status within the commercial spheres and possibility of competitors' emergence shall be made. Based on these analyses, comprehensive considerations shall be given to respective investment targets concerning the properties' locality due to the characteristics of their location, the scales of the commercial spheres, typical scale of respective business types, content of lease agreements with respective tenants, readiness to secure replacing tenants, future prospects of the areas and other factors.
Office Buildings	Location	Tokyo Metropolitan Area and other major cities in Japan including government designated cities, and surrounding areas thereof. Properties in other major cities in Japan other than the Tokyo Metropolitan Area and government designated cities shall be limited to those with adequate competitive edges within the cities.
Office Buildings	Point of Analyses	The specifications of the buildings, including interior and exterior fittings, ceiling height and facilities (such as electric power, air-conditioning method, number of communications lines and security) shall have enough competitiveness with other buildings of subject business areas. In addition, broad and deep considerations shall be given to respective investment targets concerning the properties' in conformity with their areas' characteristics, readiness to secure replacing tenants, future prospects of the areas and other factors.
Hotels	Location	Tokyo Metropolitan Area and other major cities in Japan including government designated cities, and surrounding areas thereof, as well as other areas where stable income can be expected.
	Lease Contract	In principle, hotel operations shall be conducted in the lease scheme.
	Scale	Appropriate scales are to be determined according to the individual characteristics of location, function or business type of each hotel, with considerations given to the future prospects of the area.
	Category	The type of hotels to be invested in is not limited.
	Point of Analyses	Comprehensive considerations shall be given to the characteristics of the location and the market trends (commercial spheres, competition status, purposes of stay, types of stay, number of guests, room charges, occupancy rate, etc), the operators' performance, credit status including financial settlement, rent levels, lease period, the amount of lease deposit, conditions for cancellation, possible availability of replacing tenants and other factors.
Residential Properties	Location	Tokyo Metropolitan Area and other major cities in Japan including government designated cities, and surrounding areas thereof.
Residential Properties	Point of Analyses	The investment shall be made considering building grades, facilities, rent levels, earnings stability and other factors.
Other	Others include call centers, data centers, training facilities, logistic facilities, factories, research and development centers, telecommunication facilities, infrastructure facilities, health-care facilities, etc. No specific limitations shall be posed on location or scale, as properties in this category have a variety of types of uses. However, investment shall be conducted with comprehensive considerations on the individual characteristics of the location, readiness to secure replacement tenants, availability of facilities for general purposes and other factors for individual target properties.