Total Unitholders' Equity	319,973,305,251 yen
Total Number of Investment Units Authorized	10,000,000 units
Total Number of Investment Units Issued and Outstanding	3,062,600 units

The changes in unitholders' capital and total number of investment units issued and outstanding are shown below.

Date	Remarks	Number of Investment Units Issued and Outstanding (Units)		Unitholders' Capital (Millions of yen)
		Increase	Balance	Increase	Balance
November 4, 2003	Date of incorporation	250	250	125	125
December 20, 2003	Initial public offering	79,500	79,750	36,633	36,758
January 21, 2004	Third-party allotment	3,988	83,738	1,837	38,596
December 1, 2004	Public offering	75,800	159,538	51,037	89,633
December 22, 2004	Third-party allotment	305	159,843	205	89,838
June 24, 2008	Public offering	40,000	199,843	17,822	107,661
July 24, 2008	Third-party allotment	1,457	201,300	649	108,310
December 1, 2010	Division of investment units (Note 1)	1,006,500	1,207,800	-	108,310
December 1, 2010	Merger with Nippon Commercial Investment Corporation (Note 2)	243,519	1,451,319	-	108,310
June 8, 2011	Public offering	640,000	2,091,319	56,548	164,858
July 6, 2011	Third-party allotment	12,064	2,103,383	1,065	165,924
March 12, 2013	Public offering	190,000	2,293,383	22,701	188,625
April 10, 2013	Third-party allotment	12,064	2,305,447	1,441	190,067
July 9, 2013	Public offering	65,000	2,370,447	7,969	198,036
August 7, 2013	Third-party allotment	9,734	2,380,181	1,193	199,230
June 10, 2014	Public offering	120,000	2,500,181	18,661	217,892
July 9, 2014	Third-party allotment	12,065	2,512,246	1,876	219,768
December 9, 2014	Public offering	120,000	2,632,246	21,899	241,667
January 7, 2015	Third-party allotment	12,065	2,644,311	2,201	243,869
September 16, 2015	Public offering	95,000	2,739,311	12,680	256,549
October 15, 2015	Third-party allotment	12,065	2,751,376	1,610	258,160
June 14, 2016	Public offering	190,000	2,941,376	32,273	290,433
July 12, 2016	Third-party allotment	11,646	2,953,022	1,978	292,411
December 14, 2016	Public offering	90,000	3,043,022	14,808	307,220
January 12, 2017	Third-party allotment	12,065	3,055,087	1,985	309,205
June 19, 2019	Public offering	55,000	3,110,087	9,363	318,568
July 11, 2019	Third-party allotment	8,250	3,118,337	1,404	319,973
October 28, 2022	Cancellation of own investment units (Note 3)	-19,746	3,098,591	-	319,973
November 29, 2024	Cancellation of own investment units (Note 4)	-22,383	3,076,208	-	319,973
January 31, 2025	Cancellation of own investment units (Note 5)	-13,608	3,062,600	-	319,973

(Note 1)	One investment unit was split into six units.
(Note 2)	United Urban conducted an absorption-type merger based on Article 147 of the Act on Investment Trusts and Investment Corporations under which United Urban remained as the surviving company and Nippon Commercial Investment Corporation as the absorbed company.
(Note 3)	United Urban acquired own investment units through the market purchases on the Tokyo Stock Exchange based on the discretionary transaction contract with a securities company from September 16, 2022 to September 30, 2022. Then, United Urban cancelled all of the acquired units on October 28, 2022 according to the resolution of the Board of Directors of United Urban which was held on October 20, 2022. As the acquisition cost of its own investment units was deducted from capital surplus, there was no change in unitholders’ capital.
(Note 4)	United Urban acquired own investment units through the market purchases on the Tokyo Stock Exchange based on the discretionary transaction contract with a securities company from November 5, 2024 to November 29, 2024. Then, United Urban cancelled all of the acquired units on November 29, 2024 according to the resolution of the Board of Directors of United Urban which was held on November 1, 2024. As the acquisition cost of its own investment units was deducted from capital surplus, there was no change in unitholders’ capital.
(Note 5)	United Urban acquired own investment units through the market purchases on the Tokyo Stock Exchange based on the discretionary transaction contract with a securities company from December 2, 2024 to December 11, 2024. Then, United Urban cancelled all of the acquired units on January 31, 2025 according to the resolution of the Board of Directors of United Urban which was held on January 21, 2025. As the acquisition cost of its own investment units was deducted from capital surplus, there was no change in unitholders’ capital.

	Unitholder Name	Number of Investment Units Held (Units)	Percentage of Investment Units Held (%) (Note)
1	Custody Bank of Japan, Ltd. (trust account)	912,546	29.80
2	The Master Trust Bank of Japan, Ltd. (trust account)	521,303	17.02
3	The Nomura Trust and Banking Co., Ltd. (investment trust account)	150,746	4.92
4	Mizuho Securities Co., Ltd.	45,575	1.49
5	SMBC Nikko Securities Inc.	43,762	1.43
6	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	43,137	1.41
7	STATE STREET BANK WEST CLIENT - TREATY 505234	41,309	1.35
8	STATE STREET BANK AND TRUST COMPANY 505103	40,516	1.32
9	GOLDMAN SACHS INTEＲNATIONAL	38,269	1.25
10	THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AG FUND 2024-09 (LIMITED OT FINANC IN RESALE RSTRCT)	33,140	1.08
Total		1,870,303	61.07

(Note)	The percentage of share of investment unit is the proportion of investment units held by the relevant unitholder to the total number of investment units issued and outstanding. In addition, percentage figures are rounded to two decimal places.