Cash Distributions

Cash Distribution Declared

Cash Distribution Declared: 30th Fiscal Period Ended November 30, 2018; ¥3,473 per unit

The asset management period for the 30th fiscal period commenced on June 1, 2018 and carried through to November 30, 2018.
Unitholders of record as of November 30, 2018 are eligible for receipt of cash distributions. Furthermore, the last trading day for investment units with rights on the Tokyo Stock Exchange was November 27, 2018.
The scheduled commencement date for the payment of cash distributions is February 15, 2019.

Cash Distribution Forecast: 31st Fiscal Period Ending May 31, 2019; ¥3,550 per unit

The asset management period for the 31st fiscal period commenced on December 1, 2018 and carries through to May 31, 2019.
The aforementioned forecast is underpinned by certain assumptions based on information available to United Urban and the Asset Management Company as of January 18, 2019. 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, 2019 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, 2019.

Cash Distribution Forecast: 32nd Fiscal Period Ending November 30, 2019; ¥3,400 per unit

The asset management period for the 32nd fiscal period commences on June 1, 2019 and carries through to November 30, 2019.
The aforementioned forecast is underpinned by certain assumptions based on information available to United Urban and the Asset Management Company as of January 18, 2019. 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 November 30, 2019 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 26, 2019.

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(Yen)

(Note)	United Urban split its investment unit into six units on December 1, 2010. The cash distributions after the fifteenth fiscal period (including forecasts) are the numerical values after the split of investment units.