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1 1 [For Information Purpos Only] To All Concrnd Partis Jun 23, 2014 Nam of REIT Issur: Invincibl Invstmnt Corporation Nam of rprsntativ: Naoki Fukuda, Excutiv Dirctor Roppongi Hills Mori Towr Roppongi, Minato-ku, Tokyo, Japan (Scuritis cod: 8963) Asst managr: Consonant Invstmnt Managmnt Co., Ltd. Naoki Fukuda, CEO Contact: Akiko Watanab, Managr (Tl ) Notic concrning Acquisition of Assts and Entring into Lasing Contract Invincibl Invstmnt Corporation ( INV ) announcd today th dcision mad by Consonant Invstmnt Managmnt Co., Ltd. ( CIM ), th asst managr of INV, rgarding th acquisition of assts (ightn hotls, or th Eightn Proprtis ). In connction with th acquisition of th Eightn Proprtis, INV will ntr into a nw lasing contract with rspct to th Eightn Proprtis. 1. Ovrviw of Acquisition Us Proprty Numbr Proprty Nam Location Anticipatd Acquisition Pric (million yn) (Not 1) Appraisal (million yn) Sllr (Not 2) Catgory of Spcifid Assts D3 Hotl MyStays Kyoto-Shijo Kyoto-shi, Kyoto 6,024 6,110 Shijodori Holding Tokuti Mokutki Kaisha Trust Bnficial Intrst Hotl D4 MyStays Shin- Urayasu Confrnc Cntr Urayasu, Chiba 4,930 4,980 Zphyrus Tokuti Mokutki Kaisha Trust Bnficial Intrst D5 Hotl MyStays Maihama Urayasu, Chiba 4,870 4,920 Zphyrus Tokuti Mokutki Kaisha Trust Bnficial Intrst This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

2 2 Us Proprty Numbr Proprty Nam Location Anticipatd Acquisition Pric (million yn) (Not 1) Appraisal (million yn) Sllr (Not 2) Catgory of Spcifid Assts D6 Hotl Vista Prmio Dojima Osaka-shi, Osaka 3,845 3,900 Danub Tokuti Mokutki Kaisha Trust Bnficial Intrst D7 Hotl MyStays Nagoya-Saka Nayoga-shi, Aichi 2,958 3,000 Zphyrus Tokuti Mokutki Kaisha Trust Bnficial Intrst D8 Hotl MyStays Sakaisuji-Honmachi Osaka-shi, Osaka 2,514 2,530 Nagahoribashi Holding Tokuti Mokutki Kaisha Trust Bnficial Intrst D9 Hotl MyStays Yokohama Yokohamashi, Kanagawa 2,119 2,150 Zphyrus Tokuti Mokutki Kaisha Trust Bnficial Intrst D10 Hotl MyStays Nippori Arakawa-ku, Tokyo 1,898 1,910 Nishi Tokuti Mokutki Kaisha Trust Bnficial Intrst D11 Hotl MyStays Fukuoka-Tnjin- Minami Fukuokashi, Fukuoka 1,570 1,580 Shijodori Holding Tokuti Mokutki Kaisha Trust Bnficial Intrst D12 Flxstay Inn Iidabashi Shinjuku-ku, Tokyo 1,381 1,390 Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst D13 Hotl MyStays Uno Inaricho Taito-ku, Tokyo 1,331 1,340 Nishi Tokuti Mokutki Kaisha Trust Bnficial Intrst D14 Flxstay Inn Shinagawa Shinagawaku, Tokyo 1,242 1,250 Nishi Tokuti Mokutki Kaisha Trust Bnficial Intrst D15 Flxstay Inn Tokiwadai Itabashi-ku, Tokyo 1,242 1,250 Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

3 3 Us Proprty Numbr Proprty Nam Location Anticipatd Acquisition Pric (million yn) (Not 1) Appraisal (million yn) Sllr (Not 2) Catgory of Spcifid Assts D16 Flxstay Inn Sugamo Toshima-ku, Tokyo 1,192 1,200 Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst D17 Hotl MyStays Otma Osaka-shi, Osaka 1,192 1,200 Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst D18 Flxstay Inn Kiyosumi Shirakawa Koto-ku, Tokyo Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst D19 Flxstay Inn Nakanobu P1 Shinagawaku, Tokyo Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst D20 Flxstay Inn Nakanobu P2 Shinagawaku, Tokyo Aki Tokuti Mokutki Kaisha Trust Bnficial Intrst Total 39,938 40,342 Purchas and sal agrmnt xcution dat : Jun 23, 2014 Anticipatd acquisition dat : July 17, 2014 (Not 3) Acquisition funds : Funds raisd through an issuanc of nw invstmnt units (thos from public offring) (Not 4) and nw loan (Not 5) Sttlmnt mthod : Lump-sum paymnt at tim of dlivry (Not 1) (Not 2) (Not 3) Anticipatd acquisition prics do not includ adjustmnts for proprty taxs or city planning taxs, or national or local consumption taxs; hrinaftr th sam. For an ovrviw of th sllrs, plas rfr to 4. Ovrviw of Sllrs blow. Th anticipatd acquisition dat is July 17, 2014 at th arlist. Howvr, if th paymnt dat for th offring of th nw invstmnt units (th Offring ), as dscribd in Notic concrning Issuanc of Nw Invstmnt Units and Scondary Distribution of Invstmnt Units datd today, is changd to a dat aftr July 16, 2014, thn th acquisition dat is xpctd to also b changd to a dat immdiatly following such paymnt dat, and in th latst cas would b July 22, Furthrmor, basd on th purchas and sal agrmnt with th sllr of th assts anticipatd to b acquird, th acquisition dat can b changd to a dat up to July 22, 2014 by providing a thr businss day prior notic. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

4 4 (Not 4) (Not 5) (Not 6) For dtails of th issuanc of nw invstmnt units, plas rfr to th Notic concrning Issuanc of Nw Invstmnt Units and Scondary Distribution of Invstmnt Units datd as of today. For dtails of th nw loan, plas rfr to th Notic concrning Dbt Financing and Prpaymnt of Existing Borrowings datd as of today. Amounts ar roundd down to th narst million yn; hrinaftr th sam. 2. Rasons for Acquisitions As notd in Notic concrning Partial Rvision of Intrnal Ruls (th Invstmnt Guidlins) of th Asst Managmnt Company datd as of today, basd on INV s invstmnt targt and policis stipulatd in its articls of incorporation, INV has ndavord to construct a portfolio which placs a strong mphasis on both improvd stability and futur growth through th addition of stabl rvnu and high growth potntial of hotls, in addition to th high lvl of rvnu stability providd up to now by th portfolio focusd on th gratr Tokyo ara and rsidntial proprtis. In connction with this, CIM has dcidd to acquir ightn nw hotls that provid both stability and potntial for furthr growth. (1) Charactristics of limitd srvic/xtndd stay hotls A high profit ratio can b xpctd for limitd srvic/xtndd stay hotls which ar charactrizd by limitd offring of srvics and amnitis. In addition, du to th uniqu charactristic of bing abl to flxibly mt customr dmand for daily, wkly or monthly stays, limitd srvic/xtndd stay hotls can xpct to achiv a rlativly stabl and high occupancy lvl as compard to full-srvic hotls with primarily daily usrs. Among th 20 proprtis (collctivly, th Hotls ) consisting of 18 hotls which INV xpcts to acquir and th two hotls which INV has acquird on May 23, 2014, all but thr proprtis (i.., Hotl MyStays Kyoto-Shijo, Hotl MyStays Maihama and Hotl Vista Prmio Dojima) (Not 1) ar catgorizd as limitd srvic/xtndd stay hotls and thus possss both charactristics mntiond abov. In addition, all 20 proprtis ar limitd srvic hotls, and ach of thm, in addition to a minimum fixd rnt, also has a variabl rnt fatur that is linkd to th GOP of th rspctiv hotls. A managmnt srvic f which is tid to sals, GOP, tc. is paid for ach proprty, and a variabl rnt is calculatd by subtracting th sum of managmnt srvic f, various rimbursmnts and fixd rnt from th aggrgat sals amount (for dtails, plas s 3. Dtails of Assts to b Acquird blow). As such, sinc las agrmnts ar structurd to captur th upsid from GOP growth, INV blivs that improvd rvnu can b xpctd basd on high profit ratio. As statd in Notic concrning Partial Rvision of Intrnal Ruls (th Invstmnt Guidlins) of th Asst Managmnt Company datd as of today, INV will position hotls as its cor asst along with rsidntial proprtis and will pursu stability and portfolio rvnu growth through an implmntation of its xtrnal growth stratgy basd on an activ invstmnt in such proprtis. (Not 1) As ths thr proprtis do not offr an xtndd stay plan, thy ar not includd in th This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

5 5 (Not 2) xtndd stay catgory. For status of incom and xpnss, tc. of th 18 hotl proprtis xpctd to b acquird, s [Rfrncs] 1. Status of Incom and Expnss and Summary of Ral Estat Appraisal of th Eightn Proprtis. (2) Growth potntial of limitd srvic/xtndd stay hotls markt W bliv th markt for th limitd srvic/xtndd stay hotls in Japan has a high growth potntial for th following rasons. Th markt shar of th limitd srvic/xtndd stay hotls has bn xpanding and thir occupancy lvl has maintaind a high lvl for th last fw yars. Air traffic capacity at both Handa Airport and Narita Intrnational Airport has xpandd and intrnational routs hav also incrasd. Forign and domstic tourists hav bn incrasing du to th wakning of Japans yn following Japan s govrnmnt ladrship chang in Dcmbr Japans govrnmnt initiativs to promot tourism. Th numbr of hotl gusts has bn stadily incrasing. (3) Excution of Las Contracts INV, who will bcom th ownr of th Eightn Proprtis, xpcts to las Hotl Vista Prmio Dojima to MGH Mastr Las Co., Ltd. ( MGH ), Hotl MyStays Nagoya-Saka to Yugn Kaisha Nagoya Hotl Managmnt ( Nagoya HM ) and th rmaining 16 hotls to Flxstay Hotl Managmnt Co., Ltd. ( FHM ) by ntring into las contracts with ach of FHM, MGH and Nagoya HM, ach of which has a solid track rcord in hotl oprations. Basd on th las contract, INV will rciv, in addition to fixd rnt, a variabl rnt linkd to th rlvant hotl s GOP. In accordanc with th las contract, INV rcivs, through th tnant and thn th trust, rvnus from th tnant s hotl opration aftr dducting costs and a crtain amount rsrvd by th tnant. As mntiond abov, as las agrmnts ar structurd to captur th upsid from GOP growth, INV blivs that improvd rvnu can b xpctd basd on high profit ratio. <Ovrviw of Tnant and Oprator> An ovrviw of th tnants and oprators for th Eightn Proprtis is as follows: Th tnant and oprator of Hotl MyStays Kyoto-Shijo, MyStays Shin-Urayasu Confrnc Cntr, Hotl MyStays Maihama, Hotl MyStays Sakaisuji-Honmachi, Hotl MyStays Yokohama, Hotl MyStays Nippori, Hotl MyStays Fukuoka-Tnjin-Minami, Flxstay Inn Iidabashi, Hotl MyStays Uno Inaricho, Flxstay Inn Shinagawa, Flxstay Inn Tokiwadai, Flxstay Inn Sugamo, Hotl MyStays Otma, Flxstay Inn Kiyosumi Shirakawa, Flxstay Inn Nakanobu P1, and Flxstay Inn Nakanobu P2, and th oprator of Hotl MyStays Nagoya-Saka. (i) Nam Flxstay Hotl Managmnt Co., Ltd. (ii) Location Laf Squar Hongo Building 5F, Hongo, Bunkyo-ku, Tokyo, Japan (iii) Titl and nam of Atsuki Asano, Prsidnt and CEO This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

6 6 rprsntativ officr (iv) Businss Hotl and Ryokan (Japans inn) opration and managmnt (v) Capital JPY 100 million (as of th dat of this notic) (vi) Dat of stablishmnt July 8, 1999 (vii) Rlationship btwn INV/Asst Managr and th Tnant/Oprator Capital rlationships Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th tnant/oprator, th parnt company of th tnant is indirctly ownd by funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), which is an affiliat of Calliop Godo Kaisha ( Calliop ). Calliop holds 609,942 units of INV s outstanding invstmnt units (invstmnt unit holding ratio: 38.77%) as of Dcmbr 31, Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Prsonal rlationships As of th dat of this notic, among th mploys of CIM, on mploy is scondd from th tnant/oprator. Transactional rlationships INV has ntrd into a las contract with th tnant/oprator with rspct to two hotl proprtis acquird on May 23, Whthr th Oprator is a rlatd party Th tnant/oprator is not a rlatd party of INV or CIM. Furthr, rlatd prsons and affiliats of th tnant ar not rlatd partis of INV or CIM. Furthrmor, th tnant is not an intrstd party, tc. of CIM as providd in th Act on Invstmnt Trusts and Invstmnt Corporations ( Invstmnt Trust Act ). Th tnant of Hotl Vista Prmio Dojima (i) Nam MGH Mastr Las Co., Ltd. (ii) Location EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Minato-ku, Tokyo (iii) Titl and nam of Eiichoro Yokoyama, CEO rprsntativ officr (iv) Businss a. Lasing of proprtis b. Managmnt of proprtis c. All othr businsss ancillary to th prcding itms. (v) Capital JPY 900 million (as of th dat of this notic) (vi) Dat of stablishmnt August 17, 2006 (vii) Rlationship btwn INV/Asst Managr and th Tnant This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

7 7 Capital rlationships Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th tnant, th parnt company of th tnant is ownd by a Japans charitabl trust (ippan shadan hojin) whos funds (kikin) ar indirctly contributd by funds managd by affiliats of FIG, which is an affiliat of Calliop. Calliop holds 609,942 units of INV s outstanding invstmnt units (invstmnt unit holding ratio: 38.77%) as of Dcmbr 31, Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Prsonal rlationships Thr ar no prsonal rlationships that should b notd btwn INV/CIM and th tnant. Transactional Thr ar no transactional rlationships that should b notd btwn rlationships INV/CIM and th tnant. Whthr th Oprator Th tnant is not a rlatd party of INV or CIM. Furthr, rlatd prsons is a rlatd party and affiliats of th tnant ar not rlatd partis of INV or CIM. Th tnant is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. Th oprator of Hotl Vista Prmio Dojima (i) Nam Vista Hotl Managmnt Co., Ltd. (ii) Location 9-1 Kanda-Mitoshirocho, Chiyoda-ku, Tokyo, Japan (iii) Titl and nam of Katsurou Ouchi, CEO rprsntativ officr (iv) Businss a. Opration, administration, managmnt, and consulting for hotls, caftrias, cafs, and amusmnt cntrs b. Import and xports, domstic sals, and rprsntativ intrmdiary srvics for pharmacutical products, txtil products for clothing, lathr products, art products, and daily commoditis c. Sal of tobacco, stamps and rvnu stamps d. Srvics for th solicitation of lif insuranc and rprsntativ srvic of non-lif insuranc. Financial srvics f. Travl agnt srvics and tourism businss g. Sal and purchas, lasing, intrmdiation and administration of proprtis h. Administration and consulting for managmnt, financs, administration and gnral affairs i. All othr businsss ancillary to th prcding itms. (v) Capital JPY 1 billion (as of th dat of this notic) (vi) Dat of stablishmnt Sptmbr 20, 2006 (vii) Rlationship btwn INV/Asst Managr and th Tnant This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

8 8 Capital rlationships, prsonal rlationships, transactional rlationships and whthr th Oprator is a rlatd party As of th dat of today, thr ar no capital rlationships, prsonal rlationships, or transactional rlationships btwn INV/CIM and th oprator that should b notd. Furthrmor, th oprator is not a rlatd party of INV or CIM. Th tnant of Hotl MyStays Nagoya-Saka (i) Nam Yugn Kaisha Nagoya Hotl Managmnt (ii) Location EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Minato-ku, Tokyo (iii) Titl and nam of Kazumasa Takizawa, Dirctor rprsntativ officr (iv) Businss a. Managmnt of hotls, ryokan (Japans inn) and rstaurants, b. Subcontracting opration of hotls, ryokan (Japans inn) and rstaurants c. Appliancs and kitchn quipmnt srvics for hotls, ryokan (Japans inn), rstaurants, and rst homs d. Planning and subcontracting for vnts such as partis. Managmnt of parking lots and amusmnt parks and amusmnt cntrs f. Sals and wholsal of folk crafts and handicrafts and managmnt of souvnir shops g. Subcontracting of building maintnanc h. Rprsntativ srvic of non-lif insuranc and srvics for th solicitation of lif insuranc i. Lasing, intrmdiation, srvicing and administration of proprtis j. Advrtising rprsntation k. All othr businsss ancillary to th prcding itms. (v) Capital JPY 4.8 billion (as of th dat of this notic) (vi) Dat of stablishmnt March 16, 2004 (vii) Rlationship btwn INV/Asst Managr and th Tnant Capital rlationships Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th tnant, th parnt company of th tnant is ownd by a Japans charitabl trust (ippan shadan hojin) whos funds (kikin) ar indirctly contributd by funds managd by affiliats of FIG, which is an affiliat of Calliop. Calliop holds 609,942 units of INV s outstanding invstmnt units (invstmnt unit holding ratio: 38.77%) as of Dcmbr 31, Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

9 9 Prsonal rlationships Thr ar no prsonal rlationships that should b notd btwn INV/CIM and th tnant. Transactional Thr ar no transactional rlationships that should b notd btwn rlationships INV/CIM and th tnant. Whthr th Oprator Th tnant is not a rlatd party of INV or CIM. Furthr, rlatd prsons is a rlatd party and affiliats of th tnant ar not rlatd partis of INV or CIM. Th tnant is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

10 10 (4) Pr- and Post-Acquisition Invstmnt Ratio by Proprty Typ and Gography (basd on (anticipatd) acquisition pric) <Invstmnt Ratio by Gography> 3. Dtails of Assts to b Acquird (1) Dtails of th Eightn Proprtis Th dtails for ach of th Eightn Proprtis xpctd to b acquird ar as follows: <Explanation rlating to dtails of th Eightn Proprtis> a. Typ and Location of Spcifid Assts, tc. column: In Dat of (Plannd) Acquisition, th arlist dat of plannd acquisition is listd, but in th vnt th paymnt dat for th Offring is changd to a dat aftr July 16, 2014, thn th acquisition dat is xpctd to also b changd to a dat immdiatly following such paymnt dat, and in th latst cas would b July 22, Furthrmor, basd on th purchas and sal agrmnt with th sllr of th assts anticipatd to b acquird, th acquisition dat can b changd to a dat up to July 22, 2014 by providing a thr businss day prior notic. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

11 11 In (Plannd) Purchas Pric, consumption tax is not includd, and roundd down to th narst million yn. Th dtails in Location (xcluding addrss), Lot Ara, Structur/No. of Storis, Total Floor Ara, Purpos of Us, and Construction Dat ar as shown in th proprty rgistry. Th Total Floor Ara is th gross floor ara, and with rspct to Purpos of Us, th primary class shown in th proprty rgistry is listd. Furthr, th Construction Dat lists th tim at which it was nwly constructd, as shown in th proprty rgistr. In Zoning, th class of zoning undr Articl 8(1)(i) of th City Planning Act is listd. In Building Covrag Ratio, th ratio of a building s ara with rgard to th land ara as st forth undr Articl 53 of th Building Standards Act is listd. In Floor Ara Ratio, th ratio of a building s floor ara with rgard to th land ara as st forth undr Articl 52 of th Building Standards Act is listd. In Trust, th plannd trust at th tim INV is to acquir th assts is listd. In Trust Priod, th plannd trust priod at th tim INV is to acquir th assts is listd. b. Las Ovrviw column: Th last day of April 2014 is usd as th basis. In Numbr of Gust Rooms, th numbr of gust rooms that can b sub-lasd by tnants is listd. In Lasabl Ara, which mans th total lasabl floor ara for ach building, thos listd in th las contract and diagram for th proprty, not including th lasabl ara of th land (lvl parking lot), is listd. In Las Ara, which mans th total lasd floor ara for ach building out of th lasabl floor ara which a lasing agrmnt has actually bn ntrd into and has bn lasd to an nd-tnant, thos listd in th las contract, not including th lasd ara of th land, is listd. In Occupancy Rat, th ratio of th lasd ara to th lasabl ara is shown, roundd to th first dcimal plac. GOP, or th gross oprating profit, is th amount rmaining aftr dducting th prsonnl, matrial, watr, lctricity and hating and advrtising xpnss for th hotl oprations from th hotl s sals. c. Ovrviw of Las Agrmnt column: Basd on th las contract ntrd into with th tnant. In Dtrmination of rnt of las contract, monthly rnt amount is roundd down to narst tn thousand yn, and annual rnt is roundd down to narst on million yn. Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for oprational srvic providd by a tnant undr th agrmnt. Th managmnt srvics f is not disclosd, as tnant s consnt has not bn obtaind for disclosur. Howvr, for FHM, an amount of th managmnt srvics f to b rcivd is gnrally (i) an amount qual to 2% of monthly sals, (ii) an amount qual to 6% of monthly sals from dirct bookings mad through th FHM s markting dpartmnt or wbsit, and (iii) an amount qual to 4-6% of th monthly GOP aftr dducting th amounts of (i) and (ii) abov. In Scurity Dposit/Guarant Mony, th amount of th scurity dposit/guarant mony aftr amortization pursuant to th las contract is listd. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

12 12 d. Ovrviw of Building Conditions Survy Rport column: For th plannd acquisition assts, INV has rcivd a rport from Tokio Marin & Nichido Risk Consulting Co., Ltd. on building conditions survy, building dtrioration survy, short- and long-trm rpair plan dcision, a condition survy in complianc with th Building Standards Act, a survy of dangrous substancs containd in a building, and soil survy, amongst othrs, and has providd an ovrviw of th rport in this column. Furthr, an arthquak risk analysis has bn conductd and rportd to INV by Tokio Marin & Nichido Risk Consulting Co., Ltd., and an ovrviw of th rport is listd in this column. Probabl Maximum Loss (PML) mans th probabl maximum loss from an arthquak. Thr is probabl maximum loss (PML) for individual proprtis and for portfolios as a whol. Though thr is not a strict, uniform dfinition for probabl maximum loss (PML), in this prss rlas, it mans to what xtnt damags would b born from th largst-scal anticipatd arthquak in th anticipatd plannd trm of us (50 yars) (a larg arthquak that has a roccurrnc priod of 475 yars = a larg arthquak with a 10% chanc of occurring in 50 yars), as indicatd by th prcntag (%) of th rplacmnt pric for plannd rcovry costs from damag. Rplacmnt Pric mans th total amount of th appropriat costs ndd in th vnt that th appraisd building was rbuilt at th tim of th survy. Short-trm Rpair Costs indicats th rpair costs for itms which, as at th tim of th survy, is not maintaining its minimum rquirmnts du to dtrioration or itms which ar in violation of law or rgulations, tc. and which can b judgd as bst to b rpaird or rnwd within on yar. Long-trm Rpair Costs consist of capital xpnditurs and rpair costs. Capital xpnditurs mans, of th anticipatd improvmnt costs ncssary to maintain th building at th st building functionality lvl, th costs to xtnd th us priod of th building s quipmnt or to rnw it ntirly. Rpair costs mans, of th anticipatd improvmnt costs ncssary to maintain th building at th st building functionality lvl, costs othr than capital xpnditurs. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

13 D3 : Hotl MyStays Kyoto Shijo Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 6,024 million Appraisal JPY 6,110 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) 52,Kasaboko cho, Higashiiru, Aburanokoji, Shijyo dori, Shimogyo, Kyoto shi (and 3 lots) 52,Kasaboko cho, Higashiiru, Aburanokoji, Shijyo dori, Shimogyo, Kyoto shi Transport 6 mins walk from Kyoto Municipal Subway Karasuma Lin, Shijo Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara 1,021.7 sqm Building Covrag Ratio / Floor Ara Ratio 80%/700% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 7, sqm Construction Dat January 2008 Structur/No. of Storis Stl structur with flat roof, 14 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Fbruary 14, 2008 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 224 rooms Lasabl Ara 7, sqm Las Ara 7, sqm Occupancy Rat 100.0% GOP (pr month) JPY 44,145 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 190million pr annum (January Jun: JPY 14.89million pr month / July Dcmbr: JPY pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony JPY 1,100 thousand Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 13.0% Short trm Rpair Costs (within 1 yar) JPY 50 thousand Rplacmnt Pric JPY 1,689,200 thousand Long trm Rpair Costs (in 12 yars) JPY 126,722 thousand Ara Charactristic This proprty is a businss hotl locatd 6 mins walk from Kyoto Municipal Subway Karasuma Lin, Shijo Station, 6 mins walk from Hankyu Kyoto Lin, Hankyu Karasuma Station, 7 mins walk from Kifuku Arashiyama Lin, Shijo Ohmiya Station. Easy accss to othr aras: 4 minut train rid to Kyoto Municipal Subway Karasuma Lin, Kyoto Station by subway, 55 minut to Itami Airport by shuttl bus and 75 minut to Kansai Intrnational Airport by JR Exprss Haruka. Th hotl is clos to popular tourist attractions: Nijo Castl (Nijo jo), Kiyomizudra Tmpl, Kinkakuji, tc. with asy accss to Shijo Karasuma, th businss cntr of th city of Kyoto, which is in a walking distanc. Th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Th hotl was slctd as a rcommndd hotl in th Michlin Rstaurants & Hotls Guid for thr conscutiv yars sinc Th only hotl limitd srvic in Kyoto. Spcial Instructions Th Proprty is alrady not in complianc with rgard to th point of th hight of th building as an application for a construction prmit was mad prior to th limit bing st for th hight zoning rstrictions thr is now. Th Proprty s land includs th part of road provision (th part considrd a road undr Articl 42(1)(v) undr th Building Standards Act) (approx.10.4 sqm). (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 13

14 D4 : MyStays Shin Urayasu Confrnc Cntr Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 4,930 million Appraisal JPY 4,980 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) 2 1 1, Akmi, Urayasu shi, Chiba (and 1 lot) 2 1 4, Akmi, Urayasu shi, Chiba Transport 15 mins walk from JR Kiyo/Musashino Lins, Shin Urayasu Station Land Form of Possssion Ownrship Zoning Catgory 2 Rsidntial District Lot Ara 3,281.5 sqm Building Covrag Ratio / Floor Ara Ratio 60%/200% Form of Possssion Ownrship Purpos of Us Training Building Total Floor Ara 6,232.3 sqm Construction Dat March 2009 Structur/No. of Storis Rinforcd concrt structur with flat roof, 7 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Sptmbr 19, 2012 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 175 rooms Lasabl Ara 6,232.3 sqm Las Ara 6,232.3 sqm Occupancy Rat 100.0% GOP (pr month) JPY 30,124 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 149million pr annum (January Jun: JPY 11.16million pr month / July Dcmbr: JPY 13.78million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 8.4% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 1,557,800 thousand Long trm Rpair Costs (in 12 yars) JPY 196,608 thousand Ara Charactristic This proprty is a businss hotl locatd in th Shinmachi ara of Urayasu, Chiba, 20 mins car rid from JR Tokyo Station and 15 mins walk from JR Kiyo Lin, Shin Urayasu Station, and is quippd with multi purposs confrnc rooms. With its urban rsort lik townscap of high ris rsidncs covrd in whit, dsignd in thr dimnsions, rprsntd by th tr lind Symbol Road and Mikai Univrsity s campus and succor ground ar locatd, th surrounding nvironmnt is quit but vibrant at th sam tim, so th hotl is suitabl for companis ovrnight trainings for youngr mploys, for which both strict disciplin and vibrancy ar dsird. Th ara is clos to Tokyo Disny Rsort, th most famous thm park in Japan, and with its asy accss to it, th hotl is xpctd to accommodat stabl dmand throughout th yar with thos visiting Tokyo Disny Rport as th main targt, in addition to invitation to ovrnight trainings. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 14

15 D5 : Hotl MyStays Maihama Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 4,870 million Appraisal JPY 4,920 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) 3 187, Tkko dori, Urayasu shi, Chiba 3 5 1, Tkko dori, Urayasu shi, Chiba Transport 12 mins walk from JR Kiyo/Musashino Lins, Maihama Station Land Form of Possssion Ownrship Zoning Quasi Industrial District Lot Ara 1,322. sqm Building Covrag Ratio / Floor Ara Ratio 70%/200% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 2, sqm Construction Dat Jun 2005 Structur/No. of Storis Rinforcd concrt structur with flat roof, 7 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Mizuho Trust & Banking Co., Ltd. From: July 15, 2005 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 90 rooms Lasabl Ara 2, sqm Las Ara 2, sqm Occupancy Rat 100.0% GOP (pr month) JPY 18,411 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 141million pr annum (January Jun: JPY 11.02million pr month / July Dcmbr: JPY 12.56million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 9.4% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 687,500 thousand Long trm Rpair Costs (in 12 yars) JPY 139,247 thousand Ara Charactristic A rsort hotl locatd 12 minut waking distanc from JR Kiyo Lin, Maihama Station. At a 15 minut walk from Tokyo Disnyland and 6 minut walk from Tokyo Disny Sa, it s positiond in a vital [location]. Usrs of narby facilitis such as Urayasu Tkko Danchi, Urayasu Marina and Urayasu funral hall ar targts for off sason. Th hotl provids complimntary shuttl bus runs conncting th hotl and th Tokyo Disny Rsort. Th hotl is xpctd to hav stabl dmand throughout th yar mainly from lisur travlrs. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 15

16 16 D6 : Hotl Vista Prmio Dojima Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 3,845 million Appraisal JPY 3,900 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) Sonzakishinchi, Kita ku, Osaka (and 1 lot) Sonzakishinchi, Kita ku, Osaka Transport Land 5 min from JR Tozai Lin, Kitashinchi Station Form of Possssion Sub lashold/ownrship Zoning Commrcial District Lot Ara 1, sqm Building Covrag Ratio / Floor Ara Ratio 80%/600% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 9, sqm Construction Dat August 1990 Structur/No. of Storis Rnovation Dat Stl fram and rinforcd concrt structur with flat roof, 9 storis with 2 lvl basmnt Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Mizuho Trust & Banking Co., Ltd. From: Novmbr 17, 2006 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 141 rooms Lasabl Ara 9, sqm Las Ara 9, sqm Occupancy Rat 100.0% GOP (pr month) JPY 101,270 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Scurity Dposit/Guarant Mony Rnwal Upon Expiration Rnt Rvision Early Trmination Othr Spcial Mattrs MGH Mastr Las Co., Ltd. (Not 1) Fixd rnt, variabl rnt, plus pass through rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 94million pr annum (January Dcmbr: JPY 7.88million pr month)) plus variabl rnt basd on GOP of hotl opration by Vista Hotl Managmnt Co., Ltd. and th pass through rnt th tnant rcivs from th sub tnant. (Not 3) Not disclosd, as oprator's consnt has not bn obtaind for disclosur. JPY 74,12 thousand Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 10.7% Short trm Rpair Costs (within 1 yar) JPY 100 thousand Rplacmnt Pric JPY 2,226,600 thousand Long trm Rpair Costs (in 12 yars) JPY 495,224 thousand Ara Charactristic A businss hotl locatd 5 minut walking distanc from JR Kitashinchi Station, 10 minut walking distanc from JR Osaka Station and Midosuji Lin Umda Subway Station, and 4 minut walking distanc from Yostubashi Lin Nishi Umda Subway Station, it has convnint accss to companis in th businss ara as wll as lisur facilitis in th north of Osaka. Th rstaurant provids a Japans styl brakfast using carfully slctd ingrdints, and divrsifid tnants such as 24H convninc stors, a bar, rstaurants, tc. locatd in th sam building provid convninc, and on top of travlrs on businss trips, th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs. Spcial Instructions Th Proprty is a sub lasd proprty, and th prmission of th land ownr will b rquird at th tim of th transfr of th lashold rights of th building accompanying th transfr of th building. Furthr, th land ownr s prmission will first b rquird for futur transfrs of th lashold rights, vn for th transfr of a trust bnficiary intrst. Th Proprty s land includs a part (approx. 185 sqm) on th ast facing and south facing road sid a pdstrian path, tc. which is providd for common us. (Not 1) MGH Mastr Las Co., Ltd. mad a lump sum paymnt to las th proprty from th building ownr, Mizuho Trust & Banking Co., Ltd., and has ntrd into a managmnt agrmnt with Vista Hotl Managmnt Co., Ltd. for part of 3F through 9F, whil subltting B2 through a part of 3F to sub tnants. (Not 2) Th managmnt srvics f is a commission f payabl to Vista Hotl Managmnt Co., Ltd. in accordanc with th provisions of th managmnt agrmnt as a compnsation for hotl managmnt srvics providd by Vista Hotl Managmnt Co., Ltd. undr th agrmnt. (Not 3) Variabl rnt is th amount of Vista Hotl Managmnt Co., Ltd. s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

17 D7 : Hotl MyStays Nagoya Saka Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 2,958 million Appraisal JPY 3,000 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Higashisakura, Naka ku, Nagoya, Aichi (and 3 lots) , Higashisakura, Naka ku, Nagoya, Aichi Transport 7 mins from walk Subway Mijou/Higashiyama Lins, Saka Station Land Form of Possssion Lashold/Ownrship Zoning Commrcial District Lot Ara 1, sqm Building Covrag Ratio / Floor Ara Ratio 80%/800% Form of Possssion Ownrship Purpos of Us Hotl/Shop Building Total Floor Ara 9, sqm Construction Dat Novmbr 1979 Structur/No. of Storis Stl fram and rinforcd concrt structur with flat roof, 16 storis with basmnt Rnovation Dat April Jun 2013 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Jun 30, 2005 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 270 rooms Lasabl Ara 9, sqm Las Ara 9, sqm Occupancy Rat 100.0% GOP (pr month) JPY 20,930 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Scurity Dposit/Guarant Mony Rnwal Upon Expiration Rnt Rvision Early Trmination Othr Spcial Mattrs Yugn Kaisha Nagoya Hotl Managmnt (Not 1) Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 133million pr annum (January Jun: JPY 10.95million pr month / July Dcmbr: JPY 11.35million pr month)) plus variabl rnt basd on GOP of hotl opration by Flxstay Hotl Managmnt Co., Ltd. (Not 3) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. JPY 10,59 thousand Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 7.5% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 1,918,900 thousand Long trm Rpair Costs (in 12 yars) JPY 365,580 thousand Ara Charactristic A businss hotl locatd 7 minut walking distanc from Mijo Lin and Higashiyama Lin Subway Station. Furthr, Saka is th largst downtown aras in Nagoya city and is a grat location for both businss and lisur, locatd 6 minuts from Nagoya Station and approximatly 50 minut train rid from Chubu Cntrair Intrnational Airport. As for rstaurants, th hotl s morning bufft srving 40 dishs (local food, Eastrn and Wstrn) of Nagoya s local spcialtis is wll rcivd, and on top of travlrs on businss trips, th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs. Spcial Instructions Th Proprty is a lasd proprty, and th prmission of th land ownr will b rquird at th tim of th transfr of th lashold rights of th building accompanying th transfr of th building. Confirmation of boundary markrs for a part of th last land is unclar. Th Proprty is alrady not in complianc with th distanc rstrictions for th building wall to th road and th location of th parking lot ntranc and xit, tc. as it xists on main strt/otsu road city scn formation zon st forth in th Nagoya city scny plan. (Not 1) Yugn Kaisha Nagoya Hotl Managmnt mad a lump sum paymnt to las th proprty from th building ownr, Mizuho Trust & Banking Co., Ltd., and has ntrd into a srvics agrmnt with Flxstay Hotl Managmnt Co., Ltd. and has subcontractd th oprations. (Not 2) Th managmnt srvics f is a commission f payabl to Flxstay Hotl Managmnt Co., Ltd. in accordanc with th provisions of th hotl managmnt srvics agrmnt as a compnsation for managmnt srvics providd by Flxstay Hotl Managmnt Co., Ltd. undr th agrmnt. (Not 3) Variabl rnt is th amount of Flxstay Hotl Managmnt Co., Ltd. s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 17

18 D8 : Hotl MyStays Sakaisuji Honmachi Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 2,514 million Appraisal JPY 2,530 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Awaji machi, Chuo ku, Osaka shi, Osaka (and 1 lot) 1 4 8, Awaji machi, Chuo ku, Osaka shi, Osaka Transport 7 mins walk from Subway Sakaisuji/Chuo Lins, Sakaisuji Honmachi Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 80%/600% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 4, sqm Construction Dat July 2008 Structur/No. of Storis Rinforcd concrt structur with flat roof, 11 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Sptmbr 5, 2008 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 190 rooms Lasabl Ara 4, sqm Las Ara 4, sqm Occupancy Rat 100.0% GOP (pr month) JPY 16,926 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 88million pr annum (January Jun: JPY 7.34million pr month / July Dcmbr: JPY 7.39million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony JPY 63 thousand Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 14.4% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 813,600 thousand Long trm Rpair Costs (in 12 yars) JPY 104,437 thousand Ara Charactristic This proprty is a businss hotl locatd 7 minut walking distanc btwn Sakaisuji Honmachi Subway Station and Kitahama Subway Station, both on th Sakaisuji and Chuo Lins, 12 minut walking distanc from Midosuji Lin Honmachi Subway Station and Yodoyabashi Subway Station, and 9 minut walking distanc from Kihan Main Lin Kitahama Station. Suitabl location for businss and lisur with good accss: From Honmachi Station, 12 minut train rid to Shin Osaka Station, a shinkansn stop, and about 1 hour to Kansai Intrnational Airport via Nankai Exprss. Its nighborhood ntails Doshu machi with pharmacutical companis and th financial district Kitahama, and Honmachi, a businss district with many trading companis. Th location is also clos to popular tourist attractions such as Osaka Castl Park, Tsutnkaku, Dotonbori, Kaiyuukan Aquarium and Univrsal Studio Japan. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty s land includs a road rgrss part (th part considrd a road undr Articl 42(1)(v) of th Building Standards Act) (approx. 38 sqm). (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 18

19 D9 : Hotl MyStays Yokohama Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 2,119 million Appraisal JPY 2,150 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Suyoshi cho, Naka ku, Yokohama shi, Kanagawa (and 3 lots) 4 81, Suyoshi cho, Naka ku, Yokohama shi, Kanagawa Transport 1 min walk from Kihin Kyuko, Kogancho Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 80%/400% Form of Possssion Ownrship Purpos of Us Japans Inn Building Total Floor Ara 7, sqm Construction Dat Octobr 1974 Structur/No. of Storis Rnovation Dat Stl fram and rinforcd concrt structur with flat roof, 12 storis with 2 lvl basmnt Jun Sptmbr 2006 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Mizuho Trust & Banking Co., Ltd. From: August 30, 2013 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 190 rooms Lasabl Ara 7, sqm Las Ara 7, sqm Occupancy Rat 100.0% GOP (pr month) JPY 15,255 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 83million pr annum (January Jun: JPY 6.87million pr month / July Dcmbr: JPY 6.99million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 12.3% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 1,612,600 thousand Long trm Rpair Costs (in 12 yars) JPY 297,318 thousand Ara Charactristic This proprty is a businss hotl locatd 1 minut walking distanc from Kihin Kyuko Lin Kogancho Station and 3 minut walking distanc from th Blu Lin, Bandobashi Subway Station. Th location offrs asy accss to various locations: 6 minut to Yokohama Station via Kihin Kyuko, 4 minut to Kannai Station via Subway and 20 minut to Shin Yokohama Station, a Shinkansn stop. Rlativly clos to tourist attractions such as Yokohama Minato Mirai 21, Yamashita Park, Yokohama China Town, with suprior convnint accss via public transportation. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from domstic and inbound lisur travlr groups as wll as travlrs on businss trips with its divrsifid room typs. Spcial Instructions Th Proprty is alrady not in complianc with rgard to th point of th floor spac and parking lot placmnt obligations as an application for a construction prmit was mad prior to th limit bing st for th floor spac indx and parking lot placmnt obligations thr is now. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 19

20 D10 : Hotl MyStays Nippori Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,898 million Appraisal JPY 1,910 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Higashi Nippori, Arakawa ku, Tokyo (and 1 lot) , Higashi Nippori, Arakawa ku, Tokyo Transport 5 mins walk from JR Yamanot/Kihin Tohoku/Joban/Kisi Elctric Railway Lins, Nippori Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 80%/700% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 1, sqm Construction Dat April 1987 Structur/No. of Storis Stl fram and rinforcd concrt structur with flat roof, 10 storis Rnovation Dat Fbruary March 2011 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Dcmbr 19, 2002 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 93 rooms Lasabl Ara 1, sqm Las Ara 1, sqm Occupancy Rat 100.0% GOP (pr month) JPY 11,497 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 60million pr annum (January Jun: JPY 5.05million pr month / July Dcmbr: JPY 4.95million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 7.2% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 443,800 thousand Long trm Rpair Costs (in 12 yars) JPY 77,940 thousand Ara Charactristic This proprty is a businss hotl locatd 5 minut walking distancs from JR Lins, th Kisi Elctric Railway Lin, and Nippori/Tonri Linr at Nippori Station. With JR Uno Station within walking distanc, th location offrs asy accss to major placs in Tokyo is suitabl for both businss and lisur. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty is alrady not in complianc with rgard to th point of parking lot placmnt obligations as it was constructd bfor th rvision of th Tokyo Parking Lot Rgulations. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 20

21 D11 : Hotl MyStays Fukuoka Tnjin Minami Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,570 million Appraisal JPY 1,580 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Haruyoshi, Chuo ku, Fukuoka shi, Fukuoka (and 6 lots) , Haruyoshi, Chuo ku, Fukuoka shi, Fukuoka Transport 5 mins walk from Subway Nanakuma Lin, Tnjin Minami Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 80%/400% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 3, sqm Construction Dat Fbruary 2008 Structur/No. of Storis Rinforcd concrt structur with flat roof, 8 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: March 19, 2008 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 177 rooms Lasabl Ara 3, sqm Las Ara 3, sqm Occupancy Rat 100.0% GOP (pr month) JPY 6,971 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 57million pr annum (January Jun: JPY 4.76million pr month / July Dcmbr: JPY 4.81million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 6.6% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 748,300 thousand Long trm Rpair Costs (in 12 yars) JPY 113,794 thousand Ara Charactristic This proprty is a businss hotl locatd 5 minut walking distanc from Subway Nanakuma Lin Tnjin Minami Station, 7 minut walking distanc from Nishittsu Tnjin Omuta Lin Nishittsu Fukuoka Station, and 9 minut walking distanc from Subway Kuukou Lin Nakasu Kawabata and Tnjin Stations. Th location is suitabl for both businss and lisur with 5 minut accss to Hakata Station by subway and 9 minut walking distanc to Fukuoka Airport. Clos to popular tourist attractions such as Canal City Hakata, Yafuoku! Dom, Acros Fukuoka, Marin Mss Fukuoka, Dazaifu Tnmangu and th Fukuoka s businss hub, Tnjin is within walking distanc. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 21

22 D12 : Flxstay Inn Iidabashi Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,381 million Appraisal JPY 1,390 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) 104 1, Shin Ogawa cho, Shinjuku ku, Tokyo (and 5 lots) 3 26, Shin Ogawa cho, Shinjuku ku, Tokyo Transport 8 mins walk from JR Chuo Sobu Lin, Iidabashi Station Land Form of Possssion Ownrship Zoning Quasi Industrial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 60%/300% Form of Possssion Ownrship Purpos of Us Hotl, Shop Building Total Floor Ara 2, sqm Construction Dat Dcmbr 1990 Structur/No. of Storis Rinforcd concrt structur with slat roof, 7 storis with basmnt Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 59 rooms Lasabl Ara 2, sqm Las Ara 2, sqm Occupancy Rat 100.0% GOP (pr month) JPY 8,603 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 53million pr annum (January Jun: JPY 4.45million pr month / July Dcmbr: JPY 4.46million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony JPY 2,250 thousand Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 14.0% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 736,400 thousand Long trm Rpair Costs (in 12 yars) JPY 164,364 thousand Ara Charactristic This proprty is a businss hotl locatd 8 minut walking distanc from JR Lins, Tokyo Mtro Yurakucho Lin, and Toi Odo Lin Iidabashi Station. Furthr, it offrs convnint accss to Shinjuku, Korakun and Tokyo Dom and is a good location for all kinds of nds such as businss, tourism, tc. and is also suitabl for dining and shopping with popular tourist sit, Kagurazaka, narby. Th surrounding nighborhood is a businss town, and is abl to addrss th various nds of gusts from a on night stay or a long trm trip with convninc stors and various shops in walking distanc. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 22

23 D13 : Hotl MyStays Uno Inaricho Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,331 million Appraisal JPY 1,340 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Matsugaya, Taito ku, Tokyo 1 5 7, Matsugaya, Taito ku, Tokyo Transport 4 mins walk from Tokyo Mtro Ginza Lin, Inaricho Station Land Form of Possssion Ownrship Zoning Commrcial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 80%/600% 80%/500% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 1, sqm Construction Dat Dcmbr 1986 Structur/No. of Storis Rnovation Dat Stl rinforcd concrt/rinforcd concrt structur with flat roof, 9 storis with basmnt Novmbr Dcmbr 2012 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Dcmbr 19, 2002 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 72 rooms Lasabl Ara 1, sqm Las Ara 1, sqm Occupancy Rat 100.0% GOP (pr month) JPY 5,822 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 42million pr annum (January Jun: JPY 3.60million pr month / July Dcmbr: JPY 3.52million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 7.4% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 334,700 thousand Long trm Rpair Costs (in 12 yars) JPY 60,701 thousand Ara Charactristic This proprty is a businss hotl locatd 4 minut walking distanc from Tokyo Mtro Ginza Lin Inaricho Station. Uno Station is within walking distanc and th location suitabl for both businss and lisur nds with good accss to major placs in Tokyo. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty s land includs a privat road part and st back part (th part considrd a road undr Articl 42(2) of th Building Standards Act) (approx. 78 sqm). (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 23

24 D14 : Flxstay Inn Shinagawa Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,242 million Appraisal JPY 1,250 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Kitashinagawa, Shinagawa ku, Tokyo (and 1 lot) , Kitashinagawa, Shinagawa ku, Tokyo Transport Land 1 min walk from Kihin Kyuko Lin, Kitashinagawa Station Form of Possssion Ownrship Zoning Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio Nighborhood Commrcial District, Catgory 1 Rsidntial District 80%/400% 60%/300% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 1, sqm Construction Dat Octobr 1986 Structur/No. of Storis Rinforcd concrt structur with roofing, 4 storis Rnovation Dat Novmbr Dcmbr 2011 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Dcmbr 19, 2002 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 55 rooms Lasabl Ara 1, sqm Las Ara 1, sqm Occupancy Rat 100.0% GOP (pr month) JPY 7,756 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 39million pr annum (January Jun: JPY 3.31million pr month / July Dcmbr: JPY 3.29million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 17.6% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 272,600 thousand Long trm Rpair Costs (in 12 yars) JPY 50,523 thousand Ara Charactristic This proprty is a businss hotl locatd 1 minut walking distanc from Kihin Kyuko Lin Kitashinagawa Station and 10 minut walking distanc from JR Shinagawa Station. Shinagawa Station offrs xcllnt accss to placs in Tokyo as a major transportation hub conncting JR Lins such as Tokaido Lin, Yamanot Lin, Kihin Tohoku Lin and Yokosuka Lin and Kihin Kyuko Lin. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 24

25 D15 : Flxstay Inn Tokiwadai Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,242 million Appraisal JPY 1,250 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Tokiwadai, Itabashi ku, Tokyo (and 1 lot) , Tokiwadai, Itabashi ku, Tokyo Transport Land 5 mins walk from Tobu Tojo Lin, Tokiwadai Station Form of Possssion Ownrship Zoning Lot Ara 1, sqm Building Covrag Ratio / Floor Ara Ratio Nighborhood Commrcial District, Catgory 1 Mdium to High Ris Exclusiv Rsidntial District 80%/300% 60%/200% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 2, sqm Construction Dat Dcmbr 1989 Structur/No. of Storis Rinforcd concrt structur with flat roof, 6 storis Rnovation Dat March 2013 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 129 rooms Lasabl Ara 2, sqm Las Ara 2, sqm Occupancy Rat 100.0% GOP (pr month) JPY 10,404 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Scurity Dposit/Guarant Mony Rnwal Upon Expiration Rnt Rvision Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 48million pr annum (January Jun: JPY 4.09million pr month / July Dcmbr: JPY million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 13.9% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 651,300 thousand Long trm Rpair Costs (in 12 yars) JPY 146,895 thousand Ara Charactristic This proprty is a businss hotl locatd 5 minut walking distanc from Tobu Tojo Lin Tokiwadai Station. Accommodats good accss with 10 minut train rid to Ikbukuro Station, 15 minuts to Shinjuku Station and 25 minuts to Shibuya Station. With shopping facilitis lik Tokiwadai Ginza, Tobu Stor and othrs in th vicinity and public facilitis, mdical facilitis, and financial institutions within walking distanc, it provids a plasant nvironmnt for city living, and th rsidntial town is a quit town with many trs, modld aftr Dn n chofu. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty may hav mattrs which do not conform and ar not in complianc with th Itabashi ku Environmnt Rout 7 Roadsid Zoning Plan as work was startd prior to th dcision dat. Th Proprty is alrady not in complianc with rgard to th point of parking lot placmnt obligations as it was constructd bfor th rvision of th Tokyo Parking Lot Rgulations. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 25

26 26 D16 : Flxstay Inn Sugamo Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,192 million Appraisal JPY 1,200 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Sugamo, Toshima ku, Tokyo (and 18 lots) , Sugamo, Toshima ku, Tokyo Transport Land mins walk from JR Yamanot Lin/Toi Mita Lin, Sugamo Station Form of Possssion Ownrship Zoning Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio Nighborhood Commrcial District, Catgory 1 Rsidntial District 80%/400% 60%/400% Form of Possssion Ownrship Purpos of Us Hotl Building Total Floor Ara 2, sqm Construction Dat January 1992 Structur/No. of Storis Rnovation Dat Rinforcd concrt structur with flat roof, 7 storis with basmnt March 2013 Trust Sumitomo Mitsui Trust Bank, Limitd Trust Priod From: Novmbr 26, 2003 Until: July 16, 2024 Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Total No. of Tnant(s) 1 Numbr of Gust Rooms 104 rooms Lasabl Ara 2, sqm Las Ara 2, sqm Occupancy Rat 100.0% GOP (pr month) JPY 10,179 thousand Ovrviw of Las Agrmnt Tnant Flxstay Hotl Managmnt Co., Ltd. Typ of Contract Fixd rnt plus variabl rnt typ Trm From: July 17, 2014 Until: July 16, 2024 Dtrmination of rnt of las contract Fixd rnt (JPY 45million pr annum (January Jun: JPY 3.83million pr month / July Dcmbr: JPY 3.67million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Managmnt srvics f Not disclosd, as tnant's consnt has not bn obtaind for disclosur. (Not 2) Scurity Dposit/Guarant Mony Rnwal Upon Expiration Rnt Rvision Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt cannot b rvisd during th las trm. Early Trmination Trmination prior to th xpiration of th las trm is not prmittd. Othr Spcial Mattrs Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 9.3% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 532,200 thousand Long trm Rpair Costs (in 12 yars) JPY 133,197 thousand Ara Charactristic This proprty is a businss hotl locatd 6 minut walking distanc from JR Yamanot Lin / Toi Mita Lin Sugamo Station. Accommodats good accss with 5 minut train rid to Ikbukuro Station and 12 minuts to Toi Mita Lin Otmachi Station. Locatd clos to a famous shopping strt with mor than 180 shops and Kouganji, a tmpl famous for Tognuki or thorn rmoval Jizo son is 3 minut walk away and from Tognuki Jizo son and Somirirn, a park famously known for chrry blossom is 1 minut walk from th Jizo son. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty s land includs a privat road part and st back part (th part considrd a road undr Articl 42(2) of th Building Standards Act) (approx sqm). Th Proprty is alrady not in complianc with rgard to th point of parking lot placmnt obligations as it was constructd bfor th rvision of th Tokyo Parking Lot Rgulations. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

27 D17 : Hotl MyStays Otma Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 1,192 million Appraisal JPY 1,200 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) 1 21, Tokui cho, Chuo ku, Osaka shi, Osaka 1 3 2, Tokui cho, Chuo ku, Osaka shi, Osaka Transport 4 mins walk from Osaka Municipal Subway Tanimachi/Chuo Lins, Tanimachi 4 chom Station Land Form of Possssion Lot Ara Ownrship (Right of Sit Holdings, approx %) Zoning sqm Building Covrag Ratio / Floor Ara Ratio Form of Possssion Unit Ownrship Purpos of Us Commrcial District 80%/800% Rsidntial Complx / Shop / Parking, Rsidnc Building Total Floor Ara 4, sqm Construction Dat Dcmbr 1986 Structur/No. of Storis Rinforcd concrt structur with flat roof, 11 storis Rnovation Dat Dcmbr 2012 January 2013 Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 110 rooms Lasabl Ara 4, sqm Las Ara 4, sqm Occupancy Rat 100.0% GOP (pr month) JPY 9,890 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 48million pr annum (January Dcmbr: JPY 3.31million pr month / July Dcmbr: JPY 4.69million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony JPY 1,500 thousand Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 13.7% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 899,900 thousand Long trm Rpair Costs (in 12 yars) JPY 109,344 thousand Ara Charactristic This proprty is a businss hotl locatd 4 mins walk from Osaka Municipal Subway Tanimachi Lin/Chuo Lin, Tanimachi 4 chom Station. Locatd about 7 minut train rid to Higashi Umda Station, about 15 minut train rid to Namba Station and about 25 minut train rid to Univrsal Studio and Kaiyukan Aquarium, th hotl is suitabl for divrsifid nds ntailing businss, shopping, lisur, tc. Th hotl is in a quit and good living nvironmnt surroundd by offic buildings and rntal apartmnt buildings. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty is a unit ownrship building or land of which thr ar two xclusiv parts of on building. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 27

28 D18 : Flxstay Inn Kiyosumi Shirakawa Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 749 million Appraisal JPY 754 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Tokiwa, Koto ku, Tokyo (and 13 lots) , Tokiwa, Koto ku, Tokyo Transport 5 mins walk from Toi Odo Lin/Tokyo Mtro Hanzomon Lin, Kiyosumi Shirakawa Station Land Form of Possssion Ownrship Zoning Quasi Industrial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 60%/300% Form of Possssion Ownrship Purpos of Us Hotl, Parking Lot Building Total Floor Ara 2, sqm Construction Dat May 1992 Structur/No. of Storis Rinforcd concrt structur with flat roof, 6 storis with basmnt Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 55 rooms Lasabl Ara 2, sqm Las Ara 2, sqm Occupancy Rat 100.0% GOP (pr month) JPY 5,760 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 32million pr annum (January Jun: JPY 2.72million pr month / July Dcmbr: JPY 2.71million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony JPY 1,890 thousand Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 10.3% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 652,100 thousand Long trm Rpair Costs (in 12 yars) JPY 156,954 thousand Ara Charactristic This proprty is a businss hotl locatd 5 mins walk from Toi Odo Lin/Tokyo Mtro Hanzomon Lin, Kiyosumi Shirakawa Station, 6 mins walk from Toi Odo Lin/Toi Shinjuku Lin, Morishita Station. Th location provids convnint accss: 6 minu train rid to Otmachi Station, 8 minut train rid to Shiodom Station and 21 minut train rid to Shibuya Station, and is suitabl locatd for lisur with Tokyo Disnyland bing 40 minut driv away.with shopping strts and suprmarkts ar within walking distanc, th location is suitabl for long stay gusts buying daily ncssitis. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 28

29 D19 : Flxstay Inn Nakanobu P1 Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 589 million Appraisal JPY 593 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Futaba, Shinagawa ku, Tokyo (and 1 lot) , Futaba, Shinagawa ku, Tokyo Transport 5 mins walk from Tokyu Oimachi Lin/Toi Asakusa Lin, Nakanobu Station Land Form of Possssion Ownrship Zoning Quasi Industrial District Lot Ara sqm Building Covrag Ratio / Floor Ara Ratio 60%/200% Form of Possssion Ownrship Purpos of Us Rsidntial Complx Building Total Floor Ara sqm Construction Dat Sptmbr 1986 Structur/No. of Storis Rinforcd concrt structur with flat roof, 5 storis Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 39 rooms Lasabl Ara sqm Las Ara sqm Occupancy Rat 100.0% GOP (pr month) JPY 3,809 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 17million pr annum (January Jun: JPY 1.47million pr month / July Dcmbr: JPY 1.48million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport May 2014 Probabl Maximum Loss (PML) 14.9% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 198,000 thousand Long trm Rpair Costs (in 12 yars) JPY 40,257 thousand Ara Charactristic This proprty is a businss hotl convnintly locatd 5 mins walk from Tokyu Oimachi Lin/Toi Asakusa Lin, Nakanobu Station; 8 mins walk from JR Yokosuka Lin, Nishi Oi Station. Easy accss backd by 11 minut train rid from Nakanobu Station to JR Shibuya Station via JR Gotanda Station, 13 minut train rid from JR Nishi Oi Station to Tokyo Station and 16 minut train rid from JR Nishi Oi Station to Yokohama Station. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Th Proprty has a road btwn it and th adjacnt land on th ast sid which may b usd by thos using th adjacnt proprty. (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 29

30 D20 : Flxstay Inn Nakanobu P2 Typ and Location of Spcifid Assts, tc. Typ of Spcifid Assts Trust Bnficial Intrst Dat of (Plannd) Acquisition 7/17/2014 (Plannd) Purchas Pric JPY 283 million Appraisal JPY 285 million Appraisal Agncy Japan Ral Estat Institut Location (Lot Numbr) (Addrss) , Futaba, Shinagawa ku, Tokyo (and 2 lots) , Futaba, Shinagawa ku, Tokyo Transport 5 mins walk from Tokyu Oimachi Lin/Toi Asakusa Lin, Nakanobu Station Land Form of Possssion Ownrship Zoning Quasi Industrial District Lot Ara 213. sqm Building Covrag Ratio / Floor Ara Ratio 60%/200% Form of Possssion Ownrship Purpos of Us Offic Building Total Floor Ara sqm Construction Dat March 1989 Structur/No. of Storis Rinforcd concrt structur with flat roof, 3 storis with basmnt Rnovation Dat Trust Trust Priod Cration of Scurity Intrst Las Ovrviw (April 30, 2014) Sumitomo Mitsui Trust Bank, Limitd From: Novmbr 26, 2003 Until: July 16, 2024 Total No. of Tnant(s) 1 Numbr of Gust Rooms 22 rooms Lasabl Ara sqm Las Ara sqm Occupancy Rat 100.0% GOP (pr month) JPY 2,014 thousand Ovrviw of Las Agrmnt Tnant Typ of Contract Trm Dtrmination of rnt of las contract Managmnt srvics f (Not 2) Early Trmination Othr Spcial Mattrs Flxstay Hotl Managmnt Co., Ltd. Fixd rnt plus variabl rnt typ From: July 17, 2014 Until: July 16, 2024 Fixd rnt (JPY 9million pr annum (January Dcmbr: JPY 0.82million pr month)) plus variabl rnt basd on GOP of hotl opration by tnant. (Not 1) Not disclosd, as tnant's consnt has not bn obtaind for disclosur. Scurity Dposit/Guarant Mony Rnwal Upon Expiration Th contract is a Fixd Trm Building Las, thrfor th contract will trminat at th xpiration of th las trm unlss a nw contract is xcutd. Rnt Rvision Rnt cannot b rvisd during th las trm. Trmination prior to th xpiration of th las trm is not prmittd. Non Ovrviw of Building Conditions Survy Rport Company Conducting Survy Tokio Marin & Nichido Risk Consulting Co., Ltd. Dat of Rport April 2014 Probabl Maximum Loss (PML) 15.5% Short trm Rpair Costs (within 1 yar) Rplacmnt Pric JPY 120,700 thousand Long trm Rpair Costs (in 12 yars) JPY 33,344 thousand Ara Charactristic This proprty is a businss hotl convnintly locatd 5 mins walk from Tokyu Oimachi Lin/Toi Asakusa Lin, Nakanobu Station; 8 mins walk from JR Yokosuka Lin, Nishi Oi Station.Easy accss backd by 11 minut train rid from Nakanobu Station to JR Shibuya Station via JR Gotanda Station, 13 minut train rid from JR Nishi Oi Station to Tokyo Station and 16 minut train rid from JR Nishi Oi Station to Yokohama Station. Rooms ar configurd to fulfill th nds of short and mid/long stay gusts, and th hotl is xpctd to accommodat stabl dmand throughout th yar from lisur travlrs as wll as travlrs on businss trips. Spcial Instructions Non (Not 1) Variabl rnt is th amount of th tnant s aggrgat monthly gross rvnu during th thr month variabl rnt calculation priod aftr dducting th sum of (i) aggrgat gross rimbursmnts, (ii) managmnt srvics f and (iii) fixd rnt during th sam priod. Howvr, whn th balanc aftr dduction is zro or ngativ, variabl rnt is zro. (Not 2) Th managmnt srvics f is a commission f payabl to th tnant in accordanc with th provisions of th lasing contract as a compnsation for managmnt srvic providd by th tnant undr th agrmnt. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 30

31 31 (2) Mattrs rlating to Sismic Rsistanc tc. for th Eightn Proprtis INV has obtaind an opinion from a third party xprt, Tokio Marin & Nichido Risk Consulting Co., Ltd., indicating that, with rspct to th buildings of th Eightn Proprtis, thr is no suspicion of falsification of structural calculation shts through willful misconduct of th dsignrs, and that th structural dsign is judgd to b in gnral conformanc with provisions rgarding sismic rsistanc undr th Building Standards Act and its Enforcmnt Ordr. Furthr, as part of INV s du dilignc (Not) in acquiring th proprtis, INV has invstigatd sismic risk. (Not) Th du dilignc conductd includs xamination of appraisal valus, building inspction, sismic risk inspction and lgal du dilignc. 4. Ovrviw of Sllrs An ovrviw of sllrs for th Eightn Proprtis ar as follows. D3 Hotl MyStays Kyoto-Shijo, D11 Hotl MyStays Fukuoka-Tnjin-Minami (i) Nam Shijodori Holding Tokuti Mokutki Kaisha ( Shijodori TMK ) (ii) Location , Akasaka, Minato-ku, Tokyo (iii) Titl and nam of rprsntativ officr Yoshiaki Uno, Dirctor (iv) Businss (a) Oprations rlating to th assignmnt of spcifid assts Asst Liquidation Plan undr th Act on Scuritization of Assts, and th managmnt and disposition throf. (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts (v) Capital Spcifid Capital: JPY 279 million (as of th dat of this notic) Prfrrd Capital: JPY 1,710 million (vi) Dat of stablishmnt August 1, 2006 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs Prsonal rlationships and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Kaisha, a subsidiary of FIG. In th trm ndd Dcmbr 2013, thr was no transactional Transactional rlationships that should b notd btwn INV/CIM and th TMK. Furthr thr ar no transactional rlationships that should b notd rlationships btwn th rlatd prsons or affiliats of INV/CIM and th TMK or its rlatd prsons or affiliats. Whthr th TMK is a Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

32 32 rlatd party and affiliats of th TMK ar not rlatd partis of INV or CIM. Furthrmor, th TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. D4 MyStays Shin-Urayasu Confrnc Cntr, D5 Hotl MyStays Maihama, D7 Hotl MyStays Nagoya-Saka, D9 Hotl MyStays Yokohama (i) Nam Zphyrus Tokuti Mokutki Kaisha ( Zphyrus TMK ) (ii) c/o EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Location Minato-ku, Tokyo (iii) Titl and nam of rprsntativ officr Hiroyasu Nakamura, Dirctor (iv) Businss (a) Oprations rlating to liquidation of spcifid assts (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts (v) Capital Spcifid Capital: JPY100,000 (as of th dat of this notic) Prfrrd Capital JPY3,884,290,000 (vi) Dat of stablishmnt March 1, 2011 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs Prsonal rlationships and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Kaisha, a subsidiary of FIG. Transactional rlationships INV acquird Hotl MyStays Kanda from th TMK as of May 23, Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons Whthr th TMK is a rlatd party and affiliats of th TMK ar not rlatd partis of INV or CIM. Th TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. D6 Hotl Vista Prmio Dojima (i) Nam Danub Tokuti Mokutki Kaisha ( Danub TMK ) (ii) c/o EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Location Minato-ku, Tokyo (iii) Titl and nam of rprsntativ officr Masayuki Mguro, Dirctor (iv) Businss (a) Oprations rlating to liquidation of spcifid assts (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

33 33 (v) Capital Spcifid Capital: JPY100,000 (as of th dat of this notic) Prfrrd Capital JPY1,050 million (vi) Dat of stablishmnt Dcmbr 1, 2011 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Prsonal rlationships Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Transactional rlationships Whthr th TMK is a rlatd party Kaisha, a subsidiary of FIG. In th trm ndd Dcmbr 2013, thr was no transactional rlationships that should b notd btwn INV/CIM and th TMK. Furthr thr ar no transactional rlationships that should b notd btwn th rlatd prsons or affiliats of INV/CIM and th TMK or its rlatd prsons or affiliats. Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons and affiliats of th TMK ar not rlatd partis of INV or CIM. Th TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. D8 Hotl MyStays Sakaisuji-Honmachi (i) Nam Nagahoribashi Holding Tokuti Mokutki Kaisha ( Nagahoribashi TMK ) (ii) Location , Akasaka, Minato-ku, Tokyo" (iii) Titl and nam of rprsntativ officr Yoshiaki Uno, Dirctor (iv) Businss (a) Oprations rlating to th assignmnt of spcifid assts Asst Liquidation Plan undr th Act on Scuritization of Assts, and th managmnt and disposition throf. (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts. (v) Capital Spcifid Capital: JPY82 million (as of th dat of this notic) Prfrrd Capital: JPY738 million (vi) Dat of stablishmnt Octobr 17, 2006 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

34 34 Prsonal rlationships Transactional rlationships Whthr th TMK is a rlatd party Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Kaisha, a subsidiary of FIG. In th trm ndd Dcmbr 2013, thr was no transactional rlationships that should b notd btwn INV/CIM and th TMK. Furthr thr ar no transactional rlationships that should b notd btwn th rlatd prsons or affiliats of INV/CIM and th TMK or its rlatd prsons or affiliats. Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons and affiliats of th TMK ar not rlatd partis of INV or CIM. Th TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. "D10 Hotl MyStays Nippori, D13 Hotl MyStays Uno Inaricho, D14 Flxstay Inn Shinagawa (i) Nam Nishi Tokuti Mokutki Kaisha ( Nishi TMK ) (ii) c/o EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Location Minato-ku, Tokyo (iii) Titl and nam of rprsntativ officr Hidaki Otani, Dirctor (iv) Businss (a) Oprations rlating to th assignmnt of spcifid assts Asst Liquidation Plan undr th Act on Scuritization of Assts, and th managmnt and disposition throf. (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts (v) Capital Spcifid Capital: JPY100,000 (as of th dat of this notic) Prfrrd Capital JPY2,965 million (vi) Dat of stablishmnt Jun 3, 2010 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs Prsonal rlationships and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Kaisha, a subsidiary of FIG. Transactional rlationships INV acquird Hotl MyStays Asakusa from th TMK as of May 23, This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

35 35 Whthr th TMK is a rlatd party Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons and affiliats of th TMK ar not rlatd partis of INV or CIM. Th TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. D12 Flxstay Inn Iidabashi, D15 Flxstay Inn Tokiwadai, D16 Flxstay Inn Sugamo, D17 Hotl MyStays Otma, D18 Flxstay Inn Kiyosumi Shirakawa, D19 Flxstay Inn Nakanobu P1, D20 Flxstay Inn Nakanobu P2 (i) Nam Aki Tokuti Mokutki Kaisha ( Aki TMK ) (ii) c/o EP Consulting Srvics Corporation, 1-2-9, Nishi-shimbashi, Location Minato-ku, Tokyo (iii) Titl and nam of Shigru Nakamura, Dirctor rprsntativ officr (iv) Businss (a) Oprations rlating to liquidation of spcifid assts (b) All othr oprations ancillary to th oprations rlating to liquidation of spcifid assts (v) Capital Spcifid Capital: JPY100,000 (as of th dat of this notic) Prfrrd Capital JPY2,900 million (vi) Dat of stablishmnt January 17, 2011 (vii) Rlationship btwn INV/Asst Managr and th TMK Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, th TMK has rcivd contributions through funds managd by affiliats of Fortrss Invstmnt Group LLC ( FIG ), Capital rlationships an affiliat of Calliop Godo Kaisha ( Calliop ). As of th nd of Dcmbr 2013, Calliop holds 609,942 invstmnt units issud by INV (38.77% stak). Furthr, as of th dat of this notic, Calliop is th parnt company of CIM, holding 100% of its outstanding shars. Whil thr ar no capital rlationships that should b notd btwn INV/CIM and th TMK, as of th dat of this notic, among th officrs and mploys of CIM, rprsntativ dirctor and prsidnt Naoki Prsonal rlationships Fukuda is scondd from Calliop. Furthr, part-tim dirctor Christophr Rd was scondd from Fortrss Ral Estat Asia Godo Kaisha, a subsidiary of FIG. In th trm ndd Dcmbr 2013, thr was no transactional Transactional rlationships that should b notd btwn INV/CIM and th TMK.Furthr thr ar no transactional rlationships that should b rlationships notd btwn th rlatd prsons or affiliats of INV/CIM and th TMK or its rlatd prsons or affiliats. Th TMK is not a rlatd party of INV or CIM. Furthr, rlatd prsons Whthr th TMK is a and affiliats of th TMK ar not rlatd partis of INV or CIM. Th rlatd party TMK is not an intrstd party, tc. of CIM as providd in th Invstmnt Trust Act. 5. Transactions with Intrstd Prsons tc. Th sllrs of th Eightn Proprtis, namly Shijodori TMK, Zphyrus TMK, Danub TMK, Nagahoribashi TMK, Nishi TMK and Aki TMK, ar not sponsor-rlatd prsons undr th voluntary ruls spcifid by CIM as countrmasurs against conflicts of intrsts in th managmnt of INV s This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

36 invstmnts. Howvr, such sllrs hav rcivd contributions through funds tc. managd by affiliats of FIG, an affiliat of Calliop (plas not that Calliop is CIM s parnt company, and thus a sponsor-rlatd prson). Thrfor, CIM trats Shijodori TMK, Zphyrus TMK, Danub TMK, Nagahoribashi TMK, Nishi TMK and Aki TMK as prsons quivalnt to sponsor-rlatd prsons. Th Eightn Proprtis ar to b acquird at prics not xcding thir appraisal valu in accordanc with Sponsor-Rlatd Prson Transaction Ruls and Sponsor-Rlatd Prson Transaction Managmnt Manual, which ar intrnal ruls of CIM, and aftr dlibration and rsolution of th complianc committ mting hld on Jun 23, 2014 and th invstmnt committ mting hld on th sam day, th board of dirctors of CIM approvd th acquisitions at th mting hld on Jun 23, 2014, and th board of dirctors of INV approvd th acquisitions at th mting hld on Jun 23, In addition, ach of FHM, th tnant/oprator of 16 proprtis (i.., all proprtis xcpt Hotl Vista Prmio Dojima and Hotl MyStays Nagoya-Saka) and th oprator of Hotl MyStays Nagoya-Saka, MGH, th tnant of Hotl Vista Prmio Dojima, and Nagoya HM, th tnant of Hotl MyStays Nagoya-Saka, is not a sponsor-rlatd prson (Not) undr th voluntary ruls spcifid by CIM as countrmasurs against conflicts of intrsts in th managmnt of INV s invstmnts. Howvr, ach tnant rcivs indirct contributions from funds managd by affiliats of FIG, an affiliat of Calliop (Calliop is CIM s parnt company, and thus a sponsor-rlatd prson). Thrfor, CIM trats ach of FHM, MGH and Nagoya HM as a prson quivalnt to a sponsor-rlatd prson. With rspct to th las agrmnt xpctd to b ntrd into with FHM, in accordanc with Sponsor-Rlatd Prson Transaction Ruls and Sponsor-Rlatd Prson Transaction Managmnt Manual, which ar intrnal ruls of CIM, subjct to FHM s hotl oprating capability bing confirmd as sufficint through a third party rport and othr rlvant information, th rnt lvl of ach of th Eightn Proprtis bing rasonabl considring th markt lvl, and managmnt srvics f amount and structur bing fair compard with similar proprtis, following dlibration and rsolution of th complianc committ mting hld on Jun 23, 2014 and th invstmnt committ mting hld on th sam day, th board of dirctors of CIM approvd th agrmnt at a mting hld on Jun 23, 2014, and th board of dirctors of INV approvd th agrmnt at th mting hld on Jun 23, With rspct to th las agrmnt xpctd to b ntrd into with MGH and Nagoya HM, in accordanc with Sponsor-Rlatd Prson Transaction Ruls and Sponsor-Rlatd Prson Transaction Managmnt Manual, which ar intrnal ruls of CIM, subjct to (i) sponsor-rlatd prsons not bing givn priority ovr non sponsor-rlatd prsons unlss thr is a justifiabl rason and (ii) th rnt lvl of ach of th applicabl proprtis bing rasonabl considring th markt lvl, following dlibration and rsolution of th complianc committ mting hld on Jun 23, 2014 and th invstmnt committ mting hld on th sam day, th board of dirctors of CIM approvd th agrmnt at a mting hld on Jun 23, 2014, and th board of dirctors of INV approvd th agrmnt at th mting hld on Jun 23, Hnc, INV considrs FHM, MGH and Nagoya HM, rspctivly, to mt its standard for slction of tnants. (Not) A sponsor-rlatd Prson is (i) any prson who falls undr th Intrstd Prsons, tc. st forth in th Invstmnt Trust Act and th Enforcmnt Ordr of th Invstmnt Trust Act, (ii) all sharholdrs of CIM and (iii) spcial purpos companis (tokubtsu mokutki kaisha) (a) which dlgat thir managmnt to prsons who fall undr (ii) abov, or (b) which ar This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 36

37 37 invstd by or invstd in anonymous partnrship (tokumi kumiai) by prsons who fall undr (ii) abov. 6. Summary of Currnt and Prvious Ownrs. 1. Nam; 2. Rlationship with prsons having spcial conflict of intrsts rlationships; 3. Dtail/rason for acquisition; 4. Acquisition pric, and 5. Acquisition timing Proprty Nam Currnt ownr/trust bnficiary Prcding ownr/trust bnficiary Ownrs/trust bnficiaris prcding thos to th lft D3 Hotl MyStays Kyoto-Shijo D4 MyStays Shin Urayasu Confrnc Cntr D5 Hotl MyStays Maihama 1. Shijodori TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. August Zphyrus TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Sptmbr Zphyrus TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. May 2012 Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship 1. Arno GK 2. Th GK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Fbruary Prsons having no spcial conflict of intrsts rlationship This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

38 38 Proprty Nam D6 Hotl Vista Prmio Dojima D7 Hotl MyStays Nagoya-Saka D8 Hotl MyStays Sakaisuji-Honmachi D9 Hotl MyStays Yokohama Currnt ownr/trust bnficiary 1. Danub TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Fbruary Zphyrus TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Fbruary Nagahoribashi TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Jun Zphyrus TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar (Not 1) 5. August 2013 Prcding ownr/trust bnficiary Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship 1. Bandobashi TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Fbruary 2006 (Not 2) Ownrs/trust bnficiaris prcding thos to th lft Prsons having no spcial conflict of intrsts rlationship This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

39 39 Proprty Nam D10 Hotl MyStays Nippori D11 Hotl MyStays Fukuoka-Tnjin-Minami D12 Flxstay Inn Iidabashi D13 Hotl MyStays Uno Inaricho Currnt ownr/trust bnficiary 1. Nishi TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Dcmbr Shijodori TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. August Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July Nishi TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Dcmbr 2010 Prcding ownr/trust bnficiary Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Ownrs/trust bnficiaris prcding thos to th lft This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

40 40 Proprty Nam D14 Flxstay Inn Shinagawa D15 Flxstay Inn Tokiwadai D16 Flxstay Inn Sugamo D17 Hotl MyStays Otma Currnt ownr/trust bnficiary 1. Nishi TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. Dcmbr Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July 2011 Prcding ownr/trust bnficiary Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Ownrs/trust bnficiaris prcding thos to th lft This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

41 41 Proprty Nam D18 Flxstay Inn Kiyosumi Shirakawa D19 Flxstay Inn Nakanobu P1 D20 Flxstay Inn Nakanobu P2 Currnt ownr/trust bnficiary 1. Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July Aki TMK 2. Th TMK has rcivd contributions through funds, tc. managd by affiliats of FIG, an affiliat of Calliop. 3. Acquisition for invstmnt purposs 4. Omittd bcaus hld for longr than on yar 5. July 2011 Prcding ownr/trust bnficiary Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Prsons having no spcial conflict of intrsts rlationship Ownrs/trust bnficiaris prcding thos to th lft (Not 1) Th prvious ownr, Bandobashi TMK, as wll as th currnt ownr, Zphyrus TMK has rcivd contributions through funds managd by affiliats of FIG, an affiliat of Calliop Godo Kaisha. This proprty was transfrrd from Bandobashi TMK to Zphyrus TMK for rfinancing purposs, but has bn continuously ownd by FIG through funds it manags and thrfor th priod of ownrship by th prvious ownr is includd. (Not 2) FIG, through funds managd by its affiliats, mad contributions to Bandobashi TMK, th prvious ownr, in Jun Accordingly, during th priod from Fbruary 2006 to Jun 2012 (prior to th contributions), Bandobashi TMK had no spcial conflict of intrsts rlationship Ovrviw of Brokrag Not applicabl. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

42 8. Schduls Acquisition dcision dat: Jun 23, 2014 Agrmnt xcution dat: Anticipatd acquisition procds paymnt dat July 17, 2014 Anticipatd acquisition dat (Not) (Not) Th anticipatd acquisition dat is July 17, 2014 at th arlist. Howvr, if th paymnt dat for th Offring is changd to a dat aftr July 16, 2014, thn th acquisition dat is xpctd to also b changd to a dat immdiatly following such paymnt dat, and in th latst cas would b July 22, Furthrmor, basd on th purchas and sal agrmnt with th sllr of th assts anticipatd to b acquird, th acquisition dat can b changd to a dat up to July 22, 2014 by providing a thr businss day prior notic. 9. Futur Outlook For information on INV s forcasts for financial rsults and distribution for th fiscal priod nding Jun 2014 (January 1, 2014 to Jun 30, 2014) and for th fiscal priod nding Dcmbr 2014 (July 1, 2014 to Dcmbr 31, 2014) in connction with th abov, plas rfr to Notic concrning Rvision of Forcast of Financial Rsults and Distribution for th 22nd Fiscal Priod Ending Jun 2014 and concrning Forcast of Financial Rsults and Distribution for th 23rd Fiscal Priod Ending Dcmbr 2014 datd as of today. 10. Othr Mattrs that ar Ncssary for Invstors to Proprly Undrstand and Mak Judgmnt on Rlvant Information For risks rlating to invstmnts in hotl proprtis, plas rfr to th Invstmnt Risks (toshi risuku) in th smi-annual scuritis rport (yuka shokn hokokusho) of INV for th fiscal priod ndd Dcmbr 2013 (July 1, 2013 Dcmbr 31, 2013) (availabl in Japans only), fild on March 26, 2014, as wll as Sction Two: Supplmntal Information, 8. Invstmnt Risks in th scuritis rgistration statmnt (yuka shokn todokdsho) of INV fild today (availabl in Japans only). This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 42

43 43 [Rfrncs] 1. Status of Incom and Expnss and Summary of Ral Estat Appraisal of th Eightn Proprtis <Explanation rlating to dtails of th status of incom and xpnss and ral stat appraisal of th Eightn Proprtis> a. Incom and Expnditurs, Etc. column: Basd on th information providd from th sllrs for ach oprating priod from January 1, 2012 to Dcmbr 31, This is not a guarant of futur incom and xpnditurs. Amounts ar roundd down to th narst 1,000 yn. Thrfor, th figurs may not ncssarily match th total valu whn addd togthr. Unlss othrwis spcifically notd, th amounts do not includ consumption tax, tc. Taxs and Public Dus, which includ proprty tax and city planning tax, ar gnrally imposd on th ownr as of January 1 of ach yar. For proprty tax and city planning tax that wr born by th currnt ownr or prvious ownr at th tim of INV s acquisition of th assts, th stimatd amount is includd in th acquisition pric, and is thrfor not includd in Taxs and Public Dus. Non-lif Insuranc Prmiums is th total amount of paid insuranc prmiums distributd proportionally ovr th rlvant priod. NOI (Nt Oprating Incom) lists th actual figurs as providd by th sllr (following th adjustmnts for th trust fs, administration fs and insuranc prmiums whn hld by INV). Room Incom includs room us fs and las fs. Othr Incom includs itms such as parking lot us fs, laundry fs, vnding machin transaction fs, tc. which dos not fall undr Room Incom. ADR, or Avrag Daily Rat, is th valu of th total room sals for a crtain priod (xcluding srvic fs) dividd by th total numbr of sold rooms for th sam priod. RvPar, or Rvnus Pr Availabl Room, is calculatd by dividing th total sals for a crtain priod by th aggrgat numbr of rooms for th sam priod (rooms x numbr of days), and is th sam figur as that of a product of room occupancy rat and ADR. Room Occupancy Rat is calculatd using th following formula: room occupancy rat = total numbr of rooms occupid during th rlvant priod (aggrgat numbr of rooms during th rlvant priod x numbr of businss days during targt priod) GOP Ratio is calculatd using th following formula: GOP ratio = GOP sals figur Daily / Wkly / Monthly is th ratio for ach classification of lngth of stay (i.., daily/wkly/monthly), and is calculatd by dividing total room sals for th rlvant classification during ach oprational priod by th aggrgat room sals for th sam oprational priod and thn multiplying th figur by 100. Daily, wkly and monthly ar classifid by th numbr of days of stays, with daily bing 1-6 nights, wkly bing 7-29 nights, and monthly bing 30 or mor nights. b. Summary of Ral Estat Appraisal Rport column: INV has rqustd ral stat appraisal from Japan Ral Estat Institut for th plannd This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

44 44 acquisition assts basd on th mattrs for considration in a ral stat appraisal undr th Invstmnt Trust Act, th Act on Ral Estat Appraisal (Act No. 152 of 1963, as amndd; th Act on Ral Estat Appraisal ) and th ral stat appraisal standards. An appraisal valu of a proprty is mrly an opinion of th ral stat appraisr rgarding th valu of th appraisd proprty at th tim th appraisal was conductd in accordanc with th Act on Ral Estat Appraisal and ral stat appraisal standards. A ral stat appraisal is nithr a guarant nor a promis that an asst can b sold or purchasd at such appraisal valu ithr now or in th futur. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

45 ( ) 45 D3 : Hotl MyStays Kyoto Shijo Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 352,405 thousand JPY 352,417 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 22,729 thousand JPY 460 thousand JPY 1,000 thousand JPY 328,215 thousand JPY 635,191 thousand JPY 21,967 thousand JPY 460 thousand JPY 1,000 thousand JPY 328,988 thousand JPY 658,387 thousand R Room Incom JPY 599,210 thousand JPY 632,714 thousand Othr Incom JPY 35,980 thousand JPY 25,672 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 282,785 thousand JPY 305,969 thousand r ADR JPY 9,283 JPY 9,040 RvPAR JPY 7,309 JPY 7,739 n Room Occupancy Rats 78.7% 85.6% c GOP Ratio 55.5% 53.5% Daily / Wkly / Monthly 98.3% / 1.5% / 0.2% 98.0% / 1.7% / 0.4% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 6,110 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 406,368 thousand JPY 406,368 thousand JPY 406,368 thousand JPY 3,168 thousand JPY 22,271 thousand JPY 1,773 thousand JPY 27,212 thousand JPY 379,156 thousand JPY 7,392 thousand JPY 14 thousand JPY 357,045 thousand 5.8% JPY 6,160,000 thousand (6.2%) JPY 2,604,417 thousand JPY 6,080,797 thousand JPY 182,424 thousand JPY 5,898,373 thousand JPY 3,452,908 thousand 5.5% 5.9% JPY 6,060,000 thousand JPY 6,110,000 thousand (i) Land Pric (ii) Building Pric JPY 1,120,000 thousand JPY 1,220,000 thousand (47.6%) (51.8%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 15,100 thousand JPY 2,355,100 thousand (0.6%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 170% JPY 4,000,000 thousand (6.7%) (43.0%) (57.0%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

46 ( ) 46 D4 : MyStays Shin Urayasu Confrnc Cntr Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 253,874 thousand JPY 322,874 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 16,549 thousand JPY 414 thousand JPY 1,000 thousand JPY 235,911 thousand JPY 502,568 thousand JPY 16,829 thousand JPY 414 thousand JPY 1,000 thousand JPY 304,630 thousand JPY 599,172 thousand R Room Incom JPY 405,844 thousand JPY 510,565 thousand Othr Incom JPY 96,724 thousand JPY 88,606 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 248,693 thousand JPY 276,297 thousand r ADR JPY 8,870 JPY 9,663 RvPAR JPY 6,336 JPY 7,993 n Room Occupancy Rats 71.4% 82.7% c GOP Ratio 50.5% 53.9% Daily / Wkly / Monthly 95.4% / 4.6% / % 97.4% / 2.6% / % Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 4,980 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 346,201 thousand JPY 346,201 thousand JPY 346,201 thousand JPY 4,915 thousand JPY 16,576 thousand JPY 601 thousand JPY 22,092 thousand JPY 324,109 thousand JPY 11,469 thousand JPY 15,822 thousand JPY 296,818 thousand 5.9% JPY 5,030,000 thousand (6.4%) JPY 2,199,337 thousand JPY 4,888,279 thousand JPY 146,648 thousand JPY 4,741,631 thousand JPY 2,723,593 thousand 5.7% 6.1% JPY 4,920,000 thousand JPY 4,980,000 thousand (i) Land Pric (ii) Building Pric JPY 676,000 thousand JPY 1,120,000 thousand (36.8%) (61.1%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 38,500 thousand JPY 1,834,500 thousand (2.1%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 2,750,000 thousand (6.4%) (44.7%) (55.3%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

47 ( ) 47 D5 : Hotl MyStays Maihama Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 216,976 thousand JPY 285,553 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 6,967 thousand JPY 203 thousand JPY 1,000 thousand JPY 208,806 thousand JPY 398,310 thousand JPY 6,477 thousand JPY 203 thousand JPY 1,000 thousand JPY 277,873 thousand JPY 485,805 thousand R Room Incom JPY 378,459 thousand JPY 467,186 thousand Othr Incom JPY 19,850 thousand JPY 18,619 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 181,333 thousand JPY 200,251 thousand r ADR JPY 13,481 JPY 15,634 RvPAR JPY 11,489 JPY 14,222 n Room Occupancy Rats 85.2% 91.0% c GOP Ratio 54.5% 58.8% Daily / Wkly / Monthly 99.9% / 0.1% / % 99.9% / 0.1% / % Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 4,920 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 310,415 thousand JPY 310,415 thousand JPY 310,415 thousand JPY 3,166 thousand JPY 6,030 thousand JPY 205 thousand JPY 9,401 thousand JPY 301,014 thousand JPY 7,388 thousand JPY 9,300 thousand JPY 284,326 thousand 5.7% JPY 4,990,000 thousand (6.0%) JPY 2,104,432 thousand JPY 4,824,881 thousand JPY 144,746 thousand JPY 4,680,135 thousand JPY 2,739,751 thousand 5.5% 5.9% JPY 4,840,000 thousand JPY 4,920,000 thousand (i) Land Pric (ii) Building Pric JPY 661,000 thousand JPY 553,000 thousand (54.2%) (45.4%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 4,700 thousand JPY 1,218,700 thousand (0.4%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 1,830,000 thousand (3.0%) (43.4%) (56.6%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

48 ( ) 48 D6 : Hotl Vista Prmio Dojima Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 229,442 thousand JPY 286,298 thousand a. Land Las Fs JPY 16, b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 24,530 thousand JPY 571 thousand JPY 1,000 thousand JPY 186,9 4 thousand JPY 482,811 thousand JPY 26,423 thousand JPY 571 thousand JPY 1,000 thousand JPY 241,887 thousand JPY 553,785 thousand R Room Incom JPY 377,825 thousand JPY 411,046 thousand Othr Incom JPY 104,985 thousand JPY 142,738 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 253,368 thousand JPY 267,487 thousand r ADR JPY 8,588 JPY 9,120 RvPAR JPY 7,321 JPY 7,987 n Room Occupancy Rats 85.2% 87.6% c GOP Ratio 47.5% 51.7% Daily / Wkly / Monthly % / % / % % / % / % (Not) As sparat data for nights stayd dos not xist, Daily, Wkly, and Monthly ar not listd. Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 3,900 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 320,991 thousand JPY 1,948 thousand JPY 23,600 thousand JPY 7,560 thousand JPY 3,000 thousand JPY 357,099 thousand JPY 8,526 thousand JPY 348,573 thousand JPY 2,200 thousand JPY 23,800 thousand JPY 9,964 thousand JPY 2,791 thousand JPY 1,172 thousand JPY 26,424 thousand JPY 785 thousand JPY 16,416 thousand JPY 83,552 thousand JPY 265,021 thousand JPY 1,537 thousand JPY 23,947 thousand JPY 6,371 thousand JPY 236,240 thousand 6.0% JPY 3,940,000 thousand (6.7%) JPY 1,737,094 thousand JPY 3,844,194 thousand JPY 153,768 thousand JPY 3,690,426 thousand JPY 2,119,781 thousand 5.7% 6.2% JPY 3,860,000 thousand JPY 3,900,000 thousand (i) Land Pric (ii) Building Pric JPY 1,430,000 thousand JPY 795,000 thousand (64.1%) (35.6%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 6,400 thousand JPY 2,231,400 thousand (0.3%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol 150% (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] JPY 3,350,000 thousand (24.0%) (45.0%) (55.0%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

49 ( ) 49 D7 : Hotl MyStays Nagoya Saka Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 236,005 thousand JPY 210,555 thousand a. Land Las Fs JPY 34, JPY 34, b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 11,182 thousand JPY 493 thousand JPY 1,000 thousand JPY 189,003 thousand JPY 601,944 thousand JPY 11,121 thousand JPY 493 thousand JPY 1,000 thousand JPY 163,614 thousand JPY 498,168 thousand R Room Incom JPY 496,754 thousand JPY 437,236 thousand Othr Incom JPY 105,190 thousand JPY 60,932 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 365,938 thousand JPY 287,613 thousand r ADR JPY 5,508 JPY 5,553 RvPAR JPY 5,027 JPY 4,437 n Room Occupancy Rats 91.3% 79.9% c GOP Ratio 39.2% 42.3% Daily / Wkly / Monthly % / % / % 96.1% / 3.2% / 0.7% (Not) As sparat data for nights stayd dos not xist for 2012, Daily, Wkly, and Monthly ar not listd. Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 3,000 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 290,220 thousand JPY 290,220 thousand JPY 290,220 thousand JPY 7,847 thousand JPY 11,121 thousand JPY 866 thousand JPY 34,326 thousand JPY 54,160 thousand JPY 236,060 thousand JPY 18,310 thousand JPY 16,065 thousand JPY 201,685 thousand 6.6% JPY 3,060,000 thousand (7.7%) JPY 1,409,160 thousand JPY 2,982,529 thousand JPY 149,126 thousand JPY 2,833,403 thousand JPY 1,523,804 thousand 6.4% 6.8% JPY 2,930,000 thousand JPY 3,000,000 thousand (i) Land Pric (ii) Building Pric JPY 648,000 thousand JPY 398,000 thousand (57.8%) (35.5%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 75,000 thousand JPY 1,121,000 thousand (6.7%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 1,680,000 thousand (18.7%) (48.0%) (52.0%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

50 ( ) 50 D8 : Hotl MyStays Sakaisuji Honmachi Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 156,874 thousand JPY 170,508 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 14,079 thousand JPY 221 thousand JPY 1,000 thousand JPY 141,572 thousand JPY 315,087 thousand JPY 13,128 thousand JPY 221 thousand JPY 1,000 thousand JPY 156,157 thousand JPY 337,806 thousand R Room Incom JPY 301,863 thousand JPY 326,927 thousand Othr Incom JPY 13,224 thousand JPY 10,879 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 158,213 thousand JPY 167,298 thousand r ADR JPY 5,513 JPY 5,848 RvPAR JPY 4,341 JPY 4,714 n Room Occupancy Rats 78.7% 80.6% c GOP Ratio 49.8% 50.5% Daily / Wkly / Monthly 80.4% / 12.3% / 7.3% 83.8% / 11.0% / 5.2% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 2,530 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 178,368 thousand JPY 178,368 thousand JPY 178,368 thousand JPY 2,611 thousand JPY 12,800 thousand JPY 1,175 thousand JPY 16,586 thousand JPY 161,782 thousand JPY 6,092 thousand JPY 10,409 thousand JPY 145,281 thousand 5.7% JPY 2,550,000 thousand (6.3%) JPY 1,092,122 thousand JPY 2,481,136 thousand JPY 74,434 thousand JPY 2,406,702 thousand JPY 1,408,883 thousand 5.5% 5.9% JPY 2,500,000 thousand JPY 2,530,000 thousand (i) Land Pric (ii) Building Pric JPY 560,000 thousand JPY 587,000 thousand (48.2%) (50.5%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 15,300 thousand JPY 1,162,300 thousand (1.3%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 1,740,000 thousand (9.3%) (43.7%) (56.3%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

51 ( ) 51 D9 : Hotl MyStays Yokohama Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 140,373 thousand JPY 164,609 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 14,096 thousand JPY 404 thousand JPY 1,000 thousand JPY 124,872 thousand JPY 341,302 thousand JPY 12,208 thousand JPY 404 thousand JPY 1,000 thousand JPY 150,996 thousand JPY 377,741 thousand R Room Incom JPY 319,655 thousand JPY 352,094 thousand Othr Incom JPY 21,646 thousand JPY 25,646 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 200,929 thousand JPY 213,132 thousand r ADR JPY 5,653 JPY 5,956 RvPAR JPY 4,597 JPY 5,077 n Room Occupancy Rats 81.3% 85.2% c GOP Ratio 41.1% 43.6% Daily / Wkly / Monthly 80.8% / 13.1% / 6.1% 84.4% / 10.2% / 5.4% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 2,150 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 187,514 thousand JPY 187,514 thousand JPY 187,514 thousand JPY 7,433 thousand JPY 12,336 thousand JPY 3,187 thousand JPY 22,956 thousand JPY 164,558 thousand JPY 17,344 thousand JPY 10,200 thousand JPY 137,014 thousand 6.3% JPY 2,170,000 thousand (7.6%) JPY 990,501 thousand JPY 2,125,308 thousand JPY 63,759 thousand JPY 2,061,549 thousand JPY 1,140,449 thousand 6.1% 6.5% JPY 2,130,000 thousand JPY 2,150,000 thousand (i) Land Pric (ii) Building Pric JPY 489,000 thousand JPY 340,000 thousand (58.5%) (40.6%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 7,420 thousand JPY 836,420 thousand (0.9%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 1,250,000 thousand (12.2%) (46.5%) (53.5%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

52 ( ) 52 D10 : Hotl MyStays Nippori Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 87,206 thousand JPY 103,593 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 4,032 thousand JPY 123 thousand JPY 1,000 thousand JPY 82,050 thousand JPY 168,567 thousand JPY 3,736 thousand JPY 123 thousand JPY 1,000 thousand JPY 98,733 thousand JPY 188,195 thousand R Room Incom JPY 162,514 thousand JPY 182,063 thousand Othr Incom JPY 6,052 thousand JPY 6,132 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 81,360 thousand JPY 84,602 thousand r ADR JPY 5,438 JPY 5,912 RvPAR JPY 4,774 JPY 5,363 n Room Occupancy Rats 87.8% 90.7% c GOP Ratio 51.7% 55.0% Daily / Wkly / Monthly 66.0% / 17.3% / 16.7% 67.5% / 15.4% / 17.0% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,910 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 124,639 thousand JPY 124,639 thousand JPY 124,639 thousand JPY 1,882 thousand JPY 3,737 thousand JPY 115 thousand JPY 5,734 thousand JPY 118,905 thousand JPY 4,530 thousand JPY 4,403 thousand JPY 109,972 thousand 5.7% JPY 1,930,000 thousand (6.2%) JPY 793,838 thousand JPY 1,900,345 thousand JPY 57,010 thousand JPY 1,843,335 thousand JPY 1,089,411 thousand 5.4% 5.8% JPY 1,880,000 thousand JPY 1,910,000 thousand (i) Land Pric (ii) Building Pric JPY 287,000 thousand JPY 112,000 thousand (71.3%) (27.8%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 3,290 thousand JPY 402,290 thousand (0.8%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 603,000 thousand (4.6%) (42.2%) (57.8%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

53 ( ) 53 D11 : Hotl MyStays Fukuoka Tnjin Minami Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 115,616 thousand JPY 119,868 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 11,313 thousand JPY 197 thousand JPY 1,000 thousand JPY 103,106 thousand JPY 258,665 thousand JPY 10,359 thousand JPY 197 thousand JPY 1,000 thousand JPY 108,311 thousand JPY 264,195 thousand R Room Incom JPY 252,354 thousand JPY 258,709 thousand Othr Incom JPY 6,311 thousand JPY 5,486 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 143,049 thousand JPY 144,326 thousand r ADR JPY 4,845 JPY 5,065 RvPAR JPY 3,895 JPY 4,004 n Room Occupancy Rats 80.4% 79.1% c GOP Ratio 44.7% 45.4% Daily / Wkly / Monthly 78.4% / 12.9% / 8.7% 77.9% / 15.4% / 6.7% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,580 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 137,020 thousand JPY 137,020 thousand JPY 137,020 thousand JPY 2,444 thousand JPY 10,410 thousand JPY 362 thousand JPY 13,216 thousand JPY 123,804 thousand JPY 7,039 thousand JPY 12,039 thousand JPY 104,726 thousand 6.5% JPY 1,610,000 thousand (7.7%) JPY 711,589 thousand JPY 1,576,716 thousand JPY 47,301 thousand JPY 1,529,415 thousand JPY 830,166 thousand 6.3% 6.7% JPY 1,540,000 thousand JPY 1,580,000 thousand (i) Land Pric (ii) Building Pric JPY 397,000 thousand JPY 538,000 thousand (41.7%) (56.5%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 16,500 thousand JPY 951,500 thousand (1.7%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 130% JPY 1,240,000 thousand (9.6%) (46.2%) (53.8%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

54 ( ) 54 D12 : Flxstay Inn Iidabashi Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 81,525 thousand JPY 85,945 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 9,792 thousand JPY 187 thousand JPY 1,000 thousand JPY 70,544 thousand JPY 147,626 thousand JPY 9,141 thousand JPY 187 thousand JPY 1,000 thousand JPY 75,615 thousand JPY 155,406 thousand R Room Incom JPY 128,728 thousand JPY 137,584 thousand Othr Incom JPY 18,897 thousand JPY 17,821 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 66,101 thousand JPY 69,461 thousand r ADR JPY 7,027 JPY 7,280 RvPAR JPY 6,057 JPY 6,389 n Room Occupancy Rats 86.2% 87.8% c GOP Ratio 55.2% 55.3% Daily / Wkly / Monthly 54.7% / 22.5% / 22.8% 66.9% / 16.0% / 17.1% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,390 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 105,567 thousand JPY 105,567 thousand JPY 105,567 thousand JPY 3,521 thousand JPY 9,141 thousand JPY 384 thousand JPY 13,046 thousand JPY 92,521 thousand JPY 8,216 thousand JPY 2,741 thousand JPY 81,564 thousand 5.8% JPY 1,410,000 thousand (6.6%) JPY 582,576 thousand JPY 1,392,508 thousand JPY 41,775 thousand JPY 1,350,733 thousand JPY 790,719 thousand 5.5% 5.9% JPY 1,370,000 thousand JPY 1,390,000 thousand (i) Land Pric (ii) Building Pric JPY 705,000 thousand JPY 269,000 thousand (72.2%) (27.6%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 2,040 thousand JPY 976,040 thousand (0.2%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 120% JPY 1,170,000 thousand (12.4%) (42.4%) (57.6%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

55 ( ) 55 D13 : Hotl MyStays Uno Inaricho Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 51,671 thousand JPY 69,782 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 4,761 thousand JPY 90 thousand JPY 1,000 thousand JPY 45,819 thousand JPY 109,790 thousand JPY 3,151 thousand JPY 90 thousand JPY 1,000 thousand JPY 65,539 thousand JPY 141,335 thousand R Room Incom JPY 103,297 thousand JPY 137,370 thousand Othr Incom JPY 6,492 thousand JPY 3,965 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 58,118 thousand JPY 71,553 thousand r ADR JPY 4,676 JPY 5,797 RvPAR JPY 3,920 JPY 5,227 n Room Occupancy Rats 83.8% 90.2% c GOP Ratio 47.1% 49.4% Daily / Wkly / Monthly 61.9% / 15.6% / 22.5% 74.8% / 12.1% / 13.1% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,340 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 88,470 thousand JPY 88,470 thousand JPY 88,470 thousand JPY 1,517 thousand JPY 3,152 thousand JPY 75 thousand JPY 4,744 thousand JPY 83,726 thousand JPY 3,541 thousand JPY 4,230 thousand JPY 75,955 thousand 5.6% JPY 1,360,000 thousand (6.2%) JPY 541,103 thousand JPY 1,336,368 thousand JPY 40,091 thousand JPY 1,296,277 thousand JPY 773,359 thousand 5.3% 5.7% JPY 1,310,000 thousand JPY 1,340,000 thousand (i) Land Pric (ii) Building Pric JPY 185,000 thousand JPY 104,000 thousand (63.6%) (35.7%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 1,950 thousand JPY 290,950 thousand (0.7%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 436,000 thousand (5.4%) (41.2%) (58.8%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

56 ( ) 56 D14 : Flxstay Inn Shinagawa Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 49,970 thousand JPY 70,408 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) (1) Sals JPY 3,586 thousand JPY 74 thousand JPY 1,000 thousand JPY 45,309 thousand JPY 102,175 thousand JPY 3,350 thousand JPY 74 thousand JPY 1,000 thousand JPY 65,983 thousand JPY 127,246 thousand R Room Incom JPY 98,730 thousand JPY 124,295 thousand Othr Incom JPY 3,444 thousand JPY 2,950 thousand f (2) Oprating Costs (not including a. through d. abov) JPY 52,205 thousand JPY 56,837 thousand r ADR JPY 5,708 JPY 6,648 RvPAR JPY 4,905 JPY 6,192 n Room Occupancy Rats 85.9% 93.1% c GOP Ratio 48.9% 55.3% Daily / Wkly / Monthly 62.8% / 11.9% / 25.3% 64.7% / 9.3% / 26.0% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,250 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 83,651 thousand JPY 83,651 thousand JPY 83,651 thousand JPY 1,263 thousand JPY 3,350 thousand JPY 70 thousand JPY 4,683 thousand JPY 78,968 thousand JPY 2,947 thousand JPY 2,674 thousand JPY 73,347 thousand 5.8% JPY 1,260,000 thousand (6.3%) JPY 524,235 thousand JPY 1,245,610 thousand JPY 37,368 thousand JPY 1,208,242 thousand JPY 707,305 thousand 5.5% 5.9% JPY 1,230,000 thousand JPY 1,250,000 thousand (i) Land Pric (ii) Building Pric JPY 342,000 thousand JPY 83,400 thousand (80.1%) (19.5%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 1,300 thousand JPY 426,700 thousand (0.3%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 130% JPY 555,000 thousand (5.6%) (42.6%) (57.4%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

57 ( ) 57 D15 : Flxstay Inn Tokiwadai Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 84,636 thousand JPY 83,690 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 7,594 thousand JPY 168 thousand JPY 1,000 thousand JPY 75,872 thousand JPY 7,022 thousand JPY 168 thousand JPY 1,000 thousand JPY 75,499 thousand (1) Sals JPY 162,026 thousand JPY 167,938 thousand R Room Incom JPY 146,640 thousand JPY 153,922 thousand f r Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR JPY 15,386 thousand JPY 77,390 thousand JPY 3,651 JPY 14,016 thousand JPY 84,248 thousand JPY 3,890 RvPAR JPY 3,082 JPY 3,269 n Room Occupancy Rats 84.4% 84.0% c GOP Ratio 52.2% 49.8% Daily / Wkly / Monthly 27.6% / 36.6% / 35.8% 32.5% / 35.7% / 31.8% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,250 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 104,904 thousand JPY 104,904 thousand JPY 104,904 thousand JPY 3,151 thousand JPY 7,022 thousand JPY 2,167 thousand JPY 12,340 thousand JPY 92,564 thousand JPY 7,352 thousand JPY 6,890 thousand JPY 78,322 thousand 6.2% JPY 1,260,000 thousand (7.3%) JPY 545,474 thousand JPY 1,249,063 thousand JPY 37,472 thousand JPY 1,211,591 thousand JPY 682,974 thousand 5.9% 6.3% JPY 1,230,000 thousand JPY 1,250,000 thousand (i) Land Pric (ii) Building Pric JPY 480,000 thousand JPY 134,000 thousand (77.7%) (21.7%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 3,650 thousand JPY 617,650 thousand (0.6%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 130% JPY 803,000 thousand (11.8%) (44.4%) (55.6%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

58 ( ) 58 D16 : Flxstay Inn Sugamo Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 74,404 thousand JPY 74,911 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 6,384 thousand JPY 137 thousand JPY 1,000 thousand JPY 66,882 thousand JPY 5,901 thousand JPY 137 thousand JPY 1,000 thousand JPY 67,872 thousand (1) Sals JPY 140,927 thousand JPY 145,066 thousand R Room Incom JPY 127,169 thousand JPY 132,475 thousand f r Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR JPY 13,758 thousand JPY 66,523 thousand JPY 3,668 JPY 12,591 thousand JPY 70,155 thousand JPY 3,950 RvPAR JPY 3,309 JPY 3,490 n Room Occupancy Rats 90.2% 88.3% c GOP Ratio 52.8% 51.6% Daily / Wkly / Monthly 35.1% / 28.1% / 36.8% 37.8% / 22.3% / 39.9% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,200 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 92,622 thousand JPY 92,622 thousand JPY 92,622 thousand JPY 2,687 thousand JPY 5,902 thousand JPY 1,787 thousand JPY 10,376 thousand JPY 82,246 thousand JPY 6,269 thousand JPY 4,249 thousand JPY 71,728 thousand 5.9% JPY 1,220,000 thousand (6.7%) JPY 506,302 thousand JPY 1,202,233 thousand JPY 36,067 thousand JPY 1,166,166 thousand JPY 676,260 thousand 5.6% 6.0% JPY 1,180,000 thousand JPY 1,200,000 thousand (i) Land Pric (ii) Building Pric JPY 338,000 thousand JPY 163,000 thousand (63.6%) (30.7%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 30,600 thousand JPY 531,600 thousand (5.8%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 150% JPY 797,000 thousand (11.2%) (42.8%) (57.2%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

59 ( ) D17 : Hotl MyStays Otma Incom and Expnditurs, Etc. Oprating Priod GOP (= (1) (2)) 1/1/ /31/2012 JPY 85,242 thousand 1/1/ /31/2013 JPY 84,104 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 8,524 thousand JPY 229 thousand JPY 1,000 thousand JPY 75,488 thousand JPY 7,857 thousand JPY 229 thousand JPY 1,000 thousand JPY 75,017 thousand (1) Sals JPY 186,604 thousand JPY 188,146 thousand R Room Incom JPY 164,764 thousand JPY 175,210 thousand f r n Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR RvPAR Room Occupancy Rats JPY 21,840 thousand JPY 101,362 thousand JPY 5,390 JPY 4, % JPY 12,936 thousand JPY 104,042 thousand JPY 5,401 JPY 4, % c GOP Ratio 45.7% Daily / Wkly / Monthly 62.9% / 18.4% / 18.7% 60.9% / 16.1% / 23.0% 44.7% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 1,200 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom JPY 105,227 thousand (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] JPY 105,227 thousand (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] JPY 105,227 thousand (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs JPY 2,613 thousand (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus JPY 7,857 thousand (n) Non lif Insuranc Prmiums JPY 2,029 thousand (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] JPY 12,499 thousand (IV) Nt Oprating Incom = [(II) (III)] JPY 92,728 thousand (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss JPY 6,097 thousand (r) FF&E Rsrv JPY 6,659 thousand (V) Nt Incom = [(IV) + (p) (q) (r)] JPY 79,972 thousand (VI) Capitalization Yild 6.6% (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] JPY 1,210,000 thousand (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (7.7%) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod JPY 563,733 thousand (a) Sal Pric JPY 1,184,926 thousand (b) Sal Costs JPY 35,548 thousand (c) Rturning Pric [(a) (b)] JPY 1,149,378 thousand (II) Rturning Pric, Currnt JPY 618,135 thousand (III) Discount Rat 6.4% (IV) Final Capitalization Yild 6.8% (V) Incom Pric using DCF Mthod = [(I) + (2)] JPY 1,180,000 thousand (3) Incom Pric using Incom Capitalization Mthod JPY 1,200,000 thousand (11.9%) (47.7%) (52.3%) 2. Estimatd Pric using Cost Mthod (i) Land Pric JPY 666,000 thousand (68.7%) (ii) Building Pric JPY 283,000 thousand (29.2%) (iii) Total Pric of Land and Building [(i) + (ii)] (iv) Maktability Corrction Ratio JPY 949,000 thousand 110% (v) Estimatd Pric (Estimatd Pric of 1 Building and Land, xcl. Furnishings/Appliancs/ JPY 1,040,000 thousand (vi) Distribution Ratio basd on Rlativ Utility by Floor (vii) Rvision Ratio 98% (viii) Estimatd Pric (Estimatd Pric of Targt Proprty, xcl. Furnishings/Appliancs/Eq JPY 986,000 thousand (ix) Furnishings/Appliancs/Equipmnt/Upholstry Pric JPY 20,800 thousand (2.1%) (x) Maktability Corrction Ratio (xi) Estimatd Pric (Estimatd Pric of Furnishings/Appliancs/Equipmnt/Upholstry) [ 110% JPY 22,900 thousand (xii) Estimatd Pric using Cost Mthod = [(viii) (xi)] JPY 1,010,000 thousand This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 59

60 ( ) 60 D18 : Flxstay Inn Kiyosumi Shirakawa Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 54,773 thousand JPY 56,314 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 8,026 thousand JPY 163 thousand JPY 1,000 thousand JPY 45,583 thousand JPY 7,425 thousand JPY 163 thousand JPY 1,000 thousand JPY 47,725 thousand (1) Sals JPY 105,573 thousand JPY 108,998 thousand R Room Incom JPY 87,973 thousand JPY 92,461 thousand f r Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR JPY 17,600 thousand JPY 50,800 thousand JPY 4,884 JPY 16,536 thousand JPY 52,683 thousand JPY 5,253 RvPAR JPY 4,370 JPY 4,606 n Room Occupancy Rats 89.5% 87.7% c GOP Ratio 51.9% 51.7% Daily / Wkly / Monthly 36.5% / 15.9% / 47.6% 44.2% / 14.0% / 41.8% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 754 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus (n) Non lif Insuranc Prmiums (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] (IV) Nt Oprating Incom = [(II) (III)] (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss (r) FF&E Rsrv (V) Nt Incom = [(IV) + (p) (q) (r)] (VI) Capitalization Yild (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric (b) Sal Costs (c) Rturning Pric [(a) (b)] (II) Rturning Pric, Currnt (III) Discount Rat (IV) Final Capitalization Yild (V) Incom Pric using DCF Mthod = [(I) + (2)] (3) Incom Pric using Incom Capitalization Mthod 2. Estimatd Pric using Cost Mthod JPY 70,422 thousand JPY 70,422 thousand JPY 70,422 thousand JPY 3,541 thousand JPY 7,425 thousand JPY 2,185 thousand JPY 13,151 thousand JPY 57,271 thousand JPY 8,263 thousand JPY 3,225 thousand JPY 45,783 thousand 6.0% JPY 763,000 thousand (7.5%) JPY 321,260 thousand JPY 759,328 thousand JPY 22,780 thousand JPY 736,548 thousand JPY 423,073 thousand 5.7% 6.1% JPY 744,000 thousand JPY 754,000 thousand (i) Land Pric (ii) Building Pric JPY 361,000 thousand JPY 234,000 thousand (60.4%) (39.1%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 3,000 thousand JPY 598,000 thousand (0.5%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] 120% JPY 718,000 thousand (18.7%) (43.2%) (56.8%) This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

61 ( ) 61 D19 : Flxstay Inn Nakanobu P1 Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 31,402 thousand JPY 37,207 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 1,957 thousand JPY 51 thousand JPY 1,000 thousand JPY 28,393 thousand JPY 1,879 thousand JPY 51 thousand JPY 1,000 thousand JPY 34,276 thousand (1) Sals JPY 55,489 thousand JPY 64,428 thousand R Room Incom JPY 51,245 thousand JPY 60,509 thousand f r Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR JPY 4,243 thousand JPY 24,087 thousand JPY 4,399 JPY 3,918 thousand JPY 27,220 thousand JPY 4,695 RvPAR JPY 3,500 JPY 4,251 n Room Occupancy Rats 79.6% 90.5% c GOP Ratio 56.6% 57.8% Daily / Wkly / Monthly 16.8% / 19.2% / 64.0% 19.1% / 14.2% / 66.6% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 593 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom JPY 65,166 thousand (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] JPY 65,166 thousand (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] JPY 65,166 thousand (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs JPY 1,840 thousand (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus JPY 2,926 thousand (n) Non lif Insuranc Prmiums JPY 958 thousand (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] JPY 5,724 thousand (8.8%) (IV) Nt Oprating Incom = [(II) (III)] JPY 59,442 thousand (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss JPY 4,293 thousand (r) FF&E Rsrv JPY 2,815 thousand (V) Nt Incom = [(IV) + (p) (q) (r)] JPY 52,334 thousand (VI) Capitalization Yild 5.9% (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] JPY 887,000 thousand (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (6.7%) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric JPY 376,730 thousand JPY 874,000 thousand (43.4%) (b) Sal Costs JPY 26,220 thousand (c) Rturning Pric [(a) (b)] JPY 847,780 thousand (II) Rturning Pric, Currnt JPY 491,628 thousand (56.6%) (III) Discount Rat 5.6% (IV) Final Capitalization Yild 6.0% (V) Incom Pric using DCF Mthod = [(I) + (2)] JPY 868,000 thousand (3) Incom Pric using Incom Capitalization Mthod JPY 878,000 thousand 2. Estimatd Pric using Cost Mthod (i) Land Pric (ii) Building Pric JPY 295,000 thousand JPY 98,100 thousand (74.4%) (24.8%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 3,200 thousand JPY 396,300 thousand (0.8%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol 150% (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] JPY 594,000 thousand (Not) Th abov Summary of Ral Estat Appraisal Rport is shard with "D20 Flxstay Inn Nakanobu P2." This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

62 ( ) 62 D20 : Flxstay Inn Nakanobu P2 Incom and Expnditurs, Etc. Oprating Priod 1/1/ /31/2012 1/1/ /31/2013 GOP (= (1) (2)) JPY 18,244 thousand JPY 18,610 thousand a. Land Las Fs b. Taxs and Public Dus c. Non lif Insuranc Prmiums d. Trust Fs NOI (= GOP [a. + b. + c. + d.]) JPY 1,098 thousand JPY 30 thousand JPY 1,000 thousand JPY 16,115 thousand JPY 1,046 thousand JPY 30 thousand JPY 1,000 thousand JPY 16,533 thousand (1) Sals JPY 32,189 thousand JPY 34,308 thousand R Room Incom JPY 28,676 thousand JPY 31,320 thousand f r Othr Incom (2) Oprating Costs (not including a. through d. abov) ADR JPY 3,512 thousand JPY 13,944 thousand JPY 3,877 JPY 2,988 thousand JPY 15,698 thousand JPY 4,114 RvPAR JPY 3,561 JPY 3,900 n Room Occupancy Rats 91.9% 94.8% c GOP Ratio 56.7% 54.2% Daily / Wkly / Monthly 20.8% / 25.6% / 53.6% 30.5% / 25.2% / 44.2% Summary of Ral Estat Appraisal Rport Appraising Organization Appraisal (Spcifid ) Tim of Valuation Japan Ral Estat Institut JPY 285 million As of April 30, of Profits using th Profit Capitalization Mthod (1) Dirct Capitalization Mthod (a) Room Rntal Incom (b) Common Ara Maintnanc F Incom (c) Utility Incom (d) Parking Lot Incom () Othr Incom JPY 65,166 thousand (I) Total Potntial Rvnu = [(a) + (b) + (c) + (d) + ()] JPY 65,166 thousand (f) Vacant Room Losss (g) Irrcovrabl Dbt Losss (II) Oprating Rvnu = [(I) (f) (g)] JPY 65,166 thousand (h) Maintnanc and Managmnt Costs (i) Utility Costs (j) Rpair Costs JPY 1,840 thousand (k) Proprty Managmnt F (l) Tnant Solicitation Expnss (m) Taxs and Public Dus JPY 2,926 thousand (n) Non lif Insuranc Prmiums JPY 958 thousand (o) Othr Costs (III) Oprating Costs (Expns Rat) = [(h) + (i) + (j) + (k) + (l) + (m) + (n) + (o)] JPY 5,724 thousand (8.8%) (IV) Nt Oprating Incom = [(II) (III)] JPY 59,442 thousand (p) On Tim Invstmnt Gains (q) Capital Improvmnts and Expnss JPY 4,293 thousand (r) FF&E Rsrv JPY 2,815 thousand (V) Nt Incom = [(IV) + (p) (q) (r)] JPY 52,334 thousand (VI) Capitalization Yild 5.9% (VII) Incom Pric using Dirct Capitalization Mthod = [(V) (VI)] JPY 887,000 thousand (Rfrnc) Bas Yild of Nt Oprating Incom (NOI) ((IV) NOI (VII) Incom Pric) (6.7%) (2) DCF Mthod (I) Total of Currnt of Nt Incom during Analysis Priod (a) Sal Pric JPY 376,730 thousand JPY 874,000 thousand (43.4%) (b) Sal Costs JPY 26,220 thousand (c) Rturning Pric [(a) (b)] JPY 847,780 thousand (II) Rturning Pric, Currnt JPY 491,628 thousand (56.6%) (III) Discount Rat 5.6% (IV) Final Capitalization Yild 6.0% (V) Incom Pric using DCF Mthod = [(I) + (2)] JPY 868,000 thousand (3) Incom Pric using Incom Capitalization Mthod JPY 878,000 thousand 2. Estimatd Pric using Cost Mthod (i) Land Pric (ii) Building Pric JPY 295,000 thousand JPY 98,100 thousand (74.4%) (24.8%) (iii) Furnishings/Appliancs/Equipmnt/Upholstry Pric (iv) Total Pric of Land, Building, and Furnishings/Appliancs/Equipmnt/Upholstry = [(i) + (ii) + (iii)] JPY 3,200 thousand JPY 396,300 thousand (0.8%) (100.0%) (v) Maktability Corrction Ratio for Land and Building as a Whol 150% (vi) Estimatd Pric using Cost Mthod = [(iv) (v)] JPY 594,000 thousand (Not) Th abov Summary of Ral Estat Appraisal Rport is shard with "D19 Flxstay Inn Nakanobu P1." This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japanslanguag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts.

63 2. Portfolio List aftr th Acquisition Proprty Numbr Proprty Nam Typ Ara A26 A27 Nisshin Palacstag Daitabashi Nisshin Palacstag Higashi-Nagasaki Acquisition Pric or Anticipatd Acquisition Pric (mn JPY) (Not 1) Invstmnt Ratio (%) (Not 2) Rsidntial Gratr Tokyo Ara 1, Rsidntial Gratr Tokyo Ara 1, A28 Growth Maison Gotanda Rsidntial Gratr Tokyo Ara A29 Growth Maison Kamido Rsidntial Gratr Tokyo Ara 1, A30 Emrald Hous Rsidntial Gratr Tokyo Ara 1, A31 Harmoni Ochanomizu Rsidntial Gratr Tokyo Ara 1, A32 Suncrst Shakujii Kon Rsidntial Gratr Tokyo Ara 1, A33 A34 Growth Maison Shin Yokohama Bll Fac Uno Okachimachi Rsidntial Gratr Tokyo Ara 1, Rsidntial Gratr Tokyo Ara 1, A35 Grand Rir Kamido Rsidntial Gratr Tokyo Ara A36 Growth Maison Ikbukuro Rsidntial Gratr Tokyo Ara A37 Growth Maison Yoga Rsidntial Gratr Tokyo Ara A38 Rout Tachikawa Rsidntial Gratr Tokyo Ara A39 Shibuya Honmachi Mansion Rsidntial Gratr Tokyo Ara A40 City Hights Kinuta Rsidntial Gratr Tokyo Ara A41 A42 Acsds Towr Kawaguchi Namiki Capital Hights Kagurazaka Rsidntial Gratr Tokyo Ara Rsidntial Gratr Tokyo Ara A43 Collg Squar Machida Rsidntial Gratr Tokyo Ara A44 Blair Mguro Rsidntial Gratr Tokyo Ara A45 Wacor Tsunashima I Rsidntial Gratr Tokyo Ara A46 Foros Nakamurabashi Rsidntial Gratr Tokyo Ara This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 63

64 Proprty Numbr Proprty Nam Typ Ara Acquisition Pric or Anticipatd Acquisition Pric (mn JPY) (Not 1) Invstmnt Ratio (%) (Not 2) A47 Growth Maison Kaijin Rsidntial Gratr Tokyo Ara A48 Collg Squar Machiya Rsidntial Gratr Tokyo Ara A51 City Hous Tokyo Shinbashi Rsidntial Gratr Tokyo Ara 2, A52 Winbll Kagurazaka Rsidntial Gratr Tokyo Ara 3, A53 A54 Nishiwasda Crsnt Mansion Lxington Squar Akbonobashi Rsidntial Gratr Tokyo Ara 1, Rsidntial Gratr Tokyo Ara 1, A56 Casa Ermitaggio Rsidntial Gratr Tokyo Ara 1, A59 Towa City Coop Shinotsuka II Rsidntial Gratr Tokyo Ara A61 Bichsl Musashiski Rsidntial Gratr Tokyo Ara A62 A63 Lxl Mansion Uno Matsugaya Towa City Coop Sngncho Rsidntial Gratr Tokyo Ara Rsidntial Gratr Tokyo Ara 1, A64 Royal Park Omachi Rsidntial Othr A65 Lxington Squar Haginomachi Rsidntial Othr A66 Visconti Kakuozan Rsidntial Othr A71 A72 A73 Lxington Squar Daitabashi Lxington Squar Honjo- Azumabashi AMS TOWER Minami 6- Jo Rsidntial Gratr Tokyo Ara Rsidntial Gratr Tokyo Ara Rsidntial Othr 1, A75 Spacia Ebisu Rsidntial Gratr Tokyo Ara 7, A76 No Prominnc Rsidntial Gratr Tokyo Ara 1, A77 Invoic Shin-Kob Rsidntial Rsidntial Othr 1, A78 Cosmo Court Motomachi Rsidntial Othr A79 Rvst Honjin Rsidntial Othr This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 64

65 Proprty Numbr Proprty Nam Typ Ara Acquisition Pric or Anticipatd Acquisition Pric (mn JPY) (Not 1) Invstmnt Ratio (%) (Not 2) A80 Rvst Matsubara Rsidntial Othr A81 Sun Trrac Minami Ikbukuro Rsidntial Gratr Tokyo Ara A82 Alba Noritak Shinmachi Rsidntial Othr A83 Rvst Miki Minami Rsidntial Othr A84 Rvst Hian Rsidntial Othr A85 Vndir Hamaotsu Ekima Rsidntial Othr A86 Salvo Sala Rsidntial Othr A87 Excllnt Kagurazaka Rsidntial Gratr Tokyo Ara A88 Luna Court Edobori Rsidntial Othr A89 Winntag Kob Motomachi Rsidntial Othr A90 Qun s Court Fukuzumi Rsidntial Gratr Tokyo Ara A91 Corp Higashinotoin Rsidntial Othr A92 Blair Oimachi Rsidntial Gratr Tokyo Ara A93 Sit Minami-Tsukaguchi Rsidntial Othr A94 A95 A96 Prim Lif Sannomiya Isogami Kon HERMITAGE NANBA WEST Cntury Park Shinkawa 1-bankan Rsidntial Othr Rsidntial Othr Rsidntial Othr A97 Wst Avnu Rsidntial Gratr Tokyo Ara A98 Littl Rivr Honmachibashi Rsidntial Othr A99 Prim Lif Mikag Rsidntial Othr Subtotal of Rsidntial Proprtis (63 proprtis) 58, B8 Kindai Kagaku Sha Building Offic Gratr Tokyo Ara 1, This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 65

66 Proprty Numbr Proprty Nam Typ Ara Acquisition Pric or Anticipatd Acquisition Pric (mn JPY) (Not 1) Invstmnt Ratio (%) (Not 2) B9 Shinjuku Island Offic Gratr Tokyo Ara B14 Lxington Plaza Nishigotanda Offic Gratr Tokyo Ara 4, B15 Cross Squar NAKANO Offic Gratr Tokyo Ara 1, B16 Ohki Aoba Building Offic Othr B17 Lxington Plaza Hachiman Rtail Othr 3, B18 AEON TOWN Sukagawa Rtail Othr 2, Subtotal of Offic Buildings and Rtail Proprtis (7 proprtis) 14, C1 Stop Parking Kanda- Sudacho Parking Gratr Tokyo Ara Subtotal of Parking Facility (1 proprty) D1 Hotl MyStays Kanda Hotl Gratr Tokyo Ara 2, D2 Hotl MyStays Asakusa Hotl Gratr Tokyo Ara 2, D3 D4 D5 D6 D7 D8 D9 D10 D11 D12 D13 Hotl MyStays Kyoto- Shijo Hotl Othr 6, MyStays Shin-Urayasu Confrnc Cntr Hotl Gratr Tokyo Ara 4, Hotl MyStays Maihama Hotl Gratr Tokyo Ara 4, Hotl Vista Prmio Dojima Hotl Othr 3, Hotl MyStays Nagoya- Saka Hotl Othr 2, Hotl MyStays Sakaisuji- Honmachi Hotl Othr 2, Hotl MyStays Yokohama Hotl Gratr Tokyo Ara 2, Hotl MyStays Nippori Hotl Gratr Tokyo Ara 1, Hotl MyStays Fukuoka- Tnjin-Minami Hotl Othr 1, Flxstay Inn Iidabashi Hotl Gratr Tokyo Ara 1, Hotl MyStays Uno Inaricho Hotl Gratr Tokyo Ara 1, This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 66

67 Proprty Numbr Proprty Nam Typ Ara D14 Flxstay Inn Shinagawa Acquisition Pric or Anticipatd Acquisition Pric (mn JPY) (Not 1) Invstmnt Ratio (%) (Not 2) Hotl Gratr Tokyo Ara 1, D15 D16 D17 Flxstay Inn Tokiwadai Flxstay Inn Sugamo Hotl MyStays Otma Hotl Gratr Tokyo Ara 1, Hotl Gratr Tokyo Ara 1, Hotl Othr 1, D18 D19 D20 Flxstay Inn Kiyosumi Shirakawa Hotl Gratr Tokyo Ara Flxstay Inn Nakanobu P1 Hotl Gratr Tokyo Ara Flxstay Inn Nakanobu P2 Hotl Gratr Tokyo Ara Subtotal of Hotls (20 proprtis) 45, Total Portfolio (91 proprtis) 117, (Not 1) (Not 2) Acquisition pric or anticipatd acquisition pric is as st forth in th rlvant purchas agrmnt or trust bnficiary intrst transfr agrmnt, dos not includ xpnss such as consumption taxs, and is roundd down to th narst million yn. Invstmnt ratio is calculatd as a prcntag of th aggrgat total acquisition pric of our anticipatd portfolio aftr giving ffct to our anticipatd acquisitions, and roundd to on dcimal plac. This English languag notic is a translation of th Japans-languag notic rlasd on Jun 23, 2014 and was prpard solly for th convninc of, and rfrnc by, non-japans invstors. It is not intndd as an inducmnt or solicitation for invstmnt. W caution radrs to undrtak invstmnt dcisions basd on thir own invstigation and rsponsibility. This translation of th original Japans-languag notic is providd for informational purposs only, and no warrantis or assurancs ar givn rgarding th accuracy or compltnss of this English translation. Radrs ar advisd to rad th original Japans-languag notic. In th vnt of any discrpancy btwn this translation and th Japans original, th lattr shall prvail in all rspcts. 67

68 3. Pictur and Map of th Eightn Proprtis D3 Hotl MyStays Kyoto-Shijo D4 MyStays Shin-Urayasu Confrnc Cntr D5 Hotl MyStays Maihama 68

69 69 D6 Hotl Vista Prmio Dojima D7 Hotl MyStays Nagoya-Saka D8 Hotl MyStays Sakaisuji-Honmachi

70 70 D9 Hotl MyStays Yokohama D10 Hotl MyStays Nippori D11 Hotl MyStays Fukuoka-Tnjin-Minami

71 71 D12 Flxstay Inn Iidabashi D13 Hotl MyStays Uno Inaricho D14 Flxstay Inn Shinagawa

72 72 D15 Flxstay Inn Tokiwadai D16 Flxstay Inn Sugamo D17 Hotl MyStays Otma

73 73 D18 Flxstay Inn Kiyosumi Shirakawa D19 Flxstay Inn Nakanobu P1 D20 Flxstay Inn Nakanobu P2