Roel~efeller THE ROCKEFELLER GROUP ~?~> DEPT. OF CORPORATE COMMUNICATIONS. NEWS RELEASE -For Immediate Release ~ ~~~~

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1 THE ROCKEFELLER GROUP ~?~> DEPT. OF CORPORATE COMMUNICATIONS Roel~efeller NEWS RELEASE -For Immediate Release ~ ~~~~ 'I'VE ROCKEFELLER GROUP TO ACQUIRE MA.TORITY INTEREST IN TA REALTY Strategic investment in leading U.S. real estate advisor to establish a global investment management platform with $32 billzon in assets under management NEW YORK, Oct. 30, 2014 The Rockefeller Group, the global property owner, developer and investment manager, has entered into an agreement to acquire a majority interest in TA Realty LLC, a leading Boston-based real estate investment management firm with approximately $12 billion in assets under management. TA Realty will become The Rockefeller Group's primary real estate investment management platform in the United States. Terms of the deaf, which is scheduled to close by year end, have not been disclosed. The acquisition will establish a global investment management platform totaling $32 billion in assets under management on a worldwide basis under Mitsubishi Estate Co., Ltd. ("Mitsubishi Estate"). The Rockefeller Group is a wholly-owned subsidiary of Mitsubishi Estate. TA Realty, which was established in 1982, is one of the largest and most experienced privately held real estate advisors in the United States. Since that time, the Firm has acquired, invested andlor managed over $22.0 billion of real estate on behalf of hundreds of U.S. and non-u.s. institutional investors. The firm currently manages four active value-added commingled funds and multiple separate accounts comprising more than 77.2 million square feet of commercial real estate and 14,600 residential units in 35 U.S. markets. As a member of The Rockefeller Group, TA Realty will continue to execute its historical strategic investment approach within its core and value-added related strategies. The firm will complement and accelerate the growth of The Rockefeller Group's investment management platform in the United States. "We're proud to advance our investment management capabilities with the investment in TA Realty in the United States," said Atsushi Nakajima, president and chief executive officer of The Rockefeller Group. "TA Realty brings an experienced management team with more than 20 partners averaging more than a decade with the firm. The team's long tenure and industry experience signals a strong cultural fit with The Rockefeller Group, on top of the complementary business objectives of both companies." "We are very pleased to join The Rockefeller Group, and by extension the Mitsubishi Estate platform," said Michael Ruane, founder and managing partner of TA Realty. "These are complementary businesses with decades of expertise in real estate investment management. Our investors will benefit from the strengths of this partnership as it ensures the sustainability of TA Realty's investment management culture for many years to come. In addition, the partnership allows for the opportunity to expand the breadth of equity to our partners and key professionals enhancing our alignment with investors." -more-

2 s'-~:. ~e~uisition i~ viewed by The Rockefeller Group as an opportunity to accelerate its recent :access in esta6lis~in~ an investment management platform in the United States and Europe. The company became a strategic investor in European property fund manager Europa Capital in 2010, and closed its first U.S. property fund in 2013, which is now fully invested. The combined AUM for The Rockefeller Group's existing investment management pfat~orm, including Rockefeller Group U.S. Premier Office Fund LP, separate accounts anti Europa Capital, total approximately $4 billion. Mitsubishi Estate manages approximately $16 ~iiiion through Japan Real Estate Asset Management Co. Ltd., manager of the listed J-REIT Japan Real ~~r~rp T~~,P~~~nt ~~r~~ration, as well as Mitsubishi Jisho Investment Advisors Inc. ~~~ About TA Realty Established in 1982, TA Realty LLC ("TA Realty") is one of the largest and most experienced privately held real estate advisors in the United States. Since that time, the Firm has acquired, invested and/or managed over $22=Q billion of real estate on behalf of hundreds of U.S. and non-u.s. institutional investors. TA Realty currently manages $12 billion in assets under management comprising four active value-added commingled funds and multiple separate accounts. The firm's real estate portfolio totals more than 77.2 million square feet of commercial real estate and 14,600 residential units located in 35 markets nationwide. About The Rockefeller Croup The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than eight decades, the company has engaged in some of America's most significant and recognizable real estate endeavors, beginning with the development of one of the world's finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan. Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property, including more than 5 million square feet since Today, the company owns, manages and invests in a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm's October strategic investment in ttie London-based real estate fund manager Europa Capital. The Rockefeller Group is wholly-owned by Mitsubishi Estate Co., Ltd., a world leader in real estate development, ownership and investment management. More information is available at wwwxockefellergroup.com. ###

3 From: Hinds, Conor Sent: Thursday, October 30, :32 AM To: Van Wyk, Becky Subject: RE: TA Realty Strategic Partnership Announcement Becky, Yes, we have met our commitment to fund a $30MM investment in TA Realty Associates IX. FCERA funded TA Realty Associates IX in 2009 and the investment is still active. Thanks, Conor Hinds Supervising Accountant Fresno County Employees' Retirement Association 1111 H Street Fresno, CA (559) (559) fax Original Message----- From: Van Wyk, Becky Sent: Thursday, October 30, :14 AM To: Hinds, Conor Subject: FW: TA Realty Strategic Partnership Announcement Is FCERA still active in this partnership? Please call ( ) or me if you have further questions. Sincerely, Becky Van Wyk, CPA Interim Retirement Administrator Fresno County Employees' Retirement Association 1111 H Street Fresno, CA Original Message----- From: Myra Kelley [mailto:mkelley@tarealty.com] On Behalf Of TA Realty Managing Partners Sent: Thursday, October 30, :30 AM To: Van Wyk, Becky Subject: TA Realty Strategic Partnership Announcement Dear Becky: We are pleased to inform you that Rockefeller Group International, Inc. ("RGI"}, a wholly-owned subsidiary of Mitsubishi Estate Co., Ltd. ("MEC"), has agreed to acquire a majority equity interest in TA Realty LLC ("TA Realty"). As such, TA Realty will become MEC and RGI's primary real estate investment management platform in the United States.

4 A partnership with MEC/RGI represents an opportunity for TA Realty to align with a knowledgeable and experienced global real estate entity that truly understands real estate investment. In addition, TA Realty and MEC share the core guiding business principles of acting with integrity and fairness, creating a vibrant and dynamic work environment and striving to earn and maintain the trust of investors and clients. TA Realty's decision to engage in a strategic partnership was predicated on two elements: what is in the best interests of investors and what is in the best interests of the firm's Partners and staff. By preserving our model, TA Realty will continue to serve investors as we have for over 30 years while also ensuring firm stability and management continuity as well as maintaining the unique culture of TA Realty that we value so highly. This partnership is not with an insurance company or an asset management, financial services or private equity firm where real estate investment is only a part of the focus. At MEC and RGI, real estate investment is the only focus, which will allow TA Realty to sustain its entrepreneurial spirit and culture without becoming institutionalized. We believe that, based on shared values, a partnership with MEC/RGI will enable TA Realty's investment approach to continue unchanged. From an operational standpoint, business is expected to operate as usual with TA Realty maintaining autonomy over investment management decisions and all day-to-day matters. TA Realty will have the resources and managerial independence necessary to continue to invest in additional staff and other capital required to enable the firm to best serve investors in the ~~ears ahead. In addition, MEC and RGI employ a long-term, stable approach to real estate investment management, reinforcing the expectation of a seamless transition. We have long articulated that the main objective of the firm's succession plan is continued operation of the firm by the next generation of employees in a manner that best serves the interests of investors. The strategic partnership with MEC/RGI will allow for a systematic and structured approach through which TA Realty's Partners will more broadly participate in the equity ownership of the firm to further enhance alignment with our investors. The current leadership team is committed to remaining in place for many years. As Managing Partners, we will continue to lead the firm with the guidance and expertise of other TA Realty Partners and the firm's Management and Investment Committees. The sophistication and sound balance sheet of MEC wi11 provide additional support for TA Realty investment initiatives, and given MEC's global enterprise, this partnership will also extend our reach to new investors in Europe, Asia and other international locations. With this partnership, TA Realty will become MEC/RGI's primary real estate investment management platform in the United States. The firm will not be pressured to expand beyond our historical geographic parameters, and we expect to continue to focus on, and

5 excel at, our core competency of U.S, real estate investment. This is consistent with our often-mentioned, traditional "stick to our knitting" approach to investment; we will remain disciplined and committed to value-added and core investment strategies. The firm's historical alignment with our valued investors will continue to be our priority. You have supported TA Realty and have relied upon us as a trustworthy fiduciary. We are committed to continuing to serve you with the same standard of care, transparency, integrity and respect that you expect and deserve. Please do not hesitate to contact us at to address any of your thoughts or questions. A copy of the press release RGI distributed earlier today is attached. Thank you again for your continued support, and we look forward to serving you in the years ahead. Sincerely, Michael A. Ruane Founder and Managing Partner James O. Buckingham Managing Partner Thomas E. Landry Managing Partner