Management Business and Leasing Business Overview

2-2. Property Sales Business: Overview & Strengths 2-2-4. Property for Sale (Property Sales to Investors) We use our development capabilities to create superior assets Jingumae M-SQUARE Inventory of Property for Sale to Investors1 Total: JPY 442 bn (As of March 31, 2011) On balance sheet: JPY 228 bn Completed in 2009 LaLaport SHIN MISATO Off balance sheet: JPY 214 bn Shibaura Island Air Tower Operating office buildings ≈ 25% Operating retail facilities ≈ 20% Planned & under development Operating rental housing properties ≈ 10% ≈ 45% Opened in 2009 1: Consolidated basis. On-balance sheet real properties for sale including advances paid for purchases, and assets held by SPCs for the property sales business Completed in 2007 Air Terras 17

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