Trademark Licence

Under a trademark license agreement dated July 14, 2003 between Tokyu Corporation and TOKYU REIT, Tokyu Corporation permits TOKYU REIT to use the "TOKYU" trademark (including such trademark as it appears in the Japanese language). The trademark license agreement will automatically terminate if Tokyu REIM ceases to be TOKYU REIT's asset manager, and may be terminated by Tokyu Corporation if TOKYU REIT does not comply with, or change materially, the basic investment policies set forth in TOKYU REIT's articles of incorporation. However, this is a licensor-licensee contractual relationship between Tokyu Corporation and TOKYU REIT and the use by TOKYU REIT of the "TOKYU" trademark does not constitute a partnership, joint venture, representation, guarantee or similar legal relationship between TOKYU REIT and Tokyu Corporation.

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