| TOKYU REIT intends to invest approximately 60% of its funds to acquire office properties and 40% to acquire retail properties, each having easy access to train stations, primarily those located in the five central Tokyo wards and near the Tokyu Areas. |
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| With respect to the acquisition of office properties, TOKYU REIT will assess an area's concentration of office facilities, local rental market conditions, the amount of floor space and the proximity of the property to the nearest train station. |
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| With respect to the acquisition of retail properties, TOKYU REIT will from time to time conduct a market evaluation to determine the appropriateness of the areas. This evaluation gives attention to such factors as the concentration of consumer population and movement, the number of households in the areas and their average income, growth potential of the land, current competition conditions, possible competition from future developments and compatibility with tenants. |
