United Urban Investment : Notice Concerning Change in Director, Auditor and Important Employee of the Asset Management Company (scheduled)

For Translation Purposes Only

May 23, 2018

For Immediate Release

United Urban Investment Corporation

Ikuo Yoshida

Executive Officer (Securities Code: 8960)

Asset Management Company:

Japan REIT Advisors Co., Ltd.

Ikuo Yoshida

President and CEO

Inquiries:

Kenichi Natsume

Chief Financial Officer

TEL: [phone]

Notice Concerning Change in Director, Auditor and Important Employee of the Asset Management Company (scheduled)

United Urban Investment Corporation ("United Urban") hereby announces that the board of directors of Japan REIT Advisors Co., Ltd. ("JRA"), the asset management company to which United Urban entrusts asset management services, whose meeting was held today, ratified to submit a proposal for the new appointment of directors, upon the termination of term of office of current directors, and the new appointment of auditors, upon the termination of term of office of current auditor, at the general meeting of shareholders of JRA scheduled for June 18, 2018, as set forth below. In addition, along with the above change, the board of directors of JRA ratified a change in important employee as set forth below.

1. Change in Director (as of June 18, 2018 (scheduled))

Detail of the Change

Newly-appointed Director	Retiring Director
Director (full-time)Norimasa Gaun (re-appointed) (Note1) Kenichi Natsume Director (full-time) (re-appointed) Yoshihiro Itani Director (full-time) (Note2) (Note3) Director (non-executive)Testuji Yamamoto (re-appointed) Director (non-executive) Manao Kashimura (re-appointed)	Representative Director Ikuo Yoshida (full-time)

(Notes)

• 1. After the appointment as of June 18, 2018 as a director at the general meeting of shareholders of JRA, director candidate Norimasa Gaun will be proposed as a candidate for representative director at the meeting of board of directors of JRA to be held on June 18, 2018.

• 2. The career summaries of the newly appointed director are given in the attachment.

• 3. Yoshihiro Itani, a candidate for director, will be newly appointed as an important employee (Chief Investment Officer) on June 18, 2018 as set forth below "3. Change in Important Employee."

2. Change in Auditor (as of June 18, 2018 (scheduled))

Detail of the Change

Newly-appointed Auditor	Retiring Auditor
Auditor (full-time)Keiji Matayoshi (Note) Auditor (non-executive) Takashi Uemoto (Note)	Auditor (full-time) Keiji Kato

(Note) The career summary of the newly appointed auditor is given in the attachment.

3. Change in Important Employee (as of June 18, 2018 (scheduled))

Detail of the Change

Title	New	Current
Chief Investment Officer	Yoshihiro Itani (Note)	Norimasa Gaun

(Note) The career summary of the newly appointed important employee (Chief Investment Officer) is given in the attachment.

The change of director and auditor above will be necessary reported in accordance with provisions of the

Financial Instruments and Exchange Act, provisions of the Building Lots and Buildings Transaction Business Act and the other applicable legislation.

Moreover, the change of important employee above will be necessary reported to the commissioner of the Financial Services Agency as a change in important employee in accordance with provisions of Financial Instruments and Exchange Act as a change of an employee or employees specified by a Cabinet Order.

[Attachment]

Title	Name	Career Summary
Director and Chief Investment Officer	Yoshihiro Itani	April 1993 April 1998 April 2003 April 2005 April 2006 April 2008 April 2011 April 2012 April 2013 October 2013 April 2014 March 2015 April 2015 November 2015 April 2016 October 2016 April 2017 April 2018	Joined Marubeni Corporation, Housing Section-I of Osaka Development & Construction Dept.-II Housing Section-II of Osaka Development & Construction Dept.-II Housing Section-II of Tokyo Housing Development Dept.-II Urban Development Section-I of Urban Development Dept. Investment Planning Sec. of Urban Development Dept. Investment Planning Sec.-II of Urban Development Dept. Chief Manager of Office Building Team, Real Estate Management Section, Real Estate Business Dept. Chief Manager of Office Team /Retail Team, Real Estate Management Sec., Real Estate Business Dept. Chief Manager of Housing Development team-III, Development & Construction Dept.-I Chief Manager of Planning & Land Acquisition Team-I, Real Estate Development Dept.-I Assistant General Manager of Development & Construction Dept.-I Concurrently, Chief Manager of Planning & Land Acquisition Team-I Concurrently, New Office Building Project Sec. General Affairs Dept. Assistant to General Manager of Corporate Planning & Strategy Dept. Section Manager of New Business Development Sec., Corporate Planning & Strategy Dept. Section Manager of New Business Development Sec., Corporate Planning & Strategy Dept. Concurrently, New Office Building Project Sec. General Affairs Dept. Assistant General Manager of Housing Development Dept. Concurrently, New Office Building Project Sec. of General Affairs Dept. Assistant General Manager of Housing Development Dept. Seconded to Japan REIT Advisors Co., Ltd. General Manager of Investment team General Manager of Asset Management Department Concurrently, Sub Chief Investment Officer (current position)

Auditor

Keiji MatayoshiApril 1987

August 1987

Joined Marubeni Corporation, Osaka Business Accounting Section of Development & Construction Administration Dept. Housing Section-II of Osaka Development & Construction Dept.

April 1988

Housing Section-II of Osaka Development & Construction Dept.-II

April 1992

Osaka Business Accounting Section of Development & Construction Administration Dept.

April 2001

Section Manager of Osaka Development & Construction Accounting Section, Development & Construction Administration Dept.

April 2002

Section Manager of Osaka Development & Construction Accounting Section, Development & Construction Accounting Dept.

April 2005

Section Manager of Development & Construction Accounting Section, Development & Construction Accounting Dept.

April 2008

Seconded to Japan REIT Advisors Co., Ltd.

February 2015 April 2015 January 2017 April 2018	General Manager of Management Dept. Returned to Marubeni Corporation, Assistant to General Manager of ICT, Finance & Insurance, Real Estate Business Administration Dept. Assistant to General Manager of Planning & Strategy Dept., Food & Consumer Products Group Seconded to Marubeni Mates Ltd., Auditor Seconded to Japan REIT Advisors Co., Ltd., Assistant to President (current position)
Auditor (non-executive)	Takashi Uemoto	April 1989 April 1999 April 2006 April 2009 September 2010 April 2014 April 2016 April 2018	Joined Marubeni Corporation, Construction Section of Osaka Development & Construction Dept.-II Material & Construction Accounting Section-III of Material & Construction Accounting Dept. Section Manager of Domestic Estate Management Section, Estate Management Dept. Assistant General Manager of Housing Development Dept.-I Chief Auditor, Audit Dept. Section Manager of Internal Control Assessment Sec., Audit Dept. Section Manager of Internal Control Project & Assessment Sec., Audit Dept. Assistant General Manager of Planning & Strategy Dept., Food & Consumer Products Group Concurrently, Manager of Audit Team