Dear Shareholders and Investors:

The Japanese economy finally started showing some signs of recovery in certain sectors, though deterioration of corporate performance and decline in consumer spending still continue as a result of the economic slowdown across the world. Meanwhile, in the real estate industry, the business environment remains extremely tough as reflected in the ongoing high vacancy rate in urban areas and continual drop in rental income due to intensifying competition in tenant solicitation.

Amidst such circumstances, we newly acquired an office building in Shinsaibashi, Osaka to further expand our operating base. We also restarted operations at the WINS Umeda B Building at the end of 2009 as previously scheduled after renovations were completed.

Although the business environment surrounding our company is expected to remain challenging, we will strive to improve our business results by making new investments in a proactive and continuous manner and improving the vacancy rate through concentration of our energies on tenant solicitation activities. We are also committed to proactively addressing environmental concerns for which we are highly regarded by society, and engage in our businesses from mid- and long-term views.

We look forward to your continued support and cooperation.