CEO

Dear Stakeholders,

In May 2010, the shareholder composition of Premier REIT Advisors Co., Ltd. (PRA), the asset management company for Premier Investment Corporation (PIC), was changed with NTT Urban Development Corporation (NTT Urban Development) becoming the largest sponsor holding majority stake (53.1%) of the company. PRA's management team was also restructured in line with this change to show a resolute commitment to the asset management of PIC and efficient operation of PRA.

NTT Urban Development is a general real estate company belonging to the NTT (Nippon Telegraph and Telephone Corporation) Group achieves remarkable performance in the development of office buildings and the real estate leasing business. PRA will take advantage of the advanced ability of NTT Urban Development to develop office buildings, along with the abundant real estate (primarily housing) and finance know-how and experience possessed by its ongoing sponsors (Ken Corporation Ltd., SOHGOH REAL ESTATE CO., LTD., The Chuo Mitsui Trust and Banking Company Limited and Nikko Properties Co., Ltd.), to reinforce PIC's portfolio and enhance its quality.

The recent economic recession and the “Lehman Shock” have forced J-REITs to undergo some unprecedented difficulties. However, there has recently been a general positive reassessment of J-REITs due to the progression of industry restructuring, commencement of government support and improvements in financing conditions. This has naturally resulted in growing expectations for the return of an active J-REIT market.

PRA is committed to reinforcing our management capabilities under the framework of the new sponsorship, and is working to enhance PIC's profitability and raise dividend levels by steadily seizing opportunities that should arise as J-REITs enter a new stage in their evolution. We thank and request the continued support of PIC's unitholders and PRA's stakeholders.

Resume

Kimito Muragishi	Apr. 1971	Joined Nippon Telegraph and Telephone Corporation
	Jan. 1999	Seconded to NTT Urban Development Corporation
	Apr. 2000	Senior Executive Manager of Business Planning Department, NTT Urban Development
	Jun. 2008	Senior Executive Director and Director on Special Assignment, NTT Urban Development
	Jun. 2010	President and CEO, Premier REIT Advisors Co., Ltd.

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