To whom it may concern

Tosei Asset Advisors, Inc., a 100% owned subsidiary of Tosei Corporation (Head Office: Minato-ku, Tokyo, President & CEO: Seiichiro Yamaguchi, Securities Code: 8923 TSE 1st Section), today announced that it completed a closing of asset management agreement to manage residential real estate businesses in which Blackstone Real Estate Partners Asia will make an investment.

Tosei Asset Advisors is pleased to announce the closing of asset management agreement to manage residential real estate businesses in which Blackstone Real Estate Partners Asia will make an investment. The Fund will make an investment into businesses that own and operates residential real estate businesses consisting of 204 properties with approx. 10,000 units. The properties are located primarily in Tokyo, Osaka, Nagoya, Fukuoka and Sapporo areas, with over half of the properties located in the greater Tokyo area. Individual properties are at the value of JPY500 million to JPY2,000 million.