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Message from President

Dear Investor,

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On behalf of Tokyo Realty Investment Management, Inc. (TRIM), I would like to express our sincere gratitude for your loyal patronage.

TRIM was established in April 2000 as the asset management company for Japan Prime Realty Investment Corporation (JPR). JPR, for which TRIM conducts asset management, was listed on the Tokyo Stock Exchange Real Estate Investment Trust Section (J-REIT market) in June 2002 as the country's fifth J-REIT. That represented the first listing of a J-REIT with a combined portfolio of office properties and retail properties. Since then, JPR has steadily expanded its asset size, with proven track records of stable management and operations.

TRIM is sponsored by Tokyo Tatemono Co., Ltd. and three other companies that are deeply engaged in the operation of office buildings and retail properties. TRIM makes the best use of the know-how of these shareholders in conducting asset management. As a group of professionals having expertise and highly advanced management know-how on real estate, construction and finance that are essential for conducting real estate business, we at TRIM wok to acquire blue-chip properties for JPR, conduct appropriate management tailored to tenants' needs and maintain and enhance the asset value through systematic investments, in an effort to maximize unitholder value. At the same time, we endeavor to contribute to the sustainable development of the society and the investment management business through our operations.

All of our officers and employees are resolved to make TRIM a company that is trusted by investors and can meet their expectations. We appreciate and request your continued support and encouragement.

Yoshihiro Jozaki
President and CEO
Tokyo Realty Investment Management, Inc.



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