We, Nippon Commercial Investment Corporation have been listed on the Tokyo Stock Exchange, or the TSE as a J-REIT since September 26, 2006.

We intend to focus on investing in a portfolio of commercial real estate consisting primarily of office and retail properties located in metropolitan areas of Japan, especially those in the central areas of such metropolitan areas. To a lesser extent, we also intend to invest in retail properties located in the suburban areas of metropolitan areas where population densities are sufficient to provide stable retail demand. As a result, we believe will benefit from recent trends in Japan, including an improving Japanese economy and the increasing concentration of Japan's population in large metropolitan areas.

Our investment objective is to maximize the value of our Units and cash available for distribution through external growth and internal growth by investing in commercial real estate that we believe will generate stable cash flow and provide potential rental revenue growth.

I wish, finally, to express my deepest appreciation for your support of Nippon Commercial Investment Corporation.

Tomohiro Makino
Executive Director, Nippon Commercial Investment Corporation