NCI will advance and prepare for the absorption-type merger with United Urban Investment Corporation ("UUR") whereby UUR is to be the surviving investment corporation and NCI is to be the extinguished investment corporation which is scheduled to be effective on December 1, 2010.

New UUR, after the merger, will maximize unitholder's value by securing stability of revenue in a mid- to long term, through integration of leasing know-how as a diversified J-REIT and cost reduction by utilizing merit of scale.

Integration of leasing know-how as a diversified J-REIT

Sharing of leasing know-how and pursuit of best practices through the integration of personnel
Establishment of a management system that is optimized for each property through the increase in number of asset managers

Cost reduction by utilizing merit of scale

Integration of external providers such as property managers and improvement of efficiency
Reduction of administrative expenses, listing fees to TSE, etc.