Summary of Financial Report

For Translation Purposes Only

January 20, 2026

Name of issuer: United Urban Investment Corporation (United Urban)

Listing: Tokyo Stock Exchange

Securities code: 8960

URL: https://www.united-reit.co.jp/en/

Representative: Kenmin Asatani, Executive Officer

Asset Management Company: Marubeni REIT Advisors Co., Ltd. (MRA) Representative: Junichi Batai, President and Chief Executive Officer

Inquiries: Shuichi Kamizono, Managing Director and Executive Officer, Chief Financial Officer TEL: +81-3-5402-3680

Scheduled date of filing of Securities Report: February 26, 2026 Scheduled date for commencing dividend payments: February 13, 2026 Supplementary Materials on Financial Results: Scheduled

Financial Results Conference: Scheduled (for analysts and institutional investors (Japanese language only))

(Amounts are rounded down to the nearest millions of yen, unless otherwise indicated)

1. Performance for the Fiscal Period Ended November 30, 2025 (June 1, 2025 - November 30, 2025)

   1. Business Results

      (Percentage figures show the increase/decrease rate compared to the previous period)

      	Operating Revenues		Operating Income		Ordinary Income		Net Income
      Fiscal period ended November 30, 2025 Fiscal period ended May 31, 2025	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      	28,180 27,380	2.9 (2.9)	13,717 13,086	4.8 (5.1)	12,288 11,836	3.8 (6.7)	12,287 11,835	3.8 (6.7)

      	Net Income per Unit	Return on Equity	Return on Assets	Ordinary Income to Operating Revenues
      Fiscal period ended November 30, 2025	Yen 4,012	% 3.4	% 1.7	% 43.6
      Fiscal period ended May 31, 2025	3,863	3.3	1.6	43.2

   2. Distributions

      	Cash Distributions per Unit (excluding excess of earnings)	Total Cash Distributions (excluding excess of earnings)	Distributions in Excess of Earnings per Unit	Total Distributions in Excess of Earnings	Payout Ratio	Distribution Ratio to Unitholders' Equity
      Fiscal period ended November 30, 2025 Fiscal period ended May 31, 2025	Yen 4,142 4,010	Millions of yen 12,685 12,281	Yen - -	Millions of yen - -	% 103.2 103.8	% 3.5 3.4

      Notes: 1. "Payout Ratio" is rounded down to the nearest one decimal place.

2. The resource for cash distributions for the fiscal period ended May 31, 2025 was the result of adding a reversal of reserve for temporary difference adjustments (¥77 million), a reversal of reserve retained for distribution (¥44 million) and a reversal of reserve for reduction entry (¥323 million) to the net income. The resource for cash distributions for the fiscal period ended November 30, 2025 was the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) and a reversal of reserve for reduction entry (¥323 million) to the net income. Therefore, it differs from "net income" of each fiscal period, respectively.

1. Financial Position

   	Total Assets	Total Unitholders' Equity (Net Asset)	Equity Ratio	Net Asset per Unit
   Fiscal period ended November 30, 2025	Millions of yen 729,961	Millions of yen 358,371	% 49.1	Yen 117,015
   Fiscal period ended May 31, 2025	733,648	358,158	48.8	116,945

2. Conditions of Cash Flows

(Percentage figures show the increase/decrease rate compared to the previous period)

[Reference] Estimated net income per unit (full business year):

Fiscal period ending May 31, 2026 ¥4,525 Fiscal period ending November 30, 2026 ¥4,575

Note: The resource for cash distributions for the fiscal period ending May 31, 2026 and the fiscal period ending November 30, 2026 is the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) to the net income. Therefore, it differs from "net income" of each fiscal period.

1. Change in Accounting Policies, Change in Accounting Estimate, and Restatement

   1. Changes in accounting policies in accordance with a revision of the accounting rules: Not Applicable

   2. Changes in accounting policies other than 1, above: Not Applicable

   3. Changes in accounting estimate: Not Applicable

   4. Restatement: Not Applicable

2. Total Number of Investment Units Issued and Outstanding

   As of November 30, 2025	3,062,600 units	As of May 31, 2025	3,062,600 units
   As of November 30, 2025	0 units	As of May 31, 2025	0 units

   1. Total number of investment units issued at the end of the fiscal period (including own investment units)

   2. Number of own investment units at the end of the fiscal period

      Note: For the number of investment units used as the basis for the calculation of net income per unit, please refer to "Notes to Per Unit Information" on page 31.

3. Rounding of Fractions of Amounts and Ratios

   Unless otherwise specifically indicated, amounts in this report have been rounded down to the units stated and the ratios have been rounded to the nearest one decimal place.

   • This report ("Brief Report on the Closing of Accounts" (Kessan-Tanshin)) is not subject to audits by a certified public accountant or an audit corporation.

   • Special Notes

   Forward-looking statements contained in this material are our current expectations produced as of the date hereof, based on certain assumptions. Accordingly, the actual operating revenues, operating income, ordinary income, net income, cash distributions per unit and distributions in excess of earnings per unit may differ from forecasts because of future acquisitions and sales of properties, real estate market trends and changes in other situations concerning United Urban. In addition, forward-looking statements are not guarantees of payment of any cash distributions by United Urban. For details of the assumptions made, please refer to the "Assumptions for the Forecasts of Financial Results for the Fiscal Period Ending May 31, 2026 (45th fiscal period: from December 1, 2025 to May 31, 2026) and the Fiscal Period

   Ending November 30, 2026 (46th fiscal period: from June 1, 2026 to November 30, 2026)" on page 11.

   
   
   

   DISCLAIMER

   This is an English-language translation of original Japanese document "the Brief Report on the Closing of Accounts" (Kessan-Tanshin) for the fiscal period ended November 30, 2025. This translation is provided for information purpose only and is not intended to constitute a statutory document for an offer to sell, or seeking an offer to buy, any securities of United Urban. United Urban makes no assurance or warranty with respect to the completeness or accuracy of this English translation; the Japanese versions of the Kessan-Tanshin should always be referred to as the originals of this document.

Table of Contents

1. Management Status

   Management Status

   1. Overview during the period

      1. Investment environment and operation

         1. Investment environment

            The Bank of Japan has begun raising its policy rate, shifting toward exiting from the deflationary environment and normalizing its monetary policy. Despite the impact of a weak yen and rising cost of living among other factors, the Japanese economy continues to be on a moderate recovery trend, with capital investment and consumer spending showing signs of recovery. Furthermore, the number of inbound visitors (foreign visitors to Japan) in October 2025 reached a new historical record for that month. Although concerns have arisen regarding the impact of the Chinese government's advisory against travel to Japan issued in November 2025, occupancy rates remain high, particularly among urban hotels, and inbound tourism continues to be an important driver of recovery for the Japanese economy. Nevertheless, it is necessary to closely monitor trends moving forward, as there are many uncertain factors in the political and economic environment both domestically and internationally.

            The real estate leasing market in Japan remained strong across the board during this period.

            Hotel occupancy rates and room rates are both improving, thanks to the impact of the Osaka Expo in addition to the abovementioned increasing demand from inbound visitors. As a result, RevPAR (Note) at many hotels exceeded previous record-high levels.

            Retail facilities have seen overall steady performance by tenants, with strong sales by tenants in service and goods industries on the back of the pickup in economic activity and increased demand from inbound visitors.

            In the office market, vacancy rates of newly built large-scale office buildings in central Tokyo have decreased significantly, remaining under 5% due to relocation demand from tenants seeking to secure more space or better locations, etc., and rents in the business districts of Tokyo continue to trend upwards.

            Residential demand continues to be firm across all regions, and occupancy rates remain stable. Rents are trending upwards, mainly for multi-family type apartments in central Tokyo.

            In the logistics (warehouse) market, supply is continuing to grow in the Tokyo Metropolitan Area and areas around other major cities throughout Japan. Although occupancy rates are showing some signs of weakening, rents have remained flat.

            Note: Revenue Per Available Room, or RevPAR, is calculated by dividing total room revenue by the number of rooms available, and indicates the revenue generated per available room per day.

         2. New acquisition and sale of property

            During the period, United Urban acquired the following three properties.

            Property No.	Property Name	Type (Note 1)	Location	Acquisition Price (Millions of yen) (Note 2)	Acquisition Date
            C24	the b ochanomizu	Hotel	Chiyoda-ku, Tokyo	2,780	June 30, 2025
            C25	Smile Hotel Premium Osaka Honmachi	Hotel	Osaka, Osaka	8,690
            E25	Charm Suite Kitabatake	Nursing home	Osaka, Osaka	2,894
            Total				14,364

            On the other hand, during the period, United Urban sold the following three properties.

            Property No.	Property Name	Type (Note 1)	Location	Sale Price (Millions of yen) (Note 2)	Date of Sale
            E15	Hirakata Nagao Logistics Center	Warehouse	Hirakata, Osaka	3,100	June 30, 2025
            A14	ACTIOLE Kannai	Store	Yokohama, Kanagawa	2,160	July 1, 2025

            Property No.	Property Name	Type (Note 1)	Location	Sale Price (Millions of yen) (Note 2)	Date of Sale
            A8	Miyamae Shopping Center	Store	Kawasaki, Kanagawa	5,500	September 12, 2025
            Total				10,760

            Notes: 1. Of the types of use indicated in the real estate register, the primary type is stated. The same shall apply hereinafter.

   2. The acquisition price and the sale price are stated based on the prices stated in the purchase and sale agreements concerning the acquisition or sale of each property, and do not include expenses related to the acquisition or sale and consumption tax, etc. In addition, the acquisition price is rounded to the nearest whole unit. The same shall apply hereinafter.

      1. 1. Portfolio overview

            As a result of the acquisition and sale of properties mentioned above (ii), United Urban held a total of 142 properties, comprising 34 retail properties, 34 office buildings, 2 retail-office complexes, 24 hotels, 2 office-hotel complexes, 25 residential properties and 21 others, with an aggregate acquisition price of ¥705,869 million at the end of the 44th fiscal period (as of November 30, 2025). In addition, the total leasable floor space was 1,694,122.19 sq. m. and the total number of tenants was 3,005.

            United Urban has continued to focus on maintaining occupancy rates during the period. As a result, the occupancy rate for the entire portfolio at the end of each month during the period fluctuated between 99.1% and 99.2%, and stood at 99.2% at the end of the 44th fiscal period (as of November 30, 2025).

         2. Sustainability initiatives

            United Urban and MRA support the UN's Sustainable Development Goals (SDGs), aiming to realize a sustainable, diverse, and inclusive society through initiatives that help resolve environmental, social, and economic problems and create new value ("Sustainability Activities"). Given the prospect of achieving the medium-term targets by 2030 (a 42% reduction in Scope 1 and Scope 2 GHG emissions of the portfolio compared to 2021), we have set the following reduction targets:

            1. reduce the combined amount of Scope 1, Scope 2 and Scope 3 GHG emissions of the portfolio by 36% by 2035 (compared to 2024)

            2. achieve net zero GHG emissions including the value chain (Scope 3) by 2050.

               For our climate change initiatives, United Urban has set a medium-term target of maintaining the percentage of the properties with the environmental certification in its portfolio at 80% or more based on gross floor area by May 2027 as the target year. As of November 30, 2025, we have achieved environmental certifications for 88.6%, exceeding our target. Moreover, as a result of our Sustainability Activities, in the 2025 survey by the GRESB Real Estate Assessment, an international benchmark for measuring ESG integration of real estate companies and funds, United Urban received 4 Stars in the five-level GRESB Rating (the second-highest level). Moreover, in the results for the GRESB Public Disclosure Level Assessment, United Urban received the highest level: A.

               MRA expressed support for the recommendations of the TCFD (Task Force on Climate-related Financial Disclosures) in January 2022. A cross-organizational team representing MRA departments conducted a scenario analysis of climate risks and opportunities for United Urban's portfolio. The team followed the TCFD's recommendations, then disclosed the results of their analysis on the sustainability website (https://uur-sustainability.com/en/sustainability/).

      2. Financing overview

         During the period, United Urban procured debt financing for acquiring specified assets and the repayment of interest-bearing liabilities.

         The status of interest-bearing liabilities at the end of the previous period and the end of the 44th fiscal period are as follows.

         (Millions of yen)

         			Balance at the end of the 43rd Fiscal Period (As of May 31, 2025)	Balance at the end of the 44th Fiscal Period (As of November 30, 2025)	Changes
         		Short-term borrowings	1,200	2,600	+1,400
         		Long-term borrowings	297,253	301,253	+4,000
         		(borrowings due for repayment within one year)	(29,800)	(37,300)	(+7,500)
         	Total of borrowings		298,453	303,853	+5,400
         	Corporate bonds		34,100	26,100	-8,000
         	(corporate bonds that is to become due for maturity within one year)		(18,000)	(17,000)	(-1,000)
         Total of interest-bearing liabilities			332,553	329,953	-2,600

         Moreover, the details of ratings of United Urban as of December 31, 2025 are as follows.

         Rating Agency	Details
         Japan Credit Rating Agency Ltd.	Long-Term Issuer Rating: AA	Rating Outlook: Stable

      3. Overview of financial results and distribution

      As for financial result of the fiscal period, United Urban achieved operating revenues of ¥28,180 million (up by 2.9% from the previous period), profit from rental activities of ¥15,112 million (down by 0.2% from the previous period), operating income of ¥13,717 million (up by 4.8% from the previous period), ordinary income of ¥12,288 million (up by 3.8% from the previous period), and net income of ¥12,287 million (up by 3.8% from the previous period).

      As for cash distribution, United Urban has decided to distribute an amount calculated by adding ¥77 million, which is a reversal of the reserve for temporary difference adjustments in accordance with "Ordinance on Accountings of Investment Corporations" and "Regulations Concerning Real Estate Investment Trusts and Real Estate Investment Corporations" stipulated by the Investment Trusts Association, Japan and ¥323 million of a reversal of reserve for reduction entry in accordance with the Article 65-7 of the Act on Special Measures Concerning Taxation, to ¥12,287 million of unappropriated retained earnings. As a result, cash distribution per unit was ¥4,142, and the total distribution amount was ¥12,685 million.

2. Outlook for the next fiscal period

1. Outlook for overall operation

   In December 2025, the Bank of Japan raised its policy rate from 0.50% to 0.75%. Despite the continued weak yen and rising cost of living, the Japanese economy is expected to stay on a moderate recovery trend. Continuing from the current fiscal period, it is expected that the real estate investment and leasing markets will remain strong overall in the next fiscal period as well.

   Our portfolio is balanced across various asset types to seek stable income growth through diversified investment. Even amid uncertain conditions, we consider it vital to further ensure steady profits from the entire portfolio by focusing on stable operations that can adapt to social changes while discerning the trends in the real estate investment and leasing markets.

   Based on this understanding of the business environment, United Urban will pursue qualitative improvement and expansion of its portfolio by replacing assets and promoting external growth, and return gains on sales to unitholders in line with its basic policies of the medium-term growth strategy, while closely watching trends in the real estate investment market. In terms of property acquisitions, we will take a proactive approach to a wide range of real estate investment opportunities and promote selective investments by applying various acquisition methods. For existing properties, United Urban will continue to work on stable management and further profitability improvement by increasing rents in this inflationary environment, maintaining or increasing occupancy rates, and reducing business costs, among other actions.

   Regarding financial management amid rising interest rates, United Urban works to reduce the cost of financing

   by employing a variety of procurement strategies, while continuing to build a robust and sound financial base through efforts that include appropriately controlling the LTV level, diversifying the maturities of interest-bearing liabilities, and ensuring adequate liquidity.

   Focusing on sustainable growth through maximizing unitholder value, establishing a relationship of trust with stakeholders, and seeking harmony with the environment and society, United Urban is dedicated not only to improving its finances but also to addressing nonfinancial challenges in the areas of environment, society, and governance (ESG) as well as the UN's Sustainable Development Goals (SDGs).

2. Outlook for management status

   1. Material facts arising after the end of 44th fiscal period and other material events

      1. Issuance of new investment units

         In order to procure funds for the acquisition of new specified assets and restore the decreased cash on hand which was allocated to a part of acquisition of new specified assets, United Urban resolved the issuance of new investment units at the board of directors' meeting of United Urban held on November 17, 2025. Thereafter, United Urban determined the offer price, the selling price and other matters for the issuance of new investment units and secondary offering of investment units at the board of directors' meeting of United Urban held on November 20, 2025. Based on these resolutions, United Urban issued 131,000 new investment units by way of public offering and 6,400 new investment units by way of third-party allotment to SMBC Nikko Securities Inc., and the total payments of ¥23,312 million in connection with the issuance of new investment units by way of public offering and third-party allotment was completed (the issuance of new investment units by way of both public offering and third-party allotment hereinafter collectively referred to as the "12th Public Offering, etc.").

         As a result, United Urban's unitholders' capital increased to ¥343,285 million and United Urban's total number of investment units issued and outstanding increased to 3,200,000 units.

         Issuance of new investment units by way of public offering

         Number of new investment units issued : 131,000 units

         Issue price (offer price) : ¥175,028 per unit

         Total issue price (total offer price) : ¥22,928,668 thousand

         Amount to be paid in (issue value) : ¥169,670 per unit Total amount to be paid in (total issue value) : ¥22,226,770 thousand

         Payment date : December 1, 2025 (Monday) Starting date of the computation for cash distribution : December 1, 2025 (Monday)

         Issuance of new investment units by way of third-party allotment Number of new investment units issued : 6,400 units

         Amount to be paid in (issue value) : ¥169,670 per unit Total amount to be paid in (total issue value) : ¥1,085,888 thousand

         Payment date : December 23, 2025 (Tuesday) Starting date of the computation for cash distribution : December 1, 2025 (Monday) Allottee : SMBC Nikko Securities Inc.

         In addition, reference information are as follows:

      2. Sale of property

         United Urban sold Luz Musashikosugi, as set forth below. In addition, United Urban has decided to sell Shinsaibashi OPA Honkan on September 29, 2025 and Aprile Shin-Ohgi Ichibankan on October 15, 2025.

         Property No.	Property Name	Type	Location	(Scheduled) Sale Price (Millions of yen)	(Scheduled) Date of Sale
         A42	Luz Musashikosugi	Store	Kawasaki, Kanagawa	12,900	December 1, 2025
         D9	Aprile Shin-Ohgi Ichibankan (Note 1)	Apartment	Kobe, Hyogo	3,450	April 1, 2026
         A15	Shinsaibashi OPA Honkan (Note 1)	Store	Osaka, Osaka	43,112 (Note 2)	(Note 2)
         Total				59,462

         Notes: 1. The sales of Aprile Shin-Ohgi Ichibankan and Shinsaibashi OPA Honkan (hereinafter collectively referred to as the "Forward Commitment Properties"), qualify as forward commitment, etc. defined in the "Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc." established by Financial Services Agency as "a postdated sales contract under which payment and delivery shall be made at least one month after the conclusion of the contract, or any other contract similar thereto". In order to secure the disposition of the Forward Commitment Properties, United Urban has concluded a purchase and sale agreement (the "PSA") with each of the buyers as of October 15, 2025 for Aprile Shin-Ohgi Ichibankan and as of September 29, 2025 for Shinsaibashi OPA Honkan. Each PSA provides that, if one party is in serious breach of fulfilling its obligations under the PSA, the other party may terminate the PSA with a prior notification for a reasonable period of time to the party in breach and the party terminating the PSA may request that the other party pays a penalty charge equal to 20% of the sale price (the scheduled sale price) for Aprile Shin-Ohgi Ichibankan and approximately 5% to 20% of the total amount of the sale price (the scheduled sale price) and the rent stipulated in the temporary land use lease agreement, depending on the timing of the termination, for Shinsaibashi OPA Honkan, respectively. In view of the current financial market and financial standings of United Urban, United Urban considers that material adverse effects on financial standing, the payment of cash distributions and other conditions are not likely to be caused in connection with the sale of the Forward Commitment Properties.

         2. For Shinsaibashi OPA Honkan, the building portion will be transferred in a lump sum, while the land portion will be transferred in six separate installments of quasi-co-ownership interests, as set forth below.

         Assets to be transferred	Scheduled Sale Price (Millions of yen)	Scheduled Date of Sale
         (1st) Building and 20% quasi co-ownership of land	11,780	June 1, 2026
         (2nd) 16% quasi co-ownership of land	5,857	May 25, 2027
         (3rd) 16% quasi co-ownership of land	6,263	November 24, 2027
         (4th) 16% quasi co-ownership of land	6,333	May 25, 2028
         (5th) 16% quasi co-ownership of land	6,403	November 24, 2028
         (6th) 16% quasi co-ownership of land	6,474	May 25, 2029
         Total	43,112

      3. Acquisition of property and debt financing

         1. United Urban acquired the following four properties.

            Property No.	Property Name	Type	Location	Acquisition Price (Millions of yen)	Acquisition Date
            A46	MALera Gifu (additional acquisition)	Store	Motosu, Gifu	18,000	December 1, 2025
            E26	Kawasaki Robot Service Kobe Tamatsu Facility	Factory	Kobe, Hyogo	1,090	December 3, 2025
            A48	AEON TOWN Moriya	Store	Moriya, Ibaraki	16,800	December 5, 2025
            E27	LIMNO Tottori (Site)	-	Tottori, Tottori	2,400	December 16, 2025
            Total				38,290

         2. United Urban procured debt financing to support a part of the payment for acquiring AEON TOWN Moriya mentioned above 1), as set forth below.

            Title	Lenders	Amount of Borrowing (Millions of yen)	Interest Rate	Drawdown Date	Repayment Date	Remarks
            Term Loan 45D	Sumitomo Mitsui Trust Bank, Limited	4,000	1.79420% (Note)	December 5, 2025	September 23, 2032	Unsecured Unguaranteed
            Term Loan 46D	MUFG Bank, Ltd.	3,000	1.91805%		September 23, 2032
            Term Loan 47D	Mizuho Bank, Ltd.	1,000	Basic interest rate (JBA 1-month JPY TIBOR) + 0.25%		December 20, 2030
            Term Loan 48D	Sumitomo Mitsui Banking Corporation	1,000	Basic interest rate (JBA 1-month JPY TIBOR) + 0.20%		December 20, 2029
            Term Loan 49D	Mizuho Bank, Ltd.	1,000	Basic interest rate (JBA 1-month JPY TIBOR) + 0.16%		June 22, 2026
            Total		10,000

            Note: It is a borrowing with floating interest rate (TONA (daily compound rate)) as a basic interest rate. However, the interest rate for this borrowing is, in effect, fixed due to the execution of an interest rate swap agreement. The adjusted interest rate in consideration of swap transactions is stated.

      4. New borrowing for repayment

         United Urban procured debt financing on December 22, 2025 for the repayment of the existing borrowings (total: ¥7,000 million) upon their maturity on December 22, 2025, as set forth below. United Urban used cash on hand for the remaining repayments of outstanding principals.

         Title	Lenders	Amount of Borrowing (Millions of yen)	Interest Rate	Drawdown Date	Repayment Date	Remarks
         Term Loan 50D (Green Loan)	Sumitomo Mitsui Trust Bank, Limited	2,000	1.91100% (Note)	December 22, 2025	December 20, 2032	Unsecured Unguaranteed
         Term Loan 51D	Mizuho Bank, Ltd.	4,000	Basic interest rate (JBA 1-month JPY TIBOR) + 0.33%
         Total		6,000

         Note: It is a borrowing with floating interest rate (TONA (daily compound rate)) as a basic interest rate. However, the interest rate for this borrowing is, in effect, fixed due to the execution of an interest rate swap agreement. The adjusted interest rate in consideration of swap transactions is stated.

      5. Renewal of commitment line agreement

         United Urban renewed a commitment line agreement on December 26, 2025, as set forth below.

         Outline of the commitment line agreement

         Maximum loan amount	¥12,000 million
         Date of agreement	December 26, 2025
         Term of agreement	From December 28, 2025 to December 27, 2026
         Remarks	Unsecured, Unguaranteed
         Participating financial institutions	Sumitomo Mitsui Banking Corporation MUFG Bank, Ltd. Mizuho Trust & Banking Co., Ltd. Resona Bank, Limited

   2. Outlook for management status

For the fiscal period ending May 31, 2026 (45th fiscal period: from December 1, 2025 to May 31, 2026) and the fiscal period ending November 30, 2026 (46th fiscal period: from June 1, 2026 to November 30, 2026), the forecasts of financial results are estimated, as set forth below. For details of the assumptions for the forecasts, please refer to the "Assumptions for the Forecasts of Financial Results for the Fiscal Period Ending May 31, 2026 (45th fiscal period: from December 1, 2025 to May 31, 2026) and the Fiscal Period Ending November 30,

2026 (46th fiscal period: from June 1, 2026 to November 30, 2026)" below.

Fiscal Period Ending May 31, 2026

Fiscal Period Ending November 30, 2026

Notes: 1. The resource for cash distributions for the fiscal period ending May 31, 2026 and the fiscal period ending November 30, 2026 is the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) to the net income. Therefore, it differs from "net income" of each fiscal period. In addition, cash distributions per unit are based on 3,200,000 units as of the date hereof, and are based on the assumption that there will be no additional issuance of investment units until November 30, 2026.

2. The above-listed forward-looking statements are our current expectations produced as of the date hereof, based on certain assumptions. Accordingly, the actual operating revenues, operating income, ordinary income, net income, cash distributions per unit and distributions in excess of earnings per unit may differ from forecasts because of future acquisitions and sales of properties, real estate market trends and changes in other situations concerning United Urban. In addition, the forward-looking statements are not guarantees of the payment amount of any cash distributions by United Urban.

Assumptions for the Forecasts of Financial Results for the Fiscal Period Ending May 31, 2026

(45th fiscal period: from December 1, 2025 to May 31, 2026) and the Fiscal Period Ending November 30, 2026

(46th fiscal period: from June 1, 2026 to November 30, 2026)

2. Financial Statement

(1) Balance Sheet

ASSETS

Current Assets

(Thousands of yen)

End of 43rd Fiscal Period End of 44th Fiscal Period (As of May 31, 2025) (As of November 30, 2025)

Fixed Assets

Property and equipment, at cost

(Thousands of yen)

End of 43rd Fiscal Period End of 44th Fiscal Period

(As of May 31, 2025) (As of November 30, 2025) LIABILITIES

Current Liabilities

1. Statements of Unitholders' Equity

   43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

   (Thousands of yen)

   	Unitholders' Equity
   	Unitholders' Capital	Surplus
   		Capital Surplus	Deduction from Capital Surplus	Capital Surplus Net	Voluntary Retained Earnings
   					Reserve for Temporary Difference Adjustments	Reserve Retained for Distribution	Reserve for Reduction Entry	Total Voluntary Retained Earnings
   Balance at the beginning of current period	319,973,305	23,548,287	(6,121,844)	17,426,443	6,597,893	3,152,835	-	9,750,728
   Changes of items during the period
   Reversal of reserve for temporary difference adjustments				-	(77,525)			(77,525)
   Provision of reserve retained for distribution				-		275		275
   Provision of reserve for reduction entry				-			646,579	646,579
   Cash distribution disbursed				-				-
   Net income				-				-
   Acquisition of own investment units				-				-
   Cancellation of own investment units			(1,877,945)	(1,877,945)				-
   Net changes during the period except for items under unitholders' equity				-				-
   Total changes of items during the period	-	-	(1,877,945)	(1,877,945)	(77,525)	275	646,579	569,329
   Balance at the end of current period	* 319,973,305	23,548,287	(7,999,789)	15,548,498	6,520,367	3,153,110	646,579	10,320,057

   	Unitholders' Equity				Valuation and Translation Adjustment		Total Net Assets
   	Surplus		Own Investment Units	Total Unitholders' Equity	Deferred Gains or Losses on Hedges	Total Valuation and Translation Adjustment
   	Unappropriated Retained Earnings (unappropriated deficit)	Total Surplus
   Balance at the beginning of current period	12,680,360	39,857,531	-	359,830,837	244,943	244,943	360,075,780
   Changes of items during the period
   Reversal of reserve for temporary difference adjustments	77,525	-		-		-	-
   Provision of reserve retained for distribution	(275)	-		-		-	-
   Provision of reserve for reduction entry	(646,579)	-		-		-	-
   Cash distribution disbursed	(12,111,030)	(12,111,030)		(12,111,030)		-	(12,111,030)
   Net income	11,835,977	11,835,977		11,835,977		-	11,835,977
   Acquisition of own investment units		-	(1,877,945)	(1,877,945)		-	(1,877,945)
   Cancellation of own investment units		(1,877,945)	1,877,945	-		-	-
   Net changes during the period except for items under unitholders' equity		-		-	235,512	235,512	235,512
   Total changes of items during the period	(844,382)	(2,152,998)	-	(2,152,998)	235,512	235,512	(1,917,485)
   Balance at the end of current period	11,835,977	37,704,533	-	357,677,838	480,456	480,456	358,158,294

   44th Fiscal Period (From June 1, 2025 to November 30, 2025)

   (Thousands of yen)

   	Unitholders' Equity
   	Unitholders' Capital	Surplus
   		Capital Surplus	Deduction from Capital Surplus	Capital Surplus Net	Voluntary Retained Earnings
   					Reserve for Temporary Difference Adjustments	Reserve Retained for Distribution	Reserve for Reduction Entry	Total Voluntary Retained Earnings
   Balance at the beginning of current period	319,973,305	23,548,287	(7,999,789)	15,548,498	6,520,367	3,153,110	646,579	10,320,057
   Changes of items during the period
   Reversal of reserve for temporary difference adjustments				-	(77,525)			(77,525)
   Reversal of reserve retained for distribution				-		(44,233)		(44,233)
   Reversal of reserve for reduction entry				-			(323,289)	(323,289)
   Cash distribution disbursed				-				-
   Net income				-				-
   Net changes during the period except for items under unitholders' equity				-				-
   Total changes of items during the period	-	-	-	-	(77,525)	(44,233)	(323,289)	(445,048)
   Balance at the end of current period	* 319,973,305	23,548,287	(7,999,789)	15,548,498	6,442,841	3,108,877	323,289	9,875,009

   	Unitholders' Equity			Valuation and Translation Adjustment		Total Net Assets
   	Surplus		Total Unitholders' Equity	Deferred Gains or Losses on Hedges	Total Valuation and Translation Adjustment
   	Unappropriated Retained Earnings (unappropriated deficit)	Total Surplus
   Balance at the beginning of current period	11,835,977	37,704,533	357,677,838	480,456	480,456	358,158,294
   Changes of items during the period
   Reversal of reserve for temporary difference adjustments	77,525	-	-		-	-
   Reversal of reserve retained for distribution	44,233	-	-		-	-
   Reversal of reserve for reduction entry	323,289	-	-		-	-
   Cash distribution disbursed	(12,281,026)	(12,281,026)	(12,281,026)		-	(12,281,026)
   Net income	12,287,666	12,287,666	12,287,666		-	12,287,666
   Net changes during the period except for items under unitholders' equity		-	-	206,472	206,472	206,472
   Total changes of items during the period	451,689	6,640	6,640	206,472	206,472	213,113
   Balance at the end of current period	12,287,666	37,711,174	357,684,479	686,928	686,928	358,371,407

2. Statements of Cash Distribution

43rd Fiscal Period (December 1, 2024 -

May 31, 2025)

44th Fiscal Period (June 1, 2025 -

November 30, 2025)

1. Unappropriated retained earnings ¥ 11,835,977,405 ¥ 12,287,666,900

2. Reversal of voluntary retained earnings

   Reversal of reserve for temporary difference adjustments

   * ¥ 77,525,695 * ¥ 77,525,695

   Reversal of reserve retained for distribution ¥ 44,233,112 -

   Reversal of reserve for reduction entry ¥ 323,289,788 ¥ 323,289,788

3. Cash distributions ¥ 12,281,026,000 ¥ 12,685,289,200 (Cash distribution per unit) (¥4,010) (¥ 4,142)

4. Voluntary retained earnings

Provision of reserve retained for distribution - ¥ 3,193,183

Retained earnings carried forward to the next

V.

period - -

1. Notes to Assumption of Going Concern

   Not applicable

2. Notes to Important Accounting Policies

   1.	Depreciation and amortization methods of fixed assets	Depreciation of property and equipment is calculated on a straight-line basis. The estimated useful lives of the respective assets are as follows: Building: 2-70 years Structure: 2-54 years Machinery and equipment: 2-31 years Tools, furniture and fixtures: 2-20 years Depreciation of intangible assets is calculated on a straight-line basis. In addition, depreciation of the software for internal use is calculated using an estimated useful life of 5 years. Depreciation of long-term prepaid expenses is calculated on a straight-line basis.
   2.	Accounting method of deferred assets	Corporate bond issuance expenses Corporate bond issuance expenses is amortized on a straight-line basis over the period up to redemption. Investment unit issuance expenses Investment unit issuance expenses are expensed at once when incurred.
   3.	Revenues and expenses recognition	The content of the main performance obligations regarding the revenue arising from contracts with the customers of United Urban and the normal point in time when satisfying such performance obligations (normal point in time when recognizing revenues) are as follows: United Urban recognizes revenue from sales of real estate properties when the purchaser, which is a customer, acquires control of the real estate properties by fulfilling the delivery obligations stipulated in the contract for the sale of real estate properties. The method of allocating the transaction value to each performance obligation is based on the ratio of the fair value, etc. of the assets delivered. United Urban recognizes utilities revenue based on the supply of electricity, water, etc. to the lessee, which is a customer, in accordance with the terms of the lease agreement of real estate properties and accompanying agreements. Of utilities revenue, when United Urban is deemed to be an agent in the transaction, the net amount obtained by deducting the amount paid to other related parties supplying electricity, gas, etc. from the amount received as the charges for electricity, gas, etc. is recognized as revenue. United Urban allocated the respective portion of property taxes, city planning taxes, depreciable property tax and other taxes for real estate assets held to the current period and charged this to property-related expenses. The amount equivalent to the property taxes applicable to the period commencing from the date of purchase of the respective properties by United Urban through the end of the year is not recorded as expenses but included in the purchase price of each property as a capitalized cost. There was ¥23,086 thousand of such property taxes which were capitalized for the current fiscal period.
   4.	Hedge accounting	The deferred hedge accounting is adopted. Hedging instrument: Interest rate cap transaction / Interest rate swap transaction Hedged item: Interest rate on debts Based on its financial policy, United Urban conducts a derivative transaction in order to hedge risks defined in the Articles of Incorporation.

   1. Property and equipment (including trust assets)

   2. Intangible assets (including trust assets)

   3. Long-term prepaid expenses

   1. Standard for recording revenues

      1. Sale of real estate properties

      2. Utilities revenue

   2. Accounting method for taxes on property and equipment

   1. Hedge accounting method

   2. Hedging instrument and hedged item

   3. Hedging policy

   4. Evaluation method of the effectiveness of hedging

   		The effectiveness of hedging is evaluated by comparing the cumulative changes in the market rates or cumulative changes in the cash flows of the hedged items with the cumulative changes in the market rates or cumulative changes in the cash flows of hedging instruments, and examining the ratio of the amount of change in both. However, the evaluation of the hedge effectiveness is omitted when the interest rate swap transactions meet the specific criteria for special accounting treatment. (Hedging relationship applying "Practical Solution on the Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR") Of the above hedging relationship, United Urban applies the exceptional treatment to all hedging relationship included in the scope of "Practical Solution on the Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR" (Practical Issues Task Force ("PITF") No.40 issued on March 17, 2022). Details of the hedging relationship applying the said PITF are as follows: Hedge accounting method: Special treatment of interest rate swap Hedging instrument: Interest rate swap transaction Hedged item: Interest rate on debts Type of hedge transaction: hedge transaction to fix cash flows
   5.	Scope of cash and cash equivalents in the statements of cash flows	Cash in the statements of cash flows (cash and cash equivalents) consist of cash on hand, cash held in trust, deposits and deposits in trust which can be withdrawn at any time, and short-term investments which are readily convertible to cash with only an insignificant risk of any price fluctuation and with original maturities of three months or less.
   6.	Matters as the basis for preparation of the financial statements	For trust beneficial interests in real estate, all assets and liabilities concerning assets held in trust as well as income generated from, and expenses incurred on, assets held in trust are recorded in the relevant balance sheet and statement of income and retained earnings accounts. In addition, the following significant accounts of assets held in trust which are recorded in the relevant accounts are reported separately in the balance sheet. Non-deductible consumption taxes on fixed assets are included in the purchase price of each property as a capitalized cost.

   1. Accounting treatment for trust beneficial interests in entrusted assets including real estate

      1. Cash and bank deposit in trust

      2. Buildings in trust, Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Land in trust, and Construction in progress in trust

      3. Leasehold rights in trust and Other intangible assets in trust

      4. Security deposits paid in trust

      5. Rent received in advance in trust

      6. Deposits received in trust

      7. Leasehold and security deposits received in trust

   2. Accounting method for non-deductible consumption taxes

3. Notes to Financial Statements

   [Notes to Significant Accounting Estimates]

   Impairment Losses of Fixed Assets

   1. Amounts recorded in the financial statements

      43rd Fiscal Period (As of May 31, 2025)
      	(Thousands of yen)
      Impairment losses	44,000
      Property and equipment	662,575,830
      Intangible assets	9,413,634

      44th Fiscal Period (As of November 30, 2025) Not Applicable

   2. Information on the nature of significant accounting estimates for identified items 43rd Fiscal Period (As of May 31, 2025)

In accordance with Accounting Standard for Impairment of Fixed Assets, United Urban has adopted the accounting treatment to reduce the book value of fixed assets to a recoverable amount when the invested amount is deemed to be unrecoverable due to decline in profitability.

In adopting the accounting treatment, each property owned by United Urban is regarded as a single asset group, and United Urban makes an evaluation whether it is required to recognize impairment losses when indications of impairment for the group are deemed to exist due to continued negative operating income or cash flow, changes in the range or method of use have significantly reduced the recoverable amounts, significant deterioration of the business environment, and a significant decline in the market value, etc.

Future cash flow estimates are used to determine whether or not to recognize impairment losses. When it is determined that impairment losses should be recognized, the book value is reduced to the recoverable amount, and the reduced amount is recorded as impairment losses.

In estimating the future cash flow, the rent, property-related expenses, and discount rate etc. are determined by comprehensively considering the market trends and transaction cases of similar properties, etc. in reference to information from outside experts, such as assumptions used for real estate appraisal.

The performance and the market value of each property may be affected by the trends in the real estate rental market and real estate transaction market. Therefore, the financial conditions, results of operations, and cash flow of United Urban for the next fiscal period may be affected in case of any changes in the assumptions of estimate.

44th Fiscal Period (As of November 30, 2025)

Not Applicable

[Notes to Balance Sheet]

2. Commitment line agreement

United Urban concluded the following commitment line agreement with financial institutions:

(Thousands of yen)

*3. Reduction entry amount of property and equipment acquired through state subsidy

End of 43rd Fiscal Period (As of May 31, 2025)

(Thousands of yen) End of 44th Fiscal Period (As of November 30, 2025)

Buildings in trust 39,608 39,608

*4. Status of cancellation of own investment units

End of 43rd Fiscal Period (As of May 31, 2025)

End of 44th Fiscal Period (As of November 30, 2025)

Total number of units cancelled (Unit) 55,737 55,737 Total amount cancelled (Thousands of yen) 7,999,789 7,999,789

Note: There were no cancellations of own investment units during the 44th fiscal period.

*5. Matters related to provision and reversal of the reserve for temporary difference adjustments

43rd Fiscal Period (As of May 31, 2025)

(Thousands of yen)

44th Fiscal Period (As of November 30, 2025)

(Thousands of yen)

Notes: 1. It is the balance of amount subdivided into the gains on negative goodwill which were allocated in the past fiscal periods. United Urban will reverse an amount equivalent to more than 1% of the initial amount (equivalent to the averaged amount for 50 years) in each fiscal period, starting with the fiscal period ended May 31, 2017.

2. It is a portion of profits arising from the differences between taxable profits and accounting profit due to depreciation and amortization, etc. United Urban will reverse an amount equivalent to more than 1% of the initial amount (equivalent to the averaged amount for 50 years) in each fiscal period, starting from the fiscal period subsequent to the fiscal period in which the reserve was allocated.

*6. Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations of Japan

End of 43rd Fiscal Period (As of May 31, 2025)

(Thousands of yen) End of 44th Fiscal Period (As of November 30, 2025)

50,000 50,000

[Notes to the Statement of Income and Retained Earnings]

*1. Operating revenues and expenses

1. Operating revenues Rental revenues

   43rd Fiscal Period (December 1, 2024 -

   May 31, 2025)

   (Thousands of yen)

   44th Fiscal Period (June 1, 2025 -

   November 30, 2025)

   Rental revenues	22,420,792	22,378,514
   Common area charges	1,414,838	1,365,551
   Parking revenues	828,556	831,880

   Other revenues 198,625 24,862,812 193,729 24,769,675

   Other rental revenues

   Incidental revenues (Note 1)	1,633,492	1,902,527
   Temporary revenues (Note 2)	210,033	175,730

   Other miscellaneous revenues 111,887 1,955,414 110,445 2,188,703

   Total operating revenues 26,818,226 26,958,379

2. Property-related expenses Rental expenses

Notes: 1. The utilities revenues that come from tenants in proportion to the amount used are stated.

2. United Urban recorded temporary revenues such as penalties for early termination, or monetary compensation equivalent to restoration costs.

*2. Gain on sale of real estate properties

43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

44th Fiscal Period (From June 1, 2025 to November 30, 2025)

*3. Loss on sale of real estate properties

43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

44th Fiscal Period (From June 1, 2025 to November 30, 2025)

There was no applicable information on loss on sale of properties for the fiscal period ended November 30, 2025.

*4. Breakdown of Impairment Losses

43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

(Thousands of yen)

Property Name Location Class Impairment Losses

In assessing impairment losses, each property owned by United Urban is regarded as a single asset group. Since the property stated in the above table is scheduled to be sold, the book value was reduced to its recoverable amount and the amount of the reduction was recorded under operating expenses as impairment losses (¥44,000 thousand) in the 43rd fiscal period.

The recoverable amount is measured at the net sale value of the relevant property (estimated sale value -estimated disposal costs). In addition, the impairment losses arising from a sale is deemed to have the nature of operating expenses and thus recorded under operating expenses in accordance with Article 48, Paragraph 2 of the Regulation on Accountings of Investment Corporations.

44th Fiscal Period (From June 1, 2025 to November 30, 2025)

There was no applicable information on breakdown of impairment losses for the fiscal period ended November 30, 2025.

[Notes to Statements of Changes in Unitholders' Equity]

* Total number of investment units authorized and Total number of investment units issued and outstanding

43rd Fiscal Period (December 1, 2024 -

May 31, 2025)

44th Fiscal Period (June 1, 2025 -

November 30, 2025)

Total number of investment units authorized 10,000,000 units 10,000,000 units Total number of investment units issued and outstanding 3,062,600 units 3,062,600 units

[Notes to Statements of Cash Distribution]

* Reserve for temporary difference adjustments 43rd Fiscal Period (As of May 31, 2025)

44th Fiscal Period (As of November 30, 2025)

[Notes to Tax Effect Accounting]

1. Significant components of deferred tax assets and deferred tax liabilities

   End of 43rd Fiscal Period (As of May 31, 2025)

   (Thousands of yen) End of 44th Fiscal Period (As of November 30, 2025)

   Deferred tax assets

   Difference in revenue recognition for tax purposes	9,759	29,627
   Valuation difference on assets acquired by merger	15,489,616	15,479,276
   Impairment losses	13,842	-
   Other	196	186
   Subtotal	15,513,414	15,509,090
   Valuation allowance	(15,513,414)	(15,509,090)
   Total	-	-
   Total deferred tax assets	-	-

2. Reconciliation of significant differences between the statutory tax rate and the effective tax rate after the application of tax effect accounting

   	End of 43rd Fiscal Period	End of 44th Fiscal Period
   	(As of May 31, 2025)	(As of November 30, 2025)
   Statutory tax rate	31.46%	31.46%
   (Adjustment) Distributions of tax-deductible dividends	(32.16)％	(32.25)%
   Changes in valuation allowance	(0.16)％	(0.04)%
   Reversal of reserve for reduction entry	0.86%	0.83%
   Other	0.01%	0.01%
   Effective tax rate after the application of tax effect accounting	0.01%	0.01%

   [Notes to Real Estate Assets for Rent]

   United Urban owns real estate for rent etc. in the Tokyo Metropolitan Area, major Japanese cities including government designated cities, and surrounding areas thereof. The carrying amounts on the balance sheet, the amount of changes during the period and the fair values at the end of the period were as follows:

   (Thousands of yen)

   Type of Use			43rd Fiscal Period (December 1, 2024 - May 31, 2025)	44th Fiscal Period (June 1, 2025 - November 30, 2025)
   Retail properties	Carrying amount on the balance sheet
   		Balance at the beginning of the period	197,998,453	191,534,043
   		Change during the period	(6,464,409)	(7,029,907)
   		Balance at the end of the period	191,534,043	184,504,135
   	Fair value at the end of the period		233,689,000	245,299,000
   Office buildings	Carrying amount on the balance sheet
   		Balance at the beginning of the period	197,042,891	196,873,211
   		Change during the period	(169,679)	(310,762)
   		Balance at the end of the period	196,873,211	196,562,449
   	Fair value at the end of the period		257,442,000	260,655,000
   Hotels	Carrying amount on the balance sheet
   		Balance at the beginning of the period	163,696,328	164,036,703
   		Change during the period	340,374	11,424,868
   		Balance at the end of the period	164,036,703	175,461,571
   	Fair value at the end of the period		206,299,000	223,297,162
   Residential properties	Carrying amount on the balance sheet
   		Balance at the beginning of the period	45,818,725	45,581,209
   		Change during the period	(237,515)	(112,480)
   		Balance at the end of the period	45,581,209	45,468,729
   	Fair value at the end of the period		68,493,000	68,673,000
   Others	Carrying amount on the balance sheet
   		Balance at the beginning of the period	67,549,336	73,871,370
   		Change during the period	6,322,033	393,264
   		Balance at the end of the period	73,871,370	74,264,634
   	Fair value at the end of the period		102,130,000	102,330,000
   Total	Carrying amount on the balance sheet
   		Balance at the beginning of the period	672,105,735	671,896,538
   		Change during the period	(209,197)	4,364,982
   		Balance at the end of the period	671,896,538	676,261,520
   	Fair value at the end of the period		868,053,000	900,254,162

   Notes: 1. The carrying amount on the balance sheet is the acquisition cost (including the expenses incidental to the acquisition) less accumulated depreciation.

   1. Of the "Change during the period" for the 43rd fiscal period, the amount of the increase is primarily attributable to acquisition of property (four properties: ¥11,386 million) and capital expenditures (¥2,506 million). And the amount of the decrease is primarily attributable to the sale of property (two properties: ¥10,706 million) and the depreciation and amortization (¥3,879 million).

      Of the "Change during the period" for the 44th fiscal period, the amount of the increase is primarily attributable to acquisition of property (three properties: ¥14,728 million) and capital expenditures (¥2,260 million). And the amount of the decrease is primarily attributable to the sale of property (three properties: ¥9,249 million) and the depreciation and amortization (¥3,811 million).

   2. The "Fair value at the end of the period" stated above is the appraisal value or price resulting from a price survey by licensed real estate appraisers based on the asset valuation methods and standards set forth in United Urban's Articles of Incorporation and the rules of The Investment Trusts Association, Japan.

However, if a specific scheduled sale price has been agreed upon by the contract, the scheduled sale price is stated as a reasonably calculated price.

For the revenues and expenses concerning the real estate assets for rent, please refer to the "Notes to the Statement of Income and Retained Earnings."

[Notes to Revenue Recognition]

1. Information on the breakdown of revenue from contracts with customers

   43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

   (Thousands of yen)

   	Revenue from contracts with customers (Note 1)	Net sales to external customers
   Revenue from sale of real estate properties	6,000,000	562,131 (Note 2)
   Utility revenues (Note 3)	1,633,492	1,633,492
   Other revenues	-	25,184,733
   Total	7,633,492	27,380,357

   44th Fiscal Period (From June 1, 2025 to November 30, 2025)

   (Thousands of yen)

   	Revenue from contracts with customers (Note 1)	Net sales to external customers
   Revenue from sale of real estate properties	5,260,000	1,221,967 (Note 2)
   Utility revenues (Note 3)	1,902,527	1,902,527
   Other revenues	-	25,055,852
   Total	7,162,527	28,180,346

   Notes: 1. The rental revenues, etc. subject to the "Accounting Standard for Lease Transactions" (Corporate Accounting Standards No. 13) and the sale of real estate, etc. subject to the "Practical Guidelines on Accounting by Transferors for Securitization of Real Estate Using Special Purpose Companies" (Transferred Guidance No. 10 of Accounting Standards Board of Japan) are not included in the above amount because they are not applied to the Revenue Recognition Accounting Standard. Moreover, the main revenues arising from contracts with customers are revenue from sale of real estate properties and utility revenues.

2. The revenues from sales of real estate properties (amount deducting cost of sales of real estate properties and other sales expenses from revenue from sales of real estate properties) are recognized as gains or losses on sales of real estate properties in the statements of income and retained earnings. Since the gain on sale of real estate properties is recorded in operating revenues and the loss on sale of real estate properties is recorded in operating expenses, only the amount of gain on sale of real estate properties is stated in the above table.

3. United Urban recognizes utilities revenue based on the supply of electricity, water, etc. to the lessee, which is a customer, in accordance with the terms of the lease agreement of real estate properties and accompanying agreements.

1. Basic information for understanding revenues arising from contracts with customers

   As for the 43rd fiscal period (from December 1, 2024 to May 31, 2025) and the 44th Fiscal Period (from June 1, 2025 to November 30, 2025), the information is as described in "(7) Notes to Important Accounting Policies".

2. Information on relationship between fulfillment of performance obligations based on contracts with customers and cashflow generated from said contracts and amount and period of revenue expected to be recognized in the next calculation period or thereafter from contracts with customers existing at the end of the current calculation period

   43rd Fiscal Period (From December 1, 2024 to May 31, 2025)

   1. Balance of contract assets and contract liabilities, etc.

      (Thousands of yen)

      Claims arising from contracts with customers (balance at beginning of the fiscal period)	364,517
      Claims arising from contracts with customers (balance at end of the fiscal period)	335,843
      Contract assets (balance at beginning of the fiscal period)	-
      Contract assets (balance at end of the fiscal period)	-
      Contract liabilities (balance at beginning of the fiscal period)	-
      Contract liabilities (balance at end of the fiscal period) (Note)	418,000

      Note: Contract liabilities are deposits received such as deposits received from the buyers based on the purchase and sale agreement of the real estate with selling real estate, etc. These are reversed as revenue is recognized.

   2. Transaction value allocated to remaining performance obligations Not applicable.

United Urban applies the provisions of Paragraph 80-22 (1) of "the Accounting Standard for Revenue

Recognition" for the note on transaction value allocated to remaining performance obligations, and contracts relating to real estate purchases and sales are not included in the note.

With regard to utility revenues, as United Urban has the right to receive from customers an amount directly corresponding to the value for the lessees, who are customers, of sections for which performance was completed by the end of the fiscal period, the amount it has the right to claim is recognized as revenue in accordance with Paragraph 19 of "the Implementation Guidance on Accounting Standard for Revenue Recognition". Accordingly, it is not included in the note on transaction value allocated to remaining performance obligations through application of the provisions of Paragraph 80-22 (2) of "the Accounting Standard for Revenue Recognition".

44th Fiscal Period (From June 1, 2025 to November 30, 2025)

1. Balance of contract assets and contract liabilities, etc.

   (Thousands of yen)

   Claims arising from contracts with customers (balance at beginning of the fiscal period)	335,843
   Claims arising from contracts with customers (balance at end of the fiscal period)	305,590
   Contract assets (balance at beginning of the fiscal period)	-
   Contract assets (balance at end of the fiscal period)	-
   Contract liabilities (balance at beginning of the fiscal period) (Note)	418,000
   Contract liabilities (balance at end of the fiscal period)	-

   Note: Contract liabilities are deposits received such as deposits received from the buyers based on the purchase and sale agreement of the real estate with selling real estate, etc. These were reversed as revenue is recognized.

2. Transaction value allocated to remaining performance obligations

As of November 30, 2025, the total transaction value allocated to remaining performance obligations relating to sale of real estate, etc. are ¥12,900,000 thousand, regarding to real estate, etc. for which a sales agreement was concluded on July 10, 2025, ¥43,112,759 thousand, regarding to real estate, etc. for which a sales agreement was concluded on September 29, 2025, and ¥ 3,450,000 thousand, regarding to real estate, etc. for which a sales agreement was concluded on October 15, 2025.

United Urban expects to recognize revenue for the remaining performance obligations as follows upon delivery of the real estate, etc.

With regard to utility revenues, as United Urban has the right to receive from customers an amount directly corresponding to the value for the lessees, who are customers, of sections for which performance was completed by the end of the fiscal period, the amount it has the right to claim is recognized as revenue in accordance with Paragraph 19 of "the Implementation Guidance on Accounting Standard for Revenue Recognition". Accordingly, it is not included in the note on transaction value allocated to remaining performance obligations through application of the provisions of Paragraph 80-22 (2) of "the Accounting Standard for Revenue Recognition".