SMTRI is not a real estate appraiser, nor provide clients with any appraisal reports on real estate properties.

SMTRI is a real estate investment advisor authorized by the related Japanese law and regulation, and conducts advisory services for investment judgments based on the values or value analyses of investment products. In the process of implementing advisory services, SMTRI may calculate asset values of real estate properties.

However, such calculations are for the necessity of implementing advisory services, and calculated values are not indicated with single values, but with multiple indications, ranges or distributions.