JAPAN REAL ESTATE INVESTMENT

Capitalizing on the principals' significant experience and contacts in the Japan market built in Hawaii, in late 1998 Trinity began acquiring Japan office buildings, retail and other commercial properties, and condominium projects. To implement its acquisition strategies and perform due diligence, and property and asset management functions, Trinity formed Tozai Asset Management Company ("Tozai") with minority shareholder Tokyo Biso Kogyo Corporation. Since 2008, following Japan’s more stringent regulations of asset management companies, Tozai is one of only approximately 60 licensed asset managers in Japan. Tozai and its 35 professionals currently asset manage approximately US$3 billion in commercial real estate on behalf of Trinity and other institutions.

UNITED URBAN INVESTMENT CORPORATION

In 1998, Japan revised its Special Purpose Company (SPC) law with the objective of creating a securitization market. In September 2001, Japanese real estate investment trusts, or "JREITs", were listed for the first time on the Tokyo Stock Exchange. One of the first ten funds, United Urban Investment Corporation (“UUIC”), beneficially controlled by Trinity, was listed on the Tokyo Stock Exchange in December 2003. With this listing, Trinity successfully exited the portfolio of asset accumulated since 1999 via entrance in the JREIT market, and UUIC represented the first foreign-controlled REIT in Japan.

UUIC invests in a range of asset classes, including retail properties, office buildings, hotels and residences. Its initial portfolio consisted of 12 properties, with a heavy concentration on real estate in the Tokyo metropolitan area.

TRINITY ASIA FUNDS

Since the mid-2000s, Trinity has continued its opportunistic investment objectives in Japan through a series of funds known as the Trinity Asia Funds. Since 2005, these funds have acquired nearly US$2 billion in commercial real estate, predominantly in central Tokyo, including nearly US$600 million in acquisitions since March 2010. Capital raising is underway for a fourth fund focusing on core strategies including strong current yield investments.