(The following was released by the rating agency)

OVERVIEW

-- The specified bonds issued under the Prime Estate Alpha TMK transaction are ultimately secured by a pool of apartment loans originated by NRL Finance Y.K.

-- The performance of the underlying assets has remained stable since the closing date. In addition, credit enhancement levels for classes A to D have increased, reflecting progress in principal redemption for the rated specified bonds.

-- The redemption of principal on class X, on which principal and interest payments are made using excess interest, has progressed.

-- We have raised to 'AAA (sf)' our rating on the class X specified bonds, and affirmed our ratings on the class A to D specified bonds.

TOKYO (Standard & Poor's) Nov. 27, 2012--Standard & Poor's Ratings Services today said that it has raised to 'AAA (sf)' from 'A (sf)' its rating on the class X specified bonds issued under the Prime Estate Alpha TMK transaction in March 2007 (see list below). At the same time, we affirmed our ratings on the class A to D specified bonds issued under the same transaction (also listed below).

In analyzing the credit quality of the transaction, we examined various pieces of information contained in the reports that we receive each month from the servicer and trustee.

Following our review, we affirmed our ratings on classes A to D based on the following factors:

-- The average occupancy rate of the collateral asset pool is within our expectations.

-- The performance of the underlying assets has remained stable since the closing date.

-- The redemption of principal on the rated specified bonds has progressed, and as a result, credit enhancement levels have increased.

Principal and interest payments on class X are made using excess interest, which is the amount of interest collected from the underlying apartment loans less the sum of transaction costs and interest on the class A to D specified bonds. High prepayment rates are a stress factor when transactions generate excess interest because the amount of excess interest diminishes when prepayment rates rise. Today's upgrade of class X is based on the following factors:

-- The transaction generates stable excess interest, and the redemption of principal on the rated specified bonds has progressed.

-- It is our view that high prepayment rates would be a stress factor for class X. However, even assuming a scenario in which prepayment rates rise and the amount of excess interest diminishes, we expect interest and principal payments on class X to be made in full.

The specified bonds issued under the Prime Estate Alpha TMK transaction are ultimately secured by a pool of nonrecourse apartment loans that were originated by NRL Finance Y.K. and entrusted with Mitsubishi UFJ Trust and Banking Corp. The apartment loans were extended to finance the construction costs and miscellaneous expenses of newly constructed apartments built by Daito Trust Construction Co. Ltd.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at http://standardandpoorsdisclosure-17g7.com.

RELATED CRITERIA AND RESEARCH

'Counterparty Risk Framework Methodology And Assumptions,' May 31, 2012

'Japan RMBS: Post-Disaster Outlook Is Stable For Most RMBS Deals In Fiscal 2012,' April 9, 2012

'Japanese Structured Finance Scenario And Sensitivity Analysis: The Effects Of Major Macroeconomic Factors,' April 6, 2012

'Principles Of Credit Ratings,' Feb. 16, 2011

'Rating Methodology For Apartment Loan Securitizations In Japan,' published July 11, 2004

RATING RAISED

Prime Estate Alpha TMK

(Approx.) JPY20.251 billion bonds due March 2039

Class To From Initial issue amount

X AAA (sf) A (sf) JPY1.45 bil.

RATINGS AFFIRMED

Prime Estate Alpha TMK

Class Rating Initial issue amount

A AAA (sf) JPY14.9 bil.

B AA (sf) JPY1.1 bil.

C A (sf) JPY1.0 bil.

D BBB (sf) JPY0.88 bil.

*Apart from the class A to D, and X specified bonds, nonrated class E specified bonds (issuance amount: about JPY0.92 billion) were issued under this transaction.

Keywords: MARKETS RATINGS PRIMEESTATEALPHATMK

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