CONTACTS: Gavin Anderson for
Pembroke Real Estate
Deborah Hayden or
John Short
813-5404-0640

Rising Property Values and Strong Demand from Expatriates Make Moto Azabu 3 Chome Apartments
an Attractive Investment Opportunity

TOKYO, November 9, 2006 -- Pembroke Real Estate today announced the purchase of the former Moto Azabu 3 Chome apartments from Japan Tobacco on behalf of an affiliate.

The Moto Azabu 3 Chome property currently houses a vacant corporate dormitory that stands three stories. Pembroke plans to redevelop the site and construct luxury apartments for use by expatriates living and working in Japan. The planned residential complex could include as many as 18 units, each measuring approximately 200 square meters. The redevelopment of the site will complement Hikawa Gardens, Pembroke’s luxury residences located in Akasaka.

"The site of the former Moto Azabu 3 Chome apartments is one of the highest-regarded residential sites in Minato Ward, one of the strongest submarkets in Tokyo," said Mark Takeuchi, head of Pembroke Real Estate’s Tokyo office. "Rising property values in Central Tokyo combined with increasing demand for high-quality residential housing from expatriates and the site’s close proximity to foreign embassies, international schools and key employers, makes this an attractive, long-term investment."

The newly acquired property is a relatively large corner parcel located in Moto Azabu -- Minato Ward, one of Tokyo’s premier residential districts. Measuring 1,376 square meters, the Moto Azabu 3 Chome property is conveniently located near Roppongi Hills residential, office and entertainment complex, as well as many international firms, and is within walking distance of several subway stations.

"While Tokyo properties remain a very important component of Pembroke’s real estate portfolio, we will continue to evaluate opportunities around the globe," said Takeuchi. "By doing so, we will maintain a diversified and balanced book of properties in key markets such as Boston, Washington, San Francisco, London and Brussels."

Pembroke continues to identify new properties in Japan, while also continuing to expand its portfolios in the United States, London and continental Europe. The Moto Azabu 3 Chome property is the firm’s sixth acquisition in the past year. Pembroke manages more than 300,000 square meters of commercial and residential space worldwide, including properties in Boston, Brussels, London, San Francisco, Tokyo and Washington.

About Pembroke Real Estate

Pembroke Real Estate is the real estate investment and development arm of Fidelity Investments, one of the world’s largest financial services organizations. Pembroke and its affiliates specialize in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including Boston, Brussels, London, San Francisco, Tokyo and Washington, D.C. The firm seeks high-quality, high-profile, well-located acquisition and development opportunities in the office and residential sectors. For more information, visit the company’s Web site at www.pembrokere.com.