Blake & Sanyu is a strategic alliance between Joseph J. Blake and Associates, Inc., and
Sanyu International Corporation of Japan. The alliance was formed in 1998. As recognized leaders of
the valuation and consulting fields in their respective countries, the alliance provides third-party appraisals
and due diligence to the issuers and purchasers of real estate debt and equity in the United States and Japan.

In the first alliance of its kind, Blake is contributing its knowledge of the requirements of international investment banks, rating agencies, and opportunity funds with regard to underwriting and investment analysis and combining this with the extensive, on the ground market knowledge and database of Sanyu. The alliance is striving to improve the quality and depth of information and analysis to assist investors and lenders in making decisions.

Blake & Sanyu offers a wide array of consulting services including valuation, cash flow analysis, non-performing loan analysis, loan documentation reviews, property inspections and market studies. The Japanese Government recently passed legislation to allow the formation of JREIT's, that is, Japanese real estate investment trusts. The legislation requires market value appraisals by independent third-party appraisal firms for any property purchased or disposed of by a JREIT. Blake's experience in servicing U.S. REIT's and Sanyu's local market presence make the alliance uniquely well suited to perform these services.

As the largest valuation and research firm in Japan, the alliance has offices in Tokyo, Nagoya, Osaka and Yokohama. Blake is also considering similar alliances in Korea, Thailand and China.

For further information, please feel free to contact Donald M. Blake, Jr. MAI, Executive Vice President at 212-868-1447
 ext. 201 or via email at dmbjr@blakeglobal.com. If you wish to call our Tokyo office directly, please contact Mr. Akiyoshi Inoue, President, Sanyu International Corp at  81-3-5213-9750 or via email at a-inoue@mwe.biglobe.ne.jp.