Tokyo, November 30, 2012 -- Moody's SF Japan K.K. has assigned provisional ratings to JIMZ-Series2, totaling JPY 10.3 billion, backed by a pool of investment-purpose condominium loans originated under a tie-up loan program with JACCS Co., Ltd.

Moody's SF Japan K.K. is a registered credit rating agency under the Financial Instrument and Exchange Act but not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore the credit ratings assigned by Moody's SF Japan K.K. are Registered Credit Ratings to the FSA but are not NRSRO Credit Ratings.

The ratings address the expected loss posed to investors by the legal final maturity date. The structure allows for timely payments of dividends (in scheduled amounts, on scheduled payment dates) and ultimate repayment of principal by the legal final maturity date.

Moody's issues provisional ratings in advance of the final sale of the securities. These ratings, however, represent Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Beneficial Interests. Definitive ratings may differ from provisional ratings. The provisional ratings are based on the information received as of November 29, 2012.

The complete rating actions are as follows:

Transaction Name: JIMZ-Series2

Class, Scheduled Issue Amount, Scheduled Dividend Rate, Payment Frequency, Rating

Senior Beneficial Interests Class A, JPY 7.3 billion, Floating, Monthly, (P)Aaa (sf)

Senior Beneficial Interests Class B, JPY 3.0 billion, Floating, Monthly, (P)Aaa (sf)

Credit Enhancement: The senior/subordinated structure and excess spreads available Initial Subordination Level: Class A: Approx. 46.7% Class B: Approx. 24.8% * The formula to calculate the Initial Subordination Level in place for this transaction is as follows.

Initial Subordination Level = A / B

A: Total principal amount of the Beneficial Interests subordinated to the subject Beneficial Interests (excluding the required amount for the cash reserve on the Second Trust)

B: Total amount of the underlying investment-purpose condominium loan pool

Entrustment Date of the First Trust: June 18, 2010

Scheduled Entrustment Date of the Second Trust: December 18, 2012

Scheduled Closing Date: December 26, 2012

Legal Final Maturity Date: September 15, 2049

Underlying Asset: Investment-purpose condominium loans

Originator: JACCS Co., Ltd. (JACCS)

Seller/Guarantor/Servicer of the First Trust: JACCS

The First Trustee: The Norinchukin Trust & Banking Co., Ltd. (Norinchukin Trust)

Seller of the Second Trust: JACCS

The Second Trustee: Norinchukin Trust

Arranger: Norinchukin Trust

RATINGS RATIONALE

The obligors consist mainly of salaried workers and civil servants with relatively high incomes. Most of the collateral properties are located in the Tokyo metropolitan area. Having analyzed both obligors' attributes and JACCS' historical performance, Moody's expects a cumulative gross loss rate of 4.3% in the pool.

Moody's believes that the credit enhancements to the Senior Beneficial Interests Class A and to the Senior Beneficial Interests Class B are sufficient for the ratings assigned.

This transaction is backed by a pool of investment-purpose condominium loans originated under a tie-up loan program with JACCS as the Guarantor. JACCS guarantees the loans between the First Trustee and the obligors.

JACCS has entrusted its proceeds to Norinchukin Trust as the First Trustee and, in turn, received the Seller's Beneficial Interests and the Reserve Beneficial Interests. The trust has used the proceeds to originate the investment-purpose condominium loans. The Seller's Beneficial Interests are backed by the loans while the Reserve Beneficial Interests are backed by the proceeds.

JACCS will entrust the Seller's Beneficial Interests and proceeds to the Second Trustee, and will receive the Senior Beneficial Interests Class A and B, and the Subordinated Beneficial Interests.

JACCS will transfer the Senior Beneficial Interests Class A and B to the Senior Beneficial Interests' investors through a Private Placement Dealer.

JACCS will hold the Subordinated Beneficial Interests, to be issued by the First Trustee, and the Reserve Beneficial Interests, to be issued by the Second Trustee.

The transfer of the Seller's Beneficial Interests will be perfected by obtaining the First Trustee's certified and dated approval in writing. And the transfer of the Senior Beneficial Interests (Class A and Class B) will be perfected by obtaining the Second Trustee's certified and dated approval in writing.

JACCS will be the Servicer and Guarantor of the First Trust for the backing investment-purpose condominium loans.

Principal redemptions of the Senior Beneficial Interests Class A and B will be made in a sequential manner at the First Trust. The principal of Class A will be paid followed by the principal of Class B. Interest collections (after paying expenses and dividends) will be transferred to the Principal Account up to the net balance of the cumulative defaulted receivables, minus the guarantor's subrogated amount (default trap).

The Subordinated Beneficial Interests will cover both interest risk and commingling risk. A cash reserve will be funded upfront to provide liquidity for shortages in scheduled payments of dividends for the Senior Beneficial Interests (Class A and Class B) as well as trust fees, servicing fees, setup fees for a back-up servicer, and other related costs.

The Originator/Servicer of the First Trust, established in 1954, JACCS Co., Ltd., is one of Japan's major credit companies. As of March 31, 2012, the company had 2,977 employees and approximately JPY16.1 billion in capital.

Moody's considers JACCS as sufficiently capable of servicing the pool, having taken into account their business franchises, policies, and the Servicer's operations.

For more details on this transaction, please see the pre-sale report.

The principal methodology used in this rating was "Updated: Moody's Approach to Rating RMBS Transactions in Japan" published on September 30, 2010 and available on www.moodys.co.jp.

Moody's did not receive or take into account third-party due diligence report on the underlying assets or financial instruments in this transaction.

The V Score for this transaction indicates "Low/Medium" uncertainty about critical assumptions.

The V Score reflects 1) JACCS' long track record of investment-condominium loans, 2) the historically low volatility in its performance, 3) the disclosure of information for analysis, and 4) the characteristics of the transaction.

Moody's V Scores provide a relative assessment of the quality of available credit information and the potential variability around the various inputs to a rating determination. The V Score ranks transactions by the potential for significant rating changes owing to uncertainty around the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, the modeling and the transaction governance that underlie the ratings. V Scores apply to the entire transaction, not to individual tranches.

Moody's also ran sensitivities around key parameters for this transaction. For instance, if the cumulative gross loss rate of 4.3% used in determining the initial rating were changed to 7% or 12%, the model output for the Senior Beneficial Interests Class A and Class B would change from Aaa to Aaa or to Aa1 (Class A); from Aaa to Aa1 or to Aa2 (Class B), respectively (the "Parameter Sensitivities").

Parameter Sensitivities are not intended to measure how the rating of the security might migrate over time, rather they are designed to provide a quantitative calculation of how the initial rating might change if key input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged, and does not factor structural features such as sequential payment effect. Parameter Sensitivities reflect only the ratings impact of each scenario from a quantitative/model-indicated standpoint.

Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the Parameter Sensitivity analysis.

The rating implementation guidance,, "V Scores and Parameter Sensitivities in the Asia/Pacific RMBS Sector," published on September 30, 2010, is available on www.moodys.co.jp.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For an explanation of the (sf) indicator, please see "Moody's Structured Finance Rating Scale" on www.moodys.com.

The principal information used to prepare the credit rating comprised historical data, loan-by-loan data and contracts.

Information sources used to prepare the credit rating are the following: parties involved in the ratings such as the Arranger and the Originator; public information, confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include representations and warranties and reviews by a third party.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's encouraged rating-related entities to disclose any information that may be pertinent to this transaction, including items described in "Information Considered Important in Evaluating the Appropriateness of a Credit Rating" on www.moodys.co.jp, or to take other measures to enable third parties to verify the appropriateness of the credit rating.

Rating-related entities responded to us that they would disclose the related information pertinent to this transaction through Moody's press release and its presale report.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. The credit risk of an issuer or its obligations is assessed based on information received from the issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

Moody's SF Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 3. The Financial Services Agency has not imposed any supervisory measures on Moody's SF Japan K.K. in the past year.

Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on the Moody's website for further information.

Please see the Credit Policy page on the Moody's website for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Yusuke Minaki Analyst Structured Finance Group Moody's SF Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Yusuke Seki Associate Managing Director Structured Finance Group JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Releasing Office: Moody's SF Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4220 SUBSCRIBERS: (03) 5408-4210 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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