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Our Organization

Our Organization Chart
About Our Asset Management Team
Management of Our Asset Manager
Key Full-time Employees

Our Organization Chart

The following highlights the organization of the Asset Management Company of the Fund:

Our Organization Chart

The following elaborates on the respective focuses of each of our Asset Manager's functional areas:

Department	Summary of Business
Retail Division	Business concerning acguisition and disposal of specified assets and management and administration of specified assets under the asset management with JRF
Industrial Division	Business concerning acguisition and disposal of specified assets and management and administration of specified assets under the asset management agreement with IIF
Corporate Division	Business concerning human resources and general administration, business concerning corporate planning, research and information development, business concerning IR, finance and accounting related to assets management for JRF and IIF and business concerning accounting and book closing for MCUBS
Compliance Administration	Matters concerning compliance with various regulations including laws, ordinances and internal rules, compliance with corporate ethics and, the code of conduct, and compliance education to officers and employees
Internal Audit Office	Auditing the operation and execution of business of each department, office, committee and other internal bodies, accounting operations, compliance with various regulations including laws and ordinances, formulating the internal audit policy and audit plan, and reporting audit results

About Our Asset Management Team

Our asset management company team, led by Yuichi Hiromoto, is comprised of 83 full-time employees as of April 1, 2008. Most of them are real estate and finance professionals and many have worked both in Japan and abroad. The Asset Manager's professionals have extensive experience in property ownership and management, leasing, acquisitions and dispositions, marketing, finance, tax, financial reporting and data processing, risk assessment and management, as well as other functions associated with comprehensive asset management.

Management of Our Asset Manager

Directors

Our asset manager's directors are as follows:

Yuichi Hiromoto
Yuichi Hiromoto has been a representative director and the president and chief executive officer of our asset manager since December 2000, and he served as the executive director of Japan Retail Fund until November 2006. He has over 25 years of business experience in a broad array of global positions within Mitsubishi Corporation, including Mitsubishi's finance department and its investment banking and financial services department. He also served for two years in Mitsubishi's J-REIT joint venture initiative. Mr. Hiromoto has prior work experience in London and, in his capacity as president and chief executive officer of Mitsubishi Corp.-UBS Realty Inc., has overseen Japan Retail Fund's operations and strategic development. Mr. Hiromoto has been a member of the board of directors of The Investment Trusts Association, Japan since June 2005 and has served as co-chairman of the international committee of the Association for Real Estate Securitization in Japan since July 2006. Mr. Hiromoto received a bachelor of arts degree from Tokyo University and a master's degree in business administration from the Wharton School at the University of Pennsylvania.

Yuichi Hiromoto

Yuichi Hiromoto has been a representative director and the president and chief executive officer of our asset manager since December 2000, and he served as the executive director of Japan Retail Fund until November 2006. He has over 25 years of business experience in a broad array of global positions within Mitsubishi Corporation, including Mitsubishi's finance department and its investment banking and financial services department. He also served for two years in Mitsubishi's J-REIT joint venture initiative. Mr. Hiromoto has prior work experience in London and, in his capacity as president and chief executive officer of Mitsubishi Corp.-UBS Realty Inc., has overseen Japan Retail Fund's operations and strategic development. Mr. Hiromoto has been a member of the board of directors of The Investment Trusts Association, Japan since June 2005 and has served as co-chairman of the international committee of the Association for Real Estate Securitization in Japan since July 2006. Mr. Hiromoto received a bachelor of arts degree from Tokyo University and a master's degree in business administration from the Wharton School at the University of Pennsylvania.

Minoru Mukai
Minoru Mukai joined the board of directors of Mitsubishi Corp.-UBS Realty Inc. as a non-executive director in June 2004 and has been a representative director and the deputy president of Mitsubishi Corp.-UBS Realty Inc. since August 2006. Prior to that, he joined UBS Global Asset Management (Japan) Ltd. in June 2000 where he served as managing director and the representative director and deputy president. Prior to joining UBS Global Asset Management (Japan) Ltd, Mr. Mukai served as the head of capital markets sales at HSBC Securities Japan. He was also employed at the Bank of Tokyo (the predecessor firm of The Bank of Tokyo-Mitsubishi UFJ) and has nearly nine years of experience working overseas in Frankfurt, Bahrain and London. Mr. Mukai is vice chairman of the asset management committee of the Japan Securities Investment Advisers Association. He received a bachelor of arts degree in economics from the University of Kobe.

Minoru Mukai

Minoru Mukai joined the board of directors of Mitsubishi Corp.-UBS Realty Inc. as a non-executive director in June 2004 and has been a representative director and the deputy president of Mitsubishi Corp.-UBS Realty Inc. since August 2006. Prior to that, he joined UBS Global Asset Management (Japan) Ltd. in June 2000 where he served as managing director and the representative director and deputy president. Prior to joining UBS Global Asset Management (Japan) Ltd, Mr. Mukai served as the head of capital markets sales at HSBC Securities Japan. He was also employed at the Bank of Tokyo (the predecessor firm of The Bank of Tokyo-Mitsubishi UFJ) and has nearly nine years of experience working overseas in Frankfurt, Bahrain and London. Mr. Mukai is vice chairman of the asset management committee of the Japan Securities Investment Advisers Association. He received a bachelor of arts degree in economics from the University of Kobe.

Hideshi Takeuchi
Hideshi Takeuchi joined the board of directors of Mitsubishi Corp.-UBS Realty Inc. as a non-executive director in April 2007. He joined Mitsubishi Corporation in April 1972 and currently serves as executive vice president; group chief operating officer of the industrial finance, logistics & development group; and division chief operating officer of the merchant banking, mergers and acquisitions division of Mitsubishi Corporation. Mr. Takeuchi received a bachelor of arts degree in economics from Tokyo University.

Hideshi Takeuchi

Hideshi Takeuchi joined the board of directors of Mitsubishi Corp.-UBS Realty Inc. as a non-executive director in April 2007. He joined Mitsubishi Corporation in April 1972 and currently serves as executive vice president; group chief operating officer of the industrial finance, logistics & development group; and division chief operating officer of the merchant banking, mergers and acquisitions division of Mitsubishi Corporation. Mr. Takeuchi received a bachelor of arts degree in economics from Tokyo University.

Yasuyuki Sakata
Yasuyuki Sakata has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since October 2004. He joined Mitsubishi Corporation in 1978 and was seconded to Mitsubishi International Corporation, New York for four years from 1994. He had been with the investment banking and financial services unit at Mitsubishi Corporation's financial services division since 1999. He has been serving as senior vice president; a division chief operating officer of the asset finance & business development division of Mitsubishi Corporation's industrial finance, logistics & development group. Mr. Sakata received a degree in economics from Hitotsubashi University.

Yasuyuki Sakata

Yasuyuki Sakata has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since October 2004. He joined Mitsubishi Corporation in 1978 and was seconded to Mitsubishi International Corporation, New York for four years from 1994. He had been with the investment banking and financial services unit at Mitsubishi Corporation's financial services division since 1999. He has been serving as senior vice president; a division chief operating officer of the asset finance & business development division of Mitsubishi Corporation's industrial finance, logistics & development group. Mr. Sakata received a degree in economics from Hitotsubashi University.

Shin Sasaki
Shin Sasaki has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since December 2000. He joined Mitsubishi Corporation in 1975 and has served in various capacities in Japan, Singapore, the United States and the Philippines. He has served as senior vice president and executive assistant to the group chief executive officer of the industrial finance, logistics & development group of Mitsubishi Corporation since April 2007. Mr. Sasaki received a bachelor of arts degree in law from Tokyo University.

Shin Sasaki

Shin Sasaki has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since December 2000. He joined Mitsubishi Corporation in 1975 and has served in various capacities in Japan, Singapore, the United States and the Philippines. He has served as senior vice president and executive assistant to the group chief executive officer of the industrial finance, logistics & development group of Mitsubishi Corporation since April 2007. Mr. Sasaki received a bachelor of arts degree in law from Tokyo University.

Paul W. Marcuse
Paul W. Marcuse has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since April 2007. He has served as the head of global real estate at UBS Global Asset Management since January 2007 and is responsible for investments in direct real estate, unlisted funds and listed real estate securities globally. Mr. Marcuse is a member of the UBS Global Asset Management Executive Committee, and he chairs the Global Real Estate Management Committee. Prior to joining UBS Global Asset Management, he was chief executive of AXA Real Estate Investment Managers from 2000 to 2007. Prior to that he was engaged in real estate at Rodamco Group, Union Bank of Switzerland, BZW and Goldman Sachs. Mr. Marcuse received a master's degree from the University of Cambridge and a master's degree in business administration from City University Business School.

Paul W. Marcuse

Paul W. Marcuse has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since April 2007. He has served as the head of global real estate at UBS Global Asset Management since January 2007 and is responsible for investments in direct real estate, unlisted funds and listed real estate securities globally. Mr. Marcuse is a member of the UBS Global Asset Management Executive Committee, and he chairs the Global Real Estate Management Committee. Prior to joining UBS Global Asset Management, he was chief executive of AXA Real Estate Investment Managers from 2000 to 2007. Prior to that he was engaged in real estate at Rodamco Group, Union Bank of Switzerland, BZW and Goldman Sachs. Mr. Marcuse received a master's degree from the University of Cambridge and a master's degree in business administration from City University Business School.

James W. O'Keefe
James W. O'Keefe has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since March 2004. He is a consultant to UBS Global Asset Management, Global Real Estate. He was previously a managing director and head of global real estate at UBS Global Asset Management, as well as chairman of UBS Realty Investors LLC. Prior to joining UBS Realty's predecessor organization in 1993, Mr. O'Keefe was involved in real estate investment banking in New York City for more than 20 years. He served for five years as a managing director with Kidder, Peabody & Company, where he headed the firm's real estate investment banking activities and spent the previous 15 years in the real estate area of Morgan Stanley & Company, most recently as a managing director. Mr. O'Keefe received a bachelor of arts degree from Georgetown University and a master's degree in business administration from Harvard Business School. He is a member of the Urban Land Institute and the National Council of Real Estate Investment Fiduciaries, where he has served as president.

James W. O'Keefe

James W. O'Keefe has been a non-executive director of Mitsubishi Corp.-UBS Realty Inc. since March 2004. He is a consultant to UBS Global Asset Management, Global Real Estate. He was previously a managing director and head of global real estate at UBS Global Asset Management, as well as chairman of UBS Realty Investors LLC. Prior to joining UBS Realty's predecessor organization in 1993, Mr. O'Keefe was involved in real estate investment banking in New York City for more than 20 years. He served for five years as a managing director with Kidder, Peabody & Company, where he headed the firm's real estate investment banking activities and spent the previous 15 years in the real estate area of Morgan Stanley & Company, most recently as a managing director. Mr. O'Keefe received a bachelor of arts degree from Georgetown University and a master's degree in business administration from Harvard Business School. He is a member of the Urban Land Institute and the National Council of Real Estate Investment Fiduciaries, where he has served as president.

Hing Hung Liu
Hing Hung Liu (or Alfred Liu) was previously the chief financial officer and has been a director of Mitsubishi Corp.-UBS Realty Inc. since April 2005. He was also the deputy president of Mitsubishi Corp.-UBS Realty Inc. from April 2005 to July 2006. He has over 20 years of business experience, 17 of which have been with UBS. Mr. Liu was seconded by UBS from Australia to Tokyo in 1999 to head up the operations of UBS Trust & Banking, where he was responsible for securities processing, settlement, corporate actions, funding, client reporting and performance systems development. Mr. Liu received a bachelor of arts degree in commerce from the University of Western Australia and a graduate diploma in applied finance & investment from the Financial Services Institute of Australasia (formerly the Securities Institute of Australia). He is a qualified Australian chartered accountant. Mr. Liu currently serves on the management board and the executive committee of the Asian Public Real Estate Association (APREA), where he is president. Mr. Liu returned to UBS in October 2006.

Hing Hung Liu

Hing Hung Liu (or Alfred Liu) was previously the chief financial officer and has been a director of Mitsubishi Corp.-UBS Realty Inc. since April 2005. He was also the deputy president of Mitsubishi Corp.-UBS Realty Inc. from April 2005 to July 2006. He has over 20 years of business experience, 17 of which have been with UBS. Mr. Liu was seconded by UBS from Australia to Tokyo in 1999 to head up the operations of UBS Trust & Banking, where he was responsible for securities processing, settlement, corporate actions, funding, client reporting and performance systems development. Mr. Liu received a bachelor of arts degree in commerce from the University of Western Australia and a graduate diploma in applied finance & investment from the Financial Services Institute of Australasia (formerly the Securities Institute of Australia). He is a qualified Australian chartered accountant. Mr. Liu currently serves on the management board and the executive committee of the Asian Public Real Estate Association (APREA), where he is president. Mr. Liu returned to UBS in October 2006.

Corporate Auditors

Takashi Imai
Takashi Imai has been a full-time corporate auditor of Mitsubishi Corp.-UBS Realty Inc. since June 2004. He is a certified public accountant in Japan and practiced at Deloitte Touche Tohmatsu for over 30 years. After leaving Deloitte Touche Tohmatsu in 2003, he has been running his own practice. Mr. Imai received a bachelor of arts degree in commerce from Waseda University.

Mizuki Kuroda
Mizuki Kuroda has served as corporate auditor of Mitsubishi Corp.-UBS Realty Inc. since December 2000. Mr. Kuroda joined Mitsubishi Corporation in 1986 and currently serves in the industrial finance, logistics and development group as deputy general manager of the risk management team. Since 2000, he has served as a non-executive statutory auditor for nearly 20 companies. Mr. Kuroda received a bachelor of arts degree in economics from Keio University.

Mizuki Kuroda

Mizuki Kuroda has served as corporate auditor of Mitsubishi Corp.-UBS Realty Inc. since December 2000. Mr. Kuroda joined Mitsubishi Corporation in 1986 and currently serves in the industrial finance, logistics and development group as deputy general manager of the risk management team. Since 2000, he has served as a non-executive statutory auditor for nearly 20 companies. Mr. Kuroda received a bachelor of arts degree in economics from Keio University.

Mitsuaki Kuze
Mitsuaki Kuze has been a corporate auditor of Mitsubishi Corp.-UBS Realty Inc. since April 2004. He also serves as standing statutory auditor for UBS Global Asset Management. Mr. Kuze joined the Long-Term Credit Bank of Japan, Ltd., in April 1973, and joined UBS Brinson Asset Management Co., Ltd., in 1998 as corporate executive officer and head of account management. He has served on the board of directors of both UBS Brinson Asset Management Co., Ltd. and UBS (Trust and Banking) Limited. Mr. Kuze received a bachelor of arts degree in economics from Kyoto University.

Mitsuaki Kuze

Mitsuaki Kuze has been a corporate auditor of Mitsubishi Corp.-UBS Realty Inc. since April 2004. He also serves as standing statutory auditor for UBS Global Asset Management. Mr. Kuze joined the Long-Term Credit Bank of Japan, Ltd., in April 1973, and joined UBS Brinson Asset Management Co., Ltd., in 1998 as corporate executive officer and head of account management. He has served on the board of directors of both UBS Brinson Asset Management Co., Ltd. and UBS (Trust and Banking) Limited. Mr. Kuze received a bachelor of arts degree in economics from Kyoto University.

Key Full-time Employees

The key full-time employees of our asset manager include:

Shunichi Minami
Shunichi Minami serves as a senior executive officer of our asset manager, which he joined as the head of the marketing & investor relations department in September 2004. He is responsible for overall investor relations activities. He has over 20 years of experience in the financial services industry, of which 16 have been with UBS Global Asset Management. Prior to joining our asset manager, he was an executive director of UBS Global Asset Management in charge of equity and asset allocation-related products, including REITs. Mr. Minami received a bachelor of arts in economics from Hitotsubashi University and was the founding chairman of the Japan Society of Investment Professionals from October 1999 to September 2003 and a member of the Association for Investment Management and Research Global Council from October 2001 to September 2003. Mr. Minami is a member of the Chartered Financial Analyst (CFA) Institute and CFA Society of Japan.

Shunichi Minami

Shunichi Minami serves as a senior executive officer of our asset manager, which he joined as the head of the marketing & investor relations department in September 2004. He is responsible for overall investor relations activities. He has over 20 years of experience in the financial services industry, of which 16 have been with UBS Global Asset Management. Prior to joining our asset manager, he was an executive director of UBS Global Asset Management in charge of equity and asset allocation-related products, including REITs. Mr. Minami received a bachelor of arts in economics from Hitotsubashi University and was the founding chairman of the Japan Society of Investment Professionals from October 1999 to September 2003 and a member of the Association for Investment Management and Research Global Council from October 2001 to September 2003. Mr. Minami is a member of the Chartered Financial Analyst (CFA) Institute and CFA Society of Japan.

Kenji Iizumi
Kenji Iizumi joined our asset manager as the head of compliance administration in January 2008. Prior to that, he had worked for more than 30 years at The Bank of Tokyo (predecessor of The Bank of Tokyo-Mitsubishi UFJ). He worked in Tokyo, Osaka, Nagoya and Paris, mainly as an account officer for corporate customers. He was seconded to Japan Credit Rating Agency as a senior analyst for assigning credit ratings to samurai bonds for three years from 1994. For the last 10 years, he was engaged in internal audits for overseas branches and subsidiaries as a senior manager of The Bank of Tokyo-Mitsubishi UFJ. Mr. Iizumi received a bachelor of arts in economics from Waseda University and the qualification of certified internal auditor from the Institute of Internal Auditors, Florida, United States.

Kenji Iizumi

Kenji Iizumi joined our asset manager as the head of compliance administration in January 2008. Prior to that, he had worked for more than 30 years at The Bank of Tokyo (predecessor of The Bank of Tokyo-Mitsubishi UFJ). He worked in Tokyo, Osaka, Nagoya and Paris, mainly as an account officer for corporate customers. He was seconded to Japan Credit Rating Agency as a senior analyst for assigning credit ratings to samurai bonds for three years from 1994. For the last 10 years, he was engaged in internal audits for overseas branches and subsidiaries as a senior manager of The Bank of Tokyo-Mitsubishi UFJ. Mr. Iizumi received a bachelor of arts in economics from Waseda University and the qualification of certified internal auditor from the Institute of Internal Auditors, Florida, United States.

Hiroshi Sugizaki
Hiroshi Sugizaki is the head of the corporate division of our asset manager and has over 20 years of business experience in the real estate industry. Prior to joining our asset manager in October 2006, he served as executive director and head of strategic planning at real estate developer Land Business Co., Ltd. from 2004. He also served as head of investment management at our asset manager from 2001 to 2004. He was employed at Sumitomo Realty and Development Co., Ltd. beginning in 1982, where his responsibilities included real estate development projects, acquisitions, budgeting and strategic planning. Between 1987 and 1997, Mr. Sugizaki was seconded by Sumitomo Realty to its United States subsidiary, where he served as vice president and chief financial officer of Sumitomo Realty and Development California. In that role, his responsibilities included asset management oversight for commercial properties, including shopping centers, as well as investment analysis, budgeting and reporting. Mr. Sugizaki received a bachelor of arts in engineering from the Tokyo Institute of Technology.

Hiroshi Sugizaki

Hiroshi Sugizaki is the head of the corporate division of our asset manager and has over 20 years of business experience in the real estate industry. Prior to joining our asset manager in October 2006, he served as executive director and head of strategic planning at real estate developer Land Business Co., Ltd. from 2004. He also served as head of investment management at our asset manager from 2001 to 2004. He was employed at Sumitomo Realty and Development Co., Ltd. beginning in 1982, where his responsibilities included real estate development projects, acquisitions, budgeting and strategic planning. Between 1987 and 1997, Mr. Sugizaki was seconded by Sumitomo Realty to its United States subsidiary, where he served as vice president and chief financial officer of Sumitomo Realty and Development California. In that role, his responsibilities included asset management oversight for commercial properties, including shopping centers, as well as investment analysis, budgeting and reporting. Mr. Sugizaki received a bachelor of arts in engineering from the Tokyo Institute of Technology.

Makoto Yasui
Makoto Yasui joined Mitsubishi Corp.-UBS Realty Inc. in 2006 and currently serves as senior executive officer of the industrial division. Mr. Yasui is involved in supporting our property acquisitions and dispositions based on his extensive industry experience. Prior to joining Mitsubishi Corp.-UBS Realty Inc., Mr. Yasui worked for two years as executive vice president at the Organization for Promoting Urban Development. Prior to that, he worked for 29 years at the Ministry of Land, Infrastructure and Transport in various positions relating to regional development and environmental planning. Mr. Yasui received a bachelor of arts and a master's degree in civil engineering from Kyoto University.

Makoto Yasui

Makoto Yasui joined Mitsubishi Corp.-UBS Realty Inc. in 2006 and currently serves as senior executive officer of the industrial division. Mr. Yasui is involved in supporting our property acquisitions and dispositions based on his extensive industry experience. Prior to joining Mitsubishi Corp.-UBS Realty Inc., Mr. Yasui worked for two years as executive vice president at the Organization for Promoting Urban Development. Prior to that, he worked for 29 years at the Ministry of Land, Infrastructure and Transport in various positions relating to regional development and environmental planning. Mr. Yasui received a bachelor of arts and a master's degree in civil engineering from Kyoto University.

Naoshi Ogikubo
Naoshi Ogikubo joined Mitsubishi Corporation in 1989 and currently serves as the head of the industrial division of Mitsubishi Corp.-UBS Realty Inc. Mr. Ogikubo was previously head of acquisitions of Mitsubishi Corp.-UBS Realty Inc. in which capacity he was primarily responsible for the evaluation and acquisition of retail properties. Prior to that, he worked in various capacities within Mitsubishi Corporation, including the finance department, the investment banking and financial services department and the J-REIT joint venture initiative. Mr. Ogikubo received a bachelor of arts degree from Waseda University, a master's degree in business administration from the Wharton School at the University of Pennsylvania and is both a chartered financial analyst (CFA) and a certified public accountant (CPA) in the United States. He is a licensed real estate broker in Japan.

Naoshi Ogikubo

Naoshi Ogikubo joined Mitsubishi Corporation in 1989 and currently serves as the head of the industrial division of Mitsubishi Corp.-UBS Realty Inc. Mr. Ogikubo was previously head of acquisitions of Mitsubishi Corp.-UBS Realty Inc. in which capacity he was primarily responsible for the evaluation and acquisition of retail properties. Prior to that, he worked in various capacities within Mitsubishi Corporation, including the finance department, the investment banking and financial services department and the J-REIT joint venture initiative. Mr. Ogikubo received a bachelor of arts degree from Waseda University, a master's degree in business administration from the Wharton School at the University of Pennsylvania and is both a chartered financial analyst (CFA) and a certified public accountant (CPA) in the United States. He is a licensed real estate broker in Japan.

Fuminori Imanishi
Fuminori Imanishi serves as the Head of Retail Division at the Asset Manager, which he joined in April 2005 as the Head of the Strategic Planning Department. Prior to joining the Asset Manager, he had worked since 2001 at Hankyu Corporation, an Osaka-based railway and transportation company, where he was in charge of originating real estate securitizations, planning of new real estate-related investment businesses and the establishment of a J-REIT asset management company by Hankyu Corporation. Prior to that, he had worked for over 20 years at MYCAL Corporation, one of Japan's large-scale retail operators, where he served as the General Manager of its Financial Planning Office from 1998 and executed various financial transactions, including the securitization of a number of shopping center properties. Mr. Imanishi received a Bachelor of Arts in economics from Shiga University. He is a licensed real estate broker in Japan.

Fuminori Imanishi

Fuminori Imanishi serves as the Head of Retail Division at the Asset Manager, which he joined in April 2005 as the Head of the Strategic Planning Department. Prior to joining the Asset Manager, he had worked since 2001 at Hankyu Corporation, an Osaka-based railway and transportation company, where he was in charge of originating real estate securitizations, planning of new real estate-related investment businesses and the establishment of a J-REIT asset management company by Hankyu Corporation. Prior to that, he had worked for over 20 years at MYCAL Corporation, one of Japan's large-scale retail operators, where he served as the General Manager of its Financial Planning Office from 1998 and executed various financial transactions, including the securitization of a number of shopping center properties. Mr. Imanishi received a Bachelor of Arts in economics from Shiga University. He is a licensed real estate broker in Japan.