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

The following elaborates on the respective focuses of each of our Asset Manager's functional areas:
| Department |
Summary of Business |
| Retail Division |
Business concerning acquisition and disposal of specified assets and management and administration of specified assets under the asset management with JRF |
| Industrial Division |
Business concerning acquisition and disposal of specified assets and management and administration of specified assets under the asset management agreement with IIF |
| Strategic Planning Department |
Business concerning stocks, shareholders, the General Meeting of Shareholders, the Board of Directors' meeting, formulating, implementing, monitoring, and reporting strategic long-term goals and plans, contacts for interview by newspaper and magazine, etc., contacts for participating and application in events, etc. |
| Operations Planning & Accounting Department |
Business concerning preparation and submission of required periodical disclosure documents, reporting and press releases of the Investment Corporation required under the disclosure rules of the TSE and the U.S securities & Exchange Commission, accounting closing, financial statement, and taxation of Investment Corporation and the Asset Management Company, liaison with general administration trust company of Investment Corporation, business concerning publications, etc. |
| Finance Department |
Business concerning support in establishment of financial strategies of the Investment Corporation, planning and proposals concerning the method of financing the Investment Corporation, communication with rating agencies, etc. |
| Human Resources & Corporate Services Department |
Business concerning personnel and human resources management, internal general affairs, miscellaneous clerical operations and works of secretary, administration, development management and information security administration of the information system, etc. |
| Compliance Office |
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 |

Our asset management company team, led by Takuya Kuga, is comprised of 86 full-time employees as of September 28, 2011. 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.

Our Asset Manager's directors are as follows:
| Takuya Kuga (President & CEO) |
| Apr. 1986 |
Mitsubishi Corporation Head Office (General Machinery Department) |
| Apr. 1988 |
Development & Construction First Division |
| Jul. 1989 |
Construction & Building Equipment Division |
| Apr. 1994 |
Residential & Regional Development Department |
| Oct. 1996 |
Overseas Properties and Project Development Department |
| Dec. 1997 |
Temporarily transferred to MC Realty, Inc. (Dallas Texas, USA) |
| Jun. 1999 |
Temporarily transferred to MC Realty, Inc. (Los Angeles California, USA) |
| Mar. 2003 |
Mitsubishi Corporation Head office Global Real Estate Unit |
| Apr. 2003 |
Mitsubishi Corporation Head office Property & Project Development Unit |
| Oct. 2004 |
Part-time Director of Diamond Realty Management Inc. |
| Apr. 2007 |
Mitsubishi Corporation Head office Commercial Properties Development & Management Unit |
| May. 2008 |
President & CEO of Diamond Realty Management Inc. |
| Jun. 2009 |
Director of Mitsubishi Corp. - UBS Realty Inc. |
| Oct. 2009 |
President & CEO of Mitsubishi Corp. – UBS Realty Inc. (present post) |
|
| Takanobu Yoshimoto (Deputy President & Representative Director) |
| Apr. 1987 |
The Long-Term Credit Bank of Japan, Ltd. (Treasury Division) |
| Jul. 1990 |
System Development Division of the Bank |
| May. 1996 |
Received MBA at the School of Business of Columbia University (U.S.) |
| Jun. 1996 |
Manager of Structured Finance Division of the Bank |
| Apr. 1997 |
LTCB Investment Management Co., Ltd.
(presently, UBS Global Asset Management (Japan) Ltd.)
Manager of Operation & Administration Division and Investment Planning Division |
| Jul. 1998 |
Director of Control & Administration of LTCB UBS Brinson Co., Ltd. (presently, UBS Global Asset Management (Japan) Ltd.) |
| Oct. 2000 |
Director of Financial Institutions and Intermediaries of UBS Brinson Asset Management (Japan) Ltd. (presently, UBS Global Asset Management (Japan) Ltd.) |
| Oct. 2004 |
Head of Client Management of UBS Global Asset Management (Japan) Ltd. |
| Aug. 2006 |
Executive Director and Head of Client Management of the Company |
| Dec. 2009 |
Senior Executive Officer of Mitsubishi Corp. - UBS Realty Inc. |
| Feb. 2010 |
Deputy President & Representative Director of Mitsubishi Corp. – UBS Realty Inc. (present post) |
|
| Koichi Murata (Director / part-time) |
| Apr. 1979 |
Mitsubishi Corporation Head Office |
| Jun. 1981 |
Mitsubishi Corporation Baghdad Branch, Republic of Iraq |
| Nov. 1983 |
Mitsubishi Corporation Head Office |
| Mar. 1990 |
Mitsubishi International Corporation New York Office |
| Sep. 1991 |
Mitsubishi International Corporation Los Angeles Office |
| Sep. 1994 |
Mitsubishi Corporation Realty, Inc. (Los Angeles California, USA) |
| Nov. 1996 |
Mitsubishi Corporation Head Office |
| Nov. 2004 |
President of Diamond Realty Management, Inc. |
| Apr. 2007 |
Head of Real Estate Investment and Development, Mitsubishi Corporation Head Office
Part-time Director of Diamond Realty Management, Inc. (present-post) |
| May. 2007 |
Part-time Director of Mitsubishi Corporation Urban Development, Inc. |
| Oct. 2010 |
Head of Real Estate Investment & Management Industrial Finance, Logistics & Development Group, Mitsubishi Corporation (present-post) |
| Dec. 2010 |
Part-time Director of Mitsubishi Corp.-UBS Realty Inc. (present-post) |
|
| Kazuyuki Suzuki (Director / part-time) |
| Apr. 1982 |
Mitsubishi Corporation, Insurance Dept. |
| Jul. 1986 |
MSK Insurance Center, Inc. |
| Nov. 1988 |
Mitsubishi Corporation Head Office, Insurance Dept. |
| Jun. 1992 |
Mitsubishi International Corporation New York Office |
| Jan. 1998 |
Mitsubishi Corporation Head Office, Traffic and Insurance Dept. |
| Apr. 2000 |
Mitsubishi Corporation Head Office, Logistics Solutions & SCM Business Unit |
| Mar. 2003 |
General Manager of Logistics Solutions & SCM Business Unit, Mitsubishi Corporation Head Office |
| Mar. 2005 |
General Manager of Logistics Solutions & SCM Business Unit, & Risk Engineering Unit, Mitsubishi Corporation Head Office
Part-time Director of Mitsubishi Corporation Insurance Center Ltd.
|
| Mar. 2006 |
General Manager of Risk Engineering Unit, Mitsubishi Corporation Head Office |
| Dec. 2007 |
General Manager of Strategic Planning, Group CEO Office, Mitsubishi Corporation Head Office
Industrial Finance, Logistics & Development Group |
| Oct. 2010 |
General Manager of Real Estate Asset Management Team, Real Estate Investment & Management Unit, Mitsubishi Corporation Head Office (present-post)
Part-time Director of Diamond Realty Management, Inc. |
| Dec. 2010 |
Part-time Director of Mitsubishi Corp.-UBS Realty Inc. (present-post) |
|
| Katsuji Okamoto (Director / part-time) |
| Apr. 1989 |
Mitsubishi Corporation, Machinery Administration Dept |
| Dec. 1993 |
Commercial and Finance & Accounting Buenos Aires Project Office of Mitsubishi Corporation |
| Dec. 1996 |
Project Finance Office Finance Dept. of Mitsubishi Corporation |
| Apr. 2000 |
Project Development Australia Unit. Natural Gas Div. of Mitsubishi Corporation |
| Dec. 2001 |
Financial Services Unit, Finance Services and Investment Banking Div. of Mitsubishi Corporation |
| Oct. 2004 |
Head of Acquisition and Investment. Diamond Realty Management Inc. |
| Apr. 2007 |
Representative Director Diamond Realty Management Inc. |
| May 2008 |
Department Head, Industrial Finance, Logistics and Development, Singapore Branch of Mitsubishi Corporation |
| Sep. 2011 |
Real Estate Investment & Management Unit Industrial Finance, Logistics and Development Group of Mitsubishi Corporation |
| Oct. 2011 |
Head of Strategic Planning Office
Real Estate Investment & Management Unit
Industrial Finance, Logistics and Development Group of Mitsubishi Corporation (present-post)
Part-time Director of Mitsubishi Corp.-UBS Realty Inc. (present-post) |
|
| James W. O’Keefe (Director / part-time) |
| Jun. 1972 |
Joined Morgan Stanley & Co. Inc. |
| Jul. 1987 |
Managing Director, Real Estate Investment Banking Department of Kidder Peabody & Co. |
| Feb. 1993 |
President & CEO, Aetna Realty Investors |
| Jun. 1996 |
President & CEO of Allegis Realty Investors (predecessor of UBS Realty Investors) |
| Dec. 1999 |
Global Head, Real Estate Division of UBS Global Asset Management, Chairman of UBS Realty Investors LLC |
| Apr. 2004 |
Part-time Director of Mitsubishi Corp. – UBS Realty Inc. (present post) |
| Jan. 2007 |
Senior Advisor & Managing Director, Global Real Estate Division of UBS Global Asset Management |
| Apr. 2008 |
Senior Advisor of UBS Global Asset Management (present post) |
|
| Paul W. Marcuse (Director / part-time) |
| 1980 |
Joined First Dallas limited (London) |
| 1982 |
Executive Director, Investment Banking & Real Estate Division of Goldman Sachs International Limited (London) |
| Apr. 1992 |
Managing Director, Private Equity Division of BZW Limited (London) |
| Jan. 1997 |
Managing Director, Investment Banking Department, Group Head, European Property Hotel Group of UBS Limited (London) |
| Aug. 1998 |
RODAMCO Group Finance Director, RODAMCO United Kingdom BV, Managing Director, RODAMCO Venture Capital Mangers Limited |
| Mar. 2000 |
AXA Investment Managers, Chief Executive of AXA Real Estate Investment Managers, Member of Management Executive Committee of AXA Investment Managers |
| Jan. 2007 |
Head of Global Real Estate Division, UBS Global Asset Management, Member of Management Executive Committee (present post) |
| Apr. 2007 |
Part-time Director of Mitsubishi Corp. – UBS Realty Inc. (present post) |
| Mar. 2008 |
Member of Group Managing Board of UBS Group (present post) |
|
| Susumu Okamura (Director / part-time) |
| Apr. 1985 |
Joined The Dai-ichi Mutual Life Insurance Company Domestic and International Credit Center |
| Apr. 1991 |
Dai-ichi Life International (USA) Inc.Corporate Finance Deparment |
| Apr. 1995 |
The Dai-ichi Mutual Life Insurance Company Human Resources Management Department |
| Apr. 1998 |
The Dai-ichi Mutual Life Insurance Company Manager of Security Investment Department Forex Investment Team |
| Apr. 2000 |
President & CEO of Kogin Dai-ichi Life Asset Management Inc. (present name: DIAM USA) |
| Apr. 2004 |
The Dai-ichi Mutual Life Insurance Company Deputy General Manager of Corporate Planning Department |
| Apr. 2005 |
Kogin Dai-ichi Life Asset Management Inc. (present name: DIAM Asset Management) Leader of Management Planning Group |
| Nov. 2005 |
Joined UBS Global Asset Management (Japan) Ltd. Head of Product Development & Management |
| Jun. 2006 |
Board of Director of UBS Global Asset Management (Japan) Ltd. |
| Feb. 2008 |
UBS Global Asset Management (Japan) Ltd. Head of Institutional Marketing & Products |
| Nov. 2008 |
Representative Director & President of UBS Global Asset Management (Japan) Ltd. |
| Jun. 2009 |
Part-time Director of Mitsubishi Corp. - UBS Realty Inc. (present post) |
| Aug. 2009 |
President & Head of Management Department of UBS Global Asset Management (Japan) Ltd. |
| Mar. 2011 |
Representative Director & President of UBS Global Asset Management (Japan) Ltd.(present post) |
| Jun. 2011 |
Executive Director of The Investment Trusts Association, Japan (present post) |
|
The key full-time employees of our asset manager include:
| 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. |
| Yoshito Nishikawa |
| Yoshito Nishikawa joined Mitsubishi Corp.-UBS Realty Inc. in 2006 and currently serves as the head of industrial division. Mr.Nishikawa previously was the national director for LaSalle Investment Management K.K. where he was responsible for acquisitions and asset management of a global REIT. Prior to that he held various positions at Tokyo Tatemono Co.,Ltd. Mr.Nishikawa received a bachelor of arts degree in agricultural economics from Tokyo University. |
| 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 (presently, AEON Retail Co., Ltd.), 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. |