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Services Provided by the Asset Manager

The Asset Manager provides the following services to us:

• Investment Management

  The Asset Manager formulates and executes our investment strategy based on our basic investment policy with respect to our portfolio composition and other characteristics of our investment properties.

• Oversight of Property Management

  The Asset Manager directs or supervises our on-site property managers' implementation of various programs, including the maintenance and improvement of our properties, marketing and leasing activities.

• Property Acquisition and Disposition

  The Asset Manager is responsible for identifying acquisition targets, purchasing properties, if necessary, restructuring tenant lease terms and property refurbishments, and disposing of properties.

• Investor Relations and Financial Reporting

  The Asset Manager is responsible for our investor relations, including the disclosure of new developments with respect to our properties and the reporting of our Fund's financial performance. It is also responsible for our regulatory filings.

• Finance and Accounting

  The Asset Manager is responsible for our cash management and other financial affairs, including planning and budgeting functions, management of debt and equity issuances to Fund our acquisitions and investment of tenant leasehold and security deposits.

Acquisition Approval Process

Our asset manager's board of directors decides on investment criteria in line with our portfolio composition policy, as described in “Portfolio Composition Policy”. Our asset manager's investment management review committee, which consists of the president, deputy president and other senior officers of our asset manager, considers each proposed acquisition identified and proposed by the industrial division head in accordance with our portfolio composition policies discussed above. With respect to acquisition targets that the investment management review committee and the president of our asset manager propose to acquire, our asset manager typically signs a non-binding letter of intent with the owner, conducts a due diligence investigation and negotiates the terms of the transaction (including desired lease restructurings) with the property owner and tenant. The investment management review committee, the president of our asset manager, and ultimately the industrial division head will have final authority as to the proposed purchase. If the seller is a related party, such as Mitsubishi Corporation or any of its affiliates, an acquisition decision requires the approval of six out of eight of our asset manager's directors.

The following chart summarizes our property acquisition approval process: