The members of our board of directors are as follows:

Yasuyuki Kuratsu

Yasuyuki Kuratsu has served as our executive director since March 2007. Mr. Kuratsu spent the first 17 years of his professional career with the Bank of Tokyo (the predecessor firm of The Bank of Tokyo-Mitsubishi UFJ), working mostly in London and Tokyo, and gained experience in various areas of international finance, such as foreign exchange, fixed income bonds, derivatives and risk management. He then joined Bankers Trust and later Chase Manhattan Bank in 1997 as managing director of the international fixed income division, and served concurrently as general manager of Chase Securities Japan Ltd. In 2001, he established his own research firm, Research and Pricing Technology Inc., which provides credit market analysis and consulting services to financial and governmental institutions. He is a member of the Japan Society of Monetary Economics, Academy of Securities and Economics.

Katsuaki Takiguchi

Katsuaki Takiguchi has been serving as our supervisory director since March 2007. He is a certified public accountant in Japan and most recently served as chairman of Deloitte Touche Tohmatsu's global manufacturing industry group. Mr. Takiguchi has over 40 years of professional experience. He has also successively served as partner and director of Deloitte Touche Tohmatsu as well as its predecessor firms. Mr. Takiguchi received a bachelor of arts degree in commerce from Chuo University.

Kumi Honda

Kumi Honda has been serving as our supervisory director since March 2007. She is currently a partner at Haruki and Tokyo Marunouchi Law Office. Prior to that she served as an associate at Nagashima, Ohno & Tsunematsu and at Morrison & Foerster LLP's New York office. Ms. Honda received an LL.B. degree from the University of Tokyo Faculty of Law and an LL.M. degree from Columbia University School of Law. She completed her studies at the Legal Training & Research Institute and was admitted to practice law in Japan in 1999 and in New York in 2003. She is a member of the Tokyo Bar Association.

None of our directors holds any of our units. We have not entered into any transactions with any of our directors.

Pursuant to the Investment Trust Law, J-REITs are prohibited from having employees and, as such, are required to outsource various functions relating to their operations (e.g. asset management, custody and other administrative functions) to third-party service providers. Accordingly, our Fund does not have any employees.