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Our Organization Chart
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 |
| 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 |
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About Our Asset Management Team
Our asset management company team, led by Takuya Kuga, is comprised of 89 full-time employees as of October 1, 2009. 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 the Asset Manager
- The directors of the Asset Manager are as follows:
| Takuya Kuga (President & CEO) |
| Apr. 1986 |
Mitsubishi Corporation Head office (General Machinery Department) |
| Apr. 1988 |
Development & Construction First Division |
| July 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) |
| June 1999 |
Temporarily transferred to MC Realty, Inc. (Los Angeles California, USA) |
| March 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. |
| June 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) |
| July 1990 |
System Development Division of the Bank |
| May 1996 |
Received MBA at the School of Business of Columbia University (U.S.) |
| June 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
|
| July 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) |
|

| Yasuyuki Sakata (Director / part-time) |
| Apr. 1978 |
Joined Mitsubishi Corporation (Energy Business Department) |
| Nov. 1983 |
Administration Department, Osaka Branch of the Company |
| Sep. 1986 |
International Finance Department of the Company |
| Dec. 1989 |
Temporarily transferred to Mitsubishi Acceptance Corporation (Irvine) |
| May 1991 |
Temporarily transferred to Mitsubishi Motors Credit of America, Inc. (Irvine) |
| Feb. 1994 |
Mitsubishi International Corporation (New York) |
| Feb. 1998 |
Finance Department of Mitsubishi Corporation |
| Jan. 1999 |
Financial Planning Department of the Company |
| Apr. 2002 |
Unit Manager, Financial Planning Department, Finance Business Group of the Company |
| Oct. 2004 |
Part-time Director of Mitsubishi Corp. – UBS Realty Inc. (present post) |
| March 2007 |
Part-time Director of Mitsubishi Auto Leasing Holdings Corporation (present post) |
| Apr. 2007 |
Division COO, Industrial & Logistics Development Business Group (concurrent), Unit Manager, Real Estate & Business Finance Unit of Mitsubishi Corporation |
| May 2007 |
Part-time Director of Skyport Service Corporation (present post) |
| Oct. 2007 |
Part-time Director of Mitsubishi Auto Leasing Co., Ltd. (present post) |
| Apr. 2008 |
Executive Officer, Division COO of Industrial & Logistics Development Business Group (concurrent), Unit Manager, Real Estate & Finance Unit of Mitsubishi Corporation |
| June 2008 |
Part-time Director of Mitsubishi Corporation Urban Development, Inc. (present post) |
| Aug. 2008 |
Part-time Director of MC Aviation Partners Inc. (present post) |
| Jan. 2009 |
Executive Officer & Division COO, Asset Finance & Business Development Division Industrial Finance, Logistics & Development Group of Mitsubishi Corporation (present post) |
| Oct. 2009 |
Part-time Director of Mitsubishi Corporation Capital Ltd. (present post) |
|

| Yuichi Hiromoto (Director / part-time) |
| Apr. 1980 |
Joined Mitsubishi Corporation |
| Dec. 1987 |
Capital Market Department of the Company (capital market-related operations) |
| June 1990 |
Received MBA at the Wharton School of the University of Pennsylvania (U.S.) |
| June 1992 |
Capital Market Dept. of Mitsubishi Corporation (domestic corporate bond issuance operations) |
| Dec. 1994 |
Temporarily transferred to Mitsubishi Corporation Finance plc |
| June 1998 |
Finance Dept. of Mitsubishi Corporation (securitization of real estate, real estate investment business) |
| Jan. 1999 |
Financial Planning Dept. of the Company (securitization of real estate, real estate investment) |
| Dec. 2000 |
President and CEO of Mitsubishi Corp. – UBS Realty Inc. |
| Sep. 2001 |
Exective Director of Japan Retail Fund Investment Corporation |
| Oct. 2009 |
Deputy Division COO, Asset Finance & Business Development Division Industrial Finance, Logistics & Development Group of Mitsubishi Corporation (present post)
Part-time Director of Mitsubishi Corp. – UBS Realty Inc. (present post) Part-time Director of Mitsubishi Corporation Capital Ltd. (present post) |
|

| Hitoshi Ishikawa (Director / part-time) |
| Apr. 1984 |
Joined Mitsubishi Corporation (Machinery Administration Department) |
| June 1992 |
Treasury Dept. |
| Apr. 1996 |
Financial Dept. |
| June 1998 |
Mitsubishi Corporation Finance PLC |
| Aug. 2003 |
Financial Services Div., Capital Markets Unit |
| Apr. 2005 |
New Business Initiative Group CEO office |
| Apr. 2007 |
Planning and Administration, Industrial Finance, Logistics & Development Group CEO office, Management Planning・Regional Strategy |
| Nov. 2007 |
General Manager of Planning and Administration, Industrial Finance, Logistics & Development Group, Asset Finance & Business Div., Financial Services Unit Part-time Director of Mitsubishi Corporation Capital Ltd. |
| Dec. 2007 |
Part-time Director of Diamond Financial Solutions Ltd. (present post) Part-time Director of Diamond Alternative Investment Ltd. (present post) Part-time Director of New Century Insurance Co., Ltd. (present post) |
| May 2008 |
Part-time Director of MC Financial Services Ltd. (present post) |
| June 2008 |
Part-time Director of Healthcare Management Partners, Inc. (present post) |
| Oct. 2008 |
Part-time Director of Pentelia Diamond Capital Management Ltd. (present post) |
| Nov. 2008 |
Non-Exective Director of Eolia Diamond Ltd. (present post) |
| Jan. 2009 |
General Manager of Planning and Administration, Industrial Finance, Logistics & Development Group Financial Services Unit & Real Estate & Project Finance Unit |
| Feb. 2009 |
Part-time Director of Diamond Realty Management Inc. (present post) Part-time Director of MC GIP Holdings, Inc. (present post) |
| Apr. 2009 |
Part-time Director of Mitsubishi Corporation LT, Inc. (present post) |
| June 2009 |
Part-time Director of Mitsubishi Corp. - UBS Realty Inc. (present post) |
| June 2009 |
General Manager of Planning and Administration, Industrial Finance, Real Estate & Project Finance Unit (present post) |
|

| James W. O’Keefe (Director / part-time) |
| June 1972 |
Joined Morgan Stanley & Co. Inc. |
| July 1987 |
Managing Director, Real Estate Investment Banking Department of Kidder Peabody & Co. |
| Feb. 1993 |
President & CEO, Aetna Realty Investors |
| Dec. 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) |
| Apr. 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 |
| March 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) |
| March 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 |
| June 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. |
| June 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. (present post) |
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- The corporate auditors of the Asset Manager are as follows:
| Takashi Imai (Auditor / full-time) |
| Mar. 1973 |
Joined Audit Dept. of Deloitte Huskins & Sells Tokyo Office |
| Oct. 1980 |
Honolulu Office of the Company |
| Apr. 1981 |
Manager of Audit Dept. |
| Nov. 1988 |
Partner of Mita Kaikei (Deloitte Huskins & Sells Tokyo Office was reorganized to audit firm) |
| June 1990 |
Partner of Toshiaki Katsushima Tax Office (Mita Kaikei merged with Tomatsu Aoki Kansa Hojin to form Tohmatsu Audit Company, and Toshiaki Katsushima Tax Office was a spin-off of tax department of Tohmatsu Audit Company) |
| May 2002 |
Joined Tohmatsu Tax Corporation (Toshiaki Katsushima Tax Office was reorganized to Tohmatsu Tax Corporation) |
| Oct. 2003 |
Joined Takashi Imai CPA & Tax Office (present post) |
| June 2004 |
Auditor of Mitsubishi Corp. – UBS Realty Inc. (present post) |
|

| Takuya Oyama (Auditor / part-time) |
| Apr. 1988 |
Joined Mitsubishi Corporation Investment Administration Div. |
| Jan. 1994 |
Mitsubishi Corporation General Accounting Div. of Chemical Group |
| May 1996 |
Mitsubishi Corporation Investment Administration and Credit Division |
| June 1997 |
Temporarily transferred to Mitsubishi International Corporation (NY) |
| Dec. 2002 |
Mitsubishi Corporation Treasurer Office |
| Apr. 2009 |
Mitsubishi Corporation Planning Administration, Industrial Finance, Logistics & Development Group Controller Office (present post) |
| May 2009 |
Part-time Auditor of Diamond Realty Management Inc. (present post) |
| June 2009 |
Part-time Auditor of Mitsubishi Corp.- UBS Realty Inc. |
|

| Mitsuaki Kuze (Auditor / part-time) |
| Apr. 1973 |
Joined Long-term Credit Bank of Japan |
| Apr. 1976 |
Transferred to the Ministry of Finance of Japan
(Government Debt Division, Financial Bureau) |
| Apr. 1978 |
International Finance Division of Long-term Credit Bank of Japan |
| Mar. 1981 |
Temporarily transferred to LTCB International Limited (London) |
| Oct. 1985 |
Corporate Strategy Planning Division and Capital Markets Planning Division of Long-term Credit Bank of Japan |
| Apr. 1992 |
Temporarily transferred to Greenwich Capital Markets, Inc. (Connecticut, USA) as Executive Vice President of the Company |
| June 1994 |
Joint General Manager, Long-term Credit Bank of Japan Americas Division (New York) |
| June 1997 |
Temporarily transferred to LTCB Investment Management Co., Ltd., General Manager, Pension Fund Management Division I |
| Apr. 1998 |
Executive Officer, LTCB UBS Brinson Co., Ltd.
(changed the name to UBS Brinson Asset Management Co., Ltd. in October 1998) |
| Apr. 1999 |
Director, member of the Board (in charge of account management) of the Company |
| Dec. 1999 |
Executive Director of UBS (Trust & Banking) Limited |
| Mar. 2000 |
Director, member of the Board (in charge of compliance and risk management) and Head of Compliance of the Bank |
| Aug. 2002 |
Standing Auditor of the Bank |
| Mar. 2004 |
Standing Auditor of UBS Global Asset Management (Japan) Ltd, (present post) |
| Apr. 2004 |
Part-time Auditor of Mitsubishi Corp. – UBS Realty Inc. (present post) |
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Key Full-time Employees
- The key full-time employees of the Asset Manager include:
| Kenji Iizumi |
| Kenji Iizumi joined the Asset Manager as the Head of Compliance administration in January 2008. Prior to that, he had worked for more than thirty years at The Bank of Tokyo (the predecessor firm 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 the credit rating to Samurai bonds for three years from 1994. For the last ten years, he was engaged in internal audit 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 Institute of Internal Auditors, Florida, USA. |
|
| Hiroshi Sugizaki |
| Hiroshi Sugizaki is the Head of Corporate Division of the Asset Manager and has over 20 years of business experience in the real estate industry. Prior to joining the 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 the 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. |
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| 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. |
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| 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 and a master's degree in business administration from the University of Colorado at Boulder. |
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