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The biographies of our board of directors are as follows

Name Job title Career summary No. of JRF investment units owned Yorishige Kondo Executive Director April 1974 Joined the Mitsubishi Trust and Banking Corporation (presently Mitsubishi UFJ Trust and Banking Corporation, same hereafter) June 1980 Awarded MBA from New York University, USA October 1993 Seconded to Mitsubishi Trust Securities Company (presently Mitsubishi UFJ Securities Co., Ltd.), Assistant General Manager, Underwriting Department February 1997 The Mitsubishi Trust and Banking Corporation, General Manager, Financial Markets Department June 1998 The Mitsubishi Trust and Banking Corporation, General Manager, Securities Business April 2000 The Mitsubishi Trust and Banking Corporation, General Manager, Tokyo Sales Division I March 2001 Awarded doctoral degree from Osaka University (PhD in International Public Policy) April 2002 The Mitsubishi Trust and Banking Corporation, General Manager, Finance Institutions April 2003 The Mitsubishi Trust and Banking Corporation, General Manager, Head Office Institutional Sales, Division I October 2003 Hirosaki University, Professor April 2006 Tokyo University of Technology, Professor (present post) December 2006 Japan Retail Fund Investment Corporation, Executive Director (present post) 0 units

Name Job title Career summary No. of JRF investment units owned Shuichi Namba Supervisory Director April 1984 Registered　as a lawyer, Ozaki & Momo-o Law Firm September 1986 Columbia University Law School, USA September 1987 Employed　by Weil, Gotshal & Manges LLP February 1988 Registered　as a lawyer in New York State, USA June 1988 Bankers　Trust Bank December 1988 Registered　as a lawyer in California State, USA April 1989 Partner　of Momo-o, Matsuo & Namba Law Firm (present post) December 1997 Fort　Dodge Co., Ltd, Non-standing Corporate Auditor February 1998 Sanshin　Corporation, Non-standing Corporate Auditor (present post) September 2001 Japan　Retail Fund Investment Corporation, Supervisory Director (present post) June 2002 Itochu　Enex Co. Ltd, Non-standing Corporate Auditor (present post) April 2007 SCM　Securities Co., Ltd. (presently SC Asset Management Co., Ltd. ) Non-standing　Corporate Auditor (present post) January 2009 F2U　Co., Ltd, Non-Standing Corporate Auditor 0 units

Name Job title Career summary No. of JRF investment units owned Masahiko Nishida Supervisory Director November 1998 Joined the Chuo Coopers & Lybrand Consulting Co., Ltd February 2001 Joined the Asahi Arthur Andersen Limited April 2003 Joined the Arcadia Group Limited April 2005 Joined Tokyo International Audit Corporation December 2005 WebCrew. Inc, Non-Standing Corporate Auditor (present post) January 2007 Marks Group Co., Ltd., President (present post) December 2008 Nihon Falcom Corporation, Non-Standing Corporate Auditor (present post) January 2010 Japan Retail Fund Investment Corporation, Supervisory Director (present post) 0 units

Employees of the Fund: 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.