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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 Shuichi Namba Executive 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) February 1998 Sanshin　Corporation, Non-standing Corporate Auditor (present post) September 2001 Japan　Retail Fund Investment Corporation, Supervisory Director June 2002 Itochu　Enex Co. Ltd, Non-standing Corporate Auditor (present post) December 2011 Japan Retail Fund Investment Corporation, Executive Director (present post) 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

Name Job title Career summary No. of JRF investment units owned Masaharu Usuki Supervisory Director April 1981 Joined the Long-term Credit Bank of Japan, Ltd. April 1994 Transferred to LTCB Research Institute Inc. October 1998 Joined NLI Research Institute October 2000 Part-time Lecturer at the Graduate School of International Management of International University of Japan April 2003 Guest Professor at ChuoGraduate School of International Accounting October 2003 Guest Professor at Graduate School of Economics of Senshu University April 2005 Part-time Lecturer at Waseda University Graduate School of Finance(present post) April 2011 Professor at Graduate School of Economics of Nagoya City University (present post) December 2011 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.