Executive Director Yorishige Kondo Supervisory Director Shuichi Namba Supervisory Director Masayoshi Satoh

The biographies of our board of directors are as follows:
Yorishige Kondo. Yorishige Kondo has been our Executive Director since December 2006. He has twenty-nine years of business experience, including overseas and domestic securities investment, and office and apartment building development in the United States. He now teaches graduate courses in finance at Tokyo University of Technology.

Shuichi Namba. Shuichi Namba has been a Supervisory Director since September 2001. He was admitted to the Japanese bar in 1984 and is a general practitioner of Japanese law. In 1988, he was also admitted to the New York and California bars.

Masayoshi Sato. Masayoshi Sato has been a Supervisory Director since May 2003. He is a Japanese certified public accountant, and practiced for several years at Coopers & Lybrand's Tokyo Office and ChuoAoyama PricewaterhouseCoopers, a network firm of PricewaterhouseCoopers International Limited, before joining Tokyo Kyodo Accounting Office as a partner in 1998.

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


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.

Sep. 14, 2001 Company Incorporation Mar. 12, 2002 Listed on Tokyo Stock Exchange (JPY 23.5 billion raised through IPO) Mar. 4, 2003 1st global follow-on equity offerings (JPY 47.7 billion raised) Mar. 2, 2004 2nd global follow-on equity offerings (JPY 42.3 billion raised) May. 28, 2004 Included in MSCI Sep. 28, 2004 Credit ratings received: A+ (S&P), A2 (Moody's), AA-(R&I) Dec. 27, 2004 Debt shelfregistration approved enabling JRF to issue unsecured bonds to the public Feb. 9, 2005 1st J-REIT to issue 1st and 2nd unsecured corporate bonds (JPY 35 billion issued) Mar. 9, 2005 3rd global follow-on equity offerings (JPY 46.3 billion raised) Aug. 26, 2005 Equity shelfregistration filed enabling JRF to engage in a new method of equity raising within the J-REIT sector Sep. 14, 2005 4th global follow-on equity offerings (JPY 19.1 billion raised) Feb. 22, 2006 3rd unsecured corporate bonds issuance (JPY 10 billion issued) Sep. 21, 2006 5th global follow-on equity offerings (JPY 69.2 billion raised) Dec. 22, 2006 4th unsecured corporate bonds issuance (JPY 20 billion issued) May. 23, 2007 5th and 6th unsecured corporate bonds issuance (JPY 35 billion issued)