Japan Retail Fund Investment Corporation (“JRF”) recently decided to appoint a new Executive Director of JRF as the successor to Yuichi Hiromoto. I have been chosen for this position and would like to use this opportunity to request your continued support of JRF. I hope that you will extend to me the same support you have generously given to Mr. Hiromoto, who will continue to serve as President and CEO of our asset manager, Mitsubishi Corp.-UBS Realty Inc.

JRF has been a leader in the industry as the pioneering retail J-REIT since listing on the Tokyo Stock Exchange in March 2002. We have achieved steady growth in all spheres of our operations - revenues, profits and assets. This has been punctuated by achieving the milestone of 400 billion yen in assets at the end of September 2006, six months ahead of our original target of March 2007.

At JRF, we plan to continue on our path of steady external growth by carefully selecting attractive investment properties, in close cooperation with Mitsubishi Corp.-UBS Realty. Moreover, we will continue to enhance the internal growth of our portfolio by striving to acquire properties with increasing customers and sales revenues.

On a personal note, I am presently lecturing on finance and investment at Tokyo University of Technology. Prior to this, I worked with Japan's major financial institutions, consulting with many corporations and investors about their securities investments as well as global financial activities including property development. I am confident that my experience in finance and capital markets will enable me to add value to JRF. I will diligently apply these skills to guide JRF toward further success, while also continuing our emphasis on delivering transparency and legal compliance at a global standard.

Once again, I want to express my deepest gratitude for your continued support of JRF.

Yorishige Kondo
President and Executive Director, Japan Retail Fund Investment Corporation