Global Real Estate Transparency Index (JP) 2016

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1 2016

2 : :

3

4 4 JLL % , % 1/ BRIC MIST 1/4 5-10% REIT JLL

5 透明度 高 の市場は世界の不動産投資総額の 75% を占める 10 75%2,

6 6 JLL 42 1

7

8 8 JLL REIT Fahari I-REIT REIT Anif Habib Doimen City Daily Priced Fund Index CREECB 2015GRESB 61, % * JLL

9

10 10 JLL % JLL

11 JLL % JLL

12 12 JLL JLL JLL (GRETI), GRETI /, CEO GRETI, JLL 20 JLL,, TIAA GRETI GRETI GRETI GRETI GRETI GRETI GRETI GRETI

13 , M&G , JLL 100 JLL 2016JLL GRETI / GRETI

14 14 JLL %

15

16 16 JLL? : : : CSR / : : WEF IMF : CoreNet BOMA RICS ZIA : ) JLL - GRETI JLL

17 % 18% R 2 = % 14% GDP(%) 12% 10% 8% 6% 4% 2% 0% JLL R 2 = JLL

18 18 JLL AML AML G

19

20 20 JLL UAE UAE *2016 JLL

21 % % % % 5.6% 5% 4% 3% 2% 1% 3.1% 0.6% 2.9% 3.4% 2.4% 0% JLL

22 22 JLL JLL

23 % JLL

24 24 JLL BRICS 136 Rehabilitation and Resettlement Act ( ) (

25 JLL REIT

26 26 JLL JLL Altus

27 Axiometrics2 23» International Property Measurement Standards: IPMS)RICS ANREV ZIA BOMA CoreNet IMF INREV 70» International Construction Measurement Standards International Land Measure Standards International Ethics Standards 2

28 28 JLL JLL

29 JLL REIT 1

30 30 JLL JLL

31 REIT IPO Stor-Age REIT REIT REIT MSCI NCREIFInstituto Brasileiro de Economia IPD Canada Property Fund Index

32 32 JLL

33 JLL

34 34 JLL Country Score Range Average JLL

35 % 68% LEED BREEAM LEED

36 36 JLL 37 MSCI-IPD JLL

37 » BELS»» 2, GRESB61,000 9% 56/100 GRETI 5

38 38 JLL JLL

39

40 40 JLL JLL % 25% 5 JLL JLL

41 % 6% 5% 4% 3% 2% 1% 0% JLL

42 42 JLL JLL

43 JLL 2014

44 44 JLL 68 REIT REIT * JLL

45 Market Fundamentals Market Fundamentals Governance of Listed Vehicles = = = = = = = Regulatory and Legal = = Transaction Process 1= = = = = = = = JLL

46 46 JLL JLL JLL

47

48 48 JLL JLL LTV % %

49 JLL 5 JLL 6 MSCI IPD NCREIF European Public Real Estate Association EPRABloomberg NAREIT INREV NCREIF MSCI IPDANREV 75 JLL 15 5 JLL % 20% 10% 30% 15%

50 50 JLL Jenks JLL

51 Real Capital Analytics 18 LTV 37JLL &

52 52 JLL vs GDP / / 1 RevPar /

53 PM) PM PM

54 54 JLL Jeremy Kelly JLL, London Jacques Gordon LaSalle Investment Management, Chicago Anne Koeman-Sharapova LaSalle Investment Management, London Dan Mahoney LaSalle Investment Management, Chicago Matthew McAuley JLL, London Will McBryde JLL, London Josh Gelormini JLL, Chicago Dr Jane Murray JLL, Hong Kong Lee Fong JLL, Hong Kong Catherine Chen LaSalle Investment Management, Hong Kong Hela Hinrichs JLL, Hamburg Shetal Patel JLL, London Craig Plumb JLL, Dubai Muhammad Aijaz JLL, Dubai muhammad.aijaz@eu.jll.com Matthew McAuley JLL, London matthew.mcauley@eu.jll.com Fadheelat Noor Mohamed JLL, Johannesburg fadheelat.mohamed@eu.jll.com Franz Jenowein JLL, London franz.jenowein@eu.jll.com Lee Fong, Josh Gelormini, Jacques Gordon, Claire Handley, Hela Hinrichs, Franz Jenowein, Jeremy Kelly, Anne Koeman-Sharapova, Dan Mahoney, Matthew McAuley, Will McBryde, Fadheelat Noor Mohamed, Jane Murray, Shetal Petal, Craig Plumb.

55

56 JLL 200 East Randolph Drive Chicago, IL USA Warwick Street London W1B 5NH United Kingdom Raffles Place #39-00 Republic Plaza Singapore JLL2016 Abacus, Angola Akershus Eiendom AS, Norway Apex Properties, Botswana Athens Economics, Greece Blue Point Consultants Ltd., Cayman Islands bluepointproperty.com Dr Leila Shojaei Lecturer in Architecture and Urban Planning at the Islamic Azad University in Dubai ENL Property, Mauritius Sandee Teeroovengadum, Head of Leasing of Commercial Properties, steeroovengadum@enl.mu Latitude Five, Ivory Coast Sadolin & Albæk, Denmark Transparency International Dieter Zinnbauer, Santhosh Srinivasan, Research Department, TI Secretariat, COPYRIGHT JLL IP, INC This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views expressed in this report.

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