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3 (Risk) = (Impact) (Probability) ISO/IEC GUIDE Risk management Vocabulary Guidelines for use in standards 2003

4

5 V[ R i ] 2 i V[ R M ] V[ ] i CAPM i R i R M

6 VaR

7

8 /

9

10

11 IFRS LGDPD VaR REIT

12

13 3 218

14 218

15 218

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17 VaR VaR VaR

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19 193

20 REIT J-REITREIT 193

21 REIT REIT IRR10 20%12 REIT10REIT 10%11 193

22 193

23 193

24 193

25 193

26 193

27 193

28 NOICAP J-REIT

29

30

31 () () 215 NRI

32 NRI

33 * *)

34

35

36 NRI

37 MCVA NRI *MCVA= = EVA EVA=

38 EXIT BUExitCFO Exit EXIT NRI

39 NRI

40 LTVLoan To Value

41

42 AMPM J-REIT

43

44

45

46 PDCA CSR CSR CSR 2008ERMEnterprise Risk ManagementERM ERM HP

47

48 BCP

49

50

51 British Land British Land Annual Report 2009 NRI

52 CalPERS Concentration Risk Structural Risk Liquidity Leverage Country Risk Development Risk Hazardous Waste Operating Risk CalPERS CalPERS CalPERS CalPERS, CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM ST ATEMENT OF IN VESTMENT POLIC Y FOR REAL ESTATE NRI

53 TIAA-CREF return generator TIAA-CREF Lev erage Business Operating Risk Strategic Risk Overall firm RISK ITEM WHAT IS IT? HOW TO MEASURE IT? HOW TO MANAGE IT? Product Design Features Product or Fund Inv estment Concentrations Asset Correlations Portfolio Real Estate Risks Value-Add and Opportunistic Risk Core Real Estate-Equity Core Real Estate-Tenant Credit Risk Capital Market Risks Availability and Pricing of Capital Inflation Real Rate Individual Deal or Property Other Risks Country Risk Ownership Structure Risk Illiquidity TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.

54 TIAA-CREF TIAA-CREF (Portfolio- (Investment Concentrations) Level Risks) ( Asset Correlations) Value-at-Risk (Product- Level Risks) (Product Design Features) (Firm- (Leverage) Level Risks) (Business Operating Risk) ( Strategic Risk) TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.

55 TIAA-CREF (Other Risks) (Country Risk) JLL IMF (Ownership Structure Risk) (Illiquidity Risk) RCANCREIF ALM (Real Estate Risks) (Value-Add and Opportunistic Risk) (Core Real Estate-Equity Risk) (Core Real Estate-Tenant Credit Risk) (Capital Market Risks) (Availability and Pricing of Capital Risk) (Inflation Risk) 10 (Real Rate Risk) TIPs TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.

56 CRF (Chief Risk Officer) TIAA-CREF Establishing a Risk Culture (1)(2) (3)(4) Analyzing Transactions and Portfolios Developing Innovative Models and Tools VaR Reporting Real Estate Portfolio Risks TIAA-CREF What is RISK MANAGEMENT and How does it appl y to R eal Estate? F all 2008.

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