untitled

1 100 80 60 1 40 20 0 20 40 60 80 100 95/10 96/10 97/10 98/10 99/10 00/10 01/10 02/10 03/10 04/10 05/10 06/10 07/10 08/10 09/10 10/10 11/10 12/10 2013420137 1310.0 422.4 721.95.3 16.412.5 4 22.0 18.012.0 2013127.8 733.3 1

2 2 2008 2009 2010 2011 2012 2013 66.1 20.7 13.2 0.0 1.4 98.6 0.1 1.5 98.4 0.5 95.0 4.5 3.3 9.7 86.9 13.4 73.8 12.8 19.9 14.6 65.6 0 0 100 0.2 99.5 0.3 0.0 97.3 2.6 75.7 4.6 19.7 35.1 26.8 38.1 10.8 6.3 83.0 0 0 100 0.5 98.9 0.6 0.2 97.0 2.8 79.8 5.2 15.0 20.9 24.9 54.2 2013224 5 5 : 2

3 / 2005 2006 2007 2008 2009 2010 2011 2012 2013 5-3 470 503 608 657 585 592 592 635 720 290714 (0.0) (7.0) (20.9) (8.1) ( 11.0) (1.2) (0.0) (7.3) (13.4) 5-12 NTT 510 600 732 850 765 665 665 678 750 1210 5-3-81 ( 1.0) (17.6) (22.0) (16.1) ( 10.0) ( 13.1) (0.0) (2.0) (10.6) 5-1 10,000 11,800 9,300 7,950 7,400 7,550 8,080 1-8-17 (18.0) ( 21.2) ( 14.5) ( 6.9) (2.0) (7.0) 5-1 580 700 930 1,000 800 680 655 655 715 1-23-43 ( 3.3) (20.7) (32.9) (7.5) ( 20.0) ( 15.0) ( 3.7) (0.0) (9.2) -17 15.3 14.8 14.5 14.3 13.8 13.5 13.3 14.6 16.3 2012 1011 ( 8.4) ( 3.3) ( 2.0) ( 1.4) ( 3.5) ( 2.2) ( 1.5) (9.8) (11.6) 5-14 6,550 8,600 11,500 11,500 9,400 8,600 8,340 8,340 8,620 20124 5-1-27 (10.1) (31.3) (33.7) (0.0) ( 18.3) ( 8.5) ( 3.0) (0.0) (3.4) 5-5 403 409 475 498 472 460 457 474 495 2013 1-10-10 (0.0) (1.5) (16.1) (4.8) ( 5.2) ( 2.5) ( 0.7) (3.7) (4.4) 5-7 2,430 2,550 3,050 3,350 3,000 2,860 2,770 2,770 2,860 2012 5-64-9 (2.5) (4.9) (19.6) (9.8) ( 10.4) ( 4.7) ( 3.1) (0.0) (3.2) 5-1 830 910 1,120 1,220 1,160 1,130 1,090 1,140 1,200 1-28-1 (0.0) (9.6) (23.1) (8.9) ( 4.9) ( 2.6) ( 3.5) (4.6) (5.3) NC 1,380 1,660 2,000 2,300 1,900 1,700 1,620 1,640 1700 20134 5-1 321 (0.0) (20.3) (20.5) (15.0) ( 17.4) ( 10.5) ( 4.7) (1.2) (3.7) 5-2 429 430 445 480 478 477 490 503 533 10-11 ( 6.3) (0.2) (3.5) (7.9) ( 0.4) ( 0.2) (2.7) (2.7) (6.0) 5-1 530 535 640 659 606 590 560 560 590 1-1-14 ( 2.4) (0.9) (19.6) (3.0) ( 8.0) ( 2.6) ( 5.1) (0.0) (5.4) 201212 5-21 270 267 275 295 275 260 250 255 272 2015 1 ( 11.5) ( 1.1) (3.0) (7.3) ( 6.8) ( 5.5) ( 3.8) (2.0) (6.7) -1 18.7 18.7 19.1 19.4 19.1 19.0 18.9 18.8 19.4 2013 9001 ( 1.6) (0.0) (2.1) (1.6) ( 1.5) ( 0.5) ( 0.5) ( 0.5) (3.2) 5-8 1,510 1,610 2,020 2,220 2,080 1,940 1,840 1,830 2050 1546 (5.6) (6.6) (25.5) (9.9) ( 6.3) ( 6.7) ( 5.2) ( 0.5) (12.0) 9-1 47.5 50.0 64.0 80.0 76.0 76.0 71.0 71.0 79.0 2015 95 ( 5.0) (5.3) (28.0) (25.0) ( 5.0) (0.0) ( 6.6) (0.0) (11.3) -2 30.0 30.0 29.0 28.0 29.0 200608 1638 (0.0) ( 3.3) ( 3.4) (3.6) 5-4 81.0 77.0 75.8 76.0 76.0 77.0 79.0 80.0 85.0 2013 1-9-17 ( 5.8) ( 4.9) ( 1.6) (0.3) (0.0) (1.3) (2.6) (1.3) (6.3) 1,300 57.0 57.0 57.0 57.0 57.0 57.0 57.0 59.0 62.0 2011 5-1 77 (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (3.5) (5.1) -5 13.6 13.6 14.3 14.6 13.7 13.4 13.3 13.5 13.8 6749 ( 2.2) (0.0) (5.1) (2.1) ( 6.2) ( 2.2) ( 0.7) (1.5) (2.2) 5-2 197 220 275 310 245 214 201 201 220 3-4-31 (1.0) (11.7) (25.0) (12.7) ( 21.0) ( 12.7) ( 6.1) (0.0) (9.5) -12 46.3 44.4 43.0 41.6 40.0 38.5 36.5 36.0 40.0 3732 ( 6.1) ( 4.1) ( 3.2) ( 3.3) ( 3.8) ( 3.8) ( 5.2) ( 1.4) (11.1) 3 : 3

4 4 4

5 / 2005 2006 2007 2008 2009 2010 2011 2012 2013 (a) 1 45.0 42.5 39.0 36.0 31.0 27.9 25.5 21.5 18.5 ( 2.2) ( 5.6) ( 8.2) ( 7.7) ( 13.9) ( 10.0) ( 8.6) ( 15.7) ( 14.0) 2 46.0 42.5 39.5 37.5 35.0 29.5 26.0 22.0 19.0 ( 7.6) ( 7.6) ( 7.1) ( 5.1) ( 6.7) ( 15.7) ( 11.9) ( 15.4) ( 13.6) 3 19.7 19.1 18.2 17.3 16.5 15.5 14.5 13.2 11.6 ( 1.5) ( 3.0) ( 4.7) ( 4.9) ( 4.6) ( 6.1) ( 6.5) ( 9.0) ( 12.1) 4 64.5 56.5 50.2 ( 12.4) ( 11.2) 5 37.8 34.1 30.3 27.0 ( 9.8) ( 11.1) ( 10.9) 6 88.0 81.4 76.0 70.5 64.8 58.3 52.6 47.0 42.0 5-1 ( 6.9) ( 7.5) ( 6.6) ( 7.2) ( 8.1) ( 10.0) ( 9.8) ( 10.6) ( 10.6) 7 29.5 29.5 29.5 29.5 28.8 27.2 25.0 22.6 20.2 (0.0) (0.0) (0.0) (0.0) ( 2.4) ( 5.6) ( 8.1) ( 9.6) ( 10.6) 8 18.6 18.0 17.5 16.8 16.1 14.9 13.6 12.3 11.0 (0.0) ( 3.2) ( 2.8) ( 4.0) ( 4.2) ( 7.5) ( 8.7) ( 9.6) ( 10.6) 8 106 106 102 96.0 86.5 77.5 69.0 61.5 55.0 (0.0) (0.0) ( 3.8) ( 5.9) ( 9.9) ( 10.4) ( 11.0) ( 10.9) ( 10.6) 10 51.5 50.0 48.5 44.0 39.6 35.6 32.0 28.6 25.6 ( 2.8) ( 2.9) ( 3.0) ( 9.3) ( 10.0) ( 10.1) ( 10.1) ( 10.6) ( 10.5) (b) 1 7.50 7.50 7.30 7.00 6.70 6.40 6.20 6.00 5.20 (0.0) (0.0) ( 2.7) ( 4.1) ( 4.3) ( 4.5) ( 3.1) ( 3.2) ( 13.3) 2 40.0 35.5 ( 7.6) ( 3.8) ( 3.1) ( 6.5) ( 5.2) ( 10.0) ( 9.1) ( 11.1) ( 11.3) 3 31.7 30.8 29.7 28.6 26.3 24.0 22.0 20.2 18.0-4 ( 2.8) ( 2.8) ( 3.6) ( 3.7) ( 8.0) ( 8.7) ( 8.3) ( 8.2) ( 10.9) 4 31.8 30.8 30.0 29.3 28.2 26.5 25.2 22.0 19.7-2 ( 3.0) ( 3.1) ( 2.6) ( 2.3) ( 3.8) ( 6.0) ( 4.9) ( 12.7) ( 10.5) 5 8.60 8.30 7.90 7.60 7.00 6.10 5.40 4.80 4.30 ( 2.3) ( 3.5) ( 4.8) ( 3.8) ( 7.9) ( 12.9) ( 11.5) ( 11.1) ( 10.4) 6 61.6 58.6 55.7 52.2 48.7 45.0 40.6 36.4 32.7 ( 4.5) ( 4.9) ( 4.9) ( 6.3) ( 6.7) ( 7.6) ( 9.8) ( 10.3) ( 10.2) 7 26.8 25.7 24.0 22.0 20.3 18.5 16.5 14.8 13.3 ( 2.2) ( 4.1) ( 6.6) ( 8.3) ( 7.7) ( 8.9) ( 10.8) ( 10.3) ( 10.1) 8 15.2 14.9 14.5 13.8 13.0 12.2 11.0 9.90 8.90 ( 1.3) ( 2.0) ( 2.7) ( 4.8) ( 5.8) ( 6.2) ( 9.8) ( 10.0) ( 10.1) 9 42.2 40.0 38.0 36.0 34.0 30.6 27.5 25.0 22.5 ( 6.2) ( 5.2) ( 5.0) ( 5.3) ( 5.6) ( 10.0) ( 10.1) ( 9.1) ( 10.0) 10 37.5 35.8 34.3 33.0 31.5 28.8 26.4 24.2 21.8 ( 5.1) ( 4.5) ( 4.2) ( 3.8) ( 4.5) ( 8.6) ( 8.3) ( 8.3) ( 9.9) 5 : 2013 5

6 6 2 4 6 8 2 3 4 2010 4 3 2 1 0 1 2 3 4 1 2011 5 6 7 4 3 2 1 0 1 2 3 4 : 0 1 2012 2 3 4 5 6 7 4 3 2 1 0 1 2 3 4 0 1 2013 2 3 4 5 6 4 3 2 1 0 1 2 3 4 20102011 2012 2013 6

7 10 4Q 11 1Q 11 2Q 11 3Q 11 4Q 23 12 1Q 12 2Q 12 3Q 12 4Q 13 1Q 13 2Q 20137 32 9919 20123 2 32154 : LOOK 7

8 250 200 150 100 50 24 12 56 55 8 83 41 32 40 44 36 46 100 108 114 118 104 47 29 183 92 119 30 21 15 74 99 14 36 16 72 28 19 91 125 42 216 121 37 19 77 28 154 26 119 65 31 25 21 86 85 29 117 175 32 16 58 91 20 14 102 7 59 116 12 0 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 2012 2012 8

9 95 40 35 30 25 20 15 10 5 40.18 40.61 34.33 38.65 35.15 35.65 32.89 36.37 33.82 32.48 32.25 30.86 30.38 34.13 33.64 29.61 30.59 30.51 30.16 29.92 30.83 25.57 29.10 29.62 28.30 29.74 24.82 29.16 23.98 26.47 26.19 23.45 21.72 23.71 25.11 21.65 20.43 24.21 23.24 22.67 22.32 19.69 21.50 18.05 16.39 21.54 20.35 17.31 17.93 16.18 20.12 16.52 17.15 13.63 11.10 12.72 10.57 11.60 39.16 0 2007 2008 2009 2010 2011 2012 2013 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 520092012 201267 23 232013201231 201421 9

10 10 10 40,000 35,000 30,000 25,000 20,000 15,000 10,000 2007 2008 2009 2010 2011 2012 2013 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 52012 CBRE52013464 2014 10

11 11 11 60 40 20 0 20 40 60 80 93/7 94/4 95/1 95/10 96/7 97/4 98/1 98/10 99/7 00/4 01/1 01/10 02/7 03/4 04/1 04/10 05/7 06/4 07/1 07/10 08/7 09/4 10/1 10/10 11/7 12/4 13/1 20121046 11

12 12 12 2012 1 80 45,000 75 40,000 AKASAKA K-TOWER 85 2 100 UFJ 3 100 4 22,000 60 20,000 50 100 40,000 DeNANHN Japan 80 5 80 20,000 SOUTH EAST JP 80 40,000 UFJ 50,000 76 6 JR 100 TOTODAIKENYKKAP 100 110 95 7 100 NTT 100 8 100 & 10 100 MUFG 100 23,000 12 84 2013 1 JR 100 100 80 97 2 70 SMBCMDI 100 DICNSD 3 90 90 30,000 3-1 40,000 6 40 10 JR 2012 : : 12

13 2011 2012 2011 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 11.24 11.78 11.27 10.85 10.74 10.70 10.27 10.25 10.19 10.08 10.01 9.91 9.67 9.54 9.51 9.51 9.40 10.48 11.25 11.20 11.04 10.80 10.65 10.30 33.79 37.66 38.93 38.95 38.34 53.88 67.07 65.13 65.13 77.82 50.76 47.75 43.10 20.41 18.61 18.61 15.89 45.08 50.33 50.34 50.34 50.30 51.66 51.66 17.82 0.00 10.69 10.69 10.69 8.17 26.40 15.79 15.79 15.09 17.46 15.09 15.09 8.29 4.83 4.83 4.83 48.83 53.28 53.28 53.28 53.24 51.66 51.66 6.21 5.65 6.14 6.21 4.54 23.66 23.66 23.66 23.66 97.16 97.16 96.31 96.31 96.31 83.68 97.01 96.93 96.93 96.93 96.93 96.93 84.82 84.82 84.82 84.82 84.82 10.83 11.47 10.93 10.50 10.40 10.26 10.10 10.09 10.03 9.93 9.82 9.74 9.52 9.40 9.40 9.40 9.32 9.60 9.85 9.79 9.62 9.38 9.27 8.90 11.84 11.80 11.65 11.62 11.41 11.50 11.37 11.35 11.39 11.57 11.10 11.25 11.24 11.11 10.97 10.94 11.05 10.99 10.80 10.56 10.38 10.30 10.02 9.99 44.53 44.53 44.53 37.83 28.18 28.05 27.72 19.79 32.39 36.27 33.46 39.19 26.25 25.12 25.12 19.47 19.06 16.53 14.18 14.18 13.37 5.61 3.85 4.69 28.65 28.65 28.65 20.03 20.90 20.90 20.90 1.22 9.24 37.53 37.02 35.91 35.38 32.20 32.20 23.05 23.05 23.05 18.79 18.79 20.51 11.63 11.59 11.44 11.45 11.26 11.35 11.22 11.28 11.29 11.32 10.87 10.83 11.04 10.92 10.78 10.82 10.96 10.93 10.77 10.52 10.34 10.38 10.13 10.05 11.12 10.92 10.83 10.78 10.62 10.84 10.87 10.77 10.58 10.56 10.39 10.28 10.21 9.97 9.76 9.62 9.53 9.22 9.07 9.18 9.03 9.03 9.28 9.31 0.00 0.00 0.00 0.00 0.00 7.87 7.87 5.80 3.21 3.21 3.21 1.96 2.18 2.18 2.18 2.18 0.00 46.45 46.45 11.12 10.97 10.88 10.82 10.66 10.88 10.91 10.81 10.65 10.67 10.50 10.38 10.33 10.05 9.84 9.70 9.61 9.32 9.07 9.05 8.89 8.89 9.15 9.18 15.87 15.68 15.64 15.05 15.12 15.14 15.35 14.81 14.49 15.04 14.78 14.91 14.53 14.19 13.92 13.73 13.55 13.53 13.39 13.26 13.39 13.10 13.00 12.82 4.02 4.02 4.02 4.31 9.63 7.13 6.08 6.14 6.14 50.10 50.70 50.70 49.78 49.78 50.71 51.53 67.93 67.93 15.96 15.76 15.72 15.14 15.19 15.25 15.47 14.86 14.54 14.28 14.00 14.13 13.77 13.42 13.12 12.95 12.71 12.69 13.39 13.26 13.39 13.10 13.00 12.82 12.11 12.31 12.39 11.93 11.32 11.55 11.24 11.08 11.19 10.87 10.97 10.88 10.98 10.94 10.99 10.60 9.98 9.89 9.90 9.71 9.67 9.36 9.19 9.08 8.69 11.53 4.88 0.00 5.37 4.54 4.76 4.76 4.91 4.91 4.91 4.91 4.91 12.11 12.31 12.39 11.93 11.39 11.55 11.52 11.56 11.45 11.15 11.25 11.14 11.09 11.06 11.11 10.70 10.07 9.89 9.90 9.71 9.67 9.36 9.19 9.08 13.73 13.24 13.35 13.23 13.16 13.02 13.39 12.97 12.79 12.76 12.58 12.49 12.09 12.34 12.12 11.98 12.19 12.13 11.89 11.59 11.50 11.45 11.30 11.29 58.98 34.18 42.22 42.22 42.22 40.80 59.14 68.43 68.43 68.43 54.16 51.30 50.47 50.47 38.98 34.65 34.65 34.65 0.00 0.00 0.00 0.00 0.00 13.45 13.11 13.15 13.03 12.96 12.83 12.83 12.49 12.31 12.27 12.21 12.16 11.77 12.02 11.92 11.81 12.01 11.96 11.92 11.62 11.52 11.47 11.32 11.29 100 80 13 13 20134 20 1 2015 20097 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 : 13

14 14 6,000 5,500 5,000 4,500 4,000 3,500 3,000 60 62 64 66 68 70 72 74 76 78 80 82 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 60 62 64 66 68 70 72 74 76 78 80 20136 6724.2147,3604.3 201321 19.580.4780 : () CRI 14

15 15 15 30 25 20 15 10 5 0 92/6 94/12 97/3 98/6 99/9 00/12 02/3 03/6 04/9 05/12 07/3 08/6 09/9 10/12 12/3 13/6 BRT20164 LRT : () 15

16 16 J-REIT : J-REIT 16

17 17 1,300 1,200 1,200 1,100 1,000 1,008 25 900 800 33.5 900 700 600 670 500 01 02 03 04 05 06 07 08 09 10 11 12 13 20 : () CRI 17

18 18 : 18

19 19 19 :

20 20 20 20

21 J-REIT 21J-REIT J-REIT 2005J-REIT : 120137 2 : 21

22 6 5 4 22 22 3 2 1 00 4 01 4 02 4 03 4 04 4 05 4 06 4 07 4 08 4 09 4 10 4 11 4 12 4 13 4 200820094 20094200910 201349 : : 22

23 10 9 8 23 23 7 6 5 4 00 4 01 4 02 4 03 4 04 4 05 4 06 4 07 4 08 4 09 4 10 4 11 4 12 4 13 4 20082009 20104 20134 : : 23

24 10 9 8 7 24 6 5 4 3 00 01 02 03 04 05 06 07 08 09 10 11 12 13 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 201010 201210 : 24

25 J-REIT J-REIT 25J-REIT J-REIT : 25

26 J-REIT 26 J-REIT 26 201020124918 102 103 + 103 104 107 1010 1012 FC1111 20124 20124 201212J-REIT37 2013 201310J-REIT42 2013101 :

27 J-REIT 7,000 6,000 27J-REIT 5,000 4,000 3,000 2,000 1,000 0 01/9 02/3 02/9 03/3 03/9 04/3 04/9 05/3 05/9 06/3 06/9 07/3 07/9 08/3 08/9 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/9 13/3 13/9 J-REIT200756.8 (20019)2,60026 200833.6102.1 2007530 2013487.369307.17 : 27

28 J-REIT 1 1,600 1,400 TOPIX 1,200 1,000 800 600 10/1 10/3 10/5 10/7 10/9 10/11 11/1 11/3 11/5 11/7 11/9 11/11 12/1 12/3 12/5 12/7 12/9 12/11 13/1 13/3 13/5 13/7 13/9 REIT2011 REIT20121 6 REIT201245 REIT20126 J-REIT J-REIT REIT201212 REIT20134 28REITTOPIX : 28

29 J-REIT 29REIT 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 REIT REIT : 1. REIT2010226 2010621 2. REIT2010226908.23pt 1,000pt : 29

30 J-REIT 30J-REIT J-REIT 60 16.18 0.33 18.31 46.43 50 40 45.1 30 29.9 1.35 7.33 10.08 : 20136 : 20 10 : : J-REIT 13.2 11.8 0 06/7 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 11/1 11/7 12/1 12/7 13/1 13/7 30

31 J-REIT 31 100,000 80,000 REIT 1,700 pt 1,600 60,000 1,500 40,000 1,400 20,000 1,300 0 1,200 20,000 1,100 40,000 1,000 60,000 900 80,000 10/1 10/3 10/5 10/7 10/9 10/11 11/1 11/3 11/5 11/7 11/9 11/11 12/1 12/3 12/5 12/7 12/9 12/11 13/1 13/3 13/5 13/7 800 201312,389 2,000201012,0813 20131158 25,15341,7393 2013114 61 201112 : 31

32 J-REIT 10.0 () 9.0 32J-REIT 9.68 (08/10/28) 8.0 7.0 J-REIT 6.0 5.0 4.0 3.0 2.0 J-REIT 10 3.69 13/10/1 303bp 13/10/1 1.0 0.0 10 01/9 02/6 03/3 03/12 04/9 05/6 06/3 06/12 07/9 08/6 09/3 09/12 10/9 11/6 12/3 12/12 13/9 J-REIT 20046200611200bp 2013930J-REIT3.61 : 1J-REIT J-REIT 2J-REIT : BloombergJ-REIT 32

33 J-REITJ-REIT R&I MDYS S&P MIDMID3227 MID 33J-REIT J-REIT J-REIT J-REIT : 2013101 : J-REIT 33

34 J-REIT J-REIT 5,000 34J-REIT 5,386 4,000 3,790 4,002 3,767 3,314 3,000 2,580 2,000 1,000 0 2,238 2,097 2,107 1,795 1,535 1,375 1,316 960 755 785 713 620 631 309 400 250 0 80 135 50 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 : 1. 2. CP 3. 20139 : J-REIT 2009J-REIT J-REITJ-REIT J-REIT 34

35 J-REIT J-REIT 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2009 2010 2011 2012 2013 18 35J-REIT 2009 2010 2011 2012 2013 18 28 80 167 208 331 81,853 475,486 714,407 787,902 1,543,476 8 30 52 41 48 29,330 278,546 411,025 262,089 369,091 14 14 22 28 53 26,593 85,996 105,804 225,090 277,164 6 25 77 99 129 25,930 49,004 158,394 143,420 175,805 0 5 6 23 77 0 38,825 14,040 108,430 655,806 0 2 0 5 4 0 5,600 0 34,984 12,196 0 1 5 2 10 0 40 21,989 10,800 49,600 SPC 0 3 5 10 8 0 17,475 3,155 3,089 1,834 201318J-REIT1.54 20128,0002 GLP20121220131 : : J-REIT 35

36 J-REIT J-REIT J-REIT 2010210 10.8 11,800 INV8963 201031 ADR3269 ADR ADRNRI 43,281 NRI 32 201031 JRF8953 10.295 7,202 201041 BLI8984 10.23 19,009 201071 JRH8986 10.75 12,343 2010101 10.75 11,400 HFR8966 2010121 61 12,241 2011111 FCFCR 73 16,567 ICG8975 201241 12 24,000 20097 DOI8976 HD4314 8601 DA 20104 SISSI8973 1928 REITLPT 20105 PIC8956 NTT8933 2 20107 Rockrise Sdn Bhd NHF8985 RECAP 20117 Calliope INV8963 36J-REIT 2010J-REIT 714 J-REIT J-REIT ADR BLIHFR J-REIT : 2013101 : 36

37 J-REIT FOF 37J-REIT FOF J-REIT FOF 20037 REIT J-REIT : 1J-REIT FOF 2 : 37

38 J-REIT FOF 38REITFOF 12,000 10,000 450 400 350 8,000 300 6,000 250 200 4,000 REITJ-REIT FOF J-REIT FOF 150 2,000 REITJ-REIT FOF J-REIT FOF 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 6 10 2 6 10 2 6 10 2 6 10 2 6 10 2 6 10 2 6 10 2 6 10 2 6 0 20121FOFJ-REITJ-REIT30 201011J-REITFOF J-REIT 20118FOF J-REIT 20126REITFOFJ-REIT : ETF : 38

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