Management Business and Leasing Business Overview

Appendix 4 Property Sales Business Market Trends (Property Sales to Investors) Acquisition of Assets by J-REITs & Tokyo Stock Exchange J-REIT Index (Billions of yen) 600 500 400 300 504.5 200 TSE J-REIT Index (excl. dividends)(RHS) Acquisition of assets by J-REITs (LHS) (Points) 1,800 1,600 1,400 1,200 Мила 1,000 800 600 239.5 100 197.5 166.9 108.4 52.1 35 35 82.6 228.9 140.4 101.7 73.4 400 229.4 200 0 0 2008 2008 2008 1Q 2Q 3Q 4Q 2008 2009 1Q 2Q 2009 2009 2009 3Q 4Q 2010 1Q 2010 2010 2010 2011 2Q 3Q 4Q 1Q (Calendar years) Source: Association for Real Estate Securitization 32

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