Investor Presentaiton

東京大学 THE UNIVERSITY OF TOKYO IUFRO Japan (Owari, T.) 30,000 Tree Cutting 2007-2009 Cutting volume □ 21,000 - 27,000 m³/year ■ % by forest type Natural forest: 73 - 92% Planted forest: 8 - 27% ■ % by tree species Conifer: 67 85% - Broad-leaved: 15 - 33% ■ % by sales ☐ Stumpage: 78-86% Log: 12-22% Cutting volume (m³) Cutting volume (m³) 25,000 7,377 2010/08/18 8 1,641 20,000 5,495 4,129 7,070 15,000 10,000 15,411 5,000 5,909 12,709 9,523 0 2007 2008 2009 30,000 25,000 3,305 20,000 15,000 23,226 10,000 5,000 3,592 4,681 Plantation forest (conifer) ■Natural forest (broad-leaved) Natural forest (conifer) 17,828 16,246 Others ■Log sales 0 2007 2008 2009 ■Stumpage sales

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