Investor Presentaiton

東京大学 THE UNIVERSITY OF TOKYO IUFRO Japan (Owari, T.) 140 2010/08/18 12 46 46 80 Timber Sales 2007 - 2009 ■ Sales value (tax excl.) 110123 mil. JPY 1.3 1.4 mil. USD - (1 USD = 85.4 JPY) Sales (mil.JPY) 120 100 60 60 60 40 20 20 ■ % by tree species Conifer: 38 - 58% Broad-leaved: 42 - 62% ■ % by sales ☐ Stumpage: 46-52% Log (landing): 29 - 46% Log (auction): 8 -22% 55 65 76 76 64 55 2 47 0 2007 2008 2009 140 120 100 Sales (mil. JPY) 80 60 60 60 40 40 12 20 20 10 10 27 27 Broad-leaved ■Conifer 56 44 41 36 555 60 57 55 0 2007 2008 2009 Others ■Log (auction) Log (landing) Stumpage

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