Investor Presentaiton

東京大学 THE UNIVERSITY OF TOKYO IUFRO Japan (Owari, T.) 2010/08/18 16 Sales by Auction 2009 Average price Highest price Total sales Tree species Volume (m³) (JPY/m³) (JPY/m³) (JPY) (USD/m³) (USD/m³) (USD) 402,328 1,490,000 17,679,485 Monarch birch 43.943 4,711 17,400 207,020 233,658 520,100 6,769,293 Castor aralia 28.971 2,736 6,100 79,266 73,351 190,000 1,164,817 Mountain birch 15.880 859 2,200 13,640 70,090 138,900 1,043,143 Japanese oak 14.883 821 1,600 12,214 (257,113) 26,656,738 Total 103.677 (3,011) 312,140

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