The establishment of real estate brokerage and asset management services as integrated offerings is urgently needed to respond to dramatic changes taking place in the logistics infrastructure.

Although the inclusion of logistics real estate in investment portfolios has been considered very important in overseas markets for some time, opportunities to invest in logistics real estate in Japan have been rather limited. We consider it our mission to provide more of such investment opportunities in Japan in the years to come.

J-REP entered into a capital and business alliance with Macquarie Goodman Japan Pte. Ltd. in May 2007, a deal that enables us to develop and manage properties with our own capital, in addition to forming and managing real estate development funds. This alliance has also given us access to foreign real estate markets.

In April 2008, we formed a large private investment fund focusing on logistics real estate in Japan, taking a solid first step forward toward providing institutional investors at home and abroad with an opportunity to invest in this type of real estate.

As a trusted partner of logistics companies and other customers, J-REP is determined to further provide better and more innovative solutions to its clientele in the years to come.

Your continued support and understanding are sincerely appreciated.