Tokyo Stock Exchange REIT Index

Tokyo Stock Exchange, Inc. (TSE) has calculated and published the Tokyo Stock Exchange REIT Index from April 1, 2003, reflecting both further reinforcement of investment infrastructure for the J-REIT market, established in September 2001 on the TSE, and strong demands by users to introduce a benchmark for the market.

The Tokyo Stock Exchange REIT Index is a capitalization-weighted index based on all REITs^* listed on the TSE and is calculated with the same methodology used for the calculation of TOPIX (Tokyo Stock Price Index). The index value, including the total return index, is published on a closing basis through TSE's web- site.

The Tokyo Stock Exchange REIT Index is an intellectual property that belongs to the TSE. All the rights on the index such as right to calculate, publicize, disseminate, and use the index value are reserved by the TSE. A license is required to use the index for information services or issuing financial products.

^*Tokyo Stock Exchange REIT Index is composed only of REITs, no constituents of TOPIX are used.