Q.Which assets you will invest in?

A.Please refer to the Investment Policy.

Q.What are the reasons for using integrated funds?

A.It is important to diversify risks to secure steady growth in assets under management and stable earnings over the medium-to-long term. Real estate by its nature is an investment instrument that varies depending on how it is used. We therefore believe that diversified investment in multiple uses will better reduce the risk of any downturn in future profitability compared with concentrated investment in properties for a single use. We also believe that, if investment is made in real estate for multiple uses, the opportunity to acquire real estate will grow, leading to a steady expansion of asset size.
Based on the above, OJR believes that diversified funds are appropriate for achieving stable distribution and for increasing asset value over the medium to long terms, and invests in diverse properties such as offices, distribution facilities, commercial retail properties, hotels and others.

Q.How do you deal with earthquake risk?

A.OJR conducts an analysis of earthquake risk at the time of the acquisition of a property.
In addition, we take measures such as purchasing earthquake insurance for properties with high PML (20% or more). The PML of the total portfolio of OJR was 6.6% as of the end of February 2008.

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Q.How you will achieve external growth?

A.Please refer to the Growth Strategy.

Q.What is your target asset size?

A.OJR has aimed for a medium-to-long term target for asset size of ¥300 billion. OJR will invest in carefully selected blue-chip properties and has therefore not set a date for achieving this target. Asset size was ¥247 billion as of April 15, 2008.

Q.How will you achieve internal growth?

A.Please refer to the Growth Strategy.

Q.What is your financial strategy?

A.Please refer to the Growth Strategy.

Q.What progress have you made with the acquisition of ratings?

A.Refer to Ratings and Bonds.

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Q.Please tell us about the asset management company.

A.The asset management company of OJR is ORIX Asset Management Corporation. ORIX Asset Management Corporation was established in September 2000 to manage the assets of real estate investment trust as a wholly owned subsidiary of ORIX Corporation. ORIX Asset Management Corporation manages assets for OJR using the accumulated expertise of the ORIX Group in the financial and real estate sectors. Refer to ORIX Asset Management for details of ORIX Asset Management Corporation.

Q.Please describe the compliance system of the asset management company.

A.The asset management company established the Risk Management and Compliance Department as a department generally responsible for risk management and compliance. In addition, risk management and compliance staff are assigned to all departments other than the Risk Management and Compliance Department and Internal Audit Department. Proposals on the acquisition and disposal of assets under management and other transactions excluding small-amount transactions require consultation with the Risk Management and Compliance Department Manager, or need to be submitted for deliberation to the Risk Management and Compliance Committee, which is chaired by the Risk Management and Compliance Department Manager. If the Risk Management and Compliance Department Manager finds a compliance problem with the proposed transaction, he or she will recommend cancelling or altering the transaction.
In addition, to operate our businesses in compliance with laws and ordinances, regulations, the regulations of the Investment Trusts Association, Japan, asset management contracts, real estate management contracts, internal rules, etc., general social ethics, and common practice and standards, we set out the meaning and importance of compliance, a basic policy on the practice of compliance, the role of each organization for the practice of compliance, and procedures for the behavior and practice of officers and staffs in our Compliance Manual, which is an internal regulation. We have ensured that all officers and staff are fully aware of the Compliance Manual without exception.

Q.How have you dealt with transactions with related-parties?

A.With respect to the problem of conflict of interest, we established the Regulation Concerning Transactions with Affiliated Companies. Certain transactions with affiliated companies, etc. are referred to the Risk Management and Compliance Committee of the asset management company and the Board of Directors of OJR for review. Timely disclosure on transactions excluding transactions within a fixed amount or a certain range of transactions is made via press release, etc. We thus practice a very high degree of transparency in our asset management.

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Q.What is your securities code?

A.It is 8954.

Q.What are the distributions for the term under review?

A.Please refer to the Information on Distributions.

Q.What is the schedule for the announcement of financial results and the payment of distributions.

A.Please refer to the IR Calendar.

Q.What is the schedule for the general meeting of unitholders?

A.Please refer to the IR Calendar.