This page presents a table of pre- and post-correction data in cases where errors have been found in individual real estate data used in the calculation of an index. Readers are reminded to take due care when using the relevant index. We apologize for any inconvenience caused.

In line with the change in policy on NOI announced at the end of June, the NOI figures for Nippon Commercial Investment Corporation have been changed retroactively to figures with depreciation expenses added back to income or losses from leasing after depreciation expenses.

In accordance with those corrections, partial amendments have been made to the index.

Of the NOI (Net Operating Income) of the individual real estate used to calculate the index published May 31, the data of Nippon Commercial Investment Corporation for the 8th period was different from the value in its disclosed material, as depreciation expenses had been added to the value written as the NOI in the disclosed material. Therefore, the data was amended to the NOI in the disclosed material. In association with this amendment, some indices will be changed.
As Nippon Commercial Investment Corporation presents income or losses from leasing after depreciation expenses as NOI in its disclosures, we currently use the NOI value in the disclosed material without modification for the calculation of the index. The amendment above was made in compliance with this policy.
However, as a result of considering the policy in light of the purpose of the NOI assumed for the calculation of the index of the ARES, we have judged that it is more reasonable to use income or losses from leasing before depreciation expenses as the NOI.
In line with this judgment, we plan to change the policy when publishing the index in July, so that for properties owned by Nippon Commercial Investment Corporation, we will retroactively use the value that adds depreciation expenses to income or losses from leasing after depreciation expenses as the NOI in calculating the Index, instead of the value (income or losses from leasing after depreciation expenses) that Nippon Commercial Investment Corporation publishes as the NOI.

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property Code	Name of J-REIT	Property Name	End Terms	Item corrected	Pre-correction	Post-correction
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Feb. 2008	Ending Market Value	37,534,900,000	32,535,400,000
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Aug. 2008	Ending Market Value	37,534,900,000	32,535,400,000
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Feb. 2009	Ending Market Value	37,534,900,000	32,535,400,000
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Aug. 2009	Ending Market Value	37,534,900,000	32,535,400,000
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Feb. 2010	Ending Market Value	37,534,900,000	32,535,400,000
8953041	Japan Retail Fund Investment Corporation	イオンモール伊丹テラス	Feb. 2009	Additional Acquisition Price	814,000,000	810,000,000
8964013	Frontier Real Estate Investment Corporation	WV SAKAE	Dec. 2009	Leasable area	4,605.88	4,606.18
8964013	Frontier Real Estate Investment Corporation	WV SAKAE	Dec. 2009	Total leased area	4,605.88	4,606.18

In accordance with those corrections, partial amendments have been made to the index.

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property Code	Name of J-REIT	Property Name	End Terms	Item corrected	Pre-correction	Post-correction
3234001	MORI HILLS REIT INVESTMENT CORPORATION	アーク森ビル	Jan. 2009	Additional Acquisition Price	22,000,000,000	5,500,000,000
8951025	Nippon Building Fund Inc.	中野坂上サンブライトツイン	Jun. 2002	Additional Acquisition Price	546,000,000	546,136,262
8951025	Nippon Building Fund Inc.	中野坂上サンブライトツイン	Jun. 2007	Additional Acquisition Price	32,161,058,913	31,615,058,913
8951025	Nippon Building Fund Inc.	中野坂上サンブライトツイン	Jun. 2008	Additional Acquisition Price	32,317,345,716	156,286,803
8951029	Nippon Building Fund Inc.	中目黒GTタワー	Dec. 2005	Additional Acquisition Price	10,093,000,000	9,800,000,000
8951031	Nippon Building Fund Inc.	札幌エルプラザ	Dec. 2005	Additional Acquisition Price	1,209,405,514	970,000,000
8953008	Japan Retail Fund Investment Corporation	ならファミリー	Feb. 2008	Additional Acquisition Price	5,134,465,000	134,965,000
8955004	Japan Prime Realty Investment Corporation	新麹町ビル	Dec. 2004	Additional Acquisition Price	750,000,000	200,000,000
8987012	Japan Excellent, Inc.	川崎日進町ビルディング	Dec. 2008	Additional Acquisition Price	430,000,000	300,000,000

In accordance with those corrections, partial amendments have been made to the index.

In the new system adopted on May 6, 2010, a programming mistake has been found in the item CI (Capital Improvemet or Expenditures) that the data on additional acquisition of property had been calculated as the acquisition price difference.
We have therefore made changes to the data published on May 30, 2010, to be based on timely disclosures, and consequently some of the indices have been changed.

Due to errors being found in the individual real estate data used to calculate the index, the corrections indicated below have been made.

Property Code	Name of J-REIT	Property Name	End Terms	Item corrected	Pre-correction	Post-correction
8952058	Japan Real Estate Investment Corporation	MMパークビル	Sep. 2009	Capital Improvement	3,528,000	-
8967015	Japan Logistics Partners Ltd.	八千代物流センター	Jan. 2010	Total leased area	13,214.39	13,221.98

In accordance with those corrections, partial amendments have been made to the index.