Management Structure

Management Structure

NAF’s asset management is consigned to the Asset Management Company. The Asset Management Company conducts operations under the following organizational structure based on the REIT Management Agreement entered into with NAF.

For details of Management Structure, please refer to "Corporate Structure, (3) Management Structure of NAF (Excerpts from the Securities Report)."

The Asset Management Company’s Decision-Making Process Flow for Acquiring or Selling Investment Assets

The Asset Management Company’s Decision-Making Process Flow for Acquiring and Selling Assets Under Management

• *1 When NAF acquires or sells of assets in transactions with related parties as defined by the Investment Trust and Investment Corporation Act of Japan, the Asset Management Company must obtain consent from NAF based on the approval of NAF’s Board of Directors prior to the deliberations of the Investment Committee. However, such consent is not required for property or other real estate acquisitions stipulated by Article 245-2-1 of the Investment Trust and Investment Corporation Act as having immaterial impact on NAF’s assets because the acquisition cost represents less than 10 percent of the book value of NAF’s investment properties.

Compliance Checking System