Executive Chairman: Mr. Hiroyuke Isobe

HIROYUKI ISOBE, CRE, FRICS, RICS REGISTERED VALUER

Hiroyuki Isobe is the chairman and founder of Japan Valuers Co., Ltd. in Tokyo, Japan, Managing Director of Japan Valuers (Myanmar) Co., Ltd., and a Founding Partner of International Realty Valuation, Inc.

He has been actively engaged in real estate valuation since 1978, as a certified real estate appraiser (Japan). Since establishing his appraisal firm in 1983, Mr. Isobe has performed various consulting in regard to city planning, project planning, feasibility studies, and market researches on behalf of the public sectors and developers in Japan during 1980s, as well as advisory services for U.S. real estate investment by Japanese investors and standard appraisal services. He has overseas valuation and advisory experience in the U.S., specifically New York, Massachusetts, Connecticut, Illinois, North Carolina, California, and Hawaii, as well as Saipan. Valuation and advisory services have also been provided to the Embassies of the U.S., Peru, and Australia in Tokyo.

Recently, Japan Valuers Co., Ltd. has also performed the valuation and advisory in Myanmar, Malaysia, New Zealand, Guam, and Hawaii.

Since the mid‐1990s, Mr. Isobe has been working for various U.S./European‐based institutional investors for the purpose of due diligence at the time of acquiring non‐performing loans and distressed properties. He is one of the few Japanese appraisers who seriously applied the discounted cash flow analysis into the real estate valuation. After the real estate securitization scheme came into effect in early 2000s, Mr. Isobe has been involved in numerous appraisals in Japan on behalf of J-REITs, overseas REITs, and domestic and global private funds.

Mr. Isobe had been a Special Lecturer with the Department of Architecture in the School of Engineering at Nihon University for 27 years, and had been a part‐time lecturer at the graduate school at Waseda University and Nihon University for 10 years. He was honored to be the first Japanese individual to receive the CRE designation in 1988, and has been a FRICS since 2006.

EDUCATION

Waseda University ‐ Tokyo, Japan (Bachelor of Arts, Economics ‐ 1974)

Georgia State University ‐ Atlanta, GA, USA (Master of Science, Real Estate & Urban Affairs ‐ 1982)

DETAILED EXPERIENCE

FULL TIME:

2013‐Present             Founding Partner, International Realty Valuation, Inc.

1983‐1987                   Principal, HIRO & Associates

1987‐Present              President, HIRO & Associates, Inc.

1995‐Present              President, Real Town Japan (www.fudosan.jp)

1998‐2003                   President, REAS‐NetworkCo., Ltd.

2003‐2010                    President, HIRO & REAS Network, Inc.

2010‐2015                     President, Japan Valuers Co., Ltd.

2015‐Present               Chairman, Japan Valuers Co., Ltd.

2016-Present                Managing Director, Japan Valuers  (Myanmar) Co., Ltd.

PART‐TIME:

1985‐1994                         Speaker, Practical Training Course for Real Estate Appraisers

1988‐2015                         Special Lecturer, Dpt. of Architecture (School of Engineering), Nihon                                                       University

1997‐1998                         Examiner, Third Examination for Certified Real Estate Appraiser, MLIT

2000‐2002                         Adviser, “Ark City‐School” of Mori Building

2002‐Present                   Member of “Education Committee”, ARES

2003‐2004                         Member, IPD Japan Advisory Board

2004‐2015                         Lecturer, Graduate School of Finance, Accounting & Law, Waseda                                                             University

2008‐2015                         Part‐time Lecturer, Graduate School of Science & Technology, Nihon                                                       University

2008‐Present                   Chairman, NPO Japan Buyers Agent Council

2010‐Present                   Member, Real Estate Appraisal Report Committee, MLIT

2011‐2012                         Chairman, RICS Japan Working Group

2011‐2016                         Member, RICS Asia Valuation Professional Group Board

CURRENT LICENSES/CERTIFICATIONS

Certified Real Estate Appraiser (Japan) ‐ Ministry of Land, Infrastructure, Transport & Tourism (1979‐present)

CRE (USA) – The Counselors of Real Estate (1988‐present)

Real Estate Counselor (Japan) ‐ Japan Association of Real Estate Counselors (2000‐present)

Fellow, Royal Institution of Chartered Surveyors ‐ FRICS (UK) – RICS (2006‐present)

ARES Certified MASTER (Association for Real Estate Securitization in Japan (2006‐present)

Registered Valuer (UK) – RICS (2011‐present)

CURRENT MEMBERSHIPS

Japan Association of Real Estate Appraisers (1976‐present)

Counselors of Real Estate (1988‐present)

Japan Association of Real Estate Sciences (1984‐present)

Japan Association of Real Estate Financial Engineering (2000‐present) ‐ Currently serves as Board Member

Japan Association of Real Estate Counselors (2000‐present) ‐ Currently serves as a Managing Director

Supporting Member of ARES (2005‐present)

Royal Institution of Chartered Surveyors (2006‐present)

Corporate Member of International Valuation Standard Council (2009‐present)

PUBLICATIONS

Author, co‐author and co‐translator of 12 real estate books, as well as numerous articles for real estate and architectural magazines.