Correction and apology
Apologies for our mistaken survey Results released on 9/26/2011.
We correct page 7, “Expectation of Cash Inflow from Investors by Region” as the below.
＜Underlined sentences are mistaken＞
Managers’ expectations of cash inflow from foreign investors by region significantly changed inthe July 2011 survey from those in the January 2011 survey. With respect to investments frominvestors in Europe and North America, the expectation of “Slightly decrease” rose to around 35%
in the July 2011 survey from around 10% in the January 2011, representing managers’ expectationsof declining investments from western countries. For Australia, the expectation of the sum of“Increase” and “Slightly increase” dropped from 95% to 15%, while “Unchanged” accounted for63%. Meanwhile, the expectation of “Increase” from China declined, while “Slightly increase”
increased. This indicated changes in managers’ expectations that, although funds were expected tocontinue to flow in from China, the rate of the increase was contracting. Expectations about theMiddle East did not change noticeably. Apart from China, the only region in which managers
indicated more positive expectation than the January 2011 survey was Asia, with the expectation ofthe sum of “Increase” and “Slightly increase” jumping from 27% to 63%. This increase in positive
sentiment can partially be attributed to a report stating that investors from Singapore and othercountries intended to invest in real estate in Japan after the March 11 disaster.
＜Underlined sentences are corrected＞
Managers’ expectations of cash inflow from foreign investors slightly weakened in the July 2011
survey from the January 2011 survey. With respect to investments from investors in Europe andNorth America, the expectation of “Slightly decrease” rose to around 35% in the July 2011 survey
from around 10% in the January 2011, representing managers’ expectations of declining
investments from western countries. For Australia, the expectation of “Slightly increase” decreased
from 27% to 15%, while the sum of “Slightly decrease” and “Decrease” increased to 23% from 5%.
As for Asia excluding China, the sum of “Increase” and “Slightly increase” accounted for 96% inthe January 2011 survey, which decreased to 63% in the July 2011 survey. Meanwhile, theexpectation of “Increase” from China declined, while “Slightly increase” increased. This indicatedchanges in managers’ expectations that, although funds were expected to continue to flow in from
China, the rate of the increase was contracting. Expectations about the Middle East did not changenoticeably.

＜Marked segments are mistaken ＞【January 2011survey】
Asia excl. China(n=22)

27%

Australia(n=24)

68%

21%

75%

China
(n=24)

42%

Middle East(n=20)5%Europe(n=23)

4%

North America(n=23)

4%

42%

35%

26%
20%

Slightly increase

40%

60%

Asia excl. China(n=35)4%Australia(n=27)

57%

China(n=33)

Europe(n=34)

21%

13%

North America(n=34)0%
Increase

27%

63%

20%

3% 3%

38%

38%

Slightly increase

4%

7% 7%

38%

26%

100%

19%

61%

9%

9%

63%

6%

23%

Decrease

29%

15%

Middle East(n=30)

80%

Slightly decrease

6%

5%

26%

57%

Unchanged

5%

17%

55%

61%

0%
Increase【July 2011 survey】

3%

32%

40%

60%

Unchanged

Slightly decrease

3%

80%

100%
Decrease＜Marked segments are corrected＞【January 2011survey】

Asia excl. China(n=25)

21%

Australia(n=23)

Middle East(n=21)

75%

27%

China
(n=25)

68%

42%5%

4%
0%

Increase

42%35%Europe(n=24) 4%
North America(n=24)【July 2011 survey】

26%
20%

Slightly increase

26%

57%
40%
Unchanged

60%

Asia excl. China(n=35)5%Australia(n=27)

80%

Slightly decrease

Middle East(n=30)

23%

9%

Europe(n=34)

21%

13%

North America(n=34)

0%

Decrease

38%

38%

32%

38%
20%

Slightly increase

40%

60%

Unchanged

Slightly decrease

80%※There are no mistakes about the figure of the July 2011 survey.

October 24, 2011

4%

3% 3%

7% 7%

63%

26%

Increase

27%

61%

5%

100%

19%

63%

15%

6%9%

29%

57%

6%

China
(n=33)

17%

55%

61%

4%

STB Research Institute Co., Ltd.

3%

3%
100%
Decrease