Ann: Ceasing to be a substantial holder, page-6

Page 5 of FY15 presentation. sensitivity of NAV to AUDJPY exchange rate

NAV @ 80 exchange 2.70
NAV @ 85 exchange 2.54

So somewhere mid 2.60s NAV based on current spot using 30 June value. I haven't looked at bigger brother AJA for a while but from memory it trades at .8-.85 NAV (vs a 31% current NAV premium for ASX 200 REITS and 20 year ASX200 REIT premium of 11% - wonder if these JREITS will ever reprice their pre GFC premiums?)

So 2.20 would be nice and on paper looks achievable.

As an aside last distribution annualised at 17.4c per unit calculated an exchange rate of 87.6. Close to 18.7c per unit on current spot rate.