preceding year, industrial and competition outlook with regard to, for example, an approximate number of competitors, the Company's size compared with that of the competitors, competitiveness and potential

competition during the past year, industrial and competition outlook with regard to, for example, an approximate number of competitors, the Company's size compared to the competitors, competitiveness and

easy to understand, including details on forecast and risks which may cause the return or the fund’s performance to be different from estimated; and 2. projection of rental income which is certified by a

is clear and easy to understand, including details on forecast and risks which may cause the return or the fund’s performance to be different from estimated; and 2. projection of rental income which is

competitors, competitiveness and potential, the names of the competitors (not required unless there is only one or a few competitors being market leaders), market trends and competitive forecast. 2.2.3

of an entity issuing capital market product and various business risks and [ii] analyzing past and present performance so as to forecast future performance. “ technical analysis ” means an analysis by

risks and [ii] analyzing past and present performance so as to forecast future performance; “ technical analysis ” means an analysis by [i] using historical price and trading volume of capital market

reasonableness of the appraisal report in (b) whereby if the management company or the financial advisor also prepares a financial forecast on the infrastructure business showing the base case analysis and