21St Fiscal Period (April 1, 2012 to September 30, 2012) Information Package 8961 21St Fiscal Period Information Package Contents

21st Fiscal Period (April 1, 2012 to September 30, 2012) Information Package 8961 21st Fiscal Period Information Package Contents

Part 1 21st Fiscal Period Highlights 2

Part 2 Summary of the 21st Fiscal Period (ended September 30, 2012) Settlement 9

Part 3 Basic Policy and Status of Operations 14

Part 4 Reference 24

Disclaimer: This document is intended to provide information about the business performance and strategies of MORI TRUST Sogo Reit, Inc. (MTR). It is not intended and should not be construed as an inducement or invitation to purchase or invest in the products or investment shares of MTR. We caution readers to contact their securities company representative if intending to acquire or sell any of MTR’s investment products or investment shares, and to undertake investment decisions subject to individual determination. Statements in this document that are not historical facts are “forward-looking statements.” While MTR takes all reasonable care in the preparation of this document, it does not guarantee the accuracy and completeness of its content. Readers are also cautioned that the contents of this document may be changed or deleted without prior notice. 1 21st Fiscal Period Information Package

Part 1 21st Fiscal Period Highlights

2 21st Fiscal Period Information Package

21st Fiscal Period Highlights 21st Fiscal Period Highlights

21st Fiscal Period Highlights

 21st fiscal period dividend: ¥19,639 +¥839 vs. initial forecast, +¥135 vs. prior period The dividend increased as the effects of the partial disposal of Frespo Inage were more than offset by an increase in income associated with the acquisition of Tenjin Prime.

 MTR acquired new properties using its borrowing capacity. New property acquired in 21st fiscal period: Tenjin Prime (July 2012) New property acquired in 22nd fiscal period: Kohnan Sagamihara-Nishihashimoto (October 2012)

Dividend Forecast

 22nd fiscal period forecast: ¥19,000 +¥1,500 vs. initial forecast, -¥639 vs. 21st fiscal period  An increase in income associated with the acquisition of Tenjin Prime and Kohnan Sagamihara-Nishihashimoto  A decrease in income associated with a major tenant leaving Mita MT Building  A gain on donation of noncurrent assets of ¥740 million to be posted as extraordinary income  Cancellation of the planned use of retained earnings (approximately 300 yen in dividend) Rationally calculating a dividend for the 23rd fiscal period now is difficult due to the situation of the leasing of vacancies and rent revisions. MTR therefore does not announce any forecast for the period.

3 21st Fiscal Period Information Package

Aggressive Acquisitions of New Properties 21st Fiscal Period Highlights

Promoting acquisitions of a variety of properties Maintaining MTR’s solid investment strategy, using borrowing capacity

Considering not only large office buildings in central Tokyo but also a wide range of other targets  Choosing investments from Target the medium- to long-term perspective, considering yields and locations

Financing Using MTR’s borrowing capacity based on financial institutions’ credit in it

LTV and borrowing capacity Result: Two properties, from which stable earnings are expected, have been added to MTR’s portfolio, which consists primarily of large office buildings in central Tokyo. Upper limit of LTV: 50% A total of ¥12bn of MTR’s Property acquired in Property acquired in own funds and loans is 21st period 22nd period available for acquisitions of properties. Borrowing Tenjin Prime Kohnan Sagamihara- capacity at end Location & use: Fukuoka, office of 21st period: Nishihashimoto Kohnan Sagamihara- ¥16.5bn Borrowing building Location & use: Sagamihara, Nishihashimoto Acquisition date: July 12, 2012 capacity at end Acquisition price: ¥7.4bn retail facility of 20th period: (Loans: ¥7.5bn) Acquisition price: ¥6.94bn Acquisition date: October 18, 2012 ¥22bn Expected NOI yield: 6.6% Acquisition price: ¥7.46bn LTV at end of Expected NOI yield: 6.1% Tenjin Prime 21st period: Acquisition price: ¥6.9bn 47.2% (Loans: ¥6.0bn)

Future policy LTV at end of 20th period: 46.2%

 Preparing for opportunities to invest in good properties  Aiming for further growth  Using different financing instruments (loans, investment corporation bonds, and capital increases) based on the stable financial base 4 21st Fiscal Period Information Package

Property Acquired in 21st Period: Tenjin Prime 21st Fiscal Period Highlights

 MTR’s first investment in Fukuoka  Located in Tenjin, the largest commercial center in Kyushu, the property should attract demand from the urban service industry.  A fixed long-term lease agreement has been concluded with Sumitomo Mitsui Banking Corporation, the main tenant. Stable revenue is expected.  Expected NOI yield at the time of acquisition: 6.6%

Outline of the property

 Property name: Tenjin Prime There are a lot of offices, especially those  Location: Tenjin, Chuo-ku, Fukuoka of financial institutions, in this area.  Use: office building  Acquisition price: ¥6,940m  Appraised value at time of acquisition: ¥7,320m Shintencho  Acquisition date: July 12, 2012  Completed: October 2008  Rentable area: 5,993.80 m2  Occupancy rate at end of period: 100%

 Number of tenants at end of period: 14 There are a lot of high-end casual brand stores and fast-fashion stores in this area.

5 21st Fiscal Period Information Package

Property Acquired in 22nd Period: 21st Fiscal Period Highlights Kohnan Sagamihara-Nishihashimoto

 A roadside retail facility convenient for customers in a wide area  Potential: Sagamihara Interchange on the Metropolitan Inter-City Expressway (to be completed in 2014). An invitation has been made for a station on the Linear Chuo Shinkansen.  A fixed long-term lease agreement (for the entire building) has been concluded with Kohnan Shoji.  Period of agreement: From September 28, 2005 to September 27, 2023 (remaining period: around 11 years)  Expected NOI yield at the time of acquisition: 6.1%

Outline of the property

 Property name: Kohnan Sagamihara- Nishihashimoto  Location: Nishihashimoto, Midori-ku, Sagamihara  Use: Retail facility  Acquisition price: ¥7,460m  Appraised value at time of acquisition: ¥7,560m  Acquisition date: October 18, 2012  Completed: August 2005 Sagamihara Interchange on the  Rentable area: 40,283.77 m2 Metropolitan Inter-City Expressway will be completed  Occupancy rate: 100% about 4 kilometers west of the property (in 2014).  Number of tenants: 1 (Kohnan Shoji)

6 21st Fiscal Period Information Package

Management of Properties Owned (1): Mita MT Building 21st Fiscal Period Highlights

 The lease agreement with Hitachi Systems, the main tenant, will expire on November 30, 2012.  The building is getting old, but has a certain level of seismic capacity (the seismic performance was strengthened when the building was renovated in 1997) and meets a certain level of specifications.  Situation of leasing  MTR intends to lease a large block of space to prospective tenants, but will respond flexibly to inquiries.  The forecast for the 22nd fiscal period does not assume any new tenant.

 Topics on the environment around Mita MT Bldg. Consideration of a new station on the JR Yamanote Line and the designation of an area around the building as an Asia Headquarters Special Zone  The potential may increase.

アジアヘッドAsia Headquartersクォーター特区 Special Zone 指定地域 Mita MT Tamachi 三⽥MTビルBuilding ⽥町駅station Rentable area on a typical floor Area再開発 for redevelopment予定地

Mita三⽥43MTビル 43 MT Building

Sengakuji 泉岳寺駅station Planned site for a 新駅予定地new station

現在の⼭⼿線Existing Yamanote Line

Relocation

Yamanote移設後の⼭⼿線 Line after Elevator hall on a typical floor relocation Shinagawa station品川駅

Created by MTR based on announced materials and press materials 7 21st Fiscal Period Information Package

Management of Properties Owned (2): 21st Fiscal Period Highlights Osaka Marubeni Building

 The master lease agreement with Marubeni Corporation expired on September 30, 2012.  As planned, the existing tenants, including the Marubeni Group, remained tenants after October 1, 2012.  Occupancy rate as of October 1, 2012: 76.3% (Marubeni Group: 62.2%; Other tenants: 14.1%) Rentable area: 22,571.81 m2  MTR focusing on the leasing of vacancies  With the expiration of the master lease agreement, MTR acquired fixed assets from the tenant. As a result, a gain on donation of noncurrent assets of ¥740 million will be posted on the 22nd fiscal period (ending March 2013).

Occupancy of Osaka Marubeni Building (as of October 1, 2012) Ground floor plan Entrance of underground parking facilities

Vacancies 23.7% Marubeni Group Entrance hall Other 62.2% 14.1%

Occupancy rate 76.3% Office entrance

(Note) The name of the building changed from Marubeni Osaka Headquarters Bldg. to Osaka Marubeni Building on October 1, 2012. 8 21st Fiscal Period Information Package

Part 2 Summary of the 21st Fiscal Period (ended September 30, 2012) Settlement

9 21st Fiscal Period Information Package

Overview of the 21st Fiscal Period Settlement Summary of the 21st Fiscal Period Settlement

(Million yen) 21st fiscal period 20th fiscal periodChange 21st fiscal period Actual Actual(Over privious period) Forecast (Note 1) Operating revenues 8,786 9,014 -227 -2.5% 8,644

Operating income 5,563 5,756 -193 -3.4% 5,376

Income before income taxes 4,753 4,868 -115 -2.4% 4,550

Net income 4,752 4,817 -64 -1.3% 4,549

Total distribution 4,752 4,719 32 0.7% 4,549 18,800 Dividend per share (yen) 19,639 19,504 135 0.7% (Note 2) 19,400 Number of shares issued 242,000 242,000 - - 242,000 (Note 1) Announced on May 15, 2012 (Note 2) The figure reflects a revision to the dividend forecast announced on September 20, 2012.

Dividend payment for the 21st period increased 135 yen from the previous period with the effects of the partial disposal of Frespo Inage more than offset by an increase in income associated with the acquisition of Tenjin Prime.

(Main factors that contributed to the changes compared with the previous period)  Effects of the partial disposal of Frespo Inage : -185 million yen (absence of a gain from the disposal: -246 million yen; a decline in revenues from rents: -86 million yen; retained earnings: +147 million yen)  An increase in income associated with the acquisition of Tenjin Prime +92 million yen  Decreases in property taxes and other expenses: +59 million yen  Decrease in interest expenses: +63 million yen

10 21st Fiscal Period Information Package

Interest-Bearing Liabilities and Rating Summary of the 21st Fiscal Period Settlement Interest-bearing liabilities (as of the end of the 21st fiscal period) Breakdown of interest-bearing liabilities (as of the end of the 21th fiscal period) Total interest-bearing liabilities (million yen) 139,825 Short-term loans 27,000 Balance of Classification Lender borrowings (%) Long-term loans (including loans expected to be repaid within one year) 102,825 (million yen) Investment corporation bonds 10,000 Loans Mizuho Corporate Bank, Ltd. 27,500 19.7% LTV (Loan To Value ratio) 47.2% Sumitomo Mitsui Banking Corporation 24,000 17.2% Long-term interest-bearing liabilities ratio (including loans expected to be Mitsubishi UFJ Trust and Banking Corporation 17,500 12.5% 80.7% repaid or redeemed within one year) Sumitomo Mitsui Trust Bank, Limited. 17,000 12.2% Fixed interest-bearing liabilities ratio 80.7% Development Bank of Japan Inc. 13,325 9.5% The Bank of Tokyo-Mitsubishi UFJ, Ltd. 13,000 9.3% Average interest for borrowings during fiscal period 1.20% The Bank of Fukuoka, Ltd. 5,000 3.6% Short-term loans 0.49% Aozora Bank, Ltd. 3,000 2.1% Long-term loans and investment corporation bonds 1.36% The Dai-ichi Life Insurance Company, Limited 2,500 1.8% ORIX Bank Corporation 2,000 1.4% Rating Nippon Life Insurance Company 2,000 1.4% (as of the end of the 21st fiscal period) Resona Bank, Limited. 1,500 1.1% Rating The Hachijuni Bank, Ltd. 1,000 0.7% Mizuho Trust & Banking Co., Ltd. 500 0.4% Rating agency: Japan Credit Rating Agency, Ltd. (JCR) Subtotal 129,825 92.8% Liabilities rated: Long-term senior debts Investment corporation bonds 10,000 7.2% Rating (outlook): AA (stable) Total investment-bearing liabilities 139,825 100.0% Interest-bearing liability balance and LTV 60.0% 53.0% Upper limit of LTV: 50% in principle 46.9% 45.9% 46.1% 46.2% 47.2% 50.0% 42.4% 42.5% 43.6% 43.5% 44.3% 37.7% 37.9% 40.0% 35.3% 33.0% 32.9% 138.1 132.4 133.2 134.0 139.8 28.1% 30.0% 111.0 27.0 22.5 22.5 22.5 27.0 21.5% 91.0 90.9 92.8 20.0% 71.0 71.0 49.5 29.5 24.5 21.5 51.5 57.5 57.5 46.0 46.0 24.5 24.5 111.1 104.9 105.7 101.5 102.8 36.0 19.0 10.0% 23.5 21.5 25.0 18.0 18.0 61.5 61.5 66.4 71.3 22.0 46.5 46.5 11.0 28.0 28.0 28.0 36.0 38.5 0.0% 14.0 14.0 5.0 5.0 10.0 10.0 4th fiscal 5th fiscal 6th fiscal 7th fiscal 8th fiscal 9th fiscal 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st period period period period period period fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal period period period period period period period period period period period period 11 Investment corporation bonds Long-term loans Short-term loans LTV Figures:系列4 Interest-bea ring lia bility ba la nce (billion yen) 21st Fiscal Period Information Package

Investors Summary of the 21st Fiscal Period Settlement

Top 10 Shareholders Composition of Shareholders 20th Fiscal Period (242,000 shares issued) Investment share ratios Number of Ownership Shareholders Total number of outstanding investment units at the end of the 20th fiscal period: 242,000 shares held ratio MORI TRUST Holdings, Inc. 60,000 24.79% Japan Trustee Services Bank, Ltd. (trust account) 41,973 17.34% 19,899 118,150 75,618 28,333 The Nomura Trust and Banking Co., Ltd. (investment trust) 16,289 6.73% (8.22%) (48.82%) (31.25%) (11.71%) Trust & Custody Services Bank, Ltd. (securities investment trust 15,186 6.28% account) MA Platform, Inc. 10,000 4.13% Total number of outstanding investment units at the end of the 21st fiscal period: 242,000 The Master Trust Bank of Japan, Ltd. (trust account) 8,718 3.60% Nomura Bank (Luxembourg) S.A. 6,306 2.61% North Pacific Bank, Ltd. 3,831 1.58% 20,914 122,539 75,918 22,629 (8.64%) (50.64%) (31.37%) (9.35%) American Life Insurance Company GA Company JPY 3,464 1.43% Gibraltar Life Insurance Co., Ltd. (General account J-REITs units) 3,149 1.30% Individuals and others Financial institutions (including securities companies) Total of top 10 shareholders 168,916 69.80% Other domestic corporations Overseas corporations and indivisuals

21st Fiscal Period (242,000 shares issued) Investment share holder ratio Number of Ownership Shareholders Total number of shareholders at the end of the 20th fiscal period: 8,985 shares held ratio MORI TRUST Holdings, Inc. 60,000 24.79% 119 (1.32%) 8,552 Japan Trustee Services Bank, Ltd. (trust account) 47,295 19.54% 189 (2.10%) (95.18%) The Nomura Trust and Banking Co., Ltd. (investment trust) 13,439 5.55% 125 (1.39%) Trust & Custody Services Bank, Ltd. (securities investment trust 13,090 5.41% account) MA Platform, Inc. 10,000 4.13% Total number of shareholders at the end of the 21st fiscal period: 9,237 The Master Trust Bank of Japan, Ltd. (trust account) 7,921 3.27% Nomura Bank (Luxembourg) S.A. 6,522 2.70% 121 (1.31%)

North Pacific Bank, Ltd. 3,831 1.58% 8,791 203 (2.20%) (95.17%) MetLife Alico Life Insurance K.K. GA Company JPY 3,464 1.43% 122 (1.32%) Gibraltar Life Insurance Co., Ltd. (General account J-REITs units) 3,119 1.29% Total of top 10 shareholders 168,681 69.70% Individuals and others Financial institutions (including securities companies) Other domestic corporations Overseas corporations and indivisuals

12 21st Fiscal Period Information Package

Forecast for 22nd Fiscal Periods Summary of the 21st Fiscal Period Settlement Forecast for the 22nd Fiscal Period

Forecast dividend for the 22nd fiscal period: ¥19,000 21st Fiscal Period Actual 22nd Fiscal Period Forecast  An increase in income associated with the acquisition of Tenjin (April 1, 2012 to (October 1, 2012 to Prime and Kohnan Sagamihara-Nishihashimoto September 30, 2012) March 31, 2013)  A decrease in income from Mita MT Building associated with the Operating revenues (million yen) 8,786 8,432 main tenant vacating the building Operating income (million yen) 5,563 4,670  A gain on donation of noncurrent assets of 740 million yen to be Ordinary income (million yen) 4,753 3,859 posted as extraordinary income Net income (million yen) 4,752 4,598  Cancellation of the planned use of retained earnings (approximately Dividend per share (yen) 19,639 19,000 No. of shares issued 300 yen in dividend) (Million yen) 242,000 242,000 22nd Fiscal Period 21st Fiscal Period Difference Rationally calculating a dividend for the 23rd fiscal period now is difficult, and Forecast Actual Amount % MTR does not announce any forecast for the period. MTR will announce a Operating revenues (a) 8,432 8,786 -354 -4.0% Property-related revenues (b) 8,432 8,786 -354 -4.0% forecast as soon as that becomes possible. Rental revenues 8,200 8,570 -369 Other rental revenues 231 216 15 Assumptions Operating expenses (c) 3,761 3,222 538 16.7% Property-related expenses (d) 3,344 2,835 509 18.0% Rental expenses 3,344 2,835 509  Assumes that the portfolio will have 15 properties, that is, 14 properties Property and other taxes 856 882 -25 that MTR had as of September 30, 2012 and Kohnan Sagamihara- Overhead expenses 1,064 647 417 Depreciation and Nishihashimoto acquired on October 18, 2012. (e) amortization 1,423 1,305 117  Service, general and Assumes the 242,000 investment shares issued and outstanding as of 417 387 29 7.6% administrative expenses September 30, 2012. Profit from real estate rental business (f)=(b)-(d) 5,087 5,951 -863 -14.5%  Earnings before depreciation and The main tenant of Mita MT Building will vacate the property on (e)+(f) 6,510 7,256 -745 -10.3% amortization (NOI) November 30, 2012. The space occupied by the main tenant is assumed to Operating income (a)-(c) 4,670 5,563 -892 -16.0% be vacant from December 2012. Non-operating revenues 0 20 -20 -97.6% Non-operating expenses 812 830 -18 -2.2%  A gain on donation of noncurrent assets of 740 million yen will be posted Ordinary income 3,859 4,753 -894 -18.8% as extraordinary income. Extraordinary income 740 - 740 - Gain on donation of noncurrent assets 740 - 740 Income before income taxes 4,599 4,753 -154 -3.2% Net income 4,598 4,752 -154 -3.2%

The business forecast for the 22nd fiscal periods has been calculated based on the preceding assumptions. This is not a guarantee of actual operating revenues, operating income, ordinary income, net income, and/or per-share dividends, and such may differ according to circumstances occurring in the future. 13 21st Fiscal Period Information Package

Part 3 Basic Policy and Status of Operations

14 21st Fiscal Period Information Package

Basic Policy and Characteristics of MORI TRUST Sogo Reit Basic Policy and Status of Operations

Basic Policy Characteristics of MORI TRUST Sogo Reit

Stable operations over the medium and long terms Progressing with steady “Diversified REIT” with a portfolio consisting accumulation of portfolio Securing stable income mainly of office buildings in central Tokyo property assets Operate with a view toward "profitability," "stability," and "growth potential"

Construction of a stable portfolio with selectively acquired properties

Selectively investing in properties that contribute to stable operations over the medium and long terms

Stable operations Broad collaboration with the Mori Trust Group

Strong pipeline for the acquisition and disposition of real estate

Maintaining Solid financial strategy Steady growth high occupancy Stable dividends of asset size rates Maintaining an appropriate level of LTV with conservative LTV as the basis

15 21st Fiscal Period Information Package

Portfolio Allocation Policy Basic Policy and Status of Operations

Target portfolio and actual performance

Region Total Central Tokyo (Note 1) Other areas (Note 2)

Target Actual Target Actual Target Actual

Office Buildings 60 to 70% 67.9% 10 to 20% 9.2% 70 to 90% 77.1%

Use Retail Facilities 0 to 10% 7.4% 10 to 20% 15.6% 10 to 30% 22.9% Other (Note 3)

Total 60 to 80% 75.3% 20 to 40% 24.7% 100%

(Note 1) “Central Tokyo” refers to Chiyoda, Chuo, Minato, Shinagawa, Shibuya and Shinjuku Wards. (Note 2) “Other Areas” refers to greater Tokyo (Kanagawa, Chiba and Saitama Prefectures, and the Tokyo Metropolitan Area excluding central Tokyo) and other major regional cities. (Note 3) Restricted to investments in residential properties and hotels for the foreseeable future. (Note 4) The investment ratios are based on acquisition prices.

16 21st Fiscal Period Information Package

Financial Policy and Strategy Basic Policy and Status of Operations Financial Policy and Strategy Conservative LTV is the basis, and the 50% upper limit of LTV is the benchmark Diversify repayment maturities Procure short-term borrowings and long-term debt in a balanced manner, paying attention to reducing financing costs and the effect of changes in the financial environment Consider issuing investment corporation bonds Establish a credit line to ensure flexible fundraising Mizuho Corporate Bank: 10 billion yen Sumitomo Mitsui Banking: 10 billion yen

Loan repayment schedule diversification (at the end of the 21st fiscal period) (Million yen) 35,000

30,000

25,000 15,000 12,000

20,000

15,000 17,975

10,000 19,725 14,500 17,625 5,500 13,500 5,000 3,500 4,000 2,000 2,500 5,000 5,000 1,000 1,000 0 March September March September March September March September March September March September March September 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

Investment corporation bonds Long-term loans Short-term loans 17 21st Fiscal Period Information Package

Status of Operations 1: Changes in Asset Size Basic Policy and Status of Operations

(Million yen) Changes in asset size (the sum of acquisition prices) by seller 375,000 Acquisition of Tenjin Prime Acquired Tokyo Shiodome Building 350,000 Sold Akasaka-mitsuke MT Building 325,000 Partial disposal of Frespo Inage 300,000 282,976 282,976 282,976 280,876 287,816 Sold Hitachi Head Office Building 275,000 30,396 Acquired Akasaka-mitsuke MT Building Acquired ON 25,556 25,556 25,556 23,456 (10.6%) 250,000 Acquired Ito-Yokado Acquired Hotel Okura Kobe Building Shin Urayasu 225,000 77,950 77,950 77,950 77,950 77,950 Also acquired Acquired Shinbashi 199,976 199,976 199,976 199,976 200,000 Acquired Pak Lane Osaki MT Ekimae MTR Building (27.1%) Listed on TSE Plaza Building 25,556 25,556 25,556 25,556 175,000 Owned seven Acquired Osaki MT 160,076 160,076 properties 142,076 150,000 142,076 25,556 25,556 130,420 130,420 136,076 25,556 25,556 77,950 77,950 77,950 77,950 125,000 119,350 19,900 19,900 25,556 107,200 16,700 38,050 38,050 100,000 16,700 38,050 38,050 179,470 179,470 179,470 179,470 179,470 75,000 59,050 59,050 59,050 46,900 59,050 (62.4%) 50,000 96,470 96,470 96,470 96,470 96,470 96,470 78,470 78,470 25,000 43,600 43,600 51,470 51,470 51,470 0 4th fiscal 5th fiscal 6th fiscal 7th fiscal 8th fiscal 9th fiscal 10th fiscal 11th fiscal 12th fiscal 13th fiscal 14th fiscal 15th fiscal 16th fiscal 17th fiscal 18th fiscal 19th fiscal 20th fiscal 21st fiscal period period period period period period period period period period period period period period period period period period Acquisitions through proprietary channels Acquisitions based on information provided by the Mori Trust Group Acquisitions from the Mori Trust Group 取得合計額 Property acquisitions Acquisitions Based on Information Acquisitions from the Mori Trust Group Acquisitions through Proprietary Channels Provided by the Mori Trust Group

Ginza MTR Bldg. Ito-Yokado Shin-Urayasu Marubeni Osaka Headquarters Bldg. Mita MT Bldg. Shin-Yokohama TECH Bldg. Frespo Inage Osaki MT Bldg. Hotel Okura Kobe Park Lane Plaza Ito-Yokado Shonandai ON Bldg. Osaki MT Bldg. (additional acquisition) Shinbashi Ekimae MTR Bldg. Tenjin Prime Tokyo Shiodome Building : Acquisitions through sale-and-lease-back

(Note) The name of Marubeni Osaka Headquarters Bldg. changed to Osaka Marubeni Building on October 1, 2012. 18 21st Fiscal Period Information Package

Status of Operations 2: Portfolio Summary (At the end of the 21st Fiscal Period) Basic Policy and Status of Operations

21st fiscal period 21st fiscal period Book value at the End-of-period NOI Construction Acquisition Price Floor Area PML Use Name Location Acquisition date end of fiscal period calculation yield completion (Note 6) (M illion yen) (Million yen) (Million yen) (m2) (Note 7)

March 1982 Ginza MTR Bldg. Chuo Ward, Tokyo March 31, 2003 16,000 16,488 15,500 38,901.73 (Note 1) 8.1% 6.3% (Renovated in 2010) September 1974 Mita MT Bldg. Minato Ward, Tokyo December 1, 2003 16,000 15,793 16,000 21,043.02 10.5% 7.1% (Renovated in 1997) Marubeni Osaka Chuo Ward, Osaka March 1984 September 30, 2002 12,500 12,094 8,330 41,574.47 3.4% 8.0% Headquarters Bldg. Kohoku Ward, Shin-Yokohama TECH Bldg. February 1986 November 14, 2003 6,900 6,794 4,130 25,187.22 8.7% 6.2% Yo ko h ama Cit y Office Buildings (1) March 31, 2005 July 1994 Osaki MT Bldg. Shinagawa Ward, Tokyo (2) October 28, 2005 13,526 12,978 14,900 26,980.68 (Note 2) 11.5% 5.8% (Renovated in 2008) (Additional acquisition)

ON Bldg. Shinagawa Ward, Tokyo November 1990 August 29, 2008 39,900 40,085 31,600 32,812.27 8.0% 3.7%

Tokyo Shiodome Building Minato Ward, Tokyo January 2005 April 13, 2010 110,000 108,517 113,800 191,394.06 (Note 3) 6.0% 4.4%

Chuo Ward, Tenjin Prime October 2008 July 12, 2012 6,940 6,987 7,310 7,722.04 6.4% 6.9% Fukuoka City Fujisawa City, Ito-Yokado Shonandai November 2002 March 28, 2003 11,600 10,585 11,900 53,393.66 14.0% 6.0% Kanagawa Prefecture

Frespo Inage Inage Ward, Chiba City - March 28, 2002 2,100 (Note 4) 2,193 2,690 (39,556.71) (Note 5) - 10.7% Retail Facilities Urayasu City, Chiba Ito-Yokado Shin-Urayasu September 2000 July 30, 2004 12,150 11,624 11,200 57,621.38 18.9% 5.0% Prefecture

Shinbashi Ekimae MTR Bldg. Minato Ward, Tokyo April 1999 April 25, 2007 18,000 17,740 18,800 7,820.45 12.2% 4.7%

Residential Park Lane Plaza Shibuya Ward, Tokyo June 1988 December 24, 2004 3,200 3,293 3,010 5,246.78 14.9% 5.1%

Hotel Hotel Okura Kobe Chuo Ward, Kobe City March 1989 September 20, 2006 19,000 17,622 15,400 72,246.86 17.8% 5.5%

Total - -- -287,816 282,801 274,570 - 4.2% 5.1%

(Note 1) MTR has acquired part ownership of the Ginza MTR Building. The floor area owned by MTR totals 23,614.49 m2. (Note 2) MTR has acquired co-ownership of the Osaki MT Building. The ownership share is calculated at the ratio of 838,899/1,000,000. (Note 3) The Tokyo Shiodome Building is owned under joint ownership, with MTR owning a 50% interest. (Note 4) As 50% of the land trust associated with Frespo Inage has been disposed, the price of Frespo Inage is the price equivalent to 50% of the acquisition price of the entire property or 4,200 million yen. (Note 5) The floor area of Frespo Inage is the area of the real estate trust associated with the real estate trust’s beneficiary rights. (Note 6) Probable Maximum Loss (PML) refers to the expected maximum loss ratio caused by an earthquake based on a loss confidence value of 90%. The expected maximum-level earthquake refers to an earthquake that occurs once every 50 years with a 10% excess-probability. This means that an earthquake of this magnitude statistically occurs once every 475 years. (Note 7) NOI earnings yield is calculated by converting NOI in the 21st fiscal period to an annual basis. 19 21st Fiscal Period Information Package

Status of Operations 3: Basic Policy and Appraisal Values of Portfolio Properties at the Fiscal Period-End Status of Operations

Discounted cash flow (DCF) Direct reduction method 20th fiscal period 21st fiscal period method End-of-period appraisal End-of-period appraisal Difference Use Name Appraiser value value (Million yen) Comparison with Terminal cap (Million yen) (Million yen) Cap rate the previous fiscal Discount rate rate period

Ginza MTR Bldg. 15,500 15,500 - 4.5% 0.1% 4.3% 4.8% Japan Real Estate Institute

Mita MT Bldg. 17,100 16,000 -1,100 4.9% - 4.5% 4.9% Japan Real Estate Institute

Marubeni Osaka 9,790 8,330 -1,460 5.4% 0.1% 5.2% 5.6% Japan Real Estate Institute Headquarters Bldg.

Office Shin-Yokohama TECH Bldg. 4,030 4,130 100 5.9% - 5.7% 6.2% Nippon Tochi-Tatemono Co., Ltd. Buildings Osaki MT Bldg. 15,700 14,900 -800 4.5% - 4.2% 4.7% Japan Real Estate Institute

ON Bldg. 31,400 31,600 200 4.6% - 4.3% 4.8% Japan Real Estate Institute

Tokyo Shiodome Building 111,500 113,800 2,300 4.3% -0.1% 4.3% 4.5% Rich Appraisal Institute K.K.

Tenjin Prime - 7,310 7,310 5.5% - 5.3% 5.8% Japan Real Estate Institute

Ito-Yokado Shonandai 11,800 11,900 100 5.6% - 5.3% 5.8% Japan Real Estate Institute

Frespo Inage 2,690 2,690 - 8.8% - 8.4% - (Note) Japan Real Estate Institute Retail Facilities Ito-Yokado Shin-Urayasu 11,100 11,200 100 5.7% - 5.5% 6.0% Japan Real Estate Institute

Shinbashi Ekimae MTR Bldg. 18,700 18,800 100 4.6% - 4.4% 4.8% Nippon Tochi-Tatemono Co., Ltd.

Residential Park Lane Plaza 3,000 3,010 10 4.5% -0.1% 5.2% 4.1% Nippon Tochi-Tatemono Co., Ltd.

Hotel Hotel Okura Kobe 15,400 15,400 - 5.6% - 5.4% 5.7% Rich Appraisal Institute K.K.

20th fiscal period 21st fiscal period Difference (Million yen) (Million yen) (Million yen)

Total end-of-period appraisal value (1) 267,710 274,570 6,860

Total end-of-period book value (2) 276,876 282,801 5,924

Difference (1)-(2) -9,166 -8,231 935 20 (Note) The terminal cap rate for Frespo Inage has not been established. 21st Fiscal Period Information Package

Status of Operations 4: Occupancy Rate Basic Policy and Status of Operations

600,000 100.0%

99.0% 500,000 98.0%

97.0% 400,000 96.0%

300,000 95.0%

94.0% 200,000 93.0%

92.0% 100,000 91.0%

0 90.0% End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the End of the 4th fiscal 5th fiscal 6th fiscal 7th fiscal 8th fiscal 9th fiscal 10th fiscal 11th fiscal 12th fiscal 13th fiscal 14th fiscal 15th fiscal 16th fiscal 17th fiscal 18th fiscal 19th fiscal 20th fiscal 21st fiscal period period period period period period period period period priod period priod period priod period period period period (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Sep. 30, (Mar. 31, (Mar. 31, 2004) 2004) 2005) 2005) 2006) 2006) 2007) 2007) 2008) 2008) 2009) 2009) 2010) 2010) 2011) 2011) 2012) 2013) Tota l renta ble a rea (m(m2)2) 294,362.40 351,983.78 372,371.04 372,361.77 379,051.60 407,231.68 407,231.68 415,293.05 415,293.05 435,947.65 430,324.51 430,324.51 420,201.27 502,850.23 502,850.23 502,850.23 463,293.52 469,287.32 Total rented area (m(m2)2) 294,362.40 351,983.78 369,879.12 371,952.09 378,721.50 406,905.66 407,084.64 414,819.99 414,789.53 435,413.38 427,611.44 427,775.84 412,898.49 495,168.21 497,191.72 500,532.76 461,208.21 467,086.41 Portofolio occupancy rate 100.0% 100.0% 99.3% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.4% 99.4% 98.3% 98.5% 98.9% 99.5% 99.5% 99.5%

Ginza MTR Bldg. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 64.0% 85.6% 85.6% 99.9% 99.9% 99.9% Mita MT Bldg. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Marubeni Osaka Headquarters 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Bldg. Shin-Yokohama TECH Bldg. 100% 100% 91% 100% 100% 100% 100% 100% 100% 100% 90.7% 90.7% 90.7% 73.4% 83.1% 89.5% 89.5% 89.5% - - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Osaki MT Bldg. (Note 1) Office (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (100%) (85.3%) (89.5%) (92.7%) (96.9%) Buildings ON Bldg. ------100%100% 100% 100% 100% 100% 100% 100% 100% Tokyo Shiodome Building ------100%100% 100% 100% 100% Tenjin Prime (Note 2) ------100% Hitachi Headquarters Bldg. 100% 100% 100% 100% 100% ------(Sold) Akasaka-mitsuke MT Bldg. -----100%100% 100% 100% 100% 100% 100% 100% - - - - - (Sold) Ito-Yokado Shonandai 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Retail Frespo Inage 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Facilities Ito-Yokado Shin-Urayasu - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Shinbashi Ekimae MTR Bldg. ------100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Residential Park Lane Plaza - - 82.7% 90.8% 92.6% 92.7% 96.7% 89.4% 88.7% 88.0% 77.5% 81.2% 83.7% 81.2% 86.7% 91.4% 96.7% 94.1% Hotel Hotel Okura Kobe -----100%100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% (Note 1) A master lease agreement under which rent income is linked to rents under the sublease agreements has been concluded for Osaki MT Bldg. The figures in parentheses in the table show occupancy rates under the sublease agreements. (Note 2) MTR leases the land and building of Tenjin Prime from a fiduciary trust company under a master lease agreement and subleases it to tenants. The occupancy rate of the property above is an occupancy rate 21 under the sublease agreements. 21st Fiscal Period Information Package

Status of Operations 5: Overview of Lease Contracts Basic Policy and Status of Operations (As of September 30, 2012)

Total Major tenant/master lessee Use Name number of tenants Type of lease contract Lease contract expiry Fixed-term building Ginza MTR Bldg. 5 Hanwa Co., Ltd. Direct lease March 31, 2015 lease Mita MT Bldg. 3 Hitachi Systems, Ltd. Direct lease Building lease November 30, 2012 (Note 1) Marubeni Osaka Headquarters Fixed-term building 1 Marubeni Corporation Master lease September 30, 2012 Bldg. (Note 2) lease Shin-Yokohama TECH Bldg. 7 Fujitsu Co., Ltd. Direct lease Building lease Feburuary 28, 2013 Office Fixed-term building Buildings Osaki MT Bldg. 1 (Note 3) Mori Trust Co., Ltd. Master lease March 31, 2013 lease ON Bldg. 1 Kobe Steel Ltd. Direct lease Building lease March 31, 2013 Fixed-term building (Offices/retailers) April 12, 2020 Tokyo Shiodome Building 1 Mori Trust Co., Ltd. Master lease lease (Hotel) December 31, 2035 Sumitomo Mitsui Direct lease Fixed-term building Tenjin Prime 14 (Note 4) October 31, 2018 Banking Corporation (Note 4) lease November 20, 2022 Ito-Yokado Shonandai 1 Ito-Yokado Co., Ltd. Master lease Building lease (No cancellation prior to November 20, 2017) Retail Frespo Inage 1 Daiwa Lease Co, Ltd. Direct lease Land lease December 2, 2027 Facilities July 29, 2020 Ito-Yokado Shin-Urayasu 1 Ito-Yokado Co., Ltd. Master lease Building lease (No cancellation prior to July 29, 2017) Shinbashi Ekimae MTR Bldg. 1 Kimuraya Select Direct lease Building lease May 31, 2013 Residential Park Lane Plaza 17 - - - - Fixed-term building Hotel Hotel Okura Kobe 1 Hotel Okura Kobe Direct lease March 31, 2022 lease (Note 1) For Mita MT Bldg., the date is the scheduled date of lease termination because MTR received a cancellation notice from the lessee on November 30, 2011. (Note 2) The master lease agreement with the master lessee of Marubeni Osaka Headquarters Bldg. expired on September 30, 2012, and MTR concluded direct lease agreements with seven tenants. (Note 3) A master lease agreement under which rent income is linked to rents under the sublease agreements has been concluded for Osaki MT Bldg. The number of tenants under the sublease agreements is nine. (Note 4) MTR leases the land and building of Tenjin Prime from a fiduciary trust company under a master lease agreement and subleases it to tenants. The total number of tenants of the above property is that under the sublease agreements. The type of lease contract above is that under the sublease agreements. 22 21st Fiscal Period Information Package

Status of Operations 6: Basic Policy and The Current Real Estate Market and Our Strategy Status of Operations Current Real Estate Market Conditions MTR’s Strategy  Investment market ◆ Investment sentiment remains strong among both domestic and foreign  We will firmly maintain our policy of investing primarily in investors, and the financing environment was favorable. Against this backdrop, large office buildings in central Tokyo. Meanwhile, based on the investments in high-yield small and midsize properties in major cities were investment climate, we will selectively invest in other good active, but transactions involving large, high-quality properties remained properties while complying with our investment criteria. limited.  For Mita MT Bldg. and Osaka Marubeni Building, we will work ◆ We hope to see active transactions ahead of a full-scale recovery of the leasing in cooperation with the Mori Trust Group to continue to market. implement aggressive initiatives for leasing. In addition, we will take steps to secure tenants as early as possible for other  Leasing market properties with vacancies. ◆ The heavy new supply of office buildings has come to a halt. Vacancy rates in  We will focus on tenant satisfaction with the aim of maintaining prime areas in Tokyo are recovering moderately, backed by solid demand due a high occupancy rate and stable income stream. to below-market rental prices. ◆ There are signs of rental prices bottoming out. However, it may take time before a full-scale recovery, reflecting a downturn in corporate earnings affected by concern over a slowdown in the global economy and the China risk.

Amount and number of REIT property Vacancy rates for office buildings in Tokyo, Osaka, Average rents for office buildings (Number of acquisition (100 million yen) Shin-Yokohama, and Tenjin (year-end) Rent (Yen) in Tokyo (year-end) transactions) 400 20,000 25.0% 40,000 Value of J-REIT acquisitions Tokyo (2,658 units) Osaka (839 units) Number of J-REIT acquisitions New buildings (34 units) Shin-Yokohama Tenjin 35,000 20.0% Existing buildings (2,624 units) 300 15,000 15.8% 15.3% 30,000 207 15.0% 13.2% 22,473 23,438 200 10,000 25,000 168 10.9% 10.8% 142 10.0% 9.7% 20,000 9.0% 100 10,078 85 5,000 8.9% 57 7,144 5.0% 15,000 5,470 4118 16,799 16,530 2,444 0 0 0.0% 10,000 2008 2009 2010 2011 2012 * 2008 2009 2010 2011 2012 * (Jan. to Sep.) 2008 2009 2010 2011 2012 Source: Prepared by the Company based on Source: Prepared by the Company based on Source: Prepared by the Company based on published data published data of Miki Shoji Co., Ltd. published data of Miki Shoji Co., Ltd. * As of September 30, 2012 23 21st Fiscal Period Information Package

Part 4 Reference

24 21st Fiscal Period Information Package

Trends in Share Prices Reference

Share price (Thousand yen) Trading volume Share price Trading volume 2,000 10,000 1,900 Closing sha re price a nd tra ding volume October 2008 1,800 May 2010 9,000 February 13, 2004 to September 30, 2012 Ca pita l increa se through a 1,700 Capital increase through public private placement 1,600 offering 8,000 Issuing price: 800,000 yen 1,500 Issuing price: 670,800 yen 1,400 Listed on TSE on 7,000 1,300 February 13, 2004 1,200 6,000 1,100 1,000 5,000 900 800 4,000 700 600 3,000 500 400 2,000 300 200 1,000 100 0 0

MTR's share price TOPIX TSE REIT Index 300 Comparative performance of closing share price February 13, 2004 to September 30, 2012 250

200

150

100

0 25 * A base of 100 is used to compare MTR’s share price at IPO with the TSE REIT Index and TOPIX. 21st Fiscal Period Information Package

Performance Reference

(Yen) (Million yen) 15,000 25,000

12,000 20,000

9,000 15,000

6,000 10,000

3,000 5,000

0 0 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal period period period period period period period period period period period period period period period period period period Operating revenues (million yen) 3,675 4,136 4,451 4,764 4,876 5,489 4,957 5,351 5,260 5,753 6,895 7,105 6,736 9,027 8,886 8,801 9,014 8,786 Opera ting income (million yen) 2,797 2,754 2,940 3,139 3,279 3,901 3,290 3,489 3,252 3,751 4,481 4,742 4,304 6,056 5,976 5,497 5,756 5,563 Net income (million yen) 2,438 2,640 2,798 2,947 3,082 3,691 2,999 3,082 2,817 3,260 4,179 4,126 3,641 4,859 4,957 4,554 4,817 4,752 Dividend per share (yen) 15,243 16,503 17,493 18,422 19,265 23,075 18,746 19,264 17,608 20,377 22,962 22,672 20,006 20,079 20,486 18,819 19,504 19,639

26 21st Fiscal Period Information Package

Breakdown of Property-Related Revenues and Expenses Reference (Thousand yen) Total Ginza MTR Bldg. Mita MT Bldg. M arubeni Osaka Headquarters Bldg. Shin-Yokohama TECH Bldg.Osaki MT Bldg. ON Bldg. Tokyo Shiodome Building 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th Rental revenues 8,786,331 8,767,368 (Note) - (Note) - 718,279 749,486 600,177 600,177 404,149 397,577 437,856 430,909 (Note) - (Note) - 2,795,000 2,795,000 Rent 8,168,104 8,059,415 - - 662,110 662,110 600,177 600,177 255,057 255,143 437,853 430,905 - - 2,795,000 2,795,000 Common charges 278,454 265,909 ------83,367 83,367 ------Land leasing revenues 123,745 217,106 ------Other rental revenues 216,028 224,937 - - 56,168 87,375 - - 65,724 59,066 3 3 - - - - Property-related expenses 2,835,289 2,847,697 (Note) - (Note) - 196,324 195,006 141,624 142,339 234,769 221,312 100,400 124,723 (Note) - (Note) - 926,156 919,275 Property and other taxes 882,366 913,821 - - 42,208 45,052 84,780 94,928 30,091 33,894 34,116 38,366 - - 366,671 360,535 Property taxes 879,079 912,483 - - 42,119 44,963 84,780 94,928 30,091 33,894 34,116 38,366 - - 366,671 360,535 Other taxes 3,286 1,337 - - 89 89 ------Overhead expenses 647,055 641,778 - - 103,174 99,136 11,255 2,394 160,059 143,775 9,004 21,958 - - 5,241 4,518 Property management fees 260,884 272,976 - - 49,849 52,061 - - 67,188 69,164 3,360 14,330 - - - - Utilities 221,274 200,860 - - 38,214 42,423 - - 61,817 52,369 ------Casuality insurance 30,713 29,859 - - 899 909 2,249 2,274 1,097 1,110 902 912 - - 4,690 4,518 Trust fees 7,3325,500------Other expenses 126,849 132,582 - - 14,210 3,741 9,006 120 29,955 21,131 4,741 6,715 - - 551 - Depriciation and amrtization 1,305,868 1,292,097 - - 50,941 50,817 45,587 45,016 44,618 43,642 57,279 64,399 - - 554,242 554,221 Profits and losses from real estate business 5,951,042 5,919,671 447,878 447,683 521,954 554,480 458,553 457,838 169,379 176,265 337,455 306,185 656,434 647,395 1,868,843 1,875,724

Earnings before depreciation and amortization (NOI) 7,256,910 7,211,768 508,525 507,966 572,896 605,297 504,140 502,855 213,997 219,907 394,735 370,584 739,719 731,127 2,423,086 2,429,945

Tenjin Prime Ito-Yokado Shonandai Frespo Inage Ito-Yokado Shin-Urayasu Shinbashi Ekimae MTR Bldg. Park Lane Plaza Hotel Okura Kobe 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th 21st 20th Rental revenues 124,389 - 395,045 395,045 123,745 218,058 378,165 378,165 459,000 459,000 101,764 99,689 639,165 646,208 Rent 103,296 - 395,000 395,000 - - 378,165 378,165 459,000 459,000 91,924 89,701 639,165 646,208 Common charges 12,544 ------9,043 9,043 - - Land leasing revenues - - - - 123,745 217,106 ------Other rental revenues 8,548 - 45 45 - 952 - - - - 796 944 - - Property-related expenses 31,472 - 130,884 151,622 10,653 18,026 145,082 117,826 72,571 75,288 33,190 36,201 306,878 343,103 Property and other taxes - - 40,385 42,784 9,653 15,070 43,781 33,093 30,018 32,683 6,751 7,030 95,008 102,408 Property taxes - - 40,385 42,784 9,653 15,070 43,781 33,093 30,018 32,683 6,751 7,030 95,008 102,408 Other taxes ------Overhead expenses 17,670 - 8,010 26,354 1,000 2,955 29,332 13,183 1,475 1,528 13,654 16,423 24,723 58,567 Property management fees 3,682 - 1,800 1,800 - - 1,800 1,800 1,200 1,200 8,798 8,911 - - Utilities 6,039 ------2,803 2,891 - - Casuality insurance 152 - 1,332 1,346 - - 3,244 2,932 275 278 212 214 12,573 12,243 Trust fees 3,332 - - - 1,000 2,500 ------2,000 2,000 Other expenses 4,463 - 4,877 23,207 - 455 24,287 8,451 - 50 1,840 4,405 10,150 44,324 Depriciation and amrtization 13,802 - 82,488 82,484 - - 71,968 71,548 41,076 41,076 12,784 12,748 187,146 182,126 Profits and losses from real estate business 92,916 - 264,161 243,422 113,091 200,032 233,082 260,338 386,428 383,711 68,573 63,487 332,286 303,104

Earnings before depreciation and amortization (NOI) 106,718 - 346,649 325,907 113,091 200,032 305,051 331,887 427,505 424,787 81,358 76,236 519,433 485,231

(Note) For reasons beyond the control of the Company, rental revenues and property-related expenses for Ginza MTR Building and for ON Building are not disclosed.

27 21st Fiscal Period Information Package

Interest-Bearing Liabilities at the End of the Period Reference

(1) Short-term loans (2) Long-term loans

Outstanding Outstanding balance at end Average interest balance at end Average interest Lender Drawdown date Repayment date Lender Drawdown date Repayment date of period rate rate of period (million yen) (million yen) Sumitomo Mitsui Banking Corporation 5,000 1.58% February 26, 2010 February 28, 2013 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 5,000 0.48% February 29, 2012 February 28, 2013 Mizuho Corporate Bank, Ltd. 3,000 1.58% February 26, 2010 February 28, 2013 Sumitomo Mitsui Banking Corporation 2,000 0.43% July 12, 2012 February 28, 2013 Mitsubishi UFJ Trust and Banking 3,000 1.58% February 26, 2010 February 28, 2013 Mizuho Corporate Bank, Ltd. 1,500 0.48% February 29, 2012 February 28, 2013 Corporation Sumitomo Mitsui Banking Corporation 1,000 0.43% February 29, 2012 February 28, 2013 Sumitomo Mitsui Trust Bank, Limited. 2,500 1.58% February 26, 2010 February 28, 2013 Aozora Bank, Ltd. 2,000 1.56% March 12, 2010 March 12, 2013 Sumitomo Mitsui Trust Bank, Limited. 1,000 0.48% February 29, 2012 February 28, 2013 ORIX Bank Corporation 2,000 1.50% March 19, 2010 March 19, 2013 Mizuho Corporate Bank, Ltd. 1,000 0.43% July 12, 2012 February 28, 2013 Mizuho Corporate Bank, Ltd. 5,000 1.59% April 13, 2010 April 12, 2013

Mitsubishi UFJ Trust and Banking Floating 1,000 0.43% July 12, 2012 February 28, 2013 Sumitomo Mitsui Banking Corporation 5,000 1.59% April 13, 2010 April 12, 2013 Corporation The Bank of Tokyo-Mitsubishi UFJ, Ltd. 6,000 1.38% August 31, 2010 August 30, 2013 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1,000 0.43% July 12, 2012 February 28, 2013 Development Bank of Japan Inc. 1,700 1.83% September 25, 2009 (Note 1) August 30, 2013 The Bank of Fukuoka, Ltd. 1,000 0.43% July 12, 2012 February 28, 2013 Mizuho Corporate Bank, Ltd. 1,000 1.38% August 31, 2010 August 30, 2013 Mizuho Trust & Banking Co., Ltd. 500 0.48% February 29, 2012 February 28, 2013 Sumitomo Mitsui Banking Corporation 1,000 1.38% August 31, 2010 August 30, 2013 Mizuho Corporate Bank, Ltd. 4,000 0.48% April 13, 2012 April 12, 2013 Sumitomo Mitsui Banking Corporation 5,000 1.69% April 13, 2010 October 11, 2013 Resona Bank, Limited 500 0.48% May 31, 2012 May 31, 2013 Mizuho Corporate Bank, Ltd. 4,000 1.69% April 13, 2010 October 11, 2013 Mitsubishi UFJ Trust and Banking 5,000 0.48% August 31, 2012 August 30, 2013 Aozora Bank, Ltd. 1,000 1.69% April 13, 2010 October 11, 2013 Mizuho Corporate Bank, Ltd. 1,500 0.48% August 31, 2012 August 30, 2013 The Bank of Fukuoka, Ltd. 2,000 1.04% January 25, 2011 January 24, 2014 Resona Bank, Limited 1,000 0.48% August 31, 2012 August 30, 2013 The Dai-ichi Life Insurance Company, 2,500 1.92% February 28, 2007 February 28, 2014 Total 27,000 Limited The Hachijuni Bank, Ltd. 1,000 1.04% February 28, 2011 February 28, 2014 Development Bank of Japan Inc. 2,625 1.69% March 12, 2010 (Note 2) March 12, 2014 Sumitomo Mitsui Banking Corporation 5,000 1.79% April 13, 2010 April 11, 2014

Development Bank of Japan Inc. 2,000Fixed 1.79% April 13, 2010 April 11, 2014 (3) Investment corporation bonds The Bank of Fukuoka, Ltd. 1,000 0.85% May 31, 2011 May 30, 2014 Sumitomo Mitsui Trust Bank, Limited. 5,500 0.79% August 31, 2011 August 29, 2014 Mitsubishi UFJ Trust and Banking Balance at end 1,000 0.79% August 31, 2011 August 29, 2014 Issue of period Interest rate Issue date Maturity date Corporation (million yen) The Bank of Fukuoka, Ltd. 500 0.78% January 31, 2012 January 30, 2015 Development Bank of Japan Inc. 3,000 1.96% August 29, 2008 February 27, 2015 First unsecured investment corporation 5,000 0.83% February 25, 2011 February 25, 2014 Sumitomo Mitsui Trust Bank, Limited. 2,000 0.76% February 29, 2012 February 27, 2015 bonds Mitsubishi UFJ Trust and Banking Second unsecured investment corporation 4,500 0.76% April 13, 2012 April 13, 2015 5,000 0.76% February 28, 2012 February 27, 2015 Corporation bonds Sumitomo Mitsui Trust Bank, Limited. 4,000 0.76% April 13, 2012 April 13, 2015 Total 10,000 Mitsubishi UFJ Trust and Banking 3,000 0.71% August 31, 2012 August 31, 2015 Corporation Mizuho Corporate Bank, Ltd. 1,500 0.89% August 31, 2011 August 31, 2015 Nippon Life Insurance Company 500 0.71% August 31, 2012 August 31, 2015 Nippon Life Insurance Company 1,000 1.55% October 29, 2010 October 30, 2015 Total interest-bearing liabilities at the end of the period: The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1,000 1.38% February 28, 2011 February 29, 2016 Sumitomo Mitsui Trust Bank, Limited. 2,000 0.78% August 31, 2012 August 31, 2016 139,825 million yen Mizuho Corporate Bank, Ltd. 1,000 1.01% August 31, 2011 August 31, 2016 Nippon Life Insurance Company 500 1.48% February 28, 2011 August 31, 2016 (Note 1) 50 million yen will be repaid at the end of every six months beginning on February 26, The Bank of Fukuoka, Ltd. 500 0.96% January 31, 2012 January 31, 2017 2010 and 1,650 million yen will be repaid on August 30, 2013. Development Bank of Japan Inc. 2,000 0.97% February 29, 2012 February 28, 2017 Mizuho Corporate Bank, Ltd. 4,000 0.88% August 31, 2012 August 31, 2017 (Note 2) 75 million yen will be repaid on the 12th of every 6 months beginning on September 12, Development Bank of Japan Inc. 1,000 0.99% August 31, 2012 August 31, 2018 2010 and 2,475 million yen will be repaid on March 12, 2014. Development Bank of Japan Inc. 1,000 1.12% August 31, 2012 August 30, 2019 (Note 3) The short-term loans, long-term loans, and investment corporation bonds above are all Total 102,825 unsecured and unguaranteed.

28 21st Fiscal Period Information Package

BALANCE SHEETS (As of September 30, 2012 and March 31, 2012) Reference (Thousand yen)

AS of September 30, 2012 As of March 31, 2012 ASSETS Current Assets: Cash and cash equivalents ¥13,538,144 ¥12,864,594 Rental and other receivables 63,340 72,746 Other current assets 51,251 39,090 Total current assets 13,652,735 12,976,430 Property and Equipment, at Cost: Buildings and structures including trust accounts 66,833,243 65,210,169 Machinery and equipment including trust accounts 131,155 131,155 Tools, furniture and fixtures including trust accounts 121,774 119,626 Land including trust accounts 230,498,418 224,892,957 Construction in progress 4,904 5,573 Less: accumulated depreciation (14,782,994) (13,477,126) Net property and equipment 282,806,500 276,882,354 Investments and Other Assets: Deposits 10,000 10,000 Long-term prepaid expenses 12,868 23,829 Deferred investment corporation bond issuance costs 29,892 37,746 Other 3,842 3,392 Total investments and other assets 56,602 74,967 Total Assets ¥296,515,837 ¥289,933,751 LIABILITIES Current Liabilities: Accounts payable ¥617,218 ¥276,898 Short-term loans 27,000,000 22,500,000 Long-term loans due within one year 37,350,000 36,300,000 Distributions payable 16,232 15,849 Consumption taxes payable 114,704 182,357 Rents received in advance 1,397,837 1,394,519 Accrued expenses and other current liabilities 571,815 597,074 Total current liabilities 67,067,806 61,266,697 Long-Term Liabilities: Investment corporation bonds 10,000,000 10,000,000 Long-term loans 65,475,000 65,200,000 Leasehold and security deposits including trust accounts 12,462,872 11,989,535 Deferred tax liabilities 50,510 - Total long-term liabilities 87,988,382 87,240,045 Total Liabilities 155,056,188 148,506,742 Net Assets: Shareholders’ equity: Shares authorized: 2,000,000 shares Shares issued and outstanding: 242,000 shares 136,609,600 136,609,600 Voluntary reserve Reserve for reduction entry 97,353 - Retained earnings 4,752,696 4,817,409 Total surplus 4,850,049 4,817,409 Total Net Assets 141,459,649 141,427,009 Total Liabilities and Net Assets ¥296,515,837 ¥289,933,751 29 21st Fiscal Period Information Package

STATEMENTS OF INCOME AND RETAINED EARNINGS Reference (For the six-month periods ended September 30, 2012 and March 31, 2012) (Thousand yen)

April 1, 2012 to October 1, 2011 to September 30, 2012 March 31, 2012 Operating Revenues: Rental revenues ¥8,786,332 ¥8,767,368 Gain on sale of investment properties - ¥246,877 Operating Expenses: Property-related expenses 2,835,290 2,847,697 Asset management fees 275,760 277,371 Custodian and administrative service fees 57,175 55,891 Other operating expenses 54,755 76,911 Operating Income 5,563,352 5,756,375 Non-Operating Revenues: Interest income 1,181 817 Interest on tax refund 5,396 - Refund of fixed assets tax 11,136 - Other non-operating revenues 3,043 5,312 Non-Operating Expenses: Interest expense 782,855 864,921 Interest expense on investment corporation bonds 39,854 24,082 Amortization of investment corporation bond issuance costs 7,855 4,581 Extraordinary Income: Subsidy - 38,341 Extraordinary loss: Loss on reduction of noncurrent assets - 38,341 Income before Income Taxes 4,753,544 4,868,920 Income Taxes: Current 933 1,034 Deferred 3 50,510 Net Income 4,752,608 4,817,376 Retained Earnings at the Beginning of Period 88 33 Retained Earnings at the End of Period ¥4,752,696 ¥4,817,409 The accompanying notes form an integral part of these financial statements. 30 21st Fiscal Period Information Package

STATEMENTS OF CASH FLOWS Reference (For the six-month periods ended September 30, 2012 and March 31, 2012)

(Thousand yen) April 1, 2012 to October 1, 2011 to September 30, 2012 March 31, 2012 Cash Flows from Operating Activities: Income before income taxes ¥4,753,544 ¥4,868,920 Depreciation and amortization 1,305,868 1,292,097 Amortization of investment corporation bond issuance costs 7,855 4,581 Interest income (1,181) (817) Interest expense 822,710 889,003 Subsidy - (38,341) Loss on reduction of noncurrent assets - 38,341 Changes in assets and liabilities: Rental and other receivables 9,406 27,659 Accounts payable and accrued expenses 263,653 27,089 Consumption taxes payable (67,653) 60,830 Rents received in advance 3,318 (17,137) Decrease due to sale of investment property - 2,193,263 Other 10,994 (22,994) Subtotal 7,108,514 9,322,494 Interest received 1,181 817 Interest paid (859,321) (891,305) Income taxes paid (1,110) (1,023) Net cash provided by operating activities 6,249,264 8,430,983 Cash Flows from Investing Activities: Purchases of property and equipment including trust accounts (7,154,017) (237,931) Repayment of leasehold and security deposits including trust accounts (1,810) (240,328) Proceeds from leasehold and security deposits including trust accounts 475,148 33,989 Subsidy - 38,341 Other (450) - Net cash used in investing activities (6,681,129) (405,929) Cash Flows from Financing Activities: Net increase in short-term loans 4,500,000 - Proceeds from long-term loans 20,000,000 5,000,000 Repayment of long-term loans (18,675,000) (9,200,000) Proceeds from issuance of investment corporation bonds - 5,000,000 Payments of investment corporation bond issuance costs - (23,427) Distributions paid to shareholders (4,719,585) (4,555,642) Net cash provided by (used in) financing activities 1,105,415 (3,779,069) Net Change in Cash and Cash Equivalents 673,550 4,245,985 Cash and Cash Equivalents at the Beginning of Period 12,864,594 8,618,609 Cash and Cash Equivalents at the End of Period ¥13,538,144 ¥12,864,594 The accompanying notes form an integral part of these financial statements. 31 21st Fiscal Period Information Package

Indicators Reference

17th fiscal 18th fiscal 19th fiscal 20th fiscal 21st fiscal Unit period period period period period

Total assets (1) Million yen 294,374 288,535 288,937 289,933 296,515 Interest-bearing liabilities (2) Million yen 138,100 132,400 133,200 134,000 139,825

Total net assets (3) Million yen 141,468 141,567 141,163 141,427 141,459 Profits from real estate rental business (4) Million yen 6,278 6,371 5,897 5,919 5,951

Gain on sale of real estate (5) Million yen 185 - - 246 - Depreciation and amortization (6) Million yen 1,347 1,347 1,341 1,292 1,305

NOI (7) = (4)+(6) Million yen 7,625 7,718 7,239 7,211 7,256 Capital improvements (8) Million yen 237 181 136 226 236

Net cash flows (9) = (7)–(8) Million yen 7,388 7,537 7,102 6,985 7,020 Income before income taxes (10) Million yen 4,860 4,972 4,555 4,868 4,753

Net income (11) Million yen 4,859 4,957 4,554 4,817 4,752 FFO (12) = (11)+(6)–(5) Million yen 6,021 6,305 5,895 5,862 6,058

Total distribution (13) Million yen 4,859 4,957 4,554 4,719 4,752 Shares issued and outstanding (14) Sh ar es 242,000 242,000 242,000 242,000 242,000

Total net assets per share (15) = (3)/(14) Yen 584,581 584,988 583,321 584,409 584,544 Dividend per share (16) = (13)/(14) Yen 20,079 20,486 18,819 19,504 19,639

FFO per share (17) = (12)/(14) Yen 24,881 26,054 24,361 24,225 25,035 ROA (annualized) (18) = (10)/(1)/6×12 3.3% 3.4% 3.2% 3.4% 3.2%

ROE (annualized) (19) = (11)/(3)/6×12 6.9%7.0%6.5%6.8%6.7% LTV ratio (20) = (2)/(1) 46.9% 45.9% 46.1% 46.2% 47.2%

32 21st Fiscal Period Information Package

Asset Management Company Remuneration Methods Reference

Calculation rate for remuneration as of the Agreement with MTR end of the 21st fiscal Calculation method period

For each operation period, the average amount of the total appraisal value of assets at the end of the settlement period under review and the total (Total appraisal value of assets at relevant fiscal period-end + Total Remuneration 0.15% appraisal value of assets at the end of the previous settlement period shall be appraisal value of assets at prior fiscal period-end) Method 1 (Note 1) multiplied by up to 0.2%, being the percentage determined by the Board of ÷ 2 x 0.15% x 1/2 M anagement meeting, multiplied by one half.

As determined at the Board of Management meeting, the amount of remuneration shall equal a maximum rate of 3% of distributable income for Remuneration 1.5% the relevant fiscal period. Based on standard accounting principles generally Distributable income x 1.5% Method 2 (Note 2) accepted in Japan, distributable income is determined as the sum of net income before income taxes and losses carried forward.

In the event M TR acquires specified assets of securities backed by assets for investment primarily in real estate or other real estate, the rate of remuneration shall be a set percentage of the acquisition price of each property acquisition (excluding consumption tax, local consumption tax and transaction-related expenses), as listed below. Remuneration The percentages listed below may be reduced depending upon surrounding Refer to left column Total amount of the acquisition price percentage listed in the left column Method 3 circumstances.

- For acquisitions up to ¥15 billion, remuneration is 0.4% of the amount - For acquisitions from ¥15 billion to ¥30 billion, remuneration is 0.1% of the amount - For acquisitions above ¥30 billion, remuneration is 0.05% of the amount In the event M TR transfers specified assets of securities backed by assets for investment primarily in real estate or other real estate, the rate of Remuneration remuneration shall be 0.05% of the transfer amount of each asset transfer Refer to left column Transfer amount x 0.05% Method 4 (excluding consumption tax, local consumption tax and transaction-related expenses). (Note 1) At a Board of Management meeting held on September 29, 2003, it was decided that the calculation rate for remuneration in the rate stated above will be reduced. (Note 2) At a Board of Management meeting held on November 27, 2003, it was decided that the calculation rate for remuneration in the rate stated above will be reduced.

33 21st Fiscal Period Information Package

Mori Trust Group Reference

Mori Trust Group Profile & Overview of Business Activities

Name MORI TRUST Co., Ltd.

Consolidated Operating revenues: \95.5 billion Income before income taxes: \22.4 billion Results (Fiscal period ended March 31, 2012)

Leased Facilities Rental properties: 67 Hotel and resort facilities: 29 (as of October 1, 2012)

Approx. 2,040,000 m2 Leased Area (Rental properties: approx. 1,340,000 m2, Hotel rooms: approx. 7,000) (as of October 1, 2012) ●Urban Development Business Marunouchi Trust City (Marunouchi Trust Tower Main Tower, North: offices, Real Estate Business Hotels and Resorts Investment Business hotel, shopping area, others)

Sendai Trust City (Sendai Trust Tower: offices, hotel, shopping area, The Urban Development Hotel Development Capital ties Residence Ichiban-cho: residence) Project management Hotel Promotion Business Alliances Shiroyama Garden (Shiroyama Trust Tower, Shiroyama Trust Court, embassy, others) Office Leasing Hotel Investment Merger & Acquisition

Gotenyama Garden (Gotenyama Trust Tower, Gotenyama Trust Court, Hotel Laforet Rental and Sale of Luxury Homes Hotel Management Various Fund Investment

Tokyo, others) Retail Facilities/ Golf Course Management Securitization of Real Estate Rental Conference Rooms (Tokyo Shiodome Building (offices, hotel, shopping area: Pedi Shiodome, others)) Principal Community Management Private Club Management J-REIT-Related Properties Owned ●Other Redevelopment Business (office buildings) Akasaka Twin Towers, ATT New Tower Interior Decoration/ Refurbishment Various Trusted Management Consulting

Toranomon 2-chome Tower, others Building Management Various Management Consulting Venture Support ●Hotel/resort facilities Laforet Hotels & Resort (13 places) Westin Hotel Sendai (Sendai Trust Tower) Manpei Hotel (Karuizawa City) Conrad Tokyo (Tokyo Shiodome Bldg.) RIHGA Royal Hotel Group & Associate Hotels (capital and business alliances among 11 hotels nationwide) (Shangri-La Hotel Tokyo (Marunouchi Trust Tower Main (Lease contract))

34 21st Fiscal Period Information Package

Contact Information

Asset Management Company: MORI TRUST Asset Management Co., Ltd. (Financial instruments and exchange business registration with the Kanto Local Finance Bureau, License No. 407/ Member of the Investment Trusts Association, Japan) Finance and Planning Department (IR Section) Tel: 03-3568-8311 Fax: 03-3568-8322

MORI TRUST Sogo Reit, Inc. Web Site

URL: http://www.mt-reit.jp/english/

35 21st Fiscal Period Information Package Disclaimer

 This document is intended to provide information about the business performance and strategies of MORI TRUST Sogo Reit, Inc. (MTR). It is not intended and should not be construed as an inducement or invitation to purchase or invest in the products or investment shares of MTR. We caution readers to contact their securities company representative if intending to acquire or sell any of MTR’s investment products or investment shares.

 Statements in this document that are not historical facts are “forward-looking statements.” While MTR takes all reasonable care in the preparation of this document, it does not guarantee the accuracy and completeness of its content.

 Readers are also cautioned that the contents of this document may be changed or deleted without prior notice.

 This document should not be construed as a disclosure document prepared in accordance with the Financial Instruments and Exchange Law. We caution readers to undertake investment decisions subject to individual determination.

 This English document is provided as a service and is not intended to be an official statement. Should a discrepancy be found, the Japanese original will always govern the meaning and interpretation.