For Immediate Release

REIT Issuer: ORIX JREIT Inc. (TSE: 8954) Hiroshi Yasuda President and Executive Director

Asset Management Company: ORIX Asset Management Corporation Yoshitaka Kamemoto President and CEO Inquiries: Junko Kanazawa Director, Corporate Senior Vice President TEL ：+81 3 5418 4858

ORIX JREIT Announces Asset Acquisitions and Lease Contracts with New Tenants “ORE Nishiki 2-chome Bldg., ORE Ikebukuro, SO-CAL LINK OMOTESANDO, Friend Town Fukaebashi (Land), R-Styles Musashi-Kosugi, Iwatsuki Logistics Center ”

TOKYO, September 1, 2014 — ORIX JREIT Inc. (“OJR”) announced that our asset management company, ORIX Asset Management Corporation (“OAM”), resolved to propose the following asset acquisitions and lease contracts with new tenants at OAM board meeting held on September 1, 2014. OJR resolved to acquire and lease with new tenants at OJR board meeting held on the same day.

1. Acquisition Summary (1) ORE Nishiki 2-chome Bldg. Asset to be acquired : Real estate trust beneficial interest Scheduled acquisition price : ¥10,900,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : October 1, 2014 (Note 1) Current owner and seller : ORIX Corporation Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

(2) ORE Ikebukuro Asset to be acquired : Real estate trust beneficial interest (scheduled) (Note 4) Scheduled acquisition price : ¥6,410,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : September 30, 2014 Current owner and seller : Tokutei Mokuteki Kaisha Joint Ark 14 Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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(3) SO-CAL LINK OMOTESANDO Asset to be acquired : Real estate trust beneficial interest Scheduled acquisition price : ¥2,300,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : October 1, 2014 (Note 1) Current owner and seller : ORIX Corporation Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

(4) Friend Town Fukaebashi (Land) Asset to be acquired : Real estate trust beneficial interest (scheduled) (Note 4) Scheduled acquisition price : ¥2,400,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : September 30, 2014 Current owner and seller : ORIX Real Estate Corporation Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

(5) R-Styles Musashi-Kosugi Asset to be acquired : Real estate trust beneficial interest (scheduled) (Note 4) Scheduled acquisition price : ¥4,433,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : October 1, 2014 (Note 1) Current owner and seller : ORIX Life Insurance Corporation (quasi co-ownership: 97%) House Mate Partners Co., Ltd. (quasi co-ownership:3%) Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

(6) Iwatsuki Logistics Center Asset to be acquired : Real estate trust beneficial interest Scheduled acquisition price : ¥6,300,000,000 (excluding national and local consumption taxes, etc.) Scheduled purchase and : September 1, 2014 sales agreement date Scheduled acquisition date : October 1, 2014 (Note 1) Current owner and seller : ORIX Corporation Funding method : Proceeds from the issuance of new investment units through public offering, borrowings (scheduled) (Note 3) and cash on hand Payment terms : 100% on delivery

Notes: 1. The trust beneficial interest sale and purchase agreement for ORE Nishiki 2-chome Bldg., SO-CAL LINK OMOTESANDO, R-Styles Musashi-Kosugi and Iwatsuki Logistics Center (the “Purchase and Sales Agreements”) fall under the category of Forward Commitment, etc. as provided in the Comprehensive Guideline for Supervision of Financial Instruments Business Operators, etc. set by the Financial Services Agency as they are postdated Purchase and

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Sale agreements where the settlement and delivery of the properties are to take place one month or more after the conclusion of agreement and such. ‹ Financial Impact on OJR in the Event that it Fails to Fulfill the Forward Commitment, Etc. In this regard, the Purchase and Sales Agreement has cancellation provisions that set forth the following conditions. i. When either the seller or the buyer breaches the provisions of the Purchase and Sales Agreement (such a party referred to as the “Breaching Party”), the counterparty shall set a certain period and demand the Breaching Party to meet its obligations within the period. If the Breaching Party fails to correct its violations within that period, the counterparty shall be able to cancel the Purchase and Sales Agreement. ii. When either the seller or the buyer breaches the provisions of the Purchase and Sales Agreement, the Breaching Party shall be obliged to compensate or indemnify for the resulting damages, etc. of the counterparty within the scope of an equivalent cause-and-effect relationship. iii. Except for R-Styles Musashi-Kosugi, after the conclusion of the Purchase and Sales Agreements, the seller confirms that the buyer is scheduled to acquire funds for the scheduled acquisition properties (Note 2) by issuing additional investment units (the “Acquisition Funds”) and if it is the case that the Acquisition Funds for the whole purchase price cannot be reached by the scheduled acquisition date (including cases where the buyer deems the issuance of investment units is unreasonable such as due to the fluctuation of the investment unit price or where it is reasonably assumed that it will not be reached), the buyer may unconditionally terminate the Purchase and Sales Agreements. iv. Concerning R-Styles Musashi-Kosugi, if OJR cancels the Purchase and Sales Agreement due to breaches of the provisions of said agreement by a seller, in principle, the breaching seller shall indemnify the damages incurred by the other seller through the cancellation. However, if demanded by the other seller, OJR shall advance the money for the damages (limited to actual expenses) incurred by the other seller and shall claim the amount equivalent to the advanced amount against the breaching seller. 2. The “scheduled acquisition properties” refers to the individual property or collectively to all the properties indicated above. 3. For details, please refer to the press release “ORIX JREIT Announces Issue of New Investment Units and Secondary Offering of Units” to be announced at a later date. Besides, the details of the borrowings shall be announced at a later date, as soon as it is determined. 4. As of today, no trust has been established for ORE Ikebukuro, Friend Town Fukaebashi (Land) and R-Styles Musashi-Kosugi. OJR plans to establish trusts for these assets upon their acquisitions.

Reference: Overview Profitability etc. of the Scheduled Acquisition Properties

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Yeild after NOI Area Seller Scheduled (①/②) Depreciation Appraisal Yeild Property Type (Note 1) (Note 2) acquisition vs. Appraisal （Note 4 ） Value （ ） price Value Note 3 @million yen (％) @million yen (％) (％)

ORE Nishiki Other Areas Sponsor Office 10,900 11,100 98.2 5.4 3.6 2-chome Bldg. (Nagoya-shi) (Development)

Retail Facility Remaining Sponsor ORE Ikebukuro (Urban Type) 6,410 6,460 99.2 4.5 3.2 (Note 5) Wards (Development)

Retail Facility SO-CAL LINK 6 Central Sponsor (Urban Type) 2,300 2,420 95.0 4.3 4.2 OMOTESANDO (Note 5) Tokyo Wards (Development)

Retail Facility Friend Town Other Areas Sponsor (NSC) 2,400 2,500 96.0 5.0 5.0 Fukaebashi (Land) (Note 5) (Osaka-shi) (Development)

R-Styles Other Parts of Residential Sponsor Musashi-Kosugi the Greater 4,433 4,580 96.8 6.2 3.2 Property (Development) (Note 6) Tokyo Area Other Parts of Iwatsuki Logistics Logistic Sponsor the Greater 6,300 6,520 96.6 5.4 3.3 Center Facility (Development) Tokyo Area

Total 32,743 33,580 97.5 5.2 3.5

（Note 7 ） ― 5.0 3.7 Existing Portfolio

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Notes: 1. “6 central Tokyo wards” refers to Chiyoda, Chuo, Minato, , and wards and “Remaining Tokyo Wards” refers to the remaining Tokyo wards other than the “6 central Tokyo wards.” “Other Parts of the Greater Tokyo Area” refers to parts of Tokyo other than the “6 central Tokyo wards” and “Remaining Tokyo Wards,” Kanagawa, Saitama and Chiba Prefectures. “Other areas” refers to areas other than the “6 central Tokyo wards,” “Remaining Tokyo Wards” and “Other Parts of the Greater Tokyo Area”. 2. As to the Seller column, “Sponsor (development)” is indicated for the acquired properties that were planned, developed and attracted by the ORIX Group among the properties which OJR acquired from the ORIX Group. “ORIX Group” refers to ORIX Corporation and its group companies. 3. The "NOI Yield” of scheduled acquisition properties is calculated by using the formula: “annualized Net revenue” in the direct capitalization method recorded in the appraisal reports at the time of decision to acquire / Scheduled acquisition price; the figures are rounded to the first decimal place. 4. The " Yield after Depreciation” of scheduled acquisition properties is calculated by using the formula: (“annualized Net revenue” in the direct capitalization method recorded in the appraisal reports at the time of decision to acquire – “Depreciation” assumed by OJR) / Scheduled acquisition price; the figures are rounded to the first decimal place. 5. Under the retail facility categories, “urban-type ” refers to retail facilities located near major train stations in the Greater Tokyo Area and in government ordinance designated cities from which growth in profitability can be expected. OJR defines the “Greater Tokyo Area” as Tokyo, Kanagawa, Saitama and Chiba prefectures. “NSC” stands for “neighborhood shopping centers” which are shopping centers that target small trade zones such as nearby residential areas, have a drugstore, home center and such as tenants, and a supermarket, etc. as the anchor tenant. 6. The sellers are ORIX Life Insurance Corporation, which belongs to the ORIX Group, and House Mate Partners Co., Ltd., which does not belong to the ORIX Group. Since ORIX Life Insurance Corporation holds a 97/100 co-ownership interest of the scheduled acquisition property and a 97/100 quasi co-ownership of the land leasehold, the seller is indicated as “Sponsor”. 7. “Existing portfolio” is the total of properties owned as of February 28, 2014 and nine properties “SHIBUYA PINE Bldg., MG Ichigaya Building, JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, The Kitahama PLAZA, West Park Tower IKEBUKURO, myatria Higashijujo and SENDAI HARVEST BLDG” acquired after March 1, 2014. “NOI Yield” and “Yield after Depreciation” of existing portfolio are calculated based on the annualized actual figures for properties owned as of February 28, 2014 and the figures for the nine properties after March 1, 2014 are calculated based on the appraisal reports at the acquisition time.

2. Purpose of the Acquisition and Lease The current economic environment surrounding OJR is considered to be in the economic recovery phase “period moving toward inflation” with further economic boost expected from the “Abenomics” economic growth strategies and expansion of various investment activities and consumption brought on by Tokyo’s successful bid to host the Olympic Games and such. However the degree and timing of inflation in the period moving toward inflation is thought to be difficult to forecast. In order to flexibly respond to such changes in the environment, OJR promotes the following growth strategies from the perspective of aiming for stable growth of unitholders’ value by improving the portfolio’s profitability and stability.

1) Utilize strengths as a diversified portfolio REIT and implement carefully selective investment in properties regardless of asset type by foreseeing environment changes 2) Manage risks of investment properties by utilizing the ORIX Synergy (Note 1) 3) While considering NAV per unit, acquire portfolio of properties with cap rates exceeding that of the existing portfolio which can contribute to the increase of DPU

Through carefully selective investment from ORIX Group pipelines based on the above growth strategies, OJR decided to acquire a portfolio of a total of six properties; one office property, two urban-type retail facilities, one neighborhood shopping center, one residential property and one logistics facility.

Since all the properties are developed by the ORIX Group, further utilization of the ORIX Group’s expertise, nationwide network (ORIX Synergy), direct PM (Note 2) , etc. will be possible. Therefore, stable growth can be expected through the combination of growth potential, profitability, stability, etc. of each property by taking advantage of the strengths as a diversified portfolio REIT.

OJR will continuously strive to increase the portfolio’s profitability and stability, even in a market environment of intensifying competition for acquisitions, with the aim of realizing stable growth in unitholders’ value going forward.

OJR judges that the lessees of the properties to be acquired satisfy the criteria for the selection of tenants set (Note 3) by OAM.

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Notes: 1. The “ORIX Synergy” refers to the cooperative relationship between ORIX Group companies and OJR. 2. “Direct PM” is the support of property management operations by OAM, through leasing activities, adding of value to properties and other means while utilizing the ORIX synergy. 3. OAM confirms credit information, etc. of tenant prospects. When the tenant is a company, its financial performance, credit reporting, etc. are investigated utilizing the databases, etc. of outside research organizations. If no special concerns are believed to exist, economic conditions such as rent, lease agreement period, deposit as well as tenant’s business category, competitiveness/uniformity with other tenants in the relevant property, requested space size or form and other matters are comprehensively discussed before deciding whether to allow its tenancy.

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3．．．Summary of Acquisition Properties (1) ORE Nishiki 2-chome Bldg. Specified asset category Real estate trust beneficial interest Trustee Sumitomo Mitsui Trust Bank, Limited. Term of trust agreement October 1, 2014 – September 30, 2024 Address 4-15, Nishiki 2-chome, Naka-ku, Aichi Registered Area 2,372.93 m 2 Land Type of ownership Fee simple ownership Registered usage Office, Retail Registered August, 2012 completion date Building Type of ownership Fee simple ownership Registered Area 19,409.42 m2 Registered Steel-framed with flat roof, 13 floors construction Previous owner ORIX Corporation Scheduled acquisition price ¥10,900,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥11,100,000,000 Appraisal date August 1, 2014 Appraiser DAIWA REAL ESTATE APPRAISAL CO.,LTD. Scheduled acquisition date October 1, 2014 Approx. 3-minute walk from “Marunouchi” Station on Nagoya Public transit access municipal subway Usage restrictions Commercial zone Architect Obayashi Corporation First-Class Architect Office Structural engineer Obayashi Corporation First-Class Architect Office General contractor Obayashi Corporation Building inspection agency Bureau Veritas Co., Ltd. Property Manager (scheduled) ORIX Corporation Elevator: 7 Parking: 110 vehicles (mechanical parking system:104, ground space:6) Leased area (Standard floor area): Approx. 1,246 m2 (roughly 377 Main facilities and tsubo ) specifications Ceiling height Standard floor area: 2,800 mm, Raised floors for computer wiring:100 mm Others: Individually controlled air conditioning PML: 12% (based on Sompo Japan Nipponkoa Risk Management, Inc. Earthquake resistance report) (Note 1) Collateral None Special notes None ‹ The property is a relatively new large-scale office building developed by the ORIX Group located in the Fushimi area, which is Nagoya’s leading business district, with its concentration of financial institutions and major corporations. ‹ Situated about a 3-minute walk from Marunouchi Station on the Special features of the property Nagoya Municipal Subway, with Fushimi Station, Sakae Station, Hisaya-odori Station on the subway as well as Sakae Station on the Meitetsu Seto Line in a walking distance, the property provides excellent transportation convenience. ‹ While having ample standard floor area of approximately 370 tsubo, it can offer a highly flexible layout with a regular shape floor Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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dividable into a maximum of 8 sections, individually controlled (20 separate areas) air conditioning on each floo r, grid system ceiling and such. Thus the property is capable of responding to various tenant needs. ‹ The property is highly competitive since it has high specifications including 7 elevators, 2,800 mm-high ceiling, 100 mm-raised OA floors, large parking tower for 110 cars, car sharing, carriage porch, etc. ‹ As for environmental consideration, it has obtained the A rank in CASBEE (Note2) Nagoya and boasts high energy-saving performance through introduction of BEMS (Note 3) , Low-E glass (Note 4) and such. ‹ It houses 27 tenants such as a major cosmetic company, local leading tax accountant corporation group and insurance company. ‹ The shop space on the first floor is currently used as a showroom for high-end foreign cars. No. of tenants 27 (as of June 30, 2014) ¥60 million per month (excluding car parking space etc., as of June 30, Gross rental income 2014) (Note 5) Security deposits ¥526million (as of June 30, 2014) (Note 5) Total rent space 14,853.09 m2 (as of June 30, 2014) Total rentable space 15,114.04 m2 (as of June 30, 2014) Occupancy rate 98.3% (as of June 30, 2014) ¥587 million per annum (Note 5) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 95.0% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. PML (Probable Maximum Loss) shows the ratio (%) of cost of recovering a building after it is damaged to its state before the damage occurred against repurchase price, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 2. “CASBEE” (Comprehensive Assessment System for Built Environment Efficiency) is a tool for assessing and rating the environmental performance of buildings and built environment. In addition to evaluating environmental considerations such as using materials and equipment which contribute to energy-saving and reduced environmental burden, it makes comprehensive assessment of building quality including indoor comfort and consideration to the landscape. The assessment results are ranked in 5 levels from S (excellent), A (very good), B+ (good), B- (not very good) and C (poor). 3. “BEMS” is an abbreviation for “Building Energy Management System” and refers to a building management system, which aims to reduce energy consumption by managing the operations of building equipment, facilities, etc. 4. “Low-E glass” is an abbreviation for “Low Emissivity glass” and refers to double-layered glass with special metallic film attached on the internal sides. It has higher heat insulating performance compared to conventional double layered glass as the metallic film achieves conduction of radiant heat. 5. Figures are rounded down to the nearest million yen.

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(2) ORE Ikebukuro Specified asset category Real estate trust beneficial interest (scheduled) (Note 1) Trustee (scheduled) Mitsubishi UFJ Trust and Banking Corporation Term of trust agreement September 30, 2014 – September 30, 2024 (scheduled) Address 21-13, Higashi Ikebukuro 1-chome, -ku, Tokyo Registered Area 757.38m2 Land Type of ownership Fee simple ownership Registered usage Office, Parking Registered August, 2010 completion date Building Type of ownership Fee simple ownership Registered Area 5,442.38 m2 Registered Steel-frame, Steel-frame reinforced concrete, reinforced concrete with construction flat roof, 12 floors with 2 underground floors Previous owner Tokutei Mokuteki Kaisha Joint Ark 14 Scheduled acquisition price ¥6,410,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥6,460,000,000 Appraisal date August 1, 2014 Appraiser Japan Real Estate Institute Scheduled acquisition date September 30, 2014 Approx. 3-minute walk from “Ikebukuro” Station on JR Yamanote, Saikyo and Shonan-Shinjuku Line Approx. 3-minute walk from “Ikebukuro” Station on Public transit access Marunouchi, Yurakucho and Fukutoshin Line Approx. 3-minute walk from “Ikebukuro” Station on Approx. 3-minute walk from “Ikebukuro” Station on Tobu Tojo Line Usage restrictions Commercial zone Architect Taisei Corporation First-Class Architect Office Structural engineer Taisei Corporation First-Class Architect Office General contractor Taisei Corporation Tokyo Metropolitan Center for Fire Prevention, Architecture, and Town Building inspection agency Planning Scheduled Property Manager ORIX Corporation Main facilities and Elevator: 4 specifications Parking: 18 vehicles (mechanical parking system:15, ground space:3) PML: 7% (based on Sompo Japan Nipponkoa Risk Management, Inc. Earthquake resistance report) (Note 2) Collateral None Special notes None ‹ It is a relatively new urban-type retail faci lity developed by the ORIX Group standing in the commercial district at the east exit of , which is a leading downtown area in Tokyo. ‹ Large retail facilities including fast fashion stores, amusement facilities, major interior goods stores and home appliances mass Special features of the property retailers are concentrated in the commercial district stretching from the east exit of Ikebukuro Station, one of the largest terminal stations in the Greater Tokyo Area, to Sunshine City. Customers from various areas such as the western and northern areas of the 23 wards of Tokyo and Saitama, which are connected by Tobu Tojo

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Line, Seibu Ikebukuro Line and JR Saikyo Line, can be expected. ‹ Since the property stands facing the corner of Sunshine-dori, it is highly visible and very competitive in terms of customer attraction. ‹ Future development can be expected in the area due to a large development project of Toshima ward’s government buildings, etc. being planned. ‹ A large retail facility is scheduled to open as early as this fall in the area, possibly bringing more customers to the area going forward. ‹ The property is occupied by the food business (cafés and izakayas), retail business (100 yen shop) and an amusement facility (karaoke shop) targeting a broad customer base of students, office workers, housewives, etc. This composition is likely to generate synergistic effects among the tenants as well as the surrounding retail facilities. No. of tenants 1 (as of June 30, 2014) (Note 3) ¥24 million per month (excluding car parking space etc., as of June 30, Gross rental income 2014) (Note 4) Security deposits ¥196 million (as of June 30, 2014) (Note 4) Total rent space 3,843.13 m2 (as of June 30, 2014) Total rentable space 4,179.45 m2 (as of June 30, 2014) Occupancy rate 92.0% (as of June 30, 2014) ¥296 million per annum (Note 4) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 97.6% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. As of today, no trust has been established for ORE Ikebukuro. OJR plans to establish trust for it upon its acquisition. 2. PML (Probable Maximum Loss) shows the ratio (%) of cost of recovering a building after it is damaged to its state before the damage occurred against repurchase price, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 3. A pass through-type master lease agreement has currently been concluded with ORIX Corporation, and ORIX Corporation has concluded lease agreements with 12 tenants. 4. Figures are rounded down to the nearest million yen.

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(3)(3)(3) SO-CAL LINK OMOTESANDO Specified asset category Real estate trust beneficial interest Trustee Mizuho Trust & Banking Co., Ltd. Term of trust agreement April 27, 2007 –October 1, 2024 Address 9-8, Jingumae 4-chome, Shibuya-ku, Tokyo Registered Area 812.66 m2 Land Type of ownership Fee simple ownership Registered usage Retail Registered April, 2014 completion date Building Type of ownership Fee simple ownership Registered Area 484.56 m2 Registered Steel-framed with roofing, single floor construction Previous owner ORIX Corporation Scheduled acquisition price ¥2,300,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥2,420,000,000 Appraisal date August 1, 2014 Appraiser Japan Real Estate Institute Scheduled acquisition date October 1, 2014 Approx. 3-minute walk from “Omote-sando” Station on the Tokyo Public transit access Metro Chiyoda Line and Hanzomon Line Usage restrictions Category 1 exclusive districts for medium and high residential buildings Architect Asai Ken Architectural Research Inc. Structural engineer Asai Ken Architectural Research Inc. General contractor SKcreed co., Ltd. Building inspection agency JAPAN ERI CO.,LTD. Scheduled Property Manager ORIX Corporation Main facilities and None specifications PML: 6% (based on Sompo Japan Nipponkoa Risk Management, Inc. Earthquake resistance report) (Note 1) Collateral None ‹ The boundary with the adjacent land on the southwestern side (lot Special notes number: 170-12) has not yet been finalized. ‹ It is a newly constructed urban-type retail facility co-developed by the ORIX Group and the tenant, and is about a 3-minute walk from Omotesando Station on the Tokyo Metro Line. ‹ It is visible from Haranihon-Dori street connecting Omotesa ndo and Gaien-Nishi-Dori street that many shoppers use. ‹ The Omotesando area is concentrated with domestic and foreign brand shops including a popular grocery store from Northern Europe near the property. The area, therefore, collects Special features of the property trend-sensitive people and many tourists from Japan and abroad, boasting excellent branding effects as a trendsetting city. ‹ With its characteristic gable roof and wide opening, it has excellent visibility and customer-attracting capability. It is a single floor building with an open feeling, and its wall-free indoor structure enables flexible store layouts.

‹ The tenant is Planet Blue Japan CO., LTD., a subsidiary of major

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apparel company TSI HOLDINGS CO., LTD. (listed on TSE 1st section), which operates a select shop. ‹ In additi on to a lifestyle shop operated by the above company offering fashion and novelty goods from the U.S. west coast, the property is occupied by a natural cosmetic store and an organic coffee shop. No. of tenants 1 (as of June 30, 2014) (Note 2) ― Gross rental income *Not disclosed as consent has not been obtained from the tenant. ― Security deposits *Not disclosed as consent has not been obtained from the tenant.

Total rent space 484.56 m2 (as of June 30, 2014) Total rentable space 484.56 m2 (as of June 30, 2014) Occupancy rate 100.0% (as of June 30, 2014) ¥98 million per annum (Note 3) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 100.0% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. PML (Probable Maximum Loss) shows the ratio (%) of cost of recovering a building after it is damaged to its state before the damage occurred against repurchase price, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 2. The trustee has currently concluded a pass through-type master lease agreement with ORIX Corporation, and upon acquisition the trustee will conclude directly with tenants. 3. Figures are rounded down to the nearest million yen.

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(4) Friend Town Fukaebashi (Land) Specified asset category Real estate trust beneficial interest (scheduled) (Note 1) Trustee (scheduled) Mitsubishi UFJ Trust and Banking Corporation Term of trust agreement September 30, 2014 – September 30, 2024 (scheduled) Address 9-5 and other, Nagata 3-chome, Joto-ku, Osaka-shi, Osaka Registered Area 9,492.36 m2 Land Type of ownership Fee simple ownership Previous owner ORIX Real Estate Corporation Scheduled acquisition price ¥2,400,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥2,500,000,000 Appraisal date August 1, 2014 Appraiser DAIWA REAL ESTATE APPRAISAL CO.,LTD. Scheduled acquisition date September 30, 2014 Approx. 9-minute walk from “Fukaebashi” Station on Osaka municipal Public transit access subway line Usage restrictions Secondary-industrial zone Scheduled Property Manager ORIX Corporation Collateral None ‹ The notarial deed of the fixed-term lease right establishment agreement for business purposes between the previous owner and the lessee of the property dated April 16, 2014 requires the owner, Special notes when wishing to transfer the property, to grant the lessee with a preferential negotiation right on the acquisition of the property. This obligation will be succeeded to the trustee of the property. ‹ It is a neighborhood shopping center (NSC) co-developed and opened by the ORIX Group and the tenant in April, 2014 and is about a 9-minute walk from Fukaebashi Station on Osaka Municipal Subway Chuo Line. ‹ Joto ward is the area where population concentration has been progressing the most in Osaka City. The trade area population is dense, with a population of about 12,000 within 0.5km, about 51,000 within 1km and about 433,000 within 3km. The surrounding area is experiencing a population increase due to the inflow of new families brought by condominium developments and such. Stable operation of the facility by the tenant can be expected going forward. ‹ With parking space for 284 cars and good access due to roads on all Special features of the property four sides, it can be convenient for daily use with cars. ‹ The tenant, Heiwado Co., Ltd., is a leading company in the industry which operates food supermarkets centering on the Kansai area. Co-development was realized based on the long business relationship with the ORIX Group, and a favorable tenant relationship is expected to continue going forward. ‹ In addition to the food supermarket, a total of 25 tenants, mainly specialty stores targeting a broad age range of customers such as a daily clothes store, drug store, 100 yen shop and shoes mass retailer, are housed. ‹ A fixed-term lease right establishment agreement for business purposes has been concluded for a long contract term allowing expectations for stable revenues. No. of tenants 1 (as of June 30, 2014)

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― Gross rental income *Not disclosed as consent has not been obtained from the tenant. ― Security deposits *Not disclosed as consent has not been obtained from the tenant.

Total rent space 9,492.36 m2 (as of June 30, 2014) Total rentable space 9,492.36 m2 (as of June 30, 2014) Occupancy rate 100.0% (as of June 30, 2014) ¥121 million per annum (Note 3) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 100.0% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. As of today, no trust has been established for Friend Town Fukaebashi (Land). OJR plans to establish trusts for it upon its acquisition. 2. The building address recorded in the registry is indicated as there is no residence indication. 3. Figures are rounded down to the nearest million yen.

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Photo and map

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(5) R-Styles Musashi-Kosugi Specified asset category Real estate trust beneficial interest (scheduled) (Note 1) Trustee(scheduled) Sumitomo Mitsui Trust Bank, Limited. Term of trust agreement October 1, 2014 –September 30, 2024 (scheduled) 1) (West) 135-1, Nakamarukoaza-nakamachi, Nakahara-ku, Kawasaki-shi, Kanagawa Address (Note 2) 2) (East) 13-16 and other, Nakamarukoaza-shinjukukochi , Nakahara-ku, Kawasaki-shi, Kanagawa Registered Area 8,493.17m2 Land Type of ownership Fixed-term leasehold Registered usage Apartment complex Registered 1,2)September, 2006 completion date Type of ownership Fee simple ownership Building 1) 9,209.47 m2 Registered Area 2) 7,592.16 m 2 Registered 1,2)Reinforced concrete with flat roof, 12 floors construction ORIX Life Insurance Corporation (97% of quasi co-ownership) Previous owner Housemate Partners Co., Ltd. (3% of quasi co-ownership) Scheduled acquisition price ¥4,433,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥4,580,000,000 Appraisal date August 1, 2014 Appraiser Japan Real Estate Institute Scheduled acquisition date October 1, 2014 Approx. 5-minute walk from “Musashikosugi” Station on JR Approx. 8-minute walk from “Musashikosugi” Station on JR Nanbu Public transit access Line Approx. 7-minute walk from “Musashikosugi” Station on Tokyu Toyoko Line Usage restrictions Industrial zone Architect Institute of New Architecture Structural engineer Kazuka Kikaku Co., Ltd. General contractor Taisei Corporation Building inspection agency Center for Better Living Scheduled Property Manager House Mate Partners Co., Ltd. 1) Elevator: 2 Main facilities and Parking: 91 vehicles (mechanical parking system:83, ground space:8) specifications 2) Elevator: 2 Parking: 69 vehicles (mechanical parking system:50, ground space:19) PML: 4% (based on Sompo Japan Nipponkoa Risk Management, Inc. Earthquake resistance report) (Note 3) Collateral None ‹ The property is a building with fixed-term land leasehold (land leasehold details: establishment on April 28, 2005; for building Special notes ownership for rental residence operation; period of duration until April 27, 2075). ‹ It is a rental apartment developed by the ORIX Group and is about Special features of the property a 5-minute walk from Musashi-kosugi Station on the JR Line and Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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about a 7-minute walk from Musashi-kosugi Station on the Tokyu Toyoko Line. Musashi-kosugi is an area which has been rapidly gaining popularity in rankings of want-to-live-in towns. ‹ The area is recognized for its transportation convenience allowing direct access to major terminal stations in central Tokyo and Kanagawa Prefecture as well as offering multiple line choice. ‹ The area can expect further development as a residential area with improving evaluation for its daily convenience driven by successive openings of retail facilities such as Tokyu Squar e and LaLa Terrace over the past few years in addition to a scheduled opening of a large flagship store of the Seven & i Group this fall. ‹ It is an apartment building with a total of 261 units (total of two buildings, east and west) mainly of 1LDK to 3LDK （56 ㎡ to 78 ㎡） for families and DINKS. It boasts high specifications such as floor heating and concierge service. ‹ Demand for residence in the Musashikosugi area is strong, and supply centers on for-sale condominiums. Therefore, rental apartments wi th high specifications such as this property are rare and valued. ‹ The agreement to establish an ordinary fixed-term lease has been concluded with Urban Renaissance Agency (UR) for the remaining period of approximately 60 years. No. of tenants 1 (as of June 30, 2014) (Note 4) Gross rental income ¥47 million per month ( as of June 30, 2014) (Note 5) Security deposits ¥94million (as of June 30, 2014) (Note 5) Total rent space 15,062.38 m2 (as of June 30, 2014) Total rentable space 15,953.63 m2 (as of June 30, 2014) Occupancy rate 94.4% (as of June 30, 2014) ¥276 million per annum (No te 5) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 95.0% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. As of today, no trust has been established for the property. OJR plans to establish trust for it upon acquiring it. 2. The building address recorded in the registry is indicated as there is no residence indication. 3. PML (Probable Maximum Loss) shows the ratio (%) of cost of recovering a building after it is damaged to its state before the damage occurred against repurchase price, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 4. A pass through-type master lease agreement has currently been concluded between ORIX Life Insurance Corporation and Housemate Partners Co., Ltd. 5. Figures are rounded down to the nearest million yen.

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Photo and map

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(6) Iwatsuki Logistics Center Specified asset category Real estate trust beneficial interest Trustee Sumitomo Mitsui Trust Bank, Limited. Term of trust agre ement June 25 , 2014 – September 30, 2024 Address (Note 1) 917-1 and other, Giranuma, Mashito, Kasukabe-Shi, Saitama Registered Area 20,951.14 m2 (Note 2) 2 Land Fee simple ownership (2,527.79 m of which is common area Type of ownership (hereinafter “the common area”), co-ownership ratio of the common area is 52.5%) Registered usage Warehouse Registered April, 2013 completion date Building Type of ownership Fee simple ownership Registered Area 28,875.40 m2 Registered Steel-framed, alloy-coated steel plate roof, 4 floors construction Previous owner ORIX Corporation Scheduled acquisition price ¥6,300,000,000 (excluding national and local consumption taxes, etc.) Appraised value ¥6,520,000,000 Appraisal date August 1, 2014 Appraiser Japan Real Estate Institute Scheduled acquisition date October 1, 2014 Approx. 1.4 km from “Toyoharu” Station on Tobu Noda Line Public transit access Approx. 4.5 km from “Iwatsuki” IC, Tohoku Expressway Usage restrictions None (Urbanization control area) Architect Asai Ken Architectural Research Inc. Structural engineer Asai Ken Architectural Research Inc. General contractor Kumagai Gumi Co., Ltd. Building inspection agency The Building Center of Japan Property Manager (scheduled) CBRE K.K. Main facilities and Elevator: 6 (for freight : 4, for passenger : 2) specifications Parking: 122 vehicles PML: 8% (based on Sompo Japan Nipponkoa Risk Management, Inc. Earthquake resistance report) (Note 3) Collateral None ‹ Easement has been established for part of the land for Tokyo Electric Power Company Incorporated (TEPCO) for the purpose of erection of a transmission line, and the registration has been completed. ‹ For the common area, pursuant to the memorandum concluded between the previous owner and other co-owners on August 30, 2012, 1) when transferring co-ownership of the common area separately from the solely owned portion of the land of the Special notes property (solely owned portion), permission from other co-owners must be obtained, 2) divided claim for co-ownership is prohibited, 3) when transferring the ownership of the solely owned portion, the intent for purchase of the entire land of the property must be confirmed with other co-owners. This obligation has been succeeded to the trustee of the property. ‹ For a part of the solely owned portion, access rights for the purpose of allowing cars in the common area of other co-owners has been

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established in accordance with the aforementioned memorandum. ‹ The property is located 4.5 km from the Tohoku Expressway Iwatsuki IC along National Route 16 within 35km from central Tokyo. It is a rare location with excellent access to all areas in the Greater Tokyo Area, the northern Kanto region and the Tohoku region. It stands in a walking distance from Toyoharu Station on the Tobu Noda Line and this is a positive factor for securing workers. It is also an area where around-the-clock operation is possible. ‹ Further improvement in convenience as a logistics base can be expected due to the opening of the Metropolitan Inter-City Expressway (Kenodo Expressway) scheduled in the future. ‹ It is a relatively new large logistics facility developed by the ORIX Group with 4 floors above ground. There is a truck berth on the 1st Special features of the property and 2nd floors and direct ac cess to the 2nd floor is possible using a slope. It is highly versatile with floor loading of 1.5t/ ㎡, effective ceiling height of 5.5m, column spacing of 10.0m and road wide of about 13m or more and 4 freight elevators, as well as allowing additional installment of elevators and vertical conveyors. ‹ Emergency power generators are equipped, al lowing elevator operations and use of lighting for about 27-consecutive hours even in an emergency. Therefore stalled logistics functions can be averted. ‹ Lease agreements have been concluded with two major logistics companies for medium to long term, thus stable cash flow can be expected. No. of tenants 2 (as of June 30, 2014) ― Gross rental income *Not disclosed as consent has not been obtained from the tenant. ― Security deposits *Not disclosed as consent has not been obtained from the tenant. Total rent space 28,048.04m2 (as of June 30, 2014) Total rentable space 28,048.04m2 (as of June 30, 2014) Occupancy rate 100.0% (as of June 30, 2014) ¥340 million per annum (Note 4) (Note) The net operating income (NOI) represents the assumed revenue/expenditure balance under stabilized occupancy, based on the terms of the lease contract, Assumed net operating etc. at the scheduled acquisition date, but excluding extraordinary factors income (NOI) that may occur during the first year of acquisition. The preconditions are as below; these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 100.0% 2) Taxes: Taxes are calculated on the standard tax amount for fiscal 2014. Notes: 1. The building address recorded in the registry is indicated as there is no residence indication. 2. Actual area of the land of the property is 17,936.05 ㎡ of sole owned area 18,423.35 ㎡ of the total registered land area 20,951.14 ㎡. OJR plans to re-register the land area of the property after its acquisition. As a result of this re-registration, the land area on the registry will decrease. 3. PML (Probable Maximum Loss) shows the ratio (%) of cost of recovering a building after it is damaged to its state before the damage occurred against repurchase price, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 4. Figures are rounded down to the nearest million yen.

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Photo and map

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4. Profile of Owner/Seller (as of August 12, 2014) (1) ORE Nishiki 2-chome Bldg., (3) SO-CAL LINK OMOTESANDO and (6) Iwatsuki Logistics Center Company name ORIX Corporation (“the Company”) Address 4-1, Hamamatsu-cho 2-chome, Minato-ku, Tokyo Representative President and CEO: Makoto Inoue Lease, installment sales and other financial services, real estate-related Primary business businesses, etc. Shareholders’ equity ¥220,051 million Major shareholders Japan Trustee Services Bank, Ltd. (trust account) Net Assets ¥2,095,178 million (As of March 31, 2014) Total Assets ¥9,069,392 million (As of March 31, 2014) Date of establishment March 28, 1950 Relationships with OJR or its asset management company There is no capital relationship required for reporting between OJR and the Company. However, the Company is the parent company of OAM and falls Capital relationship under “related parties” of OAM as stipulated in the Act on Investment Trusts and Investment Corporations (the “Investment Trusts Act”).

As of August 31, 2014, 55 persons of the officers and employees of OAM are Personal relationships seconded from the Company.

There is no business relationship required for reporting between OJR or Business relationships OAM and the Company. The Company does not fall under “related party” of OJR. As mentioned Applicability to above, the Company falls under “the related parties” of OAM as stipulated in related parties the Investment Trusts Act.

(2) ORE Ikebukuro Company name Tokutei Mokuteki Kaisha Joint Ark 14 (“the Company”) c/o Tokyo Kyodo Accounting Office Address 1-1 Marunouchi 3-chome, Chiyoda-ku, Tokyo Representative Director: Masato Kaida Businesses related to receiving, management and disposition of specified Primary business assets pursuant to the asset securitization plans based on the Act on Securitization of Assets Shareholders’ equity ¥100,000 ― Major shareholders *Not disclosed as consent has not been obtained from the Company. ― Net Assets *Not disclosed as consent has not been obtained from the Company. ― Total Assets *Not disclosed as consent has not been obtained from the Company. Date of establishment August 18, 2008 Relationships with OJR or its asset management company There is no capital relationship required for reporting between OJR or OAM and the Company. However, ORIX Corporation, the parent company of Capital relationship OAM (a “related party” of OAM as stipulated in the Investment Trusts Act), has a preferred equity investments in the Company.

There is no personal relationship required for reporting between OJR or Personal relationships OAM and the Company.

There is no business relationship required for reporting between OJR or Business relationships OAM and the Company.

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The Company does not fall under the definition of OJR’s “related party.” However, ORIX Corporation (a “related party” of OAM as stipulated in the Applicability to Investment Trust Act) to which the Company entrusts asset management, and related parties the Company, fall under the definition of “related party” as stipulated in the Affiliated Company Transaction Regulations which are the in-house regulations of OAM.

(4) Friend Town Fukaebashi (Land) Company name ORIX Real Estate Corporation (“the Company”) Address 14-5, Shiba 2-chome, Minato-ku, Tokyo Representative Representative: Tetsuro Masuko Development and sales of condominiums, detached houses, and office Primary business buildings. Leasing and management, etc. of condominiums, shops, and offices, etc. Shareholders’ equity ¥200 million Major shareholders ORIX Corporation ― Net Assets *Not disclosed as consent has not been obtained from the Company. ― Total Assets *Not disclosed as consent has not been obtained from the Company. Date of establishment March 11, 1999 Relationships with OJR or its asset management company

There is no capital relationship required for reporting between OJR and the Company. However, since the Company is a subsidiary of ORIX Capital relationship Corporation, which is a parent company of OAM, the Company falls under “related parties” of OAM as stipulated in the Investment Trust Law.

There is no personal relationship required for reporting between OJR or Personal relationships OAM and the Company.

In the fiscal period ended August 2014, OJR acquired a property (acquisition Business relationships price: ¥3,200 million) from the Company.

The Company does not fall under “related party” of OJR. As mentioned above, Applicability to the Company falls under “the related parties” of OAM as stipulated in the related parties Investment Trusts Law.

(5) R-Styles Musashi-Kosugi Company name ORIX Life Insurance Corporation (“the Company”) Address 3-5, Akasaka 2-chome, Minato-ku, Tokyo Representative Representative: Kazunori Kataoka Primary business Life Insurance, etc. Shareholders’ equity ¥59,000 million Major shareholder ORIX Corporation ― Net Assets *Not disclosed as consent has not been obtained from the Company. ― Total Assets *Not disclosed as consent has not been obtained from the Company. Date of establishment April 12, 1991

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Relationships with OJR or its asset management company

The Company owns 43,625 investment units issued by OJR out of a total of 1,687,494 units as of February 28, 2014. Since the Company is a subsidiary Capital relationship of ORIX Corporation which is a parent company of OAM, the Company falls under “related parties” of OAM as stipulated in the Investment Trust Law.

There is no personal relationship required for reporting between OJR or Personal relationships OAM and the Company.

There is no business relationship required for reporting between OJR or Business relationships OAM and the Company.

The Company does not fall under “related party” of OJR. As mentioned Applicability to above, the Company falls under “the related parties” of OAM as stipulated in related parties the Investment Trusts Act.

Company Name Housemate Partners Co., Ltd. (“the Company”) Address 1-1 Higashi-ikebukuro3-chome, Toshima-ku, Tokyo Representative Representative : Miyoshi Ezure Primary Real estate management, lease, operation etc. Shareholders’ Equity ¥ 460 million ― Major shareholder *Not disclosed as consent has not been obtained from the Company. ― Net Assets *Not disclosed as consent has not been obtained from the Company. ― Total Assets *Not disclosed as consent has not been obtained from the Company. Date of establishment July 18, 1977 Relationships with OJR or its asset management company There is no capital relationship required for reporting between OJR and Capital relationships OAM and the Company.

There is no personal relationship required for reporting between OJR or Personal relationships OAM and the Company. There is no business relationship required for reporting between OJR or Business relationships OAM and the Company.

The Company is not a “related party” for OJR or OAM. In addition, the Applicability to related related parties and related companies of the Company are not a “related parties party” for OJR or OAM.

5. Information of previous Ownership, etc. (1) ORE Nishiki 2-chome Bldg. Previous owner Owner before previous owner Not a party having special Company name ORIX Corporation relationship of interest Special relationships Refer to Section 4 “Profile of － involved Owner/Seller” above New development Background to and reason for (Construction completed in August, － acquisition 2012) Acquisition date － － Acquisition price － －

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(2) ORE Ikebukuro Previous owner Owner before previous owner Tokutei Mokuteki Kaisha Joint Ark Not a party having special Company name 14 relationship of interest Special relationships Refer to Section 4 “Profile of － involved Owner/Seller” above New development Background to and reason for (Construction completed in August, － acquisition 2010) Acquisition date － － Acquisition price － －

(3) SO-CAL LINK OMOTESANDO Previous owner Owner before previous owner Not a party having special Company name ORIX Corporation relationship of interest Special relationships Refer to Section 4 “Profile of － involved Owner/Seller” above New development Background to and reason for (Construction completed in April, － acquisition 2014) Acquisition date － － Acquisition price － －

(4) Friend Town Fukaebashi (Land) Previous owner Owner before previous owner Not a party having special Company name ORIX Real Estate Corporation relationship of interest Special relationships Refer to Section 4 “Profile of － involved Owner/Seller” above New development Background to and reason for (Construction completed in April, － acquisition 2014) Acquisition date － － Acquisition price － －

(5) R-Styles Musashi-Kosugi Owner before previous Owner before owner Previous owner owner before previous owner ORIX Life Insurance ORIX Real Estate Not a party having special Company name Corporation / Housemate Corporation / Housemate relationship of interest Partners Co., Ltd. Partners Co., Ltd. Refer to Section 4 Refer to Section 4 Special relationships “Profile of Owner/Seller” “Profile of Owner/Seller” － involved above above Acquired for the purpose New development Background to and of investment and (Construction completed － reason for acquisition management in September, 2006) Acquisition date February 27, 2009 － － Omitted, as previous － － Acquisition price owner held property for over a year

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(6) Iwatsuki Logistics Center Previous owner Owner before previous owner Not a party having special Company name ORIX Corporation relationship of interest Special relationships Refer to Section 4 “Profile of － involved Owner/Seller” above New development Background to and reason for (Construction completed in April, － acquisition 2013) Acquisition date － － Acquisition price － －

6．．．Profile of Intermediary (Common to All Properties) None

7．．．Transaction with Related-Party, etc. In accordance with the Affiliated Company Transaction Regulations, which are internal rules of OAM, the said transactions have been approved by OJR’s board of directors after being deliberated by the Risk Management and Compliance Committee and the board of directors at OAM.

(1) Property Acquisition OJR will acquire “ORE Nishiki 2-chome Bldg.”, “SO-CAL LINK OMOTESANDO” and “Iwatsuki Logistics Center” from ORIX Corporation, “Friend Town Fukaebashi (Land)” from ORIX Real Estate Corporation, “ORE Ikebukuro” from Tokutei Mokuteki Kaisha Joint Ark 14, “R-Styles Musashi-Kosugi” from ORIX Life Insurance Corporation. For a summary of these related parties, etc. please see “4. Profile of Owner/Seller” above.

(2) Conclusion of Master Lease Agreement and Property Management Operations Subcontracting Agreement For “ORE Ikebukuro”, OJR will conclude master lease agreements and property management operations agreements with ORIX Corporation. And also for “ORE Nishiki 2-chome Bldg.”, “SO-CAL LINK OMOTESANDO” and “Friend Town Fukaebashi (Land).” OJR will conclude property management operations agreements with ORIX Corporation. For the summary of these related parties, etc., please see “4. Profile of Owner/Seller” above.

8．．．Future Outlook With regards to impact on the financial forecast for the 25th fiscal period (from March 1, 2014 through August 31, 2014) , the 26th fiscal period (from September 1, 2014 through February 28, 2015) and 27th fiscal period (from March 1, 2015 through August 31, 2015) due to the property acquisitions, please refer to the press release “ORIX JREIT Announces Revisions of Earnings & Distributions Forecasts for the 25th Fiscal Period (Ended August 31, 2014) and the 26th Fiscal Period (Ending February 28, 2015), and Earnings & Distributions Forecasts for the 27th Fiscal Period (Ending August 31, 2015)” announced today.

Reference Materials I. Appraisal summary II. Portfolio summary after acquisition of the six properties

Notes: 1. This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail. 2. The original Japanese version of this announcement is being distributed today to the Kabuto Club, the Ministry of Land, Infrastructure, Transport and Tourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Construction Specialty Publication Press Club

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I. Appraisal summary

Friend Town ORE Nishiki 2-chome SO-CAL LINK R-Styles Musashi- Iwatsuki Logistics Property name ORE Ikebukuro Fukaebashi (Land) Bldg. OMOTESANDO (Note3) Kosugi Center

Appraisal Value （（（In millions of yen ））） Appraised value 11,100 6,460 2,420 2,500 4,580 6,520 Appraisal date August 1, 2014

DAIWA REAL ESTATE Japan Real Estate Japan Real Estate DAIWA REAL ESTATE Japan Real Estate Japan Real Estate Appraiser APPRAISAL CO.,LTD. Institute Institute APPRAISAL CO.,LTD. Institute Institute

Valuations by method （（（In millions of yen ））） Cost Method 8,640 4,490 2,640 - 3,910 5,500 Income Method DCF value 11,100 6,390 2,370 2,500 4,570 6,440 Net operating income for the first fiscal year in the DCF method 590 293 98 121 275 339 Net income for the first fiscal year in the DCF method 600 295 98 123 253 336 Discount Rate (%) 5.1 4.2 3.8 4.8 5.0 4.8 Terminal Capitalization Rate (%) 5.5 4.6 4.2 - 5.8 5.4 DC Value 11,100 6,530 2,460 2,500 4,580 6,600 Net income in the DC method 589 287 98 123 251 336 Capitalization Rate (%) 5.3 4.4 4.0 4.8 5.5 5.1 (Note1) Income projection （（（In millions of yen ））） (1) Gross revenue （a-b ） 805 411 - - 590 - a. Effective gross revenue 847 427 - - 653 - b. Vacancy loss 42 16 - - 62 - (2) Total costs （ c+d+e+f ） 212 125(Note 2) -(Note 2) - 316(Note 2) - c. Management /maintenance fee 149 103 - - 83 - d. Taxes 55 19 - - 24 - e. Casualty insurance premium 0 0 - - 0 - f. Other costs 6 2 - - 207 - (3) Net revenue （ 1-2 ） 593 285 98 121 274 339 (4) Lump sum revenue 10 4 0 2 1 1 (5) Capital expenditure 13 2 0 0 24 4 (6) Net income （ 3+4-5 ） 589 287 98 123 251 336 Notes: 1. The income projection is anticipated revenue/expenditure balance for the fiscal year based on the income approach (direct capitalization approach) shown on the Appraisal Report. 2. Not disclosed as consent has not been obtained from the tenant. 3. Fixed-term capitalization approach is used in the direct capitalization approach for Friend Town Fukaebashi (land), and its appraisal value in the shared method is 1,950 million yen.

Long-Term Projected Repairs According to the engineering reports, the maintenance and renewal costs over the next 12 years following the survey date are as follows.

Maintenance Cost Replacement Cost Property name Company name (In thousands of yen) (In thousands of yen) ORE Nishiki 2-chome Bldg. NIPPON KANZAI Co., Ltd. 56 4,144 ORE Ikebukuro TOKIO MARINE & NICHIDO RISK CONSULTING Co., Ltd. 61 1,330 SO-CAL LINK OMOTESANDO TOKIO MARINE & NICHIDO RISK CONSULTING Co., Ltd. 2 75 R-Styles Musashi-Kosugi TOKIO MARINE & NICHIDO RISK CONSULTING Co., Ltd. 286 4,256 Iwatsuki Logistics Center Earth-Appraisal Co., Ltd. 47 2,227

Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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II. Portfolio summary after acquisition of the six properties ※※※New properties to be acquired Acquisition (Note 2) Property % to Date Price( ￥million) (Note 1) Total Acquisition Price Offices 6 Central Aoyama Suncrest Building December 1. 2001 3,356 0.7 Tokyo Wards Round-Cross Ichi-bancho December 1. 2001 3,900 0.8 Round-Cross Nishi Shinjuku December 1. 2001 2,650 0.5 DT Gaien December 21. 2001 2,430 0.5 Nihonbashi East Building December 21. 2001 1,720 0.3 Yoyogi Forest Building December 21. 2001 1,473 0.3 Round-Cross Minami Azabu December 21. 2001 1,394 0.3 Round-Cross Akasaka January 10. 2002 2,624 0.5 Round-Cross Mita January 10. 2002 1,748 0.4 Shiba Daimon Building January 10. 2002 2,195 0.4 Round-Cross Tsukiji January 10. 2002 3,378 0.7 ORIX Shiba 2-chome Building September 29. 2003 7,500 1.5 Aoyama 246 Building March 3. 2004 5,200 1.1 Round-Cross Shinjuku April 28. 2006 8,020 1.6 September 30. 2005 Seafort Square Center Building 18,000 3.7 April 28. 2006 June 26 . 2006 ORIX Akasaka 2-chome Building 21,860 4.4 December 4. 2006 Round-Cross Shinjuku 5-chome April 26. 2007 4,500 0.9 Nihonbashi Honcho 1-chome Building March 28. 2007 10,500 2.1 Round-Cross Shibuya March 28. 2008 3,500 0.7 ORIX Suidobashi Building March 28. 2008 3,000 0.6 ORIX Shinagawa Building June 27. 2008 15,200 3.1 ORIX Real Estate Nishi Shinjuku Building March 27. 2009 13,600 2.8 OX Tamachi Building March 29. 2010 6,730 1.4 MG Shirokanedai Building November 1. 2013 8,500 1.7 SHIBUYA PINE Bldg. March 20. 2014 3,400 0.7 MG Ichigaya Building April 4. 2014 3,100 0.6 Subtotal 159,478 32.4 Remaining Carrot Tower December 1. 2001 5,479 1.1 Tokyo Wards Toyo MK Building December 1. 2001 5,270 1.1 Beside Kiba December 21. 2001 2,450 0.5 ORIX Ikebukuro Building April 18. 2003 9,577 1.9 Round-Cross Kamata March 1. 2006 5,640 1.1 KN Jiyugaoka Plaza May 30. 2007 3,110 0.6 ORIX Meguro Building July 29. 2010 6,350 1.3 Akihabara Business Center June 1. 2011 5,060 1.0 Subtotal 42,936 8.7 Other Parts of Neo City Mitaka December 1. 2001 2,200 0.4 the Greater Tokyo Area Round-Cross Kawasaki April 27. 2004 4,130 0.8 Omiya Miyacho Building March 27. 2009 4,400 0.9 Omiya Shimocho 1-chome Building March 29. 2010 3,750 0.8 Subtotal 14,480 2.9 Other Areas Nagoya Itochu Building September 29. 2003 4,500 0.9 ORIX Koraibashi Building April 27. 2005 5,560 1.1 Lunar Sendai June 28. 2007 8,500 1.7 ORIX Nagoya Nishiki Building September 29. 2010 12,500 2.5 ORE Sapporo Building October 1. 2010 4,250 0.9 ORIX Kobe Sannomiya Building September 29. 2011 3,800 0.8 ※※※ ORE Nishiki 2-chome Bldg. October 1, 2014 (sheduled) 10,900 2.2 Subtotal 50,010 10.2 Offices Total 266,904 54.2 Logistics Other Parts of Toda Logistics Center March 28. 2008 9,600 1.9 Facilities the Greater Tokyo Area Ichikawa Logistics Center September 29. 2008 8,300 1.7 ※※※ Iwatsuki Logistics Center October 1, 2014 (sheduled) 6,300 1.3 Subtotal 24,200 4.9 Other Areas Sakai Logistics Center North Building March 30. 2010 10,200 2.1 Komaki Logistics Center June 30. 2011 2,700 0.5 Subtotal 12,900 2.6 Logistics Facilities Total 37,100 7.5

Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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Acquisition (Note 2) Property % to Date Price( ￥million) (Note 1) Total Acquisition Price Retail 6 Central Nihon Jisho Minami Aoyama Building October 31. 2003 2,548 0.5 Facilities Tokyo Wards CUBE Daikanyama March 31. 2004 2,435 0.5 aune Yurakucho April 1. 2013 9,900 2.0 Cross Avenue Harajuku November 1. 2013 4,815 1.0 J-ONE SQUARE January 31. 2014 1,510 0.3 JouLe SHIBUYA April 1. 2014 7,550 1.5 ※※※ SO-CAL LINK OMOTESANDO October 1, 2014 (sheduled) 2,300 0.5 Subtotal 31,058 6.3 Remaining ※※※ ORE Ikebukuro September 30, 2014 (sheduled) 6,410 1.3 Tokyo Wards Subtotal 6,410 1.3 Other Parts of aune Kohoku March 10. 2010 4,000 0.8 the Greater Tokyo Area aune Makuhari March 10. 2010 3,600 0.7 Maruetsu Sagamino March 1. 2011 2,350 0.5 CROSS GARDEN KAWASAKI March 29. 2013 12,950 2.6 Tecc Land Totsuka (Land) April 1. 2013 6,020 1.2 Clio Fujisawaekimae December 20. 2013 3,900 0.8 Subtotal 32,820 6.7 Other Areas Kobe Momoyamadai Shopping Center (Land) March 5. 2010 3,260 0.7 Okayama Kume Retail Facility January 31. 2011 2,750 0.6 Home Center Musashi Sendai Izumi (Land) January 11. 2012 2,350 0.5 aune Sapporo Ekimae June 29. 2012 1,900 0.4 Morioka Minami Shopping Center Sansa July 31. 2012 2,800 0.6 The Kitahama PLAZA (Co-Ownership:80%) April 1. 2013 3,900 0.8 The Kitahama PLAZA (Co-Ownership:20%) March 20. 2014 975 0.2 AEON TOWN Sendai-Izumiosawa(Land) November 1. 2013 3,510 0.7 GRAN MART Tegata November 1. 2013 3,510 0.2 Cross Mall Shimonoseki-Chofu January 10. 2014 2,400 0.5 intervillage OH! MAGARI April 1. 2014 5,100 1.0 Valor Suzuka Shopping Center April 1. 2014 3,200 0.6 SENDAI HARVEST BLDG. June 20. 2014 2,000 0.4 ※※※ Friend Town Fukaebashi (Land) September 30, 2014 (sheduled) 2,400 0.5 Subtotal 37,525 7.6 Retail Facilities Total 107,813 21.9 Apartment 6 Central Park Axis Nishi Azabu Stage December 1. 2001 1,219 0.2 We Will Hatchobori June 1. 2011 2,370 0.5 Shibaura Island Air Tower July 28. 2011 6,030 1.2 Belle Face Togoshi Statio May 9. 2012 2,642 0.5 Belle Face Meguro October 19. 2012 3,330 0.7 Subtotal 15,591 3.2 Remaining Belle Face Kamata June 1. 2011 3,550 0.7 Tokyo Wards Belle Face Hongo Yumicho June 1. 2011 3,340 0.7 Belle Face Mishuku March 30. 2012 2,000 0.4 West Park Tower IKEBUKURO April 1. 2014 20,500 4.2 myatria Higashijujo April 4. 2014 3,000 0.6 Subtotal 32,390 6.6 Other Parts of ※※※ R-Styles Musashi-Kosugi October 1, 2014 (sheduled) 4,433 0.9 the Greater Tokyo Area Subtotal 4,433 0.9 Other Areas Belle Face Osaka Shinmachi June 1. 2011 3,684 0.7 Belle Face Amagasaki June 1. 2011 3,440 0.7 Belle Face Miyamachi April 5. 2012 1,500 0.3 Belle Face Bansui-street April 5. 2012 832 0.2 Kanazawa Kohrinbo myatria November 1. 2013 2,410 0.5 Subtotal 11,866 2.4 Residential Total 64,280 13.0 Others Other Parts of Cross Gate January 10. 2002 15,040 3.1 the Greater Tokyo Area GOOD TIME LIVING Shin-urayasu September 6. 2012 1,550 0.3 Subtotal 16,590 3.4 Others Total 16,590 3.4 Grand Total 95 properties 492,687 100.0 Notes: 1. “Acquisition price” above refers to sale price (fractions rounded down) specified in the sale and purchase contract. Consumption taxes are not included in the price. 2. Fractions are rounded to two decimal places for the “Percentage of total acquisition cost”. Totals for the “Percentage of total acquisition cost” may not tally as a result of this rounding.

Disclaimer: This document is not an offer to sell or a solicitation of any offer to buy the securities of OJR (the “Investment Corporation”) in the United States or elsewhere.

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