4-5. Appraisal Value Before Correction

4-5. Appraisal Value Before correction

Correction part Appraisal value increases by 2.5% Cap rate decreases for 13 properties out of 19 properties

（JPY mn） 24,000 6.0%

20,000 5.0%

16,000 4.0%

12,000 3.0%

(Note 1) 8,000 2.0%

4,000 1.0%

0 0.0% 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th period period period period period period period period period period period period period period period period period period '05/11 '06/05 '06/11 '07/05 '07/11 '08/05 '08/11 '09/05 '09/11 '10/05 '10/11 '11/05 '11/11 '12/05 '12/11 '13/05 '13/11 '14/05

HEP Kitano Hankyu Hankyu Yamada Ueroku F Bldg.

Takatsuki-Josai Nitori Ibaraki Kohnan Hiroshima NU

Tennoz Shiodome Tamachi LAXA Osaka

LaLaport KOSHIEN Namba-Hanshin Hamamatsu Nishinomiya G

Head KITAHANADA Honan Store Kita-Aoyama Office Building Weighted average CAP rate(Note 2)

(Note 1) Concerning HEP Five, because 31% quasi co-ownership of the trust beneficiary interest was transferred in the 16th fiscal period (April 9, 2013) and differs from the equity ratio ownership of 14% . For comparison, values calculated with the equity ratio of 14% are shown from the 1st to 15th fiscal periods. (Note 2) Cap rates are the weighted average based on appraisal values. 34 4-5. Appraisal Value After correction

Correction part Appraisal value increases by 1.7% Cap rate decreases for 13 properties out of 19 properties