J-REIT, Inc.(3298) Fiscal Period Ended October 31, 2014

Invesco Office J-REIT, Inc.(3298) Fiscal Period Ended October 31, 2014

http://www.invesco-reit.co.jp/

Invesco Global Real Estate Asia Pacific, Inc. Contents

1. Invesco Office J-REIT Overview 3 2. Financial Results and Forecasts 12 3. Growth Strategies 19 Appendix 26 - Leasing Achievements 27 - Portfolio Information 30 - Financial Statements 33 - Market Overview 36 - Unitholders 38 - Governance 40

This document is provided for informational purposes only and is not intended as an inducement or invitation to invest in securities issued by Invesco Office J-REIT Inc.

2 1. Invesco Office J-REIT Overview

Ebisu Prime Square Features of Invesco Office J-REIT(“IOJ”)

- Fundamental Principle - “Maximize Investor Value”

1. Invest in large scale offices in metropolitan areas

2. Utilize Invesco Group’s expertise

3. Proactively manage real estate assets based on a long track record as an independent real estate manager

4 Utilize Invesco Group’s Expertise

Invesco Group (NYSE, IVZ)

 Leading independent asset management company with AUM of US$789.6 billion  Invesco Real Estate, a business unit of the Invesco Group, manages real estate products globally through 20 offices around the world, with AUM of US$61.8 billion  Invesco Real Estate invests both in real property and securities

Invesco Group Global Networks Breakdown of direct investment of Invesco Real Estate By Region By Type North America Core 62% 79% Global network in more than 20 countries 21.8 bn USD 27.6 bn USD

-20 offices for real estate group- Europe Value Added 21% 14% 7.2 bn USD 5.0 bn USD Europe Asia North America Tokyo Asia Opportunistic Frankfurt 17% 7% Atlanta Hanley Hong Kong 5.9 bn USD 2.4 bn USD Austin London Mumbai Boston Luxembourg New Delhi Chicago Madrid Beijing AUM growth of Invesco Real Estate (as of each year end) Dallas Munich Seoul 61.8 Huston Paris Shanghai Louisville Prague Australia Shenzhen New York Milan Melbourne Singapore Newport Beach Warsaw Sydney Taipei Palm Harbor San Diego San Francisco * Real estate offices in Blue. Toronto

(Note) Data above is as of the end of September, 2014.

5 Features of Invesco Global Real Estate Asia Pacific, Inc. (“IGRE” )

Long track record as independent real estate manager with local expertise

 Global reach, local expertise

 Client focused

 Over 15-year history of managing real estate in Japan (acquired 112 properties worth JPY 1 trillion)（Note）

 Expertise in various property types including strata title ownership and partial ownership properties

(Note) Figures are as of the end of September 2014 and those figures are the total of the investment management results for the assets that IGRE continued to manage upon transfer of the former asset management company named AIG Global Real Estate Asia Pacific Inc. to the Invesco Group from American International Group (AIG) in December 2010 and the investment management results after the transfer .

6 Investment Policy – Criteria and Geographical Allocation

Investment Criteria Geographical Allocation Target

Focus on Metropolitan Area Property quality and Building size earthquake resistance Investment Investment Area  Standard for total floor area  Standard level or above in the Ratio（Note1) - Tokyo metropolitan area: Total submarket or the practicality of 2 floor area of 10,000 m or more, attaining the standard level or Primary Focus 23 wards of Tokyo and typical exclusive floor area above (floor shape, division, floor of 600 m2 or more height, design, electrical capacity, Tokyo 70% or - Other areas: Total floor area of air-conditioning system, etc.) Metropolitan (Note2) 2 Greater Tokyo Area 7,000 m or more, and typical  Earthquake resistance conforming Areas more exclusive floor area of 400 m2 or other than 23 wards of to or exceeding the new Tokyo more earthquake-resistant criteria with a Secondary Focus  The size of one property shall not PML of less than 15% Other Osaka City, Nagoya City, exceed 50% of the portfolio Metropolitan and Fukuoka City Compliance, environment, Areas Profitability 30% or geological features, etc. less Other  Expectation of stable revenue in  Complied with City Planning Act, Other ordinance-designated cities, etc.

the future based on the Building Standards Act, and other occupancy ratio, rent revenues, related laws and regulations, or (Note1) The investment ratio is based on the purchase price. Also, the investment ratio could temporarily deviate from the above limits as a result of purchases or sales of assets. and other conditions remedies can be obtained (Note2) Greater Tokyo Area refers to Tokyo, Yokohama City, Kawasaki City, Saitama City and Chiba City.  Appropriate tenant characteristics  No use of asbestos and other and creditworthiness, appropriate hazardous materials, or proper purpose and type of use of leased measures implemented Diversified investments by different return attribution offices, and satisfactory records of  Soil contamination in compliance Primary Focus : Large-scale office buildings expected to benefit from rent rent payment with environmental standards, etc. increase in an economic recovery phase Secondary Focus: Non large-scale office buildings expected to produce relatively high yields

7 Future Growth Strategy Strategy focus on NAV and DPU growth

Asset Quality

NAV Growth DPU Growth

External Growth Strategy Internal Growth Strategy Financing Strategy

 Target AUM of JPY200 billion in 3  Seek further improvement in  Internal and external growth are years. occupancy and rental growth. supported by prudent financial  Acquire quality assets utilizing  Maintain and improve asset management. Invesco Real Estate’s expertise competitiveness through strategic  Keep LTV from 40% to 50%. and networks among local capital expenditure. partners.

8 IPO Summary (as of the end of October, 2014)

 IOJ was listed on Tokyo Stock Exchange with total offering size of JPY 44.4 billion  Initial portfolio of JPY 78.6 billion, all properties acquired from third parties

 IPO Overview

Listing Date June 5, 2014 Total Equity Size JPY 43.0 bn

Unit Offered 431,180 units Issued Unit 432,680 units

Offer /Sale Price JPY 103,000 /unit Offering Size JPY 44.4 bn

 Portfolio Overview

Portfolio Size JPY 78.6 bn Portfolio Occupancy 97.6%

Number of Properties 5 properties - Greater Tokyo Area 97.8%

Average Price JPY 15.7 bn - Other Areas 96.5%

% of Large Scale Offices 100.0%

% of Greater Tokyo Areas 81.4%（Note） Location

（Note）The ratio is based on the purchase price.

9 Invest in Large Scale Offices in Metropolitan Areas

Portfolio highlights（Note1） Characteristics

Portfolio size By Geography（Note3） Tokyo 23 3 61.0% 78.6 billion wards yen 1 Other areas 2 in the greater 20.4% Tokyo area

（Note2） Other large Average NOI yield 18.6% city areas 5.6 % 4

Average occupancy rate By Size Portfolio Map More than 10,000㎡ of 100.0% % total floor area 97.6 Tokyo Metropolitan Area

5 Yokohama City Portfolio PML Nagoya City 2.09 % Harumi Island Triton CS Tower/

1 Ebisu Prime Square 2 Square Office Tower Z 3 CS Tower Annex 4 Queen’s Square YOKOHAMA 5 Nagoya Prime Central Tower

Purchase price per property

billion 15.7 yen

Average total floor area 185,119㎡（Note1）Data is as of the end of October, 2014. （Note2）The ratio is calculated by the formula as below and rounded to the nearest one decimal place: (NOI during the 1st fiscal period/ operating days during the 1st fiscal period *365 days ) / purchase price The amount equivalent to fixed asset tax to be paid by IOJ in the first calendar year for acquisition of real properties or trust beneficiary interests in real estate is not recorded as expenses but included in the acquisition costs for the related properties. (Note3）The ratio is based on the purchase price. 10 Peer Comparison

IOJ Owns a High Quality Portfolio

Distribution Yield (Note2) P/NAV (Note2)

5.0% 1.50

4.0% 1.00 3.0% 4.5% 2.0% 1.3 3.5% 0.50 0.9 1.0%

0.0% 0.00 IOJ Office J-REIT Average (Note1) IOJ Office J-REIT Average (Note1)

Portfolio Occupancy Rate (Note2) Portfolio PML (Note3)

(％) (％) 98.0 5.0

97.5 4.0 97.0 3.0 96.5 97.6 2.0 96.0 3.7 96.7 1.0 95.5 2.1

95.00.0 0.0 インベスコIOJ OfficeJ-REIT J-オフィスREIT Average平均 (Note1) インベスコIOJ OfficeJ-REIT J-REITオフィス平均 Average (Note1)

(Note1) ”Office J-REIT Average” includes Nippon Building Fund Inc., Japan Real Estate Investment Corporation, Nomura Real Estate Office Fund, Inc., Global One Real Estate Investment Corporation, Kenedix Office Investment Corporation and Daiwa Office Investment Corporation. It is calculated by a simple average method and rounded to the nearest one decimal place. (Note2) Data is as of the end of October, 2014. (Note3) Portfolio PML is the data disclosed at the latest fiscal period end of each REIT as of December 1, 2014. 11 2. Financial Results and Forecasts Financial Results for the 1st Fiscal Period Forecasts for the 2nd Fiscal Period

Nagoya Prime Central Tower Financial Summary (as of the end of October, 2014)

 First fiscal period DPU 20% above July forecast  Appraisal value increased 2.7% and NAV based on appraisal value increased 5%

 DPU Result and Forecast

DPU forecast for DPU forecast for DPU result for the 1st Fiscal Period the 2nd Fiscal Period the 1st Fiscal Period (as of July 3, 2014) (as of December 15, 2014)

JPY 836 / unit JPY 1,005 / unit JPY 2,298 / unit

 Net Asset Value Trend

Book Value Based on Appraisal Value（Note1) Based on Appraisal Value（Note1) (as of the end of October, 2014 ) (as of the end of January, 2014) (as of the end of October, 2014 )

JPY 99,397 / unit JPY 101,929 / unit JPY 107,034 / unit

 Financial Overview (as of the end of October, 2014 )

Loan Amount LTV（Note2） Average Remaining Loan Term

JPY 40.2 bn 45.0% 3.3 years

(Note1) ”Based on appraisal value” refers to the ratio calculated by the following formula: (Total unitholders’ capital + Unrealized gain (or loss))/ Units issued and outstanding. Unrealized gain (or loss) is total of the difference between appraisal value and book value of managed assets as of the date described. 13 (Note2) “LTV” refers to the ratio of total interest-bearing debt out of total assets. Rounded to the nearest one decimal place. 1st Period Results and 2nd Period Forecasts

 Distribution Exceeded Forecast by 20%

Financial Results of the 1st Fiscal Period (ended October 31, 2014) (Reference) Forecasts Actual Forecasts Difference  Analysis of DPU variance (JPY mm) as of Jul. 3 Results at IPO (JPY) • Decrease in listing related costs 125 Operating Revenues 1,885 1,911 1.4% 1,875 • Increase in revenues 83 Operating Income 939 959 2.2% 953 • Decrease in interest payable 67 • Decrease in AM Fee 27 Ordinary Profit 363 436 20.2% 324 • Decrease in other expenses 25 • Decrease in loan related costs 7 Net Income 362 435 20.1% 323 • Increase in depreciation -42 Distribution per Unit (JPY) 836 1,005 20.2% 748 • Increase in repair costs -35 Asset Under Management (as of the end of October, 2014) Number of Properties 5 Purchase Price(JPY mm) 78,648 Total Assets (JPY mm) 89,333 Appraisal Value(JPY mm) 83,109

Financial Results Forecasts for the 2nd Fiscal Period (ending April 30, 2015) (Reference) Forecasts Forecasts Forecasts Difference (JPY mm) as of Jul. 3 as of Dec. 15 at IPO Operating Revenues 2,928 3,045 4.0% 3,069 Operating Income 1,198 1,205 0.6% 1,355 Ordinary Profit 995 996 0.1% 1,106 Net Income 995 994 -0.0% 1,105 Distribution per Unit (JPY) 2,298 2,298 - 2,555 14 Distributions Per Unit

Seek DPU increase by both external and internal growth offsetting DPU decrease factors

（yen） 3,000 CS Tower tenant exit and other (vacant period: 4 months) 2,500 257

2,000 External & internal growth 1,500 Fixed New lease Decrease in asset tax will start in and other CS Tower Decrease in listing related 2,555 (Jul. 2015) interest costs and 2,298 other 1,000 payable and other 169 88

500 1,005 748 836

0 Initial Revised Initial 当初予想修正予想 Actual 当初予想 Forecast （ForecastIPO時） Forecast（7/3）（ForecastIPO時） at IPO as of Jul.3 at IPO First Period Second Period Third Period

(Note) The figure above includes information on distributions per unit for the third period; however, it only shows an assumed trend of distributions per unit reflecting our current hypotheses and assumptions on future events. Please note that there is no assurance regarding the accuracy and certainty and actual results may differ from the diagram above for a variety of reasons. 15 NAV Growth Drivers

 Appraisal value based NAV is 7.7% higher than book value based NAV

Per unit NAV based on Appraisal Value (yen) 110,000

7.7% 5.0% 107,034

32.3% NOI

67.7% Cap 101,929 Rate

100,000 99,397 2.5%

90,000

80,000 NAV(BookNAV per UnitValue) NAV(based on Appraisal NAV per value Unit （asNote of） Jan. 31st, NAV(based on NAVAppraisal per Unit value（Note as） of Oct. (based on book value as of (based on2014) appraisal value (based31st, on 2014) appraisal value the end of Oct., 2014） as of the end of Jan. ,2014) as of the end of Oct. ,2014)

（Note） NAV per Unit (based on appraisal value ) is calculated by the following formula: {(Unitholders equity at the end of the first fiscal period) + Unrealized gain (or loss) } / Units issued and outstanding as of the date described. 16 Unrealized gain (or loss) is total of the difference between appraisal value and book value of managed assets as of the date described. Leasing achievements during the 1st fiscal period

 Occupancy increased by 1.9% to 97.6%

 Trend of Tenant Turnover by Area  Trend of Occupancy Rate (Note3)

(Note1) (Note2) （㎡）退去面積Move-out 入居面積Move-in 100% 2,500 97.8% 97.6% 95.8% 96.2% 95.9% 2,000 95.7% 95% 1,500 2,383 1,000 1,797

500 90% 149 20 417 0 0 -80 -135 -142 -461 -347 -500 85% -1,166 Average occupancy rate during the 1st fiscal period -1,000 96.6%

-1,500 80% 平成26年6月6日平成26年6月平成26年7月平成26年8月平成26年9月平成26年10月 Jun-14June Jul-14July Aug-14August SeptemberSep-14 Oct-14October FisrstFirst Fiscal Fiscal Jun. 6 Jun. 30 Jul. 31 Aug. 31 Sept. 30 Oct. 31 2014 2014 2014 2014 2014 PeriodPeriod Total Total 2014 2014 2014 2014 2014 2014

■ Key Factors Influencing Occupancy Rates ・ Acquisition of Queen’s Square Yokohama (occupancy rate 97.4%) ・ Leased-up (Approx. 1,151 ㎡) for CS Tower / CS Tower Annex ・ Leased-up (Approx. 537 ㎡) for Nagoya Prime Central Tower

(Note 1) Move-out area is calculated by figuring the total leased area of end-tenants who terminate their lease agreements within the period marked by the day property was acquired until the end of the financial period . (Note 2) Move-in area is calculated by figuring the total leased area of end-tenants from the day that lease agreements take effect within the period marked by the day property was acquired until the end of the financial period. (Note 3) Occupancy rate is calculated by dividing leased area by total leasable area and rounding off to the nearest decimal. "Average occupancy rate during the 1st fiscal period" is the simple average of month-end occupancy rates for the period in relation to overall holdings of IOJ.

17 Leasing Achievements in CS Tower/ CS Tower Annex

 Successfully contracted with new tenant before vacating an existing large tenant

■ Advantages of CS Tower ■ Achievement of leasing activity (July 2014 - Oct. 2014)  The rarity to be able to obtain the consecutive seven stories spaced approximately 1,150㎡ within the metropolitan area. No. of inquiries 88 No. of sight visits 18 No. of LOIs received 5  Walking distance to Akihabara, Asakusabashi, and Shin-Okachimachi Stations.  The incomparable office specifications including the column-free space within the rental area, 2.6m of ceiling height, and OA floor (100m), etc. ■ Overview of New Contract Overview of Contract ■ Leasing Strategies Tenant name： Yachiyo Engineering Co., Ltd.  Judging by the building’s competitiveness, set the offer rent above the Contract period： 3.5 years （July 1, 2015- December 31, 2018) ongoing rate, and improve the long-term profitability. Contract type： Japanese traditional lease contract  Active outreach to major tenant representatives.  Cosmetic updates to facilities and common areas. Contract area： 8,533.78㎡ Cancellation before maturity: Not allowed (Original contract period) ■ Image of value up construction works  Contracted 8,533.76 ㎡ whereas moving out tenant uses 8,056.13 ㎡.  Successfully contracted with more favorable rent conditions.

 Successfully obtained a 3.5-year non-cancellable contract.

 Straight line rent contributes to operating results from July 1, 2015.

■ Accomplishment of Internal Growth With the new tenant

The occupancy rate will As of July 1, 2015 ■ Common use space improvement schedule 93.7% improve to (51.1% as of the end of January, 2015) Schedule of value up construction works - Nov. 2014 Select vendor by bid The property appraisal value As of the end of the first fiscal period JPY14bn - Dec.2014 Start construction work on 4th floor appreciated (JPY13.7bn on purchase) - By Feb. 2015 Complete construction work

For further internal growth, construction work will be planned for other floors when existing tenant's moving out.

18 3. Growth Strategies

Queen’s Square Yokohama Future Growth Strategy Strategy focus on NAV and DPU growth

Asset Quality

NAV Growth DPU Growth

External Growth Strategy Internal Growth Strategy Financing Strategy

20 Growth Growth Strategy -- External Growth(1) Strategy External Internal Growth Growth  Target: Achieve AUM of JPY200 billion in 3 years  Increase tenant diversification  Improve trading liquidity of the investment units

 Acquire quality assets utilizing Invesco Real Estate’s expertise and networks among local partners

＜Asset Management ＜J-REIT> Company> Invesco Global Real Invesco Office J-REIT Inc.

Estate Asia Pacific Inc. Selection Investment& Decision

Acquisition Opportunities Initial Portfolio: 78.6bn Research Team All properties acquired from Top-down approach third parties

Asset Management Department Reflection of know-how based on investment

records

Investment Department

Bottom-up approach

21 Growth Growth Strategy -- External Growth(2) Strategy External Internal Growth Growth Multiple acquisition sources support external growth strategy

Opportunities of additional Extensive Sourcing Track Record From Managing investments in existing Capability Multiple Investment Products strata title ownership and partial ownership properties

Corporations

Products Managed Real Estate Developers by Invesco

Acquisition Acquisition Financial Institutions J-REIT Opportunities Opportunities Core Funds Real Estate Investment Funds Opportunistic Funds

Institutional Overseas Investors Separate Accounts

Pursue acquisition opportunities which improve portfolio quality and profitability

22 Growth Growth Strategy -- External Growth(3) Strategy External Internal Growth Growth

 IGRE’s sourcing capabilities and outstanding acquisition track record

Investment Pipeline

From June 5, 2014 (IPO date) through October 31, 2014

Property Information received 210

Properties which IGRE has considered for J-REIT 18 (as of the end of November 2014) Properties which IGRE is currently considering for 9 J-REIT (as of the end of November 2014)

Souring capability • Procured information on acquisition opportunities at an annual average of 1,000 properties over the past 15 years

Acquisition track record • Cumulative investment amount of approximately JPY 1 trillion or 112 properties （Note） • Approximately 71% of the investments (total purchase price basis) were in large scale office buildings • Current AUM is approximately JPY 411 billion (as of the end of September 2014)

(Note) Figures include assets that were managed by IGRE prior to the Invesco Group’s acquisition of IGRE from American International Group (AIG) in December 2010 (and that IGRE continued to manage following its acquisition by the Invesco Group).

23 Growth Growth Strategy -- Internal Growth Strategy External Internal Growth Growth  CS Tower cancellation drives 2nd period occupancy decline  Proactive leasing efforts mitigate downtime

 Leasing Strategy and Occupancy Rate Forecast (2nd  Leasing Strategy and Occupancy Rate Forecast (3rd fiscal period) fiscal period) • Assumed occupancy rate on a “confirmed lease agreements base” as • Assuming an average occupancy rate during the 3rd fiscal period of the end of September of the previous period (confirmed new lease will increase to 93.4% as a result of new major tenants at CS agreements and receipt of notice for lease termination)" • Assuming 1.2% decline of occupancy rate due to termination of • Assuming an average occupancy rate during the 2nd fiscal period will master lease in June 2015 at Nagoya Prime Central Tower decline to 91.2% due to lease termination of major tenants at CS Tower • Aiming to achieve additional improvements in occupancy rate via new initiatives such as those targeting prospective tenants

100% 97.6%

Move-out of major tenant 95% at CS Tower (CS Tower occupancy rate:51.1%) Move-in of major tenant at CS Tower 90% (CS Tower occupancy rate:93.8%)

85% Portfolio Average Occupancy Rate during Fiscal Period

1st FP 2nd Fiscal Period (Forecast) 3rd Fiscal Period (Forecast) 96.6% 91.2% 93.4% 80% Oct. 2014 Nov. 2014 Dec. 2014 Jan. 2015 Feb. 2015 Mar. 2015 Apr. 2015 May. 2015 Jun. 2015 Jul. 2015 Aug. 2015 Sep. 2015 Oct. 2015 (Actual) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) (Forecast)

(Note) Occupancy forecasts for the 2nd and the 3rd fiscal periods above are based on the assumption as of December 1, 2014. 24 Financing Strategy

 Internal and External Growth are Supported by Prudent Financial Management

Long-Term Loan Ratio Fixed Interest Rate Ratio

Short-term loan 8.0%

Floating Rate 34.1%

Long-term loan Fixed Rate 92.0% 65.9%

Debt Maturity Schedule 6 Lenders

(JPY mm) Development 16,000 Bank of Japan 11.2% The Bank of 14,000 13,000 Tokyo- 12,000 12,000 Mitsubishi UFJ 12,000 Resona Bank 11.2% 27.6% 10,000

8,000 Sumitomo 6,000 Mitsui Trust Bank 4,000 3,200 11.2% Sumitomo 2,000 Mitsui Banking 0 Corporation 0 Mizuho Bank 27.6% 2015 2016 2017 2018 2019 11.2%

25 (Note) Data above is as of the end of October, 2014. Appendix

Harumi Island Triton Square Office Tower Z Growth Leasing Achievements Strategy External Internal Growth Growth Achieved over 96% of occupancy rate for all assets under management

Occupancy rate at Occupancy rate at Harumi Island Triton Square Occupancy rate at Occupancy rate at CS Tower / Occupancy rate at Occupancy rate at Ebisu Prime Square acquisition the end of Oct. (B)-(A) acquisition the end of Oct. (B)-(A) acquisition the end of Oct. (B)-(A) (A) 2014 (B) Office Tower Z (A) 2014 (B) CS Tower Annex (A) 2014 (B) 98.3% 98.4% 0.1% 100% 100% 0.0% 92.0% 97.2% 5.2% Move-in area Move-out area Move-in area Move-out area Move-in area Move-out area (C)-(D) (C)-(D) (C)-(D) (C) (D) (C) (D) (C) (D) 389 ㎡ -376 ㎡ 13 ㎡ 0 ㎡ 0 ㎡ 0 ㎡ 1,151 ㎡ -111 ㎡ 1,040 ㎡

・ Successfully attracted new ・ Stable occupancy rate of ・ Attracted new tenants and tenants to replace those who 100%. Will continue to strive to restored occupancy rate to cancelled residential lease build strong relationship with 97.2% (location improvements). agreements resulting in stable existing tenants based on occupancy rate of 98.4%. ongoing stable management.

100% 100% 100% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 95% 98.3% 98.0% 98.2% 98.1% 98.5% 98.4% 95% 95% 97.7% 97.2%

90% 90% 90% 92.0% 92.0% 92.0% 92.0%

85% 85% 85%

80% 80% 80% 2014/6/6 Jun. 2014 Jul. 2014 Aug. 2014 Sep. 2014 Oct. 2014 2014/6/6 Jun. 2014 Jul. 2014 Aug. 2014 Sep. 2014 Oct. 2014 2014/6/6 Jun. 2014 Jul. 2014 Aug. 2014 Sep. 2014 Oct. 2014

Queen's Square Occupancy rate at Occupancy rate at Nagoya Prime Occupancy rate at Occupancy rate at acquisition the end of Oct. (B)-(A) acquisition the end of Oct. (B)-(A) Yokohama (A) 2014 (B) Central Tower (A) 2014 (B) 97.4% 97.2% -0.2% 95.1% 96.5% 1.4% CASBEE Move-in area Move-out area Move-in area Move-out area (C)-(D) (C)-(D) (C) (D) (C) (D) CS Tower was certified as 0 ㎡ -75 ㎡ -75 ㎡ 843 ㎡ -604 ㎡ 239 ㎡ “A rank (very good)” from CASBEE ・ Despite the cancellation of a ・ Despite the cancellation of a certain portion of lease on September 5th, 2014. certain portion of lease agreements within the building, agreements by consolidation improved the occupancy rate to within the building, occupancy 96.5% by attracting new tenants as rate is stable at 97.2%. well as addressing increased floor space needs of existing tenants.

100% 100%

95% 97.4% 97.2% 95% 96.5% 96.1% 96.5% 95.1% 95.1% 95.8% 90% 90%

85% 85% 80% 2014/6/6 Jun. 2014 Jul. 2014 Aug. 2014 Sep. 2014 Oct. 2014 80% 2014/6/6 Jun. 2014 Jul. 2014 Aug. 2014 Sep. 2014 Oct. 2014 27 Growth Growth Strategy -- Internal Growth(1) Strategy External Internal Growth Growth Current focus: Improvement in occupancy and pursuit of rent increase

Property name Ebisu Prime Square Harumi Island Triton Square Office Tower Z CS Tower / CS Tower Annex

Images

Location Hiroo, Shibuya-ku, Tokyo Harumi, Chuo-ku, Tokyo Asakusabashi, Taito-ku, Tokyo 6-min walk to Ebisu Station, JR Yamanote Line, 5-min walk to Kachidoki Station, Toei Oedo Line 8-min walk to Asakusabashi Station, JR Sobu Line Saikyo Line, Shonan Shinjuku Line, and 10-min walk to Tsukishima Station, 9-min walk to Shin-Okachimachi Station, Toei Oedo Line Nearest Tokyo Metro Hibiya Line Tokyo Metro Yurakucho Line and Toei Oedo Line 10-min walk to Akihabara Station, Tokyo Metro Hibiya Line station(s) 11-min to Akihabara Station, JR Yamanote Line, Keihin- Tohoku Line, Sobu Line, Tsukuba Express

Rentable area 17,354 ㎡ 11,076 ㎡ 19,998 ㎡ Occupancy rate 98.4% 100.0% 97.2% The standard floor area of the property is approximately Office Tower Z within "Harumi Triton Square" provides the CS Tower provides the standard floor area of approximately 991㎡, 2.6m of ceiling height, and OA floor (70mm). standard floor area of approximately 2,000㎡, a large- 1,150㎡, a large scaled area for the residing area of office With the decent design and facility standards, the scaled area for a office building within the metropolitan building of small scale. property well serves recent tenants' needs. area. Characteristics The property is provided with OA floor (100mm), 24-hour of property Since the floor is designed around the core part, The property is provided with individual air conditioning. security operations, and 2.6m of ceiling height, and it sectionizing for small-sized tenants is possible so that With its entire floor designed as OA floor(100mm), and reasonably serves tenants' needs. he property serves various types of tenants. 2.7m of ceiling height, the facility standards of the property well serve recent tenants' needs.

Upon the leave of a tenant (an entire floor) at the end Aiming to create an even stronger relationship with Upon the leave of major tenants at the end of December, of January, 2015, the occupancy rate is expected to tenants and achieve ongoing stable management during 2014 the occupancy rate is expected to decline to 51.1%. decline to 95%. the lead up to the existing tenant lease renewal period (during the 3rd period). Although the rate will be improved to 93.8% in July 2015, we Focus for With respect to office tenants, we will attempt to are focusing on the leasing of the remaining one floor and the 2nd fiscal period increase the leasing rent upon the tenants' contract Plan to acquire CASBEE (Comprehensive Assessment aim for 100%. renewal to those leasing at lower than market rent System for Built Environment Efficiency) real estate ( 1 agreed, 2 in negotiation). market certification. Approximately 7% of cost reduction was achieved by reviewing the building management company.

(Note) Data above is as of the end of October, 2014. 28 Growth Growth Strategy -- Internal Growth(2) Strategy External Internal Growth Growth Current focus: Improvement in occupancy and pursuit of rent increase

Property name Queen's Square Yokohama Nagoya Prime Central Tower

Image

Location Minatomirai, Nishi-ku, Yokohama, Kanagawa Meieki, Nishi-ku, Nagoya, Aichi Directly connected to Minatomirai Station, Minatomirai Line 6-min walk to Nagoya Station, Nagoya Municipal Subway 8-min walk to Sakuragicho Station, JR Negishi Line, Yokohama Higashiyama Line and Sakuradori Line Nearest station(s) Municipal Subway 8-min walk to Nagoya Station, Tokaido Shinkansen, JR Tokaido Main Line, Chuo Main Line, Kansai Main Line

Rentable area 41,954 ㎡ 17,117 ㎡ Occupancy rate 97.2% 96.5% The standard floor area of "Queen's Tower B" within the office Constructed in 2009, the property is a relatively new, 23-story wing is approximately 2,000㎡, and that of "Queen's Tower C" skyscraper. It provides the standard floor area of is about 2,250㎡. Both provides large-scaled rental areas. approximately 1,600㎡, a large-scaled area within Nagoya Characteristics City. of property The property is provided with zone air conditioning, OA floor (70mm), electronic security, 2.7m of ceiling height, 500kg/㎡ The property has high facility standards and is provided with of floor load limit, and it sufficiently serves tenants' needs. zone air conditioning, OA floor (100mm), electronic security, 2.8m of ceiling height, 500kg/㎡ of floor load limit.

Aiming to achieve further improvements office portion The property employs a master lease contract, where occupancy rate (currently approximately 93%) in addition to revenues from the rentals are linked to the rent of the sub attracting external tenants by grasping and addressing lease contract. Upon June 5, 2015, the sub lease contract increased floor space and other needs of key existing tenants expires, and it is expected to switch to pass-through type in a timely manner by maintaining a strong communication contract. Focus for channel. the 2nd fiscal period We will focus on the leasing and aim to improve the end tenant occupancy rate of around 89% as of the end of October 2014 to around 95% of the stable rate.

Plan to acquire CASBEE real estate market certification.

(Note) Data above is as of the end of October, 2014. 29 Portfolio Information Portfolio Details (as of the end of October, 2014) Purchase Appraisal Investment Property Name Location Leasable Area Age NOI Yield Occupancy PML No. Price Value Ratio (㎡) (years) (%) (%) (%) (JPY mm) (JPY mm) (%) Shibuya-ku, 1 Ebisu Prime Square 25,014 26,509 17,354.06 31.8 17 4.5 98.4 2.35 Tokyo Harumi Island Triton 2 Chuo-ku, Tokyo 9,300 10,800 11,076.32 11.8 13 6.0 100.0 2.60 Square Office Tower Z CS Tower/ 3 Taito-ku, Tokyo 13,700 14,000 19,998.28 17.4 23 5.8 97.2 3.21 CS Tower Annex Queen's Square Yokohama-shi, 4 16,034 16,300 41,954.39 20.4 17 6.6 97.2 2.96 Yokohama Kanagawa Nagoya Prime Central Nagoya-shi, 5 14,600 15,500 17,117.10 18.6 5 6.0 96.5 3.61 Tower Aichi

Total 78,648 83,109 107,500.15 100.0 15 5.6 97.6 2.09

Appraisal Value Overview 1st Fiscal Period End As of January 31, 2014 Purchase Appraisal Value Direct Cap Rate (%) Book Value Unrealized Appraisal No. Property Name Price (JPY mm) (a) (c) Direct Cap (JPY mm) Gain/Loss Value (JPY mm) Rate (%)(d) (a)-(b) (c)-(d) (JPY mm) (JPY mm)(b)

1 Ebisu Prime Square 25,014 26,509 1,109 4.0 -0.1 25,343 1,165 25,400 4.1

Harumi Island Triton 2 9,300 10,800 100 4.5 -0.1 9,346 1,453 10,700 4.6 Square Office Tower Z CS Tower/ 3 13,700 14,000 300 5.0 - 13,823 176 13,700 5.0 CS Tower Annex Queen's Square 4 16,034 16,300 100 5.3 - 16,207 92 16,200 5.3 Yokohama Nagoya Prime Central 5 14,600 15,500 600 5.1 -0.1 15,082 417 14,900 5.2 Tower

Total 78,648 83,109 2,209 4.7 -0.1 79,804 3,303 80,900 4.8

30 Financial Performance of Individual Properties Harumi Island Triton CS Tower/ Queen’s Square Nagoya Prime Central Ebisu Prime Square Square Office Tower Z CS Tower Annex Yokohama Tower

(JPYmm) Yokohama-shi, Nagoya-shi, Location Shibuya-ku, Tokyo Chuo-ku, Tokyo Taito-ku, Tokyo Kanagawa Aichi Purchase price 25,014 9,300 13,700 16,034 14,600

Book value（Note1） 25,343 9,346 13,823 16,207 15,082 No. of days in operation 148 days 148 days 148 days 32 days 148 days (a) Total real estate rental 614 415 118 revenues Rental revenues 552 382 118

Other rental revenues 62 33 - (b) Total property-related 198 144 65 expenses Expenses for management and 46 40 19 operation Utilities expenses 76 (Note2) 43 - (Note2)

Insurance expenses 0 0 1

Repair and maintenance 22 5 1

Taxes and dues 0 0 -

Depreciation 45 52 40

Other property-related expenses 6 1 3 (c) Income (loss) from real estate 415 194 270 53 231 rental business((a)－(b))

NOI ((c) ＋ Depreciation) 461 228 323 93 353

(Note1) Data is as of the end of October, 2014. (Note2) We have not obtained permission from the tenants of the properties to disclose the information. 31 Top 10 Tenants (Leased Area)

Information on Top 10 Tenants Based on Leased Area

Ratio of leased area to End Tenants Property Name Leased Area (㎡) total rentable area (%)

1 Tokyu Hotels Co., Ltd. Queen’s Square Yokohama 13,506.72 12.6

Harumi Island Triton Square Office 2 Sumitomo Corporation 11,076.32 10.3 Tower Z

3 Ricoh Japan Co., Ltd. CS Tower / CS Tower Annex 8,056.13 7.5

4 Queen’s East Queen’s Square Yokohama 6,395.39 5.9

5 Tokyu Corporation Queen’s Square Yokohama 5,596.31 5.2

6 Shimadzu Access Corporation CS Tower / CS Tower Annex 2,470.92 2.3

7 Not disclosed Queen’s Square Yokohama 2,177.79 2.0

8 TIS Inc. Nagoya Prime Central Tower 2,001.14 1.9

9 Actelion Pharmaceuticals Japan Ltd. Ebisu Prime Square 1,941.64 1.8

10 JTB Central Japan Corp. Nagoya Prime Central Tower 1,911.51 1.8

Total of Top 10 Tenants 55,133.87 51.3

（Note）Information above is as of the end of October,2014.

32 Financial Statements 1st Fiscal Period(ended October 2014)- Balance Sheet (Unit: Thousands of yen) (Unit: Thousands of yen)

As of October 31, 2014 As of October 31, 2014 ASSETS LIABILITIES AND NET ASSETS Current Assets: Current liabilities: Cash and cash deposits 960,117 Entrusted cash and entrusted cash deposits 6,026,457 Accounts payable - operating 203,390 Account receivables - operating 71,016 Short-term loans 3,200,000 Consumption tax receivable 1,935,679 Accounts payable - other 418,140 Short-term prepaid expenses 120,750 Deferred tax assets 27 Accrued expenses 88,298 Other current assets 2,917 Income tax payable 1,334 Total current assets 9,116,966 Rent received in advance 152,229 Fixed assets: Property and equipment Other current liabilities 192,306 Entrusted buildings 24,105,168 Total current liabilities 4,255,699 Accumulated depreciation -286,657 Non-current liabilities: Entrusted buildings, net 23,818,511 Entrusted building improvements 197,690 Long-term loans 37,000,000 Accumulated depreciation -7,262 Entrusted tenant leasehold and security 4,635,653 Entrusted building improvements, net 190,427 deposits Entrusted furniture and equipment 7,193 Total non-current liabilities 41,635,653 Accumulated depreciation -210 TOTAL LIABILITIES 45,891,352 Entrusted furniture and equipment, net 6,983 Entrusted land 55,786,815 Net Assets Entrusted construction in progress 1,729 Unitholders' equity: Total property and equipment 79,804,467 Intangible assets: Unitholders' equity 43,007,136 Other intangible assets 8,306 Surplus: Total intangible assets 8,306 Investment and other assets: Retained earnings 435,054 Security deposits and guarantee deposits 10,000 Total surplus 435,054 Long-term prepaid expenses 259,431 Other investments 134,372 Total unitholders' equity 43,442,190 Total investment and other assets 403,803 TOTAL NET ASSETS 43,442,190 Total fixed assets 80,216,576 TOTAL ASSETS 89,333,542 TOTAL LIABILITIES AND NET ASSETS 89,333,542

33 1st Fiscal Period(ended October 2014)- Statement of Income

(Unit: Thousands of yen) The period February 27, 2014 through October 31,

2014 Operating revenues: Rental revenues 1,778,639 Other rental revenues 133,173 Total operating revenues 1,911,812 Operating expenses Property-related expenses 746,299 Asset management fees 133,516 General administration and custodian fees 8,336 Compensation for directors 6,400 Other operating expenses 57,631 Total operating expenses 952,184 Operating income 959,628 Non-operating revenues Interest income 195 Total non-operating revenues 195 Non-operating expenses Interest expense 89,546 Founding expenses 80,062 Initial public offering costs 103,602 Financing costs 250,211 Total non-operating expenses 523,422 Total non-operating expenses 436,401 Net income before income taxes 436,401 Current income taxes 1,374 Deferred tax expenses -27 Total income taxes 1,347 Net income 435,054 Retained earnings at the end of period 435,054

34 1st Fiscal Period(ended October 2014)- Cash Flow Statement (Unit: Thousands of yen) The period February 27, 2014 through October 31, 2014 Cash flows from operating activities: Income before income taxes 436,401 Depreciation expenses 294,744 Initial public offering cost 103,602 Financing costs 250,211 Interest income -195 Interest expense 89,546 (Increase) decrease in account receivables -71,016 (Increase) decrease in consumption tax receivable -1,935,679 (Increase) decrease in short-term prepaid expenses -45,193 (Increase) decrease in long-term prepaid expenses -68,971 (Increase) decrease in other current assets -137,289 Increase (decrease) in accounts payable - operating 162,809 Increase (decrease) in accounts payable - other 255,860 Increase (decrease) in rental received in advance 152,229 Increase (decrease) in other current liabilities 192,306 Sub total -320,635 Interest receive 195 Interest expenses paid -1,247 Income taxes paid -39 Net cash provided by operating activities -321,726

Cash flows from Investing activities: Purchase of entrusted property and equipment -79,897,676 Purchase of intangible assets -6,980 Payments of security deposits and guarantee deposits -10,000 Net cash used in investing activities -79,914,656

Cash flows from Financing activities: Proceeds from short-term borrowings 4,400,000 Repayments of short-term borrowings -1,200,000 Proceeds from long-term borrowings 37,000,000 Payment of financing costs -516,227 Proceeds from issuance of investment units 42,903,533 Net cash provided by (used in) financing activities 82,587,305

Net change in cash and cash equivalents 2,350,922 Cash and cash equivalents at the end of period 2,350,922 35 Market Overview Office Market Conditions

Population Growth Potential in Metropolitan Areas Office Market Trends

• Concentration of population and business activities support • In the fiscal year of 2013, total transaction volume of offices real estate demand surged by 78% y-o-y to reach JPY 1.5477 trillion, • The office sector benefits from long term expansion and significantly outpacing the other property sectors upgrade demand alongside economic cycles

Shift of Population Labor Force Distribution Dynamics of Property Transactions

Nationwide Transaction Volume 1H Transaction Volume 2H Annual Office Volume Tokyo M.A 29.5% Major Metropolitan Areas （JPY Billions） Osaka Pref. 6.6% % of Major Metropolitan Areas 3,000 Aichi Pref. 6.1%

Fukuoka Pref. 3.9% [Million] （） % 2,000 150 48 Others 53.9%

100 46 Major Metropolitan Areas 1,000 50 44 46.1% 0 420 2010 15 20 25 0 2008 09 10 11 12 13 （fiscal year） Source：National Institute of Population and Source: Ministry of Internal Affairs and Communications, as Source：Urban Research Institute Corporation Social Security Research of Aug 2014

• Office vacancy rates in major cities have been Shift of Office Vacancy Rate （%） trending down 14 Tokyo 23wards • Strengthening demand for 12 Tokyo Grade A 10 • Continued population and labor force growth in major high quality space amid the Osama City 8 economic recovery and Nagoya City metropolitan areas is expected as long term trend 6 increased BCP concerns after 4 Fukuoka City • A focus on core metropolitan areas helps capture the 3.11 Earthquake have 2 2011 12 13 14 stronger growth prospects and more investment driven vacancies down in the Source：CBRE opportunities Grade A segment

36 Trends in Office Supply, Demand and Vacancy Rates

Office Fundamental Dynamics Across Metropolitan Areas

Invesco Office J-REIT strategically focuses on the large scale high quality offices located in core CBD within major metropolitan areas, aiming to take advantage of higher occupancy and solid income growth over the long term

Tokyo Metropolitan Areas Osaka City New Supply Net Absorption New Supply Net Absorption Vacancy Rate (Large Scale Bldg.) Vacancy Rate (Overall) Vacancy Rate (Large Scale Bldg.) Vacancy Rate (Overall) （㎡）（㎡） 1,500,000 12％ 300,000 14％％ 250,000 ％ 1,000,000 10 200,000 12 500,000 8％ 150,000 10％ 100,000 8％ 0 6％ 50,000 0 6％ -500,000 4％ -50,000 4％％ -100,000 -1,000,000 2 -150,000 2％ -1,500,000 0％ -200,000 0％ 2008 09 10 11 12 13 14(Q3) 2008 09 10 11 12 13 14(Q3) Source: Commercial Property Research Institute Source: Commercial Property Research Institute Nagoya City Fukuoka City New Supply Net Absorption New Supply Net Absorption Vacancy Rate (Large Scale Bldg.) Vacancy Rate (Overall) Vacancy Rate (Large Scale Bldg.) Vacancy Rate (Overall) （㎡）（㎡） 150,000 16％ 120,000 16％ 14％ 100,000 14％ 100,000 12％ 80,000 12％ 50,000 10％ 60,000 10％ 8％ 40,000 8％ 0 6％ 20,000 6％％ 0 ％ -50,000 4 4 2％ -20,000 2％ -100,000 0％ -40,000 0％ 2008 09 10 11 12 13 14(Q3) 2008 09 10 11 12 13 14(Q3) Source: Commercial Property Research Institute Source: Commercial Property Research Institute 37 Unitholders

Breakdown by Units Major Unitholders

% of Units Unitholders Units Owned Domestic Issued Individuals and Others Financial Japan Trustee Services Bank, Ltd. 42% Institutions 1 56,849 13.13 33% (Trust Account) 432,680 units 2 HSBC Bank plc - Non tax Treaty 18,680 4.31

Trust & Custody Service Bank, Ltd. 3 18,048 4.17 (Securities Investment Trust Account) Domestic The Master Trust Bank of Japan, Ltd. Corporations 4 13,570 3.13 9% (Trust Account) Foreign Corporations 16% 5 Goldman Sachs International 13,085 3.02

Breakdown by Unitholders The Nomura Trust and Banking Co., Ltd. 6 10,046 2.32 (Investment Trust Account) Domestic Financial Corporations Foreign 7 Nomura Bank (Luxembourg) S.A. 9,679 2.23 Institutions 3% Corporations 1% 0% 8 SBI SECURITIES Co., Ltd 6,280 1.45

The Bank of New York GCM 9 6,278 1.45 Client Accounts EBD 12,322 Trust & Custody Service Bank, Ltd. unitholders 10 6,081 1.40 (Taxable Trust Money Account)

Total 158,596 36.65

Domestic Individuals and Others (Note) Information above is as of the end of October, 2014. 96%

38 Investment Unit Price

Trends in Investment Unit Price and Trading Volume after IPO

（ Closing price, Yen）（Units） 130,000 150,000

120,000 120,000

110,000 90,000

100,000 60,000

90,000 30,000

80,000 0 平成June26 年5,6 2014月5日平成June26 年29,6 月201429日平成July26 24,年7 月201424日 August平成26 年18,8 月201418日 September平成26年9 11,月11 2014日平成October26年10 6,月 20146日平成October26年 1031,月 201431日

Trading Volume Vol（売買高） UnitShare Price Price （投資口価格）

39 Governance Strong Alignment of Interest and Robust Corporate Governance

Fee Structure Decision Making Process

By aligning unitholder interests with those of IGRE through the adoption of With the maximization of unitholder interests as its management objective, an asset management fee structure based on total assets and Adjusted in its decisions on property acquisition and management, and all other EPU during each business term, investment management is designed to important matters, IGRE and IOJ will implement management by means of focus on investor interests. the multi-tiered decision making process diagrammed below.

Decision-making process

Origination Origination departments By aligning unitholder interests with those of IGRE by adoption of a management fee structure Revise / Link to linking some asset management fees to Adjusted Rejection adjusted EPU EPU, the investment management of IGRE is Approval Compliance officer designed to focus on unitholder interests. Interested Party Transaction / Revise / Compliance Concerns Rejection Discussion・ Management Fee Resolution Compliance committee Management Fee (annual percentage) Revise / Rejection Discussion・ Amount of total Adjusted Investment committee assets×0.45% EPU×NOI×0.00080% Resolution Revise / (maximum percentage) (maximum percentage) Rejection Discussion・ Resolution Board of directors

Acquisition Fee Disposition Fee Interested Party Transaction Revise / Rejection Discussion・ Board of Directors of Investment Acquisition Price×1.00% Disposition Price×0.50% Approval Corporation (maximum percentage) (maximum percentage) (percentage on a transaction (percentage on a transaction Elimination of conflict of interest transactions with an interested party: with an interested party: Among members of the Invesco Group, the only company that engages in 0.50% (maximum 0.25% (maximum real property-related business in Japan is IGRE. Accordingly, IGRE will not percentage)) percentage)) have any conflict of interests in asset management businesses for IOJ, such as brokerage, property management, building management, etc., in Japan.

40 Rotation Rules

Rotation Rules on Information

Sourcing of information on real estate and other Sourcing of information on real estate and other transactions transactions in Japan for the real estate funds of (Japan) Invesco Real Estate (managed by the Deal Sourcing & Acquisitions Department )

Information on real estate and other transactions in Registration in the registry of received information on Japan is registered from time to time, and the real estate and other transactions (Japan) : regular meeting representative explains the outline of deals at weekly regular meetings of the Investment Department (managed by the Investment Department)

If the Director of Investment Division and the Head of Registration in the Deal Log (Japan) of the information on new the Investment Department determine that a specific deals that may match the mandate of one or more of the Funds new deal may match the mandate of one or more of the funds, the relevant information on the transactions shall be registered in the Deal Log (Japan).

Meetings are held regularly on a weekly basis. Holding of meetings for information on new transactions The participants are each of the fund managers related (Japan) to real estate in Japan (meetings are held by the Director of the Investment Division and the Investment Introduction of new deals to Department) each fund manager Initial judgment by each fund manager Whether or not any Fund expresses intent to evaluate the relevant transaction If several funds including IOJ express intent to evaluate the relevant transaction If only IOJ expresses intent to evaluate the relevant transactions Order under the rotation log

If IOJ ranks higher If IOJ ranks lower

IOJ will consider the acquisition Other Funds will consider the acquisition of the relevant property of the relevant property

41 Memo

42 Disclaimer

 This document is solely intended to provide information and is not intended to solicit securities or special product investments.

 This document includes forward-looking information, such as plans, strategies and future performance. Such descriptions are based on current assumptions and beliefs, and involves known and unknown risks, uncertainties, and other factors. Please be advised that, for a variety of reasons, actual results may differ materially from those discussed in the forward-looking information.

 Financial information contained in this presentation has been prepared based on Japanese generally acceptable accounting principles.

 The information contained in this document is not audited and there is no assurance regarding the accuracy, certainty and consistency of the information.

 Although much attention has been paid to the inclusion of all relevant information in this document, there may be errors and omissions. Therefore, they are subject to correction or amendment without prior notice.

 Duplication or reproduction of any item presented as information herein without the prior consent of IOJ or IGRE is strictly prohibited.