Sojitz Corporation 32  Highlights of the 5Th Period 4 212-227-245 0-125-198  Cushman & Wakefield  Financial Results (Statement of Income) 5 Asset Management K.K

Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 Securities Code：3296 197-228-237 109-188-209 Investor Presentation http://www.nippon-reit.com/en/ for the 5th Period (ended December 31,2014) 227-241-229 115-185-123 February 20, 2015 Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 Logo Color (Header, Footer, Cover Page)

210-35-42 Table of Contents

0.75PT 23-70-158 Executive Summary 5. Appendix 150-150-150  Summary of Financial Results / Public Offering  NIPPON REIT’s Policy 28 220-221-222 Highlights/ Summary of Financial Forecasts /  Market Overview 29 Tint Color Chart Color Growth Strategy 2 Investment Policy 30  Overview of Sponsor Support 31 252-222-221 237-20-91 1. Summary of Financial Results   Sojitz Corporation 32  Highlights of the 5th Period 4 212-227-245 0-125-198  Cushman & Wakefield  Financial Results (Statement of Income) 5 Asset Management K.K. 33  Operation Results 6 254-240-217 250-166-26  Agility Asset Advisers Inc. 34  Financial Status 7-8  Governance Structure 35 218-212-229 162-147-191 2. Public Offering Highlights (February 2015)  Portfolio and Tenant Allocation 36 197-228-237 109-188-209  Offering Highlights 11  Portfolio Appraisal Value 37  Outcome of Public Offering 12  List of properties 38-42 227-241-229 115-185-123  Portfolio properties 13  Performance by property 43-44  Portfolio Map 14  Balance Sheet 45 Line Color  Reinforcement of portfolio risk tolerance 15  Income Statement 46 243-133-142  Investment centering on office buildings  Unitholder Composition in Central 6 wards of Tokyo 16 and Historical Unit Price 47

96-163-217  Asset Management Company 48 3. Financial Forecasts 251-192-95  Financial Forecasts 18

239-171-255 4. Growth Strategies  External Growth Strategy 21-22 138-228-226  Internal Growth Strategy 23-24

255-161-97  Financial Strategy 25  Achievement in 5th Period and 166-166-166 Future challenge 26 1

Logo Color (Header, Footer, Cover Page)

210-35-42 Executive Summary

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color Summary of 252-222-221 237-20-91 Financial Results  Distribution per unit (DPU) ¥7,109 th （a ¥47 increase from the forecast(¥7,062)(1)） 212-227-245 0-125-198 5 Period (as of December 31, 2014)

254-240-217 250-166-26  Offering size : ¥50.2 billion Public Offering 218-212-229 162-147-191  Total acquisition: 31properties ¥76.8 billion(2) Highlights Achieved above ¥150 billion AUM (February 2015)  197-228-237 109-188-209 and growth in NAV and DPU

227-241-229 115-185-123

Summary of th Line Color  6 Fiscal Period : DPU ¥6,527 Financial Forecasts  7th Fiscal Period : DPU ¥7,234 243-133-142 6th period and 7th period

96-163-217

251-192-95  Next target AUM of ¥200 billion within 1-2 years Growth Strategies  Improvement of occupancy rate and further rent growth 239-171-255

138-228-226

255-161-97 Notes 1. Based on “Summary of Financial Results for the 4th Fiscal Period Ended June 2014”, announced on August 14, 2014 2. Including “Otakibashi Pacifica Building” scheduled to be acquired on March 12, 2015. 166-166-166 2 Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 1. Summary of Financial Results 227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 3 Logo Color (Header, Footer, Cover Page) th 210-35-42 Highlights of the 5 Period

0.75PT 23-70-158 150-150-150 220-221-222 Highlights of the 5th period (ended December 31, 2014)

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198 DPU ¥7,109 （forecast as at August 14, 2014 : ¥7,062）

254-240-217 250-166-26

218-212-229 162-147-191 (1) Office： 5.0% NOI Yield 5.1% Residence： 5.6% 197-228-237 109-188-209

227-241-229 115-185-123 Total: 96.2% (as of Jun. 2014) → 94.1% (as of Dec. 2014) Line Color Occupancy Rate 94.1% Office: 96.3% (as of Jun. 2014) → 92.2% (as of Dec. 2014) Residence: 96.9% (as of Jun. 2014) → 96.9% (as of Dec. 2014) 243-133-142

96-163-217 LTV (2) 49.2% 47.8% (as of Jun. 2014) → 49.2% (as of Dec. 2014) 251-192-95

239-171-255

138-228-226

255-161-97 Notes 1. NOI Yield=Actual NOI/Acquisition Price. Rounded to one decimal place. Actual NOIs are calculated at an annualized rate. 166-166-166 2. LTV=Total Loans Payable / Total Asset. Rounded to one decimal place. 4 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Results (Statement of Income)

0.75PT 23-70-158 150-150-150 220-221-222 Income statement summary of the 5th period Major changing factors (vs Forecast)

Tint Color Chart Color Unit：¥ million Unit：¥million

252-222-221 237-20-91 5th period 5th period Forecast  Rental revenue increase (Central Daikanyama, etc.) ＋6 Actual (as of Aug. 14, (a-b) 212-227-245 0-125-198  Other rental revenue increase (a) 2014) (b) (Utilities and penalty revenue) ＋21 254-240-217 250-166-26  Rental expense decrease (Leasing expense) ＋17 Operating Revenue 2,408 2,379 28  Non-operating profit (Consumption tax refund, etc.) +2 218-212-229 162-147-191 Operating Income 1,245 1,200 44  Loan related expense increase (Central Daikanyama) ▲11 197-228-237 109-188-209 Ordinary Income 1,078 1,043 34

227-241-229 115-185-123 Unit：¥million Net Income 1,077 1,042 35 1100 +17 +2 ▲11 Line Color 1075 +21 DPU(1) Non- 243-133-142 ¥7,109 ¥7,062 ¥47 Operating Loan Profit Related +6 Leasing 1050 Expenses NOI 1,849 1,803 － Expense 96-163-217 Decrease Utilities Rental 1025 & Penalty NOI Yield(2) 5.1% 5.1% － Revenue 251-192-95 Actual 1,077 Days 184 184 － 1000 239-171-255 Forecast (3) (14 Aug) NAV per unit ¥265,668 －－ 975 138-228-226 1,042

950 255-161-97 Notes 1. Distributions for the 5th period is calculated by drawing down ¥1million retained earnings carried forward whilst the forecast was calculated by drawing down ¥29million. 2. Actual NOIs are calculated at an annualized rate. Rounded to one decimal place. th 166-166-166 3. NAV per unit is calculated using following formula, figures are as of the end of the 5 period. {Net Asset (¥38,027mm) + Total Appraisal Value (¥77,564mm) – Total Book Value(¥75,259mm)} / Investment Units Issued and Outstanding(151,810 units) 5 Logo Color (Header, Footer, Cover Page)

210-35-42 Operation Results

0.75PT 23-70-158 Portfolio Summary (as of December 31, 2014） 150-150-150 Portfolio Allocation 220-221-222 21 ¥73.8bn NOI Yield AUM (Based on 5.0％ Office Tint Color Chart Color properties appraisal NOI) 2.1% 24.4% Residence 14.0% Average 252-222-221 237-20-91 14 ¥55.9bn Property By Office properties Age 17.7yrs By asset 6 Central wards Location(1) type 212-227-245 0-125-198 3 Metropolitan Areas Occupancy 75.6% Ordinance-Designated 83.9% Residence 7 ¥17.9bn Cities etc. properties rate 94.1％ 254-240-217 250-166-26

218-212-229 162-147-191 External Growth Internal Growth Acquisition of “Central Dakianyama” on December 19, 2015 Improvement of portfolio profitability through 197-228-237 109-188-209 rent increase Address Shibuya ward, Tokyo Performance of rent renewal (office)(4) 227-241-229 115-185-123 Structure SRC 8F/B1F Central Daikanyama Line Color Completion August, 1991 Increased Unchanged Decreased Total Acquisition ¥ 3,510 mm price 243-133-142 No. of % 6 25％ 18 75％ 0 0％ 24 100％ Use Office, shop Tenants

(2) 96-163-217 NOI Yield 4.3％ Areas % 883 29％ 2,214 71％ 0 0％ 3,097 100％ (Tsubo) Occupancy 251-192-95 rate(2) 81.2％ Rent 10.4 − − 3.2 Established 4 bridge funds and be granted first negotiation increase(%) 239-171-255 rights (22properties ¥56.3bn(3)) Agreement #of assets Agreement #of assets Notes 138-228-226 1. Please refer to the notes in P.30 for the definitions of “6 Central Wards”, date (Price) date (Price) “3 Metropolitan Areas” and “Ordinance-Designated Cities, etc.” 2. NOI Yield of “Central Daikanyama” is based on the appraisal value as of the end of Godo kaisha Oct. 28 16 Godo Kaisha Dec.24 4 the 5th period. Furthermore, the occupancy rate is as of the end of the 5th period. 255-161-97 Nicolas Capital1 2014 （¥33.3bn） Nicolas Capital4 2014 （¥9.1bn） 3. Based on the acquisition price. Whilst the acquisition price of “Gotanda Ohashi Investment TMK” is based on the right of first negotiation. Godo Kaisha Sep.10 1 Gotanda Ohashi Dec.16 1 4. “Performance of rent renewal (office)” is the results of rent renewal pertaining to the 166-166-166 Nicolas Capital2 2014 （¥7.3bn） Investment TMK 2014 （¥6.5bn(3)） existing tenants from the date of IPO (April 24, 2014) to December 31, 2014. 6

Logo Color (Header, Footer, Cover Page)

210-35-42 Financial status (1)

0.75PT 23-70-158 150-150-150 220-221-222 Financial Highlight(1) Rating information

Tint Color Chart Color Total Interest- 252-222-221 237-20-91 ¥40.0bn LTV(2) 49.2% bearing Liabilities

212-227-245 0-125-198 Japan Credit Rating Agency , Ltd.（JCR） Long-term Fixed 79.6% 20.2％ 254-240-217 250-166-26 debt Ratio Liabilities Ratio Long-term issuer rating A-(stable)

218-212-229 162-147-191 Average Average 0.50% Remaining 2.56yrs Interest Rate 197-228-237 109-188-209 Period

227-241-229 115-185-123 LTV(2) history and forecast Maturity ladder(1) Line Color Repayment using Public （¥ bn） 60% the refund of Offering 243-133-142 consumption taxes 15 51.0% 11.60 50% 47.8% 49.2% 45.3% 45.1% 96-163-217 10 8.15 8.50 40% 7.00 251-192-95 5 3.70 30% 1.07 239-171-255 0.00 0.00 0.00 20% 0 IPO 4th period 5th period 6th period 7th period Jun Dec Jun Dec Jun Dec Jun Dec Jun 138-228-226 (forecast) (forecast) 2015 2016 2017 2018 2019

255-161-97 Notes 1. As of December 31, 2014. 2. LTV=Total Loans Payable / Total Assets. Rounded to one decimal place.. 166-166-166 7 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Status (2)

0.75PT 23-70-158 150-150-150 220-221-222 List of Loans Payable(1) Diversification of lenders(1) Tint Color Chart Color

252-222-221 237-20-91 Amount Interest Repayment Lender Collateral (¥mm) Rate Date 212-227-245 0-125-198

The Bank of Tokyo Mitsubishi Base rate UFJ (BTMU), 50 +0.50% Apr. 24 2015 254-240-217 250-166-26 Mizuho Bank (MIZUHO) （floating） SMTB RESONA BTMU, MIZUHO, Mitsubishi UFJ 4%

term Loan Trust and Banking (MUTB), - Base rate 5% 218-212-229 162-147-191 Sumitomo Mitsui Banking 8,100 +0.25% Apr. 24 2015 SMBC Corporation (SMBC), Resona （floating） Short Bank (RESONA), Sumitomo 8% 197-228-237 109-188-209 Mitsui Trust Bank (SMTB)

Base rate BTMU, MIZUHO, 8,500 +0.275% Apr. 24 2016 227-241-229 115-185-123 MUTB, SMBC, SMTB （floating） MUTB Unsecured and non- 11% Base rate Line Color BTMU, MIZUHO, guarantee

11,600 +0.30% Apr.24 2017 MUTB, SMBC, RESONA d （floating） 243-133-142 0.80448% BTMU, MUTB, SMBC, RESONA 7,000 Apr. 24 2018

term Loan （fixed） 96-163-217 - MIZUHO BTMU

Long Base rate 13% 59% 251-192-95 BTMU 3,700 +0.30% Aug. 21 2017 (floating) 239-171-255 0.91443% BTMU 1,070 Apr. 24 2019 （fixed） 138-228-226 Total 40,020 255-161-97

Note 166-166-166 1. As of December 31, 2014 8 Logo Color (Header, Footer, Cover Page)

210-35-42 MEMO

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 9 Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 2. Public Offering Highlights (February 2015) 227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 10 Logo Color (Header, Footer, Cover Page)

210-35-42 Offering Highlights

0.75PT 23-70-158 150-150-150 Offering summary 220-221-222

Tint Color Chart Color Asset Management Sojitz REIT Advisors K.K. Company 252-222-221 237-20-91

Sojitz Corporation（67%） 212-227-245 0-125-198 Sponsor Cushman & Wakefield Asset Management K.K.（18%） 254-240-217 250-166-26 Companies Agility Asset Advisers Inc.（15%）

218-212-229 162-147-191 Offering Type Domestic offering 197-228-237 109-188-209 Number of Units 152,250 units 227-241-229 115-185-123 Offered 145,000 units (1) (newly issued units） (Breakdown) 7,250 units （over-allotment） Line Color Offering size ¥50.2 billion 243-133-142 Issue price ¥330,037 96-163-217 Launch date January 19, 2015 (Mon） 251-192-95 Pricing date February 3, 2015 (Tue) 239-171-255 Payment date February 10, 2015 (Tue)

138-228-226 Lead Manager Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd. & Bookrunner 255-161-97

Note 166-166-166 1. 319 units were sold to Sojitz Corporation as a designated purchaser. 11 Logo Color (Header, Footer, Cover Page)

210-35-42 Outcome of Public Offering

0.75PT 23-70-158 Maximize the growth opportunities by acquisition methods utilizing bridge funds, etc. 150-150-150 220-221-222 Acquisition Direct Bridge +Future Newly acquired methods Acquisition Funds Pipeline assets Tint Color Chart Color No. of properties 12 21 1 33 properties After acquisition 252-222-221 237-20-91 Acquisition price ¥35.8bn ¥49.8bn - ¥85.6 bn 53 properties （Acquisition price） Appraisal value ¥35.8bn ¥52.2bn ¥6.6bn bn 212-227-245 0-125-198 IPO assets ¥156.0 20 properties （Acquisition price） Newly acquired assets(1)：33properties / ¥85.6 bn ¥70.4 bn(2) 254-240-217 250-166-26 （Acquisition price）

Appraisal value(3) ¥74.0bn ¥88.1bn ¥162.2bn 218-212-229 162-147-191 NOI Yield 5.0% 5.1% 5.0% 197-228-237 109-188-209 Leasable Area （as of Oct. 2014） 89,943㎡ 113,026㎡ 202,969㎡ Portfolio 227-241-229 115-185-123 Occupancy Rate (as of Oct. 2014) 94.0% 94.6% 94.3%

Line Color PML 3.6% － 4.6%

243-133-142 Average Building Age (as of Oct. 2014) 17.3yrs 25.3yrs 21.7yrs

96-163-217 (as of Jun. 2014) After acquisition

251-192-95 LTV 47.8% 46.6%

239-171-255 Long-term Loan Ratio 76.0% 85.7% Finance Average Remaining Period 2.3yrs 2.4yrs 138-228-226 Fixed Liabilities Ratio 21.8% 22.5% 255-161-97 Notes 1. Newly acquired assets includes “Otakibashi Pacifica Building” which is scheduled to be acquired on March 12, 2015. 2. IPO assets is rounded to one decimal place, in accordance with the IPO prospectus. The same shall apply hereinafter. 166-166-166 3. The effective date of the appraisal for properties as at IPO is Dec.31, 2014 and for newly acquired assets is Dec. 1, 2014. 12 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Properties (After Public Offering）

0.75PT 23-70-158 Achieved asset size of over ¥150bn. All properties acquired after IPO are from third parties. 150-150-150

220-221-222

Tint Color Chart Color

252-222-221 237-20-91 Office A-1 A-2 A-3 A-4 A-5 A-6 A-7 A-8 A-9 A-10 A-11 A-12 A-13

212-227-245 0-125-198 【IPO assets】 254-240-217 250-166-26 20 properties ¥70,380 million Acquired from third parties : B-1 B-2 B-3 B-4 B-5 B-6 B-7 218-212-229 162-147-191 Residence 13 properties ¥39,580 million

197-228-237 109-188-209

227-241-229 115-185-123

Line Color A-14 A-15 A-16 A-17 A-18 A-19 A-20 A-21 A-22 A-23 A-24 A-25 A-26

243-133-142

96-163-217 Office A-27 A-28 A-29 A-30 A-31 A-32 A-33 A-34 A-35 A-36 A-37 A-38 A-39

251-192-95

239-171-255 【Newly acquired assets】 33 properties ¥85,688 million 138-228-226 Retail A-40 A-41 A-42 A-43 B-8 C-1 C-2 Residence 100% acquired from third parties 255-161-97 【Total】 53 properties 156,068 million 166-166-166 13 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Map

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

B-2 212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

A-41 Line Color B-5 A-43 A-42 B-6 243-133-142 B-3 B-7 C-2 B-4 Allocation by area(1) 96-163-217

O.D.C. etc. Metropolis (except 23 wards 1.4% 251-192-95 of Tokyo) 7.0% 239-171-255 53properties／ Central 138-228-226 Office ¥156.0bn 71.6% Residence Total acquisition price Retail 23 Wards of 255-161-97 Tokyo Note Central 1. “Central,” ”Metropolis” and ”ODC etc.” refer to “Central 6 wards of Tokyo”, “3 Major Metropolitan Areas” and ％ Metropolis “Ordinance-Designated Cities etc.” respectively. The same shall apply hereinafter. 91.6 166-166-166 O.D.C. etc. 14 Logo Color (Header, Footer, Cover Page)

210-35-42 Reinforcement of Portfolio Risk Tolerance

0.75PT 23-70-158 Reinforce portfolio risk tolerance and “Solidify the foundation for the future growth” through the acquisition. 150-150-150 Portfolio overview after acquisition 220-221-222

Total Tint Color Chart Color Office Residence Retail 252-222-221 237-20-91 Retail 3.5% O.D.C. etc. Residence 12.7% Metropolis Daily （except Central） necessities Central Metropolis 38.1% Urban 212-227-245 0-125-198 (incl. Central) 72.4% 61.9% Office 88.8% 83.9% 254-240-217 250-166-26 43properties ¥130.8 bn 8properties ¥19.7 bn 2properties ¥5.4 bn

218-212-229 162-147-191 Portfolio and tenant diversification The 4th period After acquisition 197-228-237 109-188-209 〈Proportion of top 5 assets (Acquisition Price)〉 FORECAST Top 5 assets Shinjuku SOUTH FORECAST 29.2％

Top 5 assets 9.0% 227-241-229 115-185-123 Shinjuku SOUTH 61.0％ Tower Court Kitashinagawa Others 19.9% 7.6% 39.0% Shibakoen 3chome bldg. Line Color Tower Court Kitashinagawa 4.7% 16.9% FORECAST Portfolio Others Shinjuku AVENUE 70.8% 243-133-142 Diversification FORECAST Ichigaya FORECAST 4.2% 6.8% Shinjuku AVENUE FORECAST Sakurabashi FORECAST Sakurabashi 9.2% 3.7% 96-163-217 8.2% 〈Top 10 Tenants〉 Top 10 tenants Top 10 tenants 251-192-95

(1) 29.1％ 17.7％

239-171-255

138-228-226 Tenant

Diversification 122 tenants 367tenants 255-161-97

Note 166-166-166 1. End tenants of office and retail properties only. Based on the leased areas and no. of tenants as of Oct. 2014. 15 Logo Color (Header, Footer, Cover Page)

210-35-42 Investment centering on office buildings in Central 6 wards of Tokyo

0.75PT 23-70-158 Pursuing income growth and stability by developing a portfolio centering on Mid-sized office in Central 6 wards of Tokyo 150-150-150 〈Portfolio after acquisition〉 220-221-222 Proportion of office in Central 6 wards of Tokyo Rent and vacancy rate trends in major business areas(1)

Average Rent(¥/Tsubo) Vacancy rate(％) Tint Color Chart Color Residence, Retail 18,000 15.00 Tokyo Rent 16.1％ 17,000 13.00 Osaka Rent 252-222-221 237-20-91 16,000 11.00 Office in 15,000 Nagoya Rent Central 14,000 9.00 212-227-245 0-125-198 Tokyo Vacancy Office / Metropolis 60.7% 13,000 7.00 (except Office Central) 12,000 Osaka Vacancy 23.1％ 11,000 5.00 254-240-217 250-166-26 Nagoya Vacancy 10,000 3.00 Jan Apr Jul Oct Jan Apr Jul Oct 29properties ¥94.7bn 2013 2014 218-212-229 162-147-191 (Acquisition price) Source Miki Shoji 197-228-237 109-188-209 〈Portfolio after acquisition〉 Office Scale Distribution Office rent trends by building grade(2)

227-241-229 115-185-123 0 25,000 50,000 75,000 100,000（¥ mm） Average assumed rent(¥/Tsubo) (from 2005 to Sep. 2014) （Floor Area） 60,000 Line Color Grade A 7,000 tsubo- 0 0 50,000 Grade A- 243-133-142 Acquisition 40,000 Grade B 2,000- 41,167 price 6 30,000 7,000 tsubo No. of 96-163-217 Properties 20,000 -2,000 tsubo 89,715 37 10,000 251-192-95 2005 2005 2006 2007 2007 2008 2009 2009 2010 2011 2011 2012 2013 2013 2014 0 25 50 Source CBRE K.K. （No, of properties） 239-171-255 Note 1. “Major Business Areas” refers to 5 central wards of Tokyo(Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards), 6 major areas in Osaka (Umeda, Minamimorimachi, 138-228-226 Yodoyabashi & Honmachi, Senba, Shinsaibashi & Nanba and Shinosaka areas) and 4 major areas in Nagoya(Meieki, Fushimi, Sakae and Marunouchi). 2. “Grade A” refers to the office buildings located within the areas defined by CBRE K.K. which are in 5 central wards of Tokyo and high office concentration areas in major wards of Osaka and Nagoya, having more than 6,500 tsubos of total leasable area and 10,000 tsubos of gross floor area, less than 11years old, and if located in 5 central 255-161-97 wards of Tokyo, more than 500 tsubos of basic floor area, and if located in Osaka or Nagoya, more than 350 tsubos of basic floor area. “Grade A-” refers to the office buildings located within the areas defined by CBRE K.K. in 23 wards of Tokyo, having more than 250 tsubos of basic floor area, 4,500 tsubos of total leasable area, and 7,000 tsubos of gross floor area and comply with the current earthquake resistance standard. “Grade B” refers to the office buildings located within the areas defined by 166-166-166 CBRE K.K. in 23 wards of Tokyo, having more than 200 tsubos of basic floor area, between 2,000 and 7,000 tsubos of gross floor area, and comply with the current earthquake resistance standard, and in Osaka and Nagoya, having more than 2,000 tsubos of gross floor area and comply with the current earthquake resistance standard. 16 Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 3. Financial Forecasts 227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 17 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Forecasts

0.75PT 23-70-158 150-150-150 Financial Forecasts for th 220-221-222 the 6 period (ending Jun. 2015) and Major changing factors the 7th period (ending Dec. 2015) Tint Color Chart Color Unit : ¥million Unit : ¥million

252-222-221 237-20-91 th 6th period Net income 6 period forecast 5th period 7th period th Actual Forecast (b-a) （vs 5 period actual） 212-227-245 0-125-198 As of Feb.19, 2015 Forecast (a) (b) As of Feb.19, 2015  Rental revenue increase +1,283

254-240-217 250-166-26  Other operating expenses increase ▲31 Operating Revenue 2,408 4,528 2,120 5,045 218-212-229 162-147-191  ＡM Fee increase ▲35  Offering related expenses ▲116 Operating Income 1,245 2,466 1,221 2,548 197-228-237 109-188-209  Loan related expenses increase ▲195 Ordinary Income 1,078 1,985 908 2,200 227-241-229 115-185-123

Unit：¥million Line Color Net Income 1,077 1,984 907 2,199 2,500 +1,283 ▲31 ▲35 ▲116 ▲195 243-133-142 2,000 Other DPU(1) ¥7,109 ¥6,527 ▲¥582 ¥7,234 operating 96-163-217 Expenses AM Fee 1,500 Offering NOI 1,849 3,335 － 3,696 Expenses 251-192-95 Loan Expenses 1,000 1,984 th 239-171-255 NOI Yield(2) 5.1% 4.9% － 4.7% Rental (6 period Revenue forecast) 500 1,077 138-228-226 Days 184 181 － 184 （5th period Actual） 0 255-161-97 Note 1. Distributions for the 5th fiscal period is calculated by drawing down ¥1million retained earnings carried forward. 166-166-166 2. “NOI Yield forecast” = NOI forecast / Acquisition price. Calculated at an annualized rate and rounded to one decimal place. 18 Logo Color (Header, Footer, Cover Page)

210-35-42 MEMO

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 19 Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 4. Growth Strategies 227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 20 Logo Color (Header, Footer, Cover Page)

210-35-42 External Growth Strategy (1) (1) 0.75PT 23-70-158 Achieved initial target asset size in accelerated timeframe. Aiming at new target of ¥200 bn. 150-150-150 220-221-222 Growth target as at IPO Mid-long term IPO Initial Target Achieved initial target in advance Tint Color Chart Color target ¥200 bn 252-222-221 237-20-91 ¥100 bn ¥70.4 bn 212-227-245 0-125-198 New asset size expansion target

254-240-217 250-166-26 ¥200 bn in 1-2 years IPO 1-2years 3-5years

218-212-229 162-147-191

New growth target 197-228-237 109-188-209

Achievement after IPO Short term target Mid-long term target 227-241-229 115-185-123

Line Color ¥300 bn

243-133-142

¥200 bn 96-163-217 ¥156 bn 251-192-95

239-171-255 ¥73.8bn ¥70.4 bn

138-228-226

IPO 5th period After Public 1-2years 3-5years 255-161-97 Offering Note 1. “Asset size” refers to a total acquisition price. 166-166-166 2. Asset size after Public Offering includes “Otakibashi Pacifica Building” scheduled to be acquired on March 12, 2015. 21 Logo Color (Header, Footer, Cover Page)

210-35-42 External Growth Strategies (2)

0.75PT 23-70-158 Continue dynamic and timely investments by utilizing various bridge funds and borrowing, corresponding to the needs of sellers. 150-150-150 220-221-222 Acquisition status after IPO Acquired upon public offering Tint Color Chart Color Acquisition Bridge Funds methods 252-222-221 237-20-91 Nicolas Nicolas Nicolas Gotanda Ohasi Acquisition Direct Investment TMK by borrowing acquisition Capital 1 Capital2 Capital 4 212-227-245 0-125-198 No. of properties 2 10 16 1 4 1

254-240-217 250-166-26 Acquisition price ¥8.8 bn ¥27 bn ¥33.3 bn ¥7.3 bn ¥9.1 bn ―

Appraisal value ¥8.9 bn ¥27 bn ¥34.4 bn ¥8.5 bn ¥9.2 bn ¥6.6 bn 218-212-229 162-147-191 Dynamic utilization of bridge funds Acquisition by borrowing 197-228-237 109-188-209 ① Accumulative bridge funds ② Just-in-time bridge funds Acquisition by borrowing

227-241-229 115-185-123 ・ Determining transaction date in advance ・ Establishing tailor-made bridge funds ・ Not using bridge funds, in accordance ・ Accumulating plural properties aiming corresponding to the needs of sellers. with the timing of transaction or the the transaction date as a target. characteristics of the property. Line Color e.g. e.g. Gotanda Ohasi e.g. Central e.g. JS Progres e.g. Nicolas Capital 1 243-133-142 Nicolas Capital2 Investment TMK Daikanyama Building

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 22 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (1)

0.75PT 23-70-158 Pursuing income increase through improvement of occupancy rate and rent growth 150-150-150 220-221-222 Occupancy rate trend and forecast Average rent(1) and average market rent(2)

Tint Color Chart Color Rental Gap(3) （¥/Tsubo) of office portfolio 252-222-221 237-20-91 As of Dec. 2014 100% 18,000 2.7%

212-227-245 0-125-198 As of Jun. 2014 17,887 2.6%

254-240-217 250-166-26 17,500 As of Jan. 2014 2.9% 95% 17,494 218-212-229 162-147-191 17,378 17,296 197-228-237 109-188-209 5th period（actual） 17,000 7th period（forecast） 17,065 Total 94.1% 227-241-229 115-185-123 Total 96.5% 90% th 16,915 Office 92.2% 6 period（forecast） Office 96.1% Total 95.8% Residence 96.9% Residence 97.5% Line Color Office 95.5% Retail 98.1% Residence 97.5% 16,500 243-133-142 Retail 92.9%

85% 96-163-217 Jun Jul Aug Sep Oct Nov Dec 6th period 7th period (end Jun. 2015)(end Dec. 2015) 5th period 16,000 251-192-95 forecast forecast actual Jan.2014 Jun.2014 Dec.2014 Total office residence retail 239-171-255 Average rent Average market rent

138-228-226 Notes 1. Average rent is represented by the contract-based rent as of the end of January, the end of June 2014 and the end of December 2014, respectively, which is a weighted-average of each office properties based on the occupied floor area. Each weighted average excludes tenants which have submitted a notice of cancellation and 255-161-97 which occupy the retail section between the 2nd floor to the basement floor of buildings. 2. Market rent is represented by an average of the maximum and minimum of the rent as of 1 January 2014, as of 30 June 2014 and as of 31 December 2014, as described in the market reports prepared by Sanko Estate and CBRE K.K. Such average is a weighted-average of each office properties based on the occupied floor area. 166-166-166 3. Rental gap: Average rent / Market rent – 1; calculated as a weighted-average of each office properties based on the occupied floor area. 23 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (2) Maintaining and raising portfolio value through appropriate property management and proactive CAPEX plan within the limitation of depreciation 0.75PT 23-70-158 150-150-150 CAPEX plan and maintenance cost 220-221-222 ◆ Measures in consideration of cost reduction, ◆ CAPEX plan(1) and depreciation(scheduled) of tenant satisfaction and eco friendliness properties acquired upon IPO Illumination Tint Color Chart Color AC unit replacement replacement LED lamp installment (energy-saving device) (¥million) Elevators to LED lamp 252-222-221 237-20-91 500 AC unit replacement replacement （FORECAST (Higashi- Ikebukuro (FORECAST Shinjuku Sakurabashi), SOUTH),etc. 212-227-245 0-125-198 450 Center Building) ,etc. etc. 380 400 363 373 254-240-217 250-166-26 352 350 320

218-212-229 162-147-191 300 273

250 197-228-237 109-188-209 224 200 227-241-229 115-185-123 152 Water-saving device installment 150

Line Color 100

243-133-142 50

0 96-163-217 6th period 7th period 8th period 9th period (Jun 2015）（Dec 2015）（Jun 2016）（Dec 2016） 251-192-95 CAPEX plan Depreciation (Scheduled) 239-171-255

138-228-226 Note 1. CAPEX plan is the summary of the plan made by the asset management company 255-161-97 based on the management reports of respective properties.

166-166-166 24 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Strategy

0.75PT 23-70-158 Constructing stable financial foundation over the medium to long term together with the strong banking relationship 150-150-150 220-221-222 Financial Highlights after public offering List of (scheduled) borrowings after public offering

Tint Color Chart Color Loan Fixed Total Interest- Cate Drawdown Repayment Interest term Lender amount /Float gory date date rate bearing ¥80.3bn LTV 46.6% (¥mm) ing

252-222-221 237-20-91 Liabilities

Base rate 50 Apr. 24, 2014 Apr. 24, 2015 floating +0.50% Average 212-227-245 0-125-198 Base rate remaining yrs 8,100 Apr. 24, 2014 Apr. 24, 2015 floating 2.4 +0.25% period Japan Credit Rating Agency (JCR) Short term Long-term issuer rating Base rate 8,500 Apr. 24, 2014 Apr.24, 2016 floating 254-240-217 250-166-26 (1) +0.275% Long-term A-(Stable) Base rate 85.7％ 11,600 Apr. 24, 2014 Apr.24, 2017 floating debt ratio +0.30% 218-212-229 162-147-191 Base rate 3,700 Dec. 19, 2014 Aug. 21, 2017 floating +0.30% Maturity ladder after public offering(2) 197-228-237 109-188-209 7,000 Apr. 24, 2014 Apr. 24, 2018 0.80448% fixed Long term The Bank of Tokyo-Mitsubishi

Borrowings Borrowings publicbefore offering Base rate (¥ bn) 5,700 Jan. 8, 2015 Aug. 20, 2018 floating UFJ, Ltd. +0.325% 227-241-229 115-185-123 or 15 Loan syndicate 1,070 Apr. 24, 2014 Apr. 24, 2019 0.91443% fixed with

Line Color The Bank of 11.50 11.60 Base rate 10.80 Tokyo-Mitsubishi 3,000 Feb.12, 2015 Feb. 22, 2016 floating

term +0.50% 10.00 10.20 Short UFJ, Ltd. as arranger 243-133-142 9.50 Base rate 10 10,000 Feb.12, 2015 Aug. 22, 2016 floating 8.15 +0.275% 7.00 Base rate 6,500 Feb.12, 2015 Aug. 21, 2017 floating

96-163-217 +0.30%

Base rate 5,100 Feb.12, 2015 Aug. 20, 2018 floating 251-192-95 5 +0.325% Base rate 3,500(2) Mar. 12, 2015 Feb. 20, 2020 fixed

Long term +0.40% 1.07 239-171-255 0.50 6,000 Feb.12, 2015 Feb. 20, 2020 0.85306% fixed

0 Borrowings publicafter offering

138-228-226 2015 2016 2017 2018 2019 2020 2021 2022 2023 500 Feb.12, 2015 Feb. 20, 2023 1.23580% fixed

Note 255-161-97 1. The above rating is the issuer rating granted to NIPPON REIT, and not a rating granted to its investment units. Furthermore, the investment units have no credit rating that have been or will be granted or submitted for inspection by any rating agency at the request of NIPPON REIT. 2. Subject to the fulfillment of all the preconditions for lending and completion of procedure of respective lenders. Loan amount, interest rate, drawdown date, and 166-166-166 repayment date pertaining to the borrowing may change by the eventual execution of the borrowing. 25 Logo Color (Header, Footer, Cover Page)

210-35-42 Achievements and Future Challenge

0.75PT 23-70-158 150-150-150 220-221-222 The 5th Period Achievements Challenges for the future Tint Color Chart Color

252-222-221 237-20-91  Acquisition of Central Daikanyama (¥3.5bn)  Established 4 bridge funds and be granted  Next asset size target ¥200bn 212-227-245 0-125-198 External first negotiation rights  Continue dynamic and timely investment (22properties ¥56.3bn) through bridge funds and borrowing 254-240-217 250-166-26 Growth  Achieved initial asset size target of ¥100bn  Acquisition of assets contribute to the ahead of time improvement of portfolio quality 218-212-229 162-147-191 (After public offering in 6th period)

197-228-237 109-188-209  Improvement of occupancy rate  Improvement of occupancy rate (FORECAST Yotsuya, GreenOak Takanawadai)  Rent growth utilizing rent renewal 227-241-229 115-185-123  Realization of rent growth opportunities Internal (leased floor areas scheduled to be renewed during (6tenants / 10.4% increase) th Line Color Growth 6 period : approximately 10,000 tsubos)  Revision to CAPEX plan  Maintaining portfolio value through 243-133-142  Building name change proactive CAPEX plan (FORECAST Shinjuku South, FORECAST Sakurabashi)  Unification of building name (Branding) 96-163-217  Continue strong bank relation with BTMU as  Lengthen loan remaining period through a main financing bank 251-192-95 new borrowing of funds and refinancing Financial  Prepayment of loans with funds from the  Improvement of credit rating 239-171-255 Strategy consumption tax refund (¥730mm)  Further diversification of unitholders  Borrowing of funds (¥3.7bn) for the including Global investors 138-228-226 acquisition of asset

255-161-97

166-166-166 26 Logo Color (Header, Footer, Cover Page)

210-35-42

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 5. Appendix 227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 27 Logo Color (Header, Footer, Cover Page)

210-35-42 NIPPON REIT’s Policy

0.75PT 23-70-158 150-150-150 220-221-222 “Strongly pursuing the interests of Tint Color Chart Color NRT unitholders” 252-222-221 237-20-91

212-227-245 0-125-198 Basic policies of NIPPON REIT

254-240-217 250-166-26

218-212-229 162-147-191 1 Dynamic and timely investment 197-228-237 109-188-209

227-241-229 115-185-123

Line Color Network and skill provided by JV sponsors 2 243-133-142 (Sojitz, CWAM, and AAA(1)) 96-163-217

251-192-95 Fee structure linked to fluctuation in DPU 239-171-255 3 and Governance Structure monitored 138-228-226 by third parties 255-161-97

Notes 166-166-166 1. “Sojitz,” ”CWAM” and ”AAA” refer to “Sojitz Corporation,” ”Cushman & Wakefield Asset Management K.K.” and “Agility Asset Advisers Inc.” respectively. 28 Logo Color (Header, Footer, Cover Page)

210-35-42 Market Overview

0.75PT 23-70-158 Office market Residential market Retail market 150-150-150 220-221-222 Urban retail stores Rent growth is expected Rent levels are expected to :Sales growth is expected in the business recovery phases remain stable in the business expansion phases Tint Color Chart Color Sales of corporations, Office rent and Rent index by asset type Year-on-year comparison of department store Office vacancy rate for central 5 wards of Tokyo sales and GDP Sales (1985=100) 252-222-221 237-20-91 Vacancy rate(%) and office rent (1) Jul.2012 120 Apr.2010 9% 160 115% Oct .2003 8.17% 8.22% 115 8.59% 8% 110% 212-227-245 0-125-198 150 110 7% 140 105% 105 6% 130 100% 100 5% 120 95% 254-240-217 250-166-26 95 4% 110 90% 90 3% 85% 85 Sep.2005 2% 100 92.79% 80% 218-212-229 162-147-191 80 1% 90 2000 2002 2004 2006 2008 2010 2012 2014 1985 1989 1993 1997 2001 2005 2009 2013 2005 2006 2008 2009 2011 2012 2014

Rent Sales Vacancy Office Residence Retail Sales GDP 197-228-237 109-188-209 Source：Department store sales value: Ministry of Economy, Trade and Industry Source：Sanko Estate Co., ltd. “Monthly office market survey” and Ministry of Source：Bank of Japan and “Current survey of commerce” Finance “Financial Statements statistics of Corporations by Industry” Statistics Bureau, Ministry of Internal Affairs and Communications GDP: ” Cabinet office ,“National Accounts of Japan” 227-241-229 115-185-123 Daily necessities retail/ “Central” “Metropolis” GMS(2) anchored retail Line Color : High concentration of companies : High concentration of population :Stable income can be expected Head office address of major Companies Household projection Supermarket Sales value 243-133-142 （No. of companies） (¥ trillion) 100% 14 “Central” Chiyoda 80% 96-163-217 47.7% 47.0% 46.5% 46.0% 45.6% 45.3% 12 28.7% 6.3% Chuo 7.3% 60% 10 7.8% Minato 40% 8 251-192-95 52.3% 53.0% 53.5% 54.0% 54.4% 54.7% 2.9% Shinjyuku 20% 6 4 2.3% Shibuya 0% 239-171-255 61.1% 2010 2015 2020 2025 2030 2035 2 2.1% Shinagawa 0 Tokyo(except "Central") Actual Projection 1980 1984 1988 1992 1996 2000 2004 2008 20122013 138-228-226 10.2% Other cities “Metropolis” Other areas Total Apparel F&B Others Source: Statistics Bureau, Ministry of Internal Affairs and Communications Source：Actual：Statistics Bureau, Ministry of Internal Affairs and Source：Ministry of Economy, Trade and Industry “Current survey of commerce” 255-161-97 “Economic Census” Communications ”Population Census 2005 and 2010” Projection：National Institute of Population and Social Security Notes Research “Household Projection for Japan (Apr. 2014)” 166-166-166 1. “Office rent” is normalized as of Jan. 2000 at the value of 100. “Sales of corporations” is normalized as of 2000 at the value of 100. 2. “GMS” is an abbreviation of general merchandising store and refers to a large-scale general supermarket that sells daily necessities for the general public 29 Logo Color (Header, Footer, Cover Page)

210-35-42 Investment Policy

Investment ratio by asset type 0.75PT 23-70-158 150-150-150 for each asset type For entire 220-221-222 Metropolis (2) ODC portfolio Central (1) etc. (3) Tint Color Chart Color Office 40% 20% Focusing on Concentration of Growth potential 50% 60% 252-222-221 237-20-91 Properties “Central” companies or or NIPPON REIT’s Understanding of Investment Characteristics or or less less more more 212-227-245 0-125-198  Income growth is expected in the economic expansion phases, as tenant demand and rent levels are relatively prone to changes in accordance with business cycles  Liquidity is secured at a certain level, as the investment market has a relatively large size 254-240-217 250-166-26  “Central” : Solid tenant demand is expected, given the high concentration of companies

Residential 40% 218-212-229 162-147-191 Focusing on Concentration of Stability 50% 60% Properties “Metropolis” population or NIPPON REIT’s Understanding of Investment Characteristics or or less 197-228-237 109-188-209  Rental demand and rent levels are expected to remain relatively stable without being less more influenced by business cycles 227-241-229 115-185-123  “Metropolis” : Demand for rental residential properties at a certain level is anticipated, given the high concentration of population

Line Color Retail Urban retail Growth potential No investment ratio by area has Properties 20% been set up 243-133-142 Daily necessities retail / GMS-anchored retail Stability or NIPPON REIT’s Understanding of Investment Characteristics less 96-163-217  Urban retail  Relatively high profitability is expected, as they are located in the center of cities where brisk consumption are anticipated against the backdrop of population inflow 251-192-95  More replacement tenants are expected to be available  Daily necessities retail / GMS-anchored retail facilities 239-171-255  Stable income can be expected based on long-term fixed rent contracts with major tenants  Solid tenant demand is anticipated in response to stable needs closely connected to the 138-228-226 community lives

Notes 255-161-97 1. “Central” refers to the 6 Central Wards of Tokyo (i.e. Chiyoda, Chuo, Minato, Shinjuku, Shibuya and Shinagawa Wards) 2. “Metropolis” refers to the 3 Major Metropolitan Areas (i.e. Tokyo, Osaka and Nagoya economic blocs) 3. “ODC etc.” refers to the ordinance-designated cities located in areas other than “Metropolis” (i.e. Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Okayama, Hiroshima, 166-166-166 Fukuoka, Kitakyushu and Kumamoto) and prefectural capitals 30 Logo Color (Header, Footer, Cover Page)

210-35-42 Overview of Sponsor Support

0.75PT 23-70-158 Growth with the sponsor supports and acquisitions from third parties 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91 External growth strategy Internal growth strategy Expand its asset size with acquisitions from third parties utilizing PM and BM operations utilizing a subsidiary of Sojitz, the networks of respective sponsor companies the main sponsor 212-227-245 0-125-198 Utilize the Proprietary Networks of the Asset Management Company： 254-240-217 250-166-26  Maintain and enhance competitiveness in accordance with the Build the Asset Management Company’s proprietary networks for  characteristics of the portfolio and individual properties, based on property acquisitions by assigning human resources who have 218-212-229 162-147-191 the proprietary networks and knowledge fostered through experiences at respective sponsor companies in property operations at respective sponsor companies. acquisitions mainly through negotiated transactions with third  Build an appropriate administration and operation system by parties selecting the most suitable property management companies 197-228-237 109-188-209

Utilize the Support of 227-241-229 115-185-123 Respective Sponsor Companies：

 Utilize the networks of respective sponsor companies  PM and BM operations utilizing a subsidiary of Sojitz Line Color  Preferentially obtain property information and be granted a exclusive  Consign PM and BM services for assets under management primary to negotiation right to purchase properties (from respective sponsor Sojitz General Property Management Corporation, assuming that appropriate selection processes are taken 243-133-142 companies)  Provision of information on sales of qualified real estate (1) owned by  Upon implementing systematic maintenance and repair work, provide business partners (from Sojitz) full support ranging from building diagnostics to repair planning , constructor selection and work supervision, utilizing knowledge fostered 96-163-217  Utilize bridge funds that are formed with the involvement of respective sponsor companies through consulting services for large-scale repairs at for-sale  Avoid missing acquisition opportunities and maximize growth condominiums consigned to manage 251-192-95 opportunities by taking advantage of the bridge funds that are formed  Make various proposals and provide improvement measures in line with with the involvement of the respective sponsor companies for the the tenant needs by taking advantage of knowledge fostered through purpose of future acquisition large-scale relocation and integration projects at office buildings 239-171-255 Trademarks Other  Provision of human resources   Cooperation in securing human resources  Gratis licensing of the “FORECAST” trademark (by Sojitz) 138-228-226 （by respective sponsor companies）  Survey of real estate and market trends  Provision of training to the officers and  Survey and provision of information regarding qualified real estate and trends in the employees (by Sojitz and AAA) real estate transaction or rental market, etc. (by Cushman) 255-161-97 Note 1. “Qualified real estate” refers to real estate, trust beneficiary interest in real estate, real estate-backed securities or equity interest in anonymous partnership backed by 166-166-166 real estate (including real estate under development), which are consistent with the investment policy established by NIPPON REIT and the Asset Management Company. 31 Logo Color (Header, Footer, Cover Page)

210-35-42 Sojitz Corporation

0.75PT 23-70-158 A major general trading company 150-150-150 220-221-222  The Sojitz Group consists of approximately 430 subsidiaries and Sojitz group’s real estate business affiliates located in Japan and throughout the world, and it is (a) Income Producing Property Business developing its operations in approximately 50 countries and regions. Tint Color Chart Color  Developed 15 office buildings, 5 retail facilities and 54 residential properties in approx. 10 years from fiscal year 2003 to 2012 （as of Dec. 31, 2014）  Among the properties above, Sojitz owned and managed 12 office 252-222-221 237-20-91 Domestic： 7 buildings, 3 retail facilities and 1 residential property No. of Branches (b) For-sale condominium business & Offices Overseas： 87  Over 40 years of history of business in the construction and real estate 212-227-245 0-125-198 areas. No. of Domestic： 115  Track record of Approx. 75,000 units developed subsidiaries  Sojitz General Property Management (a subsidiary of Sojitz) consigned to 254-240-217 250-166-26 and affiliates Overseas： 303 manage approx. 26,000 units (as of Feb 1, 2015) No. of Non consolidated：2,271 (1) 218-212-229 162-147-191 employees Consolidated：16,132 Major development achievements Office Residential Retail 197-228-237 109-188-209 History FORECAST FORECAST Imprest Tower Court Mallage Saga FORECAST Shinjuku AVENUE Ichigaya Okurayama Kitashinagawa Kyoto Kawaramachi Nissho Company Iwai Sangyo Co., Ltd. Nichimen Corporation 227-241-229 115-185-123 1914 1896 1892 Established as the Established as Established as Nippon successor Suzuki & Iwai & Company Menkwa Line Color Company

243-133-142 Nissho Iwai Track record of for-sale condominiums supply in Tokyo and Corporation Osaka economic blocs (by fiscal year) 1968 件 Units 96-163-217 Iwai Sangyo and 40 8,000 Nissho merged 30 6,000 251-192-95 2003 2004  Nissho Iwai-Nichimen holdings Corporation  Nichimen Corporation and Nissho Iwai was established and made Nichimen Corporation merged to form a new 20 4,000 Corporation and Nissho Iwai Corporation, its company “Sojitz Corporation” 239-171-255 wholly owned subsidiaries Nissho Iwai-Nichimen Holdings  10 2,000 2005 Corporation changed its name to Sojitz  Sojitz Holdings Corporation merged with Holdings Corporation 138-228-226 Sojitz Corporation and changed the company 0 0 name to Sojitz Corporation 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 No.of condos No.of Units 255-161-97 Source: Sojitz Note 1. Properties on this page shows Sojitz’s achievements. NIPPON REIT have not acquired nor plan to acquire, as of the date of this material, these properties, except 166-166-166 FORECAST Shinjuku AVENUE, FORECAST Ichigaya and Tower Court Kitashinagawa. 32 Logo Color (Header, Footer, Cover Page)

210-35-42 Cushman & Wakefield Asset Management K.K. (CWAM) (1) 0.75PT 23-70-158 The asset management company 100% owned by C&W group 150-150-150 220-221-222  Accumulated total investment track record of over ¥600 billion since 2005  CWAM managed property investment funds which invest mainly in office, residential and retail properties and financed by Tint Color Chart Color domestic financial institutions  After 2009, CWAM was consigned to manage private funds from overseas investors and J-REIT bridge funds 252-222-221 237-20-91 One of the world’s largest real estate firm 212-227-245 0-125-198  C&W, the parent company, is the world’s largest privately-held commercial real estate services firm, founded in 1917  It has approximately 250 offices in 60 countries, employing more than 16,000 professionals  It offers a complete range of services for all property types all over the world, including leasing, sales and acquisitions, corporate 254-240-217 250-166-26 services, consulting and appraisal etc.

218-212-229 162-147-191 Major leasing track records C&W group global network

197-228-237 109-188-209

227-241-229 115-185-123 One World Trade Center Line Color (New York, USA)

243-133-142 China Central Place （Beijing, China） 96-163-217 Heron Tower 251-192-95 （London, UK）

239-171-255

138-228-226

255-161-97 Note 1. “C&W group” refers to Cushman & Wakefield Inc.(C&W) and its group company including its Japanese subsidiaries, Cushman & Wakefield K.K. and Cushman & 166-166-166 Wakefield Asset Management K.K. 33 Logo Color (Header, Footer, Cover Page)

210-35-42 Agility Asset Advisers Inc.（AAA)

0.75PT 23-70-158 Founder of NIPPON REIT 150-150-150 220-221-222  AAA was established in January 2005, with its partner “Polaris Japan Group(1)” Tint Color Chart Color  AAA offers wide range of business including fund management, advisory, property investment, brokerage, property management etc. 252-222-221 237-20-91  Since its foundation AAA managed property investment funds mainly backed by domestic institutional investors. After the capital participation of “Polaris Japan Group” it manages private funds which invest in the field of property and renewable 212-227-245 0-125-198 energy facility etc. backed by high-net-worth investors from Greater China including China Taiwan Hong Kong and Singapore, and USA. 254-240-217 250-166-26 Investment strategy of AAA  Invest mainly in residential properties located in 6 major metropolitan areas in Japan including Sapporo, Sendai, Tokyo 218-212-229 162-147-191 economic bloc, Nagoya, Osaka economic bloc, and Fukuoka economic bloc (Fukuoka and Kitakyusyu) which AAA perceives relatively stable cash flows are expected, as brisk economic activities are anticipated in those areas. 197-228-237 109-188-209  Focus on the difference between potential value and market price of office, residential and retail properties located in 6 central wards of Tokyo. 227-241-229 115-185-123 Major Investment Achievements (2)

Line Color Residential properties Office buildings, and retail facilities Storia Across Ginza The Residence Harbor VEXA Yokohama 243-133-142 Shinagawa Meguro Executive Building Omotesando Yamashitacho Building

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97 Notes 1. “Polaris Japan Group” is an arm in Japan of a financial group formed by the family members of Polaris Securities Ltd. (Currently Yuanta Financial Holdings Co., Ltd) which develops a wide range of operations mainly in Taiwan and in south east Asia countries. 166-166-166 2. Properties on this page shows AAA’s achievements. NIPPON REIT have not acquired nor plan to acquire, as of the date of this material, these properties. 34 Logo Color (Header, Footer, Cover Page)

210-35-42 Governance Structure

0.75PT 23-70-158 Management structure for pursuing the interest of NRT Unitholders 150-150-150 220-221-222 Method for pursuing the interest of Unitholders Governance system

Tint Color Chart Color Management fee system linked to DPU Decision-making process 252-222-221 237-20-91 Asset management fees from the 5th fiscal period ＜ Decision-making process regarding transaction of assets under management with interested parties＞ 212-227-245 0-125-198 ＜Asset management (AM) fee 1 and asset management fee 2＞ Proposal by the department in charge Calculation method Request for endorsement 254-240-217 250-166-26 Questioned AM fee1 Total assets of the immediately preceding period Deliberation by the Compliance Officer × annual rate of 0.35%（maximum rate） Request for endorsement 218-212-229 162-147-191 Rejected AM fee2 NOI×DPU volatility (1) Deliberation and resolution by the Compliance Committee ×2.5%（maximum rate）  Grant of veto power in effect to outside members over 197-228-237 109-188-209 the resolution of the Compliance Committee ＜Acquisition fee and disposition fee＞ Sent Passing back 227-241-229 115-185-123 Calculation method Rejected Deliberation and resolution by the Investment Committee Acquisition fee Acquisition price×1.0%（maximum rate） Remanded by the Compliance Officer Line Color ※Acquisition from interested parties：  Grant of veto power in effect outside member over the acquisition price ×0.5%（maximum rate） resolution of the Investment Committee Transfer price×1.0%（maximum rate） Passing Disposition fee Rejected 243-133-142 ※Transfer to interested parties： Deliberation and resolution by the Board of Directors transfer price ×0.5%（maximum rate） Passing 96-163-217 Disapproved Approval by the Board of Officers and Consent from NIPPON REIT(4) Same-boat investment by the sponsor  Transactions with interested parties are subject to 251-192-95 prior approval by the Board of Officers of NIPPON Sojitz, Owns 15,500 investment units of NIPPON REIT REIT the main sponsor after Public Offering Approval and Consent 239-171-255 Procedure incomplete Decision by the Board of Directors (5) Notes 138-228-226 1. DPU volatility＝(Adjusted DPU for a certain fiscal period (2)－adjusted DPU for the preceding fiscal period) / adjusted DPU for the previous fiscal period＋1 2. “Adjusted DPU” is the amount obtained by dividing the distributable amount before deducting fees and compensations (3) for a certain fiscal period by the number of investment units issued and outstanding as of the settlement date for the fiscal period (rounded down to the nearest one yen) 255-161-97 3. “Distributable amount before deducting fees and compensations” is the amount of income before income taxes for the fiscal period in accordance with the accounting practices generally accepted in Japan (on the condition that the AM fee2 and gain or loss on sale of specified assets are not added to or subtracted from the amount) 4. Consent from NIPPON REIT shall not be required but approval from the Board of Officers shall be required for the transactions stipulated in article 2-1 of the Investment 166-166-166 Trusts act and articles 245-2 of the Order for Enforcement of the Investment Trust Acts. 5. The Board of Directors makes a decision after confirming that each procedure has been appropriately completed 35 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio and Tenant Allocation

0.75PT 23-70-158 Building up the diversified portfolio 150-150-150 220-221-222 Portfolio diversification Tenant diversification

Tint Color Chart Color Based on acquisition price as of Dec. 31, 2014 as of Dec. 31, 2014 252-222-221 237-20-91

212-227-245 0-125-198 Top 10 tenants 17.0% 254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209 Summary of top 10 major assets Summary of top 10 major tenants(1)

227-241-229 115-185-123 Acquisition Category Leased Property name price Share Property name of area Share Line Color （¥million） business (m2) Higashi Ikebukuro Wholesale 1 FORECAST Shinjuku SOUTH 13,990 18.9% 1 2,424.34 2.6% 243-133-142 Center Building and retail 2 Tower Court Kitashinagawa 11,880 16.1% 2 FORECAST Shinjuku SOUTH Service 2,309.49 2.5% FORECAST Shinjuku AVENUE 96-163-217 3 6,500 8.8% 3 FORECAST Sakurabashi Manufacturing 1,601.49 1.7% (Tentative) FORECAST Wholesale 4 FORECAST Sakurabashi 5,760 7.8% 4 1,533.92 1.7% Nihombashi EAST and retail 251-192-95 5 FORECAST Ichigaya 4,800 6.5% FORECAST Shinjuku South Telecommunic 5 FORECAST Shinjuku AVENUE ations 1,491.65 1.6% 6 Central Daikanyama 3,510 4.8% 239-171-255 6 FORECAST Shinjuku AVENUE Manufacturing 1,395.96 1.5% 7 GreenOak Okachimachi 3,330 4.5% 7 GreenOak Kudan Manufacturing 1,361.47 1.5% 8 GreenOak Kayabacho 2,860 3.9% 138-228-226 8 FORECAST Shinjuku South Manufacturing 1,280.85 1.4% 9 GreenOak Kudan 2,780 3.8% Finance and Higashi Ikebukuro center 9 GreenOak Kayabacho 1,211.22 1.3% 255-161-97 10 2,520 insurance building 3.4% 10 FORECAST Sakurabashi Manufacturing 1,035.02 1.1% Note 166-166-166 1. The share is calculated based on the leasable area of all end tenants as of Dec.31, 2014 36 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Appraisal Value

0.75PT 23-70-158 As of December 31, 2014 150-150-150 Direct capitalization Discount Cash Flow 220-221-222 Appraisal Appraisal value Book (¥mm) Acquisition Profit CAP rate(%) Discount rate(%) Terminal rate(%) Value Appraiser No. Property name Price or loss (a) (1) Tint Color Chart Color (¥mm) (b-a) End 4th End 5th End 4th End 5th End 4th End 5th End 4th End 5th (¥mm) (¥mm) period period variance period Period variance period Period variance period Period variance 252-222-221 237-20-91 (b) Office properties 212-227-245 0-125-198 A-1 FORECAST NishiShinjuku 2,260 2,252 317 2,520 2,570 50 4.7 4.6 ▲0.1 4.3 4.2 ▲0.1 4.9 4.8 ▲0.1 JREI A-2 (Tentative)FORECAST Nihombashi EAST 2,130 2,137 122 2,240 2,260 20 4.8 4.8 0 4.7 4.6 ▲0.1 5.1 5.0 ▲0.1 JREI A-3 FORECAST Yotsuya 1,430 1,430 219 1,610 1,650 40 4.7 4.6 ▲0.1 4.4 4.3 ▲0.1 4.8 4.7 ▲0.1 JREI 254-240-217 250-166-26 A-4 FORECAST Shinjuku AVENUE 6,500 6,485 384 6,700 6,870 170 4.3 4.2 ▲0.1 4.0 3.9 ▲0.1 4.4 4.3 ▲0.1 JREI A-5 FORECAST Ichigaya 4,800 4,834 435 5,090 5,270 180 4.3 4.2 ▲0.1 4.1 4.0 ▲0.1 4.5 4.4 ▲0.1 JREI 218-212-229 162-147-191 A-6 FORECAST Mita 1,800 1,802 127 1,890 1,930 40 4.5 4.4 ▲0.1 4.3 4.2 ▲0.1 4.7 4.6 ▲0.1 JREI A-7 FORECAST Shinjuku SOUTH 13,990 14,484 615 14,400 15,100 700 4.3 4.2 ▲0.1 4.0 3.9 ▲0.1 4.5 4.4 ▲0.1 JREI 197-228-237 109-188-209 A-8 FORECAST Sakurabashi 5,760 5,969 ▲139 5,820 5,830 10 4.7 4.7 0 4.5 4.5 0.0 4.9 4.9 ▲0.1 JREI A-9 GreenOak Kayabacho 2,860 2,972 ▲32 2,890 2,940 50 4.7 4.6 ▲0.1 4.4 4.4 0.0 4.9 4.8 ▲0.1 JREI 227-241-229 115-185-123 A-10 GreenOak Kudan 2,780 2,887 52 2,870 2,940 70 4.4 4.3 ▲0.1 4.2 4.1 ▲0.1 4.6 4.5 ▲0.1 JREI A-11 GreenOak Takanawadai 2,260 2,330 ▲30 2,280 2,300 20 4.8 4.7 ▲0.1 4.6 4.5 ▲0.1 5.0 4.9 ▲0.1 JREI Line Color A-12 GreenOak Okachimachi 3,330 3,461 ▲331 3,210 3,130 ▲80 4.9 4.9 0 4.6 4.5 ▲0.1 5.0 4.9 ▲0.1 JREI A-13 Higashi Ikebukuro Center Building 2,520 2,620 ▲10 2,610 2,610 0 5.2 5.1 ▲0.1 5.0 4.9 ▲0.1 5.4 5.3 ▲0.1 JREI 243-133-142 A-14 Central Daikanyama 3,510 3,669 ▲169 - 3,500 - - 4.2 - - 4.0 - - 4.4 - JREI Total office properties 55,930 57,340 1,559 54,130 58,900 1,270 96-163-217 Residential properties B-1 Tower Court Kitashinagawa 11,880 11,521 878 12,200 12,400 200 4.8 4.7 ▲0.1 4.6 4.5 ▲0.1 5.0 4.9 ▲0.1 JREI B-2 Sky Hills N11 1,570 1,650 ▲40 1,590 1,610 20 6.0 5.9 ▲0.1 5.8 5.7 ▲0.1 6.2 6.1 ▲0.1 JREI 251-192-95 B-3 my atria Meieki 1,280 1,341 ▲21 1,300 1,320 20 5.4 5.3 ▲0.1 5.2 5.1 ▲0.1 5.6 5.5 ▲0.1 JREI B-4 my atria Sakae 1,110 1,164 ▲24 1,110 1,140 30 5.5 5.4 ▲0.1 5.3 5.2 ▲0.1 5.7 5.6 ▲0.1 JREI 239-171-255 B-5 Mac Village Heian 785 824 ▲13 805 811 6 5.8 5.7 ▲0.1 5.6 5.5 ▲0.1 6.0 5.9 ▲0.1 JREI B-6 Seam Dwell Tsutsui 695 743 ▲18 712 725 13 5.5 5.4 ▲0.1 5.3 5.2 ▲0.1 5.7 5.6 ▲0.1 JREI 138-228-226 B-7 Ciel Yakuin 640 673 ▲15 647 658 11 5.3 5.2 ▲0.1 5.1 5.0 ▲0.1 5.5 5.4 ▲0.1 JREI Total residential properties 17,960 17,919 744 18,364 18,664 300 255-161-97 Total 21 properties 73,890 75,259 2,304 72,494 77,564 1,570 Note 166-166-166 1. “JREI” refers to Japan Real Estate Institute 37 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties (before public offering) Office (1)

as of Dec. 31, 2014 0.75PT 23-70-158 A-1 A-2 A-3 A-4 A-5 150-150-150 Property Name FORECAST NishiShinjuku FORECAST Nihombashi EAST FORECAST Yotsuya FORECAST Shinjuku AVENUE FORECAST Ichigaya 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Shinjuku ward, Tokyo Chuo ward, Tokyo Shinjuku ward, Tokyo Shinjuku ward, Tokyo Shinjuku ward, Tokyo

Acquisition Price ¥2,260 million ¥2,130million ¥1,430million ¥6,500million ¥4,800million

218-212-229 162-147-191 Appraisal Value ¥2,570million ¥2,260million ¥1,650million ¥6,870million ¥5,270million

NOI cap yield(1) 5.3% 5.2% 5.3% 4.5% 4.7% 197-228-237 109-188-209 Occupancy rate 100% 100% 89.7% 100% 100%

Completed Feb, 2009 Feb, 2009 Jan, 2009 Sep, 2008 Aug, 2009 227-241-229 115-185-123 PML 2.7% 3.7% 3.6% 2.1% 2.9%

Acquisition source Sponsors Sponsors Sponsors Sponsors Sponsors Table Line Color Access Approx. a 5min. walk from Approx. a 3min. walk from Approx. a 4min. walk from Approx. a 3min. walk from Approx. a 2min. walk from Shinjuku Station on the JR lines Hamacho Station on the Toei Yotsuya-Sanchome Station and Shinjuku-Sanchome Station on Ichigaya Station on the Tokyo 237-20-91 243-133-142 Subway Shinjuku Line. within walking distance from Higashi- approx. 6min walk from Yotsuya the Tokyo Metro Marunouchi and Metro Nanboku Line. Nihonbashi Station on the Toei Station on the Tokyo Metro Fukutoshin Lines and Toei Subway Asakusa Line and Marunouchi Line subway Shinjuku Line. 248-204-210 96-163-217 Ningyocho station on the Tokyo Metro Hibiya Line

252-231-234 251-192-95 Features  Located in the Nishi-Shinjuku  The surrounding environment  The area is highly regarded  Located in the Higashi-  The area has good traffic area, which is one of the is favorable, with Hamacho for its access convenience, as Shinjuku area, which is one of convenience, as JR Chuo and largest terminal stations in park, one of the railway lines that allow easy the largest terminal stations Sobu Lines, Tokyo Metro the world 239-171-255 representative park in Chuo access to major areas are in the world Yurakucho and Nanboku  As the Property is in an ward, in the neighborhood available at Yotsuya Station,  Completed in 2008, the Lines and Toei Subway environment with a strong incl. the JR and Tokyo Metro Shinjuku Line are available at retail atmosphere, demand is  The building is relatively new building has a scarcity value Lines Ichigaya Station 138-228-226 expected from a wide variety (completed in 2009) and in terms of newness, and its of business categories, features a high scarcity value  The building was completed glass covered appearance is  The building is fairly new, including offices that serve over the neighboring areas in 2009, being one of the few also impressive completed in 2009, and 255-161-97 visiting customers with plenty of buildings that buildings in the neighborhood  Its leasing areas are highly equipped with a high level of were built many years ago that was built in 2000 and versatile, mostly regularly basic facilities after shaped and no pillars 166-166-166 Note 1. “NOI cap yield” is based on appraisal. The same shall apply hereinafter. 38 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties (before public offering) Office (2)

as of Dec. 31, 2014 0.75PT 23-70-158 150-150-150 A-6 A-7 A-8 A-9 A-10 Property Name FORECAST Mita FORECAST Shinjuku SOUTH FORECAST Sakurabashi GreenOak Kayabacho GreenOak Kudan 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Minato ward, Tokyo Shinjuku ward, Tokyo Chuo ward, Tokyo Chuo ward, Tokyo Chiyoda ward, Tokyo

Acquisition Price ¥1,800million ¥13,990million ¥5,760million ¥2,860million ¥2,780million 218-212-229 162-147-191 Appraisal Value ¥1,930million ¥15,100million ¥5,830million ¥2,940million ¥2,940million

197-228-237 109-188-209 NOI cap yield 4.8% 4.7% 5.1% 5.0% 4.8% Occupancy rate 100% 100% 85.4% 100% 100%

227-241-229 115-185-123 Completed Sep, 2009 Nov, 1980 Apr, 1985 Mar, 1990 Dec, 1987

PML 2.9% 7.0% 4.2% 2.6% 5.1% Table Line Color Acquisition source Sponsors Third party Third party Third party Third party

Access Approx. a 2min. from Approx a 5min. walk from the Approx a 3min. walk from Approx. a 2min. walk from Approx. a 1min. walk from 237-20-91 243-133-142 Akabanebashi Station on the Toei south exit or the new south exit of Hatchobori Station on the Tokyo Kayabacho Station on the Tokyo Kudanshita Station on the Tokyo Subway Oedo Line, and approx. a Shinjuku Station on the JR Lines, Metro Hibiya Line and JR Keiyo Metro Tozai and Hibiya Lines. Metro Tozai and Hanzomon Lines 5min. walk from Shibakoen and approx. a 1min. walk from Line, and approx. 5 min from and the Toei Subway Shinjuku Station on the Toei subway Mita 248-204-210 96-163-217 Line and Azabu-Juban Station on Shinjuku-Sanchome Station on Takaracho Station on the Toei Line. the Tokyo Metro Nanboku Line. the Tokyo Metro Marunouchi Line. Subway Asakusa Line. 252-231-234 251-192-95 Features  Having well-established  Located in the east of  The nearest station is  A select property featuring  The area enjoys good traffic transportation networks such Shinjuku Station, which is one Hatchobori Station where the good location with excellent convenience as many railway as JR, Tokyo Metro and Toei of the largest terminal Tokyo Metro Line and JR Line visibility lines are available at 239-171-255 Subway Lines stations in the world are available. After a further Kudanshita Station  It underwent renovation walk, the Tokyo Metro Ginza  The building is fairly new,  The building has the benefits works centering on common  It underwent renovation work Line is also available 138-228-226 completed in 2009, and of its scale, with a standard areas, and it also features centering on common areas equipped with high level basic floor area of approx.  It underwent large-scale bright and open spaces for so that its facilities as a whole facilities 540tsubos renovation works including lease are sufficiently set to meet the repair of the outer walls so recent tenant requirements  The leasing areas are highly  It underwent large-scale 255-161-97 that its specifications are versatile and regularly shaped renovation work including sufficiently set to meet the with no pillars seismic reinforcement recent tenant requirements 166-166-166 39 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties (before public offering) Office (3) as of Dec. 31, 2014 0.75PT 23-70-158 A-11 A-12 A-13 A-14 150-150-150 Property Name GreenOak Takanawadai GreenOak Okachimachi Higashi Ikebukuro center building Central Daikanyama

220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Minato ward, Tokyo Taito ward, Tokyo Toshima ward, Tokyo Shibuya ward, Tokyo

Acquisition Price ¥2,260million ¥3,330million ¥2,520million ¥3,510million

218-212-229 162-147-191 Appraisal Value ¥2,300million ¥3,130million ¥2,610million ¥3,500million

NOI cap yield 4.9% 4.8% 5.7% 4.3% 197-228-237 109-188-209 Occupancy rate 85.8% 31.5% 100% 81.2%

Completed Jan, 2010 Jan, 1977 Nov, 1991 Aug, 1991 227-241-229 115-185-123 PML 3.6% 7.7% 4.5% 7.1% Table Line Color Acquisition source Third party Third party Third party Third party Access Approx. a 1min. walk from Approx. a 1min. walk from Naka- Approx. a 7min. walk from Approx. a 5min. walk from 237-20-91 243-133-142 Takanawadai Station on the Toei Okachimachi Station on the Tokyo Otsuka Station on the JR Daikanyama Station on the Tokyu Subway Asakusa Line. Metro Hibiya Line. Yamanote Line. Toyoko Line

248-204-210 96-163-217 Features  The area has traffic  The area has traffic  Located in the Ikebukuro area,  The surrounding area is lined convenience, as the Toei convenience with many one of the subcenters of with many unique shops of 252-231-234 251-192-95 Subway Mita Line and the railway lines and stations Tokyo, around Ikebukuro varying size including a Tokyo Metro Nanboku Line within a close proximity and is Station, which is one of the landmark complex of are available at Shirokane also near to Ueno Station, a largest terminal stations in the Takanawa Station and terminal station world Daikanyama 239-171-255 Shirokanedai Station also  It underwent renovation  The area has fewer newly-  Insistent demand is observed within walking distance works incl. seismic built buildings compared with from such business categories  Completed in 2010, it is reinforcement other major office districts. as apparel, IT and 138-228-226 recognized to have high  It has a competitive This is why the supply and advertisement that set a high scarcity value in the area advantage in terms of size demand balance is relatively value on the atmosphere and where there are many small- within the area, as many of stable in the area, without fashion-consciousness, etc. of and medium-sized buildings any surge of supply to cause the office buildings in the area 255-161-97 built many years ago neighboring areas are small- major excess supply sized with a standard floor area of several tens of tsubos 166-166-166 40 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties (before public offering) Residence (1)

0.75PT 23-70-158 as of Dec. 31, 2014 150-150-150 B-1 B-2 B-3 B-4 220-221-222 Property Name Tower Court Kitashinagawa Sky Hills N11 my atria Meieki my atria Sakae Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Shinagawa ward, Tokyo Sapporo , Hokkaido Nakamura ward, Nagoya Naka ward, Nagoya

218-212-229 162-147-191 Acquisition Price ¥11,880million ¥1,570million ¥1,280million ¥1,110million

Appraisal Value ¥12,400million ¥1,610million ¥1,320million ¥1,140million

197-228-237 109-188-209 NOI cap yield 5.0% 6.6% 5.5% 5.8%

Occupancy rate 93.3% 100% 100% 100% 227-241-229 115-185-123 Completed Feb, 2009 Mar, 2001 Mar, 2006 Mar, 2007

Table Line Color PML 2.6% 1.3% 4.4% 4.1% Acquisition source Sponsors Third party Third party Third party 237-20-91 243-133-142 Access Approx. a 4min.walk from Shimbamba Approx. a 2min. walk from Kita-12-jo Approx. a 5min. walk from Kokusai Center Approx. a 7min. walk From Osu-Kannon Station on the Keikyu Main Line. Station on the Sapporo City Subway Station on the Nagoya City Subway Station on Nagoya City Subway Tsurumai Nanboku Line. Sakura-Dori Line, and approx. 8min. from Line. 248-204-210 96-163-217 Nagoya Station of various lines.

252-231-234 251-192-95 Features  The property has relatively good traffic  The property has good traffic  The property has good traffic  The property is located almost in the convenience, as it is approx. 4min. convenience, as it is approx. a 2min. convenience as it is approx. a 5min. middle between the Sakae district and walk to the nearest station, and it walk from the nearest station, and walk from the nearest station, and a the Meieki district, the two largest takes approx. 20min. by train from the approx. a 10min. walk from Sapporo 8min. walk from Nagoya Station thriving towns in Nagoya City station to central Tokyo Station on the JR Lines 239-171-255  It has a competitive advantage in  It offers the convenience of life and  The building is relatively new tower  As it is in close proximity to Hokkaido terms of living environment, with an stable demand for rental condominium having 36 floors, University, it has a comparable abundance of living convenience condominiums for singles, primarily 138-228-226 completed in 2009. It has a competitive edge as a rental facilities around Nagoya Station. Stable from commuters to the central area of competitive edge both in terms of the condominium for students because of demand for rental condominiums for Nagoya City, can be expected facilities and specifications compared close proximity to Hokkaido University singles, primarily from commuters to with condominiums in the vicinity the central area of Nagoya City, can be 255-161-97 expected

166-166-166 41 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties (before public offering) Residence (2)

0.75PT 23-70-158 as of Dec. 31, 2014 150-150-150 B-5 B-6 B-7 220-221-222 Property Name Mac Village Heian Seam Dwell Tsuitsui Ciel Yakuin Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Kita ward, Nagoya Higashi ward, Nagoya Chuo ward, Fukuoka

218-212-229 162-147-191 Acquisition Price ¥785million ¥695million ¥640million

Appraisal Value ¥811million ¥725million ¥658million

197-228-237 109-188-209 NOI cap yield 6.2% 5.9% 5.6%

Occupancy rate 100% 100% 97.7% 227-241-229 115-185-123 Completed Sep, 2006 Feb, 2007 Mar, 2005

Table Line Color PML 3.2% 5.0% 5.4% Acquisition source Third party Third party Third party 237-20-91 243-133-142 Access Approx. a 4min. walk from Heian-Dori Approx. a 3min. walk from Kurumamichi Approx. a 2min. walk from Yakuin Station Station on the Nagoya City Subway Meijo Station on Nagoya City Subway Sakura- on Nishitetsu (Nishi-Nippon Railroad) Line and Ozone Station on various lines Dori Line Tenjin-Omuta Line 248-204-210 96-163-217

252-231-234 251-192-95 Features  The property has good traffic  The property has relatively good traffic  The property has the convenience of convenience as it is approx. 4min. walk convenience as it is approx. 3min. walk transportation and living, and is within from the nearest station and is approx. from the nearest station walking distance from Tenjin, the 9min. walk from Ozone Station, the central part of Fukuoka City 239-171-255  It has a competitive advantage in terminal station terms of living environment, with  It has a competitive advantage strong  There is an abundance of living convenience stores and other facilities enough to absorb demand from 138-228-226 convenience facilities near the property. available in the neighborhood. Stable singles, primarily workers commuting Stable demand for rental demand for rental condominiums for to the central parts of Fukuoka City condominiums for singles, primarily singles, primarily from commuters to from commuters to the central area of the central area of Nagoya City, can be 255-161-97 Nagoya City, can be expected expected

166-166-166 42 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (1)

Unit = ¥000 0.75PT 23-70-158 Property No. A-1 A-2 A-3 A-4 A-5 A-6 A-7 A-8 150-150-150 (Tentative) FORECAST FORECAST FORECAST FORECAST FORECAST FORECAST Property name FORECAST Shinjuku FORECAST Mita 220-221-222 NishiShinjuku Yotsuya Ichigaya Shinjuku SOUTH Sakurabashi Nihombashi EAST AVENUE Operating days 184 184 184 184 184 184 184 184 Tint Color Chart Color Revenues 79,779 81,491 40,905 179,398 143,929 60,799 550,947 183,613 Rent revenues 69,676 76,892 38,047 162,248 132,822 54,363 481,696 166,206 252-222-221 237-20-91 Other revenues 10,102 4,598 2,858 17,150 11,106 6,436 69,250 17,407 Expenses 23,147 18,283 14,372 24,517 20,291 8,151 188,507 40,268 Property 3,175 5,059 2,272 8,843 8,170 2,843 35,774 15,735 212-227-245 0-125-198 management fees Utilities 10,283 6,574 3,132 15,171 10,183 4,820 57,145 16,206 Insurance 65 69 47 140 132 49 494 221 254-240-217 250-166-26 Repairs and 295 789 480 - 381 79 4,932 4,589 maintenance costs Taxes 218-212-229 162-147-191 2,391 5,301 4,731 - - - - - Trust fees 350 350 350 350 350 350 350 350 Others 6,587 138 3,357 12 1,072 8 89,811 3,165 197-228-237 109-188-209 Net operational income 56,631 63,208 26,533 154,880 123,637 52,648 362,439 143,344 Depreciation 16,431 15,937 7,650 29,204 35,681 7,548 20,444 7,921 Total rental business 40,200 47,270 18,882 125,676 87,956 45,099 341,994 135,422 227-241-229 115-185-123 profit/loss

Table Line Color Property No. A-9 A-10 A-11 A-12 A-13 A-14 GreenOak GreenOak GreenOak GreenOak Higashi Ikebukuro Central Office Property name Kayabacho Kudan Takanawadai Okachimachi Center Building Daikanyama total 237-20-91 243-133-142 Operating days 184 184 184 184 184 13 Revenues 101,591 96,468 63,302 91,195 112,518 5,158 1,791,099 Rent revenues 90,576 87,656 56,802 73,787 103,078 4,740 248-204-210 96-163-217 1,598,595 Other revenues 11,015 8,811 6,500 17,407 9,439 418 192,504 Expenses 22,193 14,817 21,852 20,810 26,859 426 444,500 Property 252-231-234 251-192-95 7,018 5,062 3,857 4,534 8,629 288 management fees 111,266 Utilities 10,451 7,947 6,740 11,476 12,449 109 172,693 239-171-255 Insurance 101 90 83 108 152 3 1,761 Repairs and 4,249 271 633 1,029 5,167 - maintenance costs 22,898 138-228-226 Taxes ------12,424 Trust fees 350 350 350 350 350 24 4,574 Others 23 1,094 10,187 3,310 110 - 118,881 255-161-97 Net operational income 79,398 81,651 41,449 70,384 85,658 4,732 1,346,599 Depreciation 5,905 4,229 15,940 5,437 8,185 606 181,126 Total rental business 166-166-166 73,492 77,421 25,509 64,947 77,473 4,125 1,165,472 profit/loss 43 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (2)

Unit = ¥000 0.75PT 23-70-158 Property No. B-1 B-2 B-3 B-4 B-5 150-150-150 Tower Court my atria my atria Mac Village Property name Sky Hills N11 220-221-222 Kitashinagawa Meieki Sakae Heian Operating days 184 184 184 184 184 Revenues 389,826 61,056 48,396 38,850 29,141 Tint Color Chart Color Rent revenues 375,859 61,056 47,154 38,850 29,141 Other revenues 13,967 - 1,242 - - 252-222-221 237-20-91 Expenses 89,608 1,501 8,219 4,173 2,948 Property management fees 33,366 592 3,707 1,879 1,895 Utilities 6,656 - 801 518 503 212-227-245 0-125-198 Insurance 461 132 71 65 48 Repairs and maintenance 17,698 425 1,015 10 150 costs 254-240-217 250-166-26 Taxes 12,764 - - - - Trust fees 350 350 350 350 350 Others 18,310 1 2,272 1,350 - 218-212-229 162-147-191 Net operational Income 300,218 59,554 40,177 34,677 26,192 Depreciation 97,772 16,836 14,336 15,244 9,622 Total rental business 202,445 42,717 25,840 19,432 16,570 197-228-237 109-188-209 profit/loss

227-241-229 115-185-123 Property No. B-6 B-7 Residence Portfolio Property name Seam Dwell Tsutsui Ciel Yakuin Total Total Table Line Color Operating days 184 184 Revenues 24,907 24,663 616,842 2,407,942 Rent revenues 24,906 22,804 237-20-91 243-133-142 599,772 2,198,367 Other revenues 1 1,858 17,069 209,574 Expenses 2,814 4,995 114,261 558,762 248-204-210 96-163-217 Property management fees 1,884 1,377 44,703 155,970 Utilities - 713 9,193 181,886 Insurance 37 33 851 2,612 Repairs and maintenance 252-231-234 251-192-95 59 854 costs 20,214 43,112 Taxes - - 12,764 25,189 239-171-255 Trust fees 350 350 2,450 7,024 Others 483 1,665 24,084 142,965 Net operational Income 22,092 19,667 502,580 1,849,180 138-228-226 Depreciation 7,514 6,133 167,460 348,586 Total rental business 14,578 13,534 profit/loss 335,120 1,500,593 255-161-97

166-166-166 44 Logo Color (Header, Footer, Cover Page)

210-35-42 Balance Sheet

The 4th period The 5th period The 4th period The 5th period 0.75PT Unit = ¥000 Unit = ¥000 23-70-158 Ended June 30, 2014 Ended December 31, 2014 Ended June 30, 2014 Ended December 31, 2014 150-150-150 Assets Liabilities Current assets 220-221-222 Current liabilities Cash and deposits 815,742 1,113,741 Cash and deposits in trust 3,448,945 3,943,906 Operating accounts payable 253,959 257,009 Tint Color Chart Color Operating accounts receivable 127,925 36,317 Short-term loans payable 8,880,000 8,150,000 Prepaid expenses 126,026 124,691 252-222-221 237-20-91 Accrued expenses 51,833 78,922 Deferred tax assets 240 500 Income taxes payable － 595 Income taxes receivable 2,452 - Accrued consumption taxes － 67,412 212-227-245 0-125-198 Consumption taxes receivable 797,388 - Other 27,741 6,776 Advances received 428,882 354,906 Allowance for doubtful accounts △1,458 △1,458 Other 11,299 257,642 254-240-217 250-166-26 Total current assets 5,345,004 5,224,475 Total current liabilities 9,625,975 9,166,488 Non-current assets Noncurrent liabilities Property plant and equipment Long-term loans payable 28,170,000 31,870,000 218-212-229 162-147-191 Buildings in trust 20,264,809 20,573,922 Tenant leasehold and security Accumulated depreciation △1,006,771 △1,352,458 2,510,749 2,290,209 deposits in trust Buildings in trust, net 19,258,037 19,221,463 197-228-237 109-188-209 Structures in trust 135,252 135,341 Total noncurrent liabilities 30,680,749 34,160,209 Accumulated depreciation △9,384 △12,036 Total Liabilities 40,306,725 43,326,698 227-241-229 115-185-123 Structures in trust, net 125,868 123,304 Machinery and equipment in trust - 2,678 Accumulated depreciation - △89 Table Line Color Machinery and equipment in trust, net - 2,588 Net Assets Tools, appliances and equipment in trust 533 6,478 Unitholders’ equity Accumulated depreciation △52 △211 237-20-91 243-133-142 Unitholders’ capital 36,919,883 36,919,883 Tools, appliances and equipment in trust ,net 480 6,267 Land in trust 37,275,911 40,662,441 Surplus 248-204-210 96-163-217 Total property, plant and equipment 56,660,298 60,016,065 Unappropriated retained 212,546 1,107,258 Intangible assets earnings (undisposed loss) Leasehold rights in trust 15,243,932 15,243,932 Total surplus 212,546 1,107,258 252-231-234 251-192-95 Total intangible assets 15,243,932 15,243,932 Total unitholders’ equity 37,132,430 38,027,142 Investment and other assets Total Net Assets 37,132,430 38,027,142 Investment securities - 707,940 239-171-255 Total Liabilities and Net Lease and guarantee deposits 10,050 10,050 77,439,155 81,353,840 Assets Long-term prepaid expenses 179,566 151,243 138-228-226 Other 304 132 Total investment and other assets 189,920 869,366 255-161-97 Total non-current assets 72,094,151 76,129,364 Total assets 77,439,155 81,353,840

166-166-166 45 Logo Color (Header, Footer, Cover Page)

210-35-42 Income Statement

The 4th period The 5th period 0.75PT 23-70-158 Unit=¥000 Ended June 30, 2014 Ended December 31, 2014 150-150-150 Operating revenue 220-221-222 Rent revenue – real estate 1,779,367 2,198,367 Other lease business revenues 111,469 209,574 Tint Color Chart Color Dividend income - 800 Total Operating revenue 1,890,836 2,408,742 252-222-221 237-20-91 Operating expenses Expenses related to rent business 788,031 907,349 212-227-245 0-125-198 Asset management fee 57,525 182,861 Asset custody fee 979 2,871 Administrative service fees 6,290 12,852 254-240-217 250-166-26 Directors’ compensations 2,260 1,920 Audit fee 22,500 11,000 218-212-229 162-147-191 Other operating expenses 58,865 44,236 Total operating expenses 936,451 1,163,090 Operating income 954,384 1,245,651 197-228-237 109-188-209 Non-operating income Interest income 288 309 227-241-229 115-185-123 Interest on refund - 1,727 Total non-operating income 288 2,037 Non-operating expenses Table Line Color Interest expenses 338,250 95,325 Borrowing related expenses 349,256 73,846 237-20-91 243-133-142 Investment unit issuance expenses 36,035 - Other offering costs associated with 41,978 - the issuance of investment units 248-204-210 96-163-217 Loss on valuation of derivatives 5,061 172 Total non-operating expenses 770,582 169,343 252-231-234 251-192-95 Ordinary income 184,090 1,078,344 Income before income taxes 184,090 1,078,344 239-171-255 Income taxes – current 1,230 658 Income taxes – deferred 814 △260 Total income taxes 2,045 397 138-228-226 Net income 182,045 1,077,946 Retained earnings brought forward 30,501 29,312 255-161-97 Unappropriated retained earnings 212,546 1,107,258 (undisposed loss) 166-166-166 46 ・金融機関：57人（0.49％）・その他国内法人：287人（2.45%) ・外国法人等：22人（0.19％）

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210-35-42 Unitholder composition / Historical unit price

0.75PT 23-70-158 Unitholder composition by unit Top 10 major unitholders 150-150-150 No. of Name ratio 220-221-222 4th period 83,565 37,168 29,033 2,044 units 151,810 units (55.05%) (24.48%) (19.12%) (1.35%) 1 Japan Trusty Services Bank, Ltd. (Trust Account) 31,139 20.51% Tint Color Chart Color 2 Sojitz Corporation 15,181 10.00% 252-222-221 237-20-91 5th period 51,057 70,048 24,325 6,380 151,810 units (33.63%) (46.14%) (16.02%) (4.20%) 3 The Master Trust Bank of Japan, Ltd. (Trust Account) 13,956 9.19% Trust and Custody Services Bank, Ltd. 212-227-245 0-125-198 individuals Financial Institutions Domestic corporations Foreign corporations 4 (Securities Investment Account) 12,924 8.51% The Nomura Trust & Banking Co., Ltd. Financial institutions: 57（0.49％） 5 (Investment Trust Account) 3,598 2.37% 254-240-217 250-166-26 By unitholder Domestic corporations：287 (2.45%) Foreign corporations：22 (0.19％) 6 BARCLAYS CAPITAL SECURITIES LIMITED 4th period 1,742 1.15% 218-212-229 162-147-191 No. of Individuals 11,354 (96.88％) unitholders 7 Mitsubishi UFJ Trust and Banking Corporation 1,071 0.71% 11,720 8 GRANDOIR Ltd. 819 0.54% 197-228-237 109-188-209 5th period No. of Individuals 9,523人 (97.02％) 9 STATE STREET BANK AND TRUST COMPANY 505012 688 0.45% unitholders 227-241-229 115-185-123 9,816 Financial institutions: 54 (0.55％) 10 BNY FOR GCM CLIENT ACCOUNTS (E) BD 629 0.41% Domestic corporations：184 (1.87％) Line Color Foreign corporations：55 (0.56％) T O T A L 81,747 53.85%

243-133-142 Historical unit price (1) Volume Price IPO issue price REIT Index

450,000 18 96-163-217 Closing Price on Feb.19 ￥332,000 16 千 400,000 14 251-192-95 12 350,000 10 239-171-255 8 300,000 6

138-228-226 250,000 4 2 255-161-97 200,000 0 7/1 7/18 8/7 8/26 9/12 10/3 10/23 11/12 12/2 12/19 1/14 2/2 166-166-166 Note 1. REIT Index is normalized at the IPO issue price of 252,000. 47 Logo Color (Header, Footer, Cover Page)

210-35-42 Asset Management Company

0.75PT 23-70-158 150-150-150 220-221-222 Company profile Organization chart

Tint Color Chart Color

252-222-221 237-20-91 Name Sojitz REIT Advisors K.K. Shareholders’ Meeting

212-227-245 0-125-198 Auditor Established November 2, 2006 254-240-217 250-166-26 Board of Directors Paid-in 150 million yen 218-212-229 162-147-191 capital Investment Compliance 197-228-237 109-188-209 President Hisao Ishikawa Committee Committee Director&CEO 227-241-229 115-185-123  Registered as a financial instruments business operator: Compliance Line Color Officer Registration No.1632 issued by the 243-133-142 Director-General of the Kanto Finance Bureau (Kinsho) Investment Finance &  Licensed for building lots and buildings 96-163-217 Registration transaction business: Management Planning Division Division and License No.(2) 86984 issued by the 251-192-95 Licenses, etc. Governor of Tokyo  Certified as entrust-based agency Investment Asset Corporate Finance & 239-171-255 under the building lots and buildings Management Management Planning Accounting transaction business: Department Department Department Department 138-228-226 License No.56 issued by the Ministry of Land, Infrastructure, Transportation and Tourism 255-161-97

166-166-166 48 Logo Color (Header, Footer, Cover Page)

210-35-42 MEMO

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 49 Logo Color (Header, Footer, Cover Page)

210-35-42 MEMO

0.75PT 23-70-158 150-150-150 220-221-222

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 50 Logo Color (Header, Footer, Cover Page)

210-35-42 Disclaimer

0.75PT 23-70-158 150-150-150 220-221-222 This presentation material may include forward-looking statements on the financial standing and operating results of NIPPON REIT. These forward- Tint Color Chart Color looking statements include portions that assume certain risks and uncertainty. 252-222-221 237-20-91 As such, please note that actual results may differ due to changes in the business environment in the future and other factors. 212-227-245 0-125-198

254-240-217 250-166-26 The purpose of this presentation material is to provide information of NIPPON REIT, and not to solicit investments in or recommend trading of specific 218-212-229 162-147-191 products.

197-228-237 109-188-209 NIPPON REIT assumes no responsibility for any problems, losses or damage resulting from any activity related to decisions based on the information on 227-241-229 115-185-123 this presentation material. In addition, please note that NIPPON REIT cannot Line Color take any responsibility for any damage occurring from any falsification of texts, leakage of texts and content, unauthorized use by third parties or any other 243-133-142 accidents that are not attributable to NIPPON REIT. 96-163-217 The content may be changed without notice, and NIPPON REIT does not bear 251-192-95 any responsibility for any problems, losses or damage caused by the action.

239-171-255 Contact for inquiries 138-228-226

255-161-97 TEL: +81-3-3552-8883 http://www.sojitz-sra.com/ 166-166-166 51