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Financial Results for the 25th Fiscal Period ended August 31, 2014

October 10, 2014 Prepared by ORIX Asset Management Corporation Table of Contents 1

OJR's Management Philosophy 2 Appendix Results for the 25th Fiscal Period and Earnings Forecasts Actual Financial Highlights 27 Performance Highlights 4 Overview of POs (Consecutive 4FP) 28 Stable Growth of DPU (1) 5 Major Tenants 29 Stable Growth of DPU (2) 6 New Acquisitions (1) 30 Comparison of Actual vs Forecast for FP25 ended Aug. 2014 7 New Acquisitions (2) 31 Comparison of Previous and New Forecasts for FP26 ending Feb. 2015 8 New Acquisitions (3) 32 Comparison of FP25 Actual and FP26 & FP27 Forecasts 9 New Acquisitions (4) 33 Internal Growth Strategy New Acquisitions (5) 34 Occupancy Rate and Tenant Replacements 11 New Acquisitions (6) 35 Rent Revisions of Existing Tenants 12 New Acquisitions (7) 36 Internal Growth Results: Offices 13 Change of Portfolio Growth 37 Internal Growth Results: Retail Facilities 14 Portfolio Summary 38 Increase of Rents at Recently Acquired Properties 15 Portfolio Map 39 External Growth & Financial Strategies Portfolio Data (1) 40 Overview of new Acquisitions through Public Offering 17 Portfolio Data (2) 41 Property scheduled to be Acquired 18 Overview of Appraisal Value 42 Portfolio Status 19 Appraisal Value List at the end of FP25 (1) 43 Financial Strategy 20 Appraisal Value List at the end of FP25 (2) 44 Future Management Policies & Strategies Financial Data 45 Management Tactics in line with Current Enviromnental Perceptions 22 Investment Units 46 Internal Growth Strategy 23 Environmental Efforts 47 External Growth Strategy 24 Transactions with Sponsors and Compliance System 48 Examples of Development by Sponsor 25 Organization of OAM 49 Terminology 50-52 OJR’s Management Philosophy 2

V OJR aims for stable growth of unitholders ’ value by improving profitability and stability of the portfolio, reducing financial costs and increasing financial stability

External Growth Strategy Financial Strategy • Diversification of property types and • Reduction of financing costs regions as a diversified portfolio REIT • Improvement of financial stability • Property replacement • Appropriate cash management • Utilization of the ORIX Synergy Asset Debt Improvement of Reduction of financial profitability and costs and improvement stability of the of financial stability portfolio

Equity

Internal Growth Strategy • Diversification of property types, regions and tenants as a diversified portfolio REIT Stable growth of • Direct property management unitholders’ value • Utilization of the ORIX Synergy 3

Results for the 25th Fiscal Period and Earnings Forecasts Performance Highlights 4

Asset Increased profitability of portfolio Debt Reduced financial costs and increased financial stability

Results for FP25 (August 2014) Results for FP25 (August 2014) ⇒ High occupancy rate maintained and lease conditions improved ò Extended average duration:3.6 years (end of FP24) 3.7 years (end of FP25) ò Reduced average funding cost: 1.52% (FP24) ⇒ 1.47% (FP25) ò Maintained office occupancy rate at a high level of 98.8% (end of FP25) ò Refinanced 5.1 billion yen with early repayment and extended total 21 billion ò Improved rent fluctuation rate (resulting from tenant replacements): -13% ⇒-4% yen of commitment line; in addition, issued 10-year bonds, the longest term for ò Procured approx. 9,600 m 2 of space with existing tenants’ upward rent revision, OJR as well as FP24 significantly surpassing the downward rent revision (approx. 3,400 m 2) ò Selectively invested in 11 properties (54.6 billion yen) that contribute to Effects of public offering in September 2014 improvement in DPU and NAV with the public offering in March 2014 ò Acquisition capacity to 50% LTV: approx. 36 billion yen (after acquisition of DOJIMA PLAZA BLDG., LTV 47.3% and acquisition Effects of public offering in September 2014 capacity approx. 27 billion yen) Selectively invested in 7 properties (34.7 billion yen) that contribute to improvement in DPU and NAV ò Primarily relatively new properties developed by sponsors Achieved stable growth of unitholders’ value ò The NOI yield of newly acquired properties is 5.3%, higher than the existing Equity portfolio of 5.0% Results for FP25 (August 2014) Other ò DPU exceeded the forecast and FP24 results ò The total acquisition price is expected to exceed 500 billion yen including Effects of public offering in September 2014 DOJIMA PLAZA BLDG. (acquisition price: 9.5 billion yen) scheduled for ò Aim to achieve DPU growth while giving due consideration to impact on acquisition on December 22, 2014, NAV per unit Changes in Various Indices (million yen) DPU

End of FP24 After Effect of As of FP25 financial Previous As of FP25 financial (end of Feb. PO in Mar. PO in Sep. announcement date forecasts announcement date Change 2014) 2014 2014 Oct. 10, 2014 (Note 4) Oct. 10, 2014

Acquisition price 411,119 457,944 +34,743 492,687 FP25 (Aug. 2014) 2,480 yen 2,604 yen +124 yen

Number of properties 81 properties 88 properties +7 properties 95 properties FP26 (Feb. 2015) 2,520 yen 2,580 yen +60 yen

NOI yield 5.0% 5.0% 5.3% 5.1% FP27 (Aug. 2015) － 2,550 yen － Yield after depreciation 3.7% 3.7% 3.7% 3.8% NAV per unit Unrealized gain/loss 13,337 14,762 +927 26,833 (Note 1) (Note 1) (Note 2) As of FP25 financial End of FP24 (end End of FP25 (end announcement date Outstanding interest- of Feb. 2014) of Aug. 2014) Oct. 10, 2014 199,633 213,240 15,165 228,405 bearing debt 115,744 yen 122,618 yen 123,261 yen LTV 46.3% 48.9% 46.8% -0.6% (based on total assets) (Note 3)

Note1 : The figures indicate the difference between “Appraisal value” and “Book value” at the time of decision of the properties acquisition. Note2 : The figure is calculated by adding unrealized gain/loss of properties acquired from Sep. 1, 2014 to Oct. 10, 2014 based on their appraisal values at the time of decision of the properties acquisition to unrealized gain/loss as of the end of FP25 (the end of Aug. 2014). Note3 : The figure is calculated with total assets as: Total assets as of the end of FP25 (the end of Aug. 2014)+ Net increase of unitholders’ capital through public offering including third-party allotment + Net increase of interest-bearing debt after end of FP25. Note4 : “Previous forecasts” of DPU for FP25 (Aug. 2014) and FP26 (Feb. 2015) are figures of expected DPUs stated in “ORIX JREIT Announces Financial Results for 24th Fiscal” dated April 11, 2014. Stable Growth of DPU (1) 5

V DPU exceeds 5,000 yen level per annum V Upward revision from the previous forecast (FP25: +124 yen / FP26: +60 yen) V Despite the impact from the Expensed Asset/City Planning Tax in FP27, DPU of 2,550 yen is expected to be secured. Aim to further boost DPU through promotion of both internal and external growth strategies.

Actual and forecast DPU P9 Comparison of FP25 actual and FP26 & FP27 forecasts (yen) P7 Comparison of P8 Comparison of 2,700 previous and actual previous and new for FP25 forecasts for FP26

2,600 18 +60 37 +124 35 Level of 5,000 yen 2,500 per annum 2,604 2,580 60 2,550 2,550 2,400 2,520 2,479 2,480 Actual Previous Revised Impact of Effect of Forecast Effect of Effect of Previous Forecast 2,411 Forecast Expensed Internal External External 2,352 Asset Growth Growth Growth of 2,300 Related etc. of by Additional FP22 FP23 FP24 FP25 FP26 Tax from existing acquiring Acquisition FP27 (Feb. 2013) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Feb. 2015) properties properties properties (Note5) (Aug. 2015) Actual Actual Actual Actual Forecast acquired through Forecast through PO in Sep. PO PO PO PO PO in Mar. 2014 2014 (Note4) Factors for fluctuation related to External ⇒ Acquisition capacity if LTV were allowed to increase up to Growth 50%: approx. 27 billion yen (after Additional Acquisition) Main factors for DPU ⇒ Annual free cash flow : approx. 4-5 billion yen fluctuation Factors for fluctuation related to Internal ⇒ Factoring in only confirmed upward rent revisions Growth

Note1 : As of Mar. 1, 2013, OJR implemented a 5-for-1 split of its investment units. Taking this split into account, one fifth of the actual DPU is shown for the FP22 (Feb. 2013). Figures of these recalculated DPUs are rounded down to the nearest whole number. Note2 : “Previous forecasts” of DPU for FP25 (Aug. 2014) and FP26 (Feb. 2015) are figures of expected DPUs stated in “ORIX JREIT Announces Financial Results for 24th Fiscal Period” dated April 11, 2014. Note3 : “New forecast” of DPU for FP26 (Feb. 2015) and FP27 (Aug. 2015) are figures of forecasted DPUs stated in “ORIX JREIT Announces Financial Results for 25th Fiscal Period” dated October 10, 2014. Note4 : In the properties acquired through the PO in March 2014 (Clio Fujisawaekimae, J-ONE SQUARE, Cross Mall Shimonoseki-Chofu, SHIBUYA PINE Bldg., MG Ichigaya Building, JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, The Kitahama PLAZA, West Park Tower IKEBUKURO, Belle Face Higashijujo), Clio Fujisawaekimae, which was acquired on December 20, 2013, is not included in the effect of Expensed Asset/City Planning Tax since Asset/City Planning Tax has been imposed since 2014. Note5: “Additional Acquisition” refers to “DOJIMA PLAZA BLDG.” (acquisition price: 9.5 billion yen) to be acquired on December 22, 2014; as for the details, please refer to “ORIX JREIT Announces Asset Acquisition “DOJIMA PLAZA BLDG.” announced on October 10, 2014. Stable Growth of DPU (2) 6

V Improved DPU through promoting internal and external growth and financial strategies V Achieved actual DPUs higher than initial forecasts in the previous four fiscal periods

As of FP21 (Aug. 2012) As of FP22 (Feb. 2013) As of FP23 (Aug. 2013) As of FP24 (Feb. 2014) As of FP25 (Aug. 2014) Actual DPU Actual DPU Actual DPU Actual DPU Actual DPU Forecast DPU Forecast DPU Forecast DPU Forecast DPU Forecast DPU

(yen) 2,700 2,604 2,580 2,600 2,550

2,500 2,520 2,479 2,480 2,400 2,411 2,370 2,380 2,300 2,352 2,331 2,320 2,280 2,200 2,240

2,160 2,100 FP 21 FP 22 FP 23 FP 24 FP 25 FP 26 FP 27 (Aug. 2012) (Feb. 2013) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Feb. 2015) (Aug. 2015)

Note1 : As of Mar. 1, 2013, OJR implemented a 5-for-1 split of its investment units. Taking this split into account, one fifth of the actual and forecast DPUs at Financial Announcement in FP21 (Aug. 2012) indicates figures stated in “ORIX JREIT Announces Financial Results for 21st Fiscal Period”. Note2 : The actual and forecast DPUs from FP22 (Feb. 2013) to FP25 (Aug. 2014) as of each Financial Announcement indicate figures stated in each “Financial Result” Comparison of Actual vs Forecast for FP25 ended Aug. 2014 7 V Revised DPU upward by +124 yen Variance between actual and previous forecast for FP25 ended Aug. 2014 Operating Revenue Net Income DPU Asset : External Growth Previous forecast (A) (Note) 15,511 million yen 4,877 million yen 2,480 yen ò Contribution from properties acquired in PO 61 million Actual (B) 15,736 million yen 5,120 million yen 2,604 yen in Mar. 2014 yen Change (C)=(B)-(A) +274 million yen +243 million yen +124 yen ò Increase of income contributed by an Percentage change (C) (A) +1.8% +5.0% +5.0% ÷ additionally acquired property utilizing the 18 million Note : “Previous forecast” indicate the figures stated in “ORIX JREIT Announces Financial Results for 24 th Fiscal Period” dated April 11, 2014 acquisition capacity (after deduction of yen funding-related expenses for the acquisition) Breakdowns of Variance (million yen) Effect of existing Effect of PO in management Total Asset : Internal Growth Sep. 2014 (Note) activities ò Increase of rental income from existing Contribution from properties acquired in +61 +61 PO in Mar. 2014 properties due to maintenance of high 82 million Contribution from properties acquired in +24 +24 PO in Sep. 2014 occupancy rate contributed by proactive yen Increase of funding-related expenses with -6 -6 leasing and improvement of lease conditions the property acquisitions External Growth factors total +61+61+61+18+18+18 +80+80+80 ò Increase of other income from existing 89 million Increase of rental income from exisiting +82 +82 properties including the income applied from properties yen Increase of other income etc. from exsiting the deposit from a tenant +89 +89 properties Internal Growth factors total +171+171+171+171+171+171 Debt : Financial Strategy, etc. Increase of early repayment expenses -77 -77

Decrease of funding-related expenses +68 +68 ò Increase of expenses due to early -77 million Financial Strategy factors, etc. total -8-8-8-8-8-8 repayment of 5.1 billion yen yen Total (a) +224 +18 +243 68 million ò Decrease of funding-related expenses, etc. Net Income Previous forecast (b) 4,877 4,877 yen

Net Income: Distributable profit(c=a+b) 5,102 +18 5,120

The number of investment units (d) 1,966,174 1,966,174 Equity : DPU

DPU (yen) (e=c/d) 2,595 +9 2,604 ò Actual DPU for FP25 ended Aug. 2014 is 2,604 yen, DPU Previous forecast (yen) (f) 2,480 2,480 +124 yen higher than the previous forecast Impact on DPU (yen) (e-f) +115 +9 +124

Note : “Effect of PO in Sep. 2014” indicates the effect that came from the property “SENDAI HARVEST BLDG. ” acquired in FP25 ended Aug. 2014 Comparison of Previous and New Forecasts for FP26 ending Feb. 2015 8

V Revised DPU forecast upward by +60 yen Variance between previous and new forecasts for FP26 ending Feb. 2015 Asset : External Growth Operating Revenue Net Income DPU ò Contribution from properties acquired in PO 463 million Previous forecast (A) (Note) 15,579 million yen 4,955 million yen 2,520 yen in Sep. 2014 (after deduction of funding- yen New forecast (B) 16,929 million yen 5,472 million yen 2,580 yen related expenses for the acquisitions) Change (C)=(B)-(A) +1,350 million yen +516 million yen +60 yen ò Increase of income contributed by an additionally acquired property utilizing the Percentage change (C) ÷(A) +8.7% +10.4% +2.4% 19 million acquisition capacity (after deduction of Note : “Previous forecast” indicate the figures stated in “ORIX JREIT Announces Financial Results for 24th Fiscal Period” yen dated April 11, 2014 funding-related expenses for the Breakdowns of Variance (million yen) acquisition) Effect of Effect of existing Effectct of PO in Additional management Total Sep. 2014 (note1) Acqisition Asset : Internal Growth activities (Note2)

Contribution from properties acquired in +16 +16 PO in Mar. 2014 ò Increase of rental income from existing Contribution from properties acquired in 44 million +610 +39 +650 PO in Sep. 2014 properties due to improvement of lease Increase of funding-related expenses with yen -147 -20 -167 conditions the property acquisitions External Growth factors total +16+16+16+463+463+463 +19+19+19 +498+498+498

Increase of rental income from exisiting ò Increase of expenses from existing +44 +44 properties properties due to accelerated repair costs -75 million Increase of expenses for exsiting -75 -75 properties in consideration of expensed asset related yen Internal Growth factors total - 30- 30 - 30- 30 tax in FP 27, and hike of electric rate 172172172 172172172 Decrease of funding-related expenses +49 +49 Financial Strategy factors, etc. total +49+49+49 +49 Debt : Financial Strategy, etc. Total (a) +34 +463 +19 +516 49 million Net Income Previous forecast (b) 4,955 4,955 ò Decrease of funding-related expenses, etc. Net Income forecast: yen 4,989 +463 +19 5,472 Distributable Profit (c=a+b) The number of investment units (d) 1,966,174 +154,710 2,120,884 Equity : DPU DPU forecast (yen) (e=c/d) 2,537 +33 +10 2,580

DPU Previous forecast (yen) (f) 2,520 2,520 ò DPU forecast for FP26 ending Feb. 2015 is 2,580 yen, Impact on DPU forecast (yen) (e-f) +17 +33 +10 +60 +60 yen higher than the previous forecast Note1 : Effect of PO in Sep. 2014” indicates the effect that comes from the acquisition of “SENDAI HARVEST BLDG., ORE Nishiki 2-chome Bldg., ORE Ikebukuro, SO-CAL LINK OMOTESANDO, Friend Town Fukaebashi (Land), R-Styles Musashi-Kosugi and Iwatsuki Logistics Center”. Note2 : “Effect of Additional Acquisition” indicates the effect that comes from “DOJIMA PLAZA BLDG.” to be acquired on December 22, 2014. Comparison of FP25 Actual and FP26 & FP27 Forecasts 9

V DPU forecast for FP27 (Aug. 2015) is expected to decrease 30 yen compared to the previous period due to the impact of the “Asset related Tax”, but aim to improve DPU through the promotion of Internal and External Growth and Financial Strategies, etc. FP24 （（（A））） FP25 （（（B））） FP26 （（（C））） FP27 （（（D））） Item Feb. 2014 Actual Aug. 2014 Actual (B)-(A) Feb. 2015 Forecast (C)-(B) Aug. 2015 Forecast (D)-(C) Net Income (million yen) 4,183 5,120 +937 5,472 +351 5,409 -63 DPU (yen) 2,479 2,604 +125 2,580 -24 2,550 -30

(million yen) FP25(Aug.2014)Actual vs FP26(Feb.2015)Forecast vs FP27(Aug.2015)Forecast vs FP24(Feb.2014)Actual FP25(Aug. 2014)Actual FP26(Feb.2015)Forecast PO in Oct. 2013 Change +89 V ・Full-period contribution of acquired properties +174 The impact of the asset related tax is approx. External ・Asset related tax for porperties for above 60 yen per unit - 46 Growth acquisitions Factors ・Deletion of issuance cost of new investment +42 ⅠⅠⅠ units V Rental income in FP25 ended Aug. 2014 ・Increase of funding-related expenses for above - 81 acquisitions recovered due to increase in actual PO in Mar. 2014 Change +822 Change +103 Change - 123 occupancy rates ・Full-period contribution of 3 properties External +144 acquired (Note2) Growth V Rental income in and after FP26 ending Feb. ・Contribution of 8 properties acquired (Note2) +884 ・Full-period contribution of 8 properties acquired +145 ・Asset related tax for 10 properties acquired (Note2) - 116 Factors ・Issuance cost of new investment units - 71 ・Deletion of issuance cost of new investment units +71 2015 is forecasted to decrease compared to ⅡⅡⅡ Existing ・Increase of funding-related expenses for above ・Increase of funding-related expenses for above - 134 - 113 ・Other - 6 the previous periods due to a decline in office Portfolio acquisitions acquisitions occupancy rates, but will aim to increase Change +89 Change - 323 Change +61 ・Increase of rental income from exisiting properties +125 ・Decrease of rental income from exisiting properties - 173 ・Increase of rental income from exisiting properties +7 revenue by filling up vacancy at an early Internal ・Asset related tax for properties acquired in 2013 - 88 stage and improving lease conditions Growth ・Utilities net income - 11 ・Utilities net income - 54 Factors ・Increase of repairing expenses - 60 ・Other +63 ・Other - 34 ・Other +53 V Promotion of early repayments with the Change - 82 Change +107 Change - 20 purpose of extending borrowing periods, ・Decrease of funding-related expenses +17 ・Decrease of funding-related expenses +46 ・Increase of funding-related expenses - 25 switching to fixed interest and reducing Other - Factor of operating day - 23 - Factor of operating day +24 - Factor of operating day - 26 Factors - Reduction in funding cost +41 - Reduction in funding cost +21 - Reduction in funding cost +1 funding cost ・Increase of early repayment expenses - 62 ・Deletion of early repayment expenses +77 ・Other - 37 ・Other - 15 ・Other +4 A：：：Total +919 A：：：Total - 112 A：：：Total - 82 Effect of PO in Sep. 2014 for FP27 & Additional Acquisition Effect of the Existing Effect of PO Additional B：：：Change +18 B：：：Change +444 B：：：Change +0 Total Portfolio in Sep. 2014 Acquisition (Note4) ・Contribution of the property A (Note3) acquired +24 ・Full-period contribution of the property A acquired +39 ・Full-period contribution of the property B acquired +105 ・Rental revenue +7,828 +631 +110 +8,571 ・Operating expenses Effect of PO ・Contribution of the property B (Note3) acquired +546 ・Asset related tax for the properties A, B acquired - 84 - 1,291 - 85 - 19 - 1,396 except rental expenses in Sep. 2014 ・Issuance cost of new investment units - 63 ・Deletion of issuance cost of new investment units +63 ・Non-operating expenses - 1,620 - 73 - 52 - 1,747 ・Increase of funding-related expenses with the ・Increase of funding-related expenses for the ・Increase of funding-related expenses for the - 6 - 78 - 84 ・Tax, etc. - 10 - 9 +0 - 19 property A acquisitions properties A, B acquisitions properties A, B acquisitions ・Net Income +4,906 +463 +38 +5,409 ・The number of 1,966,174 +154,710 2,120,884 investment units C：：：Change +19 C：：：Change +19 DPU@yen 2,495 +37 +18 2,550 Effect of the ・Contribution of additional property to be aquired +39 ・Contribution of additional property to be acquired +71 Additional ・Increase of funding-related expennses with above ・Increase of funding-related expennses with above Acqisition (Note4) - 20 - 51 acquisitions acquisitions A+B ：：：Total +937 A+B+C ：：：Total +351 A+B+C ：：：Total - 63 Note1 : Only main factors for “changes” and “breakdowns” are indicated above. Note2 : “3 properties acquired” through PO in March. 2014 refer to “Clio Fujisawaekimae, J-ONE SQUARE and Cross Mall Shimonoseki-Chofu”. “8 properties acquired” through PO in March. 2014 refer to “SHIBUYA PINE Bldg., MG Ichigaya Building, JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, The Kitahama PLAZA, West Park Tower IKEBUKURO and myatria Higashijujo”. “10 properties acquired” through the PO in March. 2014 refer to “J-ONE SQUARE, Cross Mall Shimonoseki-Chofu, SHIBUYA PINE Bldg., MG Ichigaya Building, JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, The Kitahama PLAZA, West Park Tower IKEBUKURO and myatria Higashijujo,” not including “Clio Fujisawaekimae.” “Clio Fujisawaekimae”, which was acquired on December 20, 2013, has been under the asset related tax since 2014. Note3 : “Properties A” indicates a property of “SENDAI HARVEST BLDG.” acquired in FP25, “Properties B” indicates 6 properties of “ORE Nishiki 2-chome Bldg., ORE Ikebukuro, SO-CAL LINK OMOTESANDO, Friend Town Fukaebashi (Land), R-Styles Musashi-Kosugi, Iwatsuki Logistics Center” acquired in FP26. Note4 : “Additional Acquisition” shows “DOJIMA PLAZA BLDG.” (acquisition price: 9.5 billion yen) to be acquired on December 22, 2014; as for the details, please refer to “ORIX JREIT Announces Asset Acquisition “DOJIMA PLAZA BLDG.” announced on October 10, 2014. 10

Internal Growth Strategy ò②決算概要及び業績予想 Occupancy Rate and Tenant Replacements 11 V Maintained high o ffice occupancy rate at 98.8% as of the end of Aug. 2014 exceeding previous projection V Improved r ent fluctuation rate in and after F P24 Assumptions for forecasts (Assumptions for Tenant Move-out and Occupancy Rate) Move-out spaces are projected to be 9,000 ㎡, around 3.5% of total rented office spaces, in and after FP26 ending Feb. 2015. The office occupancy rate in and after FP26 is at the 97% range including DOJIMA PLAZA BUILDING scheduled to be acquired. (Assumptions for Tenant Move-in) Move-in spaces are forecasted with not only the contract basis (both upward and downward revisions) but also consideration for tenants’ inquiries and situations of the leasing market Period End Occupancy Rates （％） Overall Office Non-Office Office previous forecast 100 99.4 99.4 99.5 99.1 Note: Forecasts shown in dotted line. 99.0 99.0 99 98.4 98.7 99.2 98.0 98.8 98 98.6 97.5 97.8 98.0 97 96.1 97.4 97.2 96 96.5 FP26 FP27 FP21 FP22 FP23 FP24 FP25 (Feb. 2015) (Aug. 2015) (Aug. 2012) (Feb. 2013) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Forecast) (Forecast) Move-in / Move-out Space and Rent Fluctuation Rate at Tenant Replacement (excluding residences) （㎡） Move-in (confirmed) Move-in forecast (previous forecast) Rent Fluctuation Rate at Tenant Move-out (confirmed) Move-out forecast (previous forecast) Replacement excluding residences 30,000 25,000 Move-in forecast (forecasts shown in dotted line) 20,000 Move-out forecast Note : Figures are rounded to the nearest 100 ㎡. Previous forecast 12,600 10,000 8,200 8,000 6,900 9,000 4,000 5,600 6,500 0 -10,000 -5,000 -5,800 -5,400 -6,500 -7,000 -8,900 -9,000 -11,000 10% -20,000 4% -2% -4% -19,600 0% -30,000 -13% -10% -20% -17% -23% -10% -13% FP26 FP27 -20% FP21 FP22 FP23 FP24 FP25 (Feb. 2015) (Aug. 2015) -30% (Aug. 2012) (Feb. 2013) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Forecast) (Forecast) Rent Revisions of Existing Tenants 12

V Secured approx. 9, 600 ㎡㎡㎡ of spaces with upward rent revision in FP25 ended Aug. 2014, surpassing spaces with downward rent revision (approx. 3,500 ㎡㎡㎡) Assumptions for forecasts (Assumptions for Upward Revision) In principle, only confirmed contracts are reflected in forecasts (Assumptions for Downward Revision) Downward revisions are forecasted with consideration to not only confirmed contracts but also to the gap from the market rents, negotiation status, etc.

Existing Tenants’ Rent Revision Trend Existing Tenants’ Rent Revision Space (excluding residential properties)

FP25(ended Aug. 2015) Spaces with upward rent （㎡） Upward (confirmed) Downward (confirmed) Downward (forecast) revision: approx. 9,600 ㎡ 20,000 Upward (previous forecast) Dwonward (previous forecast) Rent increase rate:approx.10% 9,600 10,000 3,800 4,800 200 1,400 600 0 -2,600 -10,000 -3,400 -3,900 -5,200 Same rent Rent Downward Upward -7,700 renewal revision revision revision -20,000 81% 19% 26% 74% -20,600 FP26 -30,000 FP23 FP24 FP25 (Feb. 2015) (Aug. 2013) (Feb. 2014) (Aug. 2014) (Forecast)

Note: Figures are rounded to the nearest 100 ㎡.

Total Space: approx. 67,200 ㎡ Spaces with downward rent revision: approx. 3400 ㎡ Rent decline rate:approx. -12% Rent Fluctuation Rate (excluding residential properties / rent revision spaces only)

Rent growth rate Rent fluctuation rate Rent decline rate (forecast shown in dotted line) FP24(ended Feb. 2014) 20% 10% 10% 10% 5% 6% 0% Same rent Rent Downward Upward 0% 5% renewal revision revision revision -12% 1% 85% 15% 41% 59% -10% -9% -9% -12% -12% -20% FP26 Total Space: approx. 43,400 ㎡ FP23 FP24 FP25 (Feb. 2015) Note: Figures are rounded to the nearest 100 ㎡. (Aug. 2013) (Feb. 2014) (Aug. 2014) (Forecast) Internal Growth Results: Offices 13

V Expanded the trend of increase of rents by “Business type, ” “Area ” and “Scale ” through Direct Property Management

To expansion of business Shop-visit type types Medium-size offices near Companies, which are having Greater Tokyo Area terminal strong performance such as IT, stations with high demand advertising and environmental- from shop-visit type tenants related sectors that are sensitive to the

economy Business type Rents increased for all tenants at Round-Cross Round-Cross Shibuya Round-Cross Kawasaki Round-Cross Shibuya Shinjuku 5-chome To regional areas Center of Greater Tokyo Area High-spec properties in prime locations in the vicinities of central Increase of competitiveness of Tokyo or regional areas properties through utilization of strategic CAPEX (renewing Even in Nagoya and Osaka where air conditioning, installing LED recovery is delayed compared to Area lighting, etc.) the Greater Tokyo Area, rents increased through locational ORIX Nagoya ORIX Koraibashi improvement and grasping Nihonbashi East Building Nishiki Building Building tenants’ expansion needs

Small-scale units To large-scale units

Increase rents from small- Large-scale units with large gross scale units with small gross rent due to market recovery rent through subdivision of rentable units, tenant space expansion, etc. Scale

Seafort Square Center Building ORIX Meguro Building DT Gaien Internal Growth Results: Retail Facilities 14

V Rents increased through flexible leasing such as change of use a nd subdivision of units

Retail areas of central Tokyo offices Urban-type retail facility Subdivision of units Change of use

＜Sample ＞ ORIX Ikebukuro Building Nihonbashi East Building CUBE Daikanyama Subdivided one unit into two units on each of the Changed from an office area to sales area on Increased ongoing rent at a property with high 1st and the 2 nd floors at the timing of tenant the 1 st floor at the timing of tenant replacement branding effect of locational features replacement ＜Examples of events held through direct property management ＞ Improved property competitiveness by generating synergy with nearby facilities and increasing awareness of local residents

Joint event Amusement attraction Summer festival

Intervillage OH! MAGARI Cross Gate Seafort Square Center Building Held “stamp rally” together with the adjacent Installed kids’ amusement attraction to coincide Held an event with stalls operated by tenants, outlet mall with event held nearby dance performed by local students, etc. Increase of Rents at Recently Acquired Properties 15

V Increased rents at rare properties in areas preferred by tenants that are sensitive to the economy

Case 1: SHIBUYA PINE Bldg. Increased rents for IT companies (approx. 700 m 2)

ò Medium-size office located an approx. 3-minute walk from south exit of JR Shibuya Station ò Increase of profitability can be expected with the backdrop of favorable IT industry demand and limited office supply ò Main tenants are IT and media firms, etc. and on the 1 st floor is a shop-visit type cosmetics tenant ò Rents increased for IT firms which are sensitive to the economy

Case 2: Intervillage OH! MAGARI Increased rent for shop specializing in communications services ò NSC located in suburbs of Sapporo with ample trade area population ò Rare locational environment that can attract customers from afar as well as nearby areas through synergy with nearby large retail facilities ò Core tenants are a food supermarket, electronic appliance retailer, home center, etc., all leaders in their sectors, as well as specialty stores such as for apparel, pharmaceuticals and services ò Rent increased for communications service tenant which are sensitive to the economy

Case 3: West Park Tower IKEBUKURO Case 4: Belle Face Kanazawa Korinbo (formerly Kanazawa Korinbo myatria) Increased rents for about half of replacements Increased rents for about 80% of replacements ò High-rise apartment located an approx. 2-minute walk ò Located in Kanazawa Korinbo district, one of the most from Ikebukuro Station, one of the three major vibrant Hokuriku areas terminal stations in the Greater Tokyo Area ò Apartment with condominium quality that is very rare ò Supply of large rental apartments in central Tokyo is ò High rental demands from transferees of financial limited and therefore the property is very rare institutions etc. and employees in the pharmaceutical industry which are sensitive to the economy ò Preferred by company managers, company ò Standard land price increased with anticipation of the executives, doctors, lawyers, etc. who are sensitive to opening of “Hokuriku Shinkansen” (bullet train) in spring the economy 2015; Further increase of people visited from nearby ò Ikebukuro is ranked one of the top cities people want prefectures is expected to live in 16

External Growth & Financial Strategies Overview of New Acquisitions through Public Offering 17

V Acquired portfolio unique to diversified portfolio REIT centerin g on properties developed by ORIX Group

Acquisition conditions Acquisition NOI Yield after Property name Seller Region price yield depreciation (million (%) (%) yen)

Office ORE Nishiki 2-chome Bldg FP26 SponsorDeveloped Other areas 10,900 5.4 3.6

ORE Ikebukuro FP26 SponsorDeveloped Remaining Tokyo wards 6,410 4.5 3.2

SO-CAL LINK OMOTESANDO FP26 SponsorDeveloped 6 central Tokyo wards 2,300 4.3 4.2 Retail facilities SENDAI HARVEST BLDG. FP25 Sponsor Other areas 2,000 6.6 5.8

Friend Town Fukaebashi (Land) FP26 SponsorDeveloped Other areas 2,400 5.0 5.0

Residential Other parts R-Styles Musashi-Kosugi FP26 Sponsor Developed 4,433 6.2 3.2 properties of the Greater Tokyo Area

Logistics Other parts Iwatsuki Logistics Center FP26 Sponsor Developed 6,300 5.4 3.3 facilities of the Greater Tokyo Area

Total of 7 properties 34,743 5.3 3.7

Appraisal Value (total of 7 properties) 35,670 million yen Ratio of Acquisition Price/Appraisal Value 97.4%

Properties developed by sponsor Property not developed by sponsor

Iwatsuki Logistics Center SO -CAL LINK OMOTESANDO

ORE Nishiki 2-chome Bldg. ORE Ikebukuro R-Styles Musashi -Kosugi Friend Town Fukaebashi (Land) SENDAI HARVEST BLDG. Property Scheduled to be Acquired 18

V Relatively new office directly connected to the station via the underground passage, located in Osaka ’s major business area

Acquisition price 9,500 million yen DOJIMA PLAZA BLDG. FP26 Appraisal value 9,800 million yen NOI yield 5.1% (Note1) Yield after 3.7% (Note1) depreciation

Occupancy rate 73.6% (80.6%) (Note 2)

Location Osaka-shi, Osaka

Scheduled acquisition date December 22, 2014

Land space 2,031.20m 2

Building space 15,619.60m 2 Reinforced concrete, steel- Construction framed, 12 floors with 2 underground floors

Completion date February 2010

Location features, etc. ò The property is located an approx. 4-minute walk from Osaka Municipal Subway Nishi-Umeda Dojima Underground Mall Station. The property is directly connected underground to JR Osaka Station through an underground shopping arcade. The location is highly convenient a s JR, private railway and subway Figure 1:Vacancy rates of Osaka offices Figure 2: Asking rents per tsubo of Osaka offices terminals are available for use. From 2013Q1 to 2014Q2 From June 2011 to August 201420142014 ò The property is rare as it is relatively new and has high specifications compared to other offices in Dojima Osaka Umeda Dojima ・Nakanoshima Umeda Osaka-shi Dojima, a major business area of Osaka, where other properties are relatively old. 25% 22,000 The property allows for flexible leasing in accordance to tenant needs as it has regular shape floors 20% 20,000 ò with a standard floor area of approx. 240 tsubos that can be divided into a maximum of six sections 15% 18,000 (minimum of approx. 30 tsubos). 10% 16,000 ò Osaka’s office market saw a temporary rise in the vacancy rate due to the large supply in 2013, but 14,000 5% an upturn in rent can now be expected as vacancies are being filled (see Fig. 1&2). 12,000 0% 2011.6 2012.6 2013.6 2014.6 Tenant features, etc. 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 (Note 3) Figure 1: Prepared by OAM based on a data by CBRE. Aggregated the number of offices with total floor ò Diversification of 22 tenants (24 tenants) including financial institutions, IT companies, area of more than 1,000 tsubo and new quake-resistance standards. advertisers and manufacturers. Figure 2: Prepared by OAM based on a data by Sanko Estate. Aggregated rents including common ò In the shop areas of the 1 st floor and the 1 st underground floor, there are liquor retail chains, service fees of offices with standard floor area of more than 200 tsubo. restaurants and other tenants, taking advantage of the close proximity to Kitashinchi. Note 1: “NOI Yield” and “Yield after depreciation” are based on the net operating income in the direct capitalization method and on an assumed occupancy rate of 95% recorded in the appraisal report . Note 2: The occupancy rate as of August 31, 2014 is 73.6% and this will be 80.6% given two tenants newly contracted after September 1, 2014. Note 3: The number of tenants will be 24 given two tenants newly contracted after September 1, 2014 Portfolio Status 19

Portfolio Profile (as of Oct. 10, 2014)

Total acquisition Number of Occupancy rate NOI yield Yield after price (billion yen) properties (%) (%) depreciation (%) Offices 266.9 45 98.7 4.6 3.5

Retail facilities 107.8 27 99.8 5.8 4.7

Residential properties 64.2 16 94.7 5.4 3.6

Logistics facilities 37.1 5 100 5.6 3.6

Others 16.5 2 100 5.9 4.5

Portfolio overall 492.6 95 98.9 5.1 3.8

＜Reference ＞ Properties acquired with PO 34.7 7 98.3 5.3 3.7 in Sep. 2014

Portfolio Composition (based on acquisition price; as of Oct. 10, 2014) Others 3.4% Logistics facilities 7.5% Other Areas Greater Tokyo Area 22.8% 77.2% Residential properties 13.0% Sector Area Offices Target: 6 Central Tokyo Wards Target: 54.2% 41.8% Office ratio of approx. Greater Tokyo Area ratio of approx. 80% ±10% 60% ±10% Other Parts of Greater Tokyo Area (however, with approx. 80% Retail facilities or more of offices) 21.9% 18.8%

Remaining Tokyo Wards Note: Occupancy rates are as of the end of August 2014. 16.6% Financial Strategy 20

V Aim to reduce financing costs while securing financial stability and also consider early repayments, etc.

Average Funding Costs Changed Credit Rating Outlook to “Positive”

Promote Reduction of Funding Costs Long-term issuer rating AA- AA- 1.7% Rating outlook Stable Positive 1.60% Result & forecast in FP25 Previous forecast in FP24 (Before change) (After change) 1.52% 1.5% (Japan Credit Rating Agency, Ltd., announced on May 30, 2014) 1.47% New Issue of Investment Corporation Bonds 1.3% FP23 FP24 FP25 FP26 (Projected) FP27 (Projected) Aug. 2013 Feb. 2014 Aug. 2014 Feb. 2015 Aug. 2015 Extended issue term while reducing financing costs through timely bond issuance with taking advantage of the environment LTV based on Total Assets Redeemed investment Newly issued investment corporation corporation bonds bonds Control at around 50% Maturity date Aug. 12, 2014 Issue date Aug. 11, 2014 55% Redemption Total Issue 2,000 million 3,000 million 5,000million yen amount amount yen yen 50.3% 50% 48.3% 48.9% Interest rate 1.44% Interest rate 0.308% 0.901% 46.7% 46.3% Issue term 4 years Issue term 5 years 10 years 45% End of FP22 End of FP23 End of FP24 End of FP25 As of financial Feb. 2013 Aug. 2013 Feb. 2013 Aug. 2013 announcement Status of Established Commitment Lines Oct. 10, 2014 Extended term of agreements for total of 21 billion yen to secure stable liquidity Maturity and Duration of Interest-bearing debt as of Oct. 10, 2014 （As of Oct. 10, 2014 ） Line limit a Financial institution Period Term Continue to aim to diversify and extend the maturity （million yen ） million yen Average duration: 3.9 years Aozora Bank, Ltd. 7,500 Dec. 29, 2015 2 years 50,000 Sumitomo Mitsui Trust Bank, Limited 6,000 Jun. 10, 2016 1 year →2 years 38,800 39,860 Mitsubishi UFJ Trust and Banking 40,000 6,000 Jun. 10, 2016 1 year →2 years 31,050 32,930 Corporation 30,000 26,055 Sumitomo Mitsui Banking Corporation 5,000 Feb. 24, 2015 1 year 20,630 20,000 17,500 16,080 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 4,000 Aug. 27, 2017 2 years →3 years

10,000 5,500 Mizuho Bank, Ltd. 3,000 Jun. 10, 2016 1 year →2 years 0 0 Resona Bank, Ltd. → 0 2,000 Jul. 29, 2016 1 year 2 years Y2014 Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 Total 33,500 － － 21

Future Management Policies & Strategies Management Tactics in line with Current Environmental Perceptions 22

Asset Debt Internal Growth Strategy Financial Strategy ¢ Environmental Perceptions ¢ Environmental Perceptions ò The timing for transition to a full-fledged increase of rents is ò The financing environment continues to be favorable due to unpredictable, but there are signs of increase of rents centering on monetary easing policy and interest rates continuing to stay low central Tokyo offices. OJR expanded rent increase trend by property types other than office and regional areas through Direct ò There is a risk of long-term interest rates rising in the future if Property Management. economic growth is realized, or if concerns of financial deterioration return ò The three points in realizing internal growth regardless of sectors or areas in the early stage of an economic recovery are: (i)Rare ¢ Financial Management Tactics properties, (ii)Tenants that are sensitive to the economy, ò Aim to decrease financing costs while securing financial stability; (iii)Flexible leasing. Consider early repayments as well ¢ Management Tactics ò Continue to control LTV on total assets basis at around 50% ò Assess whether focus should be on occupancy rates or rent per ò Preferentially utilize free cash flow for new property acquisitions unit for each property and promote the improvement of contractual and strategic CAPEX lease conditions in each property type ò Aim to increase competitiveness of properties through Direct Property Management and enhance relationships with tenants by utilizing the ORIX Group’s nationwide network External Growth Strategy ¢ Environmental Perceptions Equity ò The competition for acquisition of real estate including REITs continues to be overheated; Cap rates are trending down in all ¢ Environmental Perceptions property types as prime properties are scarce ò While the Japanese economy is overcoming deflation and is on a recovering trend due to the effects of Abenomics and the ¢ Investment Tactics expectations of the Olympics, downside factors such as concerns ò Selectively invest by assessing growth potential and risk of over the additional tax hike and economic deterioration of China individual properties based on operational capacities backed by and other countries continue to remain track records ¢ Policy ò Replacement strategy: Consider the sale of properties where there is a concern that the competitiveness will decrease or ò Aim for stable growth of DPU while taking NAV into consideration properties with relatively low profitability ò Acquire properties as a portfolio with yields higher than the existing portfolio that will contribute to increasing DPU Internal Growth Strategy 23

V Promoting the improvement of contractual lease conditions throug h assessing whether focus should be on occupancy rates or rent per unit for each property Internal growth measures Results in FP25 (Aug. 2014)

Increase of contract ò With 98.8% in offices and 99.0% overall, contract occupancy rates were maintained at a high Step 1 occupancy rate level as of the end of FP25

Reduction of tenant ò Vacated area (Note) was held down to less than approx. 5,400m 2, about one third of the peak Step 2 departures rate level in Aug. 2012

(Note) Improvement of ò Rent fluctuation rate from tenant replacements was improved to -4% (approx. -20% in Aug. 2012 to Aug.2013) Step contractual 2 3 ò In rent revisions (Note) of existing tenants, upward revisions (approx. 9,600m ) significantly lease conditions exceeded downward revisions (approx. 3,400m 2)

Note: except residential properties. Aiming to increase property competitiveness and strengthen relationship with tenants through Direct Property Management and by utilizing the ORIX Group’s nationwide network

Strengthen relationship Increase property Nationwide Expertise with tenants competitiveness network

Specific examples of Direct Property Management

Increase property competitiveness Strengthen tenant relations

ò Flexible leasing ò Grasp tenants’ business performance ⇒ Subdivision of rentable areas, the change of use, etc. ò Explore potential needs of tenants ò Tenant merchandising ò Increase tenant satisfaction ⇒ Attracting of business types that are currently lacking and high-synergy ⇒Business matching, etc. with ORIX Group tenants to trade areas ò Strategic CAPEX ⇒ Improvement of exterior, installment of energy saving equipment, etc. External Growth Strategy 24

V Invest selectively by assessing growth potential and risk of eac h property based on operational capacities backed by track records ORIX Synergy in the external growth strategy

Pipeline Expertise Nationwide network

ò Ownership of approx. 600 billion yen of real estate for lease ò Expertise through experience in a ò Synergy and group strength amongst centering on offices and retail facilities in the Greater Tokyo Area range of sectors and areas in different business segments due to (as of the end of June 2014) development and operation having operational bases across the ò Sourcing provided from a diversity of real estate-related services nation including financial service operations such as financing and servicing

Increase of opportunities for property acquisitions

Status of ORIX Group’s real estate segment assets (Note) Property replacements and total acquisition price by sector

Logistics Retail Total acquisition price (right axis) Offices Residences Other (left axis) (based on book value; as of the end of June 2014) facilities facilities (100 million（億円） yen) (100 million（億円） yen) Breakdown賃貸不動産 of leased用途別内訳 real estate by sector 600 5,500 (100（億円） million yen) Under lease賃貸中 開発中 Under development 3,000 500 5,000 2,290 2,000 400 4,500 1,436 1,552 300 4,000 1,000 668 221 0 200 3,500

オフィスビルOffice buildings Retail 商業施設 facilities 賃貸マンションRental Logistics 物流施設 facilities その他Others apartment 100 3,000

Breakdown賃貸不動産 of leased所在地別内訳 real estate by location 0 2,500 (100（億円） million yen) Under 賃貸中lease開発中 Under development 3,000 2,402 -100 2,000 第20期FP20 第21期FP21 第22期 第23期 第24期 第25期FP25 第26期FP26 2,000 1,443 FP22 FP23 FP24 （2012.2期）(Feb. 2012) （2012.8期）(Aug. 2012) （2013.2期）(Feb. 2013) （2013.8期）(Aug. 2013) （2014.2期）(Feb. 2014) （2014.8期）(Aug. 2014) （2015.2期）(Feb. 2015) 1,000 664 667 290 308 393 0 Sold relatively old and Sold relatively small logistics Sold co-owned residence with 東京Tokyo 関東Kanto 大阪Osaka 関西Kansai 名古屋Nagoya 札幌・仙台Sapporo, その他Others small office facility with concerns of relatively low profitability and (other (other Sendai decreased competitiveness acquired retail facilities （除く東京）than （除く大阪）than 福岡and Tokyo) Osaka) Fukuoka (Note) “Status of ORIX Group’s real estate segment assets” is prepared independently by the Asset Management Company based on “First Quarter Consolidated Financial Results for the Three Month Period Ended April 1 – June 30, 2014” prepared by ORIX Corporation in July 2014. The definitions of “sector” and “location” rely on those of ORIX Corporation. Examples of Development by Sponsor 25

V Utilizing expertise based on experience in development and opera tion in a diversity of sectors and range of areas

(Tentative name) Jingumae 5-chome Project (Tentative name) Azabu-Juban ORIX Minami-Aoyama Building Apartment (Jingumae, Shibuya-ku, Tokyo) (Higashi-Azabu, Minato-ku, Tokyo) (Minami-Aoyama, Minato-ku, Tokyo) Urban-type retail facility Residence Office Scheduled for completion Scheduled to open in March 2015 in March 2015 Completed in April 2014 Urban-type retail facility located Located an approx. 2-minute walk Acquired Round Cross Aoyama in Omotesando area with from Azabu-Juban Station where from OJR in December 2007; two subway lines can be used and newly built Greater Tokyo Area apparel and restaurant tenants which has high rental demand; apartment comprised primarily of office developed together with single and compact types adjacent lot

Minatomirai Center Building (Tentative name) Sanno Project (Yokohama-shi, Kanagawa) (Akasaka, Minato-ku, Tokyo) Office Akasaka-mitsuke Sta. Office Completed in May 2010 Scheduled for completion Large-scale office in the Greater in Fall 2016 Tokyo Area; directly connected to Sanno Project Greater Tokyo Area office Minatomirai Station; standard floor facing Sotobori-dori Street; area of more than 1,000 tsubos; Tameike-sanno Sta. joint project with Sankei joint project with Daiwa House and Akasaka Sta. Building Ken Corporation

Hotarumachi (Osaka-shi, Osaka) Inuyama Logistics Center (Inuyama-shi, Aichi) Urban-type retail facility Residence Logistics facility Completed in April 2008 Naha Shin-Toshin Center Building Completed in May 2013 Joint redevelopment project (Naha-shi, Okinawa) at the former site of Osaka Relatively new large-scale logistics facility that is scarce University Hospital along Office Hotel in the Chubu region located Dojima River; in charge of Completed in August 2011 approx. 5km from Tomei commercial building and Expressway’s Komaki IC residential building Complex property of offices and a hotel located in Naha Shin-Toshin where development is underway; joint project with Daiwa House 26

Appendix Actual Financial Highlights 27

(million yen) FP21 FP22 FP23 FP24 FP25 Aug. 2012 Feb. 2013 Aug. 2013 Feb. 2014 Aug. 2014 Operating Revenues 12,271 12,177 13,376 13,705 15,786 Operating Income 5,032 5,016 5,688 5,768 6,918 Ordinary Income 3,321 3,356 3,837 4,191 5,129 Net Income 3,315 3,346 3,836 4,183 5,120 Unitholders' Capital 150,895 150,895 170,937 181,980 215,092 Net Assets 154,279 154,310 174,842 186,231 220,281 Total Assets 344,997 349,154 378,711 408,479 460,763 Number of investment units issued @unit 284,434 284,434 1,591,117 1,687,494 1,966,174 *Note1 Net Assets per Unit @yen 108,481 108,503 109,887 110,360 112,036 *Note1 Distribution per Unit @yen 2,331 2,352 2,411 2,479 2,604 *Note1 Net Asset Value per Unit @yen 102,242 104,622 110,445 115,744 122,618 (million yen) FP21 FP22 FP23 FP24 FP25 Aug. 2012 Feb. 2013 Aug. 2013 Feb. 2014 Aug. 2014 Acquisition price 350,994 355,874 383,094 411,119 459,944 Number of properties 68 70 73 81 89 NOI yield *Note2 5.0% 5.0% 4.9% 5.0% 5.1% Yield after depreciation *Note3 3.6% 3.6% 3.5% 3.7% 3.8% Unrealized gain/loss -5,489 -2,104 4,794 13,337 25,996 Funds From Operation 5,965 6,198 6,356 7,197 8,404 Depreciation 2,722 2,764 2,842 2,925 3,192 Finance Lease Cost 87 87 88 89 90 CAPEX 379 387 367 564 699 Free Cash Flow 2,429 2,464 2,563 2,450 2,583 Note1 : As of March 1, 2013, OJR implemented a 5-for-1 spilit of its investment units. Taking this split into account, one fifth of “Actual Net Assets per Unit”, “Actual Distribution per Unit” and “Actual Net Asset Value per Unit” for FP22 and earlier are shown in the table above. Figures are rounded down to the nearest whole number. Note2 : In this slide, “NOI yield” is obtained by dividing the “annualized NOI” by the “acquisition price” at each of the time. Figures are rounded to the nearest first decimal place. Note3 : In this slide, “Yield after depreciation” is obtained by dividing the “annualized income after depreciation” by the book value at each of the time. Figures are rounded to the nearest first decimal place. Overview of POs (Consecutive 4FP) 28 VPursuing Stable Growth of Unitholder Value through POs adapting to Favorable Capital Market

Items FP23 (March 2013) FP24 (October 2013) FP25 (March 2014) FP26 (September 2014)

168,947 units 96,377 units 278,680 units 154,710 units

【Breakdown 】【Breakdown 】【Breakdown 】【Breakdown 】 Number of newly issued investment units Primary offering: Primary offering: Primary offering: Primary offering: 160,915 units 91,788 units 265,410 units 147,343 units Third-party allotment: Third-party allotment: Third-party allotment: Third-party allotment: 8,032 units 4,589 units 13,270 units 7,367 units

Number of investment units 1,591,117 units 1,687,494 units 1,966,174 units 2,120,884 units (after the issue of new investment units)

Base Price (closing price of pricing date) 125,800 yen 121,500 yen 126,000 yen 133,500 yen

Issue Price 122,655 yen 118,462 yen 122,850 yen 130,162 yen

Total issue price 20,722 million yen 11,417 million yen 34,235 million yen 20,137 million yen

Paid-in amount 118,629 yen 114,574 yen 118,818 yen 126,023 yen

Total paid-in amount 20,042 million yen 11,042 million yen 33,112 million yen 19,497 million yen

Date of resolution authorizing issuance March 8, 2013 October 15, 2013 March 3, 2014 September 1, 2014

Pricing date March 18, 2013 October 23, 2013 March 11, 2014 September 9, 2014

Payment date March 26, 2013 October 30, 2013 March 18, 2014 September 17, 2014 (Primary offering)

Payment date April 24, 2013 November 27, 2013 April 16, 2014 October 9, 2014 (Third-party allotment) Major Tenants *as of the end of FP25 (Aug. 2014) 29

5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18 5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18

5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18 5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18

5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18 5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18

5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18 5株式会社大京リアルド不動産業ラウＷｅベル 八丁堀 ンドクロス南麻布ンドクロス築地Ｗｉｌｌファース戸越スタティオファース蒲田33,998.18

Major 10 Tenants of All Property Types Overview of Office Tenants

Centering on retail facility and logistics facility tenants with long-term contracts Office tenants are relatively diversified

Share of Total Rented Space Share of Total Share of Office Name of Tenant Sector Property Name Type Rented Space Rented Space (㎡) Classification Rented Space Space (%) *Note 1 (㎡) aune Yurakucho *Note 2 (%) *Note 1 (%) *Note 1 Cross Avenue Harajuku *Note 2 JouLe SHIBUYA *Note 2 No.1: ORIX Corporation 11,221.98 1.3 4.8 CROSS GARDEN KAWASAKI *Note 2 Retail Morioka Minami Shopping Center Sansa 1 ORIX Real Estate Corporation Real Estate Facilities 117,143.86 13.7 The Kitahama PLAZA *Note 2 Top 5 companies 43,418.78 5.1 18.5 Cross Mall Shimonoseki-Chofu *Note 2 Intervillage OH! MAGARI *Note 2 Valor Suzuka Shopping Center *Note 2 Top 10 companies 62,107.47 7.3 26.5 GOOD TIME LIVING Shin-urayasu Others Retail 2 AEON TOWN Co., Ltd Real Estate AEON TOWN Sendai- Izumiosawa (Land) Facilities 74,930.65 8.8 Total of office tenants 448 Logistics 3 NIPPON EXPRESS Co., Ltd. Transportation Sakai Logistics Center North Building 64,004.80 7.5 Facilities Retail 4 Arcland Sakamoto Co., Ltd. Retailer Home Center Musashi Sendai Izumi (Land) 56,109.95 6.6 Facilities Round-Cross Minamiazabu *Note 2 *Nots3 Offices Round-Cross Tsukiji *Note 2 *Note 3 We Will Hatchobori *Note 2 Belle Face Togoshi Statio *Note 2 Belle Face Kamata *Note 2 5 DAIKYO REALDO INCORPORATED Real Estate 37,544.60 4.4 Belle Face Hongo Yumicho *Note 2 Residential Belle Face Higashijujo *Note 2 Properties Belle Face Osaka Shinmachi *Note 2 Belle Face Miyamachi *Note 2 Belle Face Bansui-street *Note 2 Logistics 6 SENKO Co., Ltd. Transportation Ichikawa Logistics Center Facilities 37,456.96 4.4 Logistics 7 Keiyo Distribution Warehouse Co., Ltd. Warehousing Toda Logistics Center 36,158.60 4.2 Facilities Residential 8 R.A. Asset Management Inc. Real Estate West Park Tower IKEBUKURO *Note 2 23,721.08 2.8 Properties Tecc Land Totsuka(Land) Retail 9 Yamada Denki Co., Ltd. Retailer 20,422.17 2.4 Kobe Momoyamadai Shopping Center (Land) Facilities

10 Fujita Kanko Inc. Hotel Cross Gate Others 19,744.39 2.3

Total 487,237.06 57.0

Note 1: “Share of total rented space” uses figures as of the end of FP25. Note 2: Master Lease Agreement with a “pass-through payment” agreement is concluded. Note 3: While the main uses of “Round-Cross Minamiazabu” and “Round-Cross Tsukiji” are as offices, the lease agreements with above tenants are for the residential parts of the buildings. New Acquisitions (1) 30

V Relatively new large -scale office located in Nagoya ’s leading office district

Acquisition price 10,900 ORE Nishiki-2chome Bldg. Development FP26 (million yen) Appraisal value 11,100 (million yen) NOI yield 5.4% Yield after 3.6% depreciation Occupancy rate 98.3%

Type Office Address Nagoya-shi, Aichi Land space 2,372.93 ㎡ Building space 19,409.42 ㎡ Steel-framed with Construction flat roof, 13 floors Completion August, 2012

Location features etc.

ò The property is a relatively new large-scale office building developed by the ORIX Group located in the Fushimi area, which is Nagoya ’s leading business district with concentration of financial institutions and major corporations. ò Situated an approx. 3-minute walk from Marunouchi Station on the Nagoya Municipal Subway, with Fushimi Station, Sakae Station, Hisaya-odori Station on the subway as well as Sakae Station on the Meitetsu Seto Line in a walking distance, the property provides excellent transportation convenience. ■ ～ Office floor / 8 split (2 13F) ò While having ample standard floor area of approximately 370 tsubo, it can offer a highly flexible layout with a regular shape floor dividable into a maximum of 8 sections, Tower Tower Parking Parking individually controlled (20 separate areas) air conditioning on each floor, grid system ceiling and such. Thus the property is capable of responding to various tenant needs. ò The property is highly competitive since it has high specifications including 7 elevators, 2,800 mm-high ceiling, 100 mm-raised OA floors, large parking tower for 110 cars, car sharing, carriage porch, etc. heavy-duty zone Tenant features etc ... ò It houses 27 tenants such as a major cosmetic company, local leading tax accountant corporation group and insurance company. ò The shop space on the 1 st floor is currently used as a showroom for high-end foreign cars. New Acquisitions (2) 31

V Urban -type retail facility located in the Ikebukuro Station East Exit area, one of Tokyo ’s leading downtown areas

ORE Ikebukuro Development FP26

Acquisition price 6,410 (million yen) Appraisal value 6,460 (million yen) NOI yield 4.5% Yield after 3.2% depreciation Occupancy rate 92.0%

Type Retail Facility Address Toshima-ku, Tokyo Land space 757.38 ㎡ Building space 5,442.38 ㎡

Steel-frame, others, Location features etc. Construction 12 floors with 2 ò It is a relatively new urban-type retail facility developed by the ORIX Group standing in underground floors the commercial district at the east exit of Ikebukuro Station, which is a leading downtown area in Tokyo. Completion August, 2010 ò Large retail facilities including fast fashion stores, amusement facilities, major interior Terms Fixed-term lease goods stores and home appliances mass retailers are concentrated in the commercial district stretching from the east exit of Ikebukuro Station, one of the largest terminal stations in the Greater Tokyo Area, to Sunshine City. Customers from various areas such as the western and northern areas of the 23 wards of Tokyo and Saitama, which are connected by Tobu Tojo Line, Seibu Ikebukuro Line and JR Saikyo Line, can be expected. ò Since the property stands facing the corner of Sunshine-dori, it is highly visible and very competitive in terms of customer attraction. Tenant features etc. ò The property is occupied by the food business (cafés and izakayas), retail business (100 yen shop) and an amusement facility (karaoke shop) targeting a broad customer base of students, office workers, housewives, etc. This composition is likely to generate synergistic effects among the tenants as well as the surrounding retail facilities. ┃┃┃ “ Redevelopment plan” in east exit area in Ikebukuro ┃┃┃ ò Future flourish can be expected in the area due to a large development project of Toshima ward ’s government buildings, etc. being planned. ò A large retail facility is scheduled to open as early as this fall in the area, possibly bringing more customers to the area going forward. New Acquisitions (3) 32

V Large -scale logistics facility located approx. 5km from the Tohoku Exp ressway Iwatsuki IC that can cover the entire Greater Tokyo Area

Iwatsuki Logistics Center Development FP26

Effective ceiling height of 5.5m or more

Column spacing of 10.0 ｍ or more

Floor loading of 1.5t/ ㎡ Road wide of about 13m or more

Acquisition price 6,300 Type Logistics Facilities (million yen) Address Kasukabe-shi, Saitama Appraisal value 6,520 (million yen) Land space 20,951.14 ㎡ NOI yield 5.4 ％ Building space 28,875.40㎡

Yield after Construction Steel-framed, 4 floors 3.3 ％ depreciation Completion April, 2013 ％ Occupancy rate 100 Terms Fixed-term Lease

◆Further improvement in convenience as a logistics base can be expected due to the Location features etc. opening of the Metropolitan Inter-City Expressway (Ken-O Expy.) scheduled in the future. ò The property is located 4.5km from the Tohoku Expressway Iwatsuki IC along National Route 16 within 35km from central Tokyo. It is a rare location with excellent access to all 圏央道 areas in the Greater Tokyo Area, the northern Kanto region and the Tohoku region. It stands in a walking distance from Toyoharu Station on the Tobu Noda Line and this is a positive factor for securing workers. It is also an area where around-the-clock operation is possible. ò It is a relatively new large logistics facility developed by the ORIX Group with 4 floors above ground. There is a truck berth on the 1 st and 2 nd floors and direct access to the 2 nd floor is possible using a slope. It is highly versatile with floor loading of 1.5t/ ㎡, effective ceiling height of 5.5m, column spacing of 10.0m and road wide of about 13m or more and 4 freight elevators, as well as allowing additional installment of elevators and vertical conveyors. ò Emergency power generators are equipped, allowing elevator operations and use of lighting for about 27-consecutive hours even in an emergency. Therefore the disruption of logistics functions can be averted. Tenant features etc.

ò Lease agreements have been concluded with two major logistics companies for medium Wide Closeup to long term, stable cash flow can be expected. New Acquisitions (4) 33

V Rental apartment in Musashi -Kosugi , a popular town gaining residential demand

Acquisition price Development 4,433 R-Styles Musashi-Kosugi FP26 (million yen) Appraisal value 4,580 (million yen) NOI yield 6.2% Yield after 3.2% depreciation Occupancy rate 95.5%

Type Residence Address Kawasaki-shi, kanagawa Land space 8,493.17 ㎡ Building space 16,801.63 ㎡ Reinforced concrete with Construction flat roof, 12 floors Completion September, 2006 Land: fixed-term land lease Terms Bld.: Fee simple ownership

Location features etc. ò It is a rental apartment developed by the ORIX Group and is an approx. 5-minute walk from Musashi-Kosugi Station on the JR Line and an approx. 7-minute walk from Musashi-Kosugi Station on the Tokyu Toyoko Line. Musashi-Kosugi is an area which has been rapidly gaining popularity in rankings of want-to-live-in towns. ò The area is recognized for its transportation convenience allowing direct access to major terminal stations in central Tokyo and Kanagawa Prefecture as well as offering multiple line choice. ò The area can expect further development as a residential area with improving evaluation for its daily convenience driven by successive openings of retail facilities such as Tokyu Square and LaLa Terrace over the past few years in addition to a scheduled opening of a large flagship store of the Seven & i Group this fall. Tenant features etc. ò It is an apartment building with a total of 261 units (total of two buildings, east and west) mainly of 1LDK to 3LDK （56 ㎡ to 78 ㎡）for families and DINKS. It boasts high specifications such as floor heating and concierge service. ò Demand for residence in the Musashi-Kosugi area is strong, and supply centers on for-sale condominiums. Therefore, rental apartments with high specifications such as this property are rare and valued. ò A fixed-term land lease agreement has been concluded with Urban Renaissance Agency (UR) with the remaining period of approx. 60 years. New Acquisitions (5) 34

V Urban -type retail facility in the Omotesando concentrated with domestic and foreign brands

Acquisition price 2,300 SO-CAL LINK OMOTESANDO Development FP26 (million yen) Appraisal value 2,420 (million yen) NOI yield 4.3% Yield after 4.2% depreciation Occupancy rate 100%

Type Retail Facility Address Shibuya-ku, Tokyo Land space 812.66 ㎡ Building space 484.56 ㎡ Steel-framed with Construction roofing, single floor Completion April, 2014 Terms Fixed-term lease ┃Floor plan ┃ Location features etc. cosmetics ò It is a newly constructed urban-type retail facility co-developed by the ORIX Group and the tenant, and is an approx. 3-minute walk from Omotesando Station on the Tokyo Metro Line. Roadside apparel cafe ò It is visible from Haranihon Dori street connecting Omotesando and Gaien Nishi Dori street that many shoppers use. ò The Omotesando area is concentrated with domestic and foreign brand shops including a popular camera angle terrace camera angle variety store from Northern Europe near the property. The area, therefore, collects trend-sensitive apparel people and many tourists from Japan and abroad, boasting excellent branding effects as a trendsetting city. ò With its characteristic gable roof and wide opening, it has excellent visibility and customer- attracting capability. It is a single floor building with an open feeling, and its wall-free indoor structure enables flexible store layouts. Tenant features etc. ò The tenant is Planet Blue Japan CO. LTD., a subsidiary of major apparel company TSI HOLDINGS CO., LTD. (listed on Tokyo Stock Exchange 1 st section), which operates select shops. ò In addition to a lifestyle shop operated by the above company offering fashion and novelty goods from the U.S. west coast, the property is occupied by a natural cosmetic store and an organic coffee shop. New Acquisitions (6) 35

V Newly built retail facility located in a densely populated area

CloseCloseClose-Close ---upupupup Friend Town Fukaebashi (Land) Development24 期期期 FP26

Location features etc. ò It is a neighborhood shopping center (NSC) co-developed by the ORIX Group and the tenant, an approx. 9-minute walk from Fukaebashi Station on Osaka Municipal Subway Acquisition price Chuo Line. 2,400 (million yen) ò Joto ward is the area where population concentration has been progressing the most in Appraisal value 2,500 Osaka City. The trade area population is dense, with a population of about 12,000 within (million yen) 0.5km, about 51,000 within 1km and about 433,000 within 3km. The surrounding area is NOI yield 5.0% experiencing a population increase due to the inflow of new families brought by condominium developments and such. Stable operation of the facility by the tenant can be Yield after 5.0% expected going forward. depreciation Occupancy rate 100% ò With parking space for 284 cars and good access due to roads on all four sides, it can be convenient for daily use with cars.

Type Retail Facility Tenant features etc. Osaka-shi, ò The tenant, Heiwado Co., Ltd., is a leading company in the industry which operates food Address Osaka supermarkets centering on the Kansai area. Co-development was realized based on the long business relationship with the ORIX Group, and a favorable tenant relationship is ㎡ Land space 9,492.36 expected to continue going forward. Opening April, 2014 ò In addition to the food supermarket, a total of 25 tenants, mainly specialty stores targeting Fixed-term land Terms a broad age range of customers such as a daily clothes store, drug store, 100 yen shop lease and shoes mass retailer, are housed. ò A fixed-term land lease right establishment agreement for business purposes has been concluded for a long contract term allowing expectations for stable revenues. New Acquisitions (7) 36

V Highly visible urban -type retail facility near Sendai Station

Acquisition price SENDAI HARVEST BLDG. 2,000 FP25 (million yen) 24 期期期 Appraisal value 2,090 (million yen) NOI yield 6.6% Yield after 5.8% depreciation Occupancy rate 100%

Type Retail Facility Address Sendai-shi, Miyagi Land space 463.16 ㎡ Building space 3,142.31 ㎡ Steel-frame, others, Construction 7 floors with 1underground floor Completion November, 1987 Non-fixed term Terms lease

Location features etc. ò An approx. 4-minute walk from Sendai Station on JR. Sendai Station (including Aoba-dori Station) is the largest station inTohoku region with daily passengers of approx. 270,000 utilizing the station. Furthermore, the Subway Tozai Line is planned to open in 2015. ò As Sendai Station has local bus terminals besides railways, the station-front is a transportation hub of Sendai City in various aspects such as for commuting to work/school, shopping, business trips and sightseeing. ò The property boasts excellent accessibility through a pedestrian deck from JR Sendai Station to neighboring block, and stands in an area that is very vibrant both during the daytime and at night. ò As to the facilities, escalators connecting to the middle level floors allow for smooth flow of people in the building even during the busiest hours, thus it is competitive in terms of convenience.

Tenant features etc.

ò In addition to a hamburger shop chain with one of the highest store sales in the Tohoku region, 10 tenants, mainly restaurants, including a family restaurant, izakaya, kappo (traditional Japanese cuisine) occupy the building. Change of Portfolio Growth 37

V Promoting flexible property replacements in consideration of the real estate market changes (billion yen) 500 492.6 Logistics Retail Residential Offices Others Facilities Facilities properties Sold 459.9

411.1

400 383.0 355.8 350.9 338.4 343.3

311.0 300.8 300 277.5 277.5 269.5 262.3

235.6 231.0 209.0 197.9 200 176.7 174.8 153.2 148.9 141.5

114.4 99.6 104.9 100

0

-100 FP1 FP2 FP3 FP4 FP5 FP6 FP7 FP8 FP9 FP10 FP11 FP12 FP13 FP14 FP15 FP16 FP17 FP18 FP19 FP20FP21 FP22 FP23 FP24 FP25 Oct. End End End End End End End End End End End End End End End End End End End End End End End End End 10, （8/02 ） （2/03 ） （8/03 ） （2/04 ） （8/04 ） （2/05 ） (8/05 ） （2/06 ） （8/06 ） （2/07 ） （8/07 ） （2/08 ） （8/08 ） （2/09 ） (8/09 ） (2/10) (8/10) (2/11) (8/11) (2/12) (8/12) (2/13) （8/13 ） （2/14 ） （8/14 ） 2014 Portfolio Summary 38 V List of all real estate owned by ORIX JREIT as of October 10, 20 14

Acquisition Total Acquisition Price Acquisition Total Acquisition Price Type Area Property Price % Type Area Property Price % Date Date @million yen *Note 1 *Note 2 @million yen *Note 1 *Note 2 Aoyama Suncrest Building Dec. 1, 2001 3,356 0.7 Nihon Jisho Minami Aoyama Building Oct. 31, 2003 2,548 0.5 Round-Cross Ichi-bancho Dec. 1, 2001 3,900 0.8 CUBE Daikanyama Mar. 31, 2004 2,435 0.5 Round-Cross Nishi Shinjuku Dec. 1, 2001 2,650 0.5 aune Yurakucho Apr. 1, 2013 9,900 2.0 DT Gaien Dec. 21, 2001 2,430 0.5 6 Central Cross Avenue Harajuku Nov. 1, 2013 4,815 1.0 Nihonbashi East Building Dec. 21, 2001 1,720 0.3 Tokyo Wards J-ONE SQUARE Jan. 31, 2014 1,510 0.3 Yoyogi Forest Building Dec. 21, 2001 1,473 0.3 JouLe SHIBUYA *Note 3 Apr. 1, 2014 7,550 1.5 Round-Cross Minami Azabu Dec. 21, 2001 1,394 0.3 *Note 3 Round-Cross Akasaka Jan. 10, 2002 2,624 0.5 SO-CAL LINK OMOTESANDO Oct. 1, 2014 2,300 0.5 Round-Cross Mita Jan. 10, 2002 1,748 0.4 Subtotal 7 properties 31,058 6.3 *Note 3 Shiba Daimon Building Jan. 10, 2002 2,195 0.4 Remaining ORE Ikebukuro Sep. 30, 2014 6,410 1.3 Round-Cross Tsukiji Jan. 10, 2002 3,378 0.7 Tokyo Wards Subtotal 1 property 6,410 1.3 ORIX Shiba 2-chome Building Sep. 29, 2003 7,500 1.5 aune Kohoku Mar. 10, 2010 4,000 0.8 Aoyama 246 Building Mar. 3, 2004 5,200 1.1 aune Makuhari Mar. 10, 2010 3,600 0.7 Round-Cross Shinjuku Apr. 28, 2006 8,020 1.6 Other Parts of Maruetsu Sagamino Mar. 1, 2011 2,350 0.5 6 Central Sep. 30, 2005 the Greater CROSS GARDEN KAWASAKI Mar. 29, 2013 12,950 2.6 Tokyo Wards Seafort Square Center Building Apr. 28, 2006 18,000 3.7 Tokyo Area Tecc Land Totsuka (Land) Apr. 1, 2013 6,020 1.2 Jun. 26, 2006 Clio Fujisawaekimae Dec. 20, 2013 3,900 0.8 ORIX Akasaka 2-chome Building Retail Dec. 4, 2006 21,860 4.4 Subtotal 6 properties 32,820 6.7 Facilities Round-Cross Shinjuku 5-chome Apr. 26, 2007 4,500 0.9 Kobe Momoyamadai Shopping Center (Land) Mar. 5, 2010 3,260 0.7 Nihonbashi Honcho 1-chome Building Mar. 28, 2007 10,500 2.1 Okayama Kume Retail Facility Jan. 31, 2011 2,750 0.6 Round-Cross Shibuya Mar. 28, 2008 3,500 0.7 Home Center Musashi Sendai Izumi (Land) Jan. 11, 2012 2,350 0.5 ORIX Suidobashi Building Mar. 28, 2008 3,000 0.6 aune Sapporo Ekimae Jun. 29, 2012 1,900 0.4 ORIX Shinagawa Building Jun. 27, 2008 15,200 3.1 Morioka Minami Shopping Center Sansa Jul. 31, 2012 2,800 0.6 ORIX Real Estate Nishi Shinjuku Building Mar. 27, 2009 13,600 2.8 Apr. 1, 2013 3,900 0.8 The Kitahama PLAZA *Note 3 *Note 4 OX Tamachi Building Mar. 29, 2010 6,730 1.4 Mar. 20, 2014 975 0.2 MG Shirokanedai Building Nov. 1, 2013 8,500 1.7 GRAN MART Tegata Nov. 1, 2013 980 0.2 Offices *Note 3 Other Areas SHIBUYA PINE BUILDING Mar. 20, 2014 3,400 0.7 AEON TOWN Sendai-Izumiosawa (Land) Nov. 1, 2013 3,510 0.7 *Note 3 MG Ichigaya Building Apr. 4, 2014 3,100 0.6 Cross Mall Shimonoseki-Chofu Jan. 10, 2014 2,400 0.5 Subtotal 26 properties 159,478 32.4 intervillage OH! MAGARI *Note 3 Apr. 1, 2014 5,100 1.0 Carrot Tower Dec. 1, 2001 5,479 1.1 Valor Suzuka Shopping Center *Note 3 Apr. 1, 2014 3,200 0.6 Toyo MK Building Dec. 1, 2001 5,270 1.1 SENDAI HARVEST BUILDING *Note 3 Jun. 20, 2014 2,000 0.4 Beside Kiba Dec. 21, 2001 2,450 0.5 *Note 3 ORIX Ikebukuro Building Apr. 18, 2003 9,577 1.9 Friend Town Fukaebashi (Land) Sep. 30, 2014 2,400 0.5 Remaining Round-Cross Kamata Mar. 1, 2006 5,640 1.1 Subtotal 13 properties 37,525 7.6 Tokyo Wards KN Jiyugaoka Plaza May 30, 2007 3,110 0.6 Retail Facilities Total 27 properties 107,813 21.9 ORIX Meguro Building Jul. 29, 2010 6,350 1.3 Park Axis Nishi Azabu Stage Dec. 1, 2001 1,219 0.2 Akihabara Business Center Jun. 1, 2011 5,060 1.0 We Will Hatchobori Jun. 1, 2011 2,370 0.5 Subtotal 8 properties 42,936 8.7 6 Central Shibaura Island Air Tower Jul. 28, 2011 6,030 1.2 Neo City Mitaka Dec. 1, 2001 2,200 0.4 Tokyo Wards Belle Face Togoshi Statio May 9, 2012 2,642 0.5 Other Parts of Round-Cross Kawasaki Apr. 27, 2004 4,130 0.8 Belle Face Meguro Oct. 19, 2012 3,330 0.7 the Greater Omiya Miyacho Building Mar. 27, 2009 4,400 0.9 Subtotal 5 properties 15,591 3.2 Tokyo Area Omiya Shimocho 1-chome Building Mar. 29, 2010 3,750 0.8 Belle Face Kamata Jun. 1, 2011 3,550 0.7 Subtotal 4 properties 14,480 2.9 Belle Face Hongo Yumicho Jun. 1, 2011 3,340 0.7 Nagoya Itochu Building Sep. 29, 2003 4,500 0.9 Remaining Belle Face Mishuku Mar. 30, 2012 2,000 0.4 *Note 3 ORIX Koraibashi Building Apr. 27, 2005 5,560 1.1 Tokyo Wards West Park Tower IKEBUKURO Apr. 1, 2014 20,500 4.2

Lunar Sendai Jun. 28, 2007 8,500 1.7 Residential Belle Face Higashijujo *Note 3 *Note 5 Apr. 4, 2014 3,000 0.6 ORIX Nagoya Nishiki Building Sep. 29, 2008 12,500 2.5 Properties Subtotal 5 properties 32,390 6.6 Other Areas ORE Sapporo Building Oct. 1, 2010 4,250 0.9 Other Parts of R-Stayles Musashi-Kosugi *Note 3 Oct. 1, 2014 4,433 0.9 ORIX Kobe Sannomiya Building Sep. 29, 2011 3,800 0.8 the Greater Subtotal 1 property 4,433 0.9 ORE Nishiki 2-chome Building *Note 3 Oct. 1, 2014 10,900 2.2 Tokyo Area Belle Face Osaka Shinmachi Jun. 1, 2011 3,684 0.7 Subtotal 7 properties 50,010 10.2 Belle Face Amagasaki Jun. 1, 2011 3,440 0.7 Offices Total 45 properties 266,904 54.2 Belle Face Miyamachi Apr. 5, 2012 1,500 0.3 Toda Logistics Center Mar. 28, 2008 9,600 1.9 Other Areas Other Parts of Belle Face Bansui-street Apr. 5, 2012 832 0.2 the Greater Ichikawa Logistics Center Sep. 29, 2008 8,300 1.7 Belle Face Kanazawa Kohrinbo *Note 5 Nov. 1, 2013 2,410 0.5 *Note 3 Tokyo Area Iwatsuki Logistics Center Oct. 1, 2014 6,300 1.3 Subtotal 5 properties 11,866 2.4 Logistics Subtotal 3 properties 24,200 4.9 Residential 16 Total 64,280 13.0 Facilities Sakai Logistics Center North Building Mar. 30, 2010 10,200 2.1 Other Parts of Cross Gate Jan. 10, 2002 15,040 3.1 Other Areas Komaki Logistics Center Jun. 30, 2011 2,700 0.5 the Greater GOOD TIME LIVING Shin-urayasu Sep. 6, 2012 1,550 0.3 Others Subtotal 2 properties 12,900 2.6 Tokyo Area Subtotal 2 properties 16,590 3.4 Logistics Facilities Total 5 properties 37,100 7.5 Others Total 2 properties 16,590 3.4 Grand Total 95 properties 492,687 100.0 Note 1 ：“Percentage to the total acquisition price” refers to the acquisition price of each property under management as a proportion of the total acquisition price. Note 2 ：Figures are rounded to the first decimal place for the “Percentage to the total acquisition price.” Totals for the “Percentage to the total acquisition price” may not tally due to this rounding. Note 3 ：The properties acquired in and after the 25th Fiscal Period are SHIBUYA PINE BUILDING, The Kitahama PLAZA (additional acquisition), JouLe SHIBUYA, intervillage OH! MAGARI, Valor Suzuka Shopping Center, West Park Tower IKEBUKURO, MG Ichigaya Building, Belle Face Higashijujo, SENDAI HARVEST BUILDING, ORE Ikebukuro, Friend Town Fukaebashi (Land), ORE Nishiki 2-chome Building, Iwatsuki Logistics Center, SO-CAL LINK OMOTESANDO, and R-Styles Musashi-Kosugi, Note 4 ：OJR already had acquired 80% co-ownership interest of the compartmentalized ownership on April 1, 2013; OJR owned the entire commercial building through the 20% additional acquisition on March 20, 2014. Note 5 ：“Belle Face Higashijujo” and “Belle Face Kanazawa Korinbo” were renamed from “myatria Higashijujo” and “Kanazawa Korinbo myatria” respectively as of October 1, 2014 Portfolio Map 39 Portfolio Data (1) 40

Average Disposition/Acquisition Price after IPO Property Size on Floor Area Base Under Under 3,000 m2 3,000 m 2 8.5% 13.6% Over Over 2 5.70 15,000 m 2 15,000 m Average 40.3% Average 32.5% 20,905 billion yen 3,000 15,734 - ㎡㎡㎡ ㎡㎡㎡ 3.17 15,000 m 2 46.0% 3,000 - billion yen 15,000 m 2 58.9%

Acquisition End of 1st Period Financial announcement of FP25 Disposition Aug. 31, 2002 Oct. 10, 2014

Acquisition Price Ranges Building Age Under ¥1billion Under 0.4% ¥1billion Under 5yr Over 20yr Over Over 20yr 7.2% Under 5yr 11.6% 16.9% ¥10billion Over 19.0% 20.4% 26.7% ¥1-5billion ¥10billion 35.9% 32.7% Average 15 -20yr Average Average 15 -20yr Average 8.3% ¥2.55 5.18 12.1 6.2% 11.3 billion billion 5-10yr years years 10 -15yr ¥1-5billion ¥5-10billion 24.8% 5-10yr 9.6% 50.2% 53.7% 15.9% ¥5-10billion 10 -15yr 31.0% 29.6%

End of 1st Period Financial announcement of FP25 End of 1st Period Financial announcement of FP25 Aug. 31, 2002 Oct. 10, 2014 Aug. 31, 2002 Oct. 10, 2014

Note: Pie charts show the acquisition price of each property as a proportion of the total acquisition price for all properties with each figure rounded to the first decimal place. Totals may not tally due to rounding. Portfolio Data (2) 41

Area Type Other Areas 2.1% Others Others Residential Residential 3.4% Properties 15.1% Other Parts of the Properties Greater Tokyo Other Areas 4.1% 13.0% 17.3% 22.8% 6 Central Retail 6 Central Tokyo Facilities 1.5% Wards Retail Remaining Tokyo Offices Facilities Offices Tokyo Wards Wards Other Parts of the 41.8% 79.4% 21.9% 54.2% 17.1% 63.5% Greater Tokyo 18.8% Logistics Facilities Remaining Tokyo Wards 7.5% 16.6%

End of 1st Period Financial announcement of FP25 End of 1st Period Financial announcement of FP25 Aug. 31, 2002 Oct. 10, 2014 Aug. 31, 2002 Oct. 10, 2014

Note: Pie charts show the acquisition price of each property as a proportion of the total acquisition price for all properties with each figure rounded to the first decimal place. Totals may not tally due to rounding. Overview of Appraisal Value 42 V Stable Increasing unrealized gain due to compression of cap rate s and improvement of lease conditions FP16 FP17 FP18 FP19 FP20 FP21 FP22 FP23 FP24 FP25 as of Financial Feb. 2010 Aug. 2010 Feb. 2011 Aug. 2011 Feb. 2012 Aug. 2012 Feb. 2013 Aug. 2013 Feb. 2014 Aug. 2014 Announcement Number of properties 494949525252 545454 626262 636363 686868 707070 737373 818181 898989 959595 Appraisal value @\\\billion 262.2 277.9 285.0 314.5 318.1 327.1 333.0 365.1 399.6 459.0 492.5 Book value @\\\billion 266.9 289.4 297.9 324.3 326.7 332.6 335.1 360.3 386.2 433.0 465.7 Unrealized gain/loss @\\\billion -4.7-4.7-4.7-11.4 -12.8 -9.7-9.7-9.7 -8.6-8.6-8.6 -5.4-5.4-5.4 -2.1-2.1-2.1 4.74.74.7 13.313.313.3 25.925.925.9 26.826.826.8 Unrealized gain/loss ratio (%) -1.8-1.8-1.8-4.0-4.0-4.0 -4.3-4.3-4.3 -3.0-3.0-3.0 -2.7-2.7-2.7 -1.7-1.7-1.7 -0.6-0.6-0.6 1.31.31.3 3.53.53.5 6.06.06.0 5.85.85.8 ％ 10 Unrealized gain/loss ratio 6.0 5.8 5 3.5 1.3 -1.7 -0.6 0 -1.8 -3.0 -2.7 -4.0 -4.3 -5 FP16 End FP17 End FP18 End FP19 End FP20 End FP21 End FP22 End FP23 End FP24 End FP25 End as of Ficancial Announcement ●Appraisal value by property type *Note3, *Note4 End of FP25 / Aug. 2014 Change from FP24 / Feb. 2014 No.of Type Book value Appraisal Gain/loss Appraisal Change Appraisal Cap Rate Chg gain/Loss Properties Cap Rate @\million @\million @\million @\million Change RatioChange @\million Offices 42 232,400 235,010 4.7% 2,609 4,820 2.1% -0.1% 5,893 Logistics Facilities 4 27,742 32,940 5.1% 5,197 490 1.5% -0.1% 846 Retail Facilities 16 62,777 69,400 5.0% 6,622 2,270 3.4% -0.1% 1,693 Residential Properties 13 34,420 39,605 5.1% 5,184 1,150 3.0% -0.2% 1,575 Others 2 12,134 15,960 5.8% 3,825 180 1.1% -0.2% 385 Total ：excluding land and properties acquired from FP25 (Note 5) 77 369,474 392,915 4.8% 23,440 8,910 2.3% -0.1% 10,395 Land 5 17,706 18,300 - 593 - - - - Properties acquired from FP25 excluding Land (Note 5) 13 78,570 81,370 4.8% 2,799 - - - - Total 95 465,751 492,585 - 26,833 - - - - Note 1: Unrealized gain/loss is calculated by subtracting the book value from the appraisal value as of the same time. However, regarding the financial announcement date, the appraisal value and book value as of the end of FP25 / Aug. 2014 are used for properties acquired in and before FP25 and the appraisal value and acquisition price as of the decision of acquisitions are used for properties acquired in FP26 / Feb. 2015. Note 2: Unrealized gain/loss ratio is calculated in dividing the unrealized gain/loss by the book value, as of the same time. Note 3: For fair comparison with the previous period, figures for “Cap Rate” in “Appraisal value by Type” are calculated excluding the “land” for which the Cap Rate is not calculated based on the direct capitalization method and also excluding the properties acquired from FP24. Note 4: Figures for “Cap Rate” in “Appraisal value by Type” are calculated on a weighted average basis and rounded to the first decimal place. Note 5: “Properties acquired from FP25” excludes “DOJIMA PLAZA BLDG.” to be acquired on Dec. 22, 2014. As for the details, refer to “ORIX JREIT Announces Asset Acquisition “DOJIMA PLAZA BLDG. ” announced on Oct. 10, 2014. Appraisal Value List at the end of FP25 (1) 43 Appraisal value of all properties at the end of the 25th fiscal period *Area symbol: ● 6 Central Tokyo Wards ▲ Remaining Tokyo Wards ■ Other Parts of the Greater Tokyo Area ★ Other Areas

End of FP25 / Aug. 2014 Change from FP24 / Feb. 2014 Type Area Property Book value Appraisal Gain/loss Appraisal Change AppraisalCap Rate Chg gain/Loss Cap Rate @\million @\million @\million @\million Change RatioChange @\million ● Aoyama Suncrest Building 3,394 3,540 4.4% 145 150 4.4% -0.1% 163 ● Round-Cross Ichi-bancho 3,362 3,190 4.6% -172 90 2.9% -0.2% 118 ● Round-Cross Nishi Shinjuku 2,460 3,190 4.2% 729 130 4.2% -0.1% 139 ● DT Gaien 2,193 2,470 4.6% 276 270 12.3% -0.1% 286 ● Nihonbashi East Building 1,570 1,460 5.0% -110 140 10.6% -0.2% 154 ● Yoyogi Forest Building 1,483 1,410 4.8% -73 100 7.6% -0.2% 108 ● Round-Cross Minami Azabu 1,280 1,350 5.6% 69 30 2.3% -0.1% 43 ● Round-Cross Akasaka 2,765 2,490 5.2% -275 30 1.2% -0.1% 38 ● Round-Cross Mita 1,730 1,420 5.1% -310 10 0.7% -0.1% 16 ● Shiba Daimon Building 2,239 2,860 5.1% 620 350 13.9% -0.1% 356 ● Round-Cross Tsukiji 3,004 3,370 5.2% 365 -70 -2.0% -0.1% -48 ● ORIX Shiba 2-chome Building 6,470 8,410 4.9% 1,939 40 0.5% -0.1% 88 ● Aoyama 246 Building 5,349 7,090 4.1% 1,740 160 2.3% -0.1% 171 ● Round-Cross Shinjuku 7,600 8,890 4.1% 1,289 140 1.6% -0.1% 173 ● Seafort Square / Center Building 16,727 13,500 4.5% -3,227 0 0.0% -0.1% 76 ● ORIX Akasaka 2-chome Building 20,379 20,100 3.9% -279 600 3.1% -0.1% 699 ● Round-Cross Shinjuku 5-chome 4,046 3,580 4.3% -466 40 1.1% -0.1% 74 ● Nihonbashi Honcho 1-chome Building 9,786 8,040 4.1% -1,746 20 0.2% 0.0% 74 ● Round-Cross Shibuya 3,341 2,380 4.2% -961 30 1.3% 0.0% 45 ● ORIX Suidobashi Building 2,817 2,790 4.6% -27 60 2.2% -0.1% 77 ● ORIX Shinagawa Building 14,624 12,100 4.0% -2,524 300 2.5% -0.1% 331 ● ORIX Real Estate Nishi Shinjuku Building 13,324 12,000 4.2% -1,324 200 1.7% -0.1% 244 ● OX Tamachi Building 6,700 7,110 4.6% 409 150 2.2% -0.1% 166 Offices ● MG Shirokanedai Building 8,533 8,430 4.3% -103 -200 -2.3% -0.2% -194 ● SHIBUYA PINE Bldg. 3,429 3,600 4.1% 170 - - - - ● MG Ichigaya Building 3,115 3,220 4.2% 104 - - - - ▲ Carrot Tower 4,063 5,960 4.9% 1,896 270 4.7% -0.2% 326 ▲ Toyo MK Building 4,051 5,440 5.2% 1,388 110 2.1% -0.2% 162 ▲ Beside Kiba 2,102 2,620 5.1% 517 160 6.5% -0.2% 158 ▲ ORIX Ikebukuro Building 8,419 11,800 4.5% 3,380 900 8.3% -0.1% 953 ▲ Round-Cross Kamata 5,089 5,350 5.3% 260 -370 -6.5% -0.1% -320 ▲ KN Jiyugaoka Plaza 3,100 2,740 4.5% -360 10 0.4% 0.0% 17 ▲ ORIX Meguro Building 6,275 6,670 4.7% 394 300 4.7% -0.1% 352 ▲ Akihabara Business Center 4,821 5,410 4.5% 588 110 2.1% -0.1% 159 ■ Neo City Mitaka 2,012 2,790 5.2% 777 90 3.3% -0.2% 99 ■ Round-Cross Kawasaki 4,010 5,020 5.2% 1,009 -180 -3.5% -0.1% -377 ■ Omiya Miyacho Building 4,012 4,510 5.4% 497 80 1.8% -0.1% 122 ■ Omiya Shimocho 1-chome Building 3,508 4,080 5.4% 571 70 1.7% -0.1% 105 ★ Nagoya Itochu Building 4,722 5,110 5.7% 387 70 1.4% -0.2% 104 ★ ORIX Koraibashi Building 4,699 4,520 4.8% -179 100 2.3% -0.1% 145 ★ Lunar Sendai 7,663 5,330 5.7% -2,333 170 3.3% -0.1% 84 ★ ORIX Nagoya Nishiki Building 11,349 7,900 5.0% -3,449 80 1.0% -0.1% 191 ★ ORE Sapporo Building 3,771 4,700 6.4% 928 80 1.7% 0.0% 152 ★ ORIX Kobe Sannomiya Building 3,538 3,890 5.9% 351 0 0.0% 0.0% 49 Offices Total 238,944 241,830 - 2,885 - - - - Appraisal Value List at the end of FP25 (2) 44

*Area symbol: ● 6 Central Tokyo Wards ▲ Remaining Tokyo Wards ■ Other Parts of the Greater Tokyo Area ★ Other Areas End of FP25 / Aug. 2014 Change from FP24 / Feb. 2014 Type Area Property Book value Appraisal Gain/loss Appraisal Change Appraisal Cap Rate Chg gain/Loss Cap Rate @\million @\million @\million @\million Change RatioChange @\million ■ Toda Logistics Center 8,836 9,940 4.8% 1,103 190 1.9% -0.1% 264 ■ Ichikawa Logistics Center 7,497 8,390 5.0% 892 230 2.8% -0.1% 312 ★ Sakai Logistics Center North Building 8,932 11,600 5.4% 2,667 0 0.0% 0.0% 158 ★ Komaki Logistics Center 2,476 3,010 5.7% 533 70 2.4% -0.1% 111 Facilities Logistics Logistics Facilities Total 27,742 32,940 - 5,197 - - - - ● Nihon Jisho Minami Aoyama Building 2,484 3,480 4.1% 995 80 2.4% -0.1% 83 ● CUBE Daikanyama 2,418 2,440 4.7% 21 120 5.2% -0.1% 126 ● aune Yurakucho 9,956 10,700 3.8% 743 200 1.9% -0.1% 215 ● Cross Avenue Harajuku 4,832 5,260 3.6% 427 110 2.1% -0.1% 117 ● J-ONE SQUARE 1,530 1,570 4.1% 39 30 1.9% -0.1% 32 ● JouLe SHIBUYA 7,599 7,890 3.9% 290 - - - - ■ aune Kohoku 3,718 4,010 5.4% 291 20 0.5% -0.1% 63 ■ aune Makuhari 3,313 4,130 5.6% 816 80 2.0% -0.1% 117 ■ Maruetsu Sagamino 2,278 2,560 5.7% 281 50 2.0% -0.1% 66 ■ CROSS GARDEN KAWASAKI 12,754 13,600 4.9% 845 0 0.0% -0.1% 112 ■ Tecc Land Totsuka (Land) （Note1 ） 6,073 6,060 - -13 -10 -0.2% - -10 ■ Clio Fujisawaekimae 4,020 4,360 6.0% 339 100 2.3% -0.1% 119 ★ Kobe Momoyamadai SC (Land) （Note1 ） 3,310 3,250 - -60 10 0.3% - 10 ★ Okayama Kume Retail Facility 2,579 3,030 6.5% 450 120 4.1% -0.2% 150 ★ Home Center Musashi Sendai Izumi (Land) （ Note1 ） 2,381 2,780 - 398 90 3.3% - 90

Retail Facilities Retail ★ aune Sapporo Ekimae 1,894 2,080 5.8% 185 40 2.0% -0.1% 47 ★ Morioka Minami Shopping Center Sansa 2,820 3,280 6.5% 459 80 2.5% -0.1% 102 ★ The Kitahama Plaza （Note2） 4,782 5,290 4.9% 507 1,190 29.0% -0.2% 262 ★ AEON TOWN Sendai-Izumiosawa (Land) （Note1 ） 3,540 3,710 - 169 110 3.1% - 110 ★ GRAN MART Tegata 982 1,060 6.5% 77 0 0.0% -0.1% 6 ★ Cross Mall Shimonoseki-Chofu 2,408 2,550 6.4% 141 50 2.0% -0.1% 69 ★ intervillage OH! MAGARI 5,140 5,900 6.3% 759 - - - - ★ Valor Suzuka Shopping Center 3,226 3,350 6.2% 123 - - - - ★ SENDAI HARVEST BLDG. 2,020 2,130 5.4% 109 - - - - Retail Facilities Total 96,071 104,470 - 8,398 - - - - ● Park Axis Nishi Azabu Stage 1,047 1,030 4.6% -17 10 1.0% -0.1% 17 ● We Will Hatchobori 2,254 2,390 4.7% 135 20 0.8% -0.1% 42 ● Shibaura Island Air Tower 5,550 6,690 5.1% 1,139 200 3.1% -0.2% 297 ● Belle Face Togoshi Statio 2,546 2,940 4.6% 393 100 3.5% -0.2% 128 ● Belle Face Meguro 3,277 3,620 4.6% 342 40 1.1% -0.1% 63 ▲ Belle Face Kamata 3,341 3,970 4.9% 628 140 3.7% -0.2% 181 ▲ Belle Face Hongo Yumicho 3,183 3,660 4.5% 476 160 4.6% -0.2% 190 ▲ Belle Face Mishuku 2,002 2,240 4.8% 237 80 3.7% -0.2% 93 ▲ West Park Tower IKEBUKURO 20,669 21,100 4.5% 430 0 0.0% 0.0% 0 ▲ Belle Face Higashijujo （Note3 ） 3,026 3,100 5.0% 73 0 0.0% 0.0% 0 ★ Belle Face Osaka Shinmachi 3,381 4,290 5.3% 908 160 3.9% -0.2% 217 ★ Belle Face Amagasaki 3,204 3,600 5.5% 395 150 4.3% -0.2% 198 Residential Properties Residential ★ Belle Face Miyamachi 1,431 1,690 5.9% 258 30 1.8% -0.1% 50 ★ Belle Face Bansui-Street 799 975 5.8% 175 20 2.1% -0.1% 30 ★ Belle Face Kanazawa Kohrinbo （Note3 ） 2,398 2,510 6.1% 111 40 1.6% -0.1% 63 Residential Properties Total 58,116 63,805 - 5,688 - - - - ■ Cross Gate 10,596 14,200 5.8% 3,603 100 0.7% -0.2% 296 Others ■ GOOD TIME LIVING Shin-urayasu 1,537 1,760 6.0% 222 80 4.8% -0.3% 88 Others Total 12,134 15,960 - 3,825 - - - - Total 433,008 459,005 - 25,996 - - - - (Note 1) For the Tecc Land Totsuka (Land), Kobe Momoyamadai SC (Land) , Home Center Musashi Sendai Izumi (Land) and AEON TOWN Sendai-Izumiosawa (Land), the appraisal value and Cap Rate are not calculated based on the direct capitalization method. (Note 2) Figures in “The Kitahama PLAZA" includes the additional acquisition of 20% co-ownership on the compartmentalized ownership which is now fully owned by OJR.The appraisal change ratio for the whole compartmentalized ownership itself is 3.7%. (Note 3) “Belle Face Higashijujo” was renamed from “myatria Higashijujo” on October 1, 2014. “Belle Face Kanazawa Kohrinbo” was renamed from “myatria Kanazawa Kohrinbo” on October 1, 2014. Financial Data 45

Financial Indicators List of Long-term Loan Lenders Total 29 institutions （（（as of Oct. 10, 2014 ））） 205,905 million yen FP25 End After the PO in Sep. 2014 Outstanding Outstanding Ratio Financial Institution Ratio Aug. 31, 2014 As of Oct. 10, 2014 Financial Institution @million yen @million yen THE NISHI-NIPPON CITY BANK, Sumitomo Mitsui Trust Bank, Limited 29,628 14.4 ％ 3,300 1.6 ％ LTD. Interest-bearing debt ¥215,178 million ¥228,405 million Sumitomo Mitsui Banking Corporation 29,183 14.2 ％ The Shizuoka Bank, Ltd. 2,000 1.0 ％ LTV Development Bank of Japan Inc. 25,440 12.4 ％ The 77 Bank, Ltd. 2,000 1.0 ％ based on total assets 46.7 ％％％ 46.3 ％％％ Mitsubishi UFJ Trust and Banking 22,105 10.7 ％ The Daishi Bank, Ltd. 2,000 1.0 ％ LTV Corporation based on unitholders’ capital 50.0 ％％％ 49.3 ％％％ Mizuho Bank, Ltd. 14,259 6.9 ％ THE KAGAWA BANK, Ltd. 1,000 0.5 ％

Average interest rate ％％％ ％％％ 1.19 1.15 Resona Bank, Limited 10,860 5.3 ％ Taiyo Life Insurance Company 1,000 0.5 ％

％ The Hyakugo Bank, Ltd. 1,000 0.5 ％ Average funding cost 1.47 ％％％ - The Norinchukin Bank 10,850 5.3

Aozora Bank, Ltd. 10,250 5.0 ％ The Hiroshima Bank, Ltd. 1,000 0.5 ％ Fixed-interest debt ratio 89.8 ％％％ 90.4 ％％％ Mitsui Life Insurance Company ％ 1,000 0.5 ％ Shinsei Bank, Limited 6,960 3.4 Limited

Average duration to maturity 3.7 years 3.9 years The Bank of Tokyo-Mitsubishi UFJ,Ltd. 6,210 3.0 ％ The Bank of Yokohama,Ltd. 1,000 0.5 ％

％ Shimane bank, Ltd. 900 0.4 ％ Investment Total: 22,500 The Shinkumi Federation Bank 5,800 2.8 （ ） National Mutual Insurance Federation of （（as of Oct. 10, 2014 ）） 5,000 2.4 ％ THE MINATO BANK, LTD. 600 0.3 ％ corporation bonds million yen Agricultural Cooperatives ％ ShinGinko Tokyo, Limited 500 0.2 ％ Balance Interest Mizuho Trust & Banking Co., Ltd. 4,060 2.0 Issue date Period @million yen rate The Bank of Fukuoka, Ltd. 4,000 1.9 ％ The Toho Bank, Ltd. 500 0.2 ％ Unsecured Investment 5,000 1.580% Nov. 18, 2010 5 yrs. Corporation Bond No. 3 ORIX Bank Corporation 3,500 1.7 ％ Unsecured Investment Corporation Bond No. 5 5,000 0.760% Feb. 8, 2013 5 yrs. Unsecured Investment Corporation Bond No. 6 5,000 0.440% Jan. 20, 2014 4.5 yrs. Unsecured Investment Status of Use of Commitment Line （（（as of Oct. 10, 2014 ））） Corporation Bond No. 7 2,500 1.200% Jan. 20, 2014 10 yrs. Unsecured Investment Corporation Bond No. 8 2,000 0.308% Aug. 11, 2014 5 yrs. Commitment Line Limit Unsecured Investment 33,500 million yen Corporation Bond No. 9 3,000 0.901% Aug. 11, 2014 10 yrs.

Credit Ratings （（（as of Oct. 10, 2014 ））） Commitment Line Used Amount 0 million yen

S&P Long-term rating ： A-, Short-term rating ： A-2 Outlook ： Stable Unused Line 33,500 million yen R&I Issuer rating ： A+ Rating outlook ： Stable JCR Long-term issuer rating ： AA- Rating outlook ： Positive Investment Units 46

Individuals, etc. Financial, Inst. Securities Co. FP24 FP25 Change The Number of Other Corp. Overseas Co. Units by Share Share Ratio Units Units Units 1.5% 2.3% Unitholders % % %

Individuals, etc. 220,653 13.1 229,469 11.7 8,816 -1.4 24th period 13.1% 54.5% 28.5% Financial Inst. 920,382 54.5 1,096,671 55.8 176,289 1.2 1,687,494 Major Banks, etc. 2,930 0.2 5,692 0.3 2,762 0.1 units Regional Banks 37,047 2.2 66,979 3.4 29,932 1.2 Trust Banks 748,863 44.4 876,922 44.6 128,059 0.2 3.5% 2.2% Life Insurance Co. 91,940 5.4 96,240 4.9 4,300 -0.6 Non-life Ins. Co. 16,340 1.0 17,960 0.9 1,620 -0.1 25th period 11.7% 55.8% 26.9% Others 23,262 1.4 32,878 1.7 9,616 0.3 1,966,174 Securities Co. 25,633 1.5 67,969 3.5 42,336 1.9 units Other Corp. 39,172 2.3 42,814 2.2 3,642 -0.1 Overseas 481,654 28.5 529,251 26.9 47,597 -1.6 0% 20% 40% 60% 80% 100% Total 1,687,494 100.0 1,966,174 100.0 278,680 － FP24 FP25 Change Top 10 Unitholders Share Share Ratio Units Units Units FP24 FP25 Change % % % The Number of Japan Trustee Services Bank, Ltd. 377,403 22.3 418,460 21.2 41,057 -1.1 Unitholders by Share Share Ratio (Trust accounts) Unitholders Unitholders Unitholders The Master Trust Bank of Japan, Ltd. Unitholders % % % 153,216 9.0 182,877 9.3 29,661 0.2 (Trust accounts) Trust & Custody Services Bank, Ltd. Individuals, etc. 19,660 96.6 21,542 96.7 1,882 0.1 113,246 6.7 131,536 6.6 18,290 0.0 (Securities investment trust accounts) Financial Inst. 94 0.5 114 0.5 20 0.0 The Nomura Trust and Banking Co., Ltd. 85,100 5.0 92,864 4.7 7,764 -0.3 Major Banks, etc. 1 0.0 1 0.0 0 0.0 (Investment accounts)

Regional Banks 24 0.1 30 0.1 6 0.0 JP MORGAN CHASE BANK 385174 51,235 3.0 53,198 2.7 1,963 -0.3 Trust Banks 13 0.1 15 0.1 2 0.0 Life Insurance Co. 7 0.0 9 0.0 2 0.0 NOMURA BANK (LUXEMBOURG) S.A. 28,677 1.6 46,525 2.3 17,848 0.7 Non-life Ins. Co. 4 0.0 4 0.0 0 0.0 ORIX Life Insurance Corporation 43,625 2.5 35,531 1.8 -8,094 -0.8 Others 45 0.2 55 0.2 10 0.0 THE BANK OF NEW YORK MELLON SA/NV 10 － － －－ Securities Co. 21 0.1 20 0.1 -1 0.0 *Note 2 26,315 1.3 Other Corp. 321 1.6 327 1.5 6 -0.1 Mizuho Securities Co., Ltd. *Note 2 －－ 25,149 1.2 －－ Overseas 249 1.2 273 1.2 24 0.0 Mizuho Trust & Banking Co., Ltd. *Note 2 －－ 23,403 1.1 －－ Total 20,345 100.0 22,276 100.0 1,931 － Note 1： In the Top 10 Unitholders table, the second decimal place of the ownership share is cut off, except for “Change Ratio” data. Note 2： “ THE BANK OF NEW YORK MELLON SA/NV 10 ”, “ Mizuho Securities Co., Ltd. ” and “ Mizuho Trust & Banking Co., Ltd. ” were not among the Top 10 Unitholders in FP24, so the numbers of units and the share for the FP24 are not shown. Environmental Efforts 47

V Obtained DBJ Green Building Certification for 11 properties as of October 10, 2014 as a result of promoting efforts V Obtained “Green Talk” assessment in 2014 from GRESB, an index created by European institutional investors

DBJ Green Building Certification Acquisition of GRESB

Sakai Logistics Center ORIX Akasaka ORE ORIX 2-chome Sapporo Shinagawa North Building Building Building Building

ORIX Kobe ORIX Nagoya Round OJR has participated in the Sannomiya Nishiki -Cross Building Building Shinjuku “Global Real Estate Sustainability Benchmark (GRESB) Survey” since fiscal 2013. In fiscal 2014, OJR received a “Green Talk” assessment with excellent “Management and Policy” efforts. *DBJ Green Building Certification DBJ Green Building Certification is a system under which the objective of promoting an *Global Real Estate Sustainability Benchmark (GRESB) increase of real estate that demonstrates high GRESB is a benchmark developed by a group consisting consideration not only for environmental Properties performance of the building but also disaster primarily of European pension funds to evaluate prevention and anticrime measures as well as Seafort Square Center Building environmental, social and other considerations of real societal demands from various stakeholders of estate companies and real estate managers. Major real estate (Green Building), the Development Nihonbashi Honcho 1-chome Building Bank of Japan Inc. conducts an assessment European, U.S. and Asian institutional investors utilize based on a scoring model that it developed and Toda Logistics Center the benchmark in their investment decision-making then selects real estate that meets the needs of processes. the times. Komaki Logistics Center Transactions with Sponsors and Compliance System 48

■OJR’s Board Meeting ORIX JREIT Inc. (OJR) VComprised of 1 Executive Director and 3 Supervisory Directors of a real estate appraiser, lawyer and certified public accountant without interest in OJR and OAM Asset management agreement Asset management company VAcquisitions and dispositions of properties with interested parties must gain majority approval from the ORIX Asset Management Corporation Supervisory Directors (OAM) Paid-in capital: ¥100 million ■ Sponsor support Asset Management Company (OAM) agreement VConducts thorough due diligence in accordance with 100% owned (providing information and of properties Supply (pipeline) various in-house regulations. Supply of properties Supply (pipeline) advice relating to real estate transaction, etc.) VIf problems pertaining to compliance are detected, the director in charge of the Risk Management and Compliance Department will recommend to discontinue, ORIX Corporation ORIX Real Estate Corporation rectify, change, etc. 100% owned ・Core company of the Group’s real estate ・ Engages in diversified business businesses primarily on the ・Leading the industry in development and financial and real estate sectors transaction of office buildings, logistics facilities, condominiums, etc.

Compliance system for property dispositions and acquisitions

Investment and Application OJR’s Board Meeting Operation Risk primarily comprised Decision of Property Management OAM Department of supervisory directors disposition/acquisition and Compliance Board Meeting without interest in Jointly conduct DD *Note Committee OJR and OAM Risk Management and Compliance Department Reporting DD* results Note : ”Due Diligence” means inspection and assessment of properties from physical, legal and economic perspectives. Organization of OAM 49

Shareholders’ Meeting Independent Public Corporate Auditor Accountants Board of Directors

President and CEO

Risk Management and Risk Management and Compliance Committee Compliance Department Internal Audit Department

Investment and Asset Finance and Accounting Corporate Planning Management Department Department Department

Established specialized teams for each sector Terminology (1) 50

Numerical Data ñ Numerical data is rounded down to the nearest whole number. However, percentages for occupancy rate, LTV, etc. as well as building age, duration to maturity and multiples are, in principle, rounded to the first decimal place. Glossary ñ “Diversified portfolio REIT” is a real estate investment corporation that invests in various types of property, such as offices, logistics facilities, retail facilities, residences and other types of real estate, etc. ñ “ORIX Synergy” refers to the cooperative relationship between OJR and ORIX Corporation and its group companies. ñ “Direct PM” is the supplemental work by ORIX Asset Management Corporation, as OJR’s asset management company, to the property management operations through leasing activities, adding value to properties and other means by itself, while utilizing the ORIX Synergy. ñ “Acquisition price” is the sale price provided for in the sale agreement, etc. without including consumption tax or other expenses related to acquisition. ñ “NOI yield” is obtained by dividing the annualized NOI by the acquisition price. The figure is rounded to the nearest first decimal place. ñ “NOI (Net Operating Income)” is calculated by adding Depreciation to Rental operating income (Rental operating revenue – Rental operating expenses). Finance lease revenue and Finance lease cost are included in Rental operating revenue and Rental operating expenses, respectively. In the calculation of NOI, the amount of Finance lease cost is added back to the Rental operating income of the relevant fiscal period. ñ “Annualized NOI” uses either of the following figures: I. As of the end of each fiscal period, annualized figures of actual NOI for the relevant fiscal period. II. After the PO in March 2014, the total of, (i) for the properties owned as of the end of the 24th fiscal period (ended Feb., 2014) (FP24), annualized figures of actual NOI for FP24, and (ii) for the properties acquired in and after the 25th fiscal period (ended August, 2014) (FP25), the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. III. As of the financial announcement of FP25, the total of (i) for the properties acquired in and before FP25 (other than SENDAI HARVEST BLDG.), annualized figures of actual NOI for FP25, and (ii) for SENDAI HARVEST BLDG. and the properties acquired and to be acquired in and after the 26th fiscal period (ending Feb., 2015)(FP26), the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. IV. As for the respective indications for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, each of the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. V. As for the indications in the “Portfolio” for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, total of the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. ñ “Yield after depreciation” is calculated by dividing the annualized income after depreciation by the book value. The figure is rounded to the nearest first decimal place. ñ “Income after depreciation” is calculated by the following formula: Income after depreciation =NOI – Depreciation – Finance lease cost Terminology (2) 51

ñ “Annualized income after depreciation” uses either of the following figures: I. As of the end of each fiscal period, annualized figures of actual income after depreciation for the relevant fiscal period. II. After the PO in March 2014, the total of (i) and (ii) below: (i) for the properties owned as of the end of FP24, annualized figures of actual income after depreciation for FP24, and (ii) for the properties acquired in and after FP25, the figures calculated by deducting the depreciation estimated by OJR from the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. III. As of the financial announcement of FP25, the total of (i) and (ii) below: (i) for the properties acquired in and before FP25 (other than SENDAI HARVEST BLDG.), annualized figures of actual income after depreciation for FP25, and (ii) for SENDAI HARVEST BLDG. and the properties acquired and to be acquired in and after FP26, the figures calculated by deducting the depreciation estimated by OJR from net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. IV. As for the respective indications for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, the figures calculated by deducting the depreciation estimated by OJR from net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. V. As for the indications in the “Portfolio” for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, total of the figures calculated by deducting the depreciation estimated by OJR from the net operating income in the direct capitalization methods stated in the appraisal report obtained at the decision of acquisition of each property. ñ “Book value” uses either of the following figures: I. As of the end of each fiscal period, the book value as of then. II. After the PO in March 2014, the total of (i) for the properties owned as of the end of FP24, the book value as of the end of FP24, and (ii) for the properties acquired in and after FP25, the acquisition price of each property. III. As of the financial announcement of FP25, the total of (i) for the properties acquired in and before FP25 (other than SENDAI HARVEST BLDG.), the book value as of the end of FP25, and (ii) for SENDAI HARVEST BLDG. and the properties acquired and to be acquired in and after FP26, the acquisition price. IV. As for the respective indications for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, each acquisition price. V. As for the indications in the “Portfolio” for SENDAI HARVEST BLDG. and the properties acquired in and after FP26, total of each acquisition price. ñ “Occupancy rate” is calculated by dividing “rented space” by “rentable space.” The figure is rounded to the nearest first decimal place. In addition, the occupancy rates of properties acquired in and after FP26 are figures as of the end of August, 2014 provided by the sellers. ñ “Rented space” and “Rentable space” come from either the owned portions or ownership ratio of OJR for each property. ñ “Rented space” means the space in the rentable space, which is actually under lease contracts and leased to tenants. ñ “Rentable space” means to the total floor space in OJR’s owned portion of each real estate that is practically leasable (including the common spaces, etc, if actually leased). Terminology (3) 52

ñ “FFO” stands for Funds From Operation and is the amount calculated by the following formula : FFO = Net income + Depreciation + Finance Lease Cost - Gain/loss on sale of real estate ñ “NAV” stands for Net Asset Value and is calculated by the following formula: NAV = Unitholders’ capital + Unrealized gain/loss ñ The figure of “interest-bearing debt” less than the indicated unit (1 million yen) is rounded down. ñ “LTV (based on total assets)” is calculated by dividing outstanding interest-bearing debt by total assets as of the same time. The figure is rounded to the nearest first decimal place. LTV (based on total assets) as of the financial announcement of FP25 is calculated with total assets being “total assets as of end of previous period + net increase of unitholders’ capital through public offering & third-party allotment+ net increase of interest-bearing debt from September 1, 2014 to October 10, 2014”. ñ “LTV (based on unitholders’ capital)” is calculated by dividing outstanding interest-bearing debt by the total of unitholders’ capital and outstanding interest-bearing debt as of the same time. The figure is rounded to the nearest first decimal place. ñ “Average interest rate” represents the weighted-average interest rate (annual rate) based on the total outstanding interest-bearing debt as of the specified time. The figure is rounded to the second decimal place. With regard to the average interest rate on the portion of borrowings for which interest-rate swaps are provided to hedge against the risk of interest rate hike, the weighted-average interest rates is adjusted by the effect of relevant interest-rate swaps. ñ “Average funding cost” is the annualized figures obtained by dividing (i) the total of interest expenses, interest on investment corporation bonds, funding related expenses (excluding expenses related to early repayments and commitment line contracts) and depreciation of investment corporation bonds issuance costs, as indicated in the profit and loss statements, by (ii) the average total outstanding interest- bearing debt during the relevant period. The figure is rounded to the nearest second decimal place. ñ ”Fixed-interest debt ratio” is calculated by dividing outstanding fixed-rate interest-bearing debt (including interest-bearing debt rate-fixed through interest rate swap) by total outstanding interest-bearing debt as of the same time. The figure is rounded to the nearest first decimal place. ñ “Average duration to maturity” represents the weighted-average of the remaining period of each interest-bearing debt to its repayment date or maturity date based on the total outstanding interest-bearing debt as of the same time. Figures are rounded to the first decimal place. ñ “Free cash flow” or “FCF” is the amount calculated by the following formula: Free cash flow = Depreciation + Finance Lease Cost - CAPEX

Note: Unless the context otherwise requires, references herein to any capitalized word or uncapitalized word shall be deemed to include references to uncapitalized word or capitalized word respectively. Disclaimer 53

This document was provided and released solely with the intent of providing information. This document should not be construed as an offer or solicitation to buy or sell any specific product, including investment units. This document is not a disclosure document or statement of financial performance required by, or based on, Japan’s Financial Instruments and Exchange Law, Investment Trust and Investment Corporation Law, related cabinet orders, cabinet office ordinances or rules, the rules governing companies listed on the Tokyo Stock Exchange, or any other applicable rules. This document contains forward-looking statements, including forecasts of financial position, results of operations, and business-related matters, as well as statements related to the plans and goals of OJR and the management of ORIX Asset Management Corporation (OAM) that provides asset management services for OJR. However, there are a number of known and unknown risks and uncertainties that can cause actual results or OJR’s performance to differ materially from any explicit or implicit forecasts contained herein. These forward-looking statements also rest on a number of assumptions with regard to OJR’s present and future management strategies, as well as the political and economical environments in which OJR will conduct its future business operations. Although the information contained in this document is the best available at the time of publication, no assurances can be given regarding the accuracy, certainty, validity or fairness of this information. The content of this document can be modified or withdrawn without prior notice.