Fiscal Period (April 1, 2006-September 30, 2006) Information Package

MORI TRUST Sogo Reit, Inc. MORI TRUST Asset Management Co., Ltd.

9th Fiscal Period (April 1, 2006-September 30, 2006) Information Package

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to undertake investment decisions subject to individual determination. CONTENTSCONTENTS

Part 1 Summary of 9th Fiscal Period 2

Part 2 Operating Strategies 10

Part 3 Reference 18

Disclaimer: This document is intended to provide information about the business performance and strategies of MORI TRUST Sogo Reit, Inc. (MTR). It is not intended and should not be construed as an inducement or invitation to purchase or invest in the products or investment shares of MTR. We caution readers to contact their securities company representative if intending to acquire or sell any of MTR’s investment products or investment shares, and to undertake investment decisions subject to individual determination. Statements in this document that are not historical facts are “forward-looking statements.” While MTR takes all reasonable care in the preparation of this document, it does not guarantee the accuracy and completeness of its content. Readers are also cautioned that the contents of this document may be changed or deleted without prior notice. PartPart 11 SummarySummary ofof 99th FiscalFiscal PeriodPeriod (Ended(Ended SeptemberSeptember 30,30, 2006)2006) Summary of 9th Fiscal Period Financial Highlights of 9th Fiscal Period (1)

EightEight ConsecutiveConsecutive FiscalFiscal PeriodsPeriods ofof IncreasedIncreased RevenueRevenue anandd ProfitProfit

z 9th fiscal period operating revenues: ¥5,489 million; net income: ¥3,691 million z Distribution per share: ¥23,075 (previous forecast: ¥22,850), an increase of ¥3,810 from the previous fiscal period z Maintained ROA* over 4% for the sixth consecutive period since public listing z ROA for 9th fiscal period: 4.84% (including gain on transfer of the Hitachi Headquarters Bldg.) * ROA = Income before income taxes ÷Total assets at the end of the period ×Annualized rate,

PropPropertyerty TransfersTransfers andand AcquisitionsAcquisitions

z May 29, 2006 ¾Hitachi Headquarters Bldg. Transfer ―Transfer Price: ¥42,000 million ¾Akasaka-mitsuke MT Bldg. Acquisition ― Acquisition Price: ¥27,000 million z September 20, 2006 ¾Hotel Okura Kobe Acquisition ― Acquisition Price: ¥19,000 million

SustaineSustainedd ImprovementImprovement inin HighHigh OccupancyOccupancy RatesRates

z Occupancy rate for entire portfolio: 99.9% z Master leases maintain high occupancy rates

ReinforcingReinforcing thethe FinancialFinancial FoundationFoundation

z Reduction of interest rate risks by increasing the fixed interest-bearing liabilities ratio

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 3 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Financial Highlights of 9th Fiscal Period (2)

PerformancePerformance HighlightsHighlights PerformancePerformance Prior to public listing After public listing (Millions of yen) (Yen) MTR achieved increased revenue and profit in the 6,000 24,000 9th fiscal period 5,000 20,000 4,000 16,000 Principal contributing factors are as follows: 3,000 12,000 z Gain on transfer of the Hitachi Headquarters Bldg. 2,000 8,000

¾ Transfer price ¥42,000 million 1,000 4,000

rd th 0 ¾ Gain on transfer ¥925 million 0 1st Fiscal 2nd Fiscal 3 Fiscal 4th Fiscal 5 Fiscal 6th Fiscal 7th Fiscal 8th Fiscal 9th Fiscal Period Period Period Period Period Period Period Period Period z High occupancy rate maintained through stable operation Operating revenues 333 933 3,200 3,675 4,136 4,451 4,764 4,876 5,489 Net income 71 304 850 2,438 2,640 2,798 2,947 3,082 3,691 ¾ Portfolio occupancy rate continued to be more than 99% throughout Distribution per share 5,627 5,699 5,313 15,243 16,503 17,493 18,422 19,265 23,075 the 9th fiscal period OccupancyOccupancy Rate,Rate, ROA*ROA*

Prior to public listing After public listing

(Millions of yen) 100% 6% Change th th th 99% 5% 8 Fiscal Period 9 Fiscal Period 9 Fiscal Period (Compared with (Actual) (Forecast) (Actual) th the 8 Fiscal Period) 98% 4% Operating revenues 4,876 5,440 5,489 12.6% 97% 3% Operating income 3,279 3,862 3,901 19.0% Income before income taxes 3,083 3,675 3,692 19.8% 96% 2% NOI (including capital gain) 4,148 4,721 4,780 15.2% 95% 1% NOI 4,148 3,795 3,855 -7.1%

94% rd th th th 0% Net income 3,082 3,656 3,691 19.8% 1st Fiscal 2nd Fiscal 3 Fiscal 4th Fiscal 5 Fiscal 6th Fiscal 7 Fiscal 8 Fiscal 9th Fiscal Period Period Period Period Period Period Period Period Period Distribution per share (Yen) 19,265 22,850 23,075 19.8% Period-end occupancy rate 100% 100% 100% 100% 100% 99.3% 99.9% 99.9% 99.9%

ROA 1.11% 1.11% 2.14% 4.20% 4.13% 4.01% 4.22% 4.23% 4.84% * ROA = Income before income taxes / Total assets at the end of the period × Annualized rate

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 4 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Newly Acquired Property: Akasaka-mitsuke MT Bldg.

AnAn officeoffice buildingbuilding locatedlocated inin aa prominentprominent commercialcommercial businessbusiness areareaa

Namboku Line Yurakucho Line z A highly visible large-scale office building situated in a prominent commercial business area Hotel New Otani

z Offers exceptionally convenient access (served by five subway lines and situated at a corner plot Akasaka Prince Hotel

Benkei Bridge intersected by Sotobori and Aoyama Avenues) Marunouchi Line z All rental spaces leased to Suntory Limited Aksaka-mitsuke Mt Bldg. Nagata-cho station (fixed-term leasing agreement until September 30, 2015) Tokyu Excel Hotel Aoyama Dori Akasaka-mitsuke Station z Large-scale renovations and upgrades completed in 2005 Hanzomon Line ¾ Earthquake protection structural enhancements; asbestos removal and counter- Ginza Line measures; installation of free-access floor; increased OA power supply capacity

Property Summary

Use Office building

Address 1-2-3 Motoakasaka, Minato-ku, Tokyo, Japan

Number of floors B2/12F

Completion date February 1975

Total rentable area 13,194.20m2

Acquisition price ¥27,000 million

Appraisal value on acquisition ¥27,200 million (Date of assessment) (April 30, 2006)

Occupancy rate 100% (1) (Number of tenants)

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 5 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Newly Acquired Property: Hotel Okura Kobe

AnAn internationalinternational luxuryluxury hhooteltel underunder thethe “Hotel“Hotel Okura”Okura”brandbrand Motomachi Station Kobe Port Tower Hanshin Motomachi Station Daimaru z An international luxury hotel under the “Hotel Okura” brand

z Standing 35 stories and 135 meters high, this first-rate hotel is recognized as a Kobe Historical City Museum Museum

landmark in Kobe Minato Motomachi Station Kobe Mizugami Police Station z Surrounded by Kobe Harbour and the Rokko mountain range, the Property’s location Hotel Okura Kobe in Meriken Park is one of the representative sightseeing districts in Kobe Kobe Port Tower z The hotel boasts one of the largest banquet halls in the Kansai region, a chapel, sports Kobe Sea Museum Meriken Park facilities and a diverse range of dining and drinking establishments Kobe Gulf Property Summary

Use Hotel

Address 2-1 Hatoba-cho, Chuo-ku, Kobe, Japan

Number of floors B2/35F

Completion date March 1989

Total rentable area 72,240.49m2

Acquisition price ¥19,000 million

Appraisal value on acquisition ¥18,600 million (Date of assessment) (August 29, 2006)

Occupancy rate 100% (1) (Number of tenants) This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 6 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Interest-Bearing Liabilities

LLoansoans asas ofof EndEnd ofof 99thth FiscalFiscal PeriodPeriod (September(September 30,30, 2006)2006)

th 9 Fiscal Period-End th z 9 Fiscal Period-End Remaining Interest-bearing liabilities to total assets ratio = 37.7% Drawdown Date Outstanding Balance Repayment Date Lender Average Interest Rate Repayment Method (Millions of yen) Period

z Long-term interest-bearing liabilities ratio (excluding Short The Sumitomo Trust & Banking Co., Ltd. 2,500 0.35% 5 months Mitsubishi UFJ Trust and Banking Corporation February 28, 2006 2,500 0.35% February 28, 2007

long-term loans repayable within one year) = 53.0% - Bullet repayment T The Chiba Bank, Ltd. 500 0.35%

erm on maturity/

Loans Unsecured/ The Joyo Bank, Ltd. August 31, 2006 500 0.64% z Fixed interest-bearing liabilities ratio = 57.4% Floating Non-Guaranteed Loans erm The Sumitomo Trust & Banking Co., Ltd. 4,500 0.59% T th - 11 months (8 fiscal period end = 48.5%) Mitsubishi UFJ Trust and Banking Corporation 4,500 0.59% August 31, 2007 September 20, 2006 Mizuho Corporate Bank, Ltd.

Short 5,000 0.59% ¾ Increased long-term fixed interest rate loans with the aim of The Chiba Bank, Ltd. 1,500 0.59% reducing risks from rising interest rates and refinancing Subtotal 21,500 0.53% ¾ Maintenance of a credit commitment line of ¥10,000 million as a Sumitomo Mitsui Banking Corporation 2,000 0.78% means of securing fund procurement Floating February 28, 2007 5months (Thousand of yen) The Hachijuni Bank, Ltd. 1,000 0.73% March 26, 2004 As of As of The Dai-ichi Mutual Life Insurance Company February 28, 2007 5 months Increase/ Decrease 2,500 0.93% March 31, 2006 September 30, 2005 2 years 5 months Nippon Life Insurance Company February 27, 2009 Interest-bearing liabilities 57,500,000 51,500,000 6,000,000 3,000 1.29% Interest-bearing liabilities to total assets ratio = The Chiba Bank, Ltd. August 31, 2006 1,000 1.20% Interest-bearing liabilities 37.7% 35.3% 2.3% s Shinsei Bank, Limited 3,000 1.22% Total period-end assets n August 31, 2009 2 years 11 months Long-term interest-bearing liabilities ratio = The Sumitomo Trust & Banking Co., Ltd. 1,000 1.24% Long-term interest-bearing liabilities 53.0% 43.7% 9.4% September 20, 2006 Loa Bullet repayment Interest-bearing liabilities Mitsubishi UFJ Trust and Banking Corporation 2,000 1.24% on maturity/ Unsecured/ Leasehold and Sumitomo Mitsui Banking Corporation 5,000 1.15% Short-term loans Long-term loans Shareholders’ equity Other February 28, 2005 Fixed Non-Guaranteed Security deposits 3 years 5 months Nippon Life Insurance Company 3,000 1.09% February 26, 2010 February 28, 2005 Long-Term The Dai-ichi Mutual Life Insurance Company 2,000 1.09% Development Bank of Japan March 26, 2004 2,500 1.65% 3% 4 years 5 months Sept. 30, 2006 14% 24% 7% 52% Development Bank of Japan 2,000 1.46% February 28, 2011 February 28, 2006 Nippon Life Insurance Company 1,000 1.46% 37.7% Development Bank of Japan August 31, 2006 1,000 1.68% August 31, 2011 4 years 11 months Development Bank of Japan February 28, 2005 4,000 1.44% February 29, 2012 5 years 5 months Mar. 31, 2006 16% 19% 7% 55% 3% Subtotal 36,000 1.23%

Total 57,500 0.97%

Sept. 30, 2005 13% 20% 7% 57% 3%

0% 20% 40% 60% 80% 100% This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 7 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Shareholders

TToopp 1010 SShharehareholdersolders SharehShareholders’olders’CCompositionomposition 88thth FiscalFiscal PeriodPeriod Individuals and others Financial institutions (including securities companies) Other domestic corporations Overseas corporations and individuals

Shareholders Number of shares held Percent of total

th 8 fiscal period number of 22,253 72,341 54,818 10,615 Mori Trust Co., Ltd. 28,000 17.50% shares issued and outstanding: Mori Kanko Trust Co., Ltd. . 20,000 12.50% 160,000 (13.91%) (45.20%) (34.26%) (6.63%) NikkoCiti Trust and Banking Corporation (investment trust) . 9,401 5.88% Japan Trustee Services Bank, Ltd. (trust account) . 9,056 5.66% The Master Trust Bank of Japan, Ltd. (trust account) 5,584 3.49% Trust & Custody Services Bank, Ltd. (securities investment trust account) 5,137 3.21% The Fuji Fire & Marine Insurance Co., Limited 3,478 2.17% th Kansai Urban Banking Corporation 2,959 1.85% 9 fiscal period number of shares issued and outstanding: 21,151 70,173 54,135 14,541 Aozora Bank, Ltd. 2,168 1.36% 160,000 (13.22%) (43.86%) (33.83%) (9.09%) The Joyo Bank, Ltd. 1,810 1.13% Total 87,593 54.75%

99thth FiscalFiscal PeriodPeriod 0% 20% 40% 60% 80% 100%

Individuals and others Financial institutions (including securities companies) Other domestic corporations Overseas corporations and individuals Number of shares held Percent of total Shareholders 150 (1.41%) Mori Trust Co., Ltd. 28,000 17.50% Mori Kanko Trust Shisankanri Co., Ltd.* 20,000 12.50% 248 8th fiscal period (2.32%) NikkoCiti Trust and Banking Corporation (investment trust) . 12,137 7.59% number of shareholders: 10,226 10,675 Japan Trustee Services Bank, Ltd. (trust account) . 10,003 6.25% (95.79%) 51 Trust & Custody Services Bank, Ltd. (securities investment trust account) 5,436 3.40% (0.48%) The Master Trust Bank of Japan, Ltd. (trust account) 5,242 3.28% Kansai Urban Banking Corporation 2,959 1.85% 140 American Life Insurance Company GA-L 2,471 1.54% (1.42%) The Fuji Fire & Marine Insurance Co., Limited 2,396 1.50%

9th fiscal period Barclays Bank PLC 236 Barclays Capital Securities Limited 2,334 1.46% number of shareholders: 9,406 11,871 (2.39%) Total 90,978 56.86% (95.44%) 74 * Merged with Mori Trust Co., Ltd. on October 1, 2006 (0.75%)

5,000 6,000 7,000 8,000 9,000 10,000 11,000

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 8 undertake investment decisions subject to individual determination. Summary of 9th Fiscal Period Forecasts for the 10th Fiscal Period

EExxpectedpected NetNet InIncomecome ofof ¥2,880¥2,880 MillionMillion andand DistributionDistribution perper ShShareare ofof ¥18,¥18,000000 z Property-related revenues increase ¥383 million (decrease in operating revenues of ¥541 million) (Millions of yen) ¾ Main factor for decrease: End of contribution from Hitachi Headquarters Bldg. following its sale 10th Fiscal Period 9th Fiscal Period ¾ Main factor for increase: Full fiscal year contribution from the Akasaka-mitsuke MT Bldg. and (Forecast) (Actual) Operating revenues 4,947 5,489 Hotel Okura Kobe Operating income 3,201 3,901 z Property-related expenses rise ¥150 million Income before income taxes 2,881 3,692 NOI 4,233 3,855 ¾ Main factors for increased expenses: Higher repair costs and increased depreciation costs Ne t i n c o m e 2,880 3,691 related to acquisition of two properties Distribution per share (Yen) 18,000 23,075 z Non-operating expenses increase ¥114 million

¾ Main factors for increased expenses: Increased loans associated with acquisition of two properties; effects from cancellation of zero-interest rates policy and increase in long-term fixed interest rate loans z Distribution of ¥18,000 is expected

(Millions of Yen) 10th Period Forecast 9th Period Results Difference 2006/10/1-2007/3/31 2006/4/1-2006/9/30 Amount Percentage Amount Percentage Amount Percentage Ordinary profit/loss Operating profit/loss Gain/loss from rental business Rental revenues 4,822,699 97.5% 4,429,744 80.7% 392,955 8.9% Other rental revenues 125,205 2.5% 134,606 2.5% (9,401) -7.0% Property-related revenues 4,947,905 100.0% 4,564,350 83.1% 383,554 8.4% Gain on sale of investment property 0 0.0% 925,151 16.9% (925,151) -100.0% Operating Revenues 4,947,905 100.0% 5,489,502 100.0% (541,597) -9.9% Property-realated expenses 1,451,099 1,300,951 23.7% 150,147 11.5% Property-related expenses 1,451,099 29.3% 1,300,951 23.7% 150,147 11.5% Gain/loss from real estate rental business 3,496,806 70.7% 3,263,399 59.4% 233,407 7.2% Earnings before depreciation and amortization (NOI) 4,233,776 85.6% 3,855,718 70.2% 378,058 9.8% Service, general and administrative expenses 295,131 6.0% 287,416 5.2% 7,714 2.7% Operating income 3,201,674 64.7% 3,901,134 71.1% (699,459) -17.9% Non-operating profit 4,000 0.1% 1,514 0.0% 2,485 164.0% Non-operating expenses 324,581 6.6% 209,679 3.8% 114,901 54.8% Ordinary income 2,881,093 58.2% 3,692,970 67.3% (811,876) -22.0% Income before income taxes 2,881,093 58.2% 3,692,970 67.3% (811,876) -22.0% Net income 2,880,092 58.2% 3,691,983 67.3% (811,890) -22.0%

ActualActual opeoperratingating rreevenues,venues, operoperatingating incoincommee,, incoincommee bbeeforforee incoincommee taxetaxes,s, NOI,NOI, netnet incoincommee, , ccaashsh distrdistriibutionsbutions peperr shsharare,e, etc.etc. mmaayy diffdiffeerr mmaateteriallriallyy frfroomm forforeeccaastssts duedue toto chchangesanges inin ththee opeoperraatingting e envirnviroonnmmenent.t. Accor Accorddinglyingly, ,MT MTRR does does not not gu guararanteanteee the the a accccururacacyy of of f foorreeccaastst am amouounts.nts. This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 9 undertake investment decisions subject to individual determination. PartPart 22 OperatingOperating StrategiesStrategies Operating Strategies Operating Strategies

z Maintain sound earnings per share (EPS) Profitability z Focus on ROA-based investment and reduce operating expense margin

z Utilize master lease contracts z In principle, secure medium- to long-term lease Stability contracts with major corporations z Pursue financial stability z Establish property acquisition channels through Growth cooperation with the Mori Trust Group Potential z Enhance property acquisition capabilities utilizing low-leverage advantage

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 11 undertake investment decisions subject to individual determination. Operating Strategies External Growth Strategy: Market Outlook IncreasedIncreased realreal estateestate transactiotransactionsns andand contcontinuedinued improvementimprovement inin thethe supply-demandsupply-demand relatrelatiiononshipship inin thethe leasingleasing marketmarket

z Continuing from fiscal 2005, the purchase and sale of real estate was robust in the first half of fiscal 2006 ¾ Reflecting unabated demand for investment in real estate properties, land prices in business districts of major metropolitan areas are anticipated to continue rising z Vigorous real estate transactions in metropolitan areas are spreading to other areas z With the continuous trend of declining vacancy rates in metropolitan areas, the shortage of space in the large-scale office building market in central Tokyo is intensifying, regardless of the area

AveragAveragee VacancyVacancy RatesRates inin BusinessBusiness Real Estate Sales TrTrendendss inin PropertyProperty SalSaleess byby LocationLocation Real Estate Sales DistrictsDistricts ofof TokTokyo,yo, OsakaOsaka anandd NagoyaNagoya (Number of Properties Sold) (Billions of yen) 1,400 5,000 12% 100% 1,200 4,157 21% 21% 21% 19% 18% 17% 21% 4,000 10% 26% 1,000 80% 5% 6% 8% 8% 6% 6% 6% 2,657 8% 7% 11% 12% 800 2,480 3,000 13% 12% 13% 2,408 19% 1,972 2,116 1,957 6% 60% 21% 600 1,938 1,889 20% 1,581 1,158 2,000 2,032 846 861 4% 400 1,116 40% 594 649 614 505 583 524 525 1,000 66% 200 385 2% 60% 63% 65% 60% 249 47% 50% 52% 0 0 20% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 First Half First Half 0% of of 1999 2000 2001 2002 2003 2004 2005 2006* Fiscal 2005 Fiscal 2006 0% 1999 2000 2001 2002 2003 2004 2005 2006* No. of properties sold Sales amount Tokyo (2,615 Units) Osaka(808 Units) Nagoya(431 Units)

*First Half of 2006 Tokyo area Osaka area Nagoya area Other Areas *First Half of 2006 Sources: Graphs 1 & 3: Data extracted from “Overview of Real Estate Sales in First Half of 2006,” published in Real Estate Topics, November 2006, Mizuho Trust & Banking Co., Ltd. Graph 2: Data extracted from “MIKI OFFICE REPORT November 2006: Recent Office Building Market Conditions in the Five Central Wards of Tokyo,” published by Miki Shoji Co., Ltd.

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 12 undertake investment decisions subject to individual determination. Operating Strategies External Growth Strategy: Allocation

AllocationAllocation inin LineLine withwith TTaargetrget PPoortfoliortfolio

Build an investment portfolio focusing mainly on office buildings located in central Tokyo, while considering the aspects of property type, use, and geographic diversification

Central Tokyo (Note 1) Other Areas (Note 2) Total

Target Ratio Actual Ratio* Target Ratio Actual Ratio* Target Ratio Actual Ratio*

Office Buildings 60-70% 51% 10-20% 14% 70-90% 65%

Retail Facilities 0-10% 2% 10-20% 33% 10-30% 35% Other (Note 3)

Total 60-80% 53% 20-40% 47% 100%

*Actual ratio is based on the acquisition price of the portfolio as of September 30, 2006 Notes: 1. Central Tokyo refers to Chiyoda, Chuo, Minato, Shinagawa, Shibuya and Shinjuku Wards 2. Other areas refers to greater Tokyo (Kanagawa Prefecture, Chiba Prefecture, Saitama Prefecture, and the Tokyo Metropolitan area excluding central Tokyo) and other major regional cities 3. Restricted to investments in residential properties and hotels for the foreseeable future

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 13 undertake investment decisions subject to individual determination. Operating Strategies External Growth Strategy: Property Acquisition by Use and Area

PortfolioPortfolio CompositionComposition StraStrategytegy byby UseUse andand AreaArea

AreaArea

CentralCentral TokTokyyoo OtherOther AreaAreass

Portfolio comprised mainly of investments in large- Continued study of potential of regional Office Buildings Office Buildings scale office buildings located in central Tokyo diversification for reducing portfolio risk

Investment in urban retail facilities offering stable Active investment in properties exhibiting income and located in areas surrounding major competitive advantage and stable earnings potential RetailRetail FacilitiesFacilities rail terminals and popular areas with a high Use Use Use in major trading areas of Japan’s principal cities concentration of retail and commercial stores

Investment in luxury residential properties located in the three “A” districts of Tokyo, namely Azabu, Aoyama, and Akasaka OtherOther Consideration toward investment in hotels with high brand recognition, offering long-term management contracts with leading hotel management companies and potential for stable income

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 14 undertake investment decisions subject to individual determination. Operating Strategies External Growth Strategy: Acquisitions to Date

PropPropertyerty AcquisitionsAcquisitions : Acquisitions through sale-and-lease-back

AcquisitionsAcquisitions BasedBased onon InforInformmatationion ProvidedProvided AcquisitionsAcquisitions through through AcquisitionsAcquisitions fromfrom thethe MMooriri TrustTrust GroupGroup byby thethe MoriMori TrustTrust GroupGroup proprietaryproprietary channelschannels

z Nissan Motor New Headquarters Bldg. z Ito-Yokado Shin-Urayasu z Marubeni Osaka Headquarters Bldg.

z Mita MT Bldg. z Shin-Yokohama TECH Bldg. z Cresse Inage

z Osaki MT Bldg. z Hotel Okura Kobe z Park Lane Plaza

z Ito-Yokado Shonandai z Osaki MT Bldg. z Akasaka-mitsuke MT Bldg. (additional acquisition)

TotalTotal AcquisAcquisiittiionsons byby SourceSource

Acquisitions from the Mori Trust Group Acquisitions Based on Information Acquisitions through Provided by the Mori Trust Group Proprietary Channels (Millions of yen) 150,000 142,076 136,076 130,420 130,420 25,556 25,556 125,000 119,305 19,900 19,900 （18.0%）（18.8%） 107,200 16,700 （15.3%）（15.3%）（14.0%） 100,000 16,700 38,050 （15.6%）（26.8%） 59,050 59,050 59,050 59,050 75,000 46,900 （45.3%） (45.3%) （43.4%）（49.5%）（43.8%） 50,000 78,470 51,470 51,470 51,470 （55.2%） 25,000 43,600 43,600 （40.7%）（36.5%）（39.5%）（39.5%）（37.8%） *Figures are based on the acquisition price 0 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period 7th Fiscal Period 8th Fiscal Period 9th Fiscal Period of real estate assets for each fiscal period

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 15 undertake investment decisions subject to individual determination. Operating Strategies Internal Growth Strategy

SecuringSecuring StableStable ProfitsProfits overover MediumMedium toto LongLong TermTerm z Secure lease contracts that maintain a stable rental income stream (see reference material on page 23) Î Consider lease contracts that ensure a fixed term, fixed income stream and contract expiry diversification z Actively introduce master lease contracts Î Improve operating and management efficiency and reduce multi-tenant risk Î Implement net lease contracts that eliminate day-to-day repairs and maintenance expenses RespondRespondiingng toto PositivePositive ShShiftift inin OfficeOffice BuildingBuilding MarketMarket

z Adopt contracts that incorporated income gain increases for properties that offer internal growth potential Î Adopt a sublease-linked master lease contract for the Osaki MT Bldg. RepairsRepairs PolicyPolicy

z Formulate a marketing-oriented repairs plan Î Formulate and implement a 12-year repairs plan for each property (each plan revised annually) with the aim of increasing competitiveness and tenant satisfaction over the medium to long term

z Establish a reserve for repairs Î Establish a reserve for repairs based on the portfolio’s overall depreciation expense and marketing-oriented repairs plan Î Reserve for repairs brought forward as of September 30, 2006: ¥3,728 million z Thorough preventive maintenance and safety control to enhance the level of tenant satisfaction Î Monitor the status of repairs implementation for properties where the end-tenant is responsible for payment

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 16 undertake investment decisions subject to individual determination. Operating Strategies Financial Strategy

FocusFocus onon ImprovingImproving FinancialFinancial StabilityStability DiversifyDiversify FundsFunds ProcurementProcurement MeMethodsthods

z Continue low-leverage strategy z Consider obtaining credit rating

(Interest-bearing liabilities to total assets ratio of 30 – 40%) z Hedge against risk of higher interest rates

th z Diversify repayment maturities Î Fixed interest-bearing liabilities ratio for 9 fiscal period = 57.4% (8th fiscal period = 48.5%)

LTVLTV anandd CashCash DistributionsDistributions LLoanoan RepaymentRepayment ScheduleSchedule DiversificationDiversification

LTV Cash distribution per share (Millions of Yen) Long-term loans Short-term loans 60.0% 18,000 ¥23,075

¥19,265 16,000 50.0% ¥17,493 ¥18,422 14,000 ¥16,503 ¥15,243 40.0% 37.7% 12,000 35.3% 33.0% 32.9% 10,000 16,000 30.0% 28.1% 8,000 5,500 21.5% 6,000 20.0% 10,000 10,000 4,000 6,500 5,500 10.0% 2,000 4,000

0 0 10th Fiscal period 11th Fiscal period 0.0% Ending Ending 2008 2009 2010 2011 2012 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period 7th Fiscal Period 8th Fiscal Period 9th Fiscal Period March 31, 2007 September 30, 2007

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 17 undertake investment decisions subject to individual determination. PartPart 33 ReferenceReference Reference Balance Sheets

As of September 30, 2006 and March 31, 2006 (Thousands of yen) September 30, 2006 M arch 31, 2006 Ａｍｏｕｎｔ Percentage Ａｍｏｕｎｔ Percentage ASSETS Current Assets: Cash and cash equivalents ¥9,529,807 ¥7,487,891 Rental and other receivables 41,587 31,257 Consumption tax refundable 143,416 16,052 O ther current assets 27,790 40,244 T otal current assets 9,742,600 6.4% 7,575,444 5.2% Prop erty and Eq uip m ent, at C ost: Land including trust accounts 112,078,176 112,658,500 Buildings and structures including trust accounts 33,875,460 28,721,605 M achinery and equipment 53,821 46,013 Tools, furniture and fixtures 9,970 4,061 Construction in progress - 714 Less: accumulated depreciation (3,113,061) (3,297,404) Net property and equipment 142,904,366 93.6% 138,133,489 94.8% Investm ents and O ther A ssets: Deposits 10,000 10,000 Organization costs - 6,844 Other 277 240 Total investm ents and other assets 10,277 17,084 T otal A ssets ¥ 152,657,243 100.0% ¥145,726,017 100.0% LIA BILITIES Current Liabilities: Accounts payable ¥ 407,566 ¥93,925 Short-term loans 21,500,000 23,500,000 Current portion of long-term loans 5,500,000 5,500,000 Distribution payable 12,066 12,762 Consumption taxes payable 49,970 33,193 Rents received in advance 826,580 824,242 Accrued expenses and other current liabilities 164,511 103,612 T otal current liabilities 28,460,693 18.6% 30,067,734 20.6% Long -T erm L iabilities: Long-term loans 30,500,000 22,500,000 Leasehold and security deposits 10,004,511 10,075,828 T otal long-term liabilities 40,504,511 26.5% 32,575,828 22.4% Total Liabilities 68,965,204 45.2% 62,643,562 43.0% Net Assets*: Shareholders' capital Shares Authorized: 2,000,000 shares Shares Issued and Outstanding: 160,000 shares 80,000,000 80,000,000 Retained earnings 3,692,039 2.4% 3,082,455 2.1% Total Net Assets 83,692,039 54.8% 83,082,455 57.0% T otal L iabilities and N et A ssets ¥ 152,657,243 100.0% ¥145,726,017 100.0% * For the 8th fiscal period, a breakdown of shareholders’ equity is shown for comparison.

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 19 undertake investment decisions subject to individual determination. Reference Statements of Income and Retained Earnings

For the six-month periods ended September 30, 2006 and March 31, 2006 (Thousands of yen) April 1, 2006 to October 1, 2005 to September 30, 2006 March 31, 2006 Amount Percentage Amount Percentage Operating Revenues: Rental revenues ¥4,564,350 100.0% ¥4,876,369 100.0% Gain on sale of investment property ¥925,152 - Operating Expenses: Property-related expenses 1,300,951 1,336,433 Asset management fees 170,517 154,119 Custodian and administrative service fees 41,631 43,158 Other operating expenses 75,268 63,192 Operating Income 3,901,135 85.5% 3,279,467 67.3% Non-Operating Revenues: Interest income 1,414 32 Other non-operating revenues 100 - Non-Operating Expenses: Interest expense 202,835 189,274 Amortization of organization costs 6,844 6,844 Income before Income Taxes 3,692,970 80.9% 3,083,381 63.2% Income Taxes: Current 986 990 Deferred 0 1 Net Income 3,691,984 80.9% 3,082,390 63.2% Retained Earnings at the Beginning of Period 55 65 Retained Earnings at the End of Period ¥3,692,039 ¥3,082,455

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 20 undertake investment decisions subject to individual determination. Reference Statements of Cash Flows

For the six-month periods ended September 30, 2006 and March 31, 2006 (Thousands of Yen)

April 30, 2006 to October 1, 2005 to September 30, 2006 March 31, 2006 Cash Flows from Operating Activities: Income before income taxes ¥3,692,970 ¥3,083,381 Depreciation and amortization 592,319 608,451 Amortization of organization costs 6,844 6,844 Interest income (1,414) (32) Interest expense 202,835 189,274 Changes in assets and liabilities Investment property 41,039,949 - Rental and other receivables (10,330) 4,029 Consumption tax refundable (127,365) (16,052) Other assets - (1,650) Accounts payable and accrued expenses 247,440 12,777 Consumption taxes payable 16,778 (144,281) Rents received in advance 2,338 15,191 Other liabilities 65,996 (1,406) Subtotal 45,728,360 3,756,526 Interest received 1,414 32 Interest paid (193,444) (187,763) Income taxes paid (1,221) (1,014) Net cash provided by operating activities 45,535,109 3,567,781 Cash Flows from Investing Activities: Purchases of property and equipment including trust accounts (46,336,944) (5,477,763) Purchases of intangible assets (36) - Repayments of leasehold and security deposits (2,806,120) (6,736) Proceeds from leasehold and security deposits 2,733,004 380,979 Net cash used in investing activities (46,410,096) (5,103,520) Cash Flows from Financing Activities: Net increase (decrease) in short-term loans (2,000,000) 5,500,000 Proceeds from long-term loans 8,000,000 3,000,000 Repayments of long-term loans - (3,000,000) Distributions paid to shareholders (3,083,097) (2,947,117) Net cash provided by financing activities 2,916,903 2,552,883 Net Change in Cash and Cash Equivalents 2,041,916 1,017,144 Cash and Cash Equivalents at the Beginning of Period 7,487,891 6,470,747 Cash and Cash Equivalents at the End of Period ¥9,529,807 ¥7,487,891

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 21 undertake investment decisions subject to individual determination. Reference Portfolio Summary

Appraisal Value at Acquisition Price th Land Floor Area Use Name Construction Completed 9 Fiscal Period-End 2 2 PML*** Features (Millions of Yen) (Millions of Yen) (m ) (m )

Nissan Motor Situated in the commercial area of Ginza, the building is the New Headquarters Bldg. March 1982 16,000 17,300 4,655.56 38,901.73* 8.1% Nissan Motor headquarters.

September 1974 Located in Mita, Minato Ward, an area with a high Mita MT Bldg. 16,000 18,400 3,489.80 21,043.02 10.5% concentration of office buildings, this is the main building for (Renovated in 1997) Hitachi Group-related companies. Marubeni Osaka This is a landmark building in Osaka’s commercial business Headquarters Bldg. March 1984 12,500 14,100 5,878.72 41,574.47 3.4% district.

Shin-Yokohama This office building is located in the Shin-Yokohama district, an area attracting high demand from the IT and communications- TECH Bldg. February 1986 6,900 8,920 2,671.11 25,187.22 8.7% ce buildings related sector. Located in Osaki, Shinagawa Ward, an area with a high Offi Osaki MT Bldg. July 1994 13,526 15,100 13,852.74 26,980.68** 11.5% concentration of office buildings, the building is the headquarters for Sumitomo Heavy Industries. February 1, 1975 This office building is located in a prominent commercial Akasaka-mitsuke MT Bldg. 27,000 27,400 2,194.38 17,171.15 12.7% business area with exceptionally convenient transportation (Renovated in 2005) access. Situated in the Shonandai area, a retail trading area enjoying a Ito-Yokado Shonandai November 2002 11,600 14,400 35,209.93 53,393.66 14.0% significant increase in population, this is a flagship store for the Ito-Yokado Group. This large-scale roadside land for commercial facilities is Cresse Inage - 4,200 5,630 79,113.42 - - situated in a highly populated trading area with convenient access to public transportation. This is the main outlet for the Ito-Yokado Group, located in the Retail facilities Ito-Yokado Shin-Urayasu September 2000 12,150 13,300 33,537.07 57,621.78 18.9% Shin-Urayasu district, an area undergoing considerable growth. l ia

t This luxury rental residential property located in the Aoyama / Park Lane Plaza June 1988 3,200 3,550 1,702.95 5,246.78 14.9% Harajuku area was MTR’s first residential property investment. Residen

This luxury hotel is located in Meriken Park, a leading Hotel Okura Kobe March 1989 19,000 18,600 30,944.44 72,240.49 17.8% sightseeing distinct in Kobe with views of Kobe Harbour and the Rokko mountain range. Hotels

Total - - 142,076 156,700 213,250.12 359,360.98 4.3% -

* MTR has acquired comparted ownership in the Nissan Motor New Headquarters Building. The floor area owned by MTR totals 23,614 m2. ** MTR has acquired co-ownership of the building. Ownership share is calculated at a ratio of 838,899/1,000,000. *** Probable Maximum Loss (PML) refers to the expected maximum loss ratio caused by an earthquake based on a loss confidence value of 90%. The expected maximum-level earthquake refers to an earthquake that occurs once every 50 years with 10% excess-probability. This means that this level of earthquake statistically occurs once every 475 years.

Nissan Motor Marubeni Osaka Shin-Yokohama Akasaka-mitsuke Ito-Yokado Ito-Yokado Mita MT Bldg. Osaki MT Bldg. Cresse Inage Park Lane Plaza Hotel Okura Kobe New Headquarters Bldg. Headquarters Bldg. TECH Bldg. MT Bldg.. Shonandai Shin-Urayasu This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 22 undertake investment decisions subject to individual determination. Reference Portfolio Summary

PortPortfolfoliioo ComCompositionposition Property Tenant/Master Lessee Lease Contract Lease Contract Expiry Sublessee by Location Nissan Motor by Location Mori Trust Co., Ltd. Fixed-term building lease September 30, 2008 Nissan Motor Co., Ltd. New Headquarters Bldg. Central Tokyo Other Areas Mori Kanko Trust Hitachi Electronics services Mita MT Bldg. Fixed-term building lease November 30, 2008 Shisankanri Co., Ltd.* Co., Ltd. & others

Marubeni Osaka Fixed-term building lease September 30, 2012 - Headquarters Bldg. Marubeni Corporation 53.3% 46.7% Fujitsu Co., Ltd. February 28, 2007 Shin-Yokohama TECH Bldg. Building lease - & others (Lease contract with Fujitsu)

November 20, 2022 Ito-Yokado Shonandai Ito-Yokado Co., Ltd. Building lease - 0% 25% 50% 75% 100% (No cancellation prior to November 20, 2017)

Daiwa Kosho PortPortfolfoliioo ComCompositionposition Cresse Inage Land lease June 2, 2023 - byby UsUsagagee Lease Co., Ltd July 29, 2020 Ito-Yokado Shin-Urayasu Ito-Yokado Co., Ltd. Building lease - Office Buildings Retail Facilities Other (No cancellation prior to July 29, 2017) Sumitomo Heavy Osaki MT Bldg. Mori Trust Co., Ltd. Fixed-term building lease March 31, 2010 Industries, Ltd.**

Akasaka-mitsuke MT Bldg. Suntory Limited. Fixed-term building lease - 64.7% 19.7% 15.6% September 30, 2015 Building lease and Park Lane Plaza 16 tenants (Lease contracts of not more than two years) - fixed-term building lease

0% 25% 50% 75% 100% Hotel Okura Kobe Hotel Okura Kobe Fixed-term building lease March 31, 2022 -

* Merged with Mori Trust Co., Ltd. on October 1, 2006 LeasingLeasing ComCompositionposition **The sublessee, Sumitomo Heavy Industries, Ltd., plans to vacate on September 30, 2007. (Although the sublessee will change, the leasing agreement between MTR byby ContractContract TermTerm and the master lessee will continue until March 31, 2010. The future rental rate, however, will depend upon the agreement with the future sublessee.)

Less than 5 years 5 – 10 years More than 10 years Less than 5 years 5 – 10 years More than 10 years Marubeni Osaka Headquarters Bldg. Akasaka-mitsuke MT Bldg. Nissan Motor New Headquarters Bldg. Shin-Yokohama TECH Bldg. Ito-Yokado Shonandai 7.1% 32.0% 60.8% Mita MT Bldg Park Lane Plaza Ito-Yokado Shin-Urayasu Osaki MT Bldg. Cresse Inage Hotel Okura Kobe 0% 25% 50% 75% 100% Note: Composition ratios are based on acquisition price of real estate assets as of September 30, 2006

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 23 undertake investment decisions subject to individual determination. Reference Tenants and Lease Contracts

OccupancyOccupancy RateRate

450,000 100.00% 400,000

350,000 80.00% 300,000

250,000 60.00%

200,000 40.00% 150,000

100,000 20.00% 50,000

0 0.00% 4th Fiscal Period-End 5th Fiscal Period-End 6th Fiscal Period-End 7th Fiscal Period-End 8th Fiscal Period-End 9th Fiscal Period-End April 30, 2006 May 31, 2006 June 30, 2006 July 31, 2006 August 31, 2006 October 31, 2006 (March 31, 2004) (September 30, 2004) (March 31, 2005) (September 30, 2005) (March 31, 2006) (September 30, 2006)

Total rentable area (m2) 294,362.40 351,983.78 372,371.04 372,361.77 379,051.60 379,051.60 334,991.19 334,991.19 334,991.19 334,991.19 407,231.68 407,231.68 Total rented area (m2) 294,362.40 351,983.78 369,879.12 371,952.09 378,721.50 378,868.54 334,629.15 334,629.15 334,629.15 334,482.11 406,905.66 406,905.66 Portfolio occupancy rate 100.00% 100.00% 99.33% 99.89% 99.91% 99.95% 99.89% 99.89% 99.89% 99.85% 99.92% 99.92% Cresse Inage 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Marubeni Osaka Headquarters Bldg. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ito-Yokado Shonandai 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Hitachi Headquarters Bldg. 100% 100% 100% 100% 100% 100% ------

Nissan Motor New Headquarters Bldg. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Shin-Yokohama TECH Bldg. 100% 100% 91% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Mita MT Bldg. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Ito-Yokado Shin-Urayasu - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Park Lane Plaza - - 83% 91% 93% 96% 92% 92% 92% 89% 93% 93%

Osaki MT Bldg. - - 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Akasaka-mitsuke MT Bldg. ------100% 100% 100% 100% 100% 100% Hotel Okura Kobe ------100% 100%

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 24 undertake investment decisions subject to individual determination. Reference Breakdown of Property-Related Revenues and Expenses

th 9 Fiscal Period (April 1, 2006 ― September 30, 2006) (Millions of yen) Nissan Mortar Hitachi Headquarters Bldg. Marubeni Osaka Headquarters Bldg. Shin-Yokohama TECH Bldg. New Headquarters Bldg. Mita MT Bldg. Osaki MT Bldg. Akasaka-mitsuke MT Bldg. Total office buildings Item th th th th 9 Period 8 Period Difference 9 Period 8 Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference Rental revenues 424 1,316 (891) 448 448 - 503 503 - 600 600 - 436 436 - 380 364 16 479 - 479 3,274 3,669 (395) Rent 424 1,316 (891) 448 448 - 503 503 - 600 600 - 335 335 - 380 364 16 479 - 479 3,172 3,567 (395) Common charges ------101101------101101- Land leasing revenues 000------000 Other rental revenues ------0 - 0 - - - 98 87 11 - - - 33 - 33 132 87 45 Property-related revenues 424 1,316 (891) 448 448 - 503 503 0 600 600 - 535 524 11 380 364 16 512 - 512 3,406 3,756 (349) Gain on transfer of property 925-925------925-925

iness Operating revenues 1,349 1,316 33 448 448 - 503 503 0 600 600 - 535 524 11 380 364 16 512 - 512 4,331 3,756 575 bus

l Property-related expenses 139 277 (138) 77 106 (29) 116 115 0 135 151 (15) 257 276 (19) 122 91 30 109 - 109 958 1,019 (61) Property taxes and other taxes 107 149 (42) 43 53 (10) 40 40 0 87 94 (7) 32 35 (2) 37 - 37 - - - 348 372 (24) Overhead expenses 1 9 (7) 1 1 0 1 1 0 3 2 0 168 185 (17) 2 9 (7) 48 - 48 227 210 16 Property management fees ------7273(1)---22-22947321 oss from renta

l Utilities expenses ------887612---21-211107634 Casualty insurance 13(1) 1101103201101100- 011110 Gain/ Trust fees ------Other expenses 0 6 (5) - - - 0 0 - - - - 6 35 (28) 1 8 (7) 2 - 2 10 49 (39) Depreciation 30 119 (88) 32 51 (18) 74 74 0 45 53 (8) 56 55 0 81 81 0 61 - 61 382 435 (53) Property-related expenses 139 277 (138) 77 106 (29) 116 115 0 135 151 (15) 257 276 (19) 122 91 30 109 - 109 958 1,019 (61) Gain/loss from real estate rental business 285 1,038 (752) 371 341 29 387 387 0 464 449 15 278 247 30 258 273 (14) 402 - 402 2,448 2,737 (288) Earnings before Depreciation and Amortization (NOI) 315 1,157 (841) 403 393 10 461 462 0 509 502 6 334 303 31 340 354 (14) 464 - 464 2,830 3,172 (342) Ito-Yokado Shonandai Cresse Inage Ito-Yokado Shin-Urayasu Total retail facilities Park Lane Plaza Hotel Okura Kobe Total other facilities Total Item 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference 9th Period 8th Period Difference Rental Revenues 395 395 - 237 237 0 378 378 - 1,010 1,010 0 106 106 0 38 - 38 145 106 38 4,429 4,787 (357) Rent 395 395 - - - - 378 378 - 773 773 - 97 97 0 38 - 38 136 97 38 4,081 4,438 (356) Common charges ------99----99-110110- Land leasing revenues ---2372370---2372370------2372370 Other rental revenues 00------00- 120- - - 1201348945 Property-related revenues 395 395 - 237 237 0 378 378 - 1,010 1,010 0 108 108 0 38 - 38 147 108 38 4,564 4,876 (312) Gain on transfer of property iness ------925-925 Operating revenues

bus 395 395 - 237 237 0 378 378 - 1,010 1,010 0 108 108 0 38 - 38 147 108 38 5,489 4,876 613 l Property-related expenses 128 131 (3) 18 19 (1) 118 120 (2) 264 272 (7) 41 44 (3) 36 - 36 77 44 33 1,300 1,336 (35) Property taxes and other taxes 44 47 (3) 15 17 (1) 41 42 0 102 107 (4) 6 6 0 - - - 6 6 0 457 486 (29) Overhead expenses 1 2 0 2 2 - 3 5 (1) 7 9 (2) 15 20 (5) 1 - 1 16 20 (3) 251 241 10 Property management fees

oss from renta ------990---9901038221 l Utilities expenses ------320---3201137934

Gain/ Casualty insurance 120- - - 33056(1)0000- 010017180 Trust fees - - - 22- - - - 22- - - - 0- 00- 0220 Other expenses ------1(1)-1(1)27(4)---27(4)1358(45) Depreciation 81 81 - - - - 73 73 - 155 155 - 19 17 2 35 - 35 54 17 37 592 608 (16) Property-related expenses 128 131 (3) 18 19 (1) 118 120 (2) 264 272 (7) 41 44 (3) 36 - 36 77 44 33 1,300 1,336 (35) Gain/loss from real estate rental business 266 263 3 218 218 0 259 257 2 745 738 6 67 64 2 2 - 2 69 64 5 3,263 3,539 (276) Earnings before Depreciation and Amortization (NOI) 348 345 3 218 218 0 333 330 2 900 893 6 86 81 4 37 - 37 124 81 42 3,855 4,148 (292) (Note) Transactions during 9th fiscal period: Transfer of the Hitachi Headquarters Bldg. (May 29, 2006); Acquisition of the Akasaka-mitsuke MT Bldg. (May 29, 2006); Acquisition of the Hotel Okura Kobe (September 20, 2006)

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 25 undertake investment decisions subject to individual determination. Reference Mori Trust Group

MoriMori TrustTrust GroupGroup ProfileProfile && OverviewOverview ofof BusBusiinessness ActivitiesActivities

NamNamee Mori Trust Holdings Inc.

Net sales ¥147.8 billion Hotels and Consolidated Real Estate Business Investment Business Consolidated Resorts Business Results Income before income taxes ¥41.5 billion Business Results (Fiscal year ended March 31, 2006) Complex Urban Development Business Alliances Hotel Development LeasedLeased FacilitiesFacilities Rented properties: 53, Hotels: 16 (as of October 31, 2006) Office Leasing Merger & Acquisition Hotel Promotion 2 Approx. 1,560,000m Luxury Rental Residential Diversified Fund Composition Hotel Investment RentedRented Area Area (Rental properties: approx. 1,280,000m2, hotel rooms: approx. 3,025) (as of October 31, 2006) Luxury Condominiums Securitization of Real Estate Urban Hotel Management z Redevelopment Business Retail Facilities J-REIT-Related Resort Hotel Management Shiroyama Garden (Shiroyama Trust Tower, Shiroyama Trust Court, others) Gotenyama Garden (Gotenyama Trust Tower, Gotenyama Trust Court, others) Property Management Consulting Private Club Management Tokyo Shiodome Building Exterior Design and Decor Financing Services Business Alliances Marunouchi Trust Tower North (completed) Main Tower (under construction) District Heating and Cooling Venture Support Marketing Alliances Sendai Ichiban-cho Project

PrinciPrincipalpal z Office Buildings PropertiesProperties OwOwnedned (other than aforementioned redevelopment business) MORI TRUST GROUP Akasaka Twin Tower, ATT New Tower Toranomon 2-chome Tower

z Hotels Laforet Club (Hotel Laforet Tokyo, others) Mampei Hotel (Karuizawa City) Yokohama Grand Intercontinental Hotel Conrad Tokyo, and others

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 26 undertake investment decisions subject to individual determination. Contact Information Contact Information

MORIMORI TRUSTTRUST AssetAsset MaManagementnagement Co.,Co., LtdLtd

z Finance and Planning Department (IR Section) TEL : +81-3-5511-2461 FAX : +81-3-5511-2471

MORIMORI TRUSTTRUST SogoSogo ReReit,it, Inc.Inc. WebWeb SiteSite

z URL : http://www.mt-reit.jp/english/index.html

This document should not be construed as a disclosure document prepared in accordance with the Securities Exchange Law. We caution readers to 27 undertake investment decisions subject to individual determination.