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26Th Fiscal Period Ended July 31, 2019 Presentation Material September 17, 2019

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26Th Fiscal Period Ended July 31, 2019 Presentation Material September 17, 2019 Mori Hills REIT Investment Corporation Results of the 26th Fiscal Period ended July 31, 2019 Presentation Material September 17, 2019 TSE Code： 3234 (Asset Manager) Mori Building Investment Management Co., Ltd. https://www.mori-hills-reit.co.jp/en/ https://www.morifund.co.jp/en/ Disclaimer This document has been prepared by Mori Hills REIT Investment Corporation (“MHR”) for informational purposes only and should not be construed as an offer of any transactions or the solicitation of an offer of any transactions. Please inquire with the various securities companies concerning the purchase of MHR investment units. This document’s content includes forward-looking statements about business performance; however, no guarantees are implied concerning future business performance. Although the data and opinions contained in this document are derived from what we believe are reliable and accurate sources, we do not guarantee their accuracy or completeness. The contents contained herein may change or cease to exist without prior notice. Regardless of the purpose, any reproduction and/or use of this document in any shape or form without the prior written consent from MHR is prohibited. This document contains charts, data, etc. that were prepared by Mori Building Investment Management Co., Ltd. (hereafter, the “Asset Manager”) based on charts, data, indicators, etc. released by third parties. Furthermore, this document includes statements based on analyses, judgments, and other observations concerning such matters by the asset manager as of the date of preparation. 1 Contents 1. Executive summary 3 3. Operation highlights 35 Factors that led to changes in dividends per unit from the previous fiscal period 36 2. Investment highlights 4 Change in assets under management 37 Unit price performance 5 Change in unrealized capital gain/loss 38 Financial results 6 Appraisal value 39 Dividends per unit growth record 7 Change in the rent and occupancy rates 40 Continuous growth through “positive cycle” 8 Tenant status by month and major tenants 41 Increase in appraisal NAV per unit 9 Financial overview (as of July 31, 2019) 42 Forecasts 10 Debt status (as of July 31, 2019) 43 Highest Property Portfolio among all J-REITs 11 Unitholders breakdown (as of July 31, 2019) 44 External growth 22 Internal growth 25 4. Business environment recognition & Financial management 29 45 MHR’s representative property 31 MHR’s policy/strategy Business environment recognition 46 MHR’s policy/strategy 47 Market-related information 48 5. Appendix 54 2 1. Executive summary Financial Operating revenue: 9,561 million yen, operating income: 5,971 million yen, summary 26th period net income: 5,344 million yen Increased revenue and income period-over-period (Jul. 2019) DPU: 2,850 yen (+1.0% from 25th period) Increasing for 18 consecutive fiscal periods DPU increased by +3.5% over previous year, continuing steady rate of growth NAV per unit increased by +10.5% over previous year, among largest increase for all J-REITs External growth Possible to acquire premium properties in central Tokyo without a competitive bidding process by utilizing the abundant sponsor pipeline Further improvement in asset value of MHR’s properties are expected due to development by sponsor in surrounding area Internal growth Occupancy ratio continued to be strong, office 99.9% and residential 96.8%. Steady internal growth due to rent revision and replacement Office rent gap ratio increased from △4.0% in 25th period to △6.5% in 26th period Financial Maintained the target level by book value basis LTV 45.7%, appraisal value basis LTV 39.4%, management remaining duration of debt 4.4 years Fixed interest rate ratio at the end of the period was 90.0% and was raised to 94.6% after the end of the period by taking into account the decline in interest rates 3 2. Investment highlights 4 2-1 Unit price performance (yen) 200,000 Public Public Public Public Public Offering in Offering in Offering in Offering in Offering in 190,000 Mar. 2013 Sep. 2013 Aug. 2014 Feb. 2016 Aug. 2018 180,000 170,000 160,000 150,000 140,000 Mori Hills REIT 130,000 120,000 110,000 100,000 90,000 TSE REIT Index 80,000 70,000 60,000 50,000 40,000 30,000 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th Sep. 14, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 Market 41.9 bn yen 300 bn yen value (Sep. 14, 2010) (Jul. 31, 2019) (Note 1) Unless otherwise stated in this document, all amounts are rounded down below the unit and all fractions and areas are rounded up below the decimal point. (Note 2) TSE REIT Index is adjusted as of the 8th period result announcement (Sep. 14, 2010) and shows the relative performance vs. MHR’s unit price performance. 5 2-2 Financial results 25th period 26th period 26th period Jan. 31, 2019 Jul. 31, 2019 Jul. 31, 2019 Actual Actual Difference Forecasted Operating Highlights (million yen) Operating revenue 9,423 9,561 + 137 9,538 Increase/decrease factor (25th – 26th) Rent revenues 9,170 9,323 + 153 9,300 Other operating revenues 253 237 15 238 ・Operating revenue (+137 mn yen) - Property acquisition in 25th period +123 Operating expenses 3,477 3,589 + 111△ 3,604 - Office operating revenue (Pass-through) +31 Expenses related to properties 3,131 3,225 + 94 3,257 - Utilities and other revenue △20 SG&A 346 364 + 17 347 ・Operating expenses (+111 mn yen) Operating income 5,945 5,971 + 25 5,934 - Maintenance and repairs +55 - Property acquisition in 25th period +47 Non-operating income 1 1 + 0 1 - Property taxes for properties acquired in 24th and 25th +31 Non-operating expenses 653 627 25 629 - Property taxes for existing properties +16 Ordinary income 5,293 5,346 + 52 5,307 - Depreciation of existing properties △35 △ - Utilities △18 Net income 5,292 5,344 + 52 5,306 ・Non-operating expenses (△25 mn yen) Total dividends 5,291 5,343 + 52 5,306 - Amortization of investment unit issuance cost △21 - Interest on investment corporate bonds △6 DPU Total units outstanding (units) 1,874,960 1,874,960 － 1,874,960 DPU (yen) 2,822 2,850 + 28 2,830 Increase/decrease factor for 26th period (Forecasted - Actual) Other Indices (million yen) Profit on real estate rental 6,292 6,336 + 43 6,281 ・Operating income (+37 mn yen) Depreciation 1,074 1,057 16 1,063 - Residential (Pass-through) +24 - Office (Pass-through) +21 NOI 7,367 7,394 + 26 7,345 - Asset management fee △20 △ NOI yield 3.8% 3.8% 0.0PT 3.8% Acquisition price (weighted average based on the number 385,194 390,690 + 5,495 390,690 of operating days during the period) (Note) (Note) If properties are acquired during the period, the acquisition price is the weighted average based on the number of operating days. 6 2-3 Dividends per unit growth record (yen/unit) 3,000 2,870 Increase over previous year: +3.5% 2,860 2,850 (forecast) (forecast) 2,822 2,800 2,753 18 consecutive Longest among fiscal period increase all J-REITs 2,659 2,606 2,610 2,600 2,567 2,502 (116.7% increase in 9 years) 2,400 2,367 2,303 2,200 2,151 2,019 2,000 1,910 1,833 1,800 1,724 1,740 1,670 1,589 1,600 1,400 1,315 1,200 8th 9th 10th 11th 12th 13rd 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th period period period period period period period period period period period period period period period period period period period period period Jul. 2010 Jan. 2011 Jul. 2011 Jan. 2012 Jul. 2012 Jan. 2013 Jul. 2013 Jan. 2014 Jul. 2014 Jan. 2015 Jul. 2015 Jan. 2016 Jul. 2016 Jan. 2017 Jul. 2017 Jan. 2018 Jul. 2018 Jan. 2019 Jul. 2019 Jan. 2020 Jul. 2020 ※ Implemented a 5-for-1 investment unit split effective on February 1, 2014. Actual dividends per unit was divided by 5 for the periods before the split of investment units in the graph. 7 2-4 Continuous growth through "positive cycle” Continuous growth of “Dividends and NAV per unit” through “positive cycle” - Public offering at premium level + New acquisition at discount to appraisal value + High-grade properties in central Tokyo - page page Dividends per unit 7 NAV per unit 9 18 consecutive fiscal period increase 17 consecutive fiscal period increase Increase over previous year: +3.5% Increase over previous year: +10.5% (116.7% increase in 9 years) (119.5% increase in 8.5 years) PBR 1.5x Continuous NAV per unit 1.2x Implied growth through 3.1% cap rate “positive cycle” [Most recent NOI yield at acquisition] [Factors for NAV increase] Toranomon 3.4% Hills 1. Public offering at premium level Holland Hills 4.3% 2. New acquisition at discount to appraisal value Continuous growth driven by external 3. Increased unrealized capital gain on growth, financial cost reduction and properties internal growth (Note) Financial indicators on this page are calculated based on the figures as of the end of the 26th fiscal period (July 31, 2019). 8 2-5 Increase in appraisal NAV per unit (yen/unit) 140,000 Increase over previous year: +10.5% 137,697 134,550 130,000 17 consecutive 124,618 fiscal period increase 120,000 117,627 114,893 (119.5% increase in 8.5 years) 112,546 112,811 110,000 104,064 101,957 99,665 100,000 88,826 90,000 86,941 81,992 80,000 78,027 78,434 72,735 70,000 64,856 62,731 60,000 50,000 9th 10th 11th 12th 13rd 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th period period period period period period period period period period period period period period period period period period Jan.
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