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Mori Hills REIT Investment Corporation (Securities Code: 3234) 1-8-7 Roppongi, Minato-Ku, Tokyo Hideyuki Isobe, Executive Director

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Mori Hills REIT Investment Corporation (Securities Code: 3234) 1-8-7 Roppongi, Minato-Ku, Tokyo Hideyuki Isobe, Executive Director March 15, 2012 For Translation Purposes Only Real Estate Investment Fund Issuer: Mori Hills REIT Investment Corporation (Securities Code: 3234) 1-8-7 Roppongi, Minato-ku, Tokyo Hideyuki Isobe, Executive Director Asset Manager: Mori Building Investment Management Co., Ltd. Hideyuki Isobe, President & CEO Inquiries: Yoshimi Nishibeppu General Manager, Administration Department TEL: +81-3-6234-3234 MHR Announces Asset Acquisitions in Japan Atago Green Hills: Acquisition Mori Hills REIT Investment Corporation (MHR) announced its intention to complete the following acquisition (hereafter, the “Acquisition”). 1. Overview of Acquisition (1) Asset-to-be-acquired: Trust beneficiary rights (Note 1) (2) Property name: Atago Green Hills (3) Acquisition price: 25,600 million yen (Note 2) (4) Appraisal value: 27,600 million yen (5) Sales agreement date: May 1, 2012 (planned) (6) Acquisition date: May 1, 2012 (planned) (7) Seller: Mori Building Co., Ltd. Cash on hand (plan to use capital acquired through the (8) Acquisition financing: asset transfer separately announced today) (Note 3) (Note 1) Of Atago Green Hills, 46.5% co-ownership interest in a sectional ownership of 3 buildings (MORI Tower, Forest Tower and Plaza) and co-ownership interest in ownership of the site, as well as quasi co-ownership interest in leasehold right and easement, (hereafter, the “Co-Ownership Interest”) which are owned by Mori Building Co., Ltd. are trust assets. MHR is planning to acquire 45% quasi co-ownership interest of the trust beneficiary right (hereafter, the “Quasi Co-Ownership Interest”). The remaining 55% of the quasi co-ownership interest of the trust beneficiary right is to be acquired by Mori Building Co., Ltd. (Note 2) The indicated acquisition price does not include acquisition-related costs, consumption taxes and other expenses. The same shall apply hereinafter. (Note 3) Please refer to “MHR Announces Asset Transfers (Roppongi First Building: Transfer, ARK Forest Terrace: Transfer)” separately announced today. The same shall apply hereinafter. 2. Reason for the Acquisition MHR is proceeding with asset swaps in which it conducts “sales of low yield properties” and “acquisitions of high-yield properties” concurrently, as part of its measures under its basic policy of “dividend-driven management.” Accordingly, MHR has decided to implement asset swaps with Mori Building Co., Ltd., its sponsor, in which a portion of Atago Green Hills will be acquired by MHR and Roppongi First Building and ARK Forest Terrace will be transferred to Mori Building. 1 As it conducts asset swaps, MHR aims to improve the portfolio NOI yield while maintaining the present portfolio policy that focuses on premium properties (Note 1). Based on this policy, it has decided to acquire Atago Green Hills (hereafter, the “Property”). The NOI cap rate of the Property is at a level that exceeds the average NOI cap rate of MHR’s portfolio. This factor is expected to serve to enhance the portfolio cap rate and increase distributions. Moreover, in conjunction with acquisition of the Property, a memorandum between the co-owners concerning the building lease business and property management operations of the Property is scheduled to be concluded between the trust fiduciary and co-owner Mori Building Co., Ltd. in an aim to enjoy benefits similar to leasing based on the fixed master lease scheme (Note 2), and stable earnings over the long term are projected. (Note 1) “Premium Properties” are defined in the management guidelines stipulated by Mori Building Investment Management Co., Ltd. (hereafter, the “Asset Manager”) as being office, residential or retail properties located in the central five wards of Tokyo (Minato Ward, Chiyoda Ward, Chuo Ward, Shinjuku Ward and Shibuya Ward) and their vicinity that are able to maintain sufficient competitiveness in the future in terms of quality, size, specifications, etc. This shall apply hereinafter. (Note 2) A master lease scheme is a scheme in which the trust fiduciary or MHR leases to the master lessee (sublessor) and the master lessee subleases to an end tenant (sublessee). A pass-through master lease scheme is one scheme of the master lease scheme in which the rent paid by the master lessee and the rent paid by the end tenant are always the same amount. A fixed master lease scheme is one scheme of the master lease scheme in which the master lessee pays a fixed amount regardless of the amount paid by the sublessee to the master lessee. Furthermore, MHR placed a particularly high value on the following points when deciding on the acquisition. The Property is a Premium Property comprised mainly of twin towers of offices and residences that are integrated with the nature, tradition and culture of Mt. Atago. Completed in 2001, the Property carries on Mori Building Co., Ltd.’s ARK Hills development philosophy and is a mixed-use development that creates open spaces by making buildings high rise and thereby achieves “the objective of offices and residences existing side by side” in the city, and is a project that can be positioned as a step toward development of Roppongi Hills. Within walking distance of Kamiyacho Station on the Tokyo Metro Hibiya Line, Toranomon Station on the Tokyo Metro Ginza Line and Onarimon Station on the Toei Subway Mita Line, the Property stands in a location that has easy access to the administrative district in Kasumigaseki as well as major business points in Tokyo such as Marunouchi, Hibiya and Ginza. In addition, with Shiba Koen (park) and Zojo-zi Temple and dotted with hotels and embassies built on spacious sites that used to be the former site of samurai residences, the surrounding area retains a quiet and green town. Such an enriched and relaxing environment in which the four seasons can be sensed is scarce even in central Tokyo. MORI Tower (office building) is based on three-sided shape plan that positions the core portion at the center and provides ample depth. The standard leasable floor area (Note) is 1,533.66m2, the ceiling height of a standard floor (Note) is 2,800mm and the height of raised flooring is 100mm. Equipped with Japan’s highest level of earthquake resistance by employing oil dampers, 24-hour security based on a card key system and other features, MORI Tower offers a cutting-edge work environment to meet the diversifying needs of tenants. Forest Tower (residential building) is luxury rental housing with a total of 353 residential units comprised of 17 types (1BR~3BR) of residential units to meet a diverse range of lifestyles from single to family households. Housing a health counseling room for residents in partnership with the adjacent Jikei University School of Medicine and the Green Hills Spa on the top floor (42nd floor) equipped with machines and 2 pool, Forest Tower enables residents to lead a lifestyle of comfort and security. Furthermore, in addition to general rental housing, Forest Tower offers furnished rental housing (serviced apartments) to accommodate short-term contracts. Plaza (retail building), with a lineup of restaurants and supermarket, is a facility to support the business and lifestyle of not only the office workers and residents, but also people living in the vicinity. Since its completion, the Property has been managed and operated in a unified and systematic manner by Mori Building Co., Ltd. as the total operator while coordinating with land owners and leaseholders. MHR decided on the acquisition because, as described above, the Property is one of Tokyo’s signature urban spaces that embodies the philosophy of “offices and residences existing side by side” and is thus thought to maintain a competitive edge in the future. (Note) “The standard leasable floor area” indicates the leasable floor area of a standard floor (a floor on or above the second story that is the most standard in the building), and the ceiling height of a standard floor indicates the height from the floor to the ceiling of a standard floor. The same shall apply hereinafter. 3 3. Details of the Asset-to-be-Acquired Property name Atago Green Hills Type of specified asset Trust beneficiary right (45% of quasi co-ownership interest) Trust fiduciary Mitsubishi UFJ Trust and Banking Corporation Trust beneficiary MHR and Mori Building Co., Ltd. Trust establishment May 1, 2012 (planned) Trust maturity date April 30, 2027 (planned) Lot number 1-10-2 Atago, Minato-ku, Tokyo, etc. (total: 70 lots) MORI Tower: 2-5-1 Atago, Minato-ku, Tokyo Location Residential Forest Tower: 2-3-1 Atago, Minato-ku, Tokyo indication Plaza: 3-21-5 Toranomon, Minato-ku, Tokyo Use Offices, Residences, Shops Land 13,014.36 m 2 2 Area (Note 1) MORI Tower: 85,266.30 m Building Forest Tower: 60,815.71 m 2 Plaza: 2,083.60 m 2 MORI Tower: Steel-framed and steel-framed reinforced concrete structure, 42 floors above ground and 2 floors below ground Forest Tower: Structure Steel-framed and steel-framed reinforced concrete structure, 43 floors above ground and 4 floors below ground Plaza: Reinforced concrete structure, 2 floors above ground and 1 floor below ground Construction completion MORI Tower and Plaza: July 2001 Forest Tower: October 2001 Designers Mori Building Co., Ltd., first class architect office, and Irie Miyake Architects & Engineers MORI Tower and Plaza: a consortium of Takenaka Contractors Corporation and Kumagai Gumi Co., Ltd. Forest Tower: Toda Corporation Building verification agency Tokyo Metropolitan Government Ownership (co-ownership: approx. 46.1%) Land Leasehold right (quasi co-ownership: approx. 46.5%) (Note 2) Form of ownership Easement (quasi co-ownership: approx. 46.1%) Building Sectional ownership (co-ownership: 46.5%) (Note 3) Former owner Mori Building Co., Ltd. Acquisition price 25,600 million yen Acquisition date May 1, 2012 (planned) Appraisal 27,600 million yen value Appraisal Appraisal January 31, 2012 date Appraiser Japan Real Estate Institute MORI Tower: 1.66% PML(Note 4) Forest Tower: 0.99% Plaza: 9.84% Collateral None Property manager Mori Building Co., Ltd.
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