Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191 197-228-237 109-188-209 Investor Presentation 3296 for the 6th Period (as of June 30,2015) 227-241-229 115-185-123 August 21, 2015 Line Color

243-133-142 http://www.nippon-reit.com/en/

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

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

210-35-42 Table of Contents

0.75PT 23-70-158 Executive Summary 4. Growth Strategies 150-150-150  Summary of Financial Results / Public Offering  Internal Growth Strategy(1)-(5) 25- 29 220-221-222 Highlights/ Financial Forecasts / Growth  External Growth Strategy 30 Tint Color Chart Color Strategies 2  Financial Strategy 31- 32  Challenges and Achievements 3  Achievement in 6th Period and 252-222-221 237-20-91 Future challenge 33 1. Summary of Financial Results 212-227-245 0-125-198 5. Appendix  Highlights of the 6th Period 5  NIPPON REIT’s Policy 35  Financial Results (Statement of Income) 6 254-240-217 250-166-26  Market Overview 36  Operation Results 7  Investment Policy 37 218-212-229 162-147-191  Financial Status 8  Overview of Sponsor Support 38 197-228-237 109-188-209 2. Public Offering Highlights (July 2015)  Sojitz Corporation 39  Offering Highlights 10  Cushman & Wakefield 227-241-229 115-185-123  External Growth that Enhance Unitholder Asset Management K.K. 40 Value 11  Agility Asset Advisers Inc. 41 Line Color  DPU (normalized) Increase 12  Governance Structure 42 243-133-142  Portfolio Overview 13- 15  Portfolio Appraisal Value 43- 45  Portfolio Map 16  List of properties 46- 59 96-163-217  Further Enhancement of Portfolio Risk  Performance by property(1)-(4) 60- 63 Tolerance 17  Balance Sheet 64 251-192-95  Investment Centering on Office Buildings in  Income Statement 65 239-171-255 Six Central Wards of Tokyo 18  Unitholder Composition  Timely and flexible acquisition strategies 19 / Historical Unit Price 66

138-228-226 Asset Management Company 67 3. Financial Forecasts  255-161-97  Financial Forecasts(1)(2) 21- 22

166-166-166 1 Logo Color (Header, Footer, Cover Page)

210-35-42 Executive Summary

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

Tint Color Chart Color 1. Summary of Financial Results  Distribution per unit (DPU) ¥6,827 252-222-221 237-20-91 The 6th fiscal Period （a ¥300 increase from the forecast (¥6,527)(1)） (as of June 30, 2015) 212-227-245 0-125-198  Offering size : ¥24.8 billion 254-240-217 250-166-26 2. Public Offering  Total acquisition: 12 properties of ¥48.5 billion(2) Highlights 218-212-229 162-147-191 Achieved total ¥204.5 billion AUM (July 2015)  and normalized DPU increased at a ¥6,900 level 197-228-237 109-188-209

227-241-229 115-185-123 3. Summary of Financial Forecasts  The 7th Fiscal Period (as of Dec. 31, 2015) : DPU ¥7,252 Line Color the 7th fiscal period and  The 8th Fiscal Period (as of June 30, 2016) : DPU ¥6,862 the 8th fiscal period 243-133-142  Pursue organic growth and stable cashflow through the 96-163-217 improvement of effective occupancy rates and further rent

251-192-95 growth 4. Growth Strategies  Maintain and improve portfolio value through “Engineering 239-171-255 Management”  Aim at mid-long term target AUM of ¥300 billion, in line with 138-228-226 current acquisition policy

255-161-97 Notes 1. Based on “Summary of Financial Results for the 5th Fiscal Period Ended December 2014”, announced on February 19, 2015 2. Including “MK Kojimachi Building” acquired on March 27, 2015. 166-166-166 2 Logo Color (Header, Footer, Cover Page)

210-35-42 Executive Summary

0.75PT 23-70-158 150-150-150 220-221-222 Challenges as of the beginning of the period The 6th period achievements Tint Color Chart Color

252-222-221 237-20-91  Occupancy rate was improved from 94.1%(5th  Improvement of occupancy rate period) to 96.7% (6th period) 212-227-245 0-125-198 Internal  Rent growth utilizing rent renewal  Achieved 14.0% rent increase at 1,825 tsubos opportunities （16.5% out of 11,079 tsubos of total rent Growth renewal） 254-240-217 250-166-26  Maintain and improve portfolio value through proactive CAPEX plan.  Developed “Engineering Management” plan on 54 properties. 218-212-229 162-147-191

197-228-237 109-188-209  Achieved ¥204.5bn AUM through 2nd follow-on  Next asset size target ¥200bn offering. 227-241-229 115-185-123 External  Continue timely and flexible investment  Established 3 new bridge funds (Acquired all through bridge funds and borrowings assets in the bridge funds) Line Color Growth  Acquisition of assets contribute to the  Average building age and rental gap has improvement of portfolio quality improved through 2nd follow-on offering. 243-133-142  Further improvement of portfolio diversification

96-163-217  Remaining loan life has extended from 1.95  Lengthen average loan life through new years (5th period) to 2.57 years (6th period) 251-192-95 borrowing of funds and refinancing (2.90 years as of July, 2015） Financial  Improved fixed interest rate ratio while  Improvement of credit rating 239-171-255 Strategy reducing costs through interest rate swap.  Further diversification of unitholders  Credit rating remains unchanged 138-228-226 including Global investors  Accessed with various global investors through 2nd follow-on offering

255-161-97

166-166-166 3 Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

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

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 4 Logo Color (Header,(Header, Footer, Cover Page) th 210-35-42 Highlights of the 6 Period

0.75PT 23-70-158 150-150-150 220-221-222 Highlights of the 6th period (ended June 30, 2015) Tint Color Chart Color

252-222-221 237-20-91 DPU （forecast as of February 19, 2015：¥6,527） 212-227-245 0-125-198 ¥6,827

254-240-217 250-166-26

Total： 5.0% 218-212-229 162-147-191 (1) Office： 4.9% NOI Yield 5.0% Residence： 5.4% 197-228-237 109-188-209 Retail： 5.8％

227-241-229 115-185-123 Total： 94.1%(as of Dec. 2014) → 96.7％ (as of June 2015) Line Color Office： 92.2%(as of Dec. 2014) → 96.3％ (as of June 2015) Occupancy Rate 96.7% Residence: 96.9%(as of Dec. 2014) → 97.7％ (as of June 2015) 243-133-142 Retail： None (as of Dec. 2014) → 99.1％ (as of June 2015)

96-163-217

251-192-95 LTV (2) 45.6% 49.2％ （as of Dec. 2014）→ 45.6％ （as of June 2015） 239-171-255

138-228-226

255-161-97 Notes 1. NOI Yield=Actual NOI/Acquisition Price. Rounded to one decimal place. Actual NOIs are calculated at an annualized rate of respective properties. 166-166-166 2. LTV=Total Loans Payable / Total Asset. Rounded to one decimal place. 5 Logo Color (Header, Footer, Cover Page)

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

0.75PT 23-70-158 150-150-150 220-221-222 Income statement summary of the 6th fiscal period Net income changing factors (vs. Forecast)

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

252-222-221 237-20-91 6th period th  Rent revenues increase (GreenOak Okachimachi,etc.) 39 6 period Forecast Actual (as of Feb. 19, (a-b) 212-227-245 0-125-198  Acquisition of MK Kojimachi Building 25 (a) 2015) (b)  Other rental revenues decrease(Utilities,etc.) (10) 254-240-217 250-166-26  Dividend income increase (TK investments) 7 Operating Revenue 4,596 4,528 68  Property-related expenses decrease (Utilities and Leasing) 46 218-212-229 162-147-191  Other operating expenses increase (AM fee, etc.) (13) Operating Income 2,556 2,466 90  Borrowing related expenses increase (MK Kojimachi) (3) 197-228-237 109-188-209 Ordinary Income 2,077 1,985 92 Net income changing factors (vs. Forecast) 227-241-229 115-185-123 Unit：¥million Net Income 2,075 1,984 91 2,150 46 (13) Line Color 2,100 (3) 25 (10) 7 2,050 39 Other Borrowin DPU ¥6,827 ¥6,527 ¥300 2,000 Property- Operating 243-133-142 Other related g related Acquisition Dividend expenses rental expenses expenses 1,950 of MK income NOI 3,436 3,335 － Rent Kojimachi revenues 96-163-217 1,900 Revenue Building 1,850 (1) NOI Yield 5.0% 4.9% － 1,800 Actual 251-192-95 Forecast 2,075 1,750 1,984 Days 181 181 － 239-171-255 1,700 1,650 NAV per unit(2) ¥303,236 － － 138-228-226 1,600 1,550 1,500 255-161-97 Notes 1. Actual NOIs are calculated by respective properties at an annualized rate. Rounded to one decimal place. th 166-166-166 2. NAV per unit is calculated using the following formula, with figures are as of the end of the 6 period. {Net Asset (¥87,468mm) + Total Appraisal Value (¥165,683mm) – Total Book Value(¥160,948mm)} / Investment Units Issued and Outstanding(304,060 units) 6 Logo Color (Header, Footer, Cover Page)

210-35-42 Operation Results

0.75PT 23-70-158 Portfolio Summary (as of June 30, 2015） 150-150-150 Portfolio Allocation 220-221-222 AUM NOI Yield 54 properties ¥157.8bn (Based on 5.0% 3.4% Office Tint Color Chart Color (Acquisition price) appraisal NOI) 1.4% 12.5% Residence Average 26.6% 44 properties ¥132.6bn Retail 252-222-221 237-20-91 Office Property By 22.3yrs By Age Asset Six Central wards Location(1) Residence 8 properties ¥19.7bn Type of Tokyo 212-227-245 0-125-198 Three Major Occupancy metropolitan areas 72.0% Certain ordinance- Retail 2 properties ¥5.4bn 96.7％ designated and Rate 84.0% other cities 254-240-217 250-166-26 External growth Internal growth 218-212-229 162-147-191 Achieved stable AUM increase through timely and flexible Strengthened portfolio revenue performance through acquisition focusing on the growth potential of respective occupancy rate increase and rent growth 197-228-237 109-188-209 properties ① Acquired 30 office properties, 1 residential property and 2 ① Increase in occupancy rate retail properties th th 227-241-229 115-185-123 (total 33 properties with ¥83.9bn) from 94.1％(5 period)→96.7％(6 period) ② Established 3 bridge funds and acquired preferential ② Upward rent revisions utilizing law rental gap Line Color negotiation rights of 8 properties (¥37.6bn)(2) ③ Maintained and improved portfolio value through “Engineering ③ Achieved AUM of ¥204.5bn through 2nd follow-on offering (7th Management” 243-133-142 period) Financial strategy 96-163-217 Strengthe ned financial stability leveraging new borrowing and refinancing 251-192-95 ① LTV improvement through follow-on offering 239-171-255 ② Fixed interest rate increase utilizing interest rate swap, etc. ③ Extension of average loan life 138-228-226

255-161-97 Notes 1. Please refer to the notes in P.37 for the definitions of “Six Central wards” of Tokyo, “Three major metropolitan areas” and “Certain ordinance-designated and other cities” . The same shall apply hereinafter. 166-166-166 2. Based on NIPPON REIT’s acquisition price. Excluding “Solala Plaza” over which NIPPON REIT has wavered the preferential negotiation right on May 27, 2015 and including “(Tentative) FORECAST Gotanda WEST” acquired by Gotanda Ohashi Tokutei Mokuteki Kaisha on December 18, 2014. 7 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Status

0.75PT 23-70-158 150-150-150 Financial Highlights As of June 30, 2015 Historical and Forecast LTV As of June 30, 2015 220-221-222 Debt repayment 55% 1st follow- 2nd follow- using the refund of Tint Color Chart Color Total 51.0% on offering on offering consumption taxes interest- ¥79.6bn LTV(1) 45.6% 50% 49.2% 252-222-221 237-20-91 bearing Debt 47.8% 45.6% 46.3% 46.1% Average 45% Fixed 212-227-245 0-125-198 Remaining Interest Rate Borrowing 2.57yrs 35.1% Ratio 40% Period 254-240-217 250-166-26 Japan Credit Rating Agency, Ltd. (JCR) 35% Long-term Long-term issuer rating 218-212-229 162-147-191 Debt Ratio 100.0％ A-(Stable)(2) 30% IPO June 2014 Dec. 2014 June 2015 Dec. 2015 June 2016 197-228-237 109-188-209 (Forecast) (Forecast)

Debt maturity schedule As of June 30, 2015 227-241-229 115-185-123 (¥ bn)

Line Color 15.0 11.6 10.8 10.97 10.0 10.2 10.0 243-133-142 9.1 10.0 7.0 96-163-217 5.0 251-192-95 0.0 239-171-255 June Dec. June Dec June Dec June Dec June and after 2016 2017 2018 2019 2020- 138-228-226 Notes 1. LTV = Total Interest-Bearing Debt / Total Assets. Rounded to the first decimal place. 255-161-97 2. The above rating is the issuer rating for NIPPON REIT as of the date of this presentation material, and does not represent a rating with respect to the investment units. The investment units have no credit rating and there is no expectation that they will be receive a rating.

166-166-166 8 Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

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

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

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

210-35-42 Offering Highlights

0.75PT 23-70-158 Procured ¥23.9bn through a follow-on offering, and market capitalization exceeded ¥100bn 150-150-150 220-221-222 Offering summary (July 2015) Market capitalization Tint Color Chart Color

252-222-221 237-20-91 Offering type Global offering (¥ bn) (¥) 200 400,000 212-227-245 0-125-198 88,000 units

84,000 units (newly issued units） 329,000 350,000 Number of Units 254-240-217 250-166-26 Domestic offering 35,600 units Offered 289,700 150 275,600 300,000 Overseas offering 48,400 units 218-212-229 162-147-191 (Breakdown） 261,100 4,000 units （over-allotment） 250,000 112.4 197-228-237 109-188-209 (* third-party allotment 3,700 units) 108.0 97.7 ¥ 24.8bn 100 200,000 Offering size 227-241-229 115-185-123 (* paid-in amount ¥23.9 bn) 150,000 Line Color Offer price ¥ 282,918 50 100,000 37.8 243-133-142 Launch date June 10, 2015 (Wed) 50,000 96-163-217 Pricing date June 22, 2015 (Mon) 0 0 Payment date July 1, 2015 (Wed) IPO 1st follow-on 2nd follow-on Latest 251-192-95 (April 24, 2014) offering offering (August 20, 2015) Lead Manager & Mitsubishi UFJ Morgan Stanley Securities Co., (February 10, 2015) (July 1, 2015) 239-171-255 Bookrunner Ltd, Market capitalization (Left axis) Unit price (Right axis) Global Morgan Stanley International, plc. 138-228-226 Coordinator

255-161-97

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

210-35-42 External Growth that Enhance Unitholder Value

0.75PT 23-70-158 2nd follow-on 150-150-150 12properties ¥48.5bn 220-221-222 (Acquisition price) 1st follow-on 65 properties Tint Color Chart Color 33properties ¥204.5bn ¥85.6bn (Acquisition price) 252-222-221 237-20-91 （Acquisition price） IPO 212-227-245 0-125-198 20propertis ¥70.4bn (Acquisition price)

254-240-217 250-166-26 Appraisal value(1) ¥75.3bn ¥88.3bn ¥49.0bn ¥212.8bn Appraisal NOI yield 5.0% 5.1% 4.8% 5.0% 218-212-229 162-147-191 Leasable area（1） 89,530㎡ 112,076㎡ 53,952㎡ 255,559㎡(2) Portfolio Occupancy rate（1） 96.3% 97.0% 95.1%(2) 96.3%(2) 197-228-237 109-188-209 PML 3.6% - － 4.0% 227-241-229 115-185-123 Property age（1） 17.9yrs 26.0yrs 23.1yrs 22.5yrs

Line Color June 30, 2014 Dec. 31, 2014 June 30, 2015 After 2nd follow-on (4th period) (5th period) (6th period) (As of July 31, 2015)

243-133-142 LTV 47.8% 49.2% 45.6% 46.9% Finance Long-term debt ratio 76.0% 79.6% 100.0% 100.0% 96-163-217 Average remaining Period 2.35yrs 1.95yrs 2.57yrs 2.90yrs

251-192-95 Fixed interest rate ratio 21.8% 20.2% 35.1% 49.9%

239-171-255 NAV per unit(3) ¥248,482 ¥265,668 ¥303,236 ¥297,467 Unitholder Normalized DPU ¥6,300 ¥6,300 ¥6,500 ¥6,900 138-228-226 value Evaluation profit(4) ¥0.5bn ¥2.3bn ¥4.7bn - 255-161-97 Notes 1. As of June 30, 2015. Furthermore, the date of appraisal reports concerning 11 properties acquired on July 2, 2015 are May 1, 2015. 2. As of July 31, 2015. 166-166-166 3. NAV per unit after 2nd follow-on offering is estimated by NAV as of June 30, 2015 and total offer price of the 2nd follow-on offering, as well as appraisal value of newly acquired assets, etc. Therefore, it may differ from the actual figure. 4. Calculated by the following formula : Appraisal value as of respective period – Book value as of the end of the period 11 Logo Color (Header, Footer, Cover Page)

210-35-42 DPU (Normalized) Increase th 0.75PT 23-70-158 Normalized DPU has increased from ¥6,300 (5 period) to ¥6,900 through the two follow-on offerings 150-150-150 220-221-222 Historical DPU and DPU Forecast

Tint Color Chart Color (¥/unit) 1st 2nd 252-222-221 237-20-91 8,000 follow-on follow-on offering offering 212-227-245 0-125-198 7,234 7,252 7,109 254-240-217 250-166-26 6,862 6,900 7,000 6,827 733 218-212-229 162-147-191 740 6,500 6,527

6,300 197-228-237 109-188-209 6,000 227-241-229 115-185-123

Line Color 6,862 6,369 6,501 243-133-142 5,000

96-163-217

251-192-95 4,0000 Actual Forecast Actual Forecast Forecast Forecast 239-171-255 (Feb. 19, 2015) (Feb. 19, 2015) (Aug. 20, 2015) (Aug. 20, 2015)

138-228-226 Dec. 2014 June 2015 Dec. 2015 June 2016 （5th period） (6th period) (7th period) (8th period) 255-161-97

：real estate tax capitalized ：normalized DPU ：DPU(6th period forecast/actual, 7th period forecast） 166-166-166 12 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Overview (After 2nd follow-on offering）

0.75PT 23-70-158 150-150-150 Portfolio Data after 2nd follow-on offering 220-221-222 Total Office Residence Retail Tint Color Chart Color Retail 2.6% Three major Certain ordinance-designated Residential 9.7% and other cities 252-222-221 237-20-91 metropolitan Daily areas Urban Six central Three major metropolitan areas necessities (except Six wards of retail （including six central wards of Tokyo） retail central wards Tokyo 38.1% 61.9% 212-227-245 0-125-198 Office of Tokyo） 66.7% 88.8% 87.7% total55properties Total ¥179.4bn total8properties Total ¥19.7bn total2properties Total ¥5.4bn 254-240-217 250-166-26 Portfolio Overview (Acquisition through 2nd follow-on offering) 218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color A-46 A-45 A-54 243-133-142 La Verite Toranomon Sakura Building NORE Fushimi AKASAKA A-44 A-51 (Tentative) 96-163-217 MK Kojimachi FORECAST Building Gotanda WEST 251-192-95

239-171-255

138-228-226

255-161-97 A-50 (Tentative) A-47 A-48 A-49 A-53 A-52 A-55 FORECAST Kanda Ocean Shinto GINZA New River Sumitomo Mitsui Bank Omiya Center Building NORE Meieki Waseda FIRST Building EAST Building Koraibashi Building 166-166-166 13 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Overview (1st follow-on offering)

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

Tint Color Chart Color

252-222-221 237-20-91 A-14 A-15 A-16 A-17 A-18 (Tentative) A-19 A-20 (Tentative) A-21 A-22 A-23 Central JS Progres Hiroo Reeplex Shibakoen Sanchome FORECAST Kudankita FORECAST Itohpia Iwamotocho Itohpia Iwamotocho Itohpia Iwamotocho Daikanayama Building B’s Building Iidabashi 325 Building Uchikanda 2-chome building 1-chome building Annex Building 212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

A-24 A-25 (Tentative) A-26 A-27 (Tentative) A-28 A-29 A-30 (Tentative) A-31 A-32 A-33 (Tentative) 197-228-237 109-188-209 Hisamatsucho FORECAST KDX Nincyocho FORECAST Nishi-Shinjuku Iidabashi FORECAST Nishi-Gotanda Towa Higashi- FORECAST Reeplex B’s Ningyocho Building Shin-Tokiwabashi Sanko Building Reeplex B’s Shinagawa 8-chome Building Gotanda Building Takadanobaba 227-241-229 115-185-123

Line Color

243-133-142

A-34 A-35 A-36 A-37 A-38 B-8 96-163-217 Mejiro NT Building Toshin Higashi- Mitsui Woody Itabashi Honcho ANTEX24 Kanda Ikebukuro Building Building Building Building Reeplex R’s 251-192-95

239-171-255

138-228-226

A-39 A-40 A-41 A-42 A-43 C-2 C-1 255-161-97 Itohpia East Side I・S Sunworld Marunouchi Komyoike Act Otakibashi Pacifica Building Kiyosubashidori Minamimorimachi Sanchome Building Building Building Building Building 166-166-166 14 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Overview (as of IPO)

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

Tint Color Chart Color

252-222-221 237-20-91 A-3 A-8 FORECAST FORECAST Yotsuya Sakurabashi 212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

A-1 A-2 (Tentative) A-4 A-6 A-5 A-9 197-228-237 109-188-209 FORECAST FORECAST FORECAST FORECAST FORECAST GreenOak Nishishinjuku Nihonbashi EAST Shinjuku AVENUE Mita Ichigaya Kayabacho

227-241-229 115-185-123

Line Color

243-133-142

96-163-217 A-10 A-11 B-2 B-3 B-4 GreenOak GrenOak Sky Hills my atria my atria Kudan Takanawadai N11 Meieki Sakae 251-192-95

239-171-255

138-228-226

255-161-97 A-7 A-12 A-13 B-1 B-5 B-6 B-7 FORECAST GreenOak Higashi Ikebukuro Tower Court Kitashinagawa Mac Village Seam Dwell Ciel Yakuin Shinjuku SOUTH Okachimachi Center Building Heian Tsutsui 166-166-166 15 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Map

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

Tint Color Chart Color

252-222-221 237-20-91 B-2

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

A-52 227-241-229 115-185-123 A-41

Line Color A-42 B-7 A-53 C-2 243-133-142 By area Certain ordinance-designated

96-163-217 Three major metropolitan areas and other cities (excluding 23 wards of Tokyo) 16.9% 1.1% 251-192-95

65 properties/ Six central 239-171-255 23 wards of wards of Tokyo Office Properties Tokyo ¥ 204.5 bn 66.9% 138-228-226 Residential Properties (excluding six (Acquisition price) Retail Properties central wards of Tokyo) 255-161-97 23 Wards of 15.2% Tokyo 82.0％ 166-166-166 16 Logo Color (Header, Footer, Cover Page)

210-35-42 Further Enhancement of Portfolio Risk Tolerance

0.75PT 23-70-158 150-150-150 220-221-222 After 2nd follow-on At IPO 6th period Tint Color Chart Color offering(1) Top 10 largest properties(1)

252-222-221 237-20-91 〈Proportion of the five largest properties(2)) Acquisition

price Property Name Share （Yen in Five largest Five largest Five largest millions）

212-227-245 0-125-198 properties properties properties 1 Omiya Center Building 15,330 7.5% 61.0％ 29.2％ 26.9％ 2 FORECAST Shinjuku SOUTH 13,990 6.8% 254-240-217 250-166-26 3 Tower Court Kitashinagawa 11,880 5.8% 4 Shibakoen Sanchome Building 7,396 3.6%

5 (Tentative) FORECAST Gotanda WEST 6,520 3.2%

218-212-229 162-147-191 6 FORECAST Shinjuku AVENUE 6,500 3.2%

7 FORECAST Sakurabashi 5,760 2.8% 197-228-237 109-188-209 8 (Tentative) FOERCAST Takadanobaba 5,550 2.7%

9 JS Progres Building 5,325 2.6% Portfolio Diversification Portfolio 10 (Tentative) FORECAST Iidabashi 5,230 2.6% 227-241-229 115-185-123

Line Color 〈Proportion of the ten largest tenants（３）〉 Top 10 largest tenants(1)

Leased Ten largest Ten largest Ten largest Property Name Business Category area Share 243-133-142 tenants tenants tenants (m2) Shibakoen Sanchome building 29.6％ 18.7％ 14.2％ 1 Telecommunication 3,559 1.7% 96-163-217 2 JS Progres Building Service 3,492 1.7% 3 Sunworld Building Service 3,314 1.6%

4 Itabashi Honcho Building Service 3,189 1.5% 251-192-95 5 GreenOak Okachimachi Service 3,048 1.5%

6 Hisamatsucho Reeplex B’s Wholesale and retail 3,022 1.4% 239-171-255 Finance and 7 JS Progres Building 2,662 1.2% insurance

Tenant Diversification Tenant Total 123 tenants Total 376 tenants Total 521 tenants 8 Shibakoen Sanchome Building Wholesale and retail 2,579 1.2% 138-228-226 Higashi-Ikebukuro Center 9 Wholesale and retail 2,424 1.2% Building 10 Komyoike Act Service 2,350 1.1% 255-161-97 Notes 1. As of July 31, 2015. 2. Based on acquisition price. 166-166-166 3. End-tenants of office and retail properties only. Based on the leased area and number of end-tenants as of respective date. 17 Logo Color (Header, Footer, Cover Page)

210-35-42 Investment Centering on Office Buildings in Six Central Wards of Tokyo

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

Average rent(¥/Tsubo) Vacancy rate(％) Tint Color Chart Color Residence, Retail 12.3％ 18,000 15.0 Tokyo rent

17,000 252-222-221 237-20-91 13.0 Osaka rent 16,000 Office in 11.0 Central 15,000 Nagoya rent 212-227-245 0-125-198 14,000 9.0 Tokyo vacancy Office / Metropolis 58.5% 13,000 (except Office in Central) 7.0 12,000 Osaka vacancy 29.2％ 254-240-217 250-166-26 11,000 5.0 Nagoya vacancy 10,000 3.0

37properties ¥119.7bn potential Growth Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul in six central wards centralsix in 218-212-229 162-147-191 (Acquisition price) 2013 2014 2015 Source Miki Shoji 197-228-237 109-188-209 Office scale distribution Office rent trends by building grade(2)

227-241-229 115-185-123 0 25,000 50,000 75,000 100,000125,000（¥ mm） Average assumed rent(¥/Tsubo) (from 2005 to Mar. 2015) （Floor Area） 60,000 Line Color 7,000 tsubo- 0 0 50,000 Grade A Grade A- Acquisition 243-133-142 40,000 2,000- 65,867 price Grade B 7,000 tsubo 9 No. of office sized 30,000 96-163-217 Properties - 20,000 -2,000 tsubo 113,544

46 stability Income

of midof 10,000 251-192-95 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 0 10 20 30 40 50 Source CBRE K.K. （No, of properties） 239-171-255 Notes 1. “Major Business Areas” refers to 5 central wards of Tokyo(Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards), 6 major areas in Osaka (Umeda, Minamimorimachi, 138-228-226 Yodoyabashi & Honmachi, Senba, Shinsaibashi & Nanba and Shinosaka areas) and 4 major areas in Nagoya(Meieki, Fushimi, Sakae and Marunouchi). 2. “Grade A” refers to the office buildings located within the areas defined by CBRE K.K. which are in 5 central wards of Tokyo and high office concentration areas in major wards of Osaka and Nagoya, having more than 6,500 tsubos of total leasable area and 10,000 tsubos of gross floor area, less than 11years old, and if located in 5 central 255-161-97 wards of Tokyo, more than 500 tsubos of basic floor area, and if located in Osaka or Nagoya, more than 350 tsubos of basic floor area. “Grade A-” refers to the office buildings located within the areas defined by CBRE K.K. in 23 wards of Tokyo, having more than 250 tsubos of basic floor area, 4,500 tsubos of total leasable area, and 7,000 tsubos of gross floor area and comply with the current earthquake resistance standard. “Grade B” refers to the office buildings located within the areas defined by 166-166-166 CBRE K.K. in 23 wards of Tokyo, having more than 200 tsubos of basic floor area, between 2,000 and 7,000 tsubos of gross floor area, and comply with the current earthquake resistance standard, and in Osaka and Nagoya, having more than 2,000 tsubos of gross floor area and comply with the current earthquake resistance standard. 18 Logo Color (Header, Footer, Cover Page)

210-35-42 Timely and Flexible Acquisition Strategies

0.75PT 23-70-158 150-150-150 １．Timely and flexible acquisition with thoroughly leveraging bridge funds 220-221-222 Status of acquisition since IPO 1st follow-on offering 2nd follow-on offering Tint Color Chart Color 252-222-221 237-20-91 Bridge funds Acquisition Direct Direct Direct Direct acquisition acquisition acquisition acquisition method Godo Kaisha Godo Kaisha Godo Kaisha Gotanda Ohashi Godo Kaisha Godo kaisha Godo Kaisha by through Investment by through 212-227-245 0-125-198 Nicolas Nicolas Nicolas Nicolas Nicolas Nicolas Tokutei Mokuteki Borrowing Borrowing offering offering Capital 1 Capital 2 Capital 4 kaisha Capital 3 Capital 5 Capital 7 # of 254-240-217 250-166-26 2 10 16 1 4 1 2 1 4 3 Properties 1 Acquisition ¥8.8bn ¥27.0bn ¥33.3bn ¥7.3bn ¥9.1bn ¥6.5bn ¥7.6bn ¥15.3bn ¥8.1bn ¥1.7bn ¥9.1bn 218-212-229 162-147-191 Price Appraisal ¥8.9bn ¥27.0bn ¥34.4bn ¥8.5bn ¥9.2bn ¥6.6bn ¥7.6bn ¥15.5bn ¥8.1bn ¥ bn ¥9.1bn Value 1.8 197-228-237 109-188-209 Total 21 properties Total 8 properties

227-241-229 115-185-123 Total 45 properties / ¥134.2bn

Line Color ２．Strategic acquisition focusing on rent levels and targeting future rent growth 243-133-142 IPO 1st follow-on offering 2nd follow-on offering Total (13 office properties） (30 office properties) (12 office properties) 96-163-217 (55 office properties) Average rent(1) ¥17,457 ¥12,154 ¥13,959 ¥13,860 251-192-95

Market rent(2) ¥17,478 ¥12,025 ¥14,304 ¥13,886 239-171-255

Rental gap(3) (0.12％) 138-228-226 1.07％ (2.41％) (0.18％)

Notes 1. Average rent is represented by the contract-based rent, which is a weighted-average of each office properties based on the occupied floor area. Each weighted average excludes tenants which have 255-161-97 submitted a notice of cancelation and which occupy the retail section between the second floor to the basement floor of buildings. 2. Market rent is represented by an average of the maximum and minimum of the rent of respective properties, as described in the market reports prepared by Sanko Estate and CBRE K.K. Such average is a weighted-average of each office properties based on the occupied floor area. 166-166-166 3. Rental gap is calculated using following formula : Average rent / Market rent – 1. 19 Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

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

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 20 Logo Color (Header, Footer, Cover Page) th 210-35-42 Financial Forecasts (1) the 7 fiscal Period (Dec. 2015)

0.75PT 23-70-158 150-150-150 th 220-221-222 Financial Forecasts for the 7 fiscal Period (Dec. 2015) Net income changing factors （vs. 6th period actual） Tint Color Chart Color Unit:¥million Unit：¥million 252-222-221 237-20-91 6th Period 7th Period (reference) Actual Forecast (b-a) 7th Period  Rental revenues increase +2,098 212-227-245 0-125-198 As of Aug. 20, 2015 (a) Forecast (b) As of June 10, 2015  Dividend income decrease (12)

254-240-217 250-166-26  Property-related expenses decrease (781) Operating Revenue 4,596 6,683 2,086 6,638  Other operating expenses increase (264) 218-212-229 162-147-191  Global offering cost (67) Operating Income 2,556 3,597 1,040 3,625  Borrowing related expenses increase (209) 197-228-237 109-188-209

Ordinary Income 2,077 2,841 764 2,870 227-241-229 115-185-123 Net income changing factors Unit：¥million Line Color Net Income 2,075 2,841 765 2,869 4,500 2,098 (12) (781) 4,000 243-133-142 Dividend 3,500 (264) DPU ¥6,827 ¥7,252 ¥425 ¥7,319 (67) (209) 3,000 Property- 96-163-217 related expense 2,500 Offering Other cost Borrowing related 251-192-95 NOI 3,436 4,937 － 4,949 operating expense 2,000 expense Rental 1,500 239-171-255 NOI Yield(1) 5.0% 4.8% － 4.8% revenues 2,841 （7th period） 1,000 2,075 （6th period） 138-228-226 Days 181 184 － 184 500 0 255-161-97

Notes 166-166-166 1. NOI Yield is calculated at an annualized rate. Rounded to the first decimal place. 21 Logo Color (Header, Footer, Cover Page) th 210-35-42 Financial Forecasts (2) the 8 fiscal Period (June 2016)

0.75PT 23-70-158 150-150-150 th 220-221-222 Financial Forecasts for the 8 fiscal Period (June 2016) Net income changing factors （vs. 7th period forecast） Tint Color Chart Color Unit:¥million Unit:¥million 252-222-221 237-20-91 7th Period 8th Period (reference) Actual Forecast (b-a) 8th Period  Rental revenues decrease (42) 212-227-245 0-125-198 As of Aug. 20, 2015 (a) Forecast (b) As of June 10, 2015  Uncapitalized property taxes (355)

254-240-217 250-166-26  Other rental-related expenses decrease 60 Operating Revenue 6,683 6,640 (42) 6,676  AM fee, etc. increase (62) 218-212-229 162-147-191  Non-occurrence of offering cost 179 Operating Income 3,597 3,197 (400) 3,221  Other operating expenses decrease, etc. 68 197-228-237 109-188-209

Ordinary Income 2,841 2,689 (152) 2,715 227-241-229 115-185-123 Net income changing factors Unit:¥million Line Color Net Income 2,841 2,688 (152) 2,714 3,000 (42) (355) 68 179 Rental 60 (62) 243-133-142 2,500 revenues Operating expenses DPU ¥7,252 ¥6,862 (¥390) ¥6,924 Property Other Offering 2,000 taxes rental cost 96-163-217 related expenses NOI 4,937 4,626 － 4,639 1,500 AM Fee, 251-192-95 2,841 etc. 2,688 （7th period） （8th period） 1,000 239-171-255 NOI Yield(1) 4.8% 4.5% － 4.6%

500 138-228-226 Days 184 182 － 182 0 255-161-97

Notes 166-166-166 1. NOI Yield is calculated at an annualized rate. Rounded to the first decimal place. 22 Logo Color (Header, Footer, Cover Page)

210-35-42 MEMO

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

218-212-229 162-147-191

197-228-237 109-188-209

227-241-229 115-185-123

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 23 Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

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

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

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

210-35-42 Internal Growth Strategy (1) Occupancy Rate Trend and Forecast The average occupancy rate has recovered up to 96.7% as of the end of 6th period as a result of proactive 0.75PT 23-70-158 150-150-150 and strategic leasing efforts tailored to the specific characteristics of each properties 220-221-222 Occupancy rate trend and forecast Overview of leasing activities Tint Color Chart Color Major factors affecting occupancy rates (from Dec. 2014 to July 2015) 252-222-221 237-20-91 As of Dec. As of July  稼働率の向上 Occupancy rate increase 2014 2015 100% FORECAST Yotsuya （89.7% → 100% ＋172.62㎡） GreenOak Takanawadai （85.8% → 100% +371.36㎡） 212-227-245 0-125-198 99.1% GreenOak Okachimachi （31.5％ → 100% +2,381.10㎡） 96.8% Central Daikanyama （81.2% → 93.6% ＋234.88㎡） 254-240-217 250-166-26 96.9% 96.3% Kudankita 325 Building （88.0% → 100% ＋230.36㎡） Ithopia Iwamotocho Annex （86.5% → 100% ＋412.40㎡） 96.1% 218-212-229 162-147-191 95% KDX Ningyocho Building （87.1% → 100% +240.43㎡） 94.1% Towa Higashi Gotanda Building （67.1% → 82.2% ＋448.25㎡） 197-228-237 109-188-209 Mitsui Woody Building （70.3% → 79.2% ＋356.21㎡） Marunouchi Sanchome Building （95.9% → 100% +171.91㎡） 227-241-229 115-185-123 92.2%  稼働率の低下 Occupancy rate decrease FORECAST Ichigaya （100% → 87.2% -490.38㎡） 6th period (actual) 7th period (forecast) 8th period (forecast) 90% Higashi-Ikebukuro Center Building（100% → 87.9% -510.50㎡） Line Color Total 96.7% Total 96.8% Total 96.0% Properties put more focus on leasing

Office 96.3% Office 96.6% Office 95.7% 243-133-142  稼働率Properties90% less未満の物件（上記以外） than 90% occupancy rate (Except in the table above) Residence 97.7% Residence 97.5% Residence 97.5% (Tentative)Forecast Shinagawa 83.3% Retail 99.1% Retail 99.9% Retail 99.1% 96-163-217 Itabashi Honcho Building 86.3%

85% Toranomon Sakura Building 58.1% 5th period th th th 251-192-95 6 Period 7 Period 8 period La Verite Akasaka 86.9% Dec. June Dec. June 2014 2015 2015 2016  主な解約予定及び解約予定月Major scheduled rental contract termination 239-171-255 JS Progres Building 4,713.52㎡ (Aug.2015/Jan.2016) Total Office Residence Retail Itohpia Iwamotocho 2-chome 724.23㎡ (Dec.2015) 138-228-226 Itohpia Iwamotocho Annex 803.13㎡ (Sep./Dec.2015) New River Building 1,472.84㎡ (Jan./Feb.2016) 255-161-97

166-166-166 25 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (2) Activities to Enhance Portfolio Profitability

0.75PT 23-70-158 Realized upward revision of rent for 13 tenants with 1,825 tsubos since Jan. 2015. 150-150-150 (1) (2) 220-221-222 Rent revisions for existing office tenants Average office rent and market rent movement

（by leased area） （tsubo) Tint Color Chart Color #of tenants / ratio #of tenants / ratio Rental gap(3) Rental gap(3) Rental gap(3) Increased 1/5.6％ Increased 13/14.0％ 252-222-221 237-20-91 - Dec. （44 office (44 office (55 office 296 3,044 Unchanged 14 Unchanged 56 properties） properties) properties) 2014 Decreased 0 Decreased 5/(15.4%) （¥/tsubo) （8.9％) （91.1％) 1.52％ 0.32％ (0.18％) 212-227-245 0-125-198 Total 15 / 0.6% Total 74/1.9% 14,000

254-240-217 250-166-26 Jan.-Jul. 1,825 8,860 393 2015 13,922 218-212-229 162-147-191 （16.5％) （80.0％) （3.6％) 13,886 13,860 197-228-237 109-188-209 0 2,000 4,000 6,000 8,000 10,000 12,000 Increased Unchanged Decreased 13,826 13,782 227-241-229 115-185-123 Scheduled rent revisions （Office and retail properties） Line Color 13,714 Leased area Rent renewals scheduled within （tsubo） 243-133-142 2 years from July 2015 92.7％ 20,000 17,500 96-163-217 15,000 12,500

10,000 18,769 251-192-95 7,500 14,225 13,444 13,500 5,000 11,906 Feb. 2015 June 2015 after 2nd follow 239-171-255 2,500 -on offering 0 7th period 8th period 9th period 10th period Average rent Market rent 138-228-226 (Dec. 2015) (June 2016) (Dec. 2016) (Jun. 2017) Notes 1. Average rent is represented by the contract-based rent, which is a weighted-average of each office properties based on the occupied floor area. Each weighted average excludes tenants which have 255-161-97 submitted a notice of cancelation and which occupy the retail section between the second floor to the basement floor of buildings. 2. Market rent is represented by an average of the maximum and minimum of the rent of respective properties, as described in the market reports prepared by Sanko Estate and CBRE K.K. Such average is a weighted-average of each office properties based on the occupied floor area. 166-166-166 3. Rental gap is calculated using following formula : Average rent / Market rent – 1. 26 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (3) Increases in Leased Area

0.75PT 23-70-158 Successfully increased total leased area of office and retail properties by 450 tsubo since January 2014 150-150-150 220-221-222 Tenant Move-in and Move-out for Office and Retail Properties in Our Existing Portfolio Tint Color Chart Color

252-222-221 237-20-91 Leased area (tsubo) Move-in Move-out Net Turnover(1) 2,500 2,271 6% 2,000 212-227-245 0-125-198 5.0% 5% 1,500 985 824 254-240-217 250-166-26 1,000 4% 349 500 3.0% 61 2.6% 3% 218-212-229 162-147-191 0 (500) 2% 197-228-237 109-188-209 (287) (1,000) (596) 1% (1,500) 227-241-229 115-185-123 (1,421) (1,286) (2,000) 0% Jan.-June 2014 Jul.-Dec. 2014 Jan.-June 2015 Line Color

243-133-142 Leased area (tsubo) ■Accumulated leased area for Move-in/Move-out 600 450 96-163-217 400 200 61 251-192-95 0 (200) 239-171-255 (400)

138-228-226 (600) (535) Jan.-June 2014 Jan.-Dec. 2014 Jan. 2014-June 2015 255-161-97 Notes 1. Turnover is calculated using the following formula : Turnover = Move-out during the respective period / Total leasable area as of the end of the respective period 166-166-166 27 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (4) Engineering Management to Maintain and Improve Portfolio value Maintain and improve the value of portfolio over the long term through the effective combination of “Engineering Management” 0.75PT 23-70-158 150-150-150 Notable Repairs and Improvements 220-221-222 Engineering Management (a)Replacing air-conditioning equipments Well-planned Capital Expenditures 1 Tint Color Chart Color (b)Updating the building management system (c)Outer wall repairs and water proofing works of roof tops Repairs, improvements and maintenance works necessary to maintain 252-222-221 237-20-91 1 and improve the value of portfolio over the long term Itabashi Honcho Building Higashi Ikebukuro Center Building Strategic Value-added Expenditures 2 212-227-245 0-125-198 Installation of Renovation of break room elevator hall Value-added expenditures Increase properties’ (Implemented) (Anticipated) conductive to increased 2 competitiveness in the market 254-240-217 250-166-26 property competitiveness Reduce management costs Value-added expenditures through making improvements 3 for cost reduction FORECAST Sakurabashi 218-212-229 162-147-191 for conserving energy, etc. ANTEX24 Building Renovation of Renovation of Flexible asset management Maintain stable revenues and restrooms entrance hall 4 to improve tenant reduce leasing costs through (Implemented) (Anticipated) 197-228-237 109-188-209 satisfaction improving tenant satisfaction

227-241-229 115-185-123 Engineering Management Plan and Budget NIPPON REIT currently plan to spend a total of ¥2.4 billion in capital expenditures 3 FORECAST Sakurabashi FORECAST Shinujuku SOUTH Line Color th th over a two-year period from the 7 (Dec. 2015) to 10 period (June 2017). The Installation of LED Lights(Implemented) Installation of cost necessary to execute the two-year engineering management are within the water-saving 243-133-142 amount of ¥3.0 billion of anticipated depreciation expenses. system in restrooms (Implemented) 1,000 96-163-217 776 756 800 734 753

251-192-95 600 992 400 4 FORECAST Shinujuku SOUTH FORECAST Sakurabashi 239-171-255 546 Move of smoking room(Implemented) Renovation of elevator (Anticipated) 200 464 409

138-228-226 0 (¥mm) Dec. 2015 June 2016 Dec. 2016 June 2017 （7th period） （8th period） （9th period） （10th period） 255-161-97 Well-planned capital expenditures + Depreciation expenses Strategic value-added 166-166-166 expenditures 28 Logo Color (Header, Footer, Cover Page)

210-35-42 Internal Growth Strategy (5) Effects of Strategic Investments for Value-Up and Future Measures

Track record of strategic investments for value-up 0.75PT 23-70-158 Future Measures 150-150-150 Higashi-Ikebukuro Center Building 1. Effective Use of Extra Space of Building 220-221-222 (FORECAST Nishi-Shinjuku） Tenants of 6 floors left the building from Dec. 2014 to mid-August 2015, which resulted in the decline Tint Color Chart Color in the anticipated occupancy rate to 30.5%. After it was found through the hearing survey that the 1st Renewal of an entrance, renewal of air-conditioning floor tenant (CVS) had a need for an extension of backyard 252-222-221 237-20-91 systems for exclusive area and installment of LED 100% floor area, usable space of approx. 17 tsubos was secured lights were planned for leasing activities. Thanks to by consolidating the pit and existing space for bicycles at the such new attracting points, the contract with two first basement under the favor of the latest legal revision. tenants (a printing company and a construction/civil 80% It is planned that works will be completed in Nov. 2015 and 212-227-245 0-125-198 engineering company) for four floors and two floors the contract for the extended space will commence in Dec. respectively, and the occupancy rate will improve to 2015 100% in Oct. 2015 254-240-217 250-166-26 60%

2. Effective Use of Extra Space of Grounds 218-212-229 162-147-191 2014 2015 (Mejiro NT Building)

Value-up 100% 197-228-237 109-188-209 A extra space on the west side of the ground of the works occupancy rate property is under review for effective use. Six coin-parking lots will be set up after parking 227-241-229 115-185-123 facilities are newly prepared. Construction works will start after the execution of FORECAST Sakurabashi the contract (scheduled in Sep.) and the parking will Line Color open in Nov. The occupancy rate was down to 85.4% after the contract for a floor was cancelled at the end of 243-133-142 August 2014. Installment of LED lights and 3. Energy Cost Reduction (4 Office Properties) renovation of restrooms (both implemented) as 100% well as renovation of elevators (to be completed in Sep. 2015) were planned as part of leasing With an aim to reduce energy costs (electricity 96-163-217 promotion activities. The new contract was expenses), a bidding process participated by executed in July 2015 (with a website creation 80% company) based on the high evaluation for such five energy providers (PPS) was conducted for 251-192-95 efforts and the occupancy rate improved to 100% FORECAST Shinjuku SOUTH, FORECAST in Aug. 2015 Sakurabashi, Itabashi Honcho Building and 60% (tentative) FORECAST Takadanobaba. Each 239-171-255 selected PPS has just started providing energy since Aug. 1, 2015 and a reduction of energy cost by about 5.3% (approx. ￥7.96 million) is 138-228-226 2014 2015 estimated on a trial calculation basis.

Value-up 100% 255-161-97 works occupancy rate

166-166-166 29 Logo Color (Header, Footer, Cover Page)

210-35-42 External Growth Strategy

0.75PT 23-70-158 150-150-150 220-221-222 Growth target as at IPO Achieved initial Mid-long term Mid-long term IPO Initial Target target in advance Tint Color Chart Color target ¥200 bn 252-222-221 237-20-91 ¥100 bn 212-227-245 0-125-198 ¥70.4 bn New Mid-long term asset size expansion target 254-240-217 250-166-26 IPO 1-2years 3-5years ¥300 bn

218-212-229 162-147-191

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

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

Line Color ¥300 bn

243-133-142

¥204.5 bn 96-163-217 ¥157.8 bn 251-192-95

239-171-255 ¥73.8bn ¥70.4 bn

138-228-226

IPO 5th period Mar. 2015 After 2nd 3-5years 255-161-97 follow-on offering Notes 166-166-166 1. “Asset size” refers to a total acquisition price. 30 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Strategy

0.75PT 23-70-158 Maintain a stable financial status in mid-long term leveraging strong relationship with major financial banks 150-150-150 Financial Highlights As of July 31, 2015 Historical and Forecast LTV As of July 31, 2015 220-221-222 55% Tint Color Chart Color Total 51.0% interest- ¥105.07bn LTV(1) 46.9% 50% 49.2% 252-222-221 237-20-91 bearing Debt 47.8% 45.6% 46.3% 46.1% Average 45% Fixed 212-227-245 0-125-198 Remaining Interest Rate Borrowing 2.90yrs 49.9% Ratio 40% Period 254-240-217 250-166-26 Japan Credit Rating Agency, Ltd. (JCR) 35% Long-term Long-term issuer rating 218-212-229 162-147-191 Debt Ratio 100.0％ A-(Stable)(2) 30% IPO June 2014 Dec. 2014 June 2015 Dec. 2015 June 2016 197-228-237 109-188-209 (Forecast) (Forecast)

Debt maturity schedule after 2nd follow-on offering As of July 31, 2015 227-241-229 115-185-123 (¥ bn) Line Color 15.0 11.6 11.5 10.9 10.8 10.97 11.0 243-133-142 10.2 10.0 9.1 9.5 9.5 96-163-217

5.0 251-192-95

239-171-255 0.0 June Dec. June Dec. June Dec June Dec June Dec. and after 138-228-226 2016 2017 2018 2019 2020-

255-161-97 Notes 1. LTV = Total Interest-Bearing Debt / Total Assets. Rounded to one decimal place. 2. The above rating is the issuer rating for NIPPON REIT as of the date of this presentation material, and does not represent a rating with respect to the investment units. 166-166-166 The investment units have no credit rating and there is no expectation that they will be receive a rating. 31 Logo Color (Header, Footer, Cover Page)

210-35-42 Financial Strategy

0.75PT 23-70-158 150-150-150 220-221-222 Lender Diversification List of Interest-bearing debts As of July 31, 2015 As of July 31, 2015 Tint Color Chart Color Lender Amount Interest rate Floating Drawdown Repayment (¥mm) /Fixed date Date Mizuho Trust 252-222-221 237-20-91 Shinsei & Banking Aozora 600 Base rate+0.50% Floating Feb.12, 2015 Feb.22, 2016 Bank, Corporation Bank, Ltd. The Nomura Limited 0.5% Trust and 212-227-245 0-125-198 8,500 Base rate+0.275% Floating Apr.24, 2014 Apr. 24, 2016 4.8% 4.8% Banking Co., 10,000 Base rate+0.275% Floating Feb. 12, 2015 Aug.22, 2016 Ltd. 254-240-217 250-166-26 900 Base rate＋0.50％ Floating July 2, 2015 Aug.22, 2016 0.5% Sumitomo 11,600 Base rate+0.30% Floating Apr.24, 2014 Apr.24, 2017 Mitsui Trust 218-212-229 162-147-191 3,700 Base rate+0.30% Floating Dec.19, 2014 Aug.21, 2017 Bank, Limited 6,500 Base rate+0.30% Floating Feb.12, 2015 Aug.21, 2017 5.7% 197-228-237 109-188-209 The Bank of Tokyo 7,000 0.80448% Fixed Apr.24, 2014 Apr.24, 2018 Mitsubishi Resona （1） The Bank UFJ, Ltd. Floating Bank, 2,500 0.44375％（1） July 2, 2015 Apr.24, 2018 of Tokyo 227-241-229 115-185-123 (Substantively Fixed) Limited Mitsubishi And 7.4% 5,700 Base rate+0.325% Floating Jan.8, 2015 Aug.20, 2018 UFJ, Ltd. Line Color Syndicate Sumitomo 5,100 Base rate+0.325% Floating Feb.12, 2015 Aug.20, 2018 41.7% groups with Mitsui The Bank of 1,070 0.91443% Fixed Apr.24, 2014 Apr.24, 2019 Banking 243-133-142 Tokyo Corporation Mitsubishi Floating（1） UFJ, Ltd. as 9,900 0.51040%（1） (Substantively Apr. 24, 2015 Apr.24, 2019 9.6% 96-163-217 arranger Fixed) Mitsubishi Floating（1） UFJ Trust （1） 251-192-95 11,000 0.54175％ (Substantively July 2, 2015 July 22, 2019 and Banking Fixed) Corporation Mizuho Bank, Ltd. 6,000 0.85306% Fixed Feb.12, 2015 Feb. 20, 2020 12.2% 239-171-255 3,500 0.84355％ Fixed Mar.12, 2015 Feb.20, 2020 13.0%

Floating（1） 138-228-226 11,000 0.65425％（1） (Substantively July 2, 2015 July 21, 2020 Fixed) 255-161-97 500 1.23580% Fixed Feb. 12, 2015 Feb.20, 2023

Notes 166-166-166 1. The interest rate is substantively fixed by the interest rate swap contract, thus the interest rate shown above is the fixed rate. 32 Logo Color (Header, Footer, Cover Page) th 210-35-42 Achievements in 6 Period and Future Challenge

0.75PT 23-70-158 150-150-150 220-221-222 Challenge as of the beginning of the period Future challenge Tint Color Chart Color

252-222-221 237-20-91  Earlier lease-up of scheduled vacant floors 212-227-245 0-125-198  Improved and recovered occupancy rate Internal through lease-up of vacant spaces  Increase rent growth ratio utilizing rent renewal opportunity Growth  Achieved rent increase in office properties 254-240-217 250-166-26  Developed “Engineering Management” plan  Enhance portfolio profitability through Strategic value-added expenditures 218-212-229 162-147-191

197-228-237 109-188-209  Acquisition of 33 properties (¥83.9bn)  Continue acquisition strategy with through 1st follow-on offering discipline, keep the same target return 227-241-229 115-185-123  Established new bridge funds (8 properties, External  Continue timely and flexible investment ¥37.6bn) Line Color Growth through bridge funds and borrowings  Achieved initial mid-long term target AUM  Persistent acquisition efforts aiming Mid- of ¥200bn (at IPO) in advance (after 2nd 243-133-142 long term target of ¥300bn AUM follow-on offering)

96-163-217  Improved LTV through public offering  Maintain strong relationship with major 251-192-95  Improved fixed interest rate ratio through financial banks interest rate swap, etc. Financial  Further increase of fixed interest rate ratio  Lengthened average loan life 239-171-255 Strategy  Advanced diversification of unitholders  Further extension of the average term including global investors remaining until maturity 138-228-226 (after 2nd follow-on offering)  Improvement of credit rating

255-161-97

166-166-166 33 Logo Color (Header, Footer, Cover Page)

210-35-42

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

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

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

Line Color

243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

166-166-166 34 Logo Color (Header, Footer, Cover Page)

210-35-42 NIPPON REIT’s Policy

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

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

254-240-217 250-166-26

218-212-229 162-147-191 Timely and flexible investment 1 197-228-237 109-188-209 by making full use of the characteristics as a diversified REIT

227-241-229 115-185-123

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

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

Notes 166-166-166 1. “Sojitz,” ”CWAM” and ”AAA” refer to “Sojitz Corporation,” ”Cushman & Wakefield Asset Management K.K.” and “Agility Asset Advisers Inc.” respectively. 35 Logo Color (Header, Footer, Cover Page)

210-35-42 Market Overview

0.75PT 23-70-158 150-150-150 Office market Residential market Retail market 220-221-222 Urban retail stores Rent growth is expected Rent levels are expected to :Sales growth is expected Tint Color Chart Color in the business recovery phases remain stable in the business expansion phases Sales of corporations, Office rent and Rent index by asset type Year-on-year comparison of department store 252-222-221 237-20-91 Office vacancy rate for five central wards of Tokyo (1985=100) sales and GDP Sales Vacancy rate(%) 115% (1) and office rent Apr.2010 Jully2012 120 9% 160 110% 8.17% 8.22% 212-227-245 0-125-198 Oct.2003 115 8% 105% 8.59% 150 110 7% 140 100% 254-240-217 250-166-26 105 6% 130 95% 100 5% 120 90% 95 4% 110 85% 90 3% Sep.2005 100 80% 218-212-229 162-147-191 85 2% 92.79 2005 2006 2008 2009 2011 2012 2014 80 1% 90 2000 2002 2004 2006 2008 2010 2012 2014 1985 1991 1997 2003 2009 2015 Sales GDP 197-228-237 109-188-209 Rent Sales Vacancy Office Residence Retail Source：Department store sales value: Ministry of Economy, Trade and Industry “Current survey of commerce” Source：Sanko Estate Co., ltd. “Monthly office market survey” and Ministry Source：Bank of Japan and GDP: ” Cabinet office ,“National Accounts of Japan” of Finance “Financial Statements statistics of Corporations by Industry Statistics Bureau, Ministry of Internal Affairs and Communications 227-241-229 115-185-123 Daily necessities retail/ “Six Central Wards of Tokyo” “Three major metropolitan areas” GMS(2) anchored retail : High concentration of companies : High concentration of population :Stable income can be expected Line Color Head office address of major Companies Household projection Supermarket Sales value (¥ trillion) 243-133-142 （No. of companies） 100% Chiyoda 14 “Six Central 80% 47.7% 47.0% 46.5% 46.0% 45.6% 45.3% 12 96-163-217 Wards of 6.3% Chuo 60% Tokyo” 7.3% 10 Minato 40% 28.7% 8 7.8% 52.3% 53.0% 53.5% 54.0% 54.4% 54.7% Shinjyuku 20% 251-192-95 2.9% 6 0% 4 2.3% Shibuya 61.1% 2010 2015 2020 2025 2030 2035 2 239-171-255 2.1% Shunagawa Projection 0 10.2% Actual Tokyo 23 wards 1980 1985 1990 1995 2000 2005 2010 138-228-226 (except six central wards) Three major metropolitan aras Other cities Other areas Total Apparel F&B Others

Source: Statistics Bureau, Ministry of Internal Affairs and Communications Source：Actual：Statistics Bureau, Ministry of Internal Affairs and Source：Ministry of Economy, Trade and Industry “Current survey of commerce” “Economic Census” Communications ”Population Census 2005 and 2010” 255-161-97 Projection：National Institute of Population and Social Security Notes Research “Household Projection for Japan (Apr. 2014)” 1. “Office rent” is normalized as of Jan. 2000 at the value of 100. “Sales of corporations” is normalized as of 2000 at the value of 100. 166-166-166 2. “GMS” is an abbreviation of general merchandising store and refers to a large-scale general supermarket that sells daily necessities for the general public 36 Logo Color (Header, Footer, Cover Page)

210-35-42 Investment Policy

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

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

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

Notes 255-161-97 1. “Central” refers to the 6 Central Wards of Tokyo (i.e. Chiyoda, Chuo, Minato, Shinjuku, Shibuya and Shinagawa Wards) 2. “Three major metropolitan area” or “Metropolis” refers to the three Major Metropolitan Areas (i.e. Tokyo, Osaka and Nagoya economic blocs) 3. “Certain ordinance-designated and other cities“ or ”ODC etc.” refers to the ordinance-designated cities located in areas other than “Metropolis” (i.e. Sapporo, Sendai, 166-166-166 Niigata, Shizuoka, Hamamatsu, Okayama, Hiroshima, Fukuoka, Kitakyushu and Kumamoto) and prefectural capitals. 37 Logo Color (Header, Footer, Cover Page)

210-35-42 Overview of Sponsor Support

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

Tint Color Chart Color

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

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

 Utilize the networks of respective sponsor companies  PM and BM operations utilizing a subsidiary of Sojitz Line Color  Preferentially obtain property information and be granted a exclusive  Consign PM and BM services for assets under management primary to negotiation right to purchase properties (from respective sponsor Sojitz General Property Management Corporation, assuming that appropriate selection processes are taken 243-133-142 companies)  Provision of information on sales of qualified real estate (1) owned by  Upon implementing systematic maintenance and repair work, provide business partners (from Sojitz) full support ranging from building diagnostics to repair planning , constructor selection and work supervision, utilizing knowledge fostered 96-163-217  Utilize bridge funds that are formed with the involvement of respective sponsor companies through consulting services for large-scale repairs at for-sale  Avoid missing acquisition opportunities and maximize growth condominiums consigned to manage 251-192-95 opportunities by taking advantage of the bridge funds that are formed  Make various proposals and provide improvement measures in line with with the involvement of the respective sponsor companies for the the tenant needs by taking advantage of knowledge fostered through purpose of future acquisition large-scale relocation and integration projects at office buildings 239-171-255 Trademarks Other  Provision of human resources   Cooperation in securing human resources  Gratis licensing of the “FORECAST” trademark (by Sojitz) 138-228-226 （by respective sponsor companies）  Survey of real estate and market trends  Provision of training to the officers and  Survey and provision of information regarding qualified real estate and trends in the employees (by Sojitz and AAA) real estate transaction or rental market, etc. (by Cushman) 255-161-97 Note 1. “Qualified real estate” refers to real estate, trust beneficiary interest in real estate, real estate-backed securities or equity interest in anonymous partnership backed by 166-166-166 real estate (including real estate under development), which are consistent with the investment policy established by NIPPON REIT and the Asset Management Company. 38 Logo Color (Header, Footer, Cover Page)

210-35-42 Sojitz Corporation

0.75PT 23-70-158 A major general trading company 150-150-150 220-221-222  The Sojitz Group consists of approximately 400 subsidiaries and Sojitz group’s real estate business affiliates located in Japan and throughout the world, and it is (a) Income Producing Property Business developing its operations in approximately 50 countries and regions. Tint Color Chart Color  Developed 15 office buildings, 5 retail facilities and 54 residential properties in approx. 10 years from fiscal year 2003 to 2012 （as of June 30, 2015）  Among the properties above, Sojitz owned and managed 12 office 252-222-221 237-20-91 Domestic： 7 buildings, 3 retail facilities and 1 residential property No. of Branches (b) For-sale condominium business & Offices Overseas： 83  Over 40 years of history of business in the construction and real estate 212-227-245 0-125-198 areas. No. of Domestic： 113  Track record of Approx. 75,000 units developed subsidiaries  Sojitz General Property Management (a subsidiary of Sojitz) consigned to 254-240-217 250-166-26 and affiliates Overseas： 287 manage approx. 26,000 units (as of Feb 1, 2015) No. of Non consolidated：2,304 (1) 218-212-229 162-147-191 employees Consolidated：15,788 Major development achievements Office Residential Retail 197-228-237 109-188-209 History FORECAST FORECAST Imprest Tower Court Mallage Saga FORECAST Shinjuku AVENUE Ichigaya Okurayama Kitashinagawa Kyoto Kawaramachi Nissho Company Iwai Sangyo Co., Ltd. Nichimen Corporation 227-241-229 115-185-123 1914 1896 1892 Established as the Established as Established as Nippon successor Suzuki & Iwai & Company Menkwa Line Color Company

243-133-142 Nissho Iwai Track record of for-sale condominiums supply in Tokyo and Corporation Osaka economic blocs (by fiscal year) 1968 件 Units 96-163-217 Iwai Sangyo and 40 8,000 Nissho merged 30 6,000 251-192-95 2003 2004  Nissho Iwai-Nichimen holdings Corporation  Nichimen Corporation and Nissho Iwai was established and made Nichimen Corporation merged to form a new 20 4,000 Corporation and Nissho Iwai Corporation, its company “Sojitz Corporation” 239-171-255 wholly owned subsidiaries Nissho Iwai-Nichimen Holdings  10 2,000 2005 Corporation changed its name to Sojitz  Sojitz Holdings Corporation merged with Holdings Corporation 138-228-226 Sojitz Corporation and changed the company 0 0 name to Sojitz Corporation 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 No.of condos No.of Units 255-161-97 Source: Sojitz Note 1. Properties on this page shows Sojitz’s achievements. NIPPON REIT have not acquired nor plan to acquire, as of the date of this material, these properties, except 166-166-166 FORECAST Shinjuku AVENUE, FORECAST Ichigaya and Tower Court Kitashinagawa. 39 Logo Color (Header, Footer, Cover Page)

210-35-42 Cushman & Wakefield Asset Management K.K. (CWAM) (1) 0.75PT 23-70-158 The asset management company 100% owned by C&W group 150-150-150 220-221-222  Accumulated total investment track record of over ¥600 billion since 2005  CWAM managed property investment funds which invest mainly in office, residential and retail properties and financed by Tint Color Chart Color domestic financial institutions  After 2009, CWAM was consigned to manage private funds from overseas investors and J-REIT bridge funds 252-222-221 237-20-91 One of the world’s largest real estate firm 212-227-245 0-125-198  C&W, the parent company, is the world’s largest privately-held commercial real estate services firm, founded in 1917  It has approximately 259 offices in 60 countries, employing more than 16,000 professionals  It offers a complete range of services for all property types all over the world, including leasing, sales and acquisitions, corporate 254-240-217 250-166-26 services, consulting and appraisal etc.

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

197-228-237 109-188-209

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

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

239-171-255

138-228-226

255-161-97 Note 1. “C&W group” refers to Cushman & Wakefield Inc.(C&W) and its group company including its Japanese subsidiaries, Cushman & Wakefield K.K. and Cushman & 166-166-166 Wakefield Asset Management K.K. 40 Logo Color (Header, Footer, Cover Page)

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

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

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

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97 Notes 1. “Polaris Japan Group” is an arm in Japan of a financial group formed by the family members of Polaris Securities Ltd. (Currently Yuanta Financial Holdings Co., Ltd) which develops a wide range of operations mainly in Taiwan and in south east Asia countries. 166-166-166 2. Properties on this page shows AAA’s achievements. NIPPON REIT have not acquired nor plan to acquire, as of the date of this material, these properties. 41 Logo Color (Header, Footer, Cover Page)

210-35-42 Governance Structure

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

Tint Color Chart Color Management fee system linked to DPU Decision-making process 252-222-221 237-20-91 Asset management fees from the 5th fiscal period ＜ Decision-making process regarding transaction of assets under management with interested parties＞ 212-227-245 0-125-198 ＜Asset management (AM) fee 1 and asset management fee 2＞ Proposal by the department in charge Calculation method Request for endorsement 254-240-217 250-166-26 Questioned AM fee1 Total assets of the immediately preceding period Deliberation by the Compliance Officer × annual rate of 0.35%（maximum rate） Request for endorsement 218-212-229 162-147-191 Rejected AM fee2 NOI×DPU volatility (1) Deliberation and resolution by the Compliance Committee ×2.5%（maximum rate）  Grant of veto power in effect to outside members over 197-228-237 109-188-209 the resolution of the Compliance Committee ＜Acquisition fee and disposition fee＞ Sent Passing back 227-241-229 115-185-123 Calculation method Rejected Deliberation and resolution by the Investment Committee Acquisition fee Acquisition price×1.0%（maximum rate） Remanded by the Compliance Officer Line Color ※Acquisition from interested parties：  Grant of veto power in effect outside member over the acquisition price ×0.5%（maximum rate） resolution of the Investment Committee Transfer price×1.0%（maximum rate） Passing Disposition fee Rejected 243-133-142 ※Transfer to interested parties： Deliberation and resolution by the Board of Directors transfer price ×0.5%（maximum rate） Passing 96-163-217 Disapproved Approval by the Board of Officers and Consent from NIPPON REIT(4) Same-boat investment by the sponsor  Transactions with interested parties are subject to 251-192-95 prior approval by the Board of Officers of NIPPON Sojitz, Owns 15,500 investment units of NIPPON REIT REIT the main sponsor Approval and Consent 239-171-255 Procedure incomplete Decision by the Board of Directors (5) Notes 138-228-226 1. DPU volatility＝(Adjusted DPU for a certain fiscal period (2)－adjusted DPU for the preceding fiscal period) / adjusted DPU for the previous fiscal period＋1 2. “Adjusted DPU” is the amount obtained by dividing the distributable amount before deducting fees and compensations (3) for a certain fiscal period by the number of investment units issued and outstanding as of the settlement date for the fiscal period (rounded down to the nearest one yen) 255-161-97 3. “Distributable amount before deducting fees and compensations” is the amount of income before income taxes for the fiscal period in accordance with the accounting practices generally accepted in Japan (on the condition that the AM fee2 and gain or loss on sale of specified assets are not added to or subtracted from the amount) 4. Consent from NIPPON REIT shall not be required but approval from the Board of Officers shall be required for the transactions stipulated in article 2-1 of the Investment 166-166-166 Trusts act and articles 245-2 of the Order for Enforcement of the Investment Trust Acts. 5. The Board of Directors makes a decision after confirming that each procedure has been appropriately completed 42 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Appraisal Value(1)

Direct capitalization Discount Cash Flow 0.75PT 23-70-158 Appraisal Appraisal value Book (¥mm) 150-150-150 Acquisition Profit CAP rate(%) Discount rate(%) Terminal rate(%) Value Appraiser No. Property name Price or loss (a) (1) 220-221-222 (¥mm) (b-a) End 5th End 6th (¥mm) End 5th End 6th End 5th End 6th End 5th End 6th period period variance variance variance variance (¥mm) period Period Period Period period Period Tint Color Chart Color (b) Office properties 252-222-221 237-20-91 A-1 FORECAST NishiShinjuku 2,260 2,235 394 2,570 2,630 60 4.6 4.5 (0.1) 4.2 4.1 (0.1) 4.8 4.7 (0.1) JREI A-2 (Tentative)FORECAST 2,130 Nihonbashi EAST 2,121 188 2,260 2,310 50 4.8 4.7 (0.1) 4.6 4.5 (0.1) 5 4.9 (0.1) JREI 212-227-245 0-125-198 A-3 FORECAST Yotsuya 1,430 1,423 266 1,650 1,690 40 4.6 4.4 (0.2) 4.3 4.2 (0.1) 4.7 4.6 (0.1) JREI A-4 FORECAST Shinjuku AVENUE 6,500 6,459 450 6,870 6,910 40 4.2 4.1 (0.1) 3.9 3.8 (0.1) 4.3 4.2 (0.1) JREI 254-240-217 250-166-26 A-5 FORECAST Ichigaya 4,800 4,801 488 5,270 5,290 20 4.2 4.1 (0.1) 4 3.9 (0.1) 4.4 4.3 (0.1) JREI A-6 FORECAST Mita 1,800 1,794 225 1,930 2,020 90 4.4 4.3 (0.1) 4.2 4.1 (0.1) 4.6 4.5 (0.1) JREI A-7 FORECAST Shinjuku SOUTH 13,990 14,478 1,221 15,100 15,700 600 4.2 4.1 (0.1) 3.8 (0.1) 4.4 4.3 (0.1) JREI 218-212-229 162-147-191 3.9 A-8 FORECAST Sakurabashi 5,760 5,976 (66) 5,830 5,910 80 4.7 4.6 (0.1) 4.5 4.4 (0.1) 4.9 4.8 (0.1) JREI A-9 GreenOak Kayabacho 2,860 2,967 32 2,940 3,000 60 4.6 4.5 (0.1) 4.4 4.3 (0.1) 4.8 4.7 (0.1) JREI 197-228-237 109-188-209 A-10 GreenOak Kudan 2,780 2,884 85 2,940 2,970 30 4.3 4.2 (0.1) 4.1 4.0 (0.1) 4.5 4.4 (0.1) JREI A-11 GreenOak Takanawadai 2,260 2,314 5 2,300 2,320 20 4.7 4.6 (0.1) 4.5 4.4 (0.1) 4.9 4.8 (0.1) JREI 227-241-229 115-185-123 A-12 GreenOak Okachimachi 3,330 3,472 (522) 3,130 2,950 (180) 4.9 4.8 (0.1) 4.5 4.5 0.0 4.9 4.9 0.0 JREI A-13 Higashi Ikebukuro Center Building 2,520 2,621 (31) 2,610 2,590 (20) 5.1 5.1 0.0 4.9 4.8 (0.1) 5.3 5.2 (0.1) JREI Line Color A-14 Central Daikanyama 3,510 3,666 (176) 3,500 3,490 (10) 4.2 4.1 (0.1) 4 3.9 (0.1) 4.4 4.3 (0.1) JREI A-15 JS Progres Building 5,325 5,432 (12) - 5,420 - - 5.4 - - 5.2 - - 5.6 - JREI 243-133-142 A-16 Hiroo Reeplex B’s 2,827 2,865 4 - 2,870 - - 4.4 - - 4.2 - - 4.6 - JREI A-17 Shibakoen Sanchome 7,396 - Daiwa Building 7,492 1,197 8,690 - - 4.1 - - 3.9 - - 4.3 - 96-163-217 A-18 (Tentative) FORECAST 5,230 - Iidabashi 5,448 (218) 5,230 - - 4.3 - - 4.0 - - 4.4 - JREI A-19 Kudankita 325 Building 1,850 1,938 (88) - 1,850 - - 4.3 - - 4.0 - - 4.4 - JREI 251-192-95 A-20 (Tentative) FORECAST 1,240 - Uchikanda 1,298 (58) 1,240 - - 4.4 - - 4.2 - - 4.6 - JREI A-21 Itohpia Iwamotocho 2-chome 2,810 - Building 2,851 18 2,870 - - 4.8 - - 4.5 - - 4.9 - JREI 239-171-255 A-22 Itohpia Iwamotocho 1-chome 2,640 - Building 2,676 3 2,680 - - 4.7 - - 4.5 - - 4.9 - JREI Itohpia Iwamotocho ANNEX A-23 2,100 2,131 8 - 2,140 - - 4.7 - - 4.5 - - 4.9 - JREI 138-228-226 Building A-24 Hisamatsucho Reeplex B’s 2,837 2,876 13 - 2,890 - - 4.7 - - 4.5 - - 4.9 - JREI (Tentative) FORECAST A-25 2,070 - JREI 255-161-97 Ningyocho 2,163 (93) 2,070 - - 4.6 - - 4.4 - - 4.8 -

Note 166-166-166 1. “JREI” refers to Japan Real Estate Institute “Daiwa” refers to Daiwa Real Estate Appraisal. Co.,Ltd. 43 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Appraisal Value(2)

0.75PT 23-70-158 150-150-150 Direct capitalization Discount Cash Flow Appraisal Appraisal value Book (¥mm) Acquisition Profit CAP rate(%) Discount rate(%) Terminal rate(%) 220-221-222 Value Appraiser No. Property name Price or loss (a) (1) (¥mm) (b-a) End 5th End 6th (¥mm) End 5th End 6th End 5th End 6th End 5th End 6th period period variance variance variance variance Tint Color Chart Color (¥mm) period Period Period Period Period Period (b)

252-222-221 237-20-91 A-26 KDX Ningyocho Building 1,650 1,672 47 - 1,720 - - 4.7 - - 4.5 - - 4.9 - JREI (Tentative) FORECAST Shin- A-27 Tokiwabashi 2,030 2,121 (91) - 2,030 - - 4.5 - - 4.3 - - 4.7 - JREI 212-227-245 0-125-198 A-28 Nishi-shinjuku Sanko Building 2,207 2,248 41 - 2,290 - - 4.4 - - 4.2 - - 4.6 - JREI A-29 Iidabashi Reeplex B’s 1,249 1,267 22 - 1,290 - - 4.2 - - 4.0 - - 4.4 - JREI (Tentative) FORECAST 254-240-217 250-166-26 A-30 Shinagawa 2,300 2,402 (102) - 2,300 - - 4.6 - - 4.4 - - 4.8 - JREI Nishi-Gotanda 8-chome A-31 Building 2,210 2,312 (102) - 2,210 - - 4.6 - - 4.4 - - 4.8 - JREI 218-212-229 162-147-191 Towa Higashi-Gotanda A-32 Building 2,033 2,061 48 - 2,110 - - 4.7 - - 4.4 - - 4.8 - JREI (Tentative) FORECAST A-33 Takadanobaba 5,550 5,790 (230) - 5,560 - - 4.7 - - 4.5 - - 4.9 - JREI 197-228-237 109-188-209 A-34 Mejiro NT Building 3,094 3,133 36 - 3,170 - - 4.9 - - 4.7 - - 5.1 - JREI Toshin Higashi-Ikebukuro A-35 Building 979 995 14 - 1,010 - - 5.1 - - 4.9 - - 5.3 - JREI 227-241-229 115-185-123 A-36 Mitsui Woody Building 2,475 2,512 97 - 2,610 - - 5.1 - - 4.8 - - 5.2 - JREI A-37 Itabashi Honcho Building 3,146 3,184 25 - 3,210 - - 5.1 - - 4.8 - - 5.3 - JREI Line Color A-38 ANTEX24 Building 1,691 1,716 13 - 1,730 - - 4.8 - - 4.6 - - 5.0 - JREI Itohpia Kiyosubashidori A-39 Building 1,550 1,576 63 - 1,640 - - 5.0 - - 4.7 - - 5.2 - JREI 243-133-142 A-40 East Side Building 1,372 1,389 60 - 1,450 - - 4.9 - - 4.7 - - 5.1 - JREI I・S Minamimorimachi A-41 Building 2,258 2,291 38 - 2,330 - - 5.1 - - 4.9 - - 5.3 - JREI 96-163-217 A-42 Sunworld Building 1,200 1,263 (53) - 1,210 - - 5.2 - - 5.0 - - 5.4 - JREI Marunouchi Sanchome A-43 Building 1,626 1,648 81 - 1,730 - - 5.2 - - 5.0 - - 5.4 - JREI 251-192-95 A-44 MK Kojimachi Building 1,781 1,818 101 - 1,920 - - 4.2 - - 3.8 - - 4.2 - JREI 44 Properties Total 132,663 135,800 3,449 58,900 139,250 880 239-171-255

138-228-226

255-161-97

Note 166-166-166 1. “JREI” refers to Japan Real Estate Institute 44 Logo Color (Header, Footer, Cover Page)

210-35-42 Portfolio Appraisal Value(3)

0.75PT 23-70-158 150-150-150 Direct capitalization Discount Cash Flow Appraisal Appraisal value Book (¥mm) Acquisition Profit CAP rate(%) Discount rate(%) Terminal rate(%) 220-221-222 Value Appraiser No. Property name Price or loss (a) (1) (¥mm) (b-a) End 6th (¥mm) End 5th End 5th End 6th End 5th End 6th End 5th End 6th Tint Color Chart Color period variance variance variance variance (¥mm) Period Period Period Period Period Period Period (b) 252-222-221 237-20-91 Residential properties B-1 Tower Court Kitashinagawa 11,880 11,424 1,175 12,400 12,600 200 4.7 4.6 (0.1) 4.5 4.4 (0.1) 4.9 4.8 (0.1) JREI 212-227-245 0-125-198 B-2 Sky Hills N11 1,570 1,633 6 1,610 1,640 30 5.9 5.8 (0.1) 5.7 5.6 (0.1) 6.1 6.0 (0.1) JREI B-3 my atria Meieki 1,280 1,327 72 1,320 1,400 80 5.3 5.1 (0.2) 5.1 4.9 (0.2) 5.5 5.3 (0.1) JREI my atria Sakae 254-240-217 250-166-26 B-4 1,110 1,149 30 1,140 1,180 40 5.4 5.2 (0.2) 5.2 5.0 (0.2) 5.6 5.4 (0.1) JREI B-5 Mac Village Heian 785 814 26 811 841 30 5.7 5.5 (0.2) 5.5 5.3 (0.2) 5.9 5.7 (0.1) JREI B-6 Seam Dwell Tsutsui 695 736 15 725 752 27 5.4 5.2 (0.2) 5.2 5.0 (0.2) 5.6 5.4 (0.1) JREI 218-212-229 162-147-191 B-7 Ciel Yakuin 640 667 12 658 680 22 5.2 5 (0.2) 5 4.8 (0.2) 5.4 5.2 (0.1) JREI B-8 Kanda Reeplex R’s 1,813 1,810 89 - 1,900 - - 4.5 - - 4.2 - - 4.7 - JREI 197-228-237 109-188-209 8 Properties Total 19,773 19,563 1,429 18,664 20,993 429 Retail properties 227-241-229 115-185-123 C-1 Otakibashi Pacifica Building 3,350 3,498 (148) - 3,350 - - 4.2 - - 4.0 - - 4.4 - JREI C-2 Komyoike Act 2,063 2,086 3 - 2,090 - - 5.6 - - 5.4 - - 5.8 - JREI Line Color 2 Properties Total 5,413 5,584 (144) - 5,440 - 54 Properties Total 157,850 160,948 4,734 77,564 165,683 1,309 243-133-142

96-163-217

251-192-95

239-171-255

138-228-226

255-161-97

Note 166-166-166 1. “JREI” refers to Japan Real Estate Institute 45 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (1)

as of June. 30, 2015 0.75PT 23-70-158 A-1 A-2 (Tentative) FORECAST A-3 A-4 A-5 150-150-150 Property Name FORECAST NishiShinjuku Nihonbashi EAST FORECAST Yotsuya FORECAST Shinjuku AVENUE FORECAST Ichigaya 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

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

218-212-229 162-147-191 Appraisal Value ¥2,630million ¥2,310million ¥1,690million ¥6,910million ¥5,290million

NOI cap yield(1) 5.3% 5.2% 5.3% 4.4% 4.6% 197-228-237 109-188-209 Occupancy rate 100% 100% 100% 100% 86.2%

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

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

252-231-234 251-192-95 Features  Located in the Nishi-Shinjuku  The surrounding environment  The area is highly regarded  Located in the Higashi-  The area has good traffic area, which is one of the is favorable, with Hamacho for its access convenience, as Shinjuku area, which is one of convenience, as JR Chuo and largest terminal stations in park, one of the railway lines that allow easy the largest terminal stations Sobu Lines, Tokyo Metro the world 239-171-255 representative park in Chuo access to major areas are in the world Yurakucho and Nanboku  As the Property is in an ward, in the neighborhood available at Yotsuya Station,  Completed in 2008, the Lines and Toei Subway environment with a strong incl. the JR and Tokyo Metro Shinjuku Line are available at retail atmosphere, demand is  The building is relatively new building has a scarcity value Lines Ichigaya Station 138-228-226 expected from a wide variety (completed in 2009) and in terms of newness, and its of business categories, features a high scarcity value  The building was completed glass covered appearance is  The building is fairly new, including offices that serve over the neighboring areas in 2009, being one of the few also impressive completed in 2009, and 255-161-97 visiting customers with plenty of buildings that buildings in the neighborhood  Its leasing areas are highly equipped with a high level of were built many years ago that was built in 2000 and versatile, mostly regularly basic facilities after shaped and no pillars 166-166-166 Note 1. “NOI cap yield” is calculated by following formula : NOI in respective appraisal report / acquisition price. The same shall apply hereinafter. 46 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (2)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-6 A-7 A-8 A-9 A-10 Property Name FORECAST Mita FORECAST Shinjuku SOUTH FORECAST Sakurabashi GreenOak Kayabacho GreenOak Kudan 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

Acquisition Price ¥1,800million ¥13,990million ¥5,760million ¥2,860million ¥2,780million 218-212-229 162-147-191 Appraisal Value ¥2,020million ¥15,700million ¥5,910million ¥3,000million ¥2,970million

197-228-237 109-188-209 NOI cap yield 4.9% 4.7% 5.1% 5.0% 4.7% Occupancy rate 100% 95.5% 85.4% 100% 100%

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

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

Access Approx. a 2min. from Approx a 5min. walk from the Approx a 3min. walk from Approx. a 2min. walk from Approx. a 1min. walk from 237-20-91 243-133-142 Akabanebashi Station on the Toei south exit or the new south exit of Hatchobori Station on the Tokyo Kayabacho Station on the Tokyo Kudanshita Station on the Tokyo Subway Oedo Line, and approx. a Shinjuku Station on the JR Lines, Metro Hibiya Line and JR Keiyo Metro Tozai and Hibiya Lines. Metro Tozai and Hanzomon Lines 5min. walk from Shibakoen and approx. a 1min. walk from Line, and approx. 5 min from and the Toei Subway Shinjuku Station on the Toei subway Mita 248-204-210 96-163-217 Line and Azabu-Juban Station on Shinjuku-Sanchome Station on Takaracho Station on the Toei Line. the Tokyo Metro Nanboku Line. the Tokyo Metro Marunouchi Line. Subway Asakusa Line. 252-231-234 251-192-95 Features  Having well-established  Located in the east of  The nearest station is  A select property featuring  The area enjoys good traffic transportation networks such Shinjuku Station, which is one Hatchobori Station where the good location with excellent convenience as many railway as JR, Tokyo Metro and Toei of the largest terminal Tokyo Metro Line and JR Line visibility lines are available at 239-171-255 Subway Lines stations in the world are available. After a further Kudanshita Station  It underwent renovation walk, the Tokyo Metro Ginza  The building is fairly new,  The building has the benefits works centering on common  It underwent renovation work Line is also available 138-228-226 completed in 2009, and of its scale, with a standard areas, and it also features centering on common areas equipped with high level basic floor area of approx.  It underwent large-scale bright and open spaces for so that its facilities as a whole facilities 540tsubos renovation works including lease are sufficiently set to meet the repair of the outer walls so recent tenant requirements  The leasing areas are highly  It underwent large-scale 255-161-97 that its specifications are versatile and regularly shaped renovation work including sufficiently set to meet the with no pillars seismic reinforcement recent tenant requirements 166-166-166 47 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (3)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-11 A-12 A-13 A-14 A-15 Property Name GreenOak Takanawadai GreenOak Okachimachi Higashi Ikebukuro Center Building Central Daikanyama JS Progres Building 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

Acquisition Price ¥2,260million ¥3,330million ¥2,520million ¥3,510million ¥5,325million 218-212-229 162-147-191 Appraisal Value ¥2,320million ¥2,950million ¥2,590million ¥3,490million ¥5,420million

197-228-237 109-188-209 NOI cap yield 4.8% 4.5% 5.7% 4.2% 5.8% Occupancy rate 100% 100% 87.9% 93.6% 100%

227-241-229 115-185-123 Completed Jan. 2010 Jan. 1977 Nov. 1991 Aug. 1991 Apr. 1993

PML 3.6% 7.7% 4.5% 7.1% 6.9% Table Line Color Acquisition source Third party Third party Third party Third party Third party

237-20-91 243-133-142 Access Approx. a 1min. walk from Approx. a 1min. walk from Naka- Approx. a 7min. walk from Otsuka Approx. a 5min. walk from Approx a 9min. walk from Takanawadai Station on the Toei Okachimachi Station on the Tokyo Station on the JR Yamanote Line. Daikanyama Station on the Tokyu Heiwajima Station on Keikyu Main Subway Asakusa Line. Metro Hibiya Line. Toyoko Line Lin 248-204-210 96-163-217

Features  The area has traffic  The area has traffic  Located in the Ikebukuro area,  The surrounding area is lined  The property has solicitation 252-231-234 251-192-95 convenience, as the Toei convenience with many one of the subcenters of with many unique shops of power for tenants using Subway Mita Line and the railway lines and stations Tokyo, around Ikebukuro varying size including a commercial vehicle and Tokyo Metro Nanboku Line within a close proximity and is Station, which is one of the landmark complex of tenants with product carry-in are available at Shirokane also near to Ueno Station, a largest terminal stations in the Daikanyama and -out usage because of a 239-171-255 Takanawa Station and terminal station world proximity to the Metropolitan Shirokanedai Station also  It underwent renovation  The area has fewer newly-  Insistent demand is observed expressway or major arterial within walking distance works incl. seismic built buildings compared with from such business categories road.  Completed in 2010, it is reinforcement other major office districts. as apparel, IT and 138-228-226  The building has equipped recognized to have high  It has a competitive This is why the supply and advertisement that set a high scarcity value in the area demand balance is relatively with a superior specification advantage in terms of size value on the atmosphere and as it has a 2.6m of sufficient where there are many small- within the area, as many of stable in the area, without fashion-consciousness, etc. of 255-161-97 and medium-sized buildings any surge of supply to cause ceiling height and is 500Kg/㎡ the office buildings in the area floor loading carrying capacity built many years ago neighboring areas are small- major excess supply sized with a standard floor which meet tenant needs. 166-166-166 area of several tens of tsubos 48 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (4)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-16 A-17 A-18 A-19 A-20 Property Name Hiroo Reeplex B’s Shibakoen Sanchome Building (Tentative) FORECAST Iidabashi Kudankita 325 Building (Tentative) FORECAST Uchikanda 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

Acquisition Price ¥2,827million ¥7,396million ¥5,230million ¥1,850million ¥1,240million 218-212-229 162-147-191 Appraisal Value ¥2,870million ¥8,690million ¥5,230million ¥1,850million ¥1,240million

197-228-237 109-188-209 NOI cap yield 4.6% 5.0% 4.4% 4.4% 4.7% Occupancy rate 100% 100% 100% 100% 100% 227-241-229 115-185-123 Completed May 1987 June 1981 Nov. 1978 Aug. 1987 Dec. 1976

PML 4.4% 11.3% 7.1% 4.5% 9.9% Table Line Color Acquisition source Third party Third party Third party Third party Third party

237-20-91 243-133-142 Access Approx. one minute walk Approx. a 5min walk from Approx. a 4min. walk from Approx. a 4min walk from Approx. a 4min walk from from Hiroo station on the Onarimon Station on the Toei Iidabashi station on the JR Ichigaya station on the Toei Otemachi Station on several Tokyo Metro Hibiya Line Subway Mita Line and Lines, the Tokyo Metro Lines Subway Line, and a 7min walk Tokyo Metro Lines and the Kamiyacho Station on the and the Toei Subway Line from Ichigaya station on the JR Toei Subway Line 248-204-210 96-163-217 Tokyo Metro Hibiya Line Lines, the Tokyo Metro Lines

Features  As the surrounding area has  The surrounding area has  In recent years, the zone  In recent years, the zone  The zone is positioned as a 252-231-234 251-192-95 been considered as an upper- cultural facilities such as receives increased recognition, receives increased recognition submarket adjacent to office class residential area, it seems Atago Shrine, Seishoji Temple in addition to the traffic in, in addition to the traffic areas in central Tokyo, there attractive to companies which and Zojoji Temple and green convenience, with respect to convenience, with respect to are many cases where the 239-171-255 target the wealthy population space in a park (the Shiba the quality of office stock after the quality of office stock after buildings in the zone absorb or those placing importance Koen), producing a composed a series of supplies of large- a series of supplies of large- cost-cutting demand due to on a locational impression. atmosphere for an office sized buildings due to the area sized buildings due to the area the high access convenience  Within one minute walk to the district. redevelopment. redevelopment. and discounted rents. 138-228-226 nearest station and a  Categorized as mid-sized  The shaped and astylar floors  The shaped and astylar floors Therefore, tenants in a wide proximity to the station and building with total floor area provide versatility in layouts provide versatility in layouts range of businesses are good access to the central of 2,700 tsubos, while the and good usage efficiency. and good usage efficiency. present. 255-161-97 Tokyo area has an appealing building’s standard floor area  The shaped and astylar floors power. is approximately 420 tsubos, provide versatility in layouts boasting the scale similar to a and good usage efficiency. 166-166-166 large-sized building. 49 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (5)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-21 Itohpia Iwamotocho A-22 Itohpia Iwamotocho A-23 Itohpia Iwamotocho A-24 A-25 (Tentative) FORECAST Property Name 2-chome Building 1-chome Building ANNEX Building Hisamatsucho Reeplex B’s Ningyocho 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Chiyoda ward, Tokyo Chiyoda ward, Tokyo Chiyoda ward, Tokyo Chuo ward, Tokyo Chuo ward, Tokyo Acquisition Price ¥2,810million ¥2,640million ¥2,100million ¥2,837million ¥2,070million

218-212-229 162-147-191 Appraisal Value ¥2,870million ¥2,680million ¥2,140million ¥2,890million ¥2,070million

NOI cap yield 5.1% 5.0% 5.1% 5.1% 4.8%

197-228-237 109-188-209 Occupancy rate 100% 100% 100% 100% 100%

Completed Feb. 1991 Jan. 1991 Nov. 1991 Aug. 1989 Nov. 1990 227-241-229 115-185-123 PML 4.1% 9.0% 4.1% 5.6% 11.1%

Table Line Color Acquisition source Third party Third party Third party Third party Third party Access Approx. a 3min walk from Approx. a 3min walk from Approx. a 4min walk from Approx. a 3min walk from Approx. a 2min walk from Iwamotocho Station on the Toei Kodenmacho Station on the Iwamotocho Station on the Tokyo 237-20-91 243-133-142 Bakuroyokoyama Station on the Suitengumae Station on the Subway Line, approx. a 5min walk Tokyo Metro Hibiya Line, and Metro Line, approx. a 5min walk Toei Subway Line, approx. a 3min Tokyo Metro Line and approx. from Kodenmacho Station on the from Kodenmacho Station on the approx. an 8min walk from walk from Higashi-nihombashi a 3min walk from Ningyocho Tokyo Metro Line and approx. an Shin-nihombashi Station on Tokyo Metro Line, approx. a 9min Station on the Toei Subway Line Station on the Tokyo Metro 248-204-210 96-163-217 8min walk from Kanda Station on the JR Sobu Line walk from Kanda Station on the JR the JR Lines and the Tokyo Metro Lines and the Tokyo Metro Line and approx. a 6min walk from Line and the Toei Subway Line Bakurocho Station on the JR Line Line 252-231-234 251-192-95 Features  The area’s function of  The area’s function of  The area’s function of  Companies that prioritize cost  There are many small-sized accepting the demand from accepting the demand from accepting the demand from tend to gather due to its buildings and few mid- and tenants seeking buildings with tenants seeking buildings with tenants seeking buildings with discounted rent level although large-sized office buildings 239-171-255 relatively discounted rents relatively discounted rents relatively discounted rents it’s part of Chuo-ku. compared to adjacent zones. while being equipped with while being equipped with while being equipped with  A demand specific to the area The supply of new buildings excellent access convenience excellent access convenience excellent access convenience can also be observed, such as are also few and accumulation 138-228-226 and demand from those that and demand from those that and demand from those that many apparel wholesale of office building stock is not have spilled out of the market have spilled out of the market have spilled out of the market companies being located in progressing. core become a strong feature. core become a strong feature. core become a strong feature. the zone as it has flourished  It is considered to have strong  The power outlet capacity of  The power outlet capacity of  The power outlet capacity of for years centering on the solicitation power in terms of 255-161-97 70VA/m2 which is higher than 70VA/m2 which is higher than 70VA/m2 which is higher than textile industry. proximity to the nearest standard offices that meet standard offices that meet standard offices that meet station and availability of tenant needs. tenant needs. tenant needs. several train routes. 166-166-166 50 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (6)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-26 A-27 (Tentative) FORECAST A-28 A-29 A-30 (Tentative) FORECAST Property Name KDX Ningyocho Building Shin-Tokiwabashi Nishi-Shinjuku Sanko Building Iidabashi Reeplex B’s Shinagawa 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

218-212-229 162-147-191 Acquisition Price ¥1,650million ¥2,030million ¥2,207million ¥1,249million ¥2,300million Appraisal Value ¥1,720million ¥2,030million ¥2,290million ¥1,290million ¥2,300million

197-228-237 109-188-209 NOI cap yield 5.1% 4.7% 4.9% 4.6% 4.8%

Occupancy rate 100% 100% 100% 100% 83.3%

227-241-229 115-185-123 Completed Feb. 1984 Aug. 1991 Sep. 1987 June 1992 Feb. 1989

PML 7.1% 4.1% 12.7% 4.4% 11.6% Table Line Color Acquisition source Third party Third party Third party Third party Third party

237-20-91 243-133-142 Access Approx. a min walk from Approx. a 4min walk from Approx. a 5min walk from Seibu- Approx. a 4min walk from Approx. a 10min walk from Ningyocho Station on the Mitsukoshimae Station on the Shinjuku Station on the Seibu Iidabashi Station on the JR Chuo Shinagawa Station on the JR Lines Tokyo Metro Hibiya Line and Tokyo Metro Lines, and approx. a Shinjuku Line and approx. an and Sobu Line and approx. a 5min walk from 5min walk from Shin-nihombashi 11min walk from Shinjuku Station 248-204-210 96-163-217 the Toei Subway Asakusa Kitashinagawa Station on the Line Station on the JR Line on the JR Lines Keikyu Main Line

252-231-234 251-192-95 Features  There are many small-sized  A concentration of domestic  As for the features of the  As universities and hospitals  The area was traditionally buildings and few mid- and financial institutions (including tenants, various customer- are concentrated in the zone concentrated with factories large-sized office buildings regional banks ) and visiting type services related and neighboring areas, it can and warehouses, but compared to adjacent zones. pharmaceutical industry can businesses including worker presently it has become a 239-171-255 be expected to have relatively The supply of new buildings be observed in the zone. dispatching services and high demand for establishing zone with top-ranking area are also few and accumulation  It has superior traffic financial services targeting sub-offices of such and potential even among the 23 of office building stock is not convenience with several train end users like insurance demand from companies wards of Tokyo. progressing. companies are concentrated 138-228-226 routes within walking distance, related to pharmaceutical or  The building is equipped with within the zone. A  It has strong solicitation it is located at Edo-Dori street, medical equipment. specifications rarely seen in power in terms of proximity to Sotobori-Dori Street intersect concentration of call center usual buildings of similar size , operators and IT related  It can also be said to have 255-161-97 the nearest station and and highly visible. such as 3 elevators and some accessibility to locations in companies can also be high visibility as a building floors are equipped with a Tokyo and having high observed. facing the main street. shower room, etc. visibility as facing Kinza-dori 166-166-166 street. 51 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (7)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-31 Nishi-Gotanda A-32 Towa Higashi- A-33 (Tentative) FORECAST A-34 A-35 Toshin Higashi- Property Name 8-chome Building Gotanda Building Takadanobaba Mejiro NT Building Ikebukuro Building 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Shinagawa ward, Tokyo Shinagawa ward, Tokyo Toshima ward, Tokyo Toshima ward, Tokyo Toshima ward, Tokyo

Acquisition Price ¥2,210million ¥2,033million ¥5,550million ¥3,094million ¥979million 218-212-229 162-147-191 Appraisal Value ¥2,210million ¥2,110million ¥5,560million ¥3,170million ¥1,010million

NOI cap yield 4.8% 5.4% 4.9% 5.3% 5.7% 197-228-237 109-188-209 Occupancy rate 100% 82.2% 100% 100% 100%

Completed Dec. 1993 Sep. 1985 Jan. 1986 July 1990 Nov. 1989 227-241-229 115-185-123 PML 3.9% 5.1% 12.4% 6.6% 3.6%

Table Line Color Acquisition source Third party Third party Third party Third party Third party

Access Approx. a 7min walk from Approx. a 5min walk from Approx. a 6min walk from Approximately a 2-minute walk Approximately a 5-minute walk 237-20-91 243-133-142 Gotanda Station on the JR Gotanda Station on the JR Line Takadanobaba Station on the JR from Zoshigaya Station on the from Otsuka Station on the JR Yamanote Line, and approx. a and the Tokyu Ikegami Line, and Yamanote Line and the Tokyo Tokyo Metro Fukutoshin Line Yamanote Line and approximately approx. a 3-minute walk from Metro Tozai Line 4min walk from Osakihirokouji a 4-minute walk from Shin-Otsuka Station on the Tokyu Ikegami Gotanda Station on the Toei 248-204-210 96-163-217 Station on the Tokyo Metro Line Subway Line Marunouchi Line

252-231-234 251-192-95 Features  Demand for offices in the  It has the feature of taking in  Not only rental office buildings  The train route’s access  Amidst a expected stable zone is mainly from those demand from tenants who but headquarters of listed convenience has improved demand due to comparatively looking for sales offices in prioritize costs utilizing factors companies, etc. are also dramatically in recent years as discounted rents, a moderate Tokyo and the surrounding such as access convenience of located in the area, resulting the mutual connection service competitive climate is 239-171-255 regions, thus the business a JR station and discounted in the area providing a strong between Tokyo Metro maintained as there have types of tenants vary widely. rent levels compared to atmosphere of an office Fukutoshin Line and Tokyu been no new office supplied.  The location is nearby the central Tokyo. district. Toyoko Line was started in  Floors are regularly shaped 138-228-226 entrance/exit of Route 2  It maintains competitiveness 2013. and have no pillars, so it can Shuto Expressway Megro Line. through renewal and adopted  Though having a low be said to have flexibility in Due to this, the Property has a spot network power concentration of office layouts and high space use a good access convenience by receiving system from the buildings, it is near to efficiency. It is equipped with 255-161-97 vehicles. viewpoint of business Zoshigaya station and has standard specification while it continuity. certain solicitation power over has a 2.6m of sufficient ceiling tenants who focus on image height. 166-166-166 of location or car use. 52 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (8)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-36 A-37 A-38 A-39 Itohpia A-40 Property Name Mitsui Woody Building Itabashi Honcho Building ANTEX24 Building Kiyosubashidori Building East Side Building 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Koto ward, Tokyo Itabashi ward, Tokyo Taito ward, Tokyo Taito ward, Tokyo Taito ward, Tokyo Acquisition Price ¥2,475million ¥3,146million ¥1,691million ¥1,550million ¥1,372million

218-212-229 162-147-191 Appraisal Value ¥2,610million ¥3,210million ¥1,730million ¥1,640million ¥1,450million

NOI cap yield 5.8% 5.7% 5.3% 5.6% 5.5% 197-228-237 109-188-209 Occupancy rate 79.2% 86.3% 100% 100% 100%

Completed Mar. 1990 Jan. 1993 Feb. 1988 Mar. 1988 May 1988 227-241-229 115-185-123 PML 11.9% 7.8% 3.7% 3.6% 3.6%

Table Line Color Acquisition source Third party Third party Third party Third party Third party

Access Approx. a 3min walk from Approx. a 3min walk from Approx. a 9min walk from Approx. an 8min walk from Shin- Approx. a 3min walk from 237-20-91 243-133-142 Toyocho Station on the Tokyo Itabashi Honcho Station on Asakusabashi Station on the JR Okachimachi Station on the Toei Asakusabashi Station on the Metro Tozai Line the Toei Subway Mita Line Line and the Toei Subway Line, Subway Line and Tsukuba Express JR Sobu Line and the Toei and approx. an 11min walk from Line, approxi.a 10min walk from Subway Asakusa Line Akihabara Station on the JR Line 248-204-210 96-163-217 Asakusabashi Station on the JR and the Tokyo Metro Line Line and the Toei Subway Line

252-231-234 251-192-95 Features  Due to superior access to central  The zone is a submarket of  There are many businesses  There are many businesses  Demand from companies Tokyo, Its locational condition may the adjacent Ikebukuro area that establish sales offices for that establish sales offices for related to manufacturers, have a solicitation power on and depends on the overflow covering the eastern part of covering the eastern part of wholesalers, etc. are observed demand for back-office functions of of demand. Tokyo in the zone, favoring Tokyo in the zone, favoring centering on office buildings 239-171-255 financial, IT and other companies  The building has a total floor Ueno’s feature as a hub. Ueno’s feature as a hub. with sizable standard floor depending on the rents. Moreover, space of around 2,700 tsubos  Although its office building  It is equipped with a standard areas due to its rent level, there is also demand for and a standard floor area of concentration level is low, the specification while the power which is inexpensive 138-228-226 establishing branch offices that around 260 tsubos. Floors are building faces the main street outlet capacity of 100VA/m2 compared to central Tokyo, supervise the eastern part of Tokyo. U-shaped (regularly shaped) and its visibility is favorable.. which is more than double of being preferred.  It has a parking lot for 45 units (flat without pillars, highly versatile standard offices that meet  Floors are U-shaped (regularly 255-161-97 lot) that are sufficient compared to in terms of layout and the tenant needs. shaped) and have flexibility in its building size. In this regard, the building has high space use layouts and high space use building can be said to be equipped efficiency. efficiency. with high solicitation power over 166-166-166 tenants who prioritize car usage. 53 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (9)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 A-41 I•S Minamimorimachi A-42 A-43 Marunouchi A-44 Ａ-45(1) Toranomon Sakura Property Name Building Sunworld Building Sanchome Building MK Kojimachi Building Buildung 220-221-222 Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Osaka, Osaka Osaka, Osaka Nagoya, Aichi Chiyoda ward, Tokyo Minato ward, Tokyo

Acquisition Price ¥2,258million ¥1,200million ¥1,626million ¥1,781million ¥4,120million 218-212-229 162-147-191 Appraisal Value ¥2,330million ¥1,210million ¥1,730million ¥1,920million ¥4,130million

197-228-237 109-188-209 NOI cap yield 5.6% 5.5% 6.0% 4.6％ 4.1％ Occupancy rate 97.1% 100% 94.7% 100% 58.1％

227-241-229 115-185-123 Completed Aug. 1993 Mar. 1993 July 1988 Mar. 1997 July 1983

PML 9.6% 12.0% 7.1% 4.3% 8.2％ Table Line Color Acquisition source Third party Third party Third party Third party Third party

237-20-91 243-133-142 Access Approx. a minute walk from Approx. a minute walk from Approx. a 4min walk from Approx. a minute walk from Approx. a 5min walk from Osaka Tenmangu Station on the Yotsubashi Station on the Marunouchi Station on the Kojimachi station on the Tokyo Onarimon station on the Toei JR Tozai Line Osaka Municipal Subway Nagoya City Subway Sakuradori Metro Yurakucho Line and a 5min Mita Line and Kamiyacho Yotsubashi Line and Tsurumai Lines 248-204-210 96-163-217 walk from Hanzomon station on station on the Tokyo Metro the Tokyo Metro Hanzomon Line Hibiya Line

Features  As for access convenience, Higashi-  Located in the zone with a mix of  In the zone, a concentration of  Located in the area where quiet  The surrounding area has 252-231-234 251-192-95 Umeda Station is one station away from retail facilities, residences and certain businesses such as cityscape spread out, with a high cultural facilities and green MinamiMorimachi Station and it is offices. foundations, law firms, attorneys’ concentration of foreign embassies approximately a 3-minute ride on the space in a park, producing a  It can be said that the location is offices and judicial scriveners’ offices and educational institutions, and Tanimachi Line. The Kita-Shinchi Station, being evaluated highly due to the were observed since the old days as condominiums lines sparsely along composed atmosphere for an Kobe area and Kita-Kawachi area 239-171-255 location being near the an administrative district is located to the main street, etc. office district. (Higashi-Osaka City and Daito City) are intersection of Nagahori-Dori and the north, the area seems to attract  The building is considered to be also accessible using the Osaka  The property maintains the Yotsubashi-Suji streets along needs from tenants looking for low highly competitive towards Tenmangu Station. Thus, the area which there are major office cost office buildings within Nagoya specialty service business like law competitiveness as it enjoys good access convenience. 138-228-226 buildings. City recently. firm and accounting firm etc., and underwent the large-scale  The number of young buildings is very  The building’s size as mid-sized office management consulting company renovation work including limited in the zone as there is almost no has advantage in the zone as many because of the close proximity to exterior, interior, air supply of new buildings, and 21-year old of the office buildings located in the the government facilities and the conditioning system and 255-161-97 I•S Minamimorimachi Building is zone are small-sized buildings. public agencies. expected to be considered as a restrooms in 2008. competitive building. Notes 166-166-166 1.Acquired on July 2, 2015. Appraisal value and NOI cap yield are based on appraisal report as of May 1, 2015. 54 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (10)

as of June. 30, 2015 0.75PT 23-70-158 （1） （1） （1） （1） （ 1 ） 150-150-150 A-46 A-47 A-48 A-49 A-50 (Tentative)FORECAST Property Name La Verite Akasaka Kanda Ocean Building Shinto Ginza EAST New River Building Waseda FIRST 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

Acquisition Price ¥2,000million ¥1,440million ¥1,352million ¥3,000million ¥4,775million 218-212-229 162-147-191 Appraisal Value ¥2,030million ¥1,440million ¥1,370million ¥3,010million ¥4,840million

NOI cap yield 4.3％ 4.6％ 4.7％ 5.0％ 4.7％ 197-228-237 109-188-209 Occupancy rate 86.9％ 100％ 100％ 100％ 100％

Completed Dec. 1986 Jan. 1990 Sep. 1990 Jan. 1990 July 1986 227-241-229 115-185-123 PML 4.5％ 9.3％ 5.3％ 5.2％ 3.5％

Table Line Color Acquisition source Third party Third party Third party Third party Third party

Access Approx. a 3min walk from Approx. a 5min walk from JR Approx. a 2-minute walk from the Approx. a 5min walk from Approximately a minute walk 237-20-91 243-133-142 Akasaka station on the Tokyo Kanda Station, Approx. a 6min Tsukuji Station on the Tokyo Kayabacho station on the from Waseda station on the Lines, and Approx. a 5min walk walk from Otemchi station on Metro Line, Approx. a minute Tokyo Metro Tozai and Hibiya Tokyo Metro Tozai Line from Nagatacho station on the several Tokyo Metro Lines and the walk from the Shintomicho Station Lines 248-204-210 96-163-217 Tokyo Metro Line Toei Subway Line on the Tokyo Metro Line Features  There are high concentration of  The zone is positioned as a  Mid-sized office buildings are  There is a concentration of  Waseda Middle School, High offices of top companies in many submarket adjacent to office concentrated along the artery the securities companies School and University are located industries and foreign affiliated areas in central Tokyo. There roads such as Harumi-Dori around Nihonbashi Kabutocho around the station and 252-231-234 251-192-95 companies in the neighboring office areas, because Tokyo Broadcasting are many cases where the street and Shin-Ohashi-Dori as Tokyo Stock Exchange is residential district spread out in System Holdings, Inc. has its main buildings in the zone absorb street, while small-sized located in the zone. the surrounding area, thus a 239-171-255 office in the zone, offices of cost-cutting demand, due to buildings and condominiums  The building can be said to demand is recognized from creative sector are also the high access convenience are located back from such have high solicitation power tenants related to Waseda and concentrated, thus the zone has and discounted rents. artery roads. over tenants who prioritize car from service businesses for solicitation power over tenants students, etc. within the area. who focus on a locational  The building can meet the  The property is equipped with usage as it has a parking lot 138-228-226 impression. demand for offices in the zone a standard level of for 26 unit.  As the limited supply of office  The property is equipped with by subdividing the office floors specifications, which can meet buildings around the station specifications which meet the from 2nd to 4th floor into tenants’ needs. means a rarity, It can be highly 255-161-97 recent tenant needs, such as OA smaller parts of 5-15 tsubos evaluated from the tenants floor and an individual air through renovation works in related to education, such as conditioning system. 2013. various schools. 166-166-166 Notes 1.Acquired on July 2, 2015. Appraisal value and NOI cap yield are based on appraisal report as of May 1, 2015. 55 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Office (11)

as of June. 30, 2015 0.75PT 23-70-158 A-51（1）(Tentative)FORECAST A-52（1） A-53(1) Sumitomo Mitsui A-54（1） A-55（1） 150-150-150 Property Name Gotanda WEST Omiya Center Building Bank Koraibashi Building NORE Fushimi NORE Meieki 220-221-222 Picture

Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26 Address Shinagawa ward, Tokyo Saitama, Saitama Osaka, Osaka Nagoya, Aichi Nagoya, Aichi

Acquisition Price ¥6,520million ¥15,330million ¥2,850million ¥2,840million ¥2,520million

218-212-229 162-147-191 Appraisal Value ¥6,620million ¥15,500million ¥2,850million ¥2,850million ¥2,520million

NOI cap yield(1) 4.7％ 5.0％ 5.2％ 5.1％ 5.2％ 197-228-237 109-188-209 Occupancy rate 100％ 100％ 89.8％ 96.8％ 94.7％

Completed Sep. 1989 Mar. 1993 Mar. 1994 Nov. 2006 Jan. 2007 227-241-229 115-185-123 PML 2.3％ 2.0％ 7.6％ 4.5％ 4.2

Table Line Color Acquisition source Third party Third party Third party Third party Third party

Access Approx. a 6min walk from Approx. a 3min walk from Approx. a 2min walk from Approx. a 5min walk from Fushimi Approx. a 7min walk from Fushimi 237-20-91 243-133-142 Osakihirokoji station on the Tokyu Omiya station on the JR Lines Kitahama station on the station on the Nagoya City station on the Nagoya City Line, and Approx. a 9min walk Keikyu Keihan Line and the Subway Line, Approx. a 11- Subway Line, Approx. a 10min from Gotanda station on the JR Osaka City Subway Sakaisuji minute walk from Nagoya station walk from Nagoya station on the Line, the Toei Subway Line and Line on the JR Line JR Line 248-204-210 96-163-217 the Tokyu Line

Features  Demand for offices in the zone is mainly  Office buildings in Omiya Nishiguchi  It is considered as a sub market for  In the Fushimi zone, offices of  The Meieki zone enjoys 252-231-234 251-192-95 from those looking for sales offices in zone attract strong demand from areas around Mido-Suji street, financial institutions are concentrated excellent traffic convenience Tokyo and the surrounding regions, thus potential tenants which are stretching from Yodoyabashi due to the proximity to the Bank of as Nagoya Station is a hub of the business types of tenants vary widely. intended to use them as a branch station on the Keihan Electric Japan Nagoya Branch on the north administering the Northern Kanto Railway Keihan Honsen Line and side, while headquarters of Daido the city’s transportation  The total floor space of about 4,100 network connected to the JR 239-171-255 tsubos and the standard floor space of and Joshinetsu regions or an office the Osaka Municipal Subway Mido- Metal, Okaya and Sintokogio are about 230 tsubos. The property has an in the Saitama City, because of its Suji Line. located there and offices of other Lines, the Meitetsu Lines, the appealing power in terms of size primarily advantages as a base.  The ceiling height of the office manufacturers using commercial Kintetsu Line, the Nagoya City targeting at potential tenants requiring a  The property is expected to be parts is about 2.5m. The property vehicles are concentrated. Subway Higashiyama Line and 138-228-226 certain space. evaluated highly in terms of its size is equipped with specifications  It has the slightly greater size than other routes.  The property has a parking lot for 43 cars as it is categorized as mid-sized which meet the recent tenant that of buildings in the volume zone. building with the total floor space needs, such as a free-access floor The property has an appealing power  The property has an appealing and is located near the exit of Metropolitan power as an office building as Expressway Route 2 (the Meguro Route), of about 6,700 tsubos and the and an individual air conditioning as an office building due to the fact 255-161-97 both of which also constitute an appealing standard floor space of about 330 system. that it is a younger building, in it is newly built. power. tsubos. addition to the reason above.

166-166-166 Notes 1.Acquired on July 2, 2015. Appraisal value and NOI cap yield are based on appraisal report as of May 1, 2015. 56 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Residence (1)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 B-1 B-2 B-3 B-4 220-221-222 Property Name Tower Court Kitashinagawa Sky Hills N11 my atria Meieki my atria Sakae Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

218-212-229 162-147-191 Acquisition Price ¥11,880million ¥1,570million ¥1,280million ¥1,110million Appraisal Value ¥12,600million ¥1,640million ¥1,400million ¥1,180million

197-228-237 109-188-209 NOI cap yield 5.0% 6.6% 5.6% 5.8%

Occupancy rate 96.0% 100% 100% 100% 227-241-229 115-185-123 Completed Feb. 2009 Mar. 2001 Mar. 2006 Mar. 2007

PML 2.6% 1.3% 4.4% 4.1% Table Line Color Acquisition source Sponsors Third party Third party Third party

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

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

166-166-166 57 Logo Color (Header, Footer, Cover Page)

210-35-42 List of properties Residence (2)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 B-5 B-6 B-7 Ｂ-8 220-221-222 Property Name Mac Village Heian Seam Dwell Tsuitsui Ciel Yakuin Kanda Reeplex R’s Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

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

218-212-229 162-147-191 Acquisition Price ¥785million ¥695million ¥640million ¥1,813million

Appraisal Value ¥841million ¥725million ¥680million ¥1,900million

197-228-237 109-188-209 NOI cap yield 6.2% 5.9% 5.6% 4.9%

Occupancy rate 100% 100% 98.1% 91.6% 227-241-229 115-185-123 Completed Sep. 2006 Feb. 2007 Mar. 2005 Jan. 2006

Table Line Color PML 3.2% 5.0% 5.4% 4.4% Acquisition source Third party Third party Third party Third party 237-20-91 243-133-142 Access Approx. a 4min. walk from Heian-Dori Approx. a 3min. walk from Kurumamichi Approx. a 2min. walk from Yakuin Station Approx. a 3min walk from Awajicho Station on the Nagoya City Subway Meijo Station on Nagoya City Subway Sakura- on Nishitetsu (Nishi-Nippon Railroad) Station on the Tokyo Metro Line and Ozone Station on various lines Dori Line Tenjin-Omuta Line Marunouchi Line 248-204-210 96-163-217

252-231-234 251-192-95 Features  The property has good traffic  The property has relatively good traffic  The property has the convenience of  The property has excellent access convenience as it is approx. 4min. walk convenience as it is approx. 3min. walk transportation and living, and is within convenience to central Tokyo, as it from the nearest station and is approx. from the nearest station walking distance from Tenjin, the takes approximately 2-minutes from 9min. walk from Ozone Station, the central part of Fukuoka City the station to Otemachi station and 239-171-255 terminal station  It has a competitive advantage in several stations and train routes are  It has a competitive advantage strong terms of living environment, with available.  There is an abundance of living convenience stores and other facilities enough to absorb demand from singles, convenience facilities near the property. available in the neighborhood. Stable primarily workers commuting to the  The building is a rental condominium 138-228-226 Stable demand for rental central parts of Fukuoka City for singles and small households, and demand for rental condominiums for condominiums for singles, primarily relatively young age should be a singles, primarily from commuters to from commuters to the central area of certain competitive edge in this area 255-161-97 Nagoya City, can be expected the central area of Nagoya City, can be compared to other condominiums in expected the vicinity.

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210-35-42 List of properties Retail (1)

as of June. 30, 2015 0.75PT 23-70-158 150-150-150 Ｃ-1 Ｃ-2 220-221-222 Property Name Otakibashi Pacifica Building Komyoike Act

Picture Tint Color Chart Color

252-222-221 237-20-91

212-227-245 0-125-198

254-240-217 250-166-26

Address Shinjyuku ward, Tokyo Sakai, Osaka 218-212-229 162-147-191 Acquisition Price ¥3,350million ¥2,063million

Appraisal Value ¥3,350million ¥2,090million 197-228-237 109-188-209 NOI cap yield 4.2% 6.4%

227-241-229 115-185-123 Occupancy rate 100% 98.9% Completed Oct. 2008 Apr. 1988

Table Line Color PML 4.6% 12.7%

Acquisition source 237-20-91 243-133-142 Third party Third party Access Approx. a 5min walk of JR Shinjuku Station Approx. a 2min walk from the south exit of Komyoike Station on the Semboku Rapid 248-204-210 96-163-217 Railway

Features  Offices and vocational schools are  Senboku New Town was developed 252-231-234 251-192-95 located in the area where the building during 1965 to 1982 in the Senboku is situated and the Otakibashi-Dori region. Residential areas are Street has heavy pedestrian traffic concentrated along Semboku Rapid 239-171-255 mainly by students and office workers Railway and a “new town” market with for small- and mid-sized companies. high residential density is created Thus, the location can be said to be around the station front. 138-228-226 suitable especially for restaurants and  The property is the retail facility service businesses. nearest to the station among those 255-161-97  The building is decorated with wood- connected to the station by the deck, tone louvers, and the creative design It is superior in terms of convenience not seen in the surroundings catches and the visibility is also favorable. 166-166-166 people’s eyes. 59 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (1)

Unit : ¥000 0.75PT 23-70-158 Property No. A-1 A-2 A-3 A-4 A-5 A-6 A-7 A-8 150-150-150 (Tentative) Property name FORECAST FORECAST FORECAST FORECAST FORECAST FORECAST NishiShinjuku FORECAST Yotsuya Shinjuku AVENUE Ichigaya FORECAST Mita Shinjuku SOUTH Sakurabashi 220-221-222 Nihombashi EAST Operating days 181 181 181 181 181 181 181 181 Tint Color Chart Color Revenues 83,439 81,235 49,556 180,497 159,224 57,304 538,949 175,504 Rent revenues 73,703 76,892 45,580 163,511 132,915 51,220 479,158 160,061 252-222-221 237-20-91 Other revenues 9,735 4,342 3,975 16,986 26,308 6,083 59,791 15,443 Expenses 20,189 16,940 12,597 43,303 29,764 12,851 210,304 47,744 Property 212-227-245 0-125-198 management fees 3,511 4,939 2,443 10,151 8,298 2,914 37,078 15,926 Utilities 9,773 6,208 3,271 14,797 9,505 4,577 49,818 14,647 Insurance 63 68 46 138 130 48 486 218 254-240-217 250-166-26 Repairs and maintenance costs 492 57 233 205 174 223 9,761 4,903 Taxes 2,367 5,292 4,768 17,653 10,094 4,732 15,287 9,664 218-212-229 162-147-191 Trust fees 350 350 350 350 350 350 350 350 Others 3,630 23 1,484 6 1,211 4 97,523 2,034 Net operational income 63,249 64,294 36,958 137,194 129,459 44,452 328,644 127,759 197-228-237 109-188-209 Depreciation 16,431 15,937 7,650 29,230 35,695 7,548 21,126 8,052 Total rental business profit/loss 46,817 48,357 29,307 107,964 93,763 36,904 307,518 119,707 227-241-229 115-185-123 Property No. A-9 A-10 A-11 A-12 A-13 A-14 A-15 A-16 GreenOak GreenOak GreenOak Higashi Ikebukuro Central JS Progres Property name GreenOak Kudan Hiroo Reeplex B’s Table Line Color Kayabacho Takanawadai Okachimachi Center Building Daikanyama Building Operating days 181 181 181 181 181 181 174 139 237-20-91 243-133-142 Revenues 99,183 96,263 69,376 64,506 96,102 69,105 237,356 58,378 Rent revenues 88,775 87,994 62,295 56,063 87,833 62,157 205,709 53,311 248-204-210 96-163-217 Other revenues 10,408 8,268 7,080 8,443 8,269 6,947 31,647 5,067 Expenses 26,063 24,480 18,245 44,604 32,211 17,992 55,620 6,158 Property 6,191 5,425 3,446 5,720 8,173 4,208 19,811 2,916 252-231-234 251-192-95 management fees Utilities 9,267 7,752 6,849 9,199 11,617 5,089 34,143 2,910 Insurance 99 89 82 106 149 54 380 32 239-171-255 Repairs and maintenance costs 2,495 2,622 351 11,774 2,315 606 942 6 Taxes 7,650 8,230 7,130 7,141 8,415 5,410 - - 138-228-226 Trust fees 350 350 350 1,150 350 350 334 267 Others 8 9 35 9,512 1,189 2,273 7 25 255-161-97 Net operational income 73,120 71,783 51,130 19,901 63,890 51,113 181,736 52,219 Depreciation 5,995 4,251 15,973 5,954 8,814 3,713 26,149 2,162 Total rental business 67,124 67,532 35,156 13,946 55,076 47,399 155,586 50,057 166-166-166 profit/loss 60 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (2) Unit : ¥000 0.75PT 23-70-158 Property No. A-17 A-18 A-19 A-20 A-21 A-22 A-23 A-24 150-150-150 Property name Shibakoen (Tentative) Kudankita 325 (Tentative) FORECAST Itohpia Iwamotocho Itohpia Iwamotocho Itohpia Iwamotocho Hisamatsucho Sanchome Building FORECAST Iidabashi Building Uchikanda 2-chome Building 1-chome Building ANNEX Building Reeplex B’s 220-221-222 Operating days 139 139 139 139 139 139 139 139 Revenues 159,645 95,667 37,779 38,171 62,288 67,174 51,178 Tint Color Chart Color Rent revenues 148,274 89,893 32,599 29,142 57,992 63,906 48,191 Other revenues 11,371 5,773 5,179 9,028 4,296 3,268 2,987 252-222-221 237-20-91 Expenses 17,659 14,817 8,596 6,515 13,931 12,356 13,036 Property management fees 6,071 7,221 4,209 2,668 5,139 4,919 4,399 Not disclosed Utilities 11,072 6,099 3,148 2,507 5,990 4,455 4,931 212-227-245 0-125-198 (1) Insurance 141 93 38 37 80 72 62 Repairs and 254-240-217 250-166-26 maintenance costs 92 357 17 1,028 1,137 1,736 1,123 Taxes ------Trust fees 267 267 267 267 267 267 267 218-212-229 162-147-191 Others 15 779 916 7 1,316 906 2,252 Net operational income 141,986 80,849 29,182 31,656 48,356 54,818 38,141 53,928 197-228-237 109-188-209 Depreciation 11,794 7,957 1,766 2,486 5,345 5,103 3,568 5,096 Total rental business profit/loss 130,191 72,892 27,416 29,169 43,011 49,715 34,572 48,832

227-241-229 115-185-123 Property No. A-25 A-26 A-27 A-28 A-29 A-30 A-31 A-32 (Tentative) (Tentative) (Tentative) KDX Ningyocho Nishi-Shinjuku Iidabashi Reeplex Nishi-Gotanda 8- Towa Higashi- Property name FORECAST FORECAST FORECAST Building Sanko Building B’s chome Building Gotanda Building Table Line Color Ningyocho Shin-Tokiwabashi Shinagawa Operating days 139 139 139 139 139 139 139 139 Revenues 44,856 38,029 40,657 50,625 31,089 50,040 55,529 44,796 237-20-91 243-133-142 Rent revenues 41,057 33,906 35,889 46,982 26,901 43,587 46,042 40,367 Other revenues 3,799 4,122 4,767 3,642 4,187 6,452 9,487 4,429 248-204-210 96-163-217 Expenses 9,925 7,512 6,768 9,739 8,797 11,467 11,682 14,221 Property management fees 4,636 2,868 2,780 3,453 2,572 4,770 5,269 4,411 252-231-234 251-192-95 Utilities 3,903 3,808 3,327 4,825 5,142 4,546 5,711 3,732 Insurance 59 39 38 54 29 60 67 71 Repairs and 239-171-255 maintenance costs 1,059 517 348 1,136 781 1,823 198 573 Taxes ------Trust fees 267 267 267 267 267 267 267 267 138-228-226 Others - 13 6 3 5 - 169 5,165 Net operational income 34,931 30,516 33,889 40,885 22,291 38,573 43,846 30,574 255-161-97 Depreciation 4,415 2,925 2,311 2,946 1,875 5,036 3,888 5,035 Total rental business profit/loss 30,515 27,591 31,577 37,938 20,416 33,536 39,958 25,539 166-166-166 Notes 1.This information is not disclosed as tenant’s consent to disclosure has not been obtained. 61 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (3) Unit:¥000 0.75PT 23-70-158 Property No. A-33 A-34 A-35 A-36 A-37 A-38 A-39 A-40 (Tentative) Toshin Higashi- Itohpia 150-150-150 Property name FORECAST Mejiro NT Ikebukuro Mitsui Woody Itabashi Honcho ANTEX24 Kiyosubashidori East Side Building Building Building Building Building 220-221-222 Takadanobaba Building Building Operating days 139 139 139 139 139 139 139 139 Revenues 122,405 86,734 30,701 62,687 96,035 43,713 46,704 38,095 Tint Color Chart Color Rent revenues 110,370 76,419 27,044 57,408 77,696 38,068 42,337 34,605 Other revenues 12,034 10,315 3,656 5,278 18,338 5,645 4,367 3,489 252-222-221 237-20-91 Expenses 21,675 15,635 5,638 16,640 28,036 9,302 9,838 6,118 Property management fees 7,308 7,006 2,489 6,747 13,257 3,255 4,012 2,757 212-227-245 0-125-198 Utilities 13,149 7,361 2,586 6,039 11,569 4,977 5,170 2,409 Insurance 135 101 36 96 121 50 55 41 Repairs and 254-240-217 250-166-26 maintenance costs 800 579 71 1,170 444 734 318 641 Taxes ------Trust fees 267 267 267 267 267 267 267 267 218-212-229 162-147-191 Others 14 319 186 2,319 2,376 16 14 2 Net operational income 100,729 71,099 25,062 46,046 67,998 34,411 36,866 31,976 197-228-237 109-188-209 Depreciation 10,398 7,879 2,323 4,044 11,556 3,506 2,740 2,193 Total rental business profit/loss 90,331 63,220 22,739 42,002 56,441 30,904 34,125 29,782 227-241-229 115-185-123 Property No. A-41 A-42 A-43 A-44 I•S Marunouchi Sunworld MK Kojimachi Property name Minamimorimachi Sanchome Office Building Building Building Building total Table Line Color Operating days 139 139 139 96 Revenues 70,466 52,305 26,105 3,761,081 237-20-91 243-133-142 Rent revenues 64,541 47,451 24,862 3,369,390 Other revenues 5,924 4,853 1,242 391,690 248-204-210 96-163-217 Expenses 13,162 12,869 4,184 946,937 Property management fees 4,645 5,780 2,508 276,089 Not disclosed 252-231-234 251-192-95 Utilities 7,655 (1) 5,488 1,333 344,877 Insurance 111 90 25 4,144 Repairs and 472 - 20 57,125 239-171-255 maintenance costs Taxes - - - 113,840 Trust fees 267 267 184 13,695 138-228-226 Others 11 1,242 113 137,163 Net operational income 57,303 29,954 39,435 21,920 2,814,144 255-161-97 Depreciation 8,300 3,752 6,664 1,522 351,126 Total rental business profit/loss 49,003 26,201 32,771 20,397 2,463,017 166-166-166 Notes 1.This information is not disclosed as sublessee’s consent to disclosure has not been obtained. 62 Logo Color (Header, Footer, Cover Page)

210-35-42 Performance by property (4) Unit : ¥000 0.75PT 23-70-158 Property No. B-1 B-2 B-3 B-4 B-5 B-6 B-7 Ｂ-8 150-150-150 Tower Court my atria my atria Mac Village Seam Dwell Kanda Reeplex Residence Property name Sky Hills N11 Ciel Yakuin Kitashinagawa Meieki Sakae Heian Tsutsui R’s Total 220-221-222 Operating days 181 181 181 181 181 181 181 139 Revenues 383,092 61,056 50,250 38,855 29,244 24,907 24,995 40,729 653,131 Tint Color Chart Color Rent revenues 376,633 61,056 48,767 38,850 29,193 24,906 23,765 37,420 640,593 Other revenues 6,459 - 1,483 5 50 1 1,229 3,308 12,537 252-222-221 237-20-91 Expenses 88,900 7,596 10,870 6,915 4,933 4,454 6,186 7,998 137,856 Property management fees 32,954 323 3,768 1,879 1,895 1,884 1,377 3,383 47,465 212-227-245 0-125-198 Utilities 5,626 - 792 534 437 - 733 - 8,124 Insurance 453 130 70 64 48 36 32 42 879 Repairs and 254-240-217 250-166-26 maintenance costs 12,877 232 1,028 137 236 90 1,012 1,842 17,456 Taxes 19,642 6,558 3,367 2,599 1,965 1,609 1,217 - 36,960 Trust fees 350 350 350 350 350 350 350 267 2,717 218-212-229 162-147-191 Others 16,997 1 1,493 1,350 - 483 1,462 2,462 24,251 Net operational Income 294,191 53,459 39,380 31,939 24,310 20,453 18,809 32,730 515,274 197-228-237 109-188-209 Depreciation 97,788 16,849 14,336 15,244 9,622 7,514 6,148 6,826 174,330 Total rental business profit/loss 196,402 36,610 25,043 16,695 14,688 12,938 12,660 25,904 340,944 227-241-229 115-185-123 Property No. C-1 C-2 Otakibashi Pacifica Retail Portfolio Property name Komyoike Act Table Line Color Building Total Total Operating days 111 139 4,577,542 237-20-91 243-133-142 Revenues 55,325 108,004 163,329 Rent revenues 49,467 83,268 132,736 4,142,720 Other revenues 5,857 24,736 30,593 434,822 248-204-210 96-163-217 Expenses 8,301 48,366 56,667 1,141,461 Property management 344,898 fees 2,588 18,754 21,343 384,148 252-231-234 251-192-95 Utilities 4,603 26,543 31,146 5,206 Insurance 28 153 181 Repairs and 75,307 239-171-255 319 405 724 maintenance costs 150,801 Taxes - - - 16,893 Trust fees 213 267 480 138-228-226 164,205 Others 548 2,243 2,791 3,436,081 Net operational Income 47,023 59,637 106,661 255-161-97 549,104 Depreciation 7,464 16,182 23,646 2,886,976 Total rental business profit/loss 39,559 43,455 83,014 166-166-166 63 Logo Color (Header, Footer, Cover Page)

210-35-42 Balance Sheet

The 5th period The 6th period The 5th period The 6th period 0.75PT Unit = ¥000 Unit = ¥000 23-70-158 Ended Dec. 31, 2014 Ended June 30, 2015 Ended Dec. 31, 2014 Ended June 30, 2015 150-150-150 Assets Liabilities Current Assets 220-221-222 Current Liabilities Cash and deposits 1,113,741 2,291,302 Accounts payable 257,009 706,752 Cash and deposits in trust 3,943,906 8,887,346 Tint Color Chart Color Short-term debt 8,150,000 - Tenant receivables 36,317 122,224 Long-term debt due within one year - 9,100,000 Prepaid expenses 124,691 277,811 252-222-221 237-20-91 Accrued expenses 78,922 147,306 Deferred tax assets 500 2 Income taxes payable 595 - Income taxes receivable - 3,611 Accrued consumption taxes 67,412 - 212-227-245 0-125-198 Consumption taxes refundable - 1,318,463 Advances received 354,906 823,284 Other current assets 6,776 13,842 Other current liabilities 257,642 328,923 Allowance for doubtful accounts (1,458) (0) 254-240-217 250-166-26 Total current liabilities 9,166,488 11,106,266 Total Current Assets 5,224,475 12,914,604 Non-Current Assets Long-Term Liabilities 218-212-229 162-147-191 Property plant and equipment Long-term debt 31,870,000 70,570,000 Buildings in trust 20,573,922 37,371,083 Tenant security deposits in trust 2,290,209 5,498,160 Accumulated depreciation (1,352,458) (1,897,144) Total Long- Term Liabilities 34,160,209 76,068,160 197-228-237 109-188-209 Buildings in trust, net 19,221,463 35,473,939 Total Liabilities 43,326,698 87,174,426 Structures in trust 135,341 141,062 Accumulated depreciation 227-241-229 115-185-123 (12,036) (15,425) Structures in trust, net 123,304 125,636 Net Assets Machinery and equipment in trust 2,678 8,847 Unitholders’ equity Table Line Color Accumulated depreciation (89) (517) Unitholders’ capital 36,919,883 85,364,159 Machinery and equipment in trust, net 2,588 8,330 Surplus Tools, furniture and fixtures trust 6,478 237-20-91 243-133-142 14,838 Unappropriated retained 1,107,258 2,103,897 Accumulated depreciation (211) (812) earnings (undisposed loss) Tools, furniture and fixtures in trust ,net 6,267 14,025 248-204-210 96-163-217 Total surplus 1,107,258 2,103,897 Land in trust 40,662,441 109,521,024 Total unitholders’ equity 38,027,142 87,468,056 Total property, plant and equipment 60,016,065 145,142,955 Total Net Assets 38,027,142 87,468,056 Intangible assets 252-231-234 251-192-95 Total Liabilities and Net 81,353,840 174,642,483 Leasehold rights in trust 15,243,932 15,806,025 Assets Total intangible assets 15,243,932 15,806,025 239-171-255 Investment and other assets Investment securities 707,940 282,269 138-228-226 Lease and guarantee deposits 10,050 10,110 Long-term prepaid expenses 151,243 456,632 Other 132 255-161-97 29,886 Total investment and other assets 869,366 778,898 Total Non-Current Assets 76,129,364 161,727,878 166-166-166 Total Assets 81,353,840 174,642,483 64 Logo Color (Header, Footer, Cover Page)

210-35-42 Income Statement

The 5th period The 6th period 0.75PT 23-70-158 Unit = ¥000 150-150-150 Ended Dec. 31, 2014 Ended June 30, 2015 Operating Revenues 220-221-222 Rent revenues 2,198,367 4,142,720 Other revenues related to property business 209,574 434,822 Tint Color Chart Color Dividend income 800 19,376 252-222-221 237-20-91 Total Operating Revenues 2,408,742 4,596,919 Operating Expenses Property-related expenses 907,349 1,690,565 212-227-245 0-125-198 Asset management fees 182,861 223,520 Asset custody fees 2,871 5,882 254-240-217 250-166-26 Administrative service fees 12,852 25,577 Directors’ compensation 1,920 1,920 Independent auditors’ fees 11,000 14,000 218-212-229 162-147-191 Other operating expenses 44,236 78,947 Total Operating Expenses 1,163,090 2,040,413 197-228-237 109-188-209 Operating Income 1,245,651 2,556,505 Non-Operating income 227-241-229 115-185-123 Interest income 309 744 Interest on refund 1,727 - Total non-operating Revenues 2,037 744 Table Line Color Non-Operating Expenses Interest expense 95,325 183,682 237-20-91 243-133-142 Borrowing related expenses 73,846 184,030 Investment unit issuance expenses - 112,404 248-204-210 96-163-217 Loss on valuation of derivatives 172 119 Total Non-Operating Expenses 169,343 480,235 252-231-234 251-192-95 Ordinary Income 1,078,344 2,077,014 Income Before Income Taxes 1,078,344 2,077,014 Income taxes – current 658 659 239-171-255 Income taxes – deferred (260) 497 Total income taxes 397 1,157 138-228-226 Net Income 1,077,946 2,075,856 Retained Earnings at Beginning of Period 29,312 28,041 255-161-97 Retained Earnings at End of Period 1,107,258 2,103,897

166-166-166 65 Logo Color (Header, Footer, Cover Page)

210-35-42 Unitholder composition / Historical unit price

0.75PT 23-70-158 Unitholder composition by unit Top 10 major unitholders (6th Period) 150-150-150 No. of Name ratio 220-221-222 5th period 51,057 70,048 24,325 6,380 units 151,810 units (33.63%) (46.14%) (16.02%) (4.20%) 1 Japan Trustee Services Bank, Ltd. (Trust Account) 43,798 14.40% Tint Color Chart Color Trust & Custody Service Bank, Ltd.(Securities 2 19,343 6.36% 252-222-221 237-20-91 Investment Trust Account) 6th period 133,695 116,691 35,381 18,293 3 The Master Trust Bank of Japan, Ltd. (Trust Account) 19,066 6.27% 304,060 units (43.97%) (38.38%) (11.64%) (6.02%) 212-227-245 0-125-198 4 Sojitz Corporation 15,500 5.10% individuals Financial Institutions Domestic Corporations Foreign Corporations The Nomura Trust and Banking Co., Ltd. (Investment 5 10,282 3.38% 254-240-217 250-166-26 By unitholder Trust Account) 5th 6 NOMURABANK(LUXEMBOURG)S.A. 8,276 2.72% No. of Individuals 9,523（97.02％） 218-212-229 162-147-191 unitholders 7 The Bank of Yokohama, Ltd. 3,027 1.00% 9,816 Financial Institution : 54 (0.55％) 8 Higashi-Nippon Bank, Ltd. 2,049 0.67% 197-228-237 109-188-209 Domestic Corporations : 184 (1.87％) Foreign Corporations : 55 (0.56％） 9 6th Mitsubishi UFJ Trust and Banking Corporation 1,702 0.56% 227-241-229 115-185-123 No. of unitholders Individuals 20,455（96.96％） 10 GRANDOIR Ltd. 1,649 0.54% 21,096 Line Color Financial Institution : 89 (0.42％) T O T A L 124,692 41.01% Domestic Corporations : 463 (2.19％) 243-133-142 Foreign Corporations : 89 (0.42％) Historical unit price volume price IPO issue price REIT Index 96-163-217 Closing price on Aug. 20 450,000 18

¥275,600 16 千 251-192-95 400,000 14 12 350,000 個人・その他 20,455人（96.96％） 239-171-255 10 8 300,000 138-228-226 6 250,000 4 2 255-161-97 200,000 0 2014/7 2014/8 2014/10 2014/12 2015/2 2015/4 2015/6 2015/8 166-166-166 （Yen） （1,000units） 66 Logo Color (Header, Footer, Cover Page)

210-35-42 Asset Management Company

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

Tint Color Chart Color

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

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

166-166-166 67 Logo Color (Header, Footer, Cover Page)

210-35-42 Disclaimer

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