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Investor Presentation 3296 for the 6Th Period (As of June 30,2015) 227-241-229 115-185-123 August 21, 2015 Line Color

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Investor Presentation 3296 for the 6Th Period (As of June 30,2015) 227-241-229 115-185-123 August 21, 2015 Line Color 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 (2) LTV 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.
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