For Immediate Release

REIT Issuer: ORIX JREIT Inc. (TSE: 8954) Teruo Ozaki Executive Director

Asset Management Company: ORIX Asset Management Corporation Yoshitaka Kamemoto President and CEO Inquiries: Shinji Yamana Executive Officer and CFO TEL ：+81 3 5776 3323

ORIX JREIT Announces Property Acquisition “PACIFIC SQUARE NISHIKI”

TOKYO, December 21, 2020 — ORIX JREIT Inc. (“OJR”) announced that its asset management company, ORIX Asset Management Corporation (“OAM”), passed a resolution on the property acquisition as described below.

1. Acquisition Summary Property Name PACIFIC SQUARE NAGOYA NISHIKI Specified asset category Real estate trust beneficial interest Type Office Area Other area s (Note 2) (Nagoya -shi, Aichi) Acquisition Price 6,802 million yen Appraisal value 7,240 million yen Seller Godo Kaisha Sakigake Square One Intermediary None Contract date December 21 , 2020 Acquisition date December 25 ，2020 NOI yield (Note 3) 4. 5% Yield after depreciation (Note 4) 3. 4% Note : 1. “Property” refers to the property to be acquired in the above. 2. “Other areas” refers to areas other than the Greater Tokyo Area (Tokyo, Kanagawa, Saitama and Chiba prefectures). 3. The “NOI yield” of Property is calculated by dividing Net Operating Income based on the direct capitalization method indicated in the appraisal report at the time of decision to acquire by the acquisition price. The figure is rounded to the one decimal place. 4. The “Yield after depreciation” of Property is calculated by dividing (Net Operating Income based on the direct capitalization method indicated in the appraisal report at the time of decision to acquire – Depreciation estimated by OAM) by the acquisition price. The figure is rounded to the one decimal place.

2. Purpose of the Acquisition OJR aims to achieve stable growth of unitholder value through careful selection in properties from the perspectives of growth potential, profitability and stability by leveraging our strength, “ORIX Synergy (Note1) ,” “Direct PM (Note2) ” and “Diversified REIT (Note3) ”. OJR has currently been reshuffling properties to improve the quality of the portfolio by disposing properties with concerns over future competitiveness or profitability and acquiring properties that can leverage our strengths.

1/6

Although acquiring quality properties remains to be competitive with limited opportunities, OJR seized the opportunity to acquire the property from a 3rd party to maintain a stable profit foundation despite impacts under COVID-19 in the short term and evaluated its mid- to long-term growth potential based on the following points.

 A medium-sized office located in Fushimi area, an office district in Nagoya City where financial institutions and major companies are centered. The property is conveniently located with high access to public transport. It is approximately a 4-minute walk from Marunouchi Station on the Nagoya subway. In addition, , , Hisaya-odori Station and Sakaemachi Station are also within walking distance.  OJR has 3 office properties in this area which respectively maintain a high occupancy and success in rent increases. We believe we can leverage our strength with our track record and the high familiarity of the market.  We also believe that there is potential for future rent growth as the current average actual rent on this property is lower than the current market rent.  In addition, we can achieve cost efficiency through integrated management with our owned property, ORE Nishiki 2-chome Bldg. which is located just north across the street.  There is a strong demand for business vehicles in this area and this property is highly competitive having 80 parking spaces including 24 scarce spaces for high-roof cars.  Current tenants are from various industries such as wholesale, information services and manufacturing.

Grade B office-Market conditions at Marunouchi and Fushimi area ・ The assumed achievable rent for "Grade B office at Marunouchi and Fushimi area" has increased by approximately 20% since 2015. ・ The vacancy rate remains low and stable at around 1.8% as of the end of September 2020 with no large supply expected in the future.

*Prepared by OAM based on the survey data from CBRE Inc.

Note: 1. The “ORIX Synergy” refers to the cooperative relationship between Sponsor and OJR. 2. The “Direct PM” refers to the supplemental work of property management operations including leasing activities and activities to improve property value by OAM, while utilizing the ORIX Synergy. 3. The “Diversified REIT” refers to real estate investment incorporations that invest in various types of property such as offices, retail facilities, residential properties, logistics facilities, hotels and others.

2/6

Map and Photo

3. Summary of the Property Specified asset category Real estate trust beneficial interest Trustee (Scheduled) Mitsubishi UFJ Trust and Banking Corporation (Note 1) Address 2-5-12 Nishiki, Naka -ku, Nagoya -shi, Aichi Approx. 4-minute walk from “Marunouchi” station on Nagoya Subway Public transit access Sakuradori Line Registered Area 1,229.15 m2 Land Type of ownership Full ownership Registered usage Office, Retail, Car p arking Registered completion February 2008 date Building Type of ownership Full ownership Registered Area 7,525 .77 m2 Registered Steel-frame with flat roof, 8 floors construction

Earthquake resistance (Note 2) (with or without earthquake PML : 9% *Based on the report by Sompo Risk Management Inc. insurance) Collateral None Summary of the Engineering Report Reporting Company Tokio Marine & Nichido Risk Consulting Co., Ltd. Date of inspection Oct ober 14, 2020 Maintenance Cost 156 million yen (Note 3)

Total amount of 12 years from the date of 2,452 million yen (Note 3) inspection Summary of Rental status as of October 31, 20 20 Number of tenants 16 Gross rental income 22 million yen per month (Note 3) excluding parking Security deposits 184 million yen (Note 3) including parking Total rent space 5,763.77 m2 Total rentable space 5,998.92 m2

3/6

October October October October October Occupancy rate of end tenants 2016 2017 2018 2019 2020 during past 5 years 96.1% 100 ％ 100% 96.1% 96.1% There are several matters found out not in compliance with the Building Standards Act, however, OJR has agreed with the seller to cure any and Special notes all such matters at the seller's responsibility and expense within three months after the acquisition of the property by OJR. 296 million yen per annum (Note 3) Estimated net operating income (NOI) represents the estimated revenue/ expenditure balance under stabilized occupancy excluding extraordinary Estimated net operating income factors that may occur after acquisition. The preconditions are as below; (NOI) these figures are not what OJR expects for the current fiscal year. 1) Occupancy rate: 95.8% 2) Taxes: Calculated based on the actual amount for 2020

Notes: 1. OJR is planning to execute “Amendment to Property Management and Disposition Trust Agreement” with the company on December 25, 2020. 2. PML (Probable Maximum Loss) shows the ratio of cost of recovering a building after it is damaged to its state before the damage occurred against replacement cost, when assuming an earthquake that may occur once in 475 years in average in probability statistics (recurrence interval of 475 years). The earthquake risk of a building is evaluated based on the event risk curve that shows the relationship of amount of expected loss (horizontal axis) and probability for the loss to exceed the year (vertical axis). However, the risk curve has variability because loss evaluation comes with uncertainties in earthquake resistance performance of the building, behavior of earthquake vibration, etc. Accordingly, the above PML figures use the risk curve with credibility level of 90%, and are rounded to the nearest whole number. 3. Figures are rounded down to the nearest million yen.

4. Profile of Seller as of December 3, 2020 Company name Godo Kai sha Sakigake Square One Address c/o Tokyo Kyodo Accounting Office 3-1-1 Marunouchi, Chiyoda -ku, Tokyo Representative Masakazu Hongo Primary business Sales and Purchase, holding , dispose , lease, management of real estate Capital 100,000 yen Date of establishment September 14 , 2015 Net Assets - *Not disclosed as the consent of the Company could not be obtained. Total Assets - *Not disclosed as the consent of the Company could not be obtained. Major shareholders - *Not disclosed as the consent of the Company could not be obtained. Relationships with OJR or our asset management company There is no capital relationship required for reporting among OJR or Capital relationship OAM and the Company. There is no personal relationship required for reporting among OJR or Personal relationship OAM and the Company. There is no business relationship required for reporting among OJR or Business relationship OAM and the Company. Applicable to related The Company does not fall under a related party of OJR. party

4/6

5. Information of Sellers The transaction party does not fall under the category of a related party of OJR nor OAM.

6. Payment terms Settlement terms: 100% on delivery Funding method: New borrowing (Note) and cash on hand Note: For details of the financing, please refer to the press release “ORIX JREIT Announces New Debt Financing” announced today.

7. Future Outlook There will be no change in the earnings and distributions forecast for the 38th fiscal period from September 1, 2020 through February 28, 2021 and the 39th fiscal period from March 1, 2021 through August 31, 2021 announced in “Financial Results for the 37th Fiscal Period” dated October 19, 2020.

5/6

8. Appraisal Summary Name of asset PACIFIC SQUARE NAGOYA NISHIKI

Date of value November 30, 2020 Appraisal value (In thousands of yen) 7,240,000 Appraiser Chuo Real Estate Appraisal Co., Ltd. (In thousands of yen) Item Content Grounds Income approach value is determined with emphasis on income Income Approach Value 7,240,000 approach value by the DCF method, with income approach value using the direct capitalization method also taken into consideration Valuation by the Direct Capitalization Method 7,630,000 (1) Gross Operating Revenue [(a)-(g)] 389,889 (a) Effective gross revenue 409,024 [(b) ＋(c) ＋(d) ＋(e) ＋(f)] Assessed taking factors such as rent and CAM charges under the (b) Rental income 283,840 existing lease agreement and other arrangements and the level of rents and CAM charges at similar properties into consideration (c) CAM income 69,448 Same as above Assessed based on the past data, taking the level of utilities income of (d) Utility reimbursement 26,636 similar properties into consideration Assessed taking factors such as the parking fee under the current (e) Parking Fee income 28,800 agreement and the level of parking fees at similar properties into consideration (f) Other income 300 A vending machine installation fee is recorded based on actual data Medium-to-long-term occupancy rate (vacancy rate), etc. is assessed taking factors such as actual occupancy data of the subject real estate (g) Vacancy loss 19,135 and similar properties and future market trend forecasts into consideration (2) Operating Expenses 86,302 Assessed based on presented estimates, taking factors such as past data Maintenance Expense 17,997 and level of expenses of similar properties into consideration Assessed based on actual past data, taking factors such as level of Utility Expense 29,744 expenses of similar properties into consideration Repair Expense 4,580 Assessed based on ER Property Management Fee 5,295 Assessed based on expected contract conditions Tenant Advertisement Cost 2,728 Assessed based on expected contract conditions Tax and Public Dues 25,495 Assessed based on the latest actual amounts Casualty Insurance 431 Assessed based mainly on estimates Other Expenses 32 Residents' association membership fee is recorded based on actual data (3) Net Operating Income [(1)-(2)] 303,587 (4)Profit from Managing Security Deposit 2,373 Assessed based on rate of return of 1.0 ％ (5)Capital Expenditure 8,421 Assessed based on ER (6)Net Revenue [(3)+(4)-(5)] 297,539 Assessed with reference to investment yields in transactions of similar (7)Cap Rate 3.9% properties and taking into consideration the individual features of the property such as location, building spec and rights and benefits DCF Method 7,070,000 Assessed with reference to investment yields in transactions of similar Discount Rate 3.7% properties and taking into consideration factors such as the individual features of the property and valuation scenarios Assessed with reference to investment yields in transactions of similar properties and taking into consideration factors such as the individual Terminal Cap Rate 4.1% features of the property, valuation scenarios, future market risks and other risk premiums Cost Approach 5,520,000 Ratio of Land 73.7% Ratio of Building 26.3%

Additional considerations made in the reconciliation Determined by adopting income approach value in reference to cost approach as of evaluation demand for the subject property is considered to emphasize profitability

Note: This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail.

6/6