The 7th Fiscal Period (May 2015) Presentation

Internal Growth -Trend of Rent Gap and Occupancy-

Internal Growth (Tokyo Office Properties)-Positive Turnover, Rent Revision Trend-

Internal growth (Tokyo Office Properties) -Strength of Shibuya/Aoyama/Ebisu Areas-

Internal Growth (Tokyo Office Properties) -OSAKI WIZTOWER-

Internal Growth (Urban Retail Properties) -Rise in Sales Linked Rent-

Internal Growth (Urban Retail Properties) -Capturing Inbound Demand-

Internal Growth (Urban Retail Properties) -Tokyu Plaza in Omotesando/Harajuku-

Internal Growth (Urban Retail Properties)　 -Examples of Value Enhancement-

External Growth -Strategic Replacement of Assets-

External Growth -Strategic Replacement of Assets-

External Growth -Strategic Replacement of Assets-

External Growth -Expansion of Asset Size-

External Growth -Sourcing Channels and Methods of Acquisitions since listing-

Financing Strategy -Status of Financing (1)-

Financing Strategy -Status of Financing (2)-

Appraisal Values of Properties (as of May 31, 2015)

Trends of NAV per unit/appraisal value