Investor Presentaiton

JPR External Growth Strategy Position focused investment in office properties in the greater Tokyo area as the basic strategy for external growth, leveraging sponsors' pipelines and promoting acquisitions from the secondary market JPR has in the approx. 3 years since 2009 conducted focused investment in 10 office properties in the greater Tokyo area amounting to 117.6 billion yen JPR will advance an acquisition strategy that utilizes its sponsors' pipelines, preferential negotiation rights, etc. and plan further investment in Tokyo offices ■Acquisition of large development property from Tokyo Tatemono, the main sponsor Tokyo Tatemono is handling many large developments centering in Tokyo and owns excellent properties that rarely flow through the transaction market. Also, Tokyo Tatemono has in the area of focus in its medium-term business plan the continued expansion of REIT and real estate fund management business. Its policy for JPR is to further strengthen the collection of information to be passed through the sponsor pipeline. Otemachi 1-6 Plant (tentative name) (ownership of land with leasehold) Focused investment in office properties in the greater Tokyo area ■Supply of properties from other sponsors such as Taisei Corporation JPR has also acquired many properties from its 4 other sponsors. JPR will watch the changes in the sponsors' business environments going forward and consider together with the sponsors the strengthening of supply of properties from a long-term perspective. Investment Ratio by Location and by Asset Class Olinas Tower Retail properties 24.3% Office propertie In the greater Tokyo area (acquired in and before 2008) 36.1% Office (other cities) 9.6% Office properti the greater after 2009 30.0% Rise Arena Bldg. JPR Ningyocho Bldg. Greater Tokyo area 66.1% ■Utilizing various property acquisition methods and promoting an investment strategy based on excellent sourcing abilities JPR also has a history of property acquisitions from third parties other than its sponsors. It engages in property acquisitions that utilize various acquisition methods such as additional acquisition of co-ownership of shared properties that makes use of preferential negotiation rights. (JPR possesses preferential negotiation rights for a majority of the 20 office properties in the greater Tokyo area for which it owns land with leasehold or has co-ownership or partial unit ownership.) Property Acquisitions that Utilized Sponsors' Pipelines Transactions with third parties BYGS Shinjuku Bldg. Ginza Sanwa Bldg. Acquired regional property for the first time in approx. 6 years, complementing profitability of portfolio with relatively high yields Selective investment in regional office buildings and retail properties ■Selective investment in regional office buildings As the capacity for expanding investment size per property was generated due to the growth of the portfolio asset size, JPR will selectively invest in large regional offices with high area competitiveness. Yakuin Business Garden 48.0% Properties acquired from parties other than sponsors, etc. 30.9% Properties acquired with information provided by sponsors 17.0% Properties acquired from sponsor, etc. 52.0% ■Replacement of assets centering on retail properties The yields of JPR's retail properties are comparatively higher than its office buildings and they contribute to the raising the overall portfolio's earnings. However, some of these properties cannot be expected to continually grow in the future while they can be sold at preferable prices. Opportunities for replacements centering on these assets will be considered. Japan Prime Realty Investment Corporation Acquisitions that utilized sponsors' pipelines 69.1% 24

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