Investor Presentaiton

Appraisals and Cap Rates at End of Period JPR Area No. Property Name 1 Kanematsu Building End of 20th Period (a) Appraisal Value Cap Rate (Note 1) (Note 2) 10,200 4.7% End of 21st Period (b) Appraisal Value Cap Rate (Note 1) (Note 2) 10,600 End of 20th Period (a) End of 21st Period (b) Change (b-a, JPY mn, %) Appraiser Area No. Property Name 4.6% 2 Kanematsu Building Annex 2,060 5.1% 2,040 5.1% 400 3.9% -20 -1.0% 3 3 38 Olinas Tower 39 3 JPR Ningyo-cho Building 4 Shin-Kojimachi Building 5 JPR Crest Takebashi Building 6 MS Shibaura Building 7 Gotanda First Building 8 Fukuoka Building 2,260 5.1% 3,030 4.8% 3,470 4.7% 13,400 4.9% 2,850 5.0% 3,180 4.5% 2,100 5.1% 3,050 4.8% 3,410 4.7% 12,300 4.9% -160 20 -60 -7.1% 1 0.7% -1.7% -1,100 -8.2% 1 2,770 5.0% -80 -2.8% 3,170 4.5% -10 -0.3% 9 JPR Ichigaya Building 4,760 4.6% 4,770 4.6% 10 0.2% 10 Oval Court Ohsaki Mark West 4,280 4.8% 4,200 4.8% -80 -1.9% -511555 Greater Tokyo 40 Tokyo Tatemono Yokohama Building Tanashi ASTA 41 Cupo-la Main Building 42 JPR Musashikosugi Building 43 44 45 Musashiurawa Shopping Square Kawasaki Dice Bldg. Niigata Ekinan Center Building Appraisal Value Cap Rate (Note 1) (Note 2) 32,300 4.7% 6,990 5.6% 12,300 5.8% 5.9% 2,480 5,280 5.2% 3,920 5.4% 14,664 4.7% 2,090 6.7% Appraisal Value Cap Rate (Note 1) (Note 2) Change (b-a, JPY mn, %) Appraiser 32,300 4.7% 46 Tokyo Tatemono Honmachi Building 3,210 5.7% 47 JPR Hakata Building 11 Shinjuku Square Tower 7,796 4.6% 7,685 4.6% -111 -1.4% 6 48 JPR Naha Building. 12 BYGS Shinjuku Building 13,700 Tokyo CBDS 13 Across Shinagawa Building Annex 819 14 Shinjuku Center Building 13,300 15 Minami Azabu Building 2,730 4.6% 5.5% 4.3% 5.2% 13,400 4.6% -300 -2.2% 813 5.5% 12,500 4.3% -6 -0.7% 55 49 Sompo Japan Sendai Building -800 -6.0% 16 Shinagawa Canal Building 1,790 4.9% 17 Rokubancho Building 3,090 6.1% 2,830 5.4% 1,780 4.9% 3,110 7.2% 100 3.7% 1 18 Ryoshin Harajuku Building 7,250 4.5% 6,830 19 Tokyo Tatemono Kyobashi Building 5,210 4.9% 5,210 4.5% 4.9% -10 -0.6% 1 20 0.6% 1 -420 -5.8% ----8- 1 Other cities 51 50 Sompo Japan Wakayama Building Tenjin 121 Building 52 JPR Dojima Building 53 JPR Hakata-chuo Building 2,890 6.0% 1,460 6.8% 6.3% 3,320 1,670 7.5% 5.8% 2,070 2,180 5.3% 1,640 5.7% 6,910 5.7% 12,500 5.7% 2,500 5.9% 5,270 5.2% 3,960 5.4% 14,560 4.7% 2,090 6.7% 3,210 5.7% 2,770 6.0% 1,460 6.7% 3,300 6.3% 1,660 7.5% 2,080 5.7% 2,050 5.4% 1,650 5.7% -80 200 1882 -1.1% 1.6% 20 -10 0.8% -0.2% 40 1.0% -104 -0.7% -120 -4.2% -20 -0.6% -10 -0.6% 11518872-22- 10 1 0.5% 54 JPR Nagoya Fushimi Building 2,660 6.3% 55 1 56 20 JPR Nihonbashi-horidome Building 5,740 4.9% 5,630 4.9% 21 JPR Sendagaya Building 10,200 4.4% 22 Ginza Sanwa Building 3,430 3.8% 23 Olemachi 1-6 Plan (tentative name) (land with land leasehold) 24 JPR Shibuya Tower Records Building 25 JPR Daikanyama 26 JPR Jingumae 432 12,600 4.5% 1,280 5.1% 3,750 3.5% 10,300 4.4% 3,230 3.8% 36,800 3.6% 12,100 4.4% 1,270 5.1% 3,700 3.5% -110 -1.9% 8 100 1.0% 8 -200 -5.8% JPR Umeda Loft Building Benetton Shinsaibashi Building 57 Housing Design Center Kobe 58 JPR Chayamachi Building 8 Total 13,500 4.8% 4,270 4.8% 6,460 6.2% 4,540 5.0% 314,704 2,770 6.2% 13,600 4.8% 4,340 4.8% 6,430 6.2% 4,550 5.0% 347,558 -130 10 110 100 -6.0% 0.6% 4.1% 4 1 1 0.7% 6 70 1.6% 4 -30 -0.5% 4 10 0.2% 4 -3,946 5 -500 -4.0% 1 -10 -0.8% -50 -1.3% 3 7 Properties whose appraisal values decreased by 5% or more compared with those at the end of the 20th period 27 Shinjuku Sanchome East Building 2,330 4.5% 28 Yurakucho Ekimae Building (Yurakucho Itocia) 2,620 4.3% Arca East 29 30 JPR Chiba Building 5,890 4.7% 1,550 6.1% 31 JPR Yokohama Nihon Odori Building 2,460 5.7% 2,390 4.4% 2,620 4.2% 5,750 4.7% 1,550 6.1% 2,400 5.7% 60 2.6% 1 Properties whose appraisal values increased compared with those at the end of the 20th period 1 -140 -2.4% 1 Appraiser No. -60 -2.4% Greater Tokyo 32 Shinyokohama 2nd Center Building 815 6.1% 33 Kawaguchi Center Building 8,020 34 JPR Ueno East Building. 4,620 6.0% 5.1% 35 Tachikawa Business Center Building 2,880 5.6% 36 Rise Arena Building 5,890 5.6% 37 Yume-ooka Office Tower 5,560 5.6% 840 6.0% 7,700 6.0% 4,570 5.1% 2,890. 5.6% 6,030 5.4% 5,260 5.6% 25 3.1% -320 -4.0% 3 -50 -1.1% 1 10 0.3% 1 140 2.4% 4 -300 -5.4% 553 Japan Real Estate Institute 1 (Note 1) At end of period (JPY mn) (Note 2) Direct Capitalization Method 3 The Tanizawa Sogo Appraisal Co., Ltd. Nippon Tochi-Tatemono Co., Ltd. 2 3 CBRE K.K. 4 Daiwa Real Estate Appraisal Co., Ltd. 5 LCR Co., Ltd. 6 1 Appraisal Firm A Square Ltd. Japan Valuers Co., Ltd. 7 8 (Note 3) The Direct Capitalization Method is a method for determining income using the capitalization method (a method that determines the price of targeted real estate by determining the sum of the current price of the net income that the targeted real estate is expected to produce in the future), which discounts the net income for a set period using the cap rate. (Note 4) "Otemachi 1-6 Plan (tentative name) (land with land leasehold)" acquired in the 20th period is excluded from the Change column. Japan Prime Realty Investment Corporation 33

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