Investor Presentaiton

JPR Changes in Variation between Appraisal Value and Book Value at End of Period NAV (as of Jun.2012) 214,588 yen P/NAV:1.00 (Note 1) 11th Period Jun. 2007 12th Period Dec. 2007 13th Period Jun. 2008 14th Period Dec. 2008 15th Period Jun. 2009 16th Period Dec. 2009 17th Period Jun. 2010 18th Period Dec. 2010 19th Period Jun. 2011 20th Period Dec. 2011 21st Period Jun. 2012 Number of properties 48 49 50 52 51 53 55 56 56 57 58 Appraisal value at end of 285,176 299,995 322,984 311,513 300,509 301,979 308,134 315,806 313,274 314,704 347,558 period (JPY mn) Book Value (JPY mn) 240,546 246,002 268,506 273,323 292,607 303,090 322,804 331,804 330,536 332,880 370,163 Variation (unrealized 44,630 53,993 54,478 38,190 7,902 -1,111 -14,670 -15,998 -17,262 -18,176 -22,605 gains: JPY mn) Ratio of unrealized gains 18.60% 21.90% 20.30% 14.00% 2.70% -0.37% -4.54% -4.82% -5.22% -5.46% -6.11% or losses (Note 2) (Note 1) NAV: Net assets per unit after including unrealized gains = (Net assets at end of period + Unrealized gains or losses) / Number of outstanding units issued at end of period P/NAV: Unit Price (Aug. 10, 2012) / NAV (Note 2) Ratio of unrealized gains or loss = Variation / book value x 100 (JPY mn) 60,000 48,000 36,000 53,993 54,478 24,000 44,630 38,190 12,000 0 -12,000 Variation (unrealized gains or losses: JPY mn) 7,902 + + + -1,111 -14,670 -15,998 -17,262 -18,176 -22,605 -24,000 Jun. 2007 Dec. 2007 11th Period 12th Period Jun. 2008 13th Period Dec. 2008 14th Period Jun. 2009 15th Period Dec. 2009 16th Period Jun. 2010 17th Period Dec. 2010 18th Period Jun. 2011 19th Period Dec. 2011 20th Period Jun. 2012 21st Period Japan Prime Realty Investment Corporation 32 32

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