untitled

28 28 P.02 P.16 28 P.03 P.17 1 P.04 P.18 1 P.05 P.19 29 P.06 P.20 P.07 P.21 P.08 P.22 P.09 P.23 P.10 P.24 P.11 29 30 P.25 P.12 29 30 P.26 P.13 29 30 1 P.27 P.14 P.28 P.15 P.29 28 28 P.31 P.43 28 / P.32 P.47 29 P.33 P.48 P.34 P.49 P.35 P.50 P.39 P.52 P.41 P.53 1

28 27 2016 4 [1] *1 28 2016 10 [2] 8,094 8,423 + 328 8,333 + 89 - - - - - 4,344 4,582 + 237 4,597-15 3,749 3,840 + 91 3,736 + 104 3,897 3,949 + 51 3,865 + 83 3,241 3,338 + 96 3,228 + 109 3,240 3,335 + 95 3,227 + 108 5,597 5,723 + 125 5,615 + 107 4,538 4,656 + 118 4,545 + 111 [2]-[1] [3] [2]-[3] - - - - - - - - - - 260 260-260 - 2,460 2,533 + 73 2,450 + 83 59 59-59 - *1 2016 6 17 28 4 REIT 28 2

28 27 2016 4 28 2016 10 97.0% 97.3% 96.6% 97.0% 96.9% 97.2% 155.5 145.5 *1 0.42% 0.39% 2.2 4.8 NOI 27 2016 4 28 2016 10 27 2016 4 28 2016 10 5.1% 5.2% 4.9% 4.9% 5.0% 5.1% LTV 46.9% 46.7% *2 0.83% 0.83% 3.2 3.4 *1 *2 3

1 DPU 2,460 + 78-5 + 6-11 DPU 2,533 + 56-16 + 126 +47 +52 + 20 + 7-142 -14-88 -39-1 + 38 272016 4 282016 10 + 99 4,600-51 + 96 4,745 27 28 4

1 DPU 2,533 DPU 2,450 + 80 + 3 + 4-1 + 64 + 52 + 9 + 5 + 22 + 16 + 12 + 43-26 -5 + 16 282016 10 98% 97% 96% 95% CF CF 98% 96.8% 97% 96.2% 96% 95.3% 96.0% 95% 5 6 7 8 9 10 11 5 12 6 7 1 8 2 9 3 10 4 *1 2016 6 17 28 4 REIT 28 5

29 NTT NTT NTT 4,600 4,810 1,663m 2 *1 11,561m 2 19.7 *2 100% NOI 5.1% 2016 12 6,700 138 6,517m 2 28 100% NOI 28 4.0% *1 215 *2 2016 10 6

20.4 20.9 27 2016 4 28 2016 10 59 59 2,359 2,359 32.8% 32.8% 67.2% 67.2% 5 5.7% 5.4% 5.7% 5.4% 23 21.7% 67.1% 21.7% 67.1% NOI 5.0% 5.1% 3.8% 4.0% 7

2,500 2,358 2,332 2,359 2,359 130.0% 120.0% 2,000 1,500 2010 5 NTT 1,460 110.0% 100.0% 90.0% 1,000 81.1% 80.9% 81.1% 81.1% 80.0% 500 490 67.9% 70.0% 60.0% 56.1% 0 1 16 26 27 28 29 1 *1 16 25 26 27 28 2003 4 2010 10 2015 4 2015 10 2016 4 2016 10 50.0% *1 2002 9 10 8

CF CF 12,436 3,949 4,537 2,581 2,407 96.1% 96.9% 97.3% 95.7% 96.2% 96.5% 96.0% 92.4% 1,799 2,440 1,930 3,480 92.2% 92.2% 10,915 89.3% 87.5% + 1,521 + 2,149 + 2,097 + 650-1,072 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 2014/5 2014/6 2014/7 2014/8 2014/9 2014/10 2014/11 2014/12 2015/1 2015/2 2015/3 2015/4 2015/5 2015/6 2015/7 2015/8 2015/9 2015/10 2015/11 2015/12 2016/1 2016/2 2016/3 2016/4 2016/5 2016/6 2016/7 2016/8 2016/9 2016/10 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 9

/ / + 3.8 + 1.0 + 0.7 + 1.7 + 2.4 100% 16.9% 11.2% 16.1% 28.3% 80% 39.8% -0.1-0.6-0.1 42.5% -2.0 60% 58.8% -4.6 24 25 26 27 27 + 3.6 + 1.5 + 1.8-0.9 40% 20% 24.3% 46.3% 82.1% 66.2% 54.4% -3.8 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 0% 1.8% 5.5% 5.8% 24 24 25 25 26 26 27 27 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 10

*1 PIC 400 10% 5% 10% 10% 5% 10% 16,362 + 0.3% 16,386 16,617 16,754 300 5% 15,897 + 1.9% 15,594 16,315 16,112 16,146-1.7% -2.8% 16,283-2.8% 200 185 172 203 186 100 118 100 103 150 61 53 24 25 26 27 28 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 0 27 2016 4 28 2016 10 *1 3 9 11

150 28 10% 5% 10% 10% 5% 10% 5% 100 50 0 28 2016 10 29 30 31 32 33 2017 4 2017 10 2018 4 2018 10 2018 11 12

NTT 10 *1 2016 10 31 1 CS 8,773m 2 5.3% UN 2019 3 33 2 NTT 7,125m 2 4.3% UN 2017 3 29 3 6,872m 2 4.2% 2017 5 30 4 NTT 6,798m 2 4.1% TP *2 30 25.4% 36.5% 34.4% 34.8% 34.1% 5 NTT 5,530m 2 3.4% UN 2018 12 33 6 NTT 5,417m 2 3.3% UN 2018 6 32 7 4,882m 2 3.0% KN3 2017 4 29 8 NTT 4,801m 2 2.9% UN 2018 3 31 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 9 4,140m 2 2.5% 2 2018 9 32 10 4,037m 2 2.5% UN 2017 6 30 *1 PIC *2 NTT 13

14 16,069 15,722 16,201 16,739 17,192 16,432 16,491 14,370 13,638 13,719 14,148 14,664 14,175 14,638 10,000 12,000 14,000 16,000 18,000 20,000 2013/11/1 2013/12/1 2014/1/1 2014/2/1 2014/3/1 2014/4/1 2014/5/1 2014/6/1 2014/7/1 2014/8/1 2014/9/1 2014/10/1 2014/11/1 2014/12/1 2015/1/1 2015/2/1 2015/3/1 2015/4/1 2015/5/1 2015/6/1 2015/7/1 2015/8/1 2015/9/1 2015/10/1 2015/11/1 2015/12/1 2016/1/1 2016/2/1 2016/3/1 2016/4/1 2016/5/1 2016/6/1 2016/7/1 2016/8/1 2016/9/1 2016/10/1 5 23 6.1% 5.4% 4.5% 3.8% 3.4% 2.6% 2.4% 6.5% 5.7% 4.8% 4.2% 3.9% 3.2% 3.0% 0% 2% 4% 6% 8% 2013/11/1 2013/12/1 2014/1/1 2014/2/1 2014/3/1 2014/4/1 2014/5/1 2014/6/1 2014/7/1 2014/8/1 2014/9/1 2014/10/1 2014/11/1 2014/12/1 2015/1/1 2015/2/1 2015/3/1 2015/4/1 2015/5/1 2015/6/1 2015/7/1 2015/8/1 2015/9/1 2015/10/1 2015/11/1 2015/12/1 2016/1/1 2016/2/1 2016/3/1 2016/4/1 2016/5/1 2016/6/1 2016/7/1 2016/8/1 2016/9/1 2016/10/1 5 23 *1 2013 112016 10 PRA200 *1 / *1 2014 2015 2016 2014 2015 2016

CF CF 13,161 10,184 13,483 10,244 8,949 93.9% 96.4% 95.9% 96.1% 96.8% 97.4% 96.2% 96.8% 95.2% 95.1% 95.6% 92.6% 10,721 10,745 13,345 9,541 8,425 + 2,440-560 + 137 + 702 + 524 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 2014/5 2014/6 2014/7 2014/8 2014/9 2014/10 2014/11 2014/12 2015/1 2015/2 2015/3 2015/4 2015/5 2015/6 2015/7 2015/8 2015/9 2015/10 2015/11 2015/12 2016/1 2016/2 2016/3 2016/4 2016/5 2016/6 2016/7 2016/8 2016/9 2016/10 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 15

/ / 100% + 1.3 + 1.3 + 1.7 + 2.2 + 1.7-2.3-1.1-0.8-0.3-0.3 80% 60% 44.4% 54.3% 64.7% 69.6% 71.0% 11.8% 24 25 26 27 27 40% 8.7% 7.1% -0.9 + 0.1 + 0.8 + 1.8 + 1.4 20% 43.8% 36.9% 28.2% 12.1% 12.0% 18.3% 17.1% 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 0% 24 25 26 27 27 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 16

80m 2 40m 2 80m 2 40m 2 18,000 5 *1 23 *1 18,000 16,764 16,000 16,000 14,000 13,607 14,000 14,165 12,000 13,468 12,000 11,415 10,000 10,000 9,997 8,000 8,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 *1 PRA610 17

*1 *1 11,648 11,631 11,542 11,818 12,273 12,662 12,966 100 50 4,650 4,871 5,091 5,499 5,965 6,344 6,555 0 1986 1991 1996 2001 2006 2011 2016-50 1996 2001 2006 2011 2016 *2 110% 100% 95.6% 100.0% 101.4% 101.2% 100.2% 98.5% 96.2% 93.5% 90% 80% 2005 2010 2015 2020 2025 2030 2035 2040 *1 PRA *2 PRA 2010 100 18

*1 LTV 1.25% 65% LTV 1.00% 1.00% 0.98% 0.91% 55% 55.0% 0.83% 0.83% 0.75% 47.2% 46.5% 46.9% 46.7% 45% 0.50% 0.25% 1.9 2.1 3.0 3.2 3.4 35% 1,147 1,075 1,045 1,065 1,055 0.00% 24 25 26 27 28 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 25% 24 24 25 25 26 26 27 27 28 28 2014 10 2015 4 2015 10 2016 4 2016 10 *1 19

250 200 7.5% 92.5% 7.5% 92.5% 150 100 50 0 90 129 109 155 53 72 6 45 24 49 145 110 30 2017 30 31 2018 32 33 2019 34 35 2020 36 37 2021 38 39 2022 40 41 2023 42 43 2024 44 45 2025 46 47 2026 48 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 4 10 22 44 20

7,900 4,500 0.24% 1 2017 7 3,400 0.23% 1 2017 9 30 85,100 9,000 1.43% 5 2016 12 29 5,000 0.95% 5 2017 9 30 3,000 0.98% 5 2017 11 7,900 0.88% 5 2018 3 31 3,000 1.15% 5 2018 5 5,000 1.21% 6 2018 9 32 2,850 1.03% 6 2019 2 33 2,400 0.72% 5 2019 9 2,400 0.72% 5 2019 9 34 UFJ 2,400 0.72% 5 2019 9 650 0.69% 5 2020 3 35 NTT 2,000 0.41% 5 2021 1 37 2,400 0.91% 7 2021 9 38 1,050 0.87% 7 2022 3 3,900 0.91% 7 2022 4 39 6,500 0.87% 7 2022 7 UFJ 8,000 0.80% 7 2022 8 40 3,000 0.74% 7 2022 11 NTT 8,000 0.73% 7 2022 11 41 1,550 0.52% 8 2024 8 700 0.52% 8 2024 8 44 3,180 0.62% 10 2026 10 UFJ 1,220 0.62% 10 2026 10 48 93,000 *1 28 2016 10 31 *2 21

NTT 5.4% 6.6% 6.7% 9.0% 13.8% UFJ 10.1% 930 19.4% 13.7% 15.3% JCR R&I AA8 A+ 6 JCR 2015 7 R&I 2015 2 AA A+ AA- 7 AA- A+ 4 7,500 0.72% 7 2018 7 32 5 2,500 0.45% 5 2019 3 33 6 2,500 0.72% 7 2021 3 37 12,500 A5 4 0 2010 4 2011 8 2012 2013 16 2014 24 2015 282016 32 22

3,000 *1 2,500 2,000 2,056 2,321 2,339 2,425 2,465 1,500 1,000 2,059 2,247 2,217 2,235 2,226 500 0 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 310 320 330 340 350 360 370 380 390 400-100 -90-80 -70-60 -50-40 -30-20 -10 20 30 40 50 60 70 80 90 24 25 26 27 28 + 189 + 239 + 73 + 122-2 24 25 26 27 28 24 25 26 27 28 2014 10 2015 4 2015 10 2016 4 2016 10 *1 *2 UDXUDX (*) (*)+ UDX(*)PIC * 6 12 23

27 2016 4 28 2016 10 59 59-2,425 2,465 + 40 2,235 2,226-9 189 239 + 50 8.5% 10.8% + 2.3% - 1 + 1 *1 12 3-9 46 54 + 8 11 17 + 6 *2 35 33-2 7 5-2 *1 (1) DCF (2) 1 *2 (1) (2) 4 [1]1 [2] 1 [3]DCF 2 24

29 30 28 2016 10 [1] 29 2017 4 [2] [2]-[1] 30 2017 10 [3] [3]-[2] 8,423 8,344-78 8,285-58 - 138 + 138 - - 138 4,582 4,648 + 66 4,638-10 3,840 3,695-145 3,647-47 3,949 3,745-204 3,757 + 12 3,338 3,228-109 3,179-48 3,335 3,227-108 3,178-48 5,273 5,511-211 5,566 + 55 4,656 4,438-218 4,540 + 102 - - - - - - - - 48 + 48 260 260-212 - 48 2,533 2,450-83 2,450-97.3% 94.7% - 2.6% 94.2% - 0.5% 97.0% 95.3% - 1.7% 95.3% - 97.2% 94.9% - 2.3% 94.6% - 0.3% 59 59-59 - 25

29 30 100% CF 98% 97.3% 96.5% 96% 94% 96.6% 96.0% 93.0% 94.5% 94.5% 92% 93.0% 90% 5 6 7 28 8 9 10 11 12 29 1 2 3 4 5 6 30 7 8 9 10 2016 10 2017 4 2017 10 100% CF 98% 96.6% 97.4% 96% 94% 95.9% 96.8% 95.3% 95.3% 95.3% 95.3% 92% 90% 5 6 728 8 9 10 11 12 29 1 2 3 4 5 6 30 7 8 9 10 2016 10 2017 4 2017 10 26

29 30 1 EPS DPU 2,533 + 27-25 -7 DPU 2,450 DPU 2,450-185 -5 + 107 105 37 + 87-85 + 105 2,533-157 - 187-83 -61-21 -22 + 30 + 31 + 11-8 -4-28 2,345 2,413 28 2016 10 29 2017 4 30 2017 10 27

A NTT 28

27 26 225 MEW28 25 25 29

28 P.31 P.43 28 / P.32 P.47 29 P.33 P.48 P.34 P.49 P.35 P.50 P.39 P.52 P.41 P.53

28 27 2016/4 [1] 28 2016/10 [2] [2]-[1] 15,514 15,708 + 193 3,208 3,279 + 70 11,990 12,073 + 83 314 354 + 40 97 136 + 38 131 122-8 80 92 + 11 3 1-1 1 1 0 224,452 223,538-913 201,765 200,802-962 62,511 61,563-948 1,005 977-28 73 86 + 13 138,175 138,175-1,780 1,792 + 11 1,777 1,777-2 2-0 0 12 + 12 20,906 20,943 + 37 20,035 20,035-10 10-237 275 + 37 623 623-50 37-13 15 8-6 34 28-6 240,017 239,284-733 27 2016/4 [1] 28 2016/10 [2] [2]-[1] 26,933 24,424-2,508 1,047 1,124 + 76 7,900 7,900-1 16,650 14,000-2,650 153 145-7 1,035 1,000-34 146 254 + 107 1 0-0 35 160 +125 9 5-4 88 75-12 12 12-0 89,233 90,912 + 1,679 69,450 71,100 + 1,650 12,500 12,500-7,283 7,312 + 29 116,166 115,337-829 123,850 123,946 + 96 120,350 120,350-260 260-260 260-3,240 3,336 + 96 123,850 123,946 + 96 240,017 239,284-733 31

28 / 27 28 27 28 27 2016/4 [1] 28 2016/10 [2] [2]-[1] 35 35 + 0 17 17 + 0 17 17-0 [1] 7,692 7,970 + 278 5,267 5,525 + 258 2,425 2,445 + 20 6,852 7,013 + 161 4,600 4,745 + 144 2,251 2,268 + 17 5,704 5,847 + 142 3,506 3,633 + 126 2,197 2,213 + 16 1,147 1,166 + 18 1,093 1,111 + 18 54 54 + 0 839 956 + 116 666 780 + 113 173 176 + 3 212 217 + 5 146 150 + 4 66 67 + 1 60 61 + 0 52 53 + 1 8 7-0 476 547 + 70 463 534 + 71 13 13-0 89 129 + 39 4 41 + 37 85 88 + 2 [2] 3,794 4,020 + 226 2,481 2,685 + 203 1,312 1,335 + 22 949 952 + 2 657 662 + 5 292 289-2 524 550 + 26 481 509 + 28 42 41-1 462 578 + 115 335 451 + 115 127 127-0 15 15 + 0 10 10 + 0 4 4-0 347 400 + 52 216 251 + 34 131 149 + 18 1,297 1,321 + 23 703 725 + 21 593 595 + 1 160 166 + 5 58 56-2 102 109 + 7 [1]-[2] 3,897 3,949 + 51 2,785 2,839 + 54 1,112 1,109-2 NOI 5,597 5,723 + 125 3,891 4,018 + 126 1,706 1,705-0 [3] 402 452 + 50 402 452 + 50 - - - [4] - - - - - - - - - [A] [1]+[3]+[4] 8,094 8,423 + 328 5,669 5,977 + 308 2,425 2,445 + 20 [5] 550 561 + 11 331 342 + 10 9 9-11 11 + 0 85 82-2 8 8-104 107 + 3 [B] [2]+[5] 4,344 4,582 + 237 3 1-2 495 488-7 15 15 + 0 [A]-[B] 3,749 3,840 + 91 511 503-7 3,241 3,338 + 96 1 2 + 0 3,240 3,335 + 95 27 28 2016/4 2016/10 I. 3,240,527,890 3,336,604,286 II. - - III. 3,239,807,700 3,335,948,335 1 2,460 2,533 IV. - - V. 720,190 655,951 32

29 28 29 28 29 28 2016/10 [1] 29 2017/4 [2] [2]-[1] 35 34-1 17 18 + 0 17 16-1 [1] 7,970 7,789-181 5,525 5,376-149 2,445 2,413-32 7,013 6,950-63 4,745 4,701-43 2,268 2,249-19 5,847 5,761-85 3,633 3,566-66 2,213 2,195-18 1,166 1,188 + 21 1,111 1,134 + 22 54 53-0 956 838-117 780 674-105 176 164-12 217 215-2 150 154 + 3 67 61-5 61 58-2 53 50-2 7 7 + 0 547 477-70 534 464-70 13 12-0 129 87-42 41 5-35 88 81-6 [2] 4,020 4,044 + 23 2,685 2,746 + 61 1,335 1,297-38 952 975 + 22 662 686 + 23 289 288-1 550 524-26 509 486-23 41 37-3 578 561-16 451 434-16 127 127 + 0 15 15 + 0 10 11 + 0 4 4-0 400 402 + 1 251 286 + 35 149 115-33 1,321 1,349 + 28 725 753 + 27 595 595 + 0 166 180 + 14 56 69 + 12 110 111 + 1 [1]- [2] 3,949 3,745-204 2,839 2,629-210 1,109 1,115 + 6 NOI *1 5,723 5,511-211 4,018 3,799-218 1,705 1,711 + 6 [3] 452 416-36 452 416-36 - - - [4] - 138 + 138-138 + 138 - - - [A] [1]+[3]+[4] 8,423 8,344-78 5977 5,930-46 2,445 2,413-32 [5] 561 604 + 43 342 335-6 9 9-11 11-0 82 89 + 7 8 8-107 151 + 43 [B] [2]+[5] 4,582 4,648 + 66 1 2 + 0 488 456-32 15 12-3 [A]- [B] 3,840 3,695-145 503 468-35 3,338 3,228-109 2 1-0 3,335 3,227-108 NU 41 28 400 29 402 28 359 29 388 NU 42 MEW 22 81 KN3 73 NU 49 R&D 168 79 33

292017/4 28 59 2016 12 20 1 59 302017/10 29 59 28 1,316,995 29 1,316,995 28105,500 2016 12 89,000 2016 12 30 7,9002,500 103,000 94.7% 95.3% 94.9% 29103,000 2017 7 313,080 2017 9 55,000 2017 9 292,320 103,000 94.2% 95.3% 94.6% 975 561 1,349 604 456 138 974 570 1,362 556 457 260 48 34

1 2 KN3 *1 *1 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 196 197 209 205 79 77 248 249 63 64 116 132 177 178 190 185 69 66 207 206 55 55 92 105 19 18 18 19 10 10 41 43 8 8 23 27 89 95 91 97 28 27 100 110 27 26 90 74 14 16 19 21 5 6 25 25 6 6 13 13 9 9 14 13 4 4 15 16 4 4 9 10 22 22 15 15 5 5 20 20 4 4 14 14 11 14 3 8 3 0 1 11 0 0 19 2 29 30 36 36 9 9 36 36 10 10 30 31 1 2 1 1 0 0 1 1 1 0 2 2 106 101 118 108 51 50 92 115 148 138 124 132 36 37 25 57 NOI 136 131 154 144 61 59 108 136 184 174 155 164 47 47 56 88 NOI 4.4% 4.3% 4.5% 4.3% 8.1% 8.0% 4.4% 5.5% 8.3% 7.9% 4.0% 4.2% 5.5% 5.6% 2.3% 3.5% *1 *1 *1 TH 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 277 291 442 465 161 161 93 107 113 120 258 267 386 397 150 151 82 93 98 103 18 24 55 68 10 10 11 14 14 16 130 133 209 199 40 57 65 66 66 70 39 35 58 50 23 22 9 9 13 13 20 23 59 63 7 7 8 9 7 8 29 29 37 37-18 8 8 8 8 10 13 12 6 1 0 3 2 2 6 28 29 36 36 6 6 35 35 15 15 1 2 4 4 1 0 1 1 18 17 146 158 93 83 36 37 94 81 232 265 121 104 27 41 46 50 NOI 175 187 109 99 45 45 112 99 268 302 127 111 63 76 62 66 NOI 3.5% 3.7% 4.5% 4.1% 5.5% 5.6% 7.9% 7.0% 4.7% 5.3% 7.0% 6.1% 3.3% 4.0% 2.8% 2.9% *1 35

2 NT R&D NU *1 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 88 88 204 205 715 746 252 251 133 152 390 416 149 153 75 74 186 186 629 639 239 238 105 107 308 313 130 131 12 13 18 18 85 106 13 13 27 45 81 102 19 22 43 46 89 90 265 309 94 136 71 69 260 256 92 128 10 10 13 13 82 79 35 37 15 15 61 62 28 26 6 6 10 10 75 83 16 16 10 10 87 94 16 14 8 8 12 12 0 33 0 18 10 10 33 33 13 13 2 5 0 1 26 30 2 24 3 2 20 7 3 42 13 13 51 51 77 77 38 38 29 29 55 56 28 29 2 1 1 1 3 3 1 1 2 1 2 1 1 1 44 41 115 114 450 436 158 115 61 82 130 159 57 25 NOI 58 55 167 165 527 514 196 153 91 112 185 216 86 54 NOI 2.8% 2.7% 5.9% 5.9% 7.8% 7.6% 8.3% 6.5% 5.6% 7.0% 7.2% 8.5% 5.2% 3.3% 4.0% 4.0% NTT *2 *2 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 254 251 42 107 31 78 155 154 53 54 38 39 36 36 37 37 175 168 37 95 27 69 144 142 50 49 36 37 34 34 37 37 78 83 5 12 3 8 10 12 3 4 2 2 2 1 - - 170 205 14 37 10 27 76 76 21 23 20 18 17 16 14 16 65 65 6 15 5 12 18 18 4 4 4 4 4 3 - - 35 35 2 7 1 5 1 0 1 1 0 0 0 0 - - - 44 0 0 0 0 8 8 2 2 1 1 1 1 2 2 8 3-0 0 0 5 4 2 2 4 3 1 1 0 2 34 34 4 12 2 7 37 37 9 9 8 8 8 8 11 11 26 23 0 0 0 0 5 6 1 2 0 0 0 0 0 0 83 46 27 70 20 51 78 78 31 30 18 20 18 19 22 21 NOI 117 80 32 83 23 58 116 115 40 39 26 29 27 28 34 32 NOI 6.5% 4.5% 10.1% 10.1% 10.7% 10.4% 5.3% 5.3% 3.3% 3.2% 4.6% 5.0% 6.0% 6.3% 4.1% 3.9% *1 *2 2016 2 19 36

3 II 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 125 128 58 57 36 36 53 51 51 54 63 64 58 59 45 45 123 126 54 55 35 34 51 50 46 49 60 61 55 56 44 44 1 1 4 1 1 1 1 1 5 4 3 3 3 3 0 1 68 60 28 26 15 15 20 19 24 21 31 34 22 22 22 27 12 11 4 4 3 3 4 5 6 5 5 7 5 5 4 4 2 2 0 0 0 0 0 0 1 1 1 1 1 2 0 0 7 7 3 3 1 1 2 2 2 2 3 3 2 2 1 1 12 4 1 0 0 1 3 1 3 1 2 4 1 1 5 9 32 33 16 16 7 7 8 8 9 9 17 17 10 10 10 10 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 56 68 29 30 21 20 32 32 27 32 31 30 36 37 23 18 NOI 89 101 46 47 28 28 41 41 37 42 48 47 46 48 33 28 NOI 4.5% 5.1% 5.0% 5.2% 7.3% 7.2% 5.7% 5.7% 4.9% 5.6% 4.8% 4.6% 6.0% 6.3% 5.0% 4.3% Walk MEW 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 48 49 43 44 35 36 331 333 86 90 177 180 273 272 143 144 44 45 41 42 30 32 292 291 80 82 159 162 250 247 132 135 3 3 2 2 5 4 38 42 6 7 18 18 23 25 11 8 28 26 19 20 24 43 235 245 42 40 107 99 164 171 54 57 5 4 5 5 4 4 51 52 9 9 34 33 38 39 14 13 0 0 0 0 0 0 9 9 1 1 5 5 2 2 3 3 2 2 2 2 1 2 16 16 6 6 11 11 13 13 6 6 1 0 1 1 2 22 13 19 3 2 9 3 9 13 5 9 16 16 8 8 12 12 96 96 18 18 43 43 66 66 23 23 1 1 1 2 2 1 48 52 1 1 3 2 33 35 0 1 19 22 24 24 11-6 96 87 44 50 70 81 109 101 88 86 NOI 36 39 32 33 23 6 192 184 62 68 113 124 175 167 111 109 NOI 4.2% 4.6% 4.3% 4.4% 3.4% 0.9% 6.2% 6.0% 3.3% 3.6% 3.6% 4.0% 7.1% 6.9% 5.1% 5.1% 37

4 27 28 27 28 27 28 27 28 27 28 27 28 27 28 27 28 59 61 29 29 29 30 41 41 38 38 50 50 53 52 41 42 56 56 29 29 28 29 37 37 35 36 48 48 50 50 40 40 2 4 0-1 0 3 3 2 2 2 2 3 2 1 2 21 23 10 11 30 13 24 21 20 20 28 28 29 44 21 22 7 7 - - 3 3 5 4 3 4 6 6 5 6 3 4 0 0 - - 0 0 0 0 0 0 0 0 0 0 0 0 3 3 1 1 2 2 2 2 2 1 2 2 2 2 1 1 2 5 0 1 19 2 3 1 1 2 1 2 2 16 2 2 7 7 8 8 3 3 11 11 10 10 14 14 15 15 10 10 0 0 0 0 0 1 1 1 2 0 1 1 2 3 2 2 37 37 18 17-0 16 17 19 17 18 21 21 23 7 20 20 NOI 45 44 26 25 3 20 28 30 28 29 36 35 39 23 31 31 NOI 6.5% 6.4% 6.1% 6.0% 0.7% 4.4% 4.3% 4.6% 3.9% 4.1% 4.7% 4.6% 4.9% 3.0% 5.2% 5.3% 27 28 27 28 80 80 46 45 73 76 45 43 7 4 1 2 42 40 23 24 8 7 4 4 0 0 0 0 4 4 2 2 2 2 0 1 22 22 14 14 2 2 1 1 38 40 23 20 NOI 61 63 38 35 NOI 5.1% 5.3% 5.8% 5.4% 38

1 5 23 *2 27 28 *1 2016/4 2016/10 28 [3] [2]-[3] [2]-[1] [1] [2] 2016/10 6,440 6,440-3.8% - 0.1% 6,140 + 299 2 7,230 7,360 + 130 4.0% - 0.1% 6,773 + 586 2,470 2,620 + 150 3.9% - 0.1% 1,495 + 1,124 KN3 6,980 7,070 + 90 3.8% - 0.1% 5,021 + 2,048 6,120 6,170 + 50 4.3% - 0.1% 4,406 + 1,763 8,380 8,390 + 10 4.3% - 0.1% 7,803 + 586 1,530 1,540 + 10 4.4% - 0.1% 1,715-175 3,610 3,740 + 130 4.2% - 0.1% 4,984-1,244 10,700 10,900 + 200 3.9% - 0.1% 10,171 + 728 4,960 4,870-90 4.2% - 0.1% 4,886-16 1,720 1,620-100 4.7% - 0.1% 1,621-1 3,740 3,870 + 130 4.6% - 0.2% 2,832 + 1,037 13,000 13,600 + 600 3.9% - 0.1% 11,356 + 2,243 4,010 4,030 + 20 4.0% - 0.1% 3,627 + 402 3,380 3,400 + 20 4.8% - 0.1% 3,791-391 TH 2,710 2,730 + 20 4.7% - 0.1% 4,528-1,798 NT 2,500 2,590 + 90 4.6% - 0.1% 4,159-1,569 6,650 6,440-210 4.4% - 0.1% 5,604 + 835 16,100 17,300 + 1,200 4.2% - 0.1% 13,461 + 3,838 5,460 5,510 + 50 4.7% - 0.1% 4,743 + 766 3,200 3,280 + 80 4.6% - 0.2% 3,222 + 57 R&D 5,410 5,420 + 10 5.9% + 0.1% 5,096 + 323 NU 3,400 3,060-340 4.9% 0.0% 3,326-266 6,540 6,700 + 160 3.9% - 0.1% 6,558 + 141 NTT 3,570 3,570-6.2% - 0.1% 3,571-1 1,732 1,740 + 8 6.6% - 0.1% 1,640 + 99 1,200 1,200-6.6% - 0.1% 1,128 + 71 142,742 145,160 + 2,418 133,667 + 11,492 5 4,730 4,800 + 70 4.3% - 0.1% 4,382 + 417 1,800 1,700-100 4.3% - 0.1% 2,446-746 1,190 1,220 + 30 4.3% - 0.1% 1,172 + 47 *1 *2 DCF 2 39

2 5 23 *2 27 28 *1 2016/4 2016/10 28 [3] [2]-[3] [2]-[1] [1] [2] 2016/10 1,050 1,070 + 20 4.3% - 0.1% 896 + 173 1,420 1,420-4.1% - 0.1% 1,663-243 4,250 4,340 + 90 4.2% 0.0% 3,973 + 366 II 1,830 1,870 + 40 4.3% - 0.1% 1,845 + 24 1,020 1,060 + 40 4.2% - 0.1% 790 + 269 1,820 1,840 + 20 4.4% - 0.1% 1,449 + 390 1,640 1,670 + 30 4.3% - 0.1% 1,497 + 172 2,250 2,270 + 20 4.4% - 0.1% 2,026 + 243 1,900 1,950 + 50 4.3% - 0.1% 1,530 + 419 1,610 1,650 + 40 4.5% - 0.1% 1,311 + 338 Walk 1,610 1,650 + 40 4.2% - 0.1% 1,721-71 1,460 1,450-10 4.3% - 0.1% 1,498-48 MEW 1,110 1,140 + 30 4.6% - 0.1% 1,383-243 7,080 7,080-4.1% 0.0% 6,131 + 948 3,070 3,160 + 90 4.1% - 0.1% 3,815-655 5,160 5,270 + 110 4.3% - 0.1% 6,206-936 6,210 6,350 + 140 4.1% - 0.1% 4,877 + 1,472 5,030 4,970-60 4.2% - 0.1% 4,322 + 647 1,570 1,660 + 90 4.7% - 0.1% 1,395 + 264 1,010 1,030 + 20 4.6% - 0.1% 869 + 160 890 932 + 42 4.3% - 0.1% 953-21 1,170 1,180 + 10 4.6% - 0.1% 1,333-153 1,310 1,340 + 30 4.5% - 0.1% 1,411-71 1,640 1,680 + 40 4.4% - 0.1% 1,548 + 131 1,790 1,820 + 30 4.4% - 0.1% 1,567 + 252 1,360 1,380 + 20 4.7% - 0.1% 1,180 + 199 2,740 2,800 + 60 4.3% - 0.1% 2,405 + 394 1,560 1,590 + 30 4.4% - 0.1% 1,305 + 284 72,280 73,342 + 1,062 68,914 + 4,427 215,022 218,502 + 3,480 202,582 + 15,919 *1 *2 DCF 2 40

96.9 96.9 96.6 97.0 97.5 97.3 97.0 97.3 97.7 97.7 97.6 97.3 96.5 97.3 1 5 23 272016/4 11 12 1 2 3 4 282016/10 5 6 7 8 9 10 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 KN3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 90.7 100.0 100.0 100.0 98.5 100.0 100.0 100.0 100.0 100.0 96.6 99.4 92.5 92.5 92.5 92.5 92.5 92.5 92.5 92.5 100.0 100.0 100.0 100.0 100.0 98.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 99.1 99.2 99.2 98.9 99.0 99.1 99.1 98.6 98.8 99.1 99.0 99.2 99.3 99.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 TH 95.1 95.1 95.1 95.1 100.0 100.0 96.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 NT 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 95.7 99.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 85.1 97.5 R&D 90.9 90.9 90.9 90.6 94.9 94.9 92.2 94.9 92.7 92.7 92.6 92.2 92.2 92.9 NU 81.7 81.7 81.7 81.7 81.7 80.2 81.5 80.2 81.7 81.7 80.7 80.7 80.7 81.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 NTT 88.3 88.3 88.3 88.0 88.0 87.0 88.0 87.0 87.0 87.0 87.4 83.3 82.9 85.8 *1 - - - 100.0 100.0 100.0 100.0 100.0 100.0 100.0 97.5 97.5 97.5 98.8 *1 - - - 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 98.8 99.8 % 5 96.8 97.9 97.3 99.5 98.7 96.7 97.8 94.8 96.8 97.3 98.2 98.5 99.5 97.5 100.0 100.0 97.3 97.3 94.4 89.6 96.4 92.5 94.7 97.3 97.3 97.3 100.0 96.5 94.5 81.4 94.8 97.4 100.0 96.8 94.2 100.0 96.8 95.4 100.0 100.0 100.0 98.7 87.7 96.9 100.0 100.0 100.0 100.0 97.4 97.4 97.9 100.0 95.7 97.9 95.3 97.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 *1 2016 2 19 41

2 5 23 272016/4 11 12 1 2 3 4 282016/10 5 6 7 8 9 10 95.8 92.7 100.0 100.0 100.0 100.0 98.1 96.1 96.1 96.1 100.0 100.0 95.5 97.3 II 91.7 92.9 96.5 94.3 95.3 94.3 94.2 96.6 99.0 99.0 99.0 97.7 94.3 97.6 100.0 100.0 100.0 100.0 100.0 98.3 99.7 96.6 100.0 100.0 100.0 100.0 98.3 99.1 100.0 96.6 95.0 95.3 100.0 90.5 96.2 88.9 93.7 95.3 96.8 96.8 100.0 95.3 89.9 92.7 90.4 94.2 93.4 96.4 92.8 97.8 97.8 96.4 94.8 97.0 100.0 97.3 92.2 91.7 92.4 94.0 95.5 95.6 93.6 100.0 100.0 93.9 89.1 90.7 92.1 94.3 95.9 94.2 96.5 98.3 96.7 98.7 96.7 97.1 100.0 97.4 97.4 100.0 100.0 98.6 96.7 98.2 98.4 100.0 100.0 97.1 98.4 98.2 96.6 95.2 95.2 93.8 94.6 95.6 Walk 96.6 94.1 94.1 94.1 91.2 100.0 95.0 100.0 96.6 93.8 97.2 97.2 97.2 97.0 97.7 95.3 90.9 93.2 95.3 93.2 94.3 95.7 93.6 97.9 95.6 95.6 100.0 96.4 MEW 94.6 94.6 86.1 95.2 95.2 100.0 94.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 96.2 96.8 97.1 96.5 96.1 95.6 96.4 96.0 96.6 96.2 96.4 96.7 96.9 96.5 94.1 94.1 92.4 93.0 93.0 96.5 93.8 96.3 96.3 94.7 95.2 96.9 98.5 96.3 92.3 95.1 96.9 96.5 97.3 96.9 95.8 95.0 95.4 96.5 96.4 98.3 98.8 96.7 97.4 97.5 97.6 98.3 98.0 97.6 97.7 96.8 97.3 97.0 96.6 97.2 97.0 97.0 100.0 100.0 94.8 94.4 97.7 97.7 97.4 100.0 98.4 98.4 98.4 100.0 100.0 99.2 100.0 100.0 97.3 100.0 100.0 100.0 99.5 100.0 100.0 100.0 100.0 97.4 94.8 98.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 93.2 93.2 93.2 93.2 100.0 93.8 94.4 100.0 100.0 93.1 93.1 93.1 91.8 95.2 97.0 97.0 93.9 97.0 97.0 90.8 95.4 88.2 97.4 96.9 96.9 100.0 100.0 96.6 93.1 93.1 93.1 96.6 100.0 100.0 96.0 100.0 100.0 100.0 97.4 91.7 94.8 97.3 92.4 94.2 100.0 98.2 97.1 94.6 96.1 94.4 93.9 93.9 94.9 96.4 98.9 95.4 96.3 93.4 98.7 98.9 98.7 96.8 97.1 96.8 95.5 95.5 97.4 97.4 96.3 96.5 93.8 92.4 93.8 96.8 95.1 95.3 94.5 95.3 92.2 92.2 89.3 93.9 96.9 93.3 95.1 95.7 91.0 96.5 98.8 98.2 95.9 96.4 99.4 96.3 97.6 98.8 97.6 97.7 96.6 96.6 96.6 98.8 97.7 96.6 97.1 96.6 94.4 94.4 92.1 90.0 88.8 92.7 96.0 95.9 96.2 97.1 97.4 96.8 96.6 96.6 97.1 96.7 96.9 97.3 97.4 97.0 96.6 96.6 96.4 97.0 97.5 97.2 96.9 97.1 97.5 97.3 97.3 97.3 96.8 97.2 % 42

1 2 KN3 6,341 7,045 1,727 5,348 5,118 7,860 1,796 5,100 6,914m 2 8,332m 2 2,721m 2 7,737m 2 9,906m 2 9,339m 2 2,776m 2 8,476m 2 1982/06 1978/12 1991/06 1993/02 1992/05 1987/04 1988/03 1993/01 TH 10,300 5,000 1,650 2,900 11,490 3,600 4,310 4,380 13,987m 2 6,486m 2 4,217m 2 6,058m 2 160,042m 2 6,231m 2 5,054m 2 4,799m 2 1987/09 1992/04 1993/12 1990/07 1996/08 1987/05 2006/10 1985/12 43

2 NT R&D NU 4,100 5,900 13,600 4,800 3,558 6,556 3,300 6,500 7,545m 2 6,868m 2 25,050m 2 11,937m 2 7,562m 2 83,500m 2 10,963m 2-1987/11 2007/05 1988/09 1992/07 1986/04 1989/07 1987/02 - NTT UDX *1 3,600 1,628 1,119 19,940 5,208 2,604 1,330 1,070 35,299m 2 13,817m 2 8,997m 2 155,629m 2 8,158m 2 1,913m 2 1,793m 2 1,399m 2 1999/02 1996/03 1991/11 2006/01 2001/11 2002/03 2002/11 2003/02 *1 UDX 282,000 53,85019% 44

3 II 1,840 4,678 2,181 927 1,580 1,662 2,330 1,723 2,008m 2 8,332m 2 2,548m 2 1,714m 2 1,748m 2 2,487m 2 3,086m 2 2,458m 2 2002/11 2002/10 2003/02 2003/02 2004/11 2004/11 2005/06 2005/08 Walk MEW 1,460 2,043 1,585 1,556 7,590 3,930 6,500 5,500 1,779m 2 2,357m 2 2,129m 2 1,826m 2 81,760m 2 6,329m 2 11,203m 2 104,186m 2 2005/07 2004/11 2006/09 2005/08 2007/03 2002/12 2002/12 2008/09 45

4 4,500 1,385 1,072 975 1,560 1,525 1,803 1,830 5,408m 2 3,662m 2 1,462m 2 1,583m 2 2,446m 2 1,904m 2 2,527m 2 2,400m 2 2004/01 1993/01 2002/12 2002/03 2005/02 2006/03 2006/03 2007/01 1,310 2,640 1,496 1,894m 2 3,852m 2 2,475m 2 2006/08 2007/11 2008/03 46

GRESB GRESB 1 2009 2016GRESB /Sector Leader 1 GRESB 5 52 CASBEE CASBEE 9 A 2 2016 2015 BELS BELS 2013 CO2 2012 5 3 A1 A4 47

*1 *1 150 2013 1112 22,000 380,029 / 8,360 2015 12 44,700 589,375 / 26,345 45,000 100 50 2011 1112 56,599 241,816 / 13,686 30,000 15,000 0 0 2012 1 2012 5 2012 12 2013 11 2014 6 2014 10 2015 2015 2016 4 2016 8 19 20 21 22 23 24 25 26 27 28 1 *2 2,500 2,000 1,500 1,000 2,460 2,533 2,312 2,113 2,016 2,037 2,000 2,024 2,022 2,146 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 *1 27 11 1527 10 27 *2 26 1 48

*1 100% 20.3 14.9 13.7 12.1 11.6 1 2 28 1,316,995 *1 465,806 35.3% - 17,705 125,286 9.5% + 1,607 80% 3 117,540 8.9% + 974 60% 46.1 55.6 60.4 61.3 59.9 4 48,973 3.7% - 823 5 43,500 3.3% 40% 20% 10.8 8.3 7.8 6.7 8.3 9.0 9.7 6.6 6.0 6.1 14.8 14.2 10.8 11.4 12.5 0% 24 25 26 27 28 218,699 263,399 263,399 1,316,995 5 1,316,995 24 25 26 27 28 6 7 8 STATE STREET BANK AND TRUST COMPANY 505012 STATE STREET BANK AND TRUST COMPANY 505223 STATE STREET BANK - WEST PENSION FUND CLIENTS - EXEMPT 505233 18,193 1.3% + 13,802 18,163 1.3% + 532 15,587 1.1% + 833 9 UFJ 14,795 1.1% - 2,460 10 CBNY DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO 14,162 1.0% + 1,772 882,005 66.9% *1 49

1 NTT 50

2,35959 2 28 28 32.8% 67.2% LTV JCR R&I 46.7% 1,055 AA- A+ 5 23 5.7% 5.4% 21.7% 67.1% NOI 5.1% 96.8% 393 2001 7 17 3 2016 9 30 UDX 53.1% 30.0% 10.0% 4.9% 2.0% 51

5 3 23 5 1 3 UDX PIC 282,00053,58019.0% UDX 5 100 % CF * 100 % * = NOI NOI * * NOI FFO FFO NOI NOI NOI * ** 100 % * NOI 2365 ** NOI NOI NOI *100 % * NOI NOI NOINOI * ** 100 % * NOI2 ** * ** 100 % * 2 ** LTV LTV 100 % 52

1 3 393( ) 53