TOKYO, May 9, 2011 ORIX JREIT Inc. ( OJR ) announced that it would acquire Six Properties. The details of the acquisitions are outlined below.

Transcription

1 [Provisional Translation Only] This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail. For Immediate Release REIT Issuer: ORIX JREIT Inc. (TSE: 8954) Takeshi Sato President and Executive Director Asset Management Company: ORIX Asset Management Corporation Hiroshi Yasuda President and CEO Inquiries: Hisao Namiki ldirector and Executive Officer ltel ORIX JREIT Announces Acquisition of Six Properties (Akihabara Business Center, We Will Hatchobori, Belle Face Hongo Yumicho, Belle Face Kamata, Belle Face Osaka Shinmachi, Belle Face Amagasaki) TOKYO, May 9, 2011 ORIX JREIT Inc. ( OJR ) announced that it would acquire Six Properties. The details of the acquisitions are outlined below. 1. Acquisition Summary (1)Akihabara Business Center Asset to be acquired Property 5,060,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller Anticipated funding method Payment terms ORIX Real Estate Corporation Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) 100 % on transfer (2)We Will Hatchobori Asset to be acquired Real estate trust beneficial interest 2,370,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller Anticipated funding method Payment terms ORIX Life Insurance Corporation Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) 100 % on transfer

2 (3)Belle Face Hongo Yumicho Asset to be acquired Real estate trust beneficial interest (scheduled) *2 3,340,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller Anticipated funding method Payment terms (4)Belle Face Kamata Asset to be acquired ORIX Life Insurance Corporation Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) 100 % on transfer Real estate trust beneficial interest 3,550,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller Anticipated funding method Payment terms ORIX Life Insurance Corporation Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) 100 % on transfer (5)Belle Face Osaka Shinmachi Asset to be acquired Real estate trust beneficial interest 3,684,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller Anticipated funding method Payment terms ORIX Life Insurance Corporation Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) 100 % on transfer (6)Belle Face Amagasaki Asset to be acquired Real estate trust beneficial interest (scheduled) *2 3,440,000,000 (excluding national and local consumption taxes) Scheduled acquisition date June 1, 2011 Current owner and seller ORIX Real Estate Corporation Anticipated funding method Proceeds from the issue of new investment units*1, self-financed and loan proceeds (scheduled) Payment terms 100 % on transfer Note: 1. Please refer to the press release ORIX JREIT Announces Issue of New InvestmentUnits and Secondary Offering of Units, which was published today. 2. As of today, no trust has been established for Belle Face Hongo Yumicho or Belle Face Amagasaki. It is planned that trusts will be established for them at the time they are acquired by OJR.

3 2Inspections to Confirm the Impact of the Great East Japan Earthquake and Countermeasures On the acquisition of the above six properties (hereinafter the Property individually, or the Six Properties collectively), OJR obtained an appraisal report on structural earthquake risk for the four properties located in Tokyo, i.e. Akihabara Business Center, We Will Hatchobori, Belle Face Hongo Yumicho and Belle Face Kamata. The appraisal involved Shimizu Corporation, the inspector, conducting inspections to discover the impact from the March 11, 2011 Great East Japan Earthquake, by both investigating documentary material presented by the building owners (i.e. the sellers of the assets that OJR planned to acquire), and on-site investigations to the maximum extent that did not impede the tenants daily use of the buildings. During the inspections, the inspector primarily conducted on-site inspections of the public areas of the buildings visible from the outside, rather than conducting destructive testing of parts of the buildings, and conducted interviews with the building managers. The inspections revealed that each of the four above properties was designed and constructed in accordance with the Order for Enforcement (mandating the use of the latest anti-seismic building methods) of the Building Standards Act currently in force, and that no external structural deformities were detected. OJR has, therefore, confirmed that the Great East Japan Earthquake did not cause any physical damage that had a major impact on operations at any of the four properties. For the acquisition of the remaining two of the Six Properties located in Osaka and Hyogo Prefectures, i.e. Belle Face Osaka Shinmachi and Belle Face Amagasaki, OJR had either ORIX Asset Management Corporation or the local building manager conduct inspections to discover the impact from the March 11, 2011 Great East Japan Earthquake. This was accomplished by conducting on-site inspections to the maximum extent that did not impede the tenants daily use of the buildings. OJR has confirmed that the Great East Japan Earthquake did not cause any physical damage that had a major impact on operations at either of the two properties. Concerning the Six Properties, it has been agreed that the sellers should arrange and pay for the repair of minor damage resulting from the earthquake, including slight cracks to walls and components and the peeling off of tiles. 3Purpose of Acquisitions Since it first listed on the stock exchange, OJR has consistently focused its investment activities on the office sector, and the Greater Tokyo Area geographical area, as a diversified REIT that aims to secure steady asset growth and stable earnings based on sector and geographic investment diversification. On the other hand, in order to build a solid portfolio that combines stability and growth potential with the ability to adapt to a cyclical real estate market, OJR also invests in logistics facilities and retail facilities with stable cash flow and outstanding earning potential on a careful and selective basis. These efforts are based on our fundamental philosophy that it is vital to be flexible and mobile in the acquisition of properties that have different earning characteristics from offices to keep step with changes in the market environment. With the aim of further deepening and clarifying this fundamental philosophy and strategy, OJR reduced the minimum investment ratio for offices (from at least approx. 80% to at least approx. 60% ) through the revision of its Articles of Incorporation and amendments to the asset management company s internal regulations, Regulations for Asset Management and Property Management for OJR in October In line with this, OJR revised its investment policy to primarily recommence investment in residential properties, based on the fundamental philosophy that residential real estate has relatively stable earnings. With this change to the investment policy, OJR recommenced investment in residential properties, and the first such case was Shibaura Island Bloom Tower, which was bought on January 31, OJR has now decided to acquire a total of six properties, one office property (Akihabara Business Center) and five residential properties (We Will Hatchobori, Belle Face Hongo Yumicho, Belle Face Kamata, Belle Face Osaka Shinmachi and Belle Face Amagasaki). Compared to other sectors, residential properties is characterized by being relatively unaffected by economic trends and by having low volatility in rents. Furthermore, OJR has long positioned offices as its core assets, which can be expected to contribute to the growth potential of the portfolio, so the company believes that the acquisition of the Six Properties will increase the stability, earning capacity and growth potential of its portfolio. When these Six Properties are acquired, the investment ratio for Greater Tokyo Area will be 82.2%, for offices 72.3%, for logistics facilities 9.7%, for retail facilities 6.4%, and for residential properties 7%. Thus, OJR s portfolio, now comprised of a total of 60 properties with a total initial acquisition price of billion yen, will steadily expand and improve in quality.

4 Looking to the future, OJR will continue to draw on its strengths as a diversified REIT and devote its efforts to external growth and portfolio management that is both flexible and mobile, in order to keep pace with changes in its environment. 4Summary of Properties for Acquisition (1) Akihabara Business Center Specified asset category Property Address 1-1, Akihabara, Taito-ku, Tokyo Registered usage Office, Car park, Retail Land: Registered area Building: 5, (total floor area) Steel-framed, steel-reinforced concrete, flat roof, 10 floors with 1 Registered construction underground floor Registered completion date October 4, 2009 Type of ownership Fee simple Ownership ORIX Real Estate Corporation 5,060,000,000 (excluding national and local consumption taxes) Appraised value 5,060,000,000 Appraisal date March 15, 2011 Appraiser DAIWA REAL ESTATE APPRAISAL CO., LTD. Scheduled acquisition date June 1, 2011 About 5 minutes walk from Akihabara Station on JR Line, Tokyo Metro and TSUKUBA EXPRESS Line, Public transit access About 5 minutes walk from Suehiro-cho Station on Tokyo Metro Line About 8 minutes walk from Iwamoto-cho Station on Toei Subway Line Usage restrictions Commercial districtfire zone Architects OBAYASHI CORPORATION Structural engineers OBAYASHI CORPORATION General contractors OBAYASHI CORPORATION Building inspection agency Tokyo Bosai Kenchiku Machidukuri Center [Leased area (Standard floor area)] Approx m 2 (roughly 135 tsubo) [Ceiling height] Standard floor area: 2,800 mm, Raised floors for computer wiring:100 mm Main facilities and [Elevator] 2 (1 for 17 passengers, 1 for 15 passengers) specifications [Parking] 18-car parking spaces (parking elevator for 16, 2 ground spaces) [Others] Individually controlled air conditioning, Automated security system in a operation Earthquake resistance PML11% (Based on SHIMIZU CORPORATION report) *1 Collateral None Special notes None The Akihabara station area, where the property is located, is very well-known as Akihabara Electric Town, and has achieved major progress in recent years due to redevelopment projects improving roads and squares, and the construction of large-scale buildings. The property is very conveniently located to transportation, being located a five-minute walk from Akihabara station on the JR Line, Tokyo Metro lines Special features of the property and Tsukuba Express, and a five minute walk from Tokyo Metro Suehirocho station. It also has a high profile as it fronts National Route 4 (Showadori Avenue). The property is a new office building with a basement and 10 floors above ground completed in October A standard floor has roughly 135 tsubo (447.89m 2 ) of leasable area. The property has a high level of operational functions, including OA floors, an automated security system and

5 individually controlled air conditioning, and it can be expected to be highly competitive in the leasing market. No.of tenants 7 (excluding car parking spaces, as of February 28, 2011) Gross rental income 27million / month (excluding car parking spaces, as of February 28, 2011) Security deposits 265 million Total rent space 4, (as of February 28, 2011) Total rentable space 4, (as of February 28, 2011) Occupancy rate (as of February 28, 2011) (2) We Will Hatchobori Specified asset category Real estate trust beneficial interest Trustee Mizuho Trust & Banking Co., Ltd. Term of trust agreement February 27, February 28, 2019* 2 Address 11-2, Hatchobori 4-chome, Chuo-ku, Tokyo Registered usage Residential Registered area Land: Building: 4, (total floor area) Registered construction Reinforced concrete, flat roof, 14 floors with 2 underground floors Registered completion date March 17, 2008 Type of ownership Fee simple Ownership ORIX Life Insurance Corporation 2,370,000,000 (excluding national and local consumption taxes) Appraised value 2,371,000,000 Appraisal date March 15, 2011 Appraiser Chuo Real Estate Appraisal Co., Ltd. Scheduled acquisition date June 1, 2011 Public transit access About 1 minutes walk from Hatchobori Station on Tokyo Metro Line and JR Line Usage restrictions Commercial district, Fire zone Architects KEN ARCHITECTS Structural engineers SHIMIZU CORPORATION General contractors SHIMIZU CORPORATION Building inspection agency Tokyo Bosai Kenchiku Machidukuri Center Main facilities and specifications [Elevator] 1 for 9 passengers [Parking] 10-car parking spaces (parking elevator) Earthquake resistance PML14% (Based on SHIMIZU CORPORATION report) *1 Collateral None Special notes A section of the foundations for the fence of the adjoining lot on the west side (no lot number) crosses over onto the site of the property. The property is close to the exit of Hatchobori station on the Tokyo Metro Hibiya Line and JR Keiyo Line, and, with the next station on the line being Tokyo station, it is very conveniently located for transportation, facilitating easy access to the business area around Tokyo station, the government office area around Kasumigaseki station, and Ginza, Tokyo s signature retail Special features of the property district. There are also a large number of convenience stores and restaurants near the property, which makes the area rank high for lifestyle convenience. The property has a high profile, being located in front of the station. Sakuragawa Park, which adjoins the property to the south, creates a living environment with ample greenery despite the city center location of the property. The floor plans are mainly one-room studios and 1-bedroom apartments to satisfy the needs of single people and double-income couples

6 with no children (DINKS), respectively, who are seeking convenient commuting and a better lifestyle. 55 units Total rentable units (1R17 units, 1LDK30 units, 2LDK6 units, 3LDK2 units) No. of tenants 1 (excluding car parking spaces, etc., as of February 28, 2011) * Total of master lessees having a master lease agreement with the trustee. 154 million *For unavoidable reasons, including the contractual relationship with tenants, this figure is Gross rental income revenue from operations based on the direct capitalization method as shown in the Appraisal Report. Security deposits *Because the tenant has not consented, these figures will not be disclosed Total rent space 2, (as of February 28, 2011) Total rentable space 3, (as of February 28, 2011) Occupancy rate 84.0 (as of February 28, 2011) (3) Belle Face Hongo Yumicho Specified asset category Real estate trust beneficial interest (scheduled) *3 Trustee (scheduled) Mizuho Trust & Banking Co., Ltd. Term of trust agreement (scheduled) June 1, 2011 May 31, 2021 Address 25-26, Hongo 1-chome, Bunkyo-ku, Tokyo Registered usage Residential Registered area Land: 1, Building: 5, (total floor area) Registered construction Reinforced concrete, flat roof, 14 floors with 1 underground floor Registered completion date November 5, 2006 Type of ownership Fee simple Ownership ORIX Life Insurance Corporation 3,340,000,000 (excluding national and local consumption taxes) Appraised value 3,340,000,000 Appraisal date March 15, 2011 Appraiser Chuo Real Estate Appraisal Co., Ltd. Scheduled acquisition date June 1, 2011 About 4 minutes walk from Suidobashi Station on Toei Subway line, About 8 minutes walk from Suidobashi Station on JR Line, Public transit access About 8 minutes walk from Hongo 3-chome Station on Tokyo Metro Line, About 8 minutes walk from Kasuga Station on Toei Subway Line, About 9 minutes walk from Korakuen Station on Tokyo Metro Line Usage restrictions Neighborhood commercial district, Commercial districtfire zone Architects h-ap. Co., Ltd. Structural engineers Hikari Kenchiku Sekkei Co., Ltd. General contractors Oriental Construction Co., Ltd. Building inspection agency Jutaku Kinyu Fukyu Kyokai Main facilities and specifications [Elevator] 2 for 9 passengers [Parking] 18-car parking spaces (parking elevator for 16, 2 ground spaces) Earthquake resistance PML 14 % (Based on SHIMIZU CORPORATION report) *1 Collateral None Special notes Special features of the property None The Hongo area, where the property is located, was traditionally a quiet

7 residential neighborhood close to the city center as well as an educational district with a cluster of educational institutions, including the University of Tokyo, Juntendo University, Tokyo Medical and Dental University, and affiliated medical facilities of these universities. The property is very conveniently located for transportation, being a four-minute walk from the Suidobashi station of the Toei Subway Line, and providing access to five stations on five lines including the JR, Toei Subway and Tokyo Metro lines. It is also within walking distance of the retail facilities near Tokyo Metro Korakuen Station, meeting a diverse range of tenant needs. The floor plans are mainly one-room studios and 1-bedroom apartments, and stable demand can be expected from single people and DINKS, respectively, working in the city center. 122 units Total rentable units (1R22 units, 1DK22 units, 1LDK74 units, 2LDK4 units) 1 (excluding car parking spaces, etc., as of February 28, 2011) *Total of master lessees having a master lease agreement with. OJR No. of tenants plans to establish a trust upon its acquisition of the property, and the master lessee will conclude a master lease agreement with the trustee. 228 million *For unavoidable reasons, including the contractual relationship with tenants, this figure is Gross rental income revenue from operations based on the direct capitalization method as shown in the Appraisal Report. Security deposits *Because the tenant has not consented, these figures will not be disclosed Total rent space 4, (as of February 28, 2011) Total rentable space 4, (as of February 28, 2011) Occupancy rate 96.5 (as of February 28, 2011) (4) Belle Face Kamata Specified asset category Real estate trust beneficial interest Trustee Mizuho Trust & Banking Co., Ltd. Term of trust agreement February 27, 2009February 28, 2019 *2 Address 27-11, Kamata 5-chome, Ota-ku, Tokyo Registered usage Residential Registered area Land: Building: 8, (total floor area) Registered construction Reinforced concrete, flat roof, 16 floors with 1 underground floor Registered completion date November 5, 2006 Type of ownership Fee simple Ownership ORIX Life Insurance Corporation 3,550,000,000 (excluding national and local consumption taxes) Appraised value 3,562,000,000 Appraisal date March 15, 2011 Appraiser Chuo Real Estate Appraisal Co., Ltd. Scheduled acquisition date June 1, 2011 Public transit access About 5 minutes walk from Keikyu-Kamata Station on Keikyu Line, About 6 minutes walk from Kamata Station on JR Line Usage restrictions Commercial districtfire zone Architects Asai Ken Architectural Research Inc. Structural engineers YAMADA STRUCTURAL ENGINEERS CO., LTD. General contractors SHIMIZU CORPORATION Building inspection agency JAPAN ERI CO., LTD.

8 Main facilities and [Elevator] 3 (2 for 9 passengers, 1 for 17 passengers) specifications [Parking] 31-car parking spaces (parking elevator for 30, 1 ground space) Earthquake resistance PML14% (Based on SHIMIZU CORPORATION report) *1 Collateral None Special notes None Located approximately a six-minute walk from Kamata station on the JR Keihin Tohoku line, and a five-minute walk from Keiyu Kamata station on the Keikyu main and airport lines, the property has outstanding transportation access to Shinagawa, Tokyo, Kawasaki, Yokohama, and other city center areas. It is also very convenient for accessing Haneda Airport. The area offers outstanding lifestyle convenience, because there is a retail Special features of the property district with a large number of stores and restaurants between JR Kamata and Keikyu Kamata stations, in addition to a ward office and other government administrative buildings, and a cluster of retail facilities, including supermarkets and a station building near JR Kamata station. The floor plans are mainly one-room apartments with separate kitchens, and steady demand can be expected from single people who value transportation access and convenience. 210 units Total rentable units (1K166 units, 1LDK26 units, 2LDK18 units) No.of tenants 1 (excluding car parking spaces, etc., as of February 28, 2011) *Total of master lessees having a master lease agreement with the trustee. 296million *For unavoidable reasons, including the contractual relationship with tenants, this figure is Gross rental income revenue from operations based on the direct capitalization method as shown in the Appraisal Report. Security deposits *Because the tenant has not consented, these figures will not be disclosed Total rent space 5, (as of February 28, 2011) Total rentable space 6, (as of February 28, 2011) Occupancy rate 87.8 (as of February 28, 2011) (5) Belle Face Osaka Shinmachi Specified asset category Real estate trust beneficial interest Trustee The Sumitomo Trust and Banking Company, Limited. Term of trust agreement August 31, 2004 October 1, 2018 Address 34-2, Shinmachi 1-chome, Nishi-ku, Osaka city, Osaka Registered usage Residential, parking Registered area Land: 1, Building: 12, (total floor area) Registered construction Reinforced concrete, Steel-framed, flat roof, alloy-coated steel plate roof, 25 floors with 1 underground floor Registered completion date February 7, 2008 Type of ownership Fee simple Ownership ORIX Life Insurance Corporation 3,684,000,000 (excluding national and local consumption taxes) Appraised value 3,699,000,000 Appraisal date February 1, 2011 Appraiser Chuo Real Estate Appraisal Co., Ltd. Scheduled acquisition date June 1, 2011 Public transit access About 5 minutes walk from Nishiohashi Station on Osaka Municipal Subway Line

9 Usage restrictions Commercial district, Fire zone Architects NIKKEN HOUSING SYSTEM CO., LTD. Structural engineers NIKKEN HOUSING SYSTEM CO., LTD. General contractors TOKYU CONSTRUCTION CO., LTD. Building inspection agency The Building Center of Japan Main facilities and [Elevator] 3 (2 for 9 passengers, 1 for 17 passengers) specifications [Parking] 79-car parking spaces (parking elevator for 78, 1 ground spaces) Earthquake resistance PML3% (Based on SHIMIZU CORPORATION report) *1 Collateral None An aluminum sash of a window frame on the adjoining lot on the northwest side (lot number 78) crosses over onto the site of this property. Also, a part Special notes of the foundations of the fence of this property crosses over into the adjoining lot. The property is located a five-minute walk from Osaka municipal subway Nagahori Tsurumi-Ryokuchi Line Nishiohashi station. The Honmachi and Shinsaibashi areas, which are Osaka s premier business and retail districts, are also within walking distance. In addition, there is good access to all parts of Osaka, including the Umeda area, since it is possible to access four stations (Nishiohashi stations and others) on four subway lines. Special features of the property The property is a 25-story residential tower constructed using a seismic isolation method. In addition to the top-floor lounge on the 19 th floor, the property has introduced a concierge service. There is a full range of floor plans from 1-room apartments with a separate kitchen through three-bedroom apartments, to satisfy broad needs ranging from single people who value commuting and lifestyle convenience and DINKS through families with children. 177 units No.of tenants (1K54 units, 1DK9 units, 1LDK63 units, 2LDK42 units, 3LDK9 units) Gross rental income 1 (excluding car parking spaces, etc., as of February 28, 2011) *Total of master lessees having a master lease agreement with the trustee. 327 million *For unavoidable reasons, including the contractual relationship with tenants, this figure s Gross rental income revenue from operations based on the direct capitalization method as shown in the Appraisal Report. Security deposits *Because the tenant has not consented, these figures will not be disclosed Total rent space 8, (as of February 28, 2011) Total rentable space 8, (as of February 28, 2011) Occupancy rate 91.5 (as of February 28, 2011) (6) Belle Face Amagasaki Specified asset category Real estate trust beneficial interest (scheduled) *3 Trustee (scheduled) Mitsubishi UFJ Trust and Banking Corporation Term of trust agreement (scheduled) June 1, 2011 May 31, 2021 Address 3-31, Shioe 1-chome, Amagasaki-city, Hyogo Registered usage Residential, Retail, parking, parking for bicycles Registered area Land :2, Building :11, (total floor area) Registered construction Reinforced concrete, flat roof, 10 floors Registered completion date February 13, 2009 Type of ownership Fee simple Ownership

10 ORIX Real Estate Corporation 3,440,000,000 (excluding national and local consumption taxes) Appraised value 3,459,000,000 Appraisal date February 1, 2011 Appraiser Chuo Real Estate Appraisal Co., Ltd Scheduled acquisition date June 1, 2011 Public transit access About 7 minutes walk from Amagasaki Station on JR Line Usage restrictions Commercial districtfire zone Architects Taisei Corporation Structural engineers Taisei Corporation General contractors Taisei Corporation Building inspection agency GENERAL BUILDING RESERCH CORPORATION OF JAPAN Main facilities and specifications [Elevator] 2 for 9 passengers [Parking] 37-car parking spaces (parking elevator for 31, 6 ground spaces) Earthquake resistance PML13% (Based on SHIMIZU CORPORATION report) *1 Collateral None Special notes None The property is located a seven-minute walk from Amagasaki station on the JR Tokaido main line, Fukuchiyama line and Tozai line by means of a pedestrian walkway connecting the property to the station. The Amagasaki Station vicinity is an area that has been redeveloped through a public and private sector collaboration. Nearby roads, the station square and pedestrian walkways have recently been developed, and there is a cluster of retail complexes, hospitals, universities and other facilities, giving the area Special features of the property outstanding lifestyle convenience. There is extremely convenient transportation to all parts of the Kansai region, since Osaka and Sannomiya stations can be reached in about 7 and 15 minutes, respectively, by train from Amagasaki station. The 2 nd through 10 th floors of the property are made up of one-room studios and one-bedroom apartments, while stores and other establishments are located on the 1 st floor and part of the 2 nd floor, so stable demand from single people and DINKS is expected. Residential: 207 units(1k173 units1ldk34 units) Total rentable units Retail: 5 lot Residential: 1 (excluding car parking spaces, etc., as of February 28, 2011)* Retail: 4 (as of February 28, 2011) No.of tenants * For the residential section, the number of master lessees who have concluded a master lease agreement with the previous owner is shown. OJR plans to establish a trust upon its acquisition of the property, and the master lessee will conclude a master lease agreement with the trustee. 245 million *For unavoidable reasons, including the contractual relationship with tenants, this figure s Gross rental income revenue from operations based on the direct capitalization method as shown in the Appraisal Report. Security deposits *Because the tenant has not consented, these figures will not be disclosed Total rent space 7, (as of February 28, 2011) Total rentable space 7, (as of February 28, 2011) Occupancy rate (as of February 28, 2011)

11 Note: 1. PML shows the estimated cost of recovering the building in the event of an earthquake. The figure is based on the probability of an earthquake that may occur every 475 years, and shows the percentage of the construction costs to the replacement value. This seismic risk analysis was done by Shimizu Corporation. 2. It is planned that, on June 1, 2011, the expiration date of the trust agreements relating to We Will Hatchobori and Belle Face Kamata will be revised to May 31, As of today, no trust has been established for Belle Face Hongo Yumicho or Belle Face Amagasaki. It is planned that trusts will be established for them at the time they are acquired by OJR. 5Profile of Owner / Seller (As of April 28, 2011) (1) Akihabara Business Center and Belle Face Amagasaki Company name ORIX Real Estate Corporation Address 4-1, Hamamatsucho 2-chome, Minato-ku, Tokyo Representative Representative Yoshiyuki Yamaya Operations Development of condominiums, detached houses, and office buildings. Subleasing and management of condominiums, shops, and offices, etc. Shareholders equity 200 million Date of establishment March 11, 1999 Major shareholder ORIX Corporation 100% Relationships with OJR or its asset management company Capital relationships There is no capital relationship that requires reporting between OJR and the company in question. Both ORIX Real Estate Corporation and OAM are subsidiaries of ORIX Corporation. Their relationships thus correspond to that of a related party stipulated in Japan s Law Concerning Investment Trusts and Investment Corporations (hereinafter, the Investment Trust Law ). Personal relationships As of April 1, 2011, one officer at OAM had been seconded from the company in question. There are no personnel relationships that require reporting between OJR and the company in question. Business relationships Applicability to related parties During the period ended February 2011, OJR acquired the property (total acquisition price: 4,250 million yen) from the company in question. The company in question is not a related party for OJR. However, the company in question corresponds to a related party for OAM stipulated in the Investment Trust Law as mentioned above. (2) We Will Hatchobori, Belle Face Hongo Yumicho, Belle Face Kamata and Belle Face Osaka Shinmachi Company name ORIX Life Insurance Corporation Address 3-1, Nishi-shinjuku 2-chome, Shinjuku-ku, Tokyo Representative Representative Izumi Mizumori Operations A business of life insurance, etc. Shareholders equity 27,500 million Date of establishment April 12, 1999 Major shareholder ORIX Corporation 100% (4%) *The figure in parentheses shows the ratio of shares owned indirectly through subsidiaries. Relationships with OJR or its asset management company There is no capital relationship that requires reporting between OJR and the company in question. Both ORIX Real Estate Corporation and OAM are subsidiaries of ORIX Corporation. Their relationships thus correspond to that of a related Capital relationships party stipulated in the Investment Trust Law. As of February 28, 2011, the company owns 8,905 investment units issued by OJR out of a total of 251,622 units already issued.

12 Personal relationships Business relationships Applicability to related parties There is no personal relationship that requires reporting between OJR or OAM and the company in question. There is no business relationship that requires reporting between OJR or OAM and the company in question. The company in question is not a related party for OJR. However, the company in question corresponds to a related party for OAM stipulated in the Investment Trust Law as mentioned above. 6. Information regarding Ownership (1) Akihabara Business Center Company name Special relationships involved Background to and reason for acquisition Acquisition date ORIX Real Estate Corporation Refer to Section 5. Profile of Owner/Seller above New development (Construction completed in October 2009) (2) We Will Hatchobori Owner before previous owner Company name ORIX Life Insurance Corporation ORIX Real Estate Corporation Special relationships involved Refer to Section 5. Profile of Owner/Seller above Refer to Section 5. Profile of Owner/Seller above New development Background to and reason Investment (Construction completed in March for acquisition 2008) Acquisition date February 27, 2009 Omitted, as previous owner held real estate trust beneficial interest for over a year (3) Belle Face Hongo Yumicho Owner before previous owner Company name ORIX Life Insurance Corporation ORIX Real Estate Corporation Special relationships involved Refer to Section 5. Profile of Owner/Seller above Refer to Section 5. Profile of Owner/Seller above New development Background to and reason Investment (Construction completed in November for acquisition 2006) Acquisition date November 10, 2008 Omitted, as previous owner held real estate trust beneficial interest for over a year

13 (4) Belle Face Kamata Owner before previous owner Company name ORIX Life Insurance Corporation ORIX Real Estate Corporation Special relationships involved Refer to Section 5. Profile of Owner/Seller above Refer to Section 5. Profile of Owner/Seller above Background to and reason for acquisition Investment Investment Acquisition date February 27, 2009 June 7, 2007 Omitted, as previous owner held real estate trust beneficial interest for over a year Company name Special relationships involved Background to and reason for acquisition Acquisition date before previous owner Not a party having special relationship of interest (5) Belle Face Osaka Shinmachi Owner before previous owner Company name ORIX Life Insurance Corporation Joint Ark 16, LLC Special relationships involved Refer to Section 5. Profile of Owner/Seller above Background to and reason for acquisition Investment Investment Acquisition date November 10, 2008 October 2, 2008 Omitted, as previous owner held real estate trust beneficial interest for over a year ORIX Real Estate Investment Advisors Corporation (a related party for OAM stipulated in the Investment Trust Law) is contracted to provide asset management for the company in question. Company name Special relationships involved Background to and reason for acquisition Acquisition date before previous owner Not a party having special relationship of interest

14 (6) Belle Face Amagasaki Company name Special relationships involved Background to and reason for acquisition Acquisition date ORIX Real Estate Corporation Refer to Section 5. Profile of Owner/Seller above New development (Construction completed in February 2009) 7Intermediary (same for six properties) None 8Payment (same for six properties) Funding method Proceeds from the issue of new investment units*, self-financed and loan proceeds (scheduled) *Please refer to the press release ORIX JREIT Announces Issue of New InvestmentUnits and Secondary Offering of Units, which was published today. Payment terms 100% on transfer 9Related-Party Transactions (Acquisition and Subcontracting of property management) OJR will acquire Akihabara Business Center and Belle Face Amagasaki from the ORIX Real Estate Corporation, and We Will Hatchobori, Belle Face Hongo Yumicho, Belle Face Kamata and Belle Face Osaka Shinmachi from ORIX Life Insurance Corporation. OJR will also sign a property management agreement with the ORIX Real Estate Corporation concerning the property management of the store section of Belle Face Amagasaki. In accordance with the Affiliated Company Transaction Regulations, which are in-house regulations of the asset management company, the acquisition of these properties was approved by OJR s board of directors following the examination by the Risk Management and Compliance Committee and the OAM board of directors. The property management agreement has been reported to OJR s board of directors after being examined by the Risk Management and Compliance Committee and approved by the OAM board of directors. See 5. Profile of Owner/Seller for the summary of the related parties. 10Schedule (same for six properties) May 9, 2011 Execution of sale and purchase contract for the properties June 1, 2011(scheduled) Transfer of the properties 11Future Outlook Concerning the effect of the acquisition of these properties on OJR s earnings for the 19 th period (March 1, 2011 to August 31, 2011) and the 20 th period (September 1, 2011 to February 29, 2012), please refer to the press release ORIX JREIT Revises Earnings Forecast for the 19 th Fiscal Period (Ending August 31, 2011) and 20 th Fiscal Period (Ending February 29, 2012), which was published today.

15 Addendums I. Property photo and map II. Appraisal summary III. Portfolio summary after acquisitions of six properties The original Japanese version of this material is being distributed today to the Kabuto Club, the Ministry of Land, Infrastructure, Transport and Tourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Press Club for Construction Publications.

16 I. Property photo and map (1) Akihabara Business Center

17 (2) We Will Hatchobori

18 (3) Belle Face Hongo Yumicho

19 (4) Belle Face Kamata

20 (5) Belle Face Osaka Shinmachi

21 (6) Belle Face Amagasaki

22 II. Appraisal summary Akihabara Property name Business Center Appraised value In millions of yen We Will Hatchobori Belle Face Hongo Yumicho Belle Face Kamata Belle Face Osaka Shinmachi Belle Face Amagasaki Appraised value 5,060 2,371 3,340 3,562 3,699 3,459 Appraisal date March 15, 2011 February 1, 2011 DAIWA REAL Appraiser ESTATE APPRAISAL CO., LTD. Valuations by method In millions of yen Chuo Real Estate Appraisal Co., Ltd. Chuo Real Estate Appraisal Co., Ltd. Chuo Real Estate Appraisal Co., Ltd. Chuo Real Estate Appraisal Co., Ltd. Chuo Real Estate Appraisal Co., Ltd. Cost Method 3,510 1,607 2,109 3,086 3,609 3,407 Income Method DCF value 5,050 2,371 3,340 3,562 3,699 3,459 Discount Rate (%) Terminal Capitalization Rate (%) DC Value 5,080 2,440 3,472 3,655 3,783 3,375 Capitalization Rate (%) Income projection In millions of yen* (1) Gross revenue a-b a. Effective gross revenue b. Vacancy loss (2) Total costsc+d+e+f c. Management / maintenance fee (management fee, utility expenses, PM fees, etc.) d. Taxes e. Casualty insurance premium f. Other costs (3) Net revenue (4) Lump sum revenue (5) Capital expenditure (6) Net income Notes The following projection is quoted from the income projection using the direct capitalization method in the Appraisal Report, and does not represent any projections by OJR or OAM. Long Term Projected Repairs Property name Company name Maintenance cost (In thousand of yen) Akihabara Business Center Earth-Appraisal Co., Ltd. 46,149 We Will Hatchobori Belle Face Hongo Yumicho Belle Face Kamata Nikken Sekkei Construction Management, Inc. Nikken Sekkei Construction Management, Inc. Nikken Sekkei Construction Management, Inc. 55, , ,700 Belle Face Osaka Shinmachi Belle Face Amagasaki NKSJ Risk Management, Inc. NKSJ Risk Management, Inc. 181,600 89,630

23 III. Portfolio summary after acquisition of six properties Property Acquisition Percentage of Total Date Price(million) Acquisition Cost Offices 6 central Aoyama Suncrest Building December , Tokyo wards Round-Cross Ichi-bancho December , Round-Cross Nishi Shinjuku December , Beside Shirogane December , DT Gaien December , Nihonbashi East Building December , Yoyogi Forest Building December , Round-Cross Minami Azabu December , Round-Cross Akasaka January , Round-Cross Mita January , Shiba Daimon Building January , Round-Cross Tsukiji January , ORIX Shiba 2-chome Building September , Aoyama 246 Building March , Round-Cross Shinjuku April , Seafort Square Center Building September April , ORIX Akasaka 2-chome Building June December , Round-Cross Shinjuku 5-chome April , Nihonbashi Honcho 1-chome Building March , ST WORLD Building March , ORIX Suidobashi Building March , ORIX Shinagawa Building June , ORIX Real Estate Nishi Shinjuku Building March , OX Tamachi Building March , Subtotal 145, Remaining Carrot Tower December , Tokyo wards Toyo MK Building December , Beside Kiba December , ORIX Ikebukuro Building April , Round-Cross Kamata March , KN Jiyugaoka Plaza May , ORIX Meguro Building July , * Akihabara Business Center June 1, 2011 (scheduled) 5, Subtotal 42, Other parts of Neo City Mitaka December , the greater Tokyo area Round-Cross Kawasaki April , Omiya Miyacho Building March , Omiya Shimocho 1-chome Building March , Subtotal 14, Other areas Nagoya Itochu Building September , ORIX Koraibashi Building April , Lunar Sendai June , ORIX Nagoya Nishiki Building March , ORE Sapporo Building October , Subtotal 35, Offices Total 238,

24 Property Acquisition Percentage of Total Date Price(million) Acquisition Cost Logistics Other parts of Koshigaya Logistics Center April , Facilities the greater Tokyo area Toda Logistics Center March , Ichikawa Logistics Center September , Subtotal 21, Other areas Sakai Logistics Center North Building March , Subtotal 10, Logistics Facilities Total 32, Retail 6 central Nihon Jisho Minami Aoyama Building October , Facilities Tokyo wards CUBE Daikanyama March , Subtotal 4, Other parts of aune Kohoku March , the greater Tokyo area aune Makuhari March , Maruetsu Sagamino March , Subtotal 9, Other areas Kobe Momoyamadai Shopping Center (Site) March , Okayama Kume Retail Facility January , Subtotal 6, Retail Facilities Total 20, central Park Axis Nishi Azabu Stage December , Residential Tokyo wards Shibaura Island Bloom Tower January , * We Will Hatchobori June 1, 2011 (scheduled) 2, Subtotal 9, Remaining * Belle Face Hongo Yumicho June 1, 2011 (scheduled) 3, Tokyo wards * Belle FaceKamata June 1, 2011 (scheduled) 3, Subtotal 6, Other areas * Belle Face Osaka Shinmachi June 1, 2011 (scheduled) 3, * Belle Face Amagasaki June 1, 2011 (scheduled) 3, Subtotal 7, Residential Total 23, Others Other parts of Cross Gate January , the greater Tokyo area Subtotal 15, Others Total 15, Grand Total 54 propeties 329, * Newly acquired building Notes 1. above refers to sale price (fractions rounded down) specified in the sale and purchase contract. Consumption taxes are not included in the price. 2. Percentage of total acquisition cost refers to the acquisition price of each property under management as a proportion of total acquisition price. 3. Fractions are rounded to two decimal places for the Percentage of total acquisition cost. Totals for the Percentage of total acquisition cost may not tally as a result of rounding.