from the beginning

Fiscal Period 30 Materials for Analyst Meeting 6 month ended November 2016

Disclaimer(slide only)

Table of Contents(slide only)

I. Overview of the 30th Fiscal Period (ended in November 2016)

I-1 Trajectory for Stable Growth of HEIWA REAL ESTATE Inc.

I-2 Highlights of the 30th Fiscal Period

I-3 Financial Performance for the 30th Fiscal Period

I-4 Factors for Change in DPU(vs 28th Fiscal Period)

I-5 Forecasts for the 31st Fiscal Period and 32nd Fiscal Period

II Status of Operations

II-1 Status of Portfolio

II-2 External Growth: Overview of the New Properties

II-3 External Growth: Outlook of the Acquisition and Portfolio Replacement

II-4 History of Property Acquisition and Sale (after Main Sponsor Change)(slide only)

II-5 Internal Growth: Progress of lease-up of properties with low occupancy rates

II-6 Internal Growth: Status of Office Operations(1)

II-7 Internal Growth: Status of Office Operations(2)

II-8 Internal Growth: Status of Residential Operations(1)

II-9 Internal Growth: Status of Residential Operations(2)

II-10 Internal Growth: Refurbishment Construction Work(slide only)

II-11 Historical Appraisal Values

II-12 Financial Strategies: Financial Status(1)(slide only)

II-13 Financial Strategies: Financial Status(2)

II-15 Growth Strategy

(Appendix) Diversified Property Acquisition Methods(slide only)

III Appendix (slides only below)

III-1 Balance Sheet

III-2 Profit and Loss Statement

III-3 Debts

III-4 Diversification of Investment Areas

III-5 Office Portfolio Performance

III-6 Residential Portfolio Performance

III-7 Profits from Rental Business

III-8 Portfolio Overview and Performance (Office)

III-8 Portfolio Overview and Performance (Office)(2)

III-8 Portfolio Overview and Performance (Office)(3)

III-8 Portfolio Overview and Performance (Office)(4)

III-8 Portfolio Overview and Performance (Office)(5)

III-9 Portfolio Overview and Performance (Residence)

III-9 Portfolio Overview and Performance (Residence)(2)

III-9 Portfolio Overview and Performance (Residence)(3)

III-9 Portfolio Overview and Performance (Residence)(4)

III-9 Portfolio Overview and Performance (Residence)(5)

III-9 Portfolio Overview and Performance (Residence)(6)

III-9 Portfolio Overview and Performance (Residence)(7)

III-9 Portfolio Overview and Performance (Residence)(8)

III-9 Portfolio Overview and Performance (Residence)(9)

III-9 Portfolio Overview and Performance (Residence)(10)

III-10 Historical Appraisal Values

III-11 Historical Actual NOI Return

III-12 Historical Occupancy

III-13 Organization of the Asset Management Company

III-14 Condition of Investment Unit Price

January 17, 2017

HEIWA REAL ESTATE REIT, Inc.

Fiscal Period 30 (6 months ended November 2016) Analyst Meeting

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