Analyst Coverage

As of Nov 30, 2018

The following table shows a list of analysts that provide recommendations or comments on the business results of the Investment Corporation.

Agency
Name
SMBC Nikko Securities Inc.
Ryo Takatsu
Daiwa Securities Co. Ltd.
Kohei Omura
Nomura Securities Co.,Ltd.
Tomohiro Araki

(Companies are listed in alphabetical order.)

<Disclaimer>

This list is based on information available to HEIWA REAL ESTATE REIT, Inc. (hereafter the "Investment Corporation") and HEIWA REAL ESTATE Asset Management (hereafter the "Asset Management Company") at the time of publication, and is prepared according to the guidelines of the Investment Corporation and its Asset Management Company. Consequently, the list may not be comprehensive or the information may be out of date by the time you read it.

Analysts included in this list and others not listed are engaged in providing analysis relating to the business results of the Investment Corporation and its business, or projecting the future business results of the Investment Corporation, based on judgments made independently by the analyst either periodically or on ad hoc basis. Neither the Investment Corporation nor its Asset Management Company, or their respective management teams, have had any part whatsoever in the process by which analysts form their analysis or projections. The Investment Corporation and its Asset Management Company do not in any way endorse or provide assurances concerning the projections, opinions or recommendations made by analysts.

This list is provided solely for the purpose of providing investors with information concerning companies and analysts who provide analysis or projections relating to the business results of the Investment Corporation. It does not constitute a solicitation to invest in the Investment Corporation.

Any investment decisions you make ultimately rest on your own judgment and are your own responsibility.

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