Astro Japan Property : Annual Report 2016

ASX/Media Release

14 September 2016

Astro Japan Property Group (ASX: AJA) advises that the attached Annual Report for the year ended 30 June 2016 is being despatched to securityholders today.

The Annual Report is also available on the Astro Group website at http://www.astrojapanproperty.com/investor-information/publications/annual-reports-annual-review- booklets/.

The Astro Group also prepares an Annual Review as an online interactive publication which can be accessed at http://ar2016.astrojapanproperty.com. The Annual Review includes additional information about the Astro Group, including its properties in an enhanced interactive environment.

Please refer to the ASX announcement following this release for a copy of the Astro Group Corporate Governance Statement 2016 and ASX Appendix 4G.

Rohan Purdy Company Secretary

Phone: +61 2 8987 3903 (Australia)

Astro Japan Property Group is a listed property group which invests in the Japan real estate market. It currently holds interests in a portfolio comprising 29 retail, office, residential and hotel properties. Asset management services in Japan are generally undertaken by Spring Investment Co., Ltd.

AJA is a stapled entity comprising Astro Japan Property Trust (ARSN 112 799 854) and Astro Japan Property Group Limited (ABN 25 135 381 663). For further information please visit our website: www.astrojapanproperty.com.

Annual Report 2016

EXPLORE OUR ONLINE ANNUAL REVIEW

ar2016.astrojapanproperty.com

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Contents

Astro Japan Property Group Financial Report (Consolidated) 2

Astro Japan Property Group Limited Financial Report (Listed Company Only) 43

Additional Securityholder Information 73

Corporate Directory 75

Online Annual Review

Our Annual Review now resides online.

To view all our properties in an enhanced interactive environment visit:

www.astrojapanproperty.com/ investor-information

The Astro Japan Property Group (Astro Group) comprises Astro Japan Property Trust (ARSN 112 799 854) (AJT),

and Astro Japan Property Group Limited

(ABN 25 135 381 663) (AJCo) and its controlled entity.

Astro Japan Property Management Limited

(ABN 94 111 874 563) is the Responsible Entity of AJT.

Through our website, we have ensured that our corporate reporting is timely, complete and available globally at minimum cost to the

Astro Group. All press releases, financial reports

and other information are available on our website: www.astrojapanproperty.com

Properties featured on the cover

Shinjuku Fuji

Konan Home Centre

Kawasaki Dice

About Astro Japan Property Group

The Astro Japan Property Group ("Astro Group" or "the Group") is a listed property fund

that has a strategy of investing solely in the real estate market of Japan.

The Astro Group comprises the Astro Japan Property Trust ("AJT") and Astro Japan Property Group Limited ("AJCo"), with the units in AJT being stapled to the shares in AJCo on a 'one for one' basis. The stapled securities are quoted on the ASX under the code 'AJA'.

The Responsible Entity of AJT is Astro Japan Property Management Limited.

AJT was initially established on 31 January 2005, and listed on the ASX on 4 April 2005.

The subsequent formation of the Astro Group occurred on 12 November 2009, at which time the units in AJT were stapled to the shares in AJCo. At 31 August 2016, the Astro Group had 2,380 securityholders and a market capitalisation of approximately A$436.7 million.

At the time of its listing in 2005, AJT raised

$280 million and acquired interests in a diversified portfolio of 12 office and retail properties located in the central and greater Tokyo area for ¥47 billion (approximately A$600 million). At 30 June 2016, the Astro Group held interests in a portfolio comprising 27 office, retail and residential properties with a book value of ¥83.0 billion (approximately A$1.08 billion).

Asset management services in Japan are generally undertaken by the Japanese entity Spring Investment Co., Ltd. ("Spring"), in which the Astro Group has a 25% economic interest. Spring has acted as the Japan asset manager for the Astro Group since inception.

Further information about the

Astro Group is on the Group's website, www.astrojapanproperty.com.

Astro Japan Property Group Annual Report 2016 1