Disclaimer. THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS THAT ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES. FORWARD LOOKING STATEMENTS ARE GENERALLY IDENTIFIABLE BY USE OF FORWARD LOOKING TERMINOLOGY SUCH AS BELIEVE, EXPECT, ANTICIPATE, INTEND, PLAN, ESTIMATE, WILL, MAY AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, AND IN THIS PRESENTATION INCLUDE STATEMENTS REGARDING GOVERNMENT PROPERTY INCOME TRUSTS, OR GOVS , EXPECTED FINANCING PLANS, APPROXIMATE NEUTRAL IMPACT ON GOVS LEVERAGE, EXPECTED NORMALIZED FUNDS FROM OPERATIONS RESULTING FROM THE ACQUISITION OF FIRST POTOMAC REALTY TRUST, OR FPO, AND EXPECTED GENERAL AND ADMINISTRATIVE EXPENSE SAVINGS AS COMPARED TO FPO ON A STAND ALONE BASIS. ALTHOUGH GOV BELIEVES THAT THE EXPECTATIONS EXPRESSED BY THESE FORWARD LOOKING STATEMENTS ARE BASED UPON REASONABLE ASSUMPTIONS, GOVS ACTUAL RESULTS AND PERFORMANCE COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THE FORWARD LOOKING STATEMENTS. FOR A LIST OF FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON GOVS BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATION, NET OPERATING INCOME, CASH FLOWS, LIQUIDITY AND PROSPECTS, PLEASE REFER TO GOVS ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2016, CURRENT REPORT ON FORM 8-K FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, ON JUNE 28, 2017 AND SUBSEQUENT FILINGS WITH THE SEC. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENT. EXCEPT AS REQUIRED BY APPLICABLE LAW, GOV UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. THE EXPECTED OFFERING OF GOVS COMMON SHARES REFERRED TO HEREIN WILL BE MADE PURSUANT TO GOVS EFFECTIVE SHELF REGISTRATION STATEMENT FILED WITH THE SEC. THE OFFERING WILL BE MADE ONLY BY MEANS OF A PROSPECTUS AND A RELATED PRELIMINARY PROSPECTUS SUPPLEMENT. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT, THE RELATED PRELIMINARY PROSPECTUS SUPPLEMENT AND OTHER DOCUMENTS GOV HAS FILED OR WILL FILE WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT GOV AND THE OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, GOV OR ANY UNDERWRITER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS AND THE RELATED PRELIMINARY PROSPECTUS SUPPLEMENT IF YOU REQUEST IT FROM CITIGROUP, C/O BROADRIDGE FINANCIAL SOLUTIONS, 1155 LONG ISLAND AVENUE, EDGEWOOD, NY 11717, TELEPHONE: (800) 831-9146; BOFA MERRILL LYNCH, ATTENTION: PROSPECTUS DEPARTMENT, NC1-004-03-43, 200 NORTH COLLEGE STREET, 3RD FLOOR, CHARLOTTE, NC 28255-0001, EMAIL: DG.PROSPECTUS_REQUESTS@BAML.COM; MORGAN STANLEY, ATTENTION: PROSPECTUS DEPARTMENT, 180 VARICK STREET, 2ND FLOOR, NEW YORK, NY 10014; OR UBS INVESTMENT BANK, ATTENTION: PROSPECTUS DEPARTMENT, 1285 AVENUE OF THE AMERICAS, NEW YORK, NY, 10019 OR BY CALLING (888) 827-7275. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF ANY SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE OR JURISDICTION. GOV IS NOT RESPONSIBLE FOR THE ACCURACY OF THIRD PARTY STATISTICAL DATA. 2 Government Properties Income Trust Note: Unless otherwise noted, data is presented as of March 31, 2017 and excludes properties classified as discontinued operations.