Investor Presentaiton

Summary of Internal Growth Strategy (Office) Office Recognition of External Conditions In central Tokyo, while there is a large volume of new office supply, due to increased demand among tenants to improve their location or relocate to large spaces, the increase in the vacancy rate has slowed. With the relative advantages and disadvantages of difference areas and properties becoming clearer, there is strong interest in high-grade, competitive properties in favorable locations, and occupancy rates are trending toward recovery. Future Policy Going forward, we will pay attention to the market environment in conjunction with the large volume of new office supply, and along with conducting tenant leasing focusing on occupancy rate, we will enhance relations with existing tenants. Based on tenant needs to improve their location or relocate to larger spaces following the economy and society's return to normalization after the pandemic, we are devoting efforts to building up the occupancy rate at properties which have some vacancies. Condition of Office Market Changes in Vacancy Rate and Rent per Unit in Tokyo Business Districts (%) Average rent (right axis) -Average vacancy rate (left axis) Forecast for Office Rental Market Forecast for Trends in Office Occupancy (5 Wards of Central Tokyo) (yen/ 100.0% 20 month, tsubo) 25,000 98.0% 96.8% 96.8% 96.5% 15 20,000 96.1% 95.5% 96.0% 10 15,000 A moderate recovery is expected in the office market 94.0% 5 10,000 92.0% 0 5,000 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 90.0% 2023 2024 2024 2025 2025 Source: Prepared by MTR based on data published by Miki Shoji Co., Ltd. 2nd half 1st half 2nd half 1st half 2nd half (Source) Commercial Property Research Institute, inc. Tokyo business districts: Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, and Shibuya-ku 17

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