Investor Presentaiton

Factors of Change in Distributions per Unit (Previous Forecast for FP Ended August 2023 vs. Actual for FP Ended August 2023) Due to a decrease in depreciation resulting from a review of the useful life of the asset and to expecting further internal growth in line with the recovery of the office and hotel markets, actual distributions for the 43rd FP increased significantly compared with previous forecast as of the merger announcement and of the previous financial results announcement. Temporary factors - Gain on sale due to second sale of Shinbashi (one-third co-ownership interest): +376 Expenses for the Merger (yen) 1,750 : -167 Temporary factors - Gain on sale due to second sale of Shinbashi (one-third co-ownership interest): +384 Expenses for the Merger Decrease in depreciation resulting from a review of the useful life of the asset : -167 Temporary factors - Gain on sale due to second sale of Shinbashi (one-third co-ownership interest): +390 - Expenses for the Merger Internal reserves Increase in actual hotel rents Increase in actual rents at the Four Hotels with Variable Rents from 78% (forecast) to 89% (actual) compared with 2019 1,700 93 : -164 : -133 1,700 1,650 1,600 1,584 1,550 1,519 1,500 217 1,450 209 1,400 1,350 1,300 1,367 1,310 +9 +45 +152 Increase in office rents etc. Other - +34 Decrease in repairs and interest etc. Distribution excluding temporary factors Forecast for 43rd FP Forecast as of the merger announcement (as of Nov. '22) Forecast for 43rd FP Forecast as of the previous financial results announcement (as of Apr. '23) (Excluding temporary factors) Distribution: +240 yen (+17.6%) (Excluding temporary factors) Distribution: +297 yen (+22.7%) 1,607 Actual for 43rd FP Actual 8

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