Investor Presentaiton

• . • Accounting of Goodwill (Positive) goodwill of around 0.6 billion yen occurred through the Merger. Our policy is to record goodwill on the balance sheets as intangible assets and amortize it equally over 20 years (40 fiscal periods) as operating expenses on the statements of income and retained earnings. Given that the goodwill amortization amount is relatively small, for the purpose of stabilizing the distribution level in the future, we do not currently plan to record an allowance for temporary difference adjustments (ATA) for resolving tax accounting inconsistencies in order to keep voluntary retained earnings as internal reserves. MTR (surviving corp.) + MTH (dissolving corp.) B/S at the time of the Merger (book value) Assets accepted (book value) Assumed liabilities (book value) Net assets (book value) Market valuation B/S as of the end of February 2023 Assets accepted (Fair value) Assumed liabilities (Fair value) Net assets (Fair value) Merger consideration more than market-value based on net asset value creates positive goodwill. Positive goodwill New MTR B/S after the Merger Merger consideration (MTR Investment unit) Assets (including positive goodwill) Liabilities Net assets Treatment on B/S Treatment policy of goodwill Posted as intangible assets Treatment on P/L Amortized in equal amounts over a period of within 20 years (40 fiscal periods) as operating expenses 22

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