Investor Presentaiton

Notes (4) P.48 (1) Acquisition price and leasable area indicate the figures corresponding to the quasi-co-ownership interest owned by MTR. For details, please view "Financial Summary (REIT) for Fiscal Period Ended August 31, 2023" published on October 20, 2023. The same applies thereafter. (2) The completion of construction for, of each building of Hilton Odawara Resort & Spa, the main buildings for business use (the main facility, bade facility and sports facility) is stated. The completion of construction for the chapel, the other main building for business use, is October 2004. (3) The real estate in trust associated with Frespo Inage is only land, and the building is not included. P.49 (1) Kamiyacho Trust Tower was additionally acquired on March 1, 2023. The figures in brackets are obtained by deducting the amount equivalent to the additionally acquired from the appraisal value of the portfolio properties at the end of fiscal period ended August 2023. (2) Sendai MT Building was additionally acquired on August 31, 2023 (90,845/300,000 co-ownership interest). Furthermore, we plan to additionally acquire 90,845/300,000 co-ownership interest on February 29, 2024, respectively. For the details of acquisition of Sendai MT Building, please see the release of MTR, "Notice of Sale of Asset (Shinbashi Ekimae MTR Building) and Acquisition and Lease of Asset (Sendai MT Building)" dated July 28, 2022. (3) For Frespo Inage, the direct reduction method is not adopted, and the terminal cap rate have not been established. (4) Since one-third of the co-ownership interest in Shinbashi Ekimae MTR Building was sold on August 31, 2023, the co-ownership interest owned by MTR is one-thirds. The decrease in the book value and appraisal value at the end of the fiscal period compared with the previous fiscal period is due to the difference that occurred as a result of selling the co-ownership interest. (5) Richi Appraisal: Richi Appraisal Institute, Japan Real Estate: Japan Real Estate Institute, Daiwa Real Estate: Daiwa Real Estate Appraisal Co., Ltd., Chuo-Nittochi: Chuo-Nittochi Solutions Co., Ltd. P.50 (1) The total occupancy rate is based on assets, such as real estate, held by MTR as of the end of each fiscal period. If the result of rounding is 100.0%, however, the rate is indicated as 99.9% by rounding down the second decimal place to the nearest first decimal place. (2) A master lease agreement, under which rent income is linked to the rents for joint management units, is used for Kamiyacho Trust Tower, and the number in parentheses of the occupancy rate of the property is the occupancy rate of the entire joint management units. (3) Regarding the office portion of the Kioicho Building, MTR leases the building portion of the Kioicho Building from a fiduciary trust company under a master lease agreement and subleases it to tenants. For the residential section, MTR enters into a pass-through master lease agreement. The occupancy rates stated above are those under the sublease agreement for the office portion and the master lease agreement for the residential portion. The figure in brackets for the occupancy rate of the building is the occupancy rate based on the sublease agreements of the office and residential portions of the building. (4) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Sendai MT Building, and the figure in brackets for the occupancy rate of the building is the occupancy rate based on the sublease agreement. (5) A master lease agreement under which rent income is linked to rents under a sublease agreement has been concluded for Osaki MT Building, and the figure in brackets for the occupancy rate of the building is the occupancy rate based on the sublease agreement. (6) The agreement used for the Midosuji MTR Building is the master lease pass-through model, and the occupancy rate in brackets for the building is that based on the sublease agreement. (7) MTR leases the land and building of Hiroo MTR Building, Tenjin Prime and SHIBUYA FLAG from a fiduciary trust company under a master lease agreement and subleases it to tenants. The occupancy rates of the above properties are for those under the sublease agreements. (8) The numbers in parentheses of subtotal and total occupancy rates represent occupancy rates based on sublease agreements for Kioicho Building, Osaki MT Building, Sendai MT Building and Midosuji MTR Building and the occupancy rate calculated based on the occupancy rate of the entire joint management units for Kamiyacho Trust Tower. 66

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