Investor Presentaiton

8 Balance sheet (Unit: amount of money (mn. yen), ratio (%)) Description Fiscal Period ended Jun 30, 2017 (22nd Period) (as of Jun. 30, 2017) (mn. yen) (%) Fiscal Period Fiscal Period Fiscal Period ended Dec 31, 2017 (23rd Period) (as of Dec. 31, 2017) (mn. yen) ended Jun 30, 2017 ended Dec 31, 2017 Difference Difference Description (22nd Period) (23rd Period) (%) (mn. yen) (%) (as of Jun. 30, 2017) (mn. yen) (%) (as of Dec. 31, 2017) (mn. yen) (%) (mn. yen) (%) (Assets) I Total current assets (Liabilities) 16,135 6.5 16,569 6.7 Cash and deposits 9,911 11,031 433 1,119 2.7 I Total current liabilities 17,188 6.9 Operating accounts payable 606 18,533 508 7.4 1,345 7.8 -97 Cash and deposits in trust 5,535 5,246 -288 Current portion of 13,675 15,300 1,625 Operating accounts receivable 258 164 -93 long-term loans payable Income taxes receivable 20 27 6 Accounts payable - other 1,051 815 -235 Consumption taxes receivable 333 -333 Accrued expenses 139 132 -6 Prepaid expenses 47 42 -4 Distribution payable 7 8 1 Deferred tax assets 0 0 -0 Income taxes payable 305 305 Other 28 55 27 Advances received 1,092 1,084 -7 II Total non-current assets 232,551 93.5 232,161 93.3 -390 -0.2 Other 615 376 -238 1. Property, plant and equipment II Total non-current liabilities 103,958 41.8 102,565 41.2 -1,392 -1.3 3 Buildings in trust 77,291 78,072 Investment corporation bonds 6,000 6,000 -450 Accumulated depreciation -20,605 -21,837 Long-term loans payable 85,300 83,675 Structures in trust 130 137 Tenant leasehold and 4 12,299 12,726 -1,625 427 Accumulated depreciation -28 -31 security deposits Machinery and equipment in trust 7 7 Tenant leasehold and -0 358 164 -194 Accumulated depreciation -2 -3 security deposits in trust Tools, furniture and fixtures in trust 556 585 Total liabilities 121,146 48.7 121,099 48.7 -47 -0.0 7 Accumulated depreciation. -401 -422 (Net assets) Land in trust 169,977 169,977 -0 I Unitholders' equity Construction in progress in trust 5 4 -1 1. Unitholders' capital 127,675 125,148 51.3 127,737 51.3 62 0.0 125,148 Total property, plant and quipment 226,930 91.2 226,489 91.0 -441 -0.2 2. Surplus 2. Intangible assets Voluntary reserve 183 183 Software 4 3 -0 Unappropriated retained earnings 2,527 2,405 -121 Trademark right Total intangible assets 0 0 -0 (undisposed loss) 4 0.0 3 0.0 -0 -13.6 Total surplus 2,527 2,589 62 Total net assets Total liabilities and net assets 127,675 248,821 51.3 127,737 100.0 248,837 51.3 62 0.0 100.0 15 0.0 3. Investments and other assets Investment securities 5,085 5,085 Lease and guarantee deposits 10 10 Long-term prepaid expenses 522 573 51 Total investments and other assets 5,617 2.3 5,668 2.3 51 0.9 III Deferred assets 134 0.1 106 0.0 -27 -20.7 Total assets 248,821 100.0 248,837 100.0 15 0.0 CAPEX during the period: 817 mn. yen MCUBS MidCity Investment Corporation

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