Investor Presentaiton

Revisions and gaps in rents No. of rent revisions (No.) 25 Rent increase Rent decrease 20 17 20 15 10 6 5 5 1 0 1 0 1 2 0 5 5 5 3 2 1 1 2 0 10 15 10 14 20 Jun. 2013 Dec. 2013 Jun. 2014 14th Period 15th Period 16th Period Dec. 2014 17th Period Jun. 2015 18th Period Dec. 2015 19th Period Jun. 2016 20th Period Dec. 2016 21st Period Jun. 2017 22nd Period Dec. 2017 23rd Period 100% Gap in rents (Note) 100% 15% 21% Higher 75% 75% than market rent 28% Higher than market rent 15% More than 10% More than 10% Less than 10% Lower Less than 10% 50% 50% than Lower Less than -10% market 48% Less than -10% 25% than market rent 41% rent More than -10% More than -10% 25% 17 0% 15% Tokyo area 0% 16% Osaka area Note: Market rent refers to market's estimated concluded rent (standard floor) of each property appraised as of Dec. 2016 by CBRE. The rents identical with market rent are included in "within 10%". MCUBS MidCity Investment Corporation

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