Investor Presentaiton

53 Office market data 1 (Tokyo 23 districts) Average rent and vacancy rate of Tokyo (yen/tsubo) 55,000 45,000 35,000 25,000 15,000 5,000 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 IOLO 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 Rent in Grade A Vacancy Rate in Grade A Rent in Grade A- Vacancy Rate in Grade A- 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 Source: Prepared by the Asset Manager based on the data obtained from CBRE K.K. 17Q2 17Q3 17Q4 MCUBS MidCity Investment Corporation Rent in Grade B Vacancy Rate in Grade B 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% ov do do 0%

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