Investor Presentaiton

Notes (2) P.10 (1) A master lease agreement, under which rent income is linked to rents under sublease agreements, has been used for the office and store sections, and a master lease agreement specifying a fixed rent has been used for the hotel section of Tokyo Shiodome Building. Therefore, the numbers in parentheses of the occupancy rates of the properties, represent occupancy rates based on sublease agreements for the office and store section and occupancy rates based on the master lease agreement for the hotel section. The same applies thereafter. P.15 (1) Central Tokyo refers to Chiyoda-ku, Chuo-ku, Minato-ku, Shinagawa-ku, Shibuya-ku and Shinjuku-ku (2) Other (metropolitan area, ordinance-designated cities, etc.) refers to metropolitan area (Tokyo (excluding central Tokyo), Kanagawa, Chiba and Saitama) and ordinance-designated cities, etc. (3) Major cities across Japan refers to 23 wards of Tokyo and government ordinance-designated cities (4) "Famous tourist sites" indicates areas with appealing culture, tourism resources, etc. that already have the capacity to attract tourists or are expected to have the capacity to attract tourists in the future. (5) Asset size of each year refers to that as of the end of the fiscal period ended in March for MTR and that as of the end of the fiscal period ended in February for MTH. (6) Before the Merger refers to the time as of the end of the fiscal period ended in February 2023 for MTR and MTH. (7) After the Merger refers to the time as of March 1, 2023. P.18 (1) In the "Changes in number of inbound (vs.2019)" chart, For the July and August 2023 values for the West, since the U.S., Canada, Mexico, U.K., France, Germany, Italy, Spain, Russia, and Scandinavia have only disclosed estimates as of October 11, 2023, the comparisons with July and August 2019 are calculated based on the total of these estimates and the total of the results for the same countries and regions in July and August 2019. (2) In the "Changes in number of inbound (vs. 2019)" chart, For the July and August 2023 values for Asia (excluding China), since South Korea, Taiwan, Hong Kong, Thailand, Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and India have only disclosed estimates as of October 11, 2023, the comparisons with July and August 2019 are calculated based on the total of these estimates and the total of the results for the same countries in July and August 2019. In the Middle East regions, since the aggregation criteria differ in 2019 and 2023, calculation of the comparisons with July and August 2019 has been omitted. (3) In the "Scope for Rent Increases at Four Hotel Properties with Variable Rent" chart, the performance for the fiscal period ended February 2020 for the four hotel properties with variable rent indicates the total obtained by adding the actual rent for the three hotel properties with variable rent other than the Hilton Odawara for the fiscal period ended February 2020 and the assumed rent if the Hilton Odawara, which was acquired on September 2, 2019, had been owned from the beginning of the fiscal period ended February 2020 (September 1, 2019) (hereinafter referred to as the "Hilton Odawara assumed rent for the fiscal period ended February 2020"). The performance for the fiscal period ended August 2019 indicates the total obtained by adding the actual rent for the three hotel properties with variable rent other than the Hilton Odawara for the fiscal period ended August 2019 and the Hilton Odawara assumed rent for the fiscal period ended February 2020. P.21 (1) LTV as of March 1, 2023 is calculated by dividing a sum of the total interest-bearing debts above by the total assets as of March 1, 2023. P.28 (1) International brand hotels refer to Shangri-La Tokyo, Hilton Odawara Resort & Spa, Courtyard by Marriott Tokyo Station and Courtyard by Marriott Shin-Osaka Station. Conrad Tokyo housed in the Tokyo Shiodome Building is not included in international brand hotels as the category of multi-use properties is determined based on their main use. P.29 (1) The picture of Tokyo World Gate Akasaka is a conceptual drawing at the time completion, and may be different from the actual result. 64

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