Results of the 25th Fiscal Period ended January 31, 2019

from the beginning

Results of the 25th Fiscal Period ended January 31, 2019

• Disclaimer (Slide only)

• Contents (Slide only)

1 Executive summary

2. Investment highlights

• 2-1 Unit price performance (Slide only)

• 2-2 Financial results

• 2-3 Dividends per unit growth record

• 2-4 Increase in appraisal NAV per unit

• 2-5 Overview of new acquisitions (Acquired as of September 3, 2018)

• 2-6 Overview of new acquisitions (Acquired as of September 3, 2018)

• 2-7 Forecasts

• 2-8 Factors that led to changes in dividends per unit from the previous fiscal period (Slide only)

• 2-9 Overview of portfolio (1) Location

• 2-10 Overview of portfolio (1) Location

• 2-11 Overview of portfolio (2) Earthquake-resistance capability

• 2-12 Overview of portfolio (3) Environmental performance

• 2-13 Internal growth

• 2-14 Internal growth

• 2-15 Internal growth

• 2-16 Internal growth

• 2-17 External growth (Slide only)

• 2-18 External growth

• 2-19 External growth

• 2-20 External growth

• 2-21 External growth

• 2-22 External growth

• 2-23 Financial management

• 2-24 Financial management

• 2-25 MHR's representative property (1) Roppongi Hills -1 (Slide only)

• 2-25 MHR's representative property (1) Roppongi Hills -2 (Slide only)

• 2-26 MHR's representative property (2) Toranomon Hills -1 (Slide only)

• 2-26 MHR's representative property (2) Toranomon Hills -2 (Slide only)

• 2-27 Competitive strength of Central Tokyo (1)(Slide only)

• 2-28 Competitive strength of Central Tokyo (2)(Slide only)

3. Operation highlights

• 3-1 Change in assets under management (Slide only)

• 3-2 Change in unrealized capital gain/loss (Slide only)

• 3-3 Appraisal value (Slide only)

• 3-4 Changes in the rent and occupancy rates (Slide only)

• 3-5 Tenant status by month and tenants with large leased space (Slide only)

• 3-6 Financial overview (As of January 31, 2019)(Slide only)

• 3-7 Debt status (As of January 31, 2019)(Slide only)

• 3-8 Unitholders breakdown (As of January 31, 2019)(Slide only)

4. Business environment recognition & MHR's policy/strategy

• 4-1 Business environment recognition (Slide only)

• 4-2 MHR's policy/strategy (Slide only)

• 4-3 Market-related information (1)(Slide only)

• 4-4 Market-related information (2)(Slide only)

• 4-5 Market-related information (3)(Slide only)

• 4-6 Market-related information (4)(Slide only)

• 4-7 Market-related information (5)(Slide only)

• 4-8 Market-related information (6)(Slide only)

5. Appendix

• 5-1 Financial highlights (Slide only)

• 5-2 Balance sheet (Slide only)

• 5-3 Income statement (Slide only)

• 5-4 Statement of cash flows/Retained earnings (Slide only)

• 5-5 Status of income and expenditures (1)(Slide only)

• 5-6 Status of income and expenditures (2)(Slide only)

• 5-7 Status of income and expenditures (3)(Slide only)

• 5-8 Unit price performance since IPO (Slide only)

• 5-9 Investment criteria (Slide only)

• 5-10 Sustainability initiatives (Slide only)

• 5-11 Sustainability initiatives: Environment (Slide only)

• 5-12 Sustainability initiatives: Social (Slide only)

• 5-13 Sustainability initiatives: Governance (Slide only)

• 5-13 Portfolio Map (As of January 31, 2019)(Slide only)

• 5-14 Portfolio overview (As of January 31, 2019)(Slide only)

• 5-14 Portfolio overview (Note)(Slide only)

Q&A

• Q&A 1

• Q&A 2