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Fiscal Period Ended December 31, 2018

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Fiscal Period Ended December 31, 2018 https://www.midcity-reit.com/en/ th Period INVESTOR PRESENTATION25– Appendix – Fiscal Period ended December 31, 2018 Securities Code 3227 * Fractions of the stated amounts are cut off and those of the ratios and years are rounded off unless otherwise indicated. Therefore, the aggregation of Index the figures stated hereupon are not necessarily identical to the total. 1. ABOUT MCUBS MidCity INVESTMENT CORPORATION 5. PORTFOLIO • Who We Are 4 • Portfolio profitability 39 • History 5 • Portfolio overview (as of the end of Dec. 2018) 40 • Mitsubishi Corp.-UBS Realty Inc. Group (MC-UBS Group) 6 • Portfolio data (as of the end of Dec. 2018) 1 41 • Investment Policy 7 • Portfolio data (as of the end of Dec. 2018) 2 42 • Track Record 8 • Revenue and expenses by property 1 (Fiscal period ended Dec. 31, 2018) 43 • Portfolio Summary 9 • Revenue and expenses by property 2 (Fiscal period ended Dec. 31, 2018) 44 • Office Portfolio: Comparison with other REITs 10 • Appraisal values by property 45 • Industry-leading acquisition capability 11 • Unrealized gain/loss 46 • Asset management with a focus on tenant satisfaction 12 • Portfolio map / Portfolio overview 47-56 • Stable financial base 13 6. FINANCING STRATEGY • ESG-conscious portfolio management 14 • Major financing-related figures and investment corporation bonds 58 2. FINANCIAL HIGHLIGHTS • Financial status 1 59 • Overview of financial results • Financial status 2 60 for the fiscal period ended December 31, 2018 (25th Period) 1 16 • Lender composition (as of the end of Dec. 2018) 61 • Overview of financial results • Outstanding borrowings (as of the end of Dec. 2018) 62 for the fiscal period ended December 31, 2018 (25th Period) 2 17 • Maturity ladder (as of the end of Dec. 2018) 63 • 25th Period financial results – Comparison to previous period 18 • Internal Reserves 64 th • 25 Period financial results – Comparison to initial forecasts 19 7. MARKET ENVIRONMENT th • 25 Period financial results – Breakdown of change from previous period 20 • Office market data (Tokyo 23 districts) 66-67 • Balance sheet 21 • Grade-A Office Buildings to be Supplied in the Tokyo Business Area 68 • Income statement 22 • Office market data (Nagoya) 69-70 3. FORECASTS FOR THE 26TH AND 27TH FISCAL PERIOD • Office market data (Osaka) 71-72 • Forecasts for the 26th and 27th fiscal periods 24 • Office Buildings to be Supplied in the Osaka Business Area 73 • Breakdown of change from previous period 25 • Office Building Supply and Demand 74 4. RESULTS FOR THE 25TH FISCAL PERIOD 8. APPROACH TO ESG • Occupancy 27 • Environmental initiatives 76 • Portfolio operation 28 • Social initiatives 1 77 • Occupancy by property 29 • Social initiatives 2 78 • Monthly rents 30 • Governance initiatives 79 • Revisions and gaps in rents 31 • Efforts to expand investor base 80 • Diversification of tenant contract types 32 9. OTHER TOPICS • Growth in existing property NOI 33 • Unitholder details 82 • Repair expenses and capex 34 • Overview of asset management company 83 th • New acquisition in the 25 period: Yokohama i-land Tower 35 • Historical unit price 84 • Selected investment utilizing MidCity’s advantage 36 2 1. ABOUT MCUBS MidCity INVESTMENT CORPORATION 3 Who We Are MC-UBS Group’s office-focused REIT, aiming to enhance unitholder value Area-diversified portfolio primarily made up of medium-sized office buildings 1 Industry-leading acquisition capability 2 Asset management with a focus on tenant satisfaction 3 Stable financial base 4 ESG-conscious portfolio management Name MCUBS MidCity Investment Corporation (“MidCity”) TSE Code 3227 Fund listing August 29, 2006 Fiscal period June and December Asset Management Company MCUBS MidCity Inc. Note: Effective April 1, 2019, the asset management company will become a wholly-owned subsidiary of Mitsubishi Corp. - UBS Realty Inc. For details, please refer to Notice Concerning Change in Major Shareholder of Asset Management Company dated January 30, 2019 (the same shall apply hereafter) 4 History August 2006: Listed as a REIT investing in offices in Osaka ■ December 2009: The Kansai Electric Power Company, Incorporated became the largest shareholder of ■ the asset management company April 2015: MC-UBS became the main sponsor ■ June 2015: Trade name changed to MCUBS MidCity as a REIT focusing on the three major metropolitan areas April 2019: MC-UBS will acquire all interest in the asset management company, making it a wholly-owned subsidiary ■ April MC-UBS will acquire an additional 15% of interest in the asset management company, April making it a wholly-owned subsidiary MC-UBS acquired an additional 20% of interest in the asset management company April MC-UBS acquired 65% of interest in the asset management company and changed the trade name of the asset management company to MCUBS MidCity Inc. June Trade name changed to MCUBS MidCity Investment Corporation December The Kansai Electric Power Company, Incorporated became the largest shareholder of MID Urban Development Co., Ltd. (currently, Kanden Realty & Development), the sponsor of the asset management company August listed March MID REIT, Inc. Asset management company MID REIT Management Co., Ltd. was established (sponsor: MID Urban Development Co., Ltd. (formerly, Matsushita Kosan)) 5 Mitsubishi Corp.-UBS Realty Inc. Group (MC-UBS Group) 17 years of experience in operating J-REITs ■ MC-UBS Group operates three REITs: MCUBS MidCity, JRF, and IIF ■ Largest J-REIT AUM of 1.4 tn. yen ■ One of the largest buyers of commercial real estate in Japan ■ MC-UBS Group (as of April 1, 2019 (tentative)) No. of employees Over 170 employees total Sponsor Investment ratio Asset manager Mitsubishi Corp.-UBS Realty Inc. 100.0% 147 total employees (as of December 31, 2018) Asset management company Investment corporation 26 total employees (as of February 15, 2019) Japan Retail Fund Industrial & Investment Corporation Infrastructure Fund Investment Corporation (Specialize in retail properties) (Specialize in industrial properties) 6 Investment Policy Focusing on office buildings in three major metropolitan areas 22properties JPY256.5bn *After asset replacement (Mar. 2019) Target areas: Three major metropolitan areas (Tokyo, Osaka and Nagoya) Three major metropolitan areas (Tokyo, Osaka and Nagoya) Other areas 70% or more 30% or less Target properties (asset type): Office Buildings Real estate other than office properties Office (Hotels and serviced apartments) Tokyo area 70% or more % or less Nagoya area 30 Osaka area * ex. commercial facilities and industrial real estate 7 Track Record Distribution per unit NAV per unit DPU growth +49.6% 2,695 yen NAV per unit growth +41.2% Gains on 2,545 yen Sale, etc. (17th period vs. 25th period (ex. Gains on Sale, etc.)) (17th period vs. 25th period) Gains on 836 yen 89,951 yen Sale, etc. 762 yen 1,870 yen 89,671yen 86,050 yen 1,859～yen 84,785 yen 1,684 yen 1,783～yen 81,211 yen 1,622 yen 1,580 yen 75,319 yen 1,486 yen 72,690 yen 1,456 yen 1,420 yen yen Before main 68,970 sponsor change Before main 1,288 yen 64,356 yen sponsor change 63,504 yen 1,191yen Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. Dec. 2014Dec.年 2015Jun.年 2015Dec.年 2016Jun.年 2016Dec.年 2017Jun.年 2017Dec.年 2018Jun.年 2018Dec.年 見込みMar. 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 122014月期 62015月期 122015月期 62016月期 122016月期 62017月期 122017月期 62018月期 122018月期 2019 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 第1717th期 第1818th期 第1919th期 第2020th期 第2121st期 第2222nd期 第2323rd期 第2424th期 第2525th期 Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Estimate (E) (E) NAV per unit includes reserve for reduction entry ＊ 8 Portfolio Summary Focus on medium-sized office buildings in the three major metropolitan areas Portfolio by asset type <Based on acquisition price> ■ Hotel Retail facilities 0.9% 11.3% Office portfolio by area <Based on acquisition price> Office portfolio by asset size <Based on leased area> ■ ■ Nagoya area Others The five central wards of 2.2% 2.4% Tokyo (Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku and Shibuya-ku) 25.8% Office ‐10,000 100,000 ‐ 87.9% ㎡ ㎡ Osaka area Tokyo area 30.3% 31.2% 50,000 ‐ 55.8% 100,000㎡ 39.6% ㎡ 10,000 ‐ 50,000㎡ Other ㎡ 0.0% Tokyo area 38.6% 30.0% Note 1: On the 25th period basis (Matsushita IMP Bldg., which is to be disposed in March 2019, is not included). Note 2: Breakdowns by size and by area include only office buildings. However, the breakdown by size is based on total floor area of all properties in the portfolio (TK interest of Nagoya Lucent Tower is not included). 9 Office Portfolio: Comparison with other REITs Tokyo area properties are diversified between central and Portfolio primarily made up of medium-sized office surrounding areas, strong at properties in Osaka buildings By area Based on acquisition price By size (based on total floor area) ＜ （ ）＞ ＜ ＞ 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 2.2% MidCity 25.8% 30.0% 39.6% MidCity 31.2% 38.6% 30.3% 2.4% A A B B C C D D E E F F G G H H Tokyo’s 5 central wards Other Tokyo area Osaka area (Only Osaka) 100,000 ‐ 50,000 ‐100,000 10,000 ‐50,000 ‐10,000 Nagoya area Others ㎡ ㎡ ㎡ ㎡ ㎡ ㎡ Note: REITs A-H are office REITs listed in order of total acquisition price. Office REITs refer to office-specialized REITs listed in ARES J-REIT DIGEST. Diversification by size is based on total floor area of all of the properties held by each REIT (main buildings only). 10 1 Industry-leading acquisition capability Trend of asset size After main sponsor change New Acquisition Dispositions Total Asset Size (acquisition price basis) 136.0 bn.
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