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Investor Presentation -Appendix- (Fiscal Period Ended June 30, 2019)

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Investor Presentation -Appendix- (Fiscal Period Ended June 30, 2019) 26 th Period INVESTOR PRESENTATION – Appendix – Fiscal Period ended June 30, 2019 Securities Code 3227 https://www.midcity-reit.com/en/ * 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 the figures Index stated hereupon are not necessarily identical to the total. 1. ABOUT MCUBS MidCity Investment Corporation • Revisions and gaps in rents 35 • Who We Are 4 • Diversification of tenant contract types 36 • History 5 • Appraisal value by property 37 • The asset management company: • Unrealized gain/loss 38 Mitsubishi Corp.- UBS Realty Inc. (MC-UBS) 6 • Portfolio data (as of the end of Jun. 2019) 1 39 • Investment policy 7 • Portfolio data (as of the end of Jun. 2019) 2 40 • Track record 8 • Revenue and expenses by property 1 (Fiscal period ended Jun. 30, 2019) 41 • Portfolio summary 9 • Revenue and expenses by property 2 (Fiscal period ended Jun. 30, 2019) 42 • Portfolio comparison with other Office REITs 10 • Portfolio map / Portfolio overview 43-52 • Industry-leading acquisition capability 11 4. FINANCING STRATEGY • Selected investment utilizing MidCity’s advantage 12 • Major financing-related figures and investment corporation bonds 54 • Asset management with a focus on tenant satisfaction • Financial status 1 55 & Stable financial base 13 • Financial status 2 56 • ESG-conscious portfolio management 14 • Lender composition (as of the end of Jul. 2019) 57 2. FINANCIAL HIGHLIGHTS & FORECASTS FOR THE 27TH AND 28TH PERIOD • Outstanding borrowings (as of the end of Jul. 2019) 58 • Overview of financial results • Maturity ladder (as of the end of Jul. 2019) 59 for the fiscal period ended June 30, 2019 (26th Period) 1 16 5. MARKET ENVIRONMENT • Overview of financial results • Office market data (Tokyo 23 districts) 61-62 for the fiscal period ended June 30, 2019 (26th Period) 2 17 • Office market data (Nagoya) 63-64 • 26th Period financial results – Comparison to previous period 18 • Office market data (Osaka) 65-66 • 26th Period financial results – Comparison to initial forecasts 19 • Office buildings to be supplied in the Osaka business area 67 th • 26 Period financial results – Breakdown of change from previous period 20 6. APPROACH TO ESG • Balance sheet 21 • Environmental initiatives 69 • Income statement 22 • Social initiatives 1 70 th th • Forecasts for the 27 and 28 periods 23 • Social initiatives 2 71 • Breakdown of change from previous period 24 • Governance initiatives 72 • Internal reserves 25 • Efforts to expand investor base 73 • Repair expenses and capex 26 7. OTHER TOPICS 3. PORTFOLIO • Unitholder details 75 • Portfolio overview (as of the end of Jun. 2019) 29 • Overview of asset management company 76 • Portfolio profitability 30 • Historical unit price 77 • Portfolio operation 31 • Occupancy by property 32 • Monthly rents 33 • Growth in existing property NOI 34 2 1. ABOUT MCUBS MidCity Investment Corporation 3 Who We Are MC-UBS 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 Mitsubishi Corp.- UBS Realty Inc. (“MC-UBS”) Note: Mitsubishi Corp.- UBS Realty Inc. merged with the asset management company: MCUBS MidCity Inc. on July 1, 2019 4 History Investment Corporation August June MID REIT, Inc. listed Trade name changed to MCUBS MidCity Investment Corporation The asset management company March December April April April MID REIT Management The Kansai Electric Power MC-UBS acquired MC-UBS MC-UBS made the asset Co., Ltd. was established Company, Incorporated 65% share of the acquired an management company a sponsor: became the largest asset management additional wholly-owned subsidiary MID Urban Development Co., Ltd. (formerly, Matsushita Kosan) shareholder of MID Urban company 20% share of Development Co., Ltd. the asset July (currently, Kanden Realty & changed the trade management MC-UBS merged with Development) name to company MCUBS MidCity Inc. MCUBS MidCity Inc. 5 The asset management company: Mitsubishi Corp.- UBS Realty Inc. (MC-UBS) 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 After merger of the asset management company（July 1, 2019〜） Sponsor The asset management company Total number of employees （MC-UBS） New 153 employees Retail Division Industrial Division Office Division Mitsubishi Corp.- UBS Realty Inc. Office Division 15 employees were included （ as of July 1, 2019 ） Japan Retail Fund Industrial & Investment corporation 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 23properties JPY260.6bn *As of end of Jun. 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 30% or less Nagoya area Osaka area * ex. commercial facilities and industrial real estate 7 Track record Distribution per unit NAV per unit 2,751yen Asset DPU growth +62.4% disposition NAV per unit growth +47.6% 93,715yen related 1,980yen (17th period vs. 26th period (excluding asset disposition related)) 2,545yen 816yen (17th period vs. 26th period) 1,955yen 89,671yen Asset disposition 〜 related 〜 86,050yen 1,935yen 762yen 84,785yen 〜 81,211yen 〜1,783yen 1,684yen 1,622yen 1,580yen 75,319yen 72,690yen 1,486yen 1,456yen 1,420yen 68,970yen 64,356yen 1,288yen 63,504yen 1,191yen Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. 2014Dec.年 2015Jun.年 2015Dec.年 2016Jun.年 2016Dec.年 2017Jun.年 2017Dec.年 2018Jun.年 2018Dec.年 2019Jun.年 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 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 62019月期 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 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 第2626th期 Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period (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% 11.1% ■ Portfolio by area <Based on acquisition price> ■ Portfolio by property size <Based on acquisition price>(Note) Nagoya area Others The five central wards of Tokyo 3.0% (Chiyoda-ku, Chuo-ku, Minato-ku, 1.9% Shinjuku-ku and Shibuya-ku) 22.3% Office ‐10,000㎡ 100,000㎡‐ 88.0% 29.7% 26.9% Osaka area Tokyo area 35.3% 59.8% 50,000㎡‐ 10,000㎡‐ 100,000㎡ 50,000㎡ 10.2% Other 33.3% Tokyo area 37.5% Note: TK interest of Nagoya Lucent Tower is not included. 9 Portfolio comparison with other Office REITs Tokyo area properties are diversified between central and Portfolio primarily made up of medium-sized office surrounding areas, strong at properties in Osaka area buildings ＜By area（Based on acquisition price）＞ ＜By property size （Based on acquisition price）＞ 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 1.9% MidCity 22.3% 37.5% 35.3% MidCity 26.9% 10.2% 33.3% 29.7% 3.0% 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: Created by the Asset Management Company based on data disclosed on each J-REIT HP as of August 1, 2019. Office REITs refer to office-specialized REITs listed in ARES J-REIT DIGEST. Diversification by property size is based on total floor space of all of the properties held by each J-REIT (main buildings only). 10 1 Industry-leading acquisition capability Trend of asset size After MC-UBS participation New Acquisition Dispositions Total Asset Size bn. yen bn. yen bn. yen (acquisition price basis) 140.1 37.1 260.6 Number of properties 15properties 4properties 23properties Average NOI yield 3.5% 2.0% 3.6% after depreciation Aim for 300.0 bn. yen Total unrealized gain/loss + 12.2 bn. yen - 2.2 bn. yen + 16.4 bn. yen 3rd PO ■ Asset acquired after MC-UBS participation Feb. 2018 nd ■ Asset acquired before MC-UBS participation 2 PO Feb. 2017 1st PO Jul. 2015 Acquisition of Acquisition of 1property 6 properties 51.9bn. yen Acquisition of Acquisition of 7.4bn. yen Acquisition of 4properties 4properties (Incl. 1 additional 1property (Incl. 1 additional Acquisition of acquisition) 22.1bn. yen acquisition) 1 property 31.3bn. yen 23.2bn. yen 4.0bn. yen Disposition of properties Disposition of 2 Disposition of (1property 2properties 1property disposed 55%) 10.2bn. yen (45% part of 15.8bn. yen property remaining) 11.0bn. yen Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun. 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th Period Period Period Period Period Period Period Period Period Period ¥157.6 bn. ¥165.1 bn. ¥217.1 bn. ¥217.1 bn. ¥217.1 bn. ¥238.1 bn. ¥238.1 bn.
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