MIRAI : (Delayed) Presentation Material for the Fiscal Period Ended April 30, 2021 (10th Fiscal Period)

MIRAI Corporation

10th Fiscal Period Investor Presentation

Fiscal Period Ended April 30, 2021 (10th FP) November 1, 2020 to April 30, 2021

AM Company: Mitsui Bussan & IDERA Partners Co., Ltd. Security Code: 3476 https://3476.jp/en

To the Unitholders	1

-Aiming for growth with "Agile Response" to post-COVID-19

from "Revitalization" in COVID-19-

In the 10th fiscal period (fiscal period ended April 30, 2021) , MIRAI Corporation steadily promoted the three "Revitalization Plan" to address the issues that emerged due to the COVID-19 crisis and the achievement of the plan is generally in sight.

On the other hand, looking at the world, particularly in Europe and in the United States, the number of infection has been decreasing and the economy is beginning to show signs of recovery due to the significant progress of vaccination. It is expected that Japan will follow the same path in the future. The post-COVID-19 world is beginning to emerge, however, compared to pre-COVID-19, we foresee that it will be a new world where "things that never change", "things that change" and "things that evolve" co-exist.

Now that the achievement of "Revitalization Plan" is in sight, from the 11th fiscal period (fiscal period ending October 31, 2021), MIRAI will, instead of confronting this major trend in the post-COVID-19 era, establish a foothold for the next growth with "Agile Response" unique to a diversified REIT.

Mitsui Bussan & IDERA Partners Co., Ltd.

Michio Suganuma, Representative Director, President

1

Table of Contents		2
Section1. Impact of COVID-19	・・・・・	P3
Section2. Progress of "MIRAI Revitalization Plan"	・・・・・	P9
Section3. Strategy of Future Growth	・・・・・ P22
Section4. Financial Summary & Forecasts/ Performance of Portfolio	・・・・・ P32
Section5. Finance & ESG Initiatives	・・・・・ P42

2

Section1.

Impact of COVID-19

Impact of COVID-19

Impact of COVID-19 (Summary)	4

Some asset types continue to face difficulty due to resurgence of COVID-19 infection, however, there is a growing expectation for a full-scale recovery toward the second half of 2021 on the back of the progress of vaccination.

Asset Type

• of
  Portfolio

(Based on

acquisition price)

Office	Retail	Hotel

54.5%	19.1%	17.2%
(3.1%)	+2.7%	(0.9%)

Market

Trends/

Impact of

Operations

• Demand for mid-sized (less than 100 tsubo), mid-priced (10,000~20,000 yen per month) office are on a recovery trend, gradually spreading to high-pricedand large- scale offices.
• Med-sizedoffices in reginal cities where the impact of COVID-19 is limited and supply is low, are relatively stable.
• MIRAI's portfolio mainly consists of mid-priced offices with relatively large number of potential tenants, and contract renewals and re-leasing are progressing through persistent negotiation and strategic leasing such as subdividing sections.

(Occupancy rate of office)

98.7% (End of 9th FP)

97.3% (End of 10th FP)

• Urban retail facilities continue to face difficulties due to the redeclaration of the state of emergency (the impact to MIRAI's assets is limited)
• The ratio of Neighborhood shopping centers such as supermarkets and home improvement centers has increased due to property replacement. They continuously have solid sales and stable profitability, including existing properties.
• Life events such as weddings have recovered to the pre-COVID-19 level on number basis, although they are smaller in scale. Hope for the progress of vaccination

• The business environment of operators remains in a severe situation due to resurgence of COVID-19 infection.
• Recovery of business demand continues mainly in regional areas. Growing expectation for the progress of vaccination and full-scale recovery in post-COVID-19 toward the second half of 2021.
• Office conversion project for BizMiiX Yodoyabashi has been completed, and leasing is progressing to a certain extent even under the state of emergency.

⇒For details on large-scale offices,

Please refer to Pages 5-6

4