Financial Strategy

MIRAI aims to establish a strong financial base by maintaining a conservative LTV ratio and establishing a lender formation comprising mainly mega-bank groups.

As of October 31, 2024

LTV (Note 1)	48.8％	Remaining maturity on debt	7.1years	Credit ratings (Note 2)	A+(Positive)

• LTV (based on total assets) = Outstanding interest-bearing debt / Total assets as of the end of 17th FP
• MIRAI obtained a long-term issuer rating "A+ (Positive)" from Japan Credit Rating Agency, Ltd. (JCR) and "A (Positive)" from Rating and Investment Information, Inc. (R&I)

Initiative to align the interests of unitholders and sponsors

1.Equity Co-investments

MIRAI aims to align the interests of unitholders, sponsors and the Asset Manager and achieve medium and long-term improvement in unitholders’ value through Equity Co-investments adopted as a governance initiative.

Equity Co-investments by the two sponsors

MIRAI’s strong commitment to improving unitholders’ value

2.Asset management fee structure linked to unitholder profit

Asset management fee I (based on AUM)	Up to 0.5% per year of total assets
Asset management fee II (based on DPU)	Adjusted DPU (See Note) x NOI after depreciation x 0.001%(as an upper limit) Note: Adjusted DPU = Unappropriated retained earnings before deducting Assetmanagement fee 2 / Number of investment units outstanding
Acquisition fee	Up to 1.0% of the acquisition price
Disposition fee	Up to 1.0% of the disposition price
Merger fee	Up to 1.0% of the appraisal value at the time of merger of real-state-related assets held by the counterparty of the merger at the time of merger