Disclosure Policy

（1）

In managing assets, MHR shall always make timely, accurate and fair disclosure from the standpoint of investors.

（2）

In order to be able to provide timely, accurate and fair disclosure pursuant to Clause 1, MHR shall establish and maintain a system for collecting information that needs to be disclosed.

（3）

With respect to the information collected pursuant to Clause 2, as necessary MHR shall consult outside experts and make timely decisions regarding the need for disclosure, as well as contents and timing.

（4）

All information that is required to be disclosed pursuant to the Act on Investment Trusts and Investment Corporations, the Financial Instruments and Exchange Act or other applicable laws and regulations or by Tokyo Stock Exchange, Inc. and The Investment Trusts Association, Japan, etc. shall be disclosed in the required format.

（5）

All information that is important for investment decisions by investors shall be made on a voluntary and proactive basis.

（6）

If entering into forward commitments in connection with the acquisition of a property, MHR shall make appropriate disclosure in accordance with applicable laws and regulations, etc.

Timely Disclosure Flow

IR Activities

The following is MHR’s IR schedule.

• End of fiscal periods: January and July
• Announcement of financial results (financial reports): March and September
• Briefing session on financial results: March and September
• Delivery of asset management reports: April and October

Financial reports, explanatory materials on financial results, asset management reports, etc. are uploaded on the MHR website as appropriate.