Analyst Coverage

The following is a list of the analysts making recommendations, comments, etc. on MHR’s business performance, etc.

Institution to which analyst belongs	Name of analyst
SMBC Nikko Securities Inc.	Hiroshi Torii
Goldman Sachs Japan Co., Ltd.	Sachiko Okada
Daiwa Securities Co. Ltd.	Noritaka Hobo
Mizuho Securities Co., Ltd.	Yosuke Ohata
Morgan Stanley MUFG Securities Co., Ltd.	Takuya Sato

This list is prepared based on information available to MHR and MHR’s asset management company as at the date of posting. Accordingly, please note that there may be analysts who are not on the list and the information may not all be the latest information.

The analysts on this list and analysts not on this list analyze the business performance, business, etc. or project the future business performance of MHR based on their independent judgment on a regular or irregular basis. MHR and MHR’s asset management company have no involvement whatsoever in any process thereof. In addition, MHR and MHR’s asset management company in no way endorse or guarantee these analysts’ projections, opinions and recommendations or the information thereof.

This list is solely intended to provide unitholders with information on the analysts making analyses or projections on the business performance, etc. of MHR and the institutions to which the analysts belong, and has not been prepared as a solicitation for acquisition of MHR investment securities or execution of other financial instruments transaction agreements.

Any investment decision you ultimately make shall be at your own discretion and risk.

Mori Hills REIT is a constituent of the following global indices.

FTSE EPRA/NAREIT Global Real Estate Index Series/
FTSE EPRA/NAREIT Global REITs Index Series

FTSE EPRA/NAREIT Global Real Estate Index series is jointly developed by the world leading real estate investment trust associations of EPRA, NAREIT and by FTSE, and is widely used as a benchmark for international real estate investment.
MHR is a constituent of the FTSE EPRA/NAREIT Global REITs Index, FTSE EPRA/NAREIT Asia Pacific Index and FTSE EPRA/NAREIT Developed Index, etc. created and published by FTSE.

Dow Jones Global Select Real Estate Securities Index/
Dow Jones Global Select REIT Index

Dow Jones Indexes is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products.
Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as bond index and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones Indexes employs clear, unbiased and systematic methodologies that are fully integrated within index families. Users include investors, managers and financial institutions.
MHR is a constituent of the Dow Jones Global Select Real Estate Securities Index, Dow Jones Global Select REIT Index, etc. created and published by Dow Jones Indexes.

S&P Global Property Index/ S&P Global REIT Index

Standard & Poor's provides value added services such as credit rating, stock index, risk assessment as a world leading independent financial information/analysis services provider from a neutral standpoint.
Stock indices calculated by Standard & Poor's are used by various investors, asset management companies, financial institutions and others since they are designed to reflect the stock market in the subject country, and constituent stocks have high liquidity.
MHR is a constituent of the S&P Global Property Index and S&P Global REIT Index, and others prepared and published by Standard & Poor's.