42nd Fiscal Period (Jun. 1, 2024 - Nov. 30, 2024) Summary ofFinancial Report

For Translation Purposes Only

January 21, 2025

SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED

November 30, 2024 (June 1, 2024 - November 30, 2024)

(Amounts are rounded down to the nearest millions of yen, unless otherwise indicated)

1. Performance for the Fiscal Period Ended November 30, 2024 (June 1, 2024 - November 30, 2024)

(1) Business Results

(Percentage figures show the increase/decrease rate compared to the previous period)

(2) Distributions

Notes: 1. "Payout Ratio" is rounded down to the nearest one decimal place.

1. 2. The resource for cash distributions for the fiscal period ended May 31, 2024 was the result of adding a reversal of reserve for temporary difference adjustments (¥77 million) to the net income. The resource for cash distributions for the fiscal period ended November 30, 2024 was the result of deducting a provision of reserve for reduction entry (¥646 million) from the net income and adding a reversal of reserve for temporary difference adjustments (¥77 million). Therefore, it differs from "net income" of each fiscal period, respectively.

2. Financial Position

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DISCLAIMER

This is an English-language translation of original Japanese document "the Brief Report on the Closing of Accounts" (Kessan-Tanshin) for the fiscal period ended November 30, 2024. This translation is provided for information purpose only and is not intended to constitute a statutory document for an offer to sell, or seeking an offer to buy, any securities of United Urban. United Urban makes no assurance or warranty with respect to the completeness or accuracy of this English translation; the Japanese versions of the Kessan- Tanshin should always be referred to as the originals of this document.

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Table of Contents

2. Financial Statement ………………………………………………………………………………. 14

1. Balance Sheet ……………………………………………………………………………….... 14
2. Statement of Income and Retained Earnings ……………………………………………….... 16

(3) Statements of Unitholders' Equity ……………………………………………………………. 17

1. Statements of Cash Distribution ……………………………………………………………. 19
2. Statements of Cash Flows …………………………………………...……………………..... 20
3. Notes to Assumption of Going Concern ……………………………………………………. 21
4. Notes to Important Accounting Policies ……………………………………………………. 21

1. Capital Expenditures …………………………………………………………………………. 43

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1. Management Status

Management Status

1. Overview during the period

a. Investment environment and operation

(i) Investment environment

Even after an additional interest rate increase by the Bank of Japan in July 2024, corporate capital investment has expanded, and revenues have continued to recover. Along with this positive background, the income environment has improved since companies have increased base pay, summer bonuses, and hourly pay, leading to a recovery in personal spending. Thus, the Japanese economy overall has been on a recovery trend throughout this fiscal period. And while the yen remains weak, the number of monthly inbound visitors reached a new record high in October 2024; the growing number of inbound visitors is a major driver of the current economic recovery. On the other hand, major uncertainties continue to require attention. In addition to the protracted unstable international situation, there is political uncertainty in Japan stemming from the ruling coalition's failure to win a majority in the recent lower house election and in the United States over lack of transparency regarding policies of the incoming administration.

Financial markets, which are closely correlated to the real estate investment market, are experiencing some ups and downs amid continuing speculation over further rate hikes by the Bank of Japan and lack of clarity regarding future monetary policy in the United States under the new administration. Investor appetite in real estate investment remains strong, however, mainly from domestic investors, and the acquisitions environment remains highly competitive.

The real estate leasing market in Japan remained strong across the board during this period.

The hotel sector has seen improvement in both room occupancy rates and room rates due to continuing domestic demand and the increasing number of inbound visitors; RevPAR (Note) has already exceeded pre-pandemic levels at many hotels.

Retail facilities have seen overall steady performance by tenants, with strong sales by tenants in service and goods industries on the back of the pickup in economic activity and recovery in demand from inbound visitors.

The office market in Japan is not seeing the same kind of drop in demand due to remote work by office workers as in Europe and the United States. There was some impact in central Tokyo from the significant new supply due to the completion of large-scale office buildings, but even this was limited. Office vacancy rates continue to be less than 5% due to relocation demand from tenants seeking to secure more space or better locations, etc., and rents in the business districts of Tokyo continue to trend upwards.

Residential demand continues to be firm in all regions and occupancy rates remain stable. Rents are trending upwards, mainly for multi-family type in central Tokyo.

In the logistics (warehouse) market, supply is continuing to grow in the Tokyo Metropolitan Area and areas around other major cities throughout Japan. Although occupancy rates are showing some signs of weakening, rents have remained flat.

Note: Revenue Per Available Room, or RevPAR, is calculated by dividing total room revenue by the number of rooms available, and indicates the revenue generated per available room per day.

(ii) New acquisition and sale of property

During the period, United Urban acquired the following three properties.

On the other hand, during the period, United Urban sold the following property.

Notes: 1. Of the types of use indicated in the real estate register, the primary type is stated. The same shall apply hereinafter.

1. 1. The acquisition price and the sale price are stated based on the prices stated in the purchase and sale agreements concerning the acquisition or sale of each property, and do not include expenses related to the acquisition or sale and consumption tax, etc. In addition, the acquisition price is rounded to the nearest whole unit. The same shall apply hereinafter.
   2. United Urban acquired the compartmentalized ownership of a part of the 4th floor of IIDABASHI PLANO STAGE BUILDING (the office building) and a part of the 2nd floor of IIDABASHI PLANO MALL (the retail building) C and co-ownership of the site thereof (total ratio of co-ownership: 0.76%).
   3. The acquisition asset is 80% quasi co-ownership of the trust beneficial interest of the compartmentalized ownership in a part of OSAKA BAY TOWER (55.40% of the entire property), and the ratio of the acquisition asset to the entire property is 44.32%. As United Urban holds 100% quasi co-ownership of the trust beneficial interest with this acquisition, 55.40% of the ownership ratio for the compartmentalized ownership of the entire property and the ownership of the associated land belongs to United Urban.
2. Portfolio overview

As a result of the acquisition and sale of properties mentioned above (ii), United Urban held a total of 140 properties, comprising 36 retail properties, 34 office buildings, 2 retail-office complexes, 22 hotels, 2 office- hotel complexes, 25 residential properties and 19 others, with an aggregate acquisition price of ¥703,099 million at the end of the 42nd fiscal period (as of November 30, 2024). In addition, the total leasable floor space was 1,594,678.47 sq. m. and the total number of tenants was 3,019.

United Urban has continued to focus on maintaining occupancy rates during the period. Thereby, the occupancy rate for the entire portfolio at the end of each month during the period fluctuated between 99.0% and 99.2%, and stood at 99.2% at the end of the 42nd fiscal period (as of November 30, 2024).

(iv) Sustainability initiatives

United Urban and MRA support the UN's Sustainable Development Goals (SDGs), aiming to realize a sustainable, diverse, and inclusive society through initiatives that help resolve environmental, social, and economic problems and create new value ("Sustainability Activities"). Furthermore, we have set following reduction targets:

1. reduce Scope 1 and Scope 2 GHG emissions by 42% by 2030 (compared with 2021)
2. achieve net zero GHG emissions, including within the value chain (Scope 3), by 2050.

For our climate change initiatives, United Urban and MRA had set a medium-term target for the environment certification coverage rate for 80% of the properties in United Urban's portfolio based on gross floor area (excluding land) by the end of 2024, and had achieved 90.6%, exceeding our target, as of November 30, 2024. United Urban and MRA aim to maintain coverage rate for 80% or more of the properties in United Urban's portfolio based on gross floor area, as a new medium-term target towards 2027. Moreover, as a result of our Sustainability Activities, in the 2024 survey of the GRESB Real Estate Assessment, an international benchmark for measuring ESG integration of real estate companies and funds, United Urban received 4 Stars in the five- level GRESB Rating (the second-highest level). Moreover, in the results for GRESB Public Disclosure Level Assessment, United Urban received the highest level: A.

MRA expressed support for the recommendations of the TCFD (Task Force on Climate-related Financial Disclosures) in January 2022. A cross-organizational team representing MRA departments conducted a scenario analysis of climate risks and opportunities for United Urban's portfolio. The team followed the TCFD's recommendations, then disclosed the result of their analysis on the sustainability website (https://uur- sustainability.com/en/sustainability/).

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b. Financing overview

During the period, United Urban procured debt financing for acquiring specified assets and the repayment of interest-bearing liabilities.

The status of interest-bearing liabilities at the end of the previous period and the end of the 42nd fiscal period are as follows.

Moreover, the details of ratings of United Urban as of December 31, 2024 are as follows.

c. Overview of financial results and distribution

As for financial result of the fiscal period, United Urban achieved operating revenues of ¥28,209 million (up by 8.6% from the previous period), profit from rental activities of ¥15,330 million (up by 5.7% from the previous period), operating income of ¥13,795 million (up by 12.9% from the previous period), ordinary income of ¥12,680 million (up by 13.5% from the previous period), and net income of ¥12,680 million (up by 13.5% from the previous period).

During the period, United Urban formed a resolution at the Board of Directors Meeting held on November 1, 2024 on the matters concerning the buyback of own investment units and the cancelation of own investment units held at the end of the 42nd fiscal period, taking into consideration the level of investment unit price, the financial conditions including cash on hand and LTV level as well as the market conditions. Based on the resolution, after November 5, 2024, United Urban acquired its own investment units through the market purchases on the Tokyo Stock Exchange, and then cancelled all of own investment units held as of November 29, 2024 (22,383 units, 0.72% of the total number of investment units issued and outstanding before the cancellation).

In addition, United Urban recorded a gain on sales of real estate properties of ¥969 million due to the sale of Kawasaki Toshiba Building. However, since it is expected that a certain period of time will be required for the decrease in profit from rental activities resulting from the transfer to be recovered, United Urban has decided to distribute the gain on sales of real estate properties evenly over the three fiscal periods, and has retained ¥646 million of net income for the current period as a reserve for reduction entry.

As for cash distribution, United Urban subtracted ¥646 million of a provision of reserve for reduction entry based on "Article 65-7 of the Act on Special Measures Concerning Taxation of Japan" from ¥12,680 million of unappropriated retained earnings and added ¥77 million, which is a reversal of the reserve for temporary difference adjustments in accordance with "Ordinance on Accountings of Investment Corporations" and "Regulations Concerning Real Estate Investment Trusts and Real Estate Investment Corporations" stipulated by the Investment Trusts Association, Japan to distribute. As a result, United Urban decided to distribute ¥12,111 million, and cash distribution per unit was ¥3,937.

2. Outlook for the next fiscal period a. Outlook for overall operation

While we are beginning to see an inflationary environment amid persistent uncertainty in politics and the economy, the domestic economy is expected to stay on a gradual recovery trend. Continuing from the current period, both the real estate investment and the leasing markets are expected to remain strong overall in the next period.

Our portfolio is balanced across various asset types to seek stable income growth through diversified investment. Even amid uncertain conditions, we consider it vital to discern the trends in the real estate investment and the

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leasing markets and ensure steady profits from the entire portfolio by focusing on stable operations that can adapt to social changes.

Based on this understanding of the business environment, United Urban-while closely watching trends in the real estate investment market-will take a proactive approach to a wide range of real estate investment opportunities. We will continue with selective investments, applying various methods as well as asset replacement to improve the quality of our portfolio and to return gains on sales to investors. For existing properties, United Urban will continue to focus on stable management and profitability by maintaining or increasing occupancy rates, renewing terms and conditions with the aim, of increasing rental income as well as contributing to and stabilizing profitability, and reducing business costs, among other actions.

Regarding financial management amid rising interest rates, United Urban is continuing to build a robust and sound financial base through efforts that include reducing the cost of financing by employing a variety of procurement strategies, controlling the LTV level, diversifying the maturities of interest-bearing liabilities, and ensuring adequate liquidity.

Focusing on sustainable growth through maximization of unitholder value, engagement with stakeholders, and seeking harmony with the environment and society, United Urban is dedicated not only to improving its finances but also to addressing nonfinancial challenges in the areas of environment, society, and governance (ESG) as well as the UN's Sustainable Development Goals (SDGs).

b. Outlook for management status

1. Material facts arising after the end of 42nd fiscal period and other material events A. Cancellation of own investment units

United Urban decided on January 21, 2025 to cancel all of the own investment units held as of January 21, 2025, as set forth below.

1) Reasons for the cancelation of the own investment units

United Urban will carry out the cancellation based on the provisions of Article 80, paragraph 2 and 4 of the Act on Investment Trusts and Investment Corporations.

2) Details of the matters concerning the cancellation

(Reference) Details of the matters concerning the buyback of own investment units and total number of units acquired

・Details of the resolution at the Board of Directors of United Urban held on November 1, 2024

Note: Of the total number of investment units acquired, 22,383 units was cancelled dated November 29, 2024.

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In addition, the reference information is as follows:

B. New borrowing for repayment

United Urban procured debt financing on December 20, 2024 for the repayment of the existing borrowings (total: ¥4,400 million) upon their maturity on December 20, 2024, as set forth below.

C. New committed line of credit agreement

United Urban concluded a new committed line of credit agreement on December 27, 2024, as set forth below. Outline of the new committed line of credit agreement

D. Sale of property

United Urban decided to sell the following property on January 21, 2025.

Note: The sale of the asset to be sold qualifies as forward commitment, etc. defined in the "Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc." established by Financial Services Agency as "a postdated sales contract under which payment and delivery shall be made at least one month after the conclusion of the contract, or any other contract similar thereto". In order to secure the disposition of this asset, United Urban has concluded a purchase and sale agreement (the "PSA") as of January 21, 2025. The PSA provides that, if one party is in serious breach of fulfilling its obligations under the PSA, the other party may terminate the PSA with a prior notification for a reasonable period of time to the party in breach and the party terminating the PSA may request that the other party pays a penalty charge equal to 10% of the sale price (the scheduled sale price). In view of the current financial market and financial standings of United Urban, United Urban considers that material adverse effects on financial standing, the payment of cash distributions and other conditions are not likely to be caused in connection with the sale.

E. Acquisition of property

United Urban decided to acquire the following three properties on January 21, 2025.

Notes: 1. The asset to be acquired is 5% quasi co-ownership of the trust beneficial interest of the ownership of MALera Gifu.

2. The acquisition of Niigata Nishikimachi Shopping Center (Site) and Rehabilitation Home Bonsejour Kita-Matsudo (hereinafter collectively referred to as the "Forward Commitment Properties"), qualify as forward commitment, etc. defined in the "Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc." established by Financial Services Agency as "a postdated sales contract under which payment and delivery shall be made at least one month after the

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conclusion of the contract, or any other contract similar thereto". In order to secure the acquisition of the Forward Commitment Properties, United Urban has concluded a PSA with each of the sellers as of January 21, 2025. Each PSA provides that, if one party fails to fulfil its obligations or is in serious breach of fulfilling its obligations under the PSA, the other party may terminate the PSA with a prior notification to the party in breach and the party terminating the PSA may request that the other party pays a penalty charge equal to 20% of the sale price (the scheduled acquisition price). In view of the current financial market and financial standings of United Urban, United Urban considers that material adverse effects on financial standing, the payment of cash distributions and other conditions are not likely to be caused in connection with the acquisition of the Forward Commitment Properties.

1. 3. For MALera Gifu and Niigata Nishikimachi Shopping Center (Site), United Urban plans to initially acquire it using cash on hand, and then replenish those funds with the proceeds from the sale of property mentioned above D.

2. Terminate with administrative agent (special account administrator) and transfer of target accounts

United Urban has entrusted the administrative processes relating to special accounts to Sumitomo Mitsui Trust Bank, Limited (the "First Special Account Administrator") and Mitsubishi UFJ Trust and Banking Corporation (the "Second Special Account Administrator"). However, at the Board of Directors of United Urban held on January 21, 2025, United Urban has decided to transfer the administration of these accounts managed by the Second Special Account Administrator to the First Special Account Administrator and terminate its contract with the Second Special Account Administrator as of March 1, 2025.

(ii) Outlook for management status

For the fiscal period ending May 31, 2025 (43rd fiscal period: from December 1, 2024 to May 31, 2025) and

the fiscal period ending November 30, 2025 (44th fiscal period: from June 1, 2025 to November 30, 2025), the forecasts of financial results are estimated, as set forth below. For details of the assumptions for the forecasts, please refer to the "Assumptions for the Forecast of Financial Results for the Fiscal Period Ending May 31, 2025 (43rd fiscal period: from December 1, 2024 to May 31, 2025) and the Fiscal Period Ending November 30, 2025 (44th fiscal period: from June 1, 2025 to November 30, 2025)" below.

Fiscal Period Ending May 31, 2025

Notes: 1. The resource for cash distributions for the fiscal period ending May 31, 2025 and the fiscal period ending November 30, 2025 is the result of adding a reversal of reserve for reduction entry (¥323 million) and a reversal of reserve for temporary difference adjustments (¥77 million) to the net income. Therefore, it differs from "net income" of each fiscal period. In addition, cash distributions per unit is based on 3,062,600 units after deducting 13,608 units of own investment units to be cancelled on January 31, 2025 from the total number of investment units issued and outstanding of 3,076,208 units as of November 30, 2024, and it is based on the assumption that there will be no additional issuance of investment units until November 30, 2025.

2. The above-listed forward-looking statements are our current expectations produced as of the date hereof, based on certain assumptions. Accordingly, the actual operating revenues, operating income, ordinary income, net income, cash distributions per unit and distributions in excess of earnings per unit may differ from forecasts because of future acquisitions and sales of properties, real estate market trends and changes in other situations concerning United Urban. In addition, the forward- looking statements are not guarantees of the payment amount of any cash distributions by United Urban.

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