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Investor Presentaiton

Value-Add Asset Breakdown (4) No. Asset Type Classification Location Acquisition Price Acquisition Building Date Age Expected NOI/Year Ichigo Equity Investment Forecast Equity Forecast Multiple¹ IRR² 69 Hotel 70 Hotel 71 Retail 89 Office 92 Office Real Estate for Sale Real Estate for Sale Real Estate for Sale Real Estate for Sale Real Estate for Sale Osaka Aomori 93 Office Real Estate for Sale Fujisawa, Kanagawa Musashino, Tokyo Fukuoka Fukuoka JPY 2B-3B <JPY 1B JPY 1B-2B ≥ JPY 3B JPY 1B-2B 2015/05 2015/06 16 years JPY 195M JPY 633M 1.56X 58.3% 11 years JPY 51M JPY 113M 2.10X 20.2% 2015/07 3 years JPY 95M JPY 126M 6.80X 37.3% 2015/07 30 years JPY 147M JPY 670M 1.72X 13.3% 2015/07 11 years JPY 100M JPY 353M 1.82X 17.7% JPY 1B-2B 2015/07 16 years JPY 94M JPY 358M 1.92X 18.8% 105 Hotel Real Estate for Sale Kumamoto JPY 1B-2B 2015/12 34 years JPY 158M JPY 453M 1.61X 61.2% 110 Hotel Real Estate for Sale Fukuoka ≥ JPY 3B 2016/03 33 years JPY 288M JPY 905M 2.05X 104.5% 111 Hotel Fixed Asset Yokohama JPY 2B-3B 2016/03 35 years JPY 184M JPY 228M 112 Hotel Real Estate for Sale Yokohama ≥JPY 3B 2016/03 31 years JPY 260M JPY 354M 10.64X 36.2% 113 Hotel Real Estate for Sale Yokohama ≥ JPY 3B 2016/03 31 years JPY 213M JPY 344M 5.84X 25.5% 114 Hotel Real Estate for Sale 115 Hotel Real Estate for Sale 116 Retail Fixed Asset 118 Retail Real Estate for Sale Fukuoka Osaka Sendai Nagoya ≥ JPY 3B 2016/04 29 years JPY 223M JPY 550M 1.73X 72.6% JPY 2B-3B 2016/04 11 years JPY 111M <JPY 1B JPY 1B-2B 2016/04 2016/06 30 years 21 years JPY 47M JPY 86M JPY 274M JPY 86M JPY 102M 2.96X 30.7% 7.71X 32.6% 1 Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and gains on sale divided by Ichigo Investment. 2 Forecast IRR is the forecast internal rate of return based on each asset's actual cash flow. The total Forecast Equity Multiple and Forecast IRR are for Real Estate for Sale assets acquired from FY15/2 onward and exclude Fixed Assets. 一期一会| ICHIGO O Ichigo Inc. All rights reserved. 57
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