Investor Presentaiton

一期一会| ICHIGO Power Up 2019 Achievement Details (2) Profitability Sustainability Core Business Growth • New Business Creation Finance as a Strategic Measure High Capital Efficiency and Organic Growth • • • • List Ichigo's solar assets on the TSE's new Infrastructure Market Support the ongoing growth of Ichigo Office (8975) and Ichigo Hotel (3463) Expand the architecture and structural engineering team to deliver real estate that is high-function, safe, secure, and environmentally friendly Spin out a dedicated leasing team to drive tenant acquisitions and rental income Extend Ichigo's REIT-focused asset management business into the much larger physical real estate market Grow Ichigo's hotel business synergistically with Ichigo Hotel Launch one or more REtech businesses, fusing Ichigo's Real Estate and IT capabilities Grow both financial stability and earnings De-collateralize loans, lengthen loan maturities, lower debt costs, get credit ratings, and issue bonds to diversify funding profile ROE >15% Best Place to Work Support employee health and wellness Goal: Japan's number one company in providing opportunities for employees Global Best Practice Governance and Compliance ✓ ✓ ✓ • Listing of Ichigo Green (9282) on Dec 1, 2016 Asset sales to Ichigo Office (8975) and Ichigo Hotel (3463) • . Created a long-term private fund (JPY 8.3B) Expanded the engineering team . • • • . • • • . • Spun out a dedicated leasing team and strengthened marketing functions to drive asset acquisitions and value-add Launched Ichigo Owners & Ichigo Land businesses Launched 2 THE KNOT lifestyle hotels Developed Al hotel revenue management system Launched new real estate content businesses (storage, laundry, & study spaces) Entered business alliance with Phil Company Established Sports & Entertainment group Launched Community Lab and 100-Year Real Estate Lab 24% of corporate loans are uncollateralized via commitment lines and other credit lines (JPY 32.5B total) Average Loan Period: 10.3 years, Average Interest Rate: 0.97%, Long-Term Loan Ratio: 92% Achieved ROE >15% for all 3 MTP years 100% return rate for employees who take child leave Annual stock option grants (fully expensed) to all employees to align their interests with Ichigo shareholders Launched Incubation Lab to support internal startups 6 of 9 Board Members are Independent Directors Former CEOs of TSE 1st Section companies serve as Independent Directors O Ichigo Inc. All rights reserved. 31

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