Investor Presentaiton

Forecasts of Performances for the 10th Fiscal Period Ending Jan. 31, 2018 * Based on the Assumptions for Forecasts of Performance of Financial Report for the Fiscal Period Ended Ended July 31, 2017 (page 7 to 8) /EON イオンリート Major Factors of Changes from the Previous Period (Millions of yen) July 2017 January 2018 9th Fiscal 9th Fiscal Period Result 10th Fiscal Period Forecast VS. Previous Period Period Forecast Announced Forecast on Feb. 1, Full-period contribution of properties acquired in 9th period Contribution of revenues from + 400 VS. Operating Revenues properties acquired in 10th period using proceeds from public offering + 634 2017 (A) (B) (B-A) (C) (B-C) Period-end dividends from SPC for AEON MALL SEREMBAN 2 Insurance expenses +42 +13 Repairs and maintenance ▲ 18 Operating Revenues (Millions 14,642 15,769 1,127 15,128 641 expenses of yen) Land rent paid for the properties acquired in 9th period +61 Operating (Millions 9,017 9,530 512 9,317 213 Land rent paid for the properties Expenses of yen) Operating Expenses + 52 Expenses (Millions Related to Rent 8,253 8,615 361 8,418 196 of yen) Business acquired in 10th period Depreciation for properties acquired in 9th period Depreciation for properties acquired in 10th period +15 +186 (Of Which, (Millions 4,176 4,420 243 4,224 195 Depreciation) of yen) Asset management fees Borrowing related expenses + 108 +36 Operating Income (Millions 5,624 6,239 614 5,811 428 of yen) Non-Operating Expenses Amortization of investment unit issuance expenses +4 Ordinary Income (Millions of yen) 4,773 5,343 569 4,895 448 Major Factors of Changes from the Forecast (Millions of yen) Exordinary (Millions 537 537 Income of yen) Operating Revenues Contribution of revenues from properties acquired in 10th + 634 (Millions Net Income of yen) 5,306 5,338 32 4,890 448 period using proceeds from public offering Taxes and dues ▲ 31 Distributions per (yen) 2,926 3,000 74 2,990 10 Repairs and maintenance Unit ▲ 34 expenses Number of Land rent paid for the properties Operating Expenses + 52 Investment Units Issued (unit) 1,635,9121,777,347 141,435 1,635,912 141,435 acquired in 10th period Depreciation for properties + 186 acquired in 10th period Asset management fees + 6 Borrowing related expenses, etc ▲ 24 Non-Operating Expenses Amortization of investment unit issuance expenses +4 -17

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