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Investor Presentaiton

Value-Add Asset Breakdown (3) No. Asset Type Classification Location Acquisition Price Acquisition Building Date Age Expected NOI/Year Ichigo Equity Investment Forecast Equity Forecast Multiple¹ IRR² 47 Residence 50 Residence 51 Residence Real Estate for Sale Real Estate for Sale Real Estate for Sale 53 Residence 55 Residence 56 Residence Real Estate for Sale Real Estate for Sale Real Estate for Sale Koto-ku, Tokyo Sumida-ku, Tokyo Ota-ku, Tokyo Chuo-ku, Tokyo Shinjuku-ku, Tokyo JPY 1B-2B 2014/12 12 years JPY 93M JPY 270M 1.56X 14.6% JPY 1B-2B 2014/12 13 years JPY 60M JPY 163M 1.55X 15.2% <JPY 1B 2014/12 17 years JPY 54M JPY 150M 2.21X 35.7% <JPY 1B 2014/12 15 years JPY 38M JPY 99M 2.96X 44.4% <JPY 1B 2014/12 14 years JPY 26M JPY 82M 2.05X 25.8% 57 Residence Real Estate for Sale 59 Residence 22233 23 60 Residence 61 Mixed (Office/Retail) 62 Retail 63 Retail 64 Retail Real Estate for Sale Real Estate for Sale Operational Loan Real Estate for Sale Fixed Asset Shibuya-ku, Tokyo Minato-ku, Tokyo Setagaya-ku, Tokyo Shinjuku-ku, Tokyo Shinjuku-ku, Tokyo Fukuoka JPY 1B-2B 2014/12 13 years JPY 88M JPY 270M 2.00X 23.2% JPY 1B-2B 2014/12 15 years JPY 54M JPY 186M 1.90X 21.0% <JPY 1B 2014/12 14 years JPY 40M JPY 117M 2.11X 27.2% <JPY 1B 2014/12 12 years JPY 19M JPY 55M 1.80X 21.1% JPY 1B-2B 2014/12 55 years JPY 128M JPY 57M 15.26X 51.7% <JPY 1B 2014/12 15 years JPY 46M 66 Retail 68 Retail Real Estate for Sale Real Estate for Sale Fixed Asset Meguro-ku, Tokyo Shinagawa-ku, Tokyo JPY 1B-2B 2014/12 12 years JPY 84M JPY 212M JPY 129M <JPY 1B 2015/01 64 years JPY 23M Sendai Shibuya-ku, Tokyo <JPY 1B <JPY 1B 2015/02 15 years JPY 48M 2015/04 17 years JPY 47M JPY 8M JPY 79M 42.58X 198.9% 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. 56
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