Investor Presentaiton

Core Business Growth Value-Add: Selective on Acquisitions and Sales - - - Continuing Sellers' Market – FY19/2 Gross Profit Margin: 26% Ichigo Owners Achieving High Asset Turnover ✓ Acquisitions: JPY 16.5B (32% of total); Sales: JPY 14.3B (24%) FY19/2 Net Sales of JPY 7.9B Acquisition Sale No. of Assets Book Value (A) No. of Assets Sale Price (B) Difference (A) - (B) Office 2 3,485 2 5,520 -2,035 Hotel 4 9,901 6 19,610 -9,709 Retail CO 6 13,482 2 5,366 +8,116 Mixed (Office/Retail) 4 9,065 +9,065 Residence 19 14,511 33 27,722 -13,211 Ground Lease 4 381 +381 Other 1 12 4 472 -472 40 50,840 47 58,693 -7,853 Total 一期一会| ICHIGO O Ichigo Inc. All rights reserved. 21

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