Investor Presentaiton

Value-Add Asset Breakdown (6) No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Expected NOI/Year Ichigo Equity Investment Forecast Equity Multiple¹ Forecast IRR² 138 Hotel 139 Office Real Estate for Sale Real Estate for Sale Ogaki, Gifu JPY 1B-2B 2017/05 29 years JPY 84M 142 Hotel Real Estate for Sale 143 Retail Real Estate for Sale Shibuya-ku, Tokyo Kanazawa Fukuoka <JPY 1B 2017/05 2 years JPY 28M JPY 600M 1.15X 15.1% JPY 1B-2B 2017/11 1 year JPY 92M JPY 372M 2.12X 54.2% JPY 1B-2B 2017/09 34 years JPY 97M JPY 223M 3.78X 19.9% 144 Office Real Estate for Sale Chiyoda-ku, Tokyo JPY 1B-2B 2018/02 30 years JPY 97M JPY 268M 8.00X 34.7% 145 Hotel Real Estate for Sale Fukuoka JPY 2B-3B 2018/03 1 year JPY 194M JPY 301M 3.37X 102.4% 146 Retail Fixed Asset Chuo-ku, Tokyo JPY 1B-2B 2018/08 28 years 147 Hotel 148 Office 149 Retail Real Estate for Sale Real Estate for Sale Fixed Asset Kyoto ≥ JPY 3B 2018/08 1 year Chiyoda-ku, Tokyo <JPY 1B 2018/08 50 years 150 Mixed (Office/Retail) 151 Mixed (Office/Retail) Real Estate for Sale Real Estate for Sale 152 Office 153 Hotel Real Estate for Sale Real Estate for Sale Chiyoda-ku, Tokyo Chuo-ku, Tokyo Fukuoka Fukuoka Fukuoka ≥ JPY 3B 2018/09 28 years ≥ JPY 3B 2018/10 31 years <JPY 1B 2018/10 20 years JPY 2B-3B <JPY 1B 2019/02 2019/02 31 years 25 years JPY 31M JPY 328M JPY 54M JPY 308M JPY 354M JPY 37M JPY 174M JPY 110M JPY 375M JPY 1,666M JPY 166M JPY 2,269M JPY 1,161M 1.59X 27.2% 3.93X 104.4% - 6.17X 24.7% JPY 38M 5.08X 43.1% JPY 382M 5.07X 19.6% JPY 193,242M Sub-Total 89 Assets JPY 12,328M JPY 38,455M 2.94X 38.2% JPY 200,607M (Book Value) 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. 59

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