Investor Presentaiton

Core Business Growth Value-Add: Tax Shield Re-Classification to Fixed Assets Re-Classifying Real Estate as Fixed Assets Generates Depreciation Tax Shield to Fund Growth Investments Value-Add Real Estate for Sale & Fixed Assets 一期一会| ICHIGO Fixed Assets Real Estate for Sale (JPY billion) % Fixed Assets 30.1% 15.2% 12.8% 7.2% 140.2 162.3 164.9 169.4 13.1 FY16/2 24.3 FY17/2 29.1 FY18/2 Note: Amounts are Book Value. Excludes Ichigo Owners, Centro, and Storage Plus. O Ichigo Inc. All rights reserved. 60.4 FY19/2 22 22

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