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Investor Presentaiton

Progress towards Mid-term target Stabilized DPU Top Priority ~ (Note 1) Steady growth through property acquisitions Announcement of Mid-term target Mid-term target Asset size Priorities ~ ~ 21.3bn yen growth since Long term issuer rating (JCR) ~ Priorities ~ Upgraded to AA by JCR in June 2023 Achieved rating set in mid-term target announcement of mid-term target Mid-term target Announcement of Mid-term target Announcement of Mid-term target At the end of 21st FP Mid-term target 3,270 yen I I I 468.3 bn 3,335 yen 13,600 yen 600.0 bn yen Achieved 447.0 bn yen yen AA- (Positive) AA (Stable) Assumptions at the end of the FP Jul.2022 (19th FP) Jul. 2023 (21st FP) Sustainability ~ Priorities ~ Jul. 2022 (19th FP) Jul. 2023 (21st FP) External evaluation (GRESB Rating and MSCI ESG Ratings) Aim to maintain and further improve evaluation 5 5 Stars Stars Stars 5 Stars/ GRESB (Note 2) 3 Stars BBB MSCI (Note 3) BB BB BB BB 2019 2020 2021 2022 2023 Mid-term target ÆON REIT Investment Corporation Jul. 2022 (19th FP) Jul. 2023 (21st FP) AA Ratio of third-party certification (Note 4) Achieved the mid-term target ratio of certified properties, for both "4 or higher" and "3 or higher" (Note 5) Aim to maintain ratio of certified properties and evaluations Achieved i 82.5% ⭑4 or higher 80.4% 80.4% 76.8% I maintain 80% or higher Achieved ★3 or higher 84.9% 84.9% 81.1% 86.8% maintain 85% or higher | Jul. 2022 (19th FP) Jan. 2023 After 7th (20th FP) follow-on offering Jul. 2023 (21st FP) Mid-term target 9
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