Investor Presentaiton

Utilization of abundant cash-on-hand Flexibly utilize abundant cash-on-hand generated from depreciation expenses according to the environment Depreciation expenses (Before and after of new properties acquisition) (Note 1) 10.9 bn yen Increase in depreciation, due to property acquisitions etc., which generates cash-on-hand 10.3 bn yen BON MALL AEON MALL Wakayama AEON MALL Miyakonojo Ekimae Before properties acquisition After properties acquisition Cash-on-hand utilization simulation (Calculated with 5.0 bn yen) Improve profitability Stabilize financial base Promotion of capital policy (Note 2 • 3) Property acquisition Revitalization investment Assumes the acquisition of properties with NOI yield of 6.2%, NOI yield after depreciation of 3.9% LTV control Resilience Assumes repayment of debt with an average interest rate of 0.8% Paying dividends in excess of earnings Share buyback Assumes acquisition and cancellation of treasure units at the price of 120,000 yen. Borrowing is to be repaid at the same time in order to maintain the LTV. DPU Approx. 45 yen increase Approx. 8 yen increase Approx. 39 yen increase LTV No change FCF Approx. 0.1 bn yen increase Approx 0.6% decrease No change No change No change ÆON REIT Investment Corporation 13

View entire presentation