Investor Presentaiton

一期一会| ICHIGO Segment Earnings Details - - - Asset Management: Base AM Fees +10% YOY Value-Add: Rental Income +16% YOY Gains on Sale +23% YOY Clean Energy: Power Generation Revenues +106% YOY Operating Profit Segment FY18/2 FY19/2 YOY Full-Year Forecast vs. Full-Year Forecast (JPY million) Earnings Drivers (Parentheses show YOY change in Gross Profit) Base AM Fees 2,100 (+187) Acquisition/Disposition Fees 236 (+129) Asset Management 2,043 2,195 +7.5% 1,752 125.3% Ichigo Office Cash Flow Performance Fees 57 (-306) Value-Add Clean Energy Rental Income 12,867 (+1,795) 19,002 22,669 +19.3% 21,719 104.4% Gains on Value-Add Sales 14,893 (+2,796) 899 1,364 +51.7% 1,529 89.2% Power Generation Revenues 1,928 (+991) Gains on Power Plant Sales 0 (-467) Adjustment (including offsets of cross- -25 50 segment transactions) Total 21,919 26,279 +19.9% 25,000 105.1% Note: From FY19/2, SPC-related non-recourse loan interest expenses are accounted as Fixed Non-Operating Expenses rather than COGS. FY18/2 Operating Profit has been restated using this new accounting treatment to facilitate an accurate YOY comparison. O Ichigo Inc. All rights reserved. 9

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