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Investor Presentaiton

Notes (1) P.5 Executive Summary (Note 1) Stabilized DPU is the estimated amount of distribution per unit, calculated assuming that the accounting treatment of taxes and public dues of property tax, city planning tax, and other taxes (the "Taxes and Public Dues" in this Note) were recorded as rental business expenses from the time of acquisition of each assets (when the Taxes and Public Dues are not yet determined yet). The future Stabilized DPU are forecast figure anticipated by AEON REIT Investment Corporation as of the publication date of this document, which is not an indicator specified by generally accepted corporate accounting standards, nor has it been audited by an accounting auditor. (Note 2) "End tenant occupancy" is the ratio of the actual leased area (sublease area), which deducted vacant floor area from total leasable area,to the total leasable area (master lease area) for the domestic retail facilities owned by the Investment Corporation (in total 44 facilities) calculated based on the preliminary figures provided by each master lessee (as of the end of Jul. 2023). "End tenant sales" shows the comparison of end tenant sales for the 21st FP (Feb 1, 2023 to Jul.31, 2023) with that of the same FP of the previous year. Net sales of end tenants of Jun. 2023 and Jul. 2023 are calculated based on preliminary figures received through interviews with each master lessee. P.6 21st FP (Jul. 2023) financial summary (Note) No. of investment units outstanding in the 20th FP: 2,044,467, in the 21st FP: 2,123,952 P.9 Progress toward Mid-term target (Note 1) Stabilized DPU is the estimated amount of distribution per unit, calculated assuming that the accounting treatment of taxes and public dues of property tax, city planning tax, and other taxes (the "Taxes and Public Dues" in this Note) were recorded as rental business expenses from the time of acquisition of each assets (when the Taxes and Public Dues are not yet determined yet). (Note 2) GRESB refers to the annual benchmark certifications that measure ESG considerations of real estate companies and funds, as well as the organization operating the certifications. The GRESB Real Estate Certification is a 5 level rating based on the global ranking of the total score. (Note 3) MSCI is a financial services provider based in New York, USA. MSCI provides various tools to assist in investment decision making to institutional investors around the world, including asset managers, hedge funds and pension funds. The MSCI ESG rating analyzes how well companies are managing risks related to the Environment, Social and Governance, and its 7 ratings range from the highest AAA to the lowest CCC. (Note 4) The ratio of properties with third party certifications is calculated by dividing the total rentable floor area of certified properties by that of all properties owned in Japan. Third party certification refers to the DBJ Green Building certification, CASBEE certification and BELS certification, etc. (Note 5) 4 or higher refers to "4 or 5 stars in the DBJ Green Building certification", "Rank A or S in the CASBEE Real Estate Evaluation ","4 or 5 stars in BELS". 3 or higher refers to "3, 4 or 5 stars in the DBJ Green Building certification", "Rank B+, A or S in the CASBEE Real Estate Evaluation", "3, 4 or 5 stars in BELS" (as of the end of Jul 2023). P.10 External growth (1/3) - Growth utilizing the comprehensive strength of AEON Group ~ (Note) "Total pipeline" refers to the total amount of properties owned by the AEON Group and third parties, for which the Investment Corporation has submitted letter of intention to purchase in the past, and whose expiration date has not yet passed. The amount of the properties are based on the Investment Corporation's desired purchase amount. P.11 External growth (2/3) ~ Introduction of initiatives ~ (Note) Based on securities report issued by United Super Markets Holdings Inc. dated May 22, 2023. ÆON REIT Investment Corporation 22 22
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