Investor Presentaiton

Significant Unrealized Gains on Balance Sheet JPY 50.9B (Appraisal Value Basis), +12.8% vs. FY18/2-end Real Estate Directly Held by Ichigo (JPY million) Location Book Value (FY19/2 Q4) Expected NOI Cap Rate (NOI/Book Value) Appraisal Value (FY19/2 Q4) Unrealized Gains Tokyo 125,752 7,213 5.7% 154,893 +29,142 Outside Tokyo 104,078 7,028 6.8% 125,852 +21,774 Total 229,829 14,241 6.2% 280,745 +50,916 * Excludes assets under development (c. JPY 124 million) not generating NOI 一期一会| ICHIGO O Ichigo Inc. All rights reserved. 45

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