Feb. 2011 Fiscal Year (March 2010 – February 2011)
Corporate Presentation
April 26, 2011

Ichigo Group Holdings Co., Ltd. (2337)©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

http://www.ichigo-holdings.co.jp/english

Creating peace of mind throughhonest and committed management©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

We express our deepest condolences to all of those who havesuffered from the recent disaster, along with our sincere hopes
for the earliest possible recovery for all of the people andcommunities in the disaster areas.

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

AgendaLaying the Foundation for Stable, Long-Term GrowthCorporate Strategy and Actions
Share Repurchase and Cancellation
Earthquake Impact
Strengthened Financial Base
- Robust Balance Sheet- Continued Asset Dispositions- Repayment of Corporate Debt

Business Update- Real Estate Asset Management Business- Feb. 2011 Earnings and Feb. 2012 Earnings Forecast- CIAM Share Sale

Appendices: Financial & Real Estate Data

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

4

Laying the Foundation for Stable, Long-Term Growth©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

5Corporate Strategy and Actions
Global Financial Crisis → Deeply damaged
real estate market with many bankruptcies
Shift in Focus from Survival to Stability to Growth

Stable Financial & Earnings Structure

Focus on Cashflow
Exit Non-Core BusinessesWithdraw from private equity and overseas
investment

Strengthened Balance SheetRecapitalization via CB conversion (completed)
Shrank corporate debt and extended tenor fromshort-term to long-termSecuring On-Going Profitability
Stable profitability via asset management fees
Dramatically reduced SG&A©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

Growth Strategy
Internal growth
Increase Profitable Assets underManagement— Launch New Funds— Rescue AM— Focus on Adding Value to Assets

External growth
Strategic M&A— Takara Building Maintenance— Japan Office Advisors (renamed Ichigo
REIT Management), the manager ofIchigo REIT (8983)

6

Share Repurchase and Cancellation
 Shareholder distribution effort during FY Feb. 2011

 Reduction of capital to clear net loss and allow for shareholder distributions
 Continuing profitability
 Monetized assets to build cash Enhancement of Value per Share via Share Buyback and Cancellation

 Total amount: Up to 500 million yen (50,000 shares)
 Buyback method: In-market purchases via trust bank
 Will cancel all shares Future Outlook for Shareholder Distributions

 Priority was given to share buybacks and cancellation in this period Dividend forecast for Feb. 2012 Q2: 0 yen; for Feb. 2012 FY: TBD
 Continued possibility of shareholder distributions via success in securing a
profitable earnings structure and stable cash flows©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

7

Earthquake ImpactImpact from Recent Earthquakes on Properties Owned or Managed byIchigo Group (as of April 25, 2011) No injuries
 No material damages
 Ichigo asset and property managers and architectural/engineering
specialists visited all impacted sites to assess properties and confirm
security and safety of tenants Further Enhancement of Architectural & Engineering Expertise Added a structural engineering expert
 Expanded the Environmental and Architectural Solutions Group by adding
Licensed 1st-class Architects, making it six members in total
 Conducting earthquake safety examinations on properties and implementing
all necessary measures©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

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Strengthened Financial Base©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

9

Robust Balance Sheet
Optimizing Balance Sheet Asset sales and repayment of corporate debt
 CB conversion completed
Equity Ratio: 17.3%

Assets52.1

Liabilities
43.1(Billion yen)

Equity Ratio: 49.3%

Assets42.8

Equity Ratio: 64.4%

Liabilities
21.7

Liabilities
14.2

CB4.8

Assets
39.9

CB13.0Net Assets
21.1

Net Assets
25.7

Net Assets
9.0

Feb 09 Full-Year

Feb 10 Full-Year

Feb 11 Full-Year

Pro Forma basis©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

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Continued Asset Dispositions¥9B in Asset Sales
3.60.39.0(Billion yen)

Private Equity 0.1

Private Equity
2.7

3.8

1.3

Private Equity Transactions
6.2

Private Equity 0.3

Private Equity
Domestic ： 6
Overseas ： 7

Private Equity
3.0

Real Estate
Domestic
Overseas

Real Estate 0.2

Real Estate
0.9：2：2

Real Estate
2.8

Real Estate
1.0
Real Estate
0.8
Feb 11 Q1

Feb 11 Q2

Feb 11 Q3

Pro Forma basis©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

Feb 11 Q4Cumulative
Feb 11 Full-Year

11

Repayment of Corporate Debt
(Billion yen)

Decreased Corporate Debt by ¥64B since 2008

44.0

36.6

Short-Term Debt
Long-Term Debt
CB75.2

15.5

18.4

14.1
11.6
8.0
4.6
17.0

Feb 08 Full-Year

13.0
Feb 09 Full-Year©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

2.0
4.8

6.2

Feb 10 Full-Year

Feb 11 Full-Year

10.812

Business Update©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

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Real Estate Asset Management Business• Ground Lease Fund in Oct. 2010• Acquisition of Suehirocho Building as REIT/Fund Seed Asset Good location along Chuo-dori main thoroughfare in Chiyoda-ku, Tokyo- Access: 1 minute walk from Suehirocho subway, 9 minute walk from Akihabara train station

 Office building, floor plate 252.95 tsubo (approx. 836 m2)
 Stable rent income via sale and lease back structure

BeforeAfter• Value-Add at Shinbashi SL Hirobamae Building Converted the property from single-tenant master leaseto multi-tenancy, diversifying tenant risk
 Increased the NOI by 70% by marking rents to market Enhanced the value of the property via renovations
 Arranged a non-recourse loan, releasing ¥1.4B in cash

• Increased Opportunities in Rescue AM Number of proposals increasing due to financial strength relative to other AM firms
 Contributing to profitable growth of assets under management©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

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Feb. 2011 Earnings and Feb. 2012 Forecast(Million yen)Feb. 2011 FY(Revised as of May 26, 2010)

Feb. 2011 FY(Actual)

Difference vs.
May 26 Revision

Forecast forFeb. 2012 FYRevenues

13,80012,760-1,04016,300Operating Profit

1,000

1,351351

1,000

Recurring Profit

1,000

1,616

616700Net Profit

2,300

620

-1,6801,300©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

15CIAM Share Sale
Selling down from 25% to 15% our shareholding in CIAM, an investment
management company of CITIC, one of the largest transnational
conglomerates in China
 Monetizing a portion of our investment, expected to complete by July-end
 Post-sale, will continue as a CIAM shareholder and Scott Callon, Chairmanof Ichigo, will remain a CIAM Director Will continue to work closely with our partners as CIAM shareholders, CITIC
International Financial Holdings, Itochu, and Ithmaar Bank, to support
CIAM’s on-going success and positive business synergies
 Pursuing positive cooperation with CIAM and CITIC on mutually beneficial
activities such as investments by Chinese and Hong Kong investors inJapanese real estate©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

16

Appendix: Pro Forma Financial Data

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

17

Pro Forma Disclosure to Improve Transparency•Under Japanese accounting rules, SPCs in which Ichigo Group Holdings(“IGH”) is a greater than 50% investor or SPCs for which IGH is the asset
manager and no single equity investor holds more than 50% of the total
investment must be consolidated onto IGH’s balance sheet.

•Our statutory consolidated and parent financial statements thus include clientrelated assets and liabilities and P&L which do not belong to IGH. In order tomore accurately reflect the true economic exposures borne by ourshareholders, we disclose Pro Forma financials which are intended to betterreflect IGH’s actual corporate financial position.

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

18

Balance Sheet (Pro Forma)(Million yen)Feb 10Total Assets

Feb 11

Change (YoY)

42,80439,915-2,889Cash and Cash Equivalents

5,268

7,093

1,825

Investment (Real Estate)

5,707

6,419

712

Investment (Domestic companies)

2,046

984

-1,062

Investment (Overseas companies)

10,434

7,198-3,236

Real Estate Held for Sale

14,231

11,177-3,054

Other

5,118

7,044

1,926

Liabilities

21,687

14,205-7,482

Interest-Bearing Debt

13,565

10,783-2,782

CB

4,790

0

-4,790

Other

3,332

3,422

90

Net Assets

21,11725,7094,592©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

19

P&L (Pro Forma)
Breakdown
Feb 10Revenues
Cost of Revenues

Feb 11

7,842

9,785

4,102

Extraordinary Gain (Loss), net

Pre-tax Profit

1,004

3,740

Rental Income

1,792

3,012

2,603

Real Estate Sales / Dividends

1,394

1,330

1,137

Securities Sales / Dividends

1,892

Building Maintenance Fees

1,541-535

265

Other175

795

1,402

Gross Profit

3,740

1,380

1,273

2,175

2,675Tax

7942

Minority Interests

289

2,013

1,807620

Net Profit

Real Estate Management Fees

7,842
44

SG&A

Recurring Profit

Revenues

Advisory Fees

4,342

Non-Operating Gain (Loss), netFeb 11

14,127Gross Profit

Operating Profit(Million yen)

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

Real Estate Management Fees

724

Advisory Fees

39

Rental Income

1,042

Real Estate Sales / Dividends

548

Securities Sales / Dividends

1,555

Building Maintenance Fees

372

Other-540

20

Appendix： Consolidated Financial Data

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

21Balance Sheet (Consolidated)(Million yen)Feb 10Total Assets

Feb 11

YoY change

100,268

98,653-1,615

Cash and Cash Equivalents

10,72812,343

1,615

Operating Investments in Securities

9,404

8,035

-1,369Real Estate Held for Sale

69,44568,823-622

Fixed Assets

3,201

3,178

-23

Investments in Securities

7,197

5,682

-1,515

293

592

299

76,74570,881-5,864

Interest-Bearing Debts (excl. Non-Recourse Loans)

13,642

10,782-2,860Non-Recourse Loans

50,652

51,913

1,261

CB

4,790

0-4,790

Other

7,661

8,186

525

Net Assets

23,523

27,771

4,248

Shareholders Equity

20,49525,514

5,019

Minority Interests and Other

3,028

2,257

-771

OtherLiabilities©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

22

Breakdown of Assets (Consolidated)(Million yen)Feb 10
AmountFeb 11

OutsideInvestors'
Interests

TheCompany's
Interests--

12,343

AmountOutsideInvestors'
Interests

TheCompany's
Interests

YoY Change
in theCom pany's
Interests---

Cash and Cash Equivalents

10,728Operating Investments in Securities

9,404

09,404

8,035

0

8,035

-1,369

2,188

0

2,188

2,68402,684

49680

080

000-80Unlisted Domestic Companies

2,7800

2,780

2,701

0

2,701-79

Listed Overseas Companies

2,74202,742

1,44801,448-1,294

Unlisted Overseas Companies

1,6140

1,614

1,201

0

1,201-413

Domestic Real Estate
Listed Domestic Companies

Reference: Allow ance f or Bad Debts forOperating Investments in Securities-3,357--3,357-3,358--3,358-1

Operating Investments in Securities less
Allow ance for Bad Debts for OperatingInvestments in Securities

6,047-

6,047

4,677-

4,677-1,370

Real Estate Assets for Sale

69,44553,864

15,581

68,82353,94814,875-706

66,374

51,33015,044

68,82353,94814,875

-169

3,071

2,534

537

000-537

Investments in Securities

7,197

0

7,197

5,682

0

5,682

-1,515

Domestic Companies

423

0423

523

0523

100

Overseas Companies

5,996

0

5,996

4,842

0

4,842

-1,154

778

0778

317

0

317-461

Domestic Real Estate

Overseas Real Estate

OthersReference: Allow ance f or Bad Debts for
Investments in Securities-115--115

-115

--115

0

Investments in Securities less Allow ance f orBad Debts for Investments in Securities

7,082-

7,082

5,567

-

5,567

-1,515

Tangible Assets

3,201-

-

3,178

---

Other Assets

3,765--

4,065---

Total Assets

100,268-

28,71098,653-25,119©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

-3,59123

P&L (Consolidated)(Million yen)

Breakdown
Feb 10

Revenues
Cost of Revenues

Full-Year
Forecast

Feb 11

Progress

21,112

12,76013,80092.5%

16,9918,805－－

Feb 11

Revenues

12,760Real Estate Management Fees

731Advisory Fees

45

Gross Profit

4,120

3,954－－

Rental Income

5,666

SG&A

3,011

2,603－－

Real Estate Sales / Dividends

2,838

Securities Sales / Dividends

1,108

1,351

1,000

1,892

Building Maintenance Fees

1,523-535

266

573

1,616

1,000

1,380

1,273

－

1,953

2,889－

Tax

78

41

Minority Interests

67

2,227

1,807620

Operating Profit
Non-Operating Gain (Loss), net

Recurring Profit
Extraordinary Gain (Loss), net

Pre-tax Profit

Net Profit©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

－135.1%－Other

161.6%

Gross Profit653,954

Real Estate Management Fees

449

Advisory Fees

28－Rental Income

1,574－－

Real Estate Sales / Dividends

622－－Securities Sales / Dividends

1,555

Building Maintenance Fees

354

2,300

27.0%

Other-628－24

Appendix： Real Estate Data

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

25

Cumulative Assets Under Management
 Historic Cumulative AUM Exceeds ¥1 trillion
 Strong Long-Term Track Record of Managing Real Estate for Clients Increased AUM via Acquisition of REIT Management Company in Feb. 2011
(billion yen, # of funds in parenthesis)

1,400REIT

1,200

1,128.4(137)

Operating
Development

64.0

1,164.5(141)

1,175.1
(141)

64.0

64.0

568.7

572.9

1,308.5
(145)
177.8

(As of February 2011)

1,000

791.7(107)
800

62.0

498.8
(70)

600

544.8

592.5

REIT
14%

Development
41%

378.3

56.0
400

200

0103.5
(15)
38.7
64.8

213.4
(33)

219.4
519.6

531.8

538.2

538.2

Operating
45%

351.4

87.1
223.5
126.3

Assets Under Management
Assets managed within funds - does not include
investments held directly by IGH on B/S©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

26

Assets Under Management
With Launch of New Funds, AUM Has Returned to Growth(As of February 2011)
Development
2%(billion yen)
600
REIT

530.1
496.0

Operating

500

REIT
30%

62.0

Development

Operating
68%

426.5
385.3

400

330.6

335.9
257.0

335.0

113.8

56.0

300

320.7

Breakdown of Equity Investors

123.4

200

166.4

312.1

66.4
100

211.1

78.8
32.7

Domestic Financial
Institution
8%

263.2
151.2

161.0

100.0

46.1
0

IGH
29%

105.9
23.8

8.3

Overseas Operating
Company6%

Domestic Operating
Company
10%
Domestic Insurance
Company1%

Overseas
Pension Fund34%

Overseas Financial
Institution
11%©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

27

Real Estate Portfolio
 Mainly Office, although Significant Track Record across a Wide Variety of Asset Types
 Particular Experience in Managing Small & Mid-Size Assets from ¥1 - 5 billion in Tokyo
AUM by Type# of Properties by TypeLand
Leaseholds
0.04%(Unit: # of buildings)(As of February 2011)

Other
11

Residential
8%
Other

AUM by Location(Unit: # of buildings)

2%

Mixed
12%

Land Leaseholds
61

Commercial
4%
Development2%

Office89

Kanto3%

NagoyaOther8%Sendai3%6%

Of f ice
72%

Fukuoka
6%

Residential
22Commercial
9Mixed18

AUM by Size

Development1Tokyo66%

Osaka
8%

Tokyo95# of Properties by Size
(Unit: # of buildings)

10 bn yen~13%

5~10 bn yen
29%

0~1 bn yen
8%

Sendai 4

10 bn yen~3
5~10 bn yen
15

1～5 bn yen
87
1~5 bn yen
51%©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

Kanto 80～1 bn yen
106

Fukuoka
11Osaka
7

Nagoya7
Other18

OtherLand
Lease-holds
6128

IGH Real Estate Cap Rates
 Cap Rates Increased Due to Early Adoption of Lower of Cost or Market Rule
 Continually Mark Assets In-line with Current Market Pricing and Eliminate Any Unrealized
Losses from B/S(As of February 2011)

Real Estate Investments held by Private Funds (SPCs)
Book value

Location

Acquisition valueTokyo

167,350

138,162

8,088

5.3%

6.4%

Outside Tokyo

63,27145,008

3,322

5.6%

8.1%

Total

230,621

183,171

11,410

5.4%

7.0%(af ter write-down)

NOI (current)(Million yen, except for percentage data)
Cap rate (at acquisition)
Cap rate (current)
NOI / Book v alue af ter write-down
NOI / Acquisition value

Real Estate Investments directly held by IGH
Book value(Million yen, except for percentage data)
Cap rate (current)

Location

Acquisition value

Tokyo

7,091

4,716

336

5.6%

7.1%

Outside Tokyo

8,493

5,737

586

6.3%

9.8%

Total

15,584

10,453

922

6.0%

8.8%

(af ter write-down)

NOI (current)

Cap rate (at acquisition)
NOI / Acquisition value

NOI / Book v alue af ter write-down*Cap rate calculation excludes one development asset (c. JPY700MM) which is not currently generating NOINOI (Net Operating Income)NOI = rental income – management costs (taxes, property management fees and repairs)©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

29

These materials were prepared to explain the Company’s businesses and are not for the purpose ofsoliciting investment in marketable securities issued by the Company. The Company does notguarantee the accuracy of the figures, information, estimates or other statements included herein, andaccepts no responsibility for damages or losses arising through the use of the figures, information,
estimates or other statements contained herein.
These materials are based upon information available as of the publication date, and may containforward-looking statements pertaining to the Company’s expectations, targets, plans and strategies.
Such forward-looking statements are not facts, but are the result of management’s judgment based on
information currently available. Actual operating results or developments concerning the Company
may differ substantially from those indicated by forward-looking statements. The information enclosed
is also subject to revision without prior notice.

Contact:
Ichigo Group Holdings Co., Ltd.
Accounting & Business Planning
TEL: +81-3-3502-4809 FAX:+81-3-3502-4801
E-mail： IR@ichigo-holdings.co.jp
www.ichigo-holdings.co.jp/english
Ichigo Group Holdings is Japan’s first zero carbon listed real estate company.
We are taking responsibility for the carbon emissions we create – for example
via this presentation material – by creating offsets to our carbon emissions andworking with organizations to invest in low-carbon technologies.

©2011 Ichigo Group Holdings Co., Ltd. All rights reserved.

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