FY19/2 Q1 Corporate Presentation
January
2017
July 12,13,
2018

Ichigo (2337)© Ichigo Inc. All rights reserved.

www.ichigo.gr.jp/en

We express our deepest condolences to all
those affected by this month’s heavy rainfall inwestern Japan and our wishes for the earliest
possible recovery.

© Ichigo Inc. All rights reserved.

© Ichigo Inc. All rights reserved.

Contents
FY19/2 Q1 Earnings‒ FY19/2 Q1 Summary‒ Operating Profit +90%, Net Income +59%,
EPS +60% (YOY)‒ Segment Earnings Details

Powerful Value-Add Business Model
Underpins Growth‒ Business Model (1) Stock + Flow Earnings‒ Business Model (2) Embedded Forward
Earnings‒ Business Model (3) Value-Add Durable
Value Growth‒ Robust Financial Base

© Ichigo Inc. All rights reserved.

Building a Foundation for Sustainable
Growth‒ Core Business Growth Value-Add: Growing Both Stock andFlow Earnings
 Value-Add Case: Tokyo Retail Clean Energy: Scaling Rapidly‒ New Business Entry
 THE KNOT TOKYO Shinjuku
 Hotel AI System Autumn 2018 Launch

Appendices‒ Financial & Real Estate Data
‒ Power Up 2019 Mid-Term Business Plan

4

FY19/2 Q1 Earnings© Ichigo Inc. All rights reserved.

5

FY19/2 Q1 Summary
Durable Earnings Model

Stock Earnings Growth

Stock Earnings/Fixed Expenses

Stock Earnings Growing Across the Board

233%

16,145(Forecast)+25%(JPY million)

Value-Add

AssetManagement

Clean Energy

12,563(Forecast)

1,988

1,594

(Forecast)Gross Profit
JPY 7.45B(Forecast)

12,960
1,913

10,1113,990
Q1
FY18/2

FY19/2

FY18/2

2,924
Q1
FY19/2494
Q1
FY18/2

FY19/2

886

570
Q1

FY18/2

FY19/2

Robust Real Estate Acquisitions & Sales
Continued high margins on sales(JPY million)

10,241
6,826Book Value

Sales Price© Ichigo Inc. All rights reserved.

FY19/2 Q1
GPM 33.3%

Selective on
Acquisitions

Q1
Acquired
JPY 7.2B

JPY
27.3
Q1
Contracted
JPY 20B

Ichigo Owners
c. JPY10B acquiredor contracted in Q1
Sourcing
prime location assets
catering to client
needs

Central Tokyo
95%

6

Operating Profit +90%, Net Income +59%, EPS +60% (YOY)
Earnings Up Across the Board – On Track to FY19/2 Record Earnings(JPY million)

FY18/2 Q1

FY19/2 Q1

YOY

Full-Year
Forecast

Operating Profit

3,150

5,992

+90.2%

25,000Recurring Profit

2,097

5,217

+148.7%22,000Net Income

2,237

3,547

+58.5%

15,000JPY 4.46

JPY 7.15+60.4%

JPY 30.10

EPS

Note: From FY19/2, SPC-related non-recourse loan interest expenses and other costs are accounted as Fixed Non-Operating Expenses (the same ascorporate loans), rather than COGS as previously. FY18/2 data adjusted to use this new accounting treatment to facilitate comparison.

© Ichigo Inc. All rights reserved.

7

Segment Earnings Details− Asset Management: Performance Fees Down, but AM Fees +9% YOY− Value-Add: +96% YOY on Growth in Both Stock and Flow Earnings− Clean Energy: +708% YOY with Ichigo Showamura Plant Online(JPY million)

Operating Profit
Segment

FY18/2 Q1

FY19/2 Q1

Earnings Drivers(Parentheses show YOY change in
Gross Profit)

Full-Year
Forecast

YOY

AM Fees 494 (+39)

Asset Management

504

454

-10.0%

1,752 Acquisition/Disposition Fees 43 (–)
Performance Fees 0 (-170)

Value-Add

Rental Income 2,924 (+342)

2,609

5,105

+95.7%

21,719 Gains on Value-Add Sales 3,411 (+2,467)

Clean Energy

52

421

+708.0%1,529 FIT Power Sales 570 (+398)

Adjustment (including
offsets of crosssegment transactions)

-15

11

–

–

3,150

5,992

+90.2%

25,000Total

Note: From FY19/2, SPC-related non-recourse loan interest expenses and other costs are accounted as Fixed Non-Operating Expenses (the same ascorporate loans), rather than COGS as previously. FY18/2 data adjusted to use this new accounting treatment to facilitate comparison.
© Ichigo Inc. All rights reserved.

8

Powerful Value-Add Business Model Underpins Growth© Ichigo Inc. All rights reserved.

9

Business Model (1) Stock + Flow Earnings
Gross Profit
31.2 (JPY billion)

Stock Earnings (Primarily Rental Income, AM Fees, and FIT Solar Power Sales)
Flow Earnings (Primarily Profits on Value-Add Real Estate Sales )Fixed Expenses (Fixed SG&A + Interest Expense)

26.8

25.9
15.1

19.9

14.0

13.0

9.0

12.2
4.6

7.5

7.4

3.5

10.9

0.9
4.1

13.0

12.8

2.5

5.0

16.1

7.6
4.9
3.1

3.5

4.3

5.4

4.9

5.3

6.9
4.0

1.7

FY19/2(Forecast)
Note: From FY19/2, SPC-related non-recourse loan costs have been accounted for as Fixed Non-Operating Expenses (the same as corporate loans),rather than COGS as previously. The change increases each of FY19/2 Stock Earnings and FY19/2 Fixed Expenses by c. JPY 700 million and FY19/2 Q1
Stock Earnings and FY19/2 Q1 Fixed Expenses by JPY 218 million.
© Ichigo Inc. All rights reserved.
10
FY13/2

FY14/2

FY15/2

FY16/2

FY17/2

FY18/2

FY19/2 Q1

Business Model (2) Embedded Forward Earnings
Full Economic Earnings from Value-Add are Generally Not Recognized
during the Current Accounting Period – Value-Add Thus Generates
Significant Unrealized Gains that are an “Earnings Bank” for Future Periods(JPY billion)

36.8

45.4

28.1
19.6
12.3
FY14/2

FY15/2

FY16/2

FY17/2

FY18/2

Appraisal Value-Based Unrealized Gains© Ichigo Inc. All rights reserved.

11

Business Model (3) Value-Add Durable Value Growth
Gains on Sales Consistently Exceed Appraisal Value-Based Unrealized Gains
4.4X

Appraisal Value-Based Unrealized Gains
Gains on Sales (Gross Profit)

GPM
34%

1.6X
GPM
14%

2.2X
GPM
23%

Unrealized Gains(vs. Book Value)
9%

GPM
32%

JPY 12.0B
Unrealized Gains(vs. Book Value)
12%

JPY 10.5B
JPY 7.2B

JPY 6.4B

JPY 3.3B

2.0X
Unrealized Gains(vs. Book Value)
14%

JPY 2.7B

GPM
33%
Unrealized Gains(vs. Book Value)26%

JPY 3.4B

JPY 1.7B

Q1

Q1
FY16/2© Ichigo Inc. All rights reserved.

FY17/2

FY18/2

FY19/2 Q1
12

Robust Financial Base
Average Interest Rate and Loan Term

Weighted Average Interest Rate
Weighted Average Loan Period
Weighted Average Remaining Loan Maturity(Interest Rate)
2.5%(Loan Term, Years)
1210.8 years

2.0%

1.96%

9.0 years
8.3 years

1.5%

5.9 years

8.7 years

9.6 years

10.2 years

9.9 years
9

8.3 years

7.8 years

7.9 years

1.71%

5.5 years

6

1.41%
1.24%

1.04%

1.0%

0.99%

3

0

0.5%

FY14/2

FY15/2

FY16/2

FY17/2

FY18/2

May 31, 2018

8% (JPY 4.9B)

10%(JPY 10.3B)

6% (JPY 6.1B)

5% (JPY 5.6B)

8% (JPY 10.0B)

92%(JPY 53.4B)

90%(JPY 94.4B)

94%(JPY 92.2B)

95%(JPY 112.8B)

92%(JPY 122.1B)

Term Structure of Loans
Short-Term
Long-Term

14%(JPY 4.1B)

86%(JPY 26.1B)© Ichigo Inc. All rights reserved.

13

Building a Foundation for Sustainable Growth© Ichigo Inc. All rights reserved.

14

Core Business Growth

Value-Add: Growing Both Stock and Flow Earnings− Favorable Market Conditions & Ichigo Value-Add Driving FY19/2 Forecast
Value-Add Stock Earnings +24% and Value-Add Flow Earnings +19%
− Selective on Asset Acquisitions
Value-Add Gains on Sale

Value-Add Q1 Sales and Acquisitions(JPY billion)

14.4(Forecast(+19%)

7.8(+77%)

10.6(+35%)

12.0(+14%)

4.4
0.9 Q1
FY15/2

FY16/2

FY17/2

FY18/2

Sales
Total

6 Assets

JPY 10.2B

Office2 Assets

JPY 5.5B

Retail1 AssetJPY 1.8B

Residence

3 Assets

JPY 2.9B

Total

7 Assets

JPY 7.3B

Hotel

1 AssetJPY 3.0B

Residence

5 Assets

JPY 4.2B

Storage

1 AssetJPY 12M

Acquisitions

3.4
Q1
FY19/2Gross Profit© Ichigo Inc. All rights reserved.

15

Core Business Growth

Value-Add Case: Tokyo RetailTokyo Retail (Machida) Holding Period: 3.4 Years‒ Value-Add Strategy
 Re-evaluated tenant mix based on inputs from existing tenants and leasing activities
 Repositioned as beauty-centered retail, added entrance greenery and tenant signs,
renovated facilities, and enhanced security
 Retenanted from bars and office tenants to beauty salons and fitness centers‒ Value-Add Drivers of Increased Asset Value Rectified building code issues
 Re-tenanting drove higher rents
 Increased leasable area via conversion of
non-revenue-generating common areas
 Converted unused area to revenue-generating parking
 Improved building management while reducing costs

12X

JPY
943M

JPY
81M
Appraisal Value-Based
Unrealized Gains© Ichigo Inc. All rights reserved.

Gains on Sales(Gross Profit)
16

Core Business Growth

Clean Energy: Scaling Rapidly
Operating Plants: 82.1MW In-Development Plants: 66.4MW (+81%)
Ichigo Green Operating Plants: 29.4MW
137.0(+14%)
119.8(+43%)

Power Generation (MW)Operating

54.9

In-Development

72.3(+155%)

148.5
(+8%)

37.7

83.6
(+16%)(Wind 22.0)

66.4(Wind 33.5)(Wind 7.5)

1.5

82.1
28.4

FY17/2© Ichigo Inc. All rights reserved.

FY18/2

FY19/2

FY20/2

FY22/2

FY23/217

New Business Entry: Boutique Hotels

THE KNOT TOKYO Shinjuku
Completed Full Renovation of the Historic Shinjuku New City Hotel via
Ichigo Value-Add and Transformed into THE KNOT TOKYO Shinjuku,
Grand Opening on August 8− Beautiful hotel that opens directly onto Shinjuku Central Park
− Includes restaurant, bakery, lounges, conference rooms, Shinjuku Central Park
events such as Yoga in the Park, bicycle rentals, etc.

© Ichigo Inc. All rights reserved.

18

New Business Entry

Hotel AI System Autumn 2018 Launch
Hotel AI System to Drive Increased Guest Satisfaction & Earnings− AI-based revenue management system based on Ichigo’s real estate know-how− Data analysis and optimized algorithms using Big Data gathered by Ichigo’s
revenue management system & Fujitsu Kyushu Systems’ and Ichigo’s AI
capabilities− Smart locks & automated check-in devices at Ichigo hotels

Leverage AI to Maximize Earnings of Ichigo-owned and Managed Hotels &Create a Non-Asset Earnings Stream
Big Data

IoT
Increase
Customer
Satisfaction

Data
Collection

Cloud
ServiceIoT© Ichigo Inc. All rights reserved.

AnalysisAI
Maximize
Hotel Earnings

AI(Artificial
Intelligence)

19

Appendix: Financial & Real Estate Data

© Ichigo Inc. All rights reserved.

20

Significant Unrealized Gains on Balance Sheet
Total Unrealized Gains: JPY 44.6B (Appraisal Value Basis), -1% vs. FY18/2-end

Real Estate Directly Held by Ichigo(JPY million)

Book Value as of
May 31, 2018

Expected NOI

Tokyo

108,728

6,251

5.7%

132,374+23,646

Outside Tokyo

108,598

7,316

6.7%

129,575+20,977

Total

217,326

13,5686.2%

261,949+44,623

Location

Appraisal Value as
Cap Rateof May 31, 2018
NOI/Book Value after Write-Down

Unrealized
Gains* Cap rate is the simple average of the cap rates for each asset. Excludes development assets (c. JPY 293
million) which are not currently generating NOI, and includes intangible fixed assets subject to appraisal (c.
JPY 135 million).

© Ichigo Inc. All rights reserved.

21

Net Consolidated Risk-Based Balance Sheet
Mark-to-Market Consolidated Balance Sheet: JPY 351.1B(Book Value JPY 306.5B + Unrealized Gains JPY 44.6B)
Cash & Cash Equivalents

JPY 45.4B

Non-Recourse Loans &Related Liabilities

JPY 71.6B
Non-Recourse Loans &Related Assets

Net Consolidated Risk-Based Balance Sheet:
JPY 234.2B(Book Value JPY 189.6B + Unrealized Gains JPY 44.6B)

JPY 91.7B

Operational Loan Investments
JPY 1.3B
Operational Securities Investments
JPY 1.3B

Real Estate for Sale

JPY 110.4B

Corporate Loans

JPY 132.3B

Debt
JPY
216.6B

Non-Recourse Loan-Related ICH Equity

JPY 20.1B

Operational Loan Investments
JPY 1.3B
Operational Securities Investments
JPY 1.3B

Real Estate for Sale

Security Deposits Received
JPY 4.7B

JPY 110.4B

Fixed Assets

JPY 48.2B
Securities Investments
JPY 2.0B

Other JPY 6.2B

Unrealized Gains
JPY 44.6B

Post-Tax Unrealized
Gains JPY 31.0B
Tax JPY 13.7B

JPY 86.9B

Debt
JPY
99.7B

Security Deposits Received
JPY 4.7B

Other JPY 8.1 B

Other JPY 8.1B

Shareholder
EquityJPY 89.9 B

Corporate Loans

Mark-toMarket
Shareholder
Equity Ratio

34.4%

Fixed Assets

JPY 48.2B
Securities Investments
JPY 2.0B

Shareholder
EquityJPY 89.9 B

Net Risk-Based
Shareholder
Equity Ratio

51.6%

Other JPY 6.2B

Unrealized Gains
JPY 44.6B

Post-Tax Unrealized
Gains JPY 31.0B
Tax JPY 13.7B

Note: Net Risk-Based Balance Sheet excludes client and non-recourse assets and liabilities and nets out Cash & Cash Equivalents.
© Ichigo Inc. All rights reserved.

22

Business Segments

Asset Management

Asset Management generates fee income via management of Ichigo
Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282), andproviding real estate services related to real estate acquisition,
operations, and disposition.

Value-Add

Value-Add preserves and improves real estate. Ichigo receives rental
income during the period in which it carries out its value-add, alongwith earning profits on sale that reflect the real estate’s higher value
after the value-add is complete.

Clean Energy

Clean Energy is utility-scale solar and wind power production that
produces clean energy and brings productive use to idle land.

Note: From FY19/2, the Other segment has been eliminated.
© Ichigo Inc. All rights reserved.

23

Consolidated Balance Sheet: Segment Breakdown(JPY million)
Cash andCash
Equivalents

Operational
Loan
Investments

Operational
Securities
Investments

Real Estatefor SalePower
Plants for
Sale

－

－

－

－

－

Value-Add

17,153

1,324

1,290

181,592

Clean Energy

2,513

－

－

Company-Wide Assets

33,378－

Total

53,045

1,324

Segment

Asset Management© Ichigo Inc. All rights reserved.

Fixed
AssetsIntangible
AssetsSecurities
Investments

Other
Assets

－

894

117

793

1,805

－

37,258

573

583

2,192

241,969－－

21,846

230

－

2,096

26,687

－

－

－

68

234

1,333

1,061

36,076

1,290

181,592－

59,173

1,933

2,034

6,144

306,539

Total Assets

24Asset Management Growth – Ichigo REITs and YieldCo
OfficeHotel

Ichigo Office(8975)

Green Infrastructure

Ichigo Hotel(3463)

Ichigo Green(9282)

Listing Date

Listing Date

Listing Date

October 12, 2005

November 30, 2015

December 1, 2016

Portfolio

Portfolio

Portfolio

84 Offices JPY 198.0B

21 Hotels JPY 50.9B

15 Plants JPY 11.4B

Yield

Yield

Yield

4.4 %

6.0 %

5.6 %

Characteristics

Characteristics

Characteristics

・Specialized Office REIT focused on
mid-size offices with return stability
and upside potential
・16 consecutive periods of dividend
growth, No. 1 among all J-REITs

・Specialized Hotel REIT focused on
driving shareholder value via income
stability and earnings growth・Porfolio growth via Ichigo’s sponsor
support・Offers investors an opportunity toinvest in Japan’s rapidly expanding
green infrastructure asset class・Solar YieldCo focused on driving
shareholder value via income stability
and earnings growth・The second TSE-listed YieldCo© Ichigo Inc. All rights reserved.

25

Asset Management AUM Detail

Ichigo Office(8975)FY 14/2(12M)

FY 15/2(12M)

FY 16/2(12M)

FY 17/2(12M)

FY 18/2(12M)

FY 19/2 Q1(12M)

JPY 120.5B

JPY 123.8B

JPY 165.1B

JPY 194.5B

JPY 196.9B

JPY 198.0B

0.65%

0.65%

0.64%

0.69%

0.70%

0.71%1JPY 733M

JPY 759M

JPY 1,016M

JPY 1,291M

JPY 1,373M

JPY 346M

AUM (Fiscal Year End)－－JPY 20.4B

JPY 47.6B

JPY 50.9B

JPY 50.9B

AM Fee % (Average)－－

0.59% 1

0.90%

0.90%

0.89%1AM Fee Gross Profit (Actual)－－

JPY 30M

JPY 287M

JPY 450M

JPY 113M

AUM (Fiscal Year End)

－

－

－

JPY 10.0B

JPY 11.4B

JPY 11.4B

AM Fee % (Average)

－

－

－

0.21% 1,2

AM Fee Gross Profit (Actual)

－

－

－

JPY 63.3B

JPY 21.5B

0.26%

AUM (Fiscal Year End)AM Fee % (Average)
AM Fee Gross Profit (Actual)

Ichigo Hotel(3463)

Ichigo Green(3463)

Private Equity Real
Estate Funds(excluding
consolidated funds)

AUM (Fiscal Year End)AM Fee % (Average)
AM Fee Gross Profit (Actual)

Total(excluding
consolidated funds)

AUM (Fiscal Year End)AM Fee % (Average)
AM Fee Gross Profit (Actual)

0.32%2

0.34%1,2

JPY 5MJPY 34M

JPY 9MJPY 15.4B

JPY 6.4B

JPY 12.3B

JPY 12.3B

0.37%

0.32%

0.25%

0.19%

0.33%1

JPY 257M

JPY 114M

JPY 60M

JPY 27M

JPY 12M

JPY 10M

JPY 183.8B

JPY 145.3B

JPY 200.9B

JPY 258.6B

JPY 271.7B

JPY 272.8B

0.47%

0.59%

0.61%

0.68%

0.71%

0.71%1JPY 989M

JPY 872M

JPY 1,106M

JPY 1,611M

JPY 1,872M

JPY 480M

1 Annualized
2 In addition to the above AM fee, operator fees received from Ichigo Green (0.4% p.a. of AUM) are recorded separately in the Clean Energy segment.

© Ichigo Inc. All rights reserved.

26

Powerful Value-Add Business Model
Significant Synergies between Ichigo’s Value-Add and Asset Management
Businesses
Value-Add Business Model
Green
Infrastructure

Solar Plants
Buy

Ichigo Green(9282)
OfficeIchigo Office(8975)
Hotel

Ichigo Hotel(3463)© Ichigo Inc. All rights reserved.

Sell

Value-Add
Real
不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy
27

Value-Add Social SignificanceSustainable Real Estate Serving a Sustainable Society
End Demolish and Rebuild and Embrace Value-Add‒ Preserve and enhance high-function real estate‒ Lengthen useful life and improve quality of existing assets via Value-Add

Value-Add
DemolishandRebuild© Ichigo Inc. All rights reserved.

Effective
Re-Use of
Key Social
Infrastructure

Preserve & Improve
・ Higher-Quality Tenant Services
・ Higher Functionality (Security, A/C)・ Upgrade Exteriors/Interior Spaces
・ Seismic Reinforcements

HighestEfficiency
LowestImpact28

Value-Add Sample Earnings Model
5.5% NOI yield, JPY 2B purchase, LTV 75%, 1.5% interest rate on
borrowings, JPY 50M Capex, 15% increase in NOI, 3-year Value-Add period
NOI at Acquisition(JPY 110M NOI/year) － (JPY 22.5M interest/year) ＝ JPY 87.5M NOI/yearNOI÷ Initial Investment ＝17.5% NOI return during investment period
.

Debt
Asset

JPY1.5B

JPY
2.0B

NOI after Value-Add(JPY 126.5M NOI/year) － (JPY 22.5M interest/year) ＝ JPY 104M NOI/year
NOI ÷ Total Investment (JPY 500M + JPY 50M) ＝18.9% NOI return during
investment period.

EquityJPY 0.5B

Value-Add for Capital Gain
The 15% increase in NOI at an equivalent cap rate increases the exit price by
15%: JPY 2B * 115% = JPY 2.3B
JPY 2.3B – (JPY 2B + JPY 50M) = JPY 250M capital gain.

Value-Add (Capex JPY 50M )© Ichigo Inc. All rights reserved.

ResultJPY 550M investment generates JPY 512M over 3 years → 31.1% p.a.

29

Ichigo-Owned Real Estate Portfolio
GroundLease
1%

Logistics
2%

Other
1%

Mixed
5%

Hotel
29%

Retail18%

Residence18%

Office26%

By Asset Size

≧JPY 10B
13%
JPY 5B-10B
7%(JPY billion)

By Location

By Asset Type

Nagoya2%
Hokkaido
2%
Okinawa2%

Sendai
3%
Osaka
5%

Hokkaido
4.6

Other
8%

Tokyo
50%

Tokyo
Metropolitan
12%

Tokyo
105.9

Fukuoka
16%

Sendai
6.1

Okinawa
4.8

Fukuoka
33.7

Osaka
9.6

Nagoya
3.4

Tokyo
Metro
24.8

Other
17.9

<JPY 1B21%

JPY 1B-5B
59%

Total Ichigo-Owned Assets: JPY 210.7B
Including Ichigo-Managed AUM: JPY 488.1B* Acquisition price basis.
Ichigo-Managed AUM includes JPY 11.4B Ichigo Green assets.
Total Ichigo-Owned Assets Book Value: JPY 214.9B© Ichigo Inc. All rights reserved.

30

Value-Add Asset Breakdown (1)166 Assets, JPY 210.7B, Forecast NOI JPY 13.3B (6.2% Yield)
No.

Asset TypeClassification

Location

AcquisitionPrice

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

1

Wholesale Market

Fixed Asset

Matsudo, Chiba

JPY 2B-3B

2005/0646 years

JPY 73M

JPY 1,900M

–

–

2

RetailReal Estate for Sale

Minato-ku, Tokyo

JPY 2B-3B

2005/1049 years

JPY 148M

JPY 1,033M

–

–

3

RetailFixed Asset

Minato-ku, Tokyo≧JPY 3B

2006/0332 years

JPY 192M

JPY 1,356M

–

–

4

RetailFixed Asset

Yokohama

JPY 1B-2B

2006/09

13 years

JPY 75M

JPY 1,157M

–

–

5

OfficeReal Estate for Sale

Sendai≧JPY 3B

2006/10

10 years

JPY 287M

JPY 1,042M

–

–

6

OfficeFixed Asset

Fukuoka≧JPY 3B

2006/129 years

JPY 406M

JPY 1,339M

–

–

9

Residence

Real Estate for Sale

Ota-ku, Tokyo<JPY 1B

2007/04

13 years

JPY 57M

JPY 403M––

10

RetailFixed Asset

Chiyoda-ku, Tokyo<JPY 1B

2007/0638 years

JPY 84M

JPY 240M––

11

RetailFixed Asset

Chiyoda-ku, Tokyo<JPY 1B

2007/06

37 years

JPY 126M

JPY 233M––

14

Ground Lease

Real Estate for Sale

Atsugi, Kanagawa

JPY 1B-2B

2011/06–

JPY 175M

JPY 147M––

15

Mixed (Office/Retail)Fixed Asset

Hiratsuka, Kanagawa<JPY 1B

2012/0222 years

JPY 84M

JPY 172M––

16

RetailReal Estate for Sale

Yokohama<JPY 1B

2012/10

4 years

JPY 33M

JPY 171M––

17

RetailFixed AssetToshima-ku, Tokyo≧JPY 3B

2013/03

7 years

JPY 236M

JPY 340M––

18

RetailFixed Asset

Shibuya-ku, Tokyo<JPY 1B

2013/05

31 years

JPY 47M

JPY 154M––

19

Mixed (Office/Retail)Fixed Asset

Chofu, Tokyo

JPY 1B-2B

2013/06

33 years

JPY 125M

JPY 310M

–

–

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

31

Value-Add Asset Breakdown (2)No.

Asset TypeClassification

Location

Acquisition Price

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2 *

21

Residence

Fixed Asset

Minato-ku, Tokyo<JPY 1B

2013/06

2 years

JPY 49M

JPY 203M––

26

RetailReal Estate for Sale

Kobe

JPY 1B-2B

2013/0917 years

JPY 149M

JPY 616M––

27

RetailFixed Asset

Tokorozawa, Saitama

JPY 1B-2B

2013/11

10 years

JPY 62M

JPY 92M––

29

Ground Lease

Real Estate for Sale

Fujisawa, Kanagawa

JPY 1B-2B

2014/03–

JPY 115M

JPY 273M

7.52X

44.5%

30

Mixed (Office/Retail)Real Estate for Sale

Shibuya-ku, Tokyo<JPY 1B

2014/0334 years

JPY 39M

JPY 108M

6.95X

26.0%

31

OfficeReal Estate for Sale

Shibuya-ku, Tokyo

JPY 1B-2B

2014/04

7 years

JPY 60M

JPY 1,090M

1.25X

12.0%

32

RetailFixed Asset

Fukuoka

JPY 1B-2B

2014/04

12 years

JPY 60M

JPY 279M––

35

Mixed (Office/Retail)Real Estate for Sale

Minato-ku, Tokyo

JPY 2B-3B

2014/05

9 years

JPY 164M

JPY 434M

3.08X

15.2%

37

RetailReal Estate for Sale

Minato-ku, Tokyo<JPY 1B

2014/0746 years

JPY 41M

JPY 77M

10.47X

23.9%

38

Mixed (Office/Retail)Real Estate for Sale

Shinjuku-ku, Tokyo≧JPY 3B

2014/0742 years

JPY 168M

JPY 645M

3.32X

21.1%

39

RetailFixed Asset

Fukuoka<JPY 1B

2014/07

14 years

JPY 48M

JPY 213M––

40

RetailReal Estate for Sale

Fukuoka<JPY 1B

2014/09

33 years

JPY 51M

JPY 252M

–

–

41

Hotel

Real Estate for Sale

Utsunomiya, Tochigi

JPY 1B-2B

2014/09

31 years

JPY 181M

JPY 400M

1.97X

28.3%

42

RetailReal Estate for Sale

Fukuoka<JPY 1B

2014/0917 years

JPY 54M

JPY 177M

5.54X

26.2%

43

RetailReal Estate for SaleOsaka

JPY 1B-2B

2014/09

16 years

JPY 104M

JPY 301M

4.64X

24.3%

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

32

Value-Add Asset Breakdown (3)No.

Asset TypeClassification

Location

Acquisition Price

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple1

Forecast
IRR2

45

RetailReal Estate for Sale

Fukuoka

JPY 1B-2B

2014/1115 years

JPY 74M

JPY 135M

10.70X

33.8%

46

Residence

Real Estate for Sale

Chiyoda-ku, Tokyo

JPY 2B-3B

2014/1215 years

JPY 119M

JPY 332M

2.18X

29.2%

47

Residence

Real Estate for Sale

Koto-ku, Tokyo

JPY 1B-2B

2014/12

11 years

JPY 94M

JPY 270M

1.56X

14.6%

48

Residence

Real Estate for Sale

Minato-ku, Tokyo

JPY 1B-2B

2014/12

14 years

JPY 81M

JPY 238M

1.67X

16.6%

50

Residence

Real Estate for Sale

Sumida-ku, Tokyo

JPY 1B-2B

2014/12

12 years

JPY 63M

JPY 163M

1.55X

15.2%

51

Residence

Real Estate for Sale

Ota-ku, Tokyo<JPY 1B

2014/1216 years

JPY 57M

JPY 150M

2.21X

35.7%

52

Residence

Real Estate for Sale

Osaka

<JPY 1B

2014/12

10 years

JPY 58M

JPY 148M

1.86X

24.8%

53

Residence

Real Estate for Sale

Chuo-ku, Tokyo<JPY 1B

2014/1215 years

JPY 40M

JPY 99M

2.96X

44.4%

55

Residence

Real Estate for Sale

Shinjuku-ku, Tokyo<JPY 1B

2014/12

13 years

JPY 28M

JPY 82M

2.05X

25.8%

56

Residence

Real Estate for Sale

Shibuya-ku, Tokyo

JPY 1B-2B

2014/12

12 years

JPY 89M

JPY 270M

2.00X

23.2%

57

Residence

Real Estate for Sale

Minato-ku, Tokyo

JPY 1B-2B

2014/12

14 years

JPY 57M

JPY 186M

1.90X

21.0%

59

Residence

Real Estate for Sale

Setagaya-ku, Tokyo<JPY 1B

2014/12

13 years

JPY 42M

JPY 117M

2.11X

27.2%

60

Residence

Real Estate for Sale

Shinjuku-ku, Tokyo<JPY 1B

2014/12

11 years

JPY 20M

JPY 55M

1.80X

21.1%

61

Mixed (Office/Retail)Operational Loan

Shinjuku-ku, Tokyo

JPY 1B-2B

2014/1255 years

JPY 118M

JPY 57M

15.26X

51.7%

62

RetailReal Estate for Sale

Fukuoka<JPY 1B

2014/12

14 years

JPY 43M

JPY 212M

–

–

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

33

Value-Add Asset Breakdown (4)No.

Asset TypeClassification

Location

Acquisition Price

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

63

RetailFixed Asset

Meguro-ku, Tokyo

JPY 1B-2B

2014/12

11 years

JPY 84M

JPY 129M

3.98X

23.8%

64

RetailReal Estate for Sale

Shinagawa-ku, Tokyo<JPY 1B

2015/0164 years

JPY 40M

–

–

–

66

RetailReal Estate for Sale

Sendai<JPY 1B

2015/02

14 years

JPY 48M

JPY 8M

42.58X

198.9%

68

RetailFixed Asset

Shibuya-ku, Tokyo<JPY 1B

2015/04

16 years

JPY 47M

JPY 79M

5.65X

27.9%

69

Hotel

Real Estate for SaleOsaka

JPY 2B-3B

2015/05

15 years

JPY 194M

JPY 633M

1.56X

58.3%

70

Hotel

Real Estate for Sale

Aomori<JPY 1B

2015/06

10 years

JPY 50M

JPY 113M

2.10X

20.2%

71

RetailReal Estate for Sale

Fujisawa, Kanagawa

JPY 1B-2B

2015/07

3 years

JPY 97M

JPY 126M

6.80X

37.3%

89

OfficeReal Estate for Sale

Musashino, Tokyo≧JPY 3B

2015/0729 years

JPY 130M

JPY 670M

1.72X

13.3%

92

OfficeReal Estate for Sale

Fukuoka

JPY 1B-2B

2015/07

10 years

JPY 92M

JPY 353M

1.82X

17.7%

93

OfficeReal Estate for Sale

Fukuoka

JPY 1B-2B

2015/0715 years

JPY 91M

JPY 358M

1.92X

18.8%

98

Hotel

Real Estate for SaleNaha, Okinawa

JPY 2B-3B

2015/1129 years

JPY 223M

JPY 640M

1.91X

25.9%

105

Hotel

Real Estate for Sale

Kumamoto

JPY 1B-2B

2015/1233 years

JPY 154M

JPY 453M

1.61X

61.2%

109

Hotel

Real Estate for Sale

NagoyaJPY 2B-3B

2016/03

9 years

JPY 141M

JPY 525M

1.84X

37.7%

110

Hotel

Real Estate for Sale

Fukuoka≧JPY 3B

2016/0332 years

JPY 288M

JPY 905M

2.05X

104.5%

111

Hotel

Real Estate for Sale

Yokohama

JPY 2B-3B

2016/0334 years

JPY 166M

JPY 228M

5.32X

23.3%

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

34

Value-Add Asset Breakdown (5)No.

Asset TypeClassification

Location

Acquisition Price

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

112

Hotel

Real Estate for Sale

Yokohama≧JPY 3B

2016/0330 years

JPY 261M

JPY 354M

10.64X

36.2%

113

Hotel

Real Estate for Sale

Yokohama≧JPY 3B

2016/0330 years

JPY 231M

JPY 344M

5.84X

25.5%

114

Hotel

Real Estate for Sale

Fukuoka≧JPY 3B

2016/04

28 years

JPY 210M

JPY 550M

1.73X

72.6%

115

Hotel

Real Estate for SaleOsaka

JPY 2B-3B

2016/04

11 years

JPY 117M

JPY 274M

2.96X

30.7%

116

RetailFixed Asset

Sendai<JPY 1B

2016/04

29 years

JPY 47M

JPY 86M

7.50X

28.4%

118

RetailReal Estate for Sale

NagoyaJPY 1B-2B

2016/06

21 years

JPY 87M

JPY 102M

7.71X

32.6%

119

RetailReal Estate for Sale

Shibuya-ku, Tokyo<JPY 1B

2016/06

31 years

JPY 33M

JPY 136M

3.91X

17.4%

120

Hotel

Real Estate for Sale

Shinjuku-ku, Tokyo≧JPY 3B

2016/0938 years

JPY 548M

JPY 349M

2.70X

39.9%

121

OfficeReal Estate for Sale

Minato-ku, Tokyo≧JPY 3B

2016/1017 years

JPY 1,526M

JPY 3,450M

2.87X

43.5%

122

Hotel

Real Estate for Sale

Shima, Mie<JPY 1B

2017/01

20 years

JPY 48M

JPY 73M

5.49X

43.1%

123

Hotel

Real Estate for Sale

Shibuya-ku, Tokyo≧JPY 3B

2016/1223 years

JPY 170M

JPY 1,123M

1.25X

25.4%

124

Hotel

Real Estate for Sale

Asahikawa, Hokkaido<JPY 1B

2016/1228 years

JPY 73M

JPY 593M

1.48X

48.5%

125

Hotel

Real Estate for Sale

Kurashiki, Okayama

JPY 1B-2B

2016/1225 years

JPY 117M

JPY 484M

1.53X

53.0%

126

Hotel

Real Estate for Sale

Fukuoka

JPY 1B-2B

2016/1227 years

JPY 71M

JPY 505M

1.25X

25.4%

127

Hotel

Real Estate for Sale

Ishigaki, Okinawa

JPY 2B-3B

2017/0215 years

JPY 173M

JPY 544M

1.80X

80.2%

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

35

Value-Add Asset Breakdown (6)No.

Asset TypeClassification

Location

Acquisition Price

Acquisition
Date

Building
Age

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

128

Hotel

Real Estate for Sale

Mito, Ibaraki

JPY 1B-2B

2017/0225 years

JPY 103M

JPY 602M

1.47X

47.0%

130

RetailReal Estate for Sale

Taito-ku, Tokyo

JPY 1B-2B

2017/04

25 years

JPY 91M

JPY 297M

4.42X

21.1%

131

Hotel

Real Estate for Sale

Fukuoka

JPY 1B-2B

2017/04

1 yearJPY 144M

JPY 236M

2.07X

49.9%

132

Residence

Real Estate for Sale

Minato-ku, Tokyo<JPY 1B

2017/04

14 years

JPY 54M

JPY 190M

2.66X

38.3%

133

Residence

Real Estate for Sale

Minato-ku, Tokyo<JPY 1B

2017/04

16 years

JPY 31M

JPY 152M

3.85X

32.7%

134

Residence

Real Estate for Sale

Chuo-ku, Tokyo

JPY 1B-2B

2017/04

15 years

JPY 48M

JPY 197M

2.88X

26.2%

135

Logistics

Real Estate for Sale

Narashino, Chiba

JPY 1B-2B

2017/04

26 years

JPY 97M

JPY 188M

6.18X

25.8%

136

Logistics

Real Estate for Sale

Narashino, Chiba

JPY 1B-2B

2017/04

26 years

JPY 163M

JPY 203M

8.75X

32.8%

138

Hotel

Real Estate for Sale

Ogaki, Gifu

JPY 1B-2B

2017/05

28 years

JPY 96M

–

–

–

139

OfficeReal Estate for Sale

Shibuya-ku, Tokyo<JPY 1B

2017/05

1 year

JPY 28M

JPY 600M

1.15X

15.1%

140

Hotel

Real Estate for Sale

Minato-ku, Tokyo≧JPY 3B

2017/06

1 yearJPY 175M

JPY 597M

2.27X

54.7%

141

Hotel

Real Estate for SaleOsaka

JPY 1B-2B

2017/11

1 year

JPY 83M

JPY 334M

1.27X

27.4%

142

Hotel

Real Estate for Sale

Kanazawa

JPY 1B-2B

2017/11

1 year

JPY 95M

JPY 372M

2.12X

54.2%

143

RetailReal Estate for Sale

Fukuoka

JPY 1B-2B

2017/09

33 years

JPY 90M

JPY 223M

3.78X

19.9%

144

OfficeReal Estate for Sale

Chiyoda-ku, Tokyo

JPY 1B-2B

2018/0230 years

JPY 129M

JPY 268M

8.00X

34.7%

1
2

Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets
acquired from FY15/2 onward and exclude Fixed Assets.

© Ichigo Inc. All rights reserved.

36

Value-Add Asset Breakdown (7)

No.

145

Asset Type

Hotel

Classification

Real Estate for Sale

Location

Fukuoka
Sub-Total 91 Assets

Acquisition
Date

JPY 2B-3B

2018/03

BuildingAge

1 yearJPY 184,834M
JPY 188,378M (Book Value)
Acquisition
Price

Asset TypeNo.

Acquisition Pricevs. FY18/2 Q4

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

JPY 194M

JPY 301M

3.37X

102.4%

JPY 11,654M

JPY 36,619M

2.82X

36.7%

Expected
NOI/Year

Ichigo Equity
Investment

Forecast Equity
Multiple 1

Forecast
IRR2

A

Ichigo Owners (Office & Residence)

38 Assets

JPY 19,076M+JPY 3,372M

JPY 1,051M

JPY 4,918M

–

–

B

Centro (Primarily Office & Residence)

13 Assets

JPY 5,296M+JPY 386M

JPY 389M

JPY 2,201M

–

–

C

Self-Storage

24 Assets

JPY 2,186M+JPY 62M

JPY 227M

JPY 384M––

JPY 13,321M

JPY 44,122M––

JPY 369M

JPY 2,449M––

Total 166 Assets

Assets acquired in FY19/2 Q1 (3M)

Total 7 Assets

JPY 210,726M
JPY 214,935M (Book Value)

JPY 6,957M

1 Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and profits on sale divided by Ichigo Investment.
2 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. The total Forecast Equity Multiple and Forecast IRR reflect assets

acquired from FY15/2 onward, and exclude Fixed Assets and Assets A, B, and C.

© Ichigo Inc. All rights reserved.

37

Solar Power Plant Portfolio
Ichigo (In-Development)

Ichigo (Operating)

Ichigo Tokushima Higashi-Okinosu

Shikoku

Panel
Output(MW)
2.52

Ichigo Fuchu Jogecho Yano

Chugoku

0.99

Ichigo Yubetsu Barou

Solar Power Plant

Area

FIT
(Pre-tax)

Operation
Start Date

JPY 40Aug 2013

Ichigo Itoshima Ihara

KyushuPanel
Output(MW)
1.48

JPY 36

Jul 2018

JPY 40Mar 2014

Ichigo Sennan Kitsuneike

Kansai

2.86

JPY 21Mar 2019
May 2019

Solar Power Plant

Area

FIT
(Pre-tax)

Operation
Start Date

Hokkaido

0.80

JPY 40

Apr 2014

Ichigo Sakahogi Fukagaya

Chubu

2.90

JPY 21

Ichigo Maebashi Naegashima

Kanto

0.67

JPY 40

Apr 2014

Ichigo Toki Tsurusatocho Kakino Higashi

Chubu

1.77

JPY 21

Jul 2019

Ichigo Betsukai Kawakamicho

Hokkaido

0.88

JPY 40

Oct 2014

Ichigo Minakami Aramaki

Kanto

12.02

JPY 36

Oct 2019

Ichigo Toyokoro Sasadamachi

Hokkaido

0.60

JPY 40

Oct 2014

Ichigo Hitachi Omiya

Kanto

2.96

JPY 24

Nov 2019

Ichigo Higashi-Hiroshima Saijocho Taguchi

Chugoku

2.72

JPY 40Jan 2015

Ichigo Takashima Kutsuki

Kansai

3.75

JPY 32

Nov 2019

Ichigo Akkeshi Shirahama

Hokkaido

0.80

JPY 40Mar 2015

Ichigo Kasaoka Osakaike

Chugoku2.39

JPY 21

Dec 2019

Ichigo Hamanaka Bokujo Tsurunokotai

Tohoku2.31

JPY 36

Dec 2015

Ichigo Miyakonojo Takazakicho Tsumagirishima

Kyushu2.64

JPY 32

Nov 2021

Ichigo Yonago Izumi

Chugoku

2.61

JPY 40Jan 2016

Total (In-Development)

9 Plants 32.80MW

Ichigo Kasaoka Takumicho

Chugoku

1.11

JPY 32

Mar 2016

Total (Operating & In-Development)

33 Plants 114.94MW

Ichigo Kijo Takajo

Kyushu0.89

JPY 40

May 2016

Ichigo Toki Oroshicho

Chubu

1.39

JPY 36

Jun 2016

Ichigo Toride Shimotakai Kita

Kanto

1.03

JPY 32

Jul 2016

Ichigo Green (9282)

Ichigo Toride Shimotakai Minami

Kanto

0.54

JPY 32

Jul 2016

Ichigo Hamanaka Bokujo Kajibayashi

Tohoku2.31

JPY 36

Oct 2016

Ichigo Sera Tsukuchi

Chugoku

2.54

JPY 32

Feb 2017

Ichigo Sera Aomizu

Chugoku

2.87

JPY 32Aug 2017

Ichigo Kiryu Okuzawa

Kanto

Panel
Output(MW)
1.33

Ichigo Showamura Ogose

Kanto

43.34

JPY 36

Sep 2017

Ichigo Motomombetsu

Hokkaido

1.40

Ichigo Memuro Nishishikari

Hokkaido

1.32

JPY 40Feb 2018

Ichigo Muroran Hatchodaira

Hokkaido

1.24

JPY 40Mar 2014

Ichigo Kure Yasuuracho Nakahata

Chugoku

2.90

JPY 36

Mar 2018

Ichigo Engaru Kiyokawa

Hokkaido

1.12

JPY 40Mar 2014

Ichigo Tsu

Chubu

2.94

JPY 24

Mar 2018

Ichigo Iyo Nakayamacho Izubuchi

Shikoku

1.23

JPY 40

Apr 2014

Ichigo Kasaoka Iwanoike

Chugoku

2.64

JPY 24

Mar 2018

Ichigo Nakashibetsu Midorigaoka

Hokkaido

1.93

JPY 40

Nov 2014

Ichigo Toki Tsurusatocho Kakino

Chubu

1.31

JPY 24

Apr 2018

Ichigo Abira Toasa

Hokkaido

1.16

JPY 40Dec 2014

Ichigo Toyokoro

Hokkaido

1.02

JPY 40Dec 2014

Ichigo Nago Futami

Okinawa

8.44

JPY 40Feb 2015

Ichigo Engaru Higashimachi

Hokkaido

1.24

JPY 40Feb 2015

Ichigo Takamatsu Kokubunjicho Nii

Shikoku

2.43

JPY 36

Jun 2015

Ichigo Miyakonojo Yasuhisacho

Kyushu1.44

JPY 36

Jul 2015

Ichigo Toyokawa Mitocho Sawakihama

Chubu

1.80

JPY 32

Sep 2015

Total (Operating)Total
144.38MW

24 Plants 82.14MW

Solar Power Plant

FIT(Pre-tax)

Operation
Start Date

JPY 40

Sep 2013

JPY 40Feb 2014

Ichigo Yamaguchi Aionishi

Chugoku

1.24

JPY 40Dec 2015

Ichigo Yamaguchi Sayama

Chugoku

2.35

JPY 36

Apr 2016

Total© Ichigo Inc. All rights reserved.

Area

15 Plants 29.43MW38

Ichigo Power Plant Portfolio
Serving Local Communities and the Environment
Total Operating and In-Development
Ichigo Solar Power Plants

48 Plants (144MW)

Hokkaido

Chugoku
Ichigo Yonago Izumi

2.61MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Akkeshi Shirahama

0.80MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Memuro Nishishikari

1.32MW

Currently Operating

Ichigo Sera Aomizu

2.87MW

39 Plants (112MW)

Ichigo Higashi-Hiroshima Saijocho
Taguchi

2.72MW

Okinawa
Ichigo Nago Futami

8.44MW

KyushuIchigo Kijo Takajo

0.89MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Itoshima Ihara

1.48MW

Ichigo Miyakonojo Takazakicho
Tsumagirishima

2.64MW

Total

6.47MW

1.40MW
1.24MW
1.12MW

Ichigo Kasaoka Iwanoike

2.64MW

Ichigo Engaru Kiyokawa

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Abira Toasa

1.16MW

Ichigo Yamaguchi Aionishi

1.24MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Toyokoro

1.02MW

Ichigo Kasaoka Osakaike

2.39MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Total

24.41MW

Total

13.57MWKansai
Ichigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.75MW

Total

6.61MW

TohokuIchigoIchigo Green (9282)
In-Development

Shikoku
Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Iyo Nakayamacho Izubuchi
Total

Ichigo Hamanaka Bokujo Tsurunokotai

2.31MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW

Total

4.62MW(Wind) Yamagata

7.50MW(Wind) Iwate

7.50MW(Wind) Fukushima

7.00MW

Kanto

Chubu

© Ichigo Inc. All rights reserved.

Ichigo Motomombetsu
Ichigo Engaru Higashimachi

Ichigo Toki Oroshicho

1.39MW

Ichigo Tsu

2.94MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

Ichigo Sakahogi Fukagaya

2.90MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Kiryu Okuzawa

1.33MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Hitachi Omiya

2.96MW

1.23MW

Ichigo Toki Tsurusatocho
Kakino Higashi
Total

12.13MWTotal

61.92MW6.19MW(Wind) Mie

7.50MW(Wind) Chiba

4.00MW

1.77MW

39

Ichigo-Owned Solar Power Plant Details
Total Operating and In-Development
Ichigo-Owned Solar Power Plants: 33 Plants (114.94MW) By Customer(Electric Power Utility Co)
Hokkaido
4%

Tohoku4%

 By Feed-In-Tariff By Operating Timeline

Shikoku
2%

Kyushu4%
Kansai6%

JPY 21
JPY 409%
JPY 24
13%
9%

Chubu
9%

TEPCO
53%

JPY 3212%

 By Solar Intensity

 By Output<10MW(In-Development)
11%

<2MW
(In-Development)
3%

<2MW
10%

2-10MW(In-Development)
15%

2-10MW
23%

B(In-Development)
9%© Ichigo Inc. All rights reserved.

>1 yearin operation
22%

0.5-1 yearin operation
40%

C(In-Development)
5%

A(In-Development)
15%
C 6%

>10MW
38%

Starting operaiton
within 6 months 1% <6 months inoperation
10%

JPY 3657%

Chugoku
18%

Starting
operation after+6 months
27%

B
21%

A
44%

Rank
A
B
C
D

Solar Intensity≧4.00≧3.75, <4.00≧3.50, <3.75<3.50

Unit: kWh/m² per day

40

Reference: Japan’s Feed-in-Tariff (FIT)
What is a FIT?
‒ A policy mechanism designed to accelerate the deployment of renewableenergy such as solar and wind, guaranteeing a long-term sale price forelectricity (in Japan, 20 years) at a fixed price.
‒ Japan’s FIT is updated every year.
Wind Power FIT

Solar Power FIT
Contract Date

FIT

Guarantee
PeriodContract Date

FIT

Guarantee
PeriodFY2012

JPY 4020 years

FY2017 (4/1～9/30)

JPY 2220 years

FY2013

JPY 3620 years

FY2017 (10/1～3/31)

JPY 2120 years

FY2014

JPY 3220 years

FY2018JPY 2020 years

FY2015 (4/1～6/30）

JPY 2920 years

FY2019JPY 1920 years

FY2015 (7/1～3/31)

JPY 2720 years

FY2020

JPY 1820 years

FY2016

JPY 2420 years

FY2017

JPY 21*20 years

FY2018JPY 18*20 years

Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy© Ichigo Inc. All rights reserved.

* FIT for >2MW non-residential solar power production determined via auction process41Consolidated Balance Sheet: Assets(JPY million)
FY15/2
AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Power plants for sale
Deferred tax assets
Other
Less: allowance for doubtful accounts
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures (net)
Solar power plant equipment (net)Land
Other (net)Total Property, Plant, and Equipment
Intangible Assets
Goodwill
Leasehold rights
Other
Total Intangible Assets
Investments and Other Assets
Securities investments
Long-term loans receivable
Deferred tax assets
Other
Less: allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets© Ichigo Inc. All rights reserved.

FY16/2

FY17/2

FY18/2

FY19/2 Q1

vs. FY18/2

19,383
519
2,330
1,965
109,769
–
1,200
2,657
-484
137,342

28,779
691
1,324
1,784
172,833
–
1,766
3,966
-458
210,687

47,678
913
1,324
1,433
167,805
–
516
3,125
-453
222,344

45,510
1,097
1,324
2
180,789
–
342
2,643
-28
231,68153,045
1,426
1,324
1,290
181,592
–
344
2,252
-2
241,274+7,535+329–+1,288
+803
–
+2
-391
+26
+9,593

4,021
9,168
12,142989
26,321

3,830
12,256
12,192
3,264
31,546

7,375
7,246
18,627
12,40245,654

10,60019,773
26,993
1,190
58,558

10,63819,502
27,091
1,941
59,173

+38
-271
+98
+751
+615

2,082
392
27
2,502

1,942
392
38
2,373

1,864
62
29
1,956

1,600
135
233
1,968

1,549
135
249
1,933

-51
–
+16
-35

5,266
12
2
1,392
-95
6,578
35,402
172,744

5,486
12
39
1,736
-124
7,149
41,069251,757

1,426
10
339
1,820
-92
3,504
51,115
273,459

2,184
10
68
2,132
-91
4,303
64,831
296,512

2,034
10
113
2,091
-91
4,157
65,264
306,539

-150
–
+45
-41
–
-146
+433
+10,02742

Consolidated Balance Sheet: Liabilities & Net Assets(JPY million)
FY15/2
Liabilities
Current Liabilities
Trade notes and accounts payable
Short-term loans
Short-term non-recourse loans
Bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans (due within one year)
Income taxes payable
Deferred tax liabilities
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long-Term Liabilities
Bonds
Non-recourse bonds
Long-term loans
Long-term non-recourse loans
Deferred tax liabilities
Long-term security deposits received
Negative goodwill
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Accumulated Other Comprehensive Income
Valuation gain (loss) on other securities
Deferred gain (loss) on long-term interest rate hedges
Foreign currency translation adjustment
Total Accumulated Other Comprehensive Income
Stock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets© Ichigo Inc. All rights reserved.

FY16/2

FY17/2

FY18/2

FY19/2 Q1

vs. FY18/2

124
1,416
48
–
3,488
786
284
30
16
3,677
9,872

80
2,188
79
–
8,161
2,975
631
53
13
3,979
18,161

110
805
611
112
5,209
6,825
1,655
62
36
4,119
19,548

–
1,042
–
112
4,449
3,921
1,609
494
34
4,652
16,316

–
4,929
–
112
5,045
2,937
1,128
492
258
4,408
19,312–+3,887
–
–
+596
-984
-481
-2
+224
-244
+2,996–100
53,40943,004
1,402
6,391
90
96
104,494
114,367–100
94,40956,193
1,543
8,707
–
475
161,430
179,591

632
100
91,60468,319
1,147
8,038
–
624
170,467
190,015520–
112,366
63,588
1,744
8,492
–
758
187,470
203,787520–
121,659
61,190
1,733
8,040
–
771
193,915
213,228––+9,293-2,398
-11
-452
–
+13
+6,445+9,441

26,49910,873
17,201-78
54,496

26,575
10,96829,454-41
66,956

26,65011,05642,840-15
80,532

26,723
11,11354,324-2,99589,165

26,764
11,15554,896-2,99589,821

+41
+42
+572
–
+656

1,208
-36
6
1,177
198
2,505
58,377
172,744

761
-251
23
533
319
4,357
72,166
251,757

117
-365
55
-192
491
2,612
83,443
273,459

543
-372
–
171
666
2,722
92,725296,512

442
-391
–
51
694
2,744
93,311
306,539

-101
-19
–
-120
+28
+22
+586
+10,02743

Consolidated P&L(JPY million)
FY15/2(12M)
Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Negative goodwill amortization
Mark-to-market gain on long-term interest
rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market loss on long-term interest
rate hedges
Debt financing-related fees
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gain on sale of fixed assets
Gain on sale of securities investments
Gain on sale of shares in affiliates
Other
Total Extraordinary Gains
Extraordinary Losses
Loss on sale/disposal of fixed assets
Valuation loss on securities investments
Office move expenses
Impairment loss
Earthquake-related damages
Other
Total Extraordinary Losses
Pre-Tax Net Income
Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority Interests
Net Income© Ichigo Inc. All rights reserved.

FY16/2(12M)

FY17/2(12M)

FY18/2(12M)

FY19/2 Q1(3M)

FY18/2 Q1(3M)

FY19/2Full-Year
Forecast

Change(YOY)

vs.
Forecast

42,70530,53912,166
3,977
8,189

49,69929,835
19,863
4,446
15,417109,253
82,44626,806
5,025
21,781

57,84631,92025,925
5,067
20,858

16,108
8,653
7,454
1,461
5,992

12,915
8,574
4,341
1,191
3,150

+3,193+79+3,113+270+2,842––
31,200–25,000

–
–
23.9%
–
24.0%

5
78
90

2
79
90

–
85
–

3
57
–

–
21
–

–
20
–

–
+1
–

–
–
–

–
–
–

–

–

–

–

6

–

+6

–

–

39
213

43
215

32
118

100
161

29
57

17
37

+12
+20

–
–

–
–

943

1,277

1,303

1,266

569

563

+6

–

–

–

–

38

244

–

286

-286

–

–

–
202
1,146
7,255

86
379
1,743
13,889

585
216
2,144
19,755

159
165
1,835
19,185

226
37
833
5,217

191
48
1,090
2,097

+35
-11
-257
+3,120–––22,000

–
–
–
23.7%

–
–
–
57
57

–
223
–
–
223

–
2,466
–
–
2,466

–
–
1,221
41
1,263

–
2
–
–
2

–
–
1,135
–
1,135

–
+2
-1,135–-1,133

–
–
–
–
–

–
–
–
–
–

–
–
1
–
–
91
93
7,220
343
6,876
115
6,761

–
49
9
–
–
31
89
14,022960
13,062
136
12,925

–
–
31
1,090
244
224
1,590
20,6305,436
15,194299
14,894

11
–
–
327
–
–
339
20,1095,923
14,185167
14,018

–
–
–
–
–
–
–
5,220
1,651
3,568
21
3,547

–
–
–
–
–
–
–
3,232
1,001
2,231
-6
2,237

–
–
–
–
–
–
–
+1,988+650+1,337+27+1,310

–
–
–
–
–
–
–
–
–
–
–
15,000

–
–
–
–
–
–
–
–
–
–
–
23.6%

44

Consolidated Cash Flow from Operations(JPY million)
FY15/2 (12M)

FY16/2 (12M)

FY17/2 (12M)

FY18/2 (12M)

FY19/2 Q1(3M)

Cash Flow from Operations
Pre-tax net income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expense
Loss (gain) on sale of shares in affiliates
Loss (gain) on sale of securities investments
Impairment loss
Valuation loss on securities investments
Decrease (increase) in trading notes and receivables
Decrease (increase) in operational loans receivable
Decrease (increase) in operational securities investments
Valuation loss on operational securities investments
Decrease (increase) in real estate for sale
Decrease (increase) in solar power plants for sale
Valuation loss on SPC capital contributions
Decrease (increase) in advances paid
Decrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in security deposits received
Other
Sub-totalInterest and dividend income received
Interest expense paid
Income taxes paid and refunded

7,220
565
112
139
-90
1
65
-83
943
–
–
–
–
-68
-1,2301,110–-42,991–
91–-1,079
388
16
211
1,391
-407
-33,693
83
-843
161

14,022
792
174
139
-90
-3
3
-81
1,277
–
-223
–
49
-172
1,006
1,239
19
-63,070–11-990-1,140
535
42
317
2,380
435
-43,324
81-1,226-186

20,630
778
223
141
–
23
-3
-85
1,303
–
-2,466
1,090
–
-367
–
2,727
–
-6,303
7,251
16
-190
-193
204
92
-49
-667
1,304
25,46085-1,146-2,852

20,109
1,015
215
111
–
32
-355
-61
1,266
-1221
–
327
–
-468
–
1,663
–
-8,112
996
–
871
-10
573
-285
30
125
709
17,532
61-1,135-5,854

5,220
394
51
51
–
224
-26
-21
569
–
-2
–
–
-329
–
-562
–
-803
–
–
76
-6
-1,234
117
–
-497
1,051
4,272
21
-567
-1,953

Net Cash from (Used for) Operations-34,292-44,654

21,547

10,603

1,772© Ichigo Inc. All rights reserved.

45

Consolidated Cash Flow from Investments & Financing(JPY million)
FY15/2 (12M)
Cash Flow from Investments
Payments into time deposits
Redemptions of time deposits
Acquisition of securities investments
Proceeds from sale of securities investments
Proceeds from redemptions of securities investments
Acquisition of property, plant, and equipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital contributions
Payments of security deposits
Acquisition of subsidiary shares resulting in change ofconsolidation scope
Sale of subsidiary shares resulting in change ofconsolidation scope
Payments for acquisitions of newly consolidated subsidiaries
Other
Net Cash from (Used for) Investments
Cash Flow from Financing
Net increase (decrease) in short-term loans
Net increase (decrease) in short-term non-recourse loans
Proceeds from bond issuance
Repayment of maturing bond principal to bondholders
Repayment of maturing non-recourse bond principal to bondholders
Proceeds from long-term loans
Repayment of long-term loans
Proceeds from long-term non-recourse loans
Repayment of long-term non-recourse loans
Proceeds from employee exercise of stock options
Payments received from minority interests
Payments to minority interests
Share buyback
Dividends paid
Dividends paid to minority interests
Net Cash from (Used for) Financing© Ichigo Inc. All rights reserved.

FY16/2 (12M)

FY17/2 (12M)

FY18/2 (12M)

FY19/2 Q1 (3M)

-325
325
-210
–
–
-10,769
-23
-10
–
-127

–
–
-671
296
3
-6,628
-21
-9
6
-37

-6,100
201
-300
6,136
–
-11,719
-1
-63
–
-5

-6
–
-140
–
–
-4,796
-83
-28
–
-36

-54
9
-25
32
–
-733
-142
–
–
-15

–

–

-93

-2,619

–

–

–

–

2,096

–

-1,3494-12,485–
9-7,052–
11-11,933–-32-5,645

–
-23
-953

466
48
–
–
–
47,203-19,557
19,900-5,958
99
–
–
–
-543
–
41,658

771
31
–
–
–
64,866-19,192
18,150-2,772
153
2,000
–
–
-646
-43
63,318-1,383
532
785
-56
–
55,674-61,22130,850-15,400
137–-2,000–-1,501
-39
6,377

-306
-611
–
-112
-100
32,660-13,402
3,518-22,366
110––-2,999-2,513–-6,124

3,887
–
–
–
–
13,212-3,2483,500-7,08259–––-2,895–
7,433

46

Appendix: Power Up 2019 Mid-Term Business Plan

© Ichigo Inc. All rights reserved.

47

Power Up 2019 Key Goals & KPIs
Key Goals
1. Drive Further Sustainable Growth in Ichigo’s Core Businesses
2. Develop New Ichigo Businesses
3. Deepen Ichigo’s Core Capabilities and Corporate Strength
Power Up 2019 KPIs (Key Performance Indicators)(JPY million)

FY16/2 (Actual)

FY17/2 (Actual)

FY18/2 (Actual)

Operating Profit

15,417

21,781

20,85825,00025,000+62.2%

Recurring Profit

13,88919,755

19,185

21,40022,000+58.4%

6.9%

26.4%

30.0%

30.0%

30.0%

–

12,925

14,89414,01814,80015,000+16.1%EPS

JPY 25.86

JPY 29.66

JPY 28.12

JPY 29JPY 30.10+16.4%

DPS

JPY 3

JPY 5

JPY 6

JPY 7

JPY 7

133.3%

ROE

21.0%

20.2%

16.5%

15.6%

15.7%

–

Tax Rate
Net Income© Ichigo Inc. All rights reserved.

FY19/2 (Plan)

FY19/2 (Forecast)vs. FY16/2

48

Target: Top 200 Ranking within the JPX-Nikkei 400 Index
Ichigo Targeting Ranking Within the Index’s Top 200
Companies by August 2019 (the Final Year of Power Up 2019)
Note: While the JPX-Nikkei Index 400 does not provide an official ranking of its 400 constituents, it can becalculated based upon the JPY-Nikkei 400’s publically-available quantitative ranking formula, whichrank orders the top 1,000 companies from the joint set of the 1,200 highest market capitalizationand 1,200 highest value-traded Japanese companies by:(a) 3-year average ROE (40% weighting)(b) 3-year cumulative operating profit (40% weighting)(c) Market capitalization (20% weighting)© Ichigo Inc. All rights reserved.

49

Power Up 2019 Key Initiatives
Steady Progress to Achieve Mid-Term Plan•

Profitability•
Core Business
Growth

•

•

•

•
•
•
•

Listing of Ichigo Green (9282) on Dec 1, 2016
Asset sales to Ichigo Office (8975) and Ichigo Hotel (3463)
Expanded the architecture and structural engineering teamSpun out a dedicated leasing team to drive tenantacquisitions and value-add

Extend Ichigo’s REIT-focused asset
management business into the muchlarger physical real estate market
Grow Ichigo’s hotel businesssynergistically with Ichigo Hotel REIT
Launch one or more REtech businesses,
fusing Ichigo’s Real Estate and IT
capabilities• Launched Ichigo Owners: JPY 21.4B acquisitions,
JPY 2.3B sales in the first year
• Launched Ichigo’s first boutique hotel, THE KNOTYOKOHAMA, on Dec 1, 2017
• Allying with Fujitsu Kyushu Systems to develop AI hotelrevenue management system••

Grow both financial stability and earnings
De-collateralize loans, lengthen loan
maturities, lower debt costs, get credit ratings,
and issue bonds to diversify funding profile• Average Loan Period: 10.2 years• Average Interest Rate: 1.04%• Long-Term Loan Ratio: 95%

High Capital
Efficiency andOrganic Growth•

ROE >15%• FY17/2 20.2%• FY18/2 16.5%

Best Place to
Work

•
•

Support employee health and wellness
Goal: Japan’s number one company inproviding opportunities for employees• 100% return rate for employees who take child leave• Annual stock option grants (fully expensed) to all
employees to align their interests with Ichigo shareholders

New Business
Creation••

Sustainability

List Ichigo’s solar assets on the TSE’s new
Infrastructure Market
Support the ongoing growth of Ichigo Office(8975) and Ichigo Hotel (3463)
Expand the architecture and structural
engineering team to deliver real estate that is
high-function, safe, secure, andenvironmentally friendly
Spin out a dedicated leasing team to drive
tenant acquisitions and rental income(As of February 28, 2018)

Finance as aStrategic
MeasureGlobal Best Practice Governance and Compliance© Ichigo Inc. All rights reserved.

• 6 of 9 Board Members are Independent Directors• Former CEOs of TSE 1st Section companies serve as
Independent Directors
50

Dividend +20%, 6th Consecutive Year of Dividend Growth
Ichigo Dividend Policy: Growth, Certainty, and Stability− DOE (Dividend on Equity) payout ratio of >3%− Stable and growing dividend unaffected by short-term earnings volatility− Progressive Dividend Policy− Previous year’s dividend is floor for the current year’s dividend. Dividend will be raised(or kept flat) but not cut, providing shareholders with downside dividend protection.
The policy underscores Ichigo’s commitment to driving continued earnings growth for
its shareholders(Dividend)

6 Consecutive Years of Dividend Growth(7 Including FY19/2 Forecast)

JPY 5

JPY 6

JPY 7

JPY 3

FY12/2

JPY 1*

JPY 1.1

JPY 1.3

FY13/2

FY14/2

FY15/2* Adjusted to reflect 200:1 stock split© Ichigo Inc. All rights reserved.

FY16/2

FY17/2

FY18/2

FY19/2(Forecast)51

Effective Governance Structure‒ Early adoption of the Company with Committees governance structure− Adopted in 2006 with a focus on global best practices− Voluntarily established a Compliance Committee in addition to the Nominating, Audit,
and Compensation Committees• Nominating Committee: 5 (of whom 3 are Independent Directors)• Audit Committee: 3 (all of whom are Independent Directors)• Compensation Committee: 5 (of whom 3 are Independent Directors)• Compliance Committee: 4 (of whom 2 are Independent Directors)‒ Appointment of Independent Directors to strengthen governance− Of the 9 Directors, 6 are Independent Directors− Appointed former CEOs of TSE First Section-listed companies• February 2017
– Takashi Kawamura (former CEO of Hitachi, Ltd.) *stepped down upon appointment as
Chairman of TEPCO– Masatoshi Matsuzaki (former CEO of Konica Minolta, Inc.)– Kosuke Nishimoto (former CEO of Meitec Corp.)• February 2018 – February 2019
– Masatoshi Matsuzaki (former CEO of Konica Minolta, Inc.)– Kosuke Nishimoto (former CEO of Meitec Corp.)– Nobuhide Nakaido (former CEO of SCSK Corp.)© Ichigo Inc. All rights reserved.

52

MEMO

© Ichigo Inc. All rights reserved.

53

MEMO

© Ichigo Inc. All rights reserved.

54

These materials were prepared to explain Ichigo’s businesses and are not for the purpose of soliciting investment inmarketable securities issued by Ichigo. Ichigo does not guarantee the accuracy of the figures, information, estimates, orother statements included herein, and accepts 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 contain forward-looking
statements pertaining to Ichigo’s expectations, targets, plans, and strategies. Such forward-looking statements are notfacts, but are the result of management’s judgment based on information currently available. Actual operating results ordevelopments concerning Ichigo may differ substantially from those indicated by forward-looking statements. The
information enclosed is subject to revision without prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation,
the Japanese version shall prevail.

Contact:
Ichigo (TSE First 2337)
Investor Relations
TEL: +81-3-3502-4818
E-mail： ir@ichigo.gr.jp
www.ichigo.gr.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company. We are taking
responsibility for our environmental footprint by offsetting our carbon emissions
and investing in low-carbon technologies such as solar energy.

© Ichigo Inc. All rights reserved.

55