Hello, everyone. I’m Zenji Koike. I took over as CEO of Fukuoka Realty from Mr.
Matsuyuki in June this year. So, let me first give you a brief introduction of myself.
I was born and raised here in Fukuoka. Just prior to joining Fukuoka Realty, I
was the president of a construction and facility management company of
Fukuoka Jisho Group. For most of my professional career I was working for
Fukuoka Jisho, the sponsor of Fukuoka Realty. I was in charge of operation anddevelopment of Canal City Hakata and I also served as Administration Officer tothe President of Fukuoka Jisho. I am tremendously honored and excited to serveas CEO and to give you our performance updates. With that, let’s begin ourpresentation on the performance overview of Fukuoka REIT Corporation for the34th fiscal period ended August 31, 2021.

01Executive summary
Despite a state of emergency being declared twice for Fukuoka Prefecture, dividend per unit for the 34th period surpassed the forecast by 1.1%

Executive summary

1

Please take a look at page 1. This page shows an executive summary.
Let’s go straight to the dividends, which you find at the bottom of the slide.
The dividend payout for the 34th fiscal period was 3,539 yen per unit, up
5.3 percent from the previous period and beating our own expectations by
1.1 percent. Despite the fact that we experienced the state of emergency
twice in Fukuoka Prefecture during the past six months, which we had not
expected earlier, we successfully continued to raise the dividend showingthat we are firmly on the path to recovery.
Another topic I want to talk about is the asset replacement. Please take alook at the upper left part of the slide. As we previously explained in thelast performance overview meeting, we disposed 88.28 percent of our coownership share of Canal City Hakata B Grand Building and insteadacquired a land with leasehold interest for Tenjin Nishi-Dori BusinessCenter on June 1. The selling price and acquisition price was 7.7 billion
yen and we posted a gain of 104 million yen on the sale. This deal will
help us mitigate risks associated with full service hotels which arevulnerable to a pandemic and at the same time leverage the growth andstrength of office buildings in Tenjin area in the medium-to-long term.
The next topic is an acquisition of a new property. We closed a deal to buy
an office building near JR Hakata Station at 4.32 billion yen. The
transaction will be completed on March 1, 2022. I will share more details
on this property in the next slide.

2

Let me also update you on our existing properties. Take a look at the upper
right side of the slide. We started coronavirus vaccination programs for
employees working for the tenants in our retail properties. We also carriedout extensive renovations for some retail properties to be able to make ajump start in the post pandemic world. The occupancy rates of our officebuildings were at 100 percent at the end of the last period and upward rent
revisions continued to increase, all of which means that we are growing
strongly.
When it comes to financial management, which you find just below, we
refinanced some of our debt, borrowing 6.3 billion yen for a ten-year term at
the average interest rate of 0.51 percent in order to put us on more solid
financial footing going forward.
Last but not least, I want to share with you a piece of good news about our
ESG activities. We received four stars in the GRESB survey 2021. ESG isof course one of our most important management priorities.
That’s all for the executive summary. Please go to the next page.

2

New acquisition of property for the 36th FP
Hakata Chikushi-Dori Center Building

New Acquisition of property [scheduled] and growth strategy

2

From here I want to walk you through the presentation almost slide-byslide. I want to start with the acquisition of a new property, which will takeplace in the 36th fiscal period beginning March 1, 2022. We announced
this deal in a press release back in August this year, and it is part of ourongoing efforts to increase the size of our portfolio. This is an acquisition of
an office building at a value price. The acquisition price will be 4.32 billion
yen, 220 million yen lower than the appraisal value. The transaction will becompleted on March 1, 2022. This property sits in the business area of
Hakata, just 8-minute walk from JR Hakata Station, with the standard floorarea of about 800 square meters. The office building of this size is a rarefind in the area and therefore is a very competitive property. In addition tothat, the current rent of this property is 33.9 percent lower than the market
rent, which leaves significant margin to raise the rent. So, this is anextremely attractive property which will deliver high yield returns throughinternal growth.

3External Growth Initiatives
Aiming for an asset size of 250 billion yen by diversifying risks by investment type as a comprehensive REIT

New Acquisition of property [scheduled] and growth strategy

3

Next slide, please. Let’s turn our focus to external growth. Our current
asset size as of the end of August 2021 is about 202.0 billion yen. Our
target is to reach 250.0 billion yen in asset size at the earliest possible time.
We will continue to focus on investing in office buildings and logistics
facilities that are not only already profitable properties but also the ones indevelopment. And we will continue to work with our sponsor very closely
and seek high quality, high-performing properties.
Also, we know the local market, we have the local connections, and we
deliver a variety of solutions that cater to the local needs, and those are
the great assets we have that help us find high quality properties. Next
slide, please.

4Historical trends of asset’s size by investment type （based on acquisition）
Asset size is 202.0 billion yen at the end of the 34th fiscal period （based on acquisition）

New Acquisition of property [scheduled] and growth strategy

4This graph is showing how our asset size has changed over the years foreach investment type. Fukuoka REIT Corporation achieves risk
diversification through changes in the asset allocation. For the first few
years after its listing, retail properties accounted for 64 percent and officebuildings accounted for 36 percent of the portfolio. But, by March 2022,
the mix will change as follows: Retail 53 percent, office buildings 33
percent, logistics facilities 7.8 percent, and other assets 6.2 percent. We
are diversifying investments and the share of new investment types isincreasing. With the LTV at 41.2 percent at the end of the 34th fiscal
period and this robust borrowing capacity, we want to acquire more officebuildings and logistics facilities going forward.

5

Impact of COVID-19 infection
Active retail properties are also anticipated to recover as COVID-19 is contained

Impact of COVID-19 infection

5

The next topic I want to talk about is the impact of COVID-19 pandemic onretail properties. This chart you see here starts with March 2020, when we
began to feel the impact of COVID, and ends at August of this year,
showing the number of new cases per month in Fukuoka Prefecture andhow much retail sales were up or down compared to the sales figures
before the pandemic. During the 34th fiscal period, as the whole nation
suffered the fourth and fifth surges of infections, Fukuoka Prefecture wasalso under the state of emergency and imposed with a series ofrestrictions to curb the spread of the virus. And you can see that our Canal
City Hakata, located at the center of the city and reliant on tourist demand,
was particularly hit hard and its sales significantly underperformed othermajor shopping malls in Japan. In contrast, the sales of our other retailproperties generally outperformed the market and so the COVID impact
seemed relatively limited in our retail space. Most recently we’ve seen
good progress in the national vaccination campaign as well as aprecipitous drop in the number of new cases, which surged during the socalled 5th wave of infections. On October 1, the state of emergency andall the restrictions were lifted nationwide. Also, our retail properties
enjoyed high occupancy rates during the 34th fiscal period and the numberof tenants that we granted rent reduction and the amount of reductions
keep falling, as shown in the tables on the right half of the slide. And we
didn’t have to offer any rent deferment in the last period.

6

Although the current economic recovery is not as strong as we haveexpected, we hope that further progress in the vaccination rollout will leadto a complete return of customer traffic in our retail properties so that we
can anticipate a recovery in variable rents.
Next slide, please.

6

Dividend per unit
Dividend per unit recovered to 3,500 yen

Dividend per unit

6

Let me explain about factors that determine our dividend payout. Since
the dividend payment suffered a sharp drop in the 32nd fiscal period due
to COVID-19, our dividend payout has been recovering at 2.5 percent perperiod while the pandemic was still ongoing. It is all because our portfolio
is resilient and of high quality. The dividend payment for the 34th fiscal
period was 3,539 yen per unit, up 178 yen from the previous period andbeating our expectations by 39 yen. And that still beat the previous period
even excluding the gain on the sale of the property. For the 35th and 36th
fiscal periods, our forecast is 3,500 yen per unit and you can notice in thisslide that there are some factors that determine our payout.

7

Statements of Income （compared with the previous fiscal period）
Gain on sale and reduced expenses absorbed decrease in revenues due to property sale, with dividends up 5.3% period-on-period- unit : mm yen

Sign indicates impact on profit （unit : mm yen）

Financial statements

7

Next slide, please. Let’s take a look at our income statement and dividend
payment for the 34th fiscal period as compared with the previous fiscal
period. Please refer to the numbers in the orange box to see details that
affected our operating revenues and expenses. Operating revenues
excluding the gain on the sale of properties were down 141 million yen
from the previous period. The biggest portion of this drop came from theloss of 263 million yen in revenue for Canal City Hakata Grand Building,which we disposed in June as part of the asset replacement. We of course
had a gain of 79 million yen from the acquisition of a land with leaseholdinterest for Tenjin Nishi-Dori Business Center, but still we had a loss of 184
million yen in revenue. The gain on the sale of a property was 104 million
yen.
Back in May Fukuoka Prefecture was once again under the state of
emergency amid the fourth surge of COVID-19 in Japan. It was
unexpected and we didn’t include this scenario in our forecast weannounced in March. But as soon as the emergency was declared, werevised down our forecast of rent revenues and tried to cut back on repair
and maintenance expenses. We saved 201 million yen in expenses
related to leasing business and that resulted in an operating income of 142
million yen for the 34th fiscal period.
The dividend per unit was up 178 yen per unit from the previous period,and 130 yen per unit of which was due to the gain on the sale of a property.

8Statements of Income （compared with the forecast）
Decrease in revenues due to the impact of the declaration of a state of emergency was absorbed by cost reductions, etc. Dividend per unit came to +1.1% from forecast- unit : mm yen

Sign indicates impact on profit （unit : mm yen）

Financial statements

8

Next slide, please. This is almost the same as the previous page exceptthat it is against the forecast. Again, please take a look at the orange box
for details that affected our operating revenues and expenses. As I said
earlier, we didn’t expect that we would be under the state of emergency
twice this year and the extended impact of the pandemic reduced thevariable rent revenue from our retail tenants, resulting in a drop of 120
million yen in leasing revenues from the forecast. However, we saved 140
million yen in operating expenses by cutting back on repair/maintenanceand other expenses. Because of that, the operating income for the 34th
fiscal period beat the forecast by 28 million yen and the dividend per unit
exceeded the forecast by 39 yen per unit.

9

Business forecast （the 35th fiscal period, Feb. 2022）
Absence of gain on sale and the impact of asset replacement were absorbed by reduced expenses, etc., with dividend per unit at 3,500 yen

Business forecasts

9

Next slide, please. This is our business forecast for the 35th fiscal period.
The operating revenues will go down 246 million yen from the 34th fiscal
period because we are not going to have a gain on the sale of a property
as we did and we have lost three months’ worth of NOI due to the asset
replacement. This drop in the operating revenues will be only partially
offset by a significant decrease, 198 million yen, in operating expenses
such as repair expenses and depreciation costs. So, our forecast for
operating income is still down 47 million yen from the previous period. We
will further save another 17 million yen in non-operating expenses, but thedividend per unit is expected to decline 39 yen per unit. Having said that,
however, we can still manage to keep the level of 3,500 yen per unit, which
we think at this moment is the lower end of the range.

10Business forecast （the 36th fiscal period, Aug. 2022）
Dividend forecast to be 3,500 yen, with newly acquired property contributing to earnings to cover increase in expenses

Business forecasts

10

The next page is about our business forecast for the 36th fiscal period.
We expect the operating revenues to increase 213 million yen from the35th fiscal period thanks to the acquisition of a new property, Hakata
Chikushi-Dori Center Building, and expected recovery in sales of our retailproperties. On the other hand, operating expenses will also increase by
200 million yen because of the repair works we postponed during the 35th
fiscal period and an increase in depreciation expenses, which we regard
as capital expenditure, and other retail-related expenses. And we expect
the dividend per unit to be unchanged at 3,500 yen for the 36th fiscal
period.

11

Situation of active retail ①
Impact of COVID-19 is limited on community-based retail properties

Portfolio overview

11

Please take a look at page 11. From here, I’m going to give you updates
on the recent performance and situation for each type of assets we have in
our portfolio. Let’s first take a look at our retail properties. Sales of ourmajor retail properties in the twelve months up to this August are on theslide. And when you compare the sales figures of the 34th fiscal period tothe figures of the same period of two years before, i.e., pre-pandemic
levels, the sales of Canal City Hakata were still down more than 50 percent
from the pre-pandemic levels, so you can see how big the impact of
COVID has been for the property. In contrast, Park Place Oita, Konoha
Mall Hashimoto, and SunLive City Kokura are shopping malls that cater tolocal customers who buy groceries and other daily necessities there, so
the impact of the pandemic on these properties is relatively limited. Also,
when you compare the sales figures of the past year with those of the year
before, the sales of our major retail properties are all recovering, mainly
because we were able to avoid this time the business closures that we had
to comply during the first state of emergency.

12

Situation of active retail ②
Current situation at Canal City Hakata （overall）

Portfolio overview

12

The next slide is about the recent developments and situation around
Canal City Hakata. As I mentioned earlier, Canal City Hakata has been
particularly hit hard by the prolonged pandemic. So, our responses during
the 34th fiscal period included first of all putting in place anti-COVID-19
measures, providing help and support for our tenants, and attracting moredomestic and local customers. We also rolled out a vaccination programfor employees of our tenants. These are all part of making sure that our
retail space is safe for everyone, customers and employees alike.
For the 35th and 36th fiscal periods, we are planning to resume holding
customer-attracting events gradually and to carry out big renovations tocompletely revamp the merchandising in order to drive sales recovery.
Because it takes very long time before foreign tourists come back in full,
we assume that sales of Canal City Hakata will only get back to 75 percent
of pre-pandemic levels and remain there for some time to come. In
addition, we are going to have competition. LaLaport Fukuoka will open
next spring. And that is also why our assumption for the future sales israther conservative.

13

Situation of active retail ③
Anticipate increase in rents through facility renovations, etc.

Portfolio overview

13

On the next slide are the updates on the three retail properties: SunLive
City Kokura, Konoha Mall Hashimoto, and Park Place Oita. As I
mentioned earlier, these shopping malls cater to the local customers, so
their performance has been robust in the face of the prolonged pandemic.
But we should be prepared to capture the post-pandemic pent up demand.
So, we have carried out or are going to carry out renovations for theseproperties to increase competitiveness. In SunLive City Kokura, werenovated its common area as well as its supermarket and won UNIQLO
as a new big tenant. In Konoha Mall Hashimoto, we expanded “Hashimoto
Marche,” a food product area, which has been doing quite well in the faceof the COVID crisis, and we are planning to open nine new shops there.
For Park Place Oita, we are going to carry out an extensive renovation of
its third floor, an area of more than 2,200 square meters, called Shangri-Lazone, and create a themed playground to attract more customers with kids.

14

Trends in the Fukuoka office market
The competitiveness of office buildings owned by FRC is relatively highPortfolio overview

14

The next page is about the current office market in Fukuoka. The vacancy
rate in Fukuoka as of September announced just a few days ago remained
almost flat from the previous month at 4.55 percent. New supply of officespace in the city has increased with the opening of Tenjin Business Center,
which was developed by our sponsor Fukuoka Jisho, and it got off to agood start and is running at high occupancy. In contrast, the vacancy rateof office buildings in Central Tokyo has been higher than in Fukuoka andcontinue to go up. The chart you see at the top on the right half of theslide is showing the average vacancy rates of Fukuoka business district
and of Central Tokyo over the past few years. More recently the rise in the
average vacancy rate in Fukuoka has been more moderate than the rise inTokyo. The chart in the middle is showing the vacancy rates in Fukuoka bysize of the building. You see that large office buildings enjoy lower
vacancy rates than small-sized buildings. The office buildings in our
portfolio are running at almost 100 percent occupancy because our officebuildings are large and competitive properties located at prime locations in
the area. Also, the average asking rents in Fukuoka have continued toedge up whereas the asking rents in Tokyo are clearly going down.

15

Initiatives by Fukuoka City Government and Status of Office Workers
Office demand in Fukuoka will remain solid going forward

Portfolio overview

15

Please take a look at the next page. The demand for office space inFukuoka is propped up by the city’s efforts to attract companies. In 2020
as well, the city of Fukuoka successfully lured 50 companies in the growth
sectors to either transfer their headquarters to the city or establish a new
office in the city. In addition, the Fukuoka City government is working withthe private sector to develop international financial functions in the city andput together “Team Fukuoka” to bring in as many foreign financial
institutions as possible to the city. The opening of CROSSCOOP Fukuoka
Tenjin, a shared workspace, in Tenjin Business Center is a reflection ofthese efforts.
When it comes to the state of remote working, which affects demand for
office space, the most recent poll shows that while 47 percent ofcompanies in Tokyo have their employees work from home, only 21
percent in Fukuoka do so. This is partly because many employees inFukuoka live near their workplaces and in fact about 60 percent of workers
in Fukuoka spend 30 minutes or less on commute. You can say we live
and work in a very attractive environment.

16

Historical and projected office buildings’ occupancy rates
Maintaining high occupancy levels while steadily increasing rent per unit area（％）

Portfolio overview

16

Please take a look at the next page. The nine office buildings in our
portfolio were running at an extremely high occupancy rate of 99.9 percent
during the 34th fiscal period. And these high occupancy levels are
expected to continue for the 35th and 36th fiscal periods. In addition tothat, the current rent levels of our office buildings are 24.5 percent lower
than the market rent, so we still have plenty room to raise rent and we aredoing exactly that as shown in the graph at the bottom of the page.

17

Situation of other assets（Logistics）
Demand for logistic facilities is strong

Portfolio overview

17

Next slide, please. Here is the situation of our logistics assets. As has
been the case around the country, the logistics property market in Fukuoka
has been very bullish with zero percent vacancy rates since 2019. And it
seems very likely that the market continues to be bullish not only inFukuoka but also in Tosu area, Saga Prefecture. Currently we own four
logistics properties in our portfolio and every single one of them has beenrunning at 100 percent occupancy for quite some time. We know that oursponsor Fukuoka Jisho is very much committed to pushing forward thedevelopment of more logistics facilities, and we are planning to invest inthem accordingly.

18

Situation of other assets（Hotel, Residence）
For hotels, FRC now owns only those specialized for accommodation, leading to reduced risks

Portfolio overview

18

Please take a look at the next page. This is about the situation of ourhotels and residences. Since we disposed Grand Hyatt in the last period,
our remaining three hotels are all room-only hotels. And they continue
struggling to recover from the pandemic during the 34th fiscal period. We
hope that our hotels’ performance will get back on track once all the travel
restrictions are lifted and the government resumes its domestic travelsubsidy campaign.
As for our residence assets, the average occupancy rate of our fiveresidence properties remained high at 96.1 percent for the 34th fiscal
period despite the pandemic situation. And it has been at this high levelfor quite some time. We also raise rent at the time of tenant replacements
and rent revisions.

19Key financing events in the 34th fiscal period
Conducted refinancing to extend debt duration while improving interest rate conditions

Financial strategy

19

Take a look at the next page, and from here we’re going to talk about our
financial status. Let me first share with you some details on the key
financing events in the 34th fiscal period. As described in the table on thelefthand side, we borrowed from banks twice, in March and July this year,
a total of 6.3 billion yen for ten years at 0.51 percent interest on average.
Before this refinancing, it was for seven years and at 0.835 percent
interest, so now it is longer repayment period and at a lower rate. We also
signed an agreement to extend the term of the six billion yen committed
line of credit by one year, setting the remaining term to three years. And
all of that means that we remain on solid financial footing and have accessto fast funding availability.

20

Financing condition①
Establishment of stable financial baseFinancial strategy

20

Please take a look at the next page for more details on our financial status.
Our average debt duration is 5.7 years with a 0.69 percent interest rate on
average for the 34th fiscal period. A securities firm report says that the
average debt duration across the J-REIT industry is 4.3 years, so thatmeans that we have access to longer-term borrowings. We firmly stick to
our policy of hedging the risk of rising rates, diversifying debt maturities,
extending the borrowing term as long as possible, and lowering interest
cost as much as possible. Also, our LTV remains at low levels at 41.2
percent for the 34th fiscal period. We are financially sound and secure.
And we keep JCR’s AA- credit rating for the period.

21

Financing condition ②
A stable network of sponsor banks and other lenders

Financial strategy

21

Please take a look at the next page. The outstanding balance of our debt
was 82.4 billion yen as of the end of the 34th fiscal period. We borrowed
about half of the debt from the three banks that are sponsors of our asset
management company Fukuoka Realty, namely, Development Bank ofJapan, Nishi-Nippon City Bank, and Bank of Fukuoka, as shown in the pie
chart. The other half of the debt is owed to the so-called “mega banks” aswell as regional banks across Kyushu. Raising capital from the regionalbanks provides us with a network of local investment intelligence which
covers the whole of Kyushu.

22

Appraisal value
Maintained unrealized gains for all properties （＊1）- unit : mm yen

Appraisal value

22

Next slide, please. This is about the appraisal value of our portfolio. The
first thing I want to mention is that all the properties we own haveunrealized gains and the total unrealized gains increased 1.86 billion yen
from the previous period to 40.7 billion yen as of the end of the 34th fiscal
period. We also affirm that the cap rates fell for our office buildings,
logistics facilities, and residences. And the fact that our cap rates are
falling means that our cap rates based on the continuous appraisals of ourportfolio may be still several dozen basis points lower than the cap rates
based on real transaction cases of other REITs. We assume that this gap
will shrink as time goes by and, as a result, our unrealized gains and the
net asset value per unit will further increase accordingly.

23

Sustainability
GRESB2021 “4 Stars” （announced on October 15, 2021）

Sustainability

23

Last but not least, let me talk about what we are doing with respect tosustainability. ESG is one of our top management priorities and we are
currently planning to invest more resources into these efforts. We alsoannounced October 15 that we received four stars in the GRESB survey
2021. And we are now conducing a comprehensive review of thematerially significant issues that we identified three years ago. Oursustainability promotion committee is now meeting to set KPIs and othergoals and discuss concrete and creative ways to achieve them. We
understand that sustainability and ESG will be important criteria for realestate investment going forward but at the same time we want to continue
our discussion with our investors about its cost-effectiveness.
And that brings to an end to my presentation on the performance overview
for the 34th fiscal period. Thank you very much.

24

24

25

Profile

Appendix

25

26

A real estate investment trust specializing in regional properties

Appendix26

27

Current situation of Fukuoka City①

Appendix27

28

Current situation of Fukuoka City②

Appendix28

29

Earthquake risk in Fukuoka, etc.
All properties owned by Fukuoka REIT are covered by earthquake insurance

Appendix29

30

Certification from external organizations and information disclosure

Appendix30

31

ESG Initiatives （Environment）

Appendix

31

32

ESG Initiatives （Society①）

Appendix

32

33

ESG Initiatives （Society②）

Appendix

33

34

ESG Initiatives （Governance）

Appendix34

35

IR Initiatives

Appendix3536

Unitholders’ data

Appendix3637

Unit price chart

Appendix37

38

Financial highlights
Dividend per unit was 3,539 yen- unit : mm yen

Appendix38

39

Balance sheets（compared with the previous fiscal period）- unit : mm yen

Appendix

39

40

Cash flow statements（compared with the previous fiscal period）- unit : mm yen

Appendix4041Income and expenditure by properties（Retail）- unit : mm yen（＊1）Forecast at the financial results of the 33rd fiscal period. （＊2）The Grand Building portion （88.28% co-ownership interest） that was disposed in the 34th fiscal period is included in NOI under the amount for three months and excluded entirely from the acquisition price.

Appendix4142

Income and expenditure by properties（Office buildings・Others）- unit : mm yen（＊1）Forecast at the financial results of the 33rd fiscal period. （＊2）Information is not disclosed because the permission of tenants has not been obtained.

Appendix4243

Income and expenditure by properties（Total）/Repair and maintenance expenses, capital expenditures, and depreciation- unit : mm yen

Appendix43

44

Portfolio table①（As of August 31, 2021）

Appendix

44

45

Portfolio table②

Appendix

45

46

Portfolio map

Appendix

46

47

Dividend and NAV per unit

Appendix

47

48

Historical appraisal values（unrealized gains）
Unrealized gain increased due to lower cap rate（Unrealized gains 40,761 mm yen（an increase of 1,860 mm yen）, ratio of unrealized gain 21.9%（＊1））

Appendix48

49

Portfolio properties' occupancy rates
Maintained high occupancy rates

Appendix49

50

Top tenants by leased floor area

Appendix

50

51

Breakdown of variable rents

Appendix5152

Office building rent revisions and tenant replacement situation
Negotiations on rent increase remain underway

Appendix

52

53

List of Interest-bearing debt

Appendix

53

54

Asset management company’s organization

Appendix

54

55

The condition of suburb area in Fukuoka

Appendix

55

56

The condition of Fukuoka city center
Nanakuma subway line extension project will be completed by FY2022

Appendix

56

57

Redevelopment in Tenjin area（Tenjin Big Bang）
2-year extension until the end of Tenjin Big Bang project in the end of Year 2026 （＊1）

Appendix

57

58

Redevelopment in Hakata area（Hakata Connected）

Appendix

58

59

Sponsor pipeline （Fukuoka Jisho Group）

Appendix59

60

Asset Replacement （conducted on June 1, 2021）

Appendix60

61