Asset Managers Holdings

Feb. 2011 Fiscal Year Q1 (March 2010 – May 2010)
Corporate Presentation
July 21, 2010

Corporate Name Change to Ichigo Group Holdings

 Change of company name to Ichigo Group Holdings Co., Ltd. on September 1,2010
 Purpose of the Name Change
9 Uniting with the Ichigo brand --- we are committed to achieving excellence for our clients asa core company of the Ichigo Group
9 “Ichigo” comes from an ancient Japanese proverb, Ichigo Ichie, literally meaning "Onelifetime, one encounter.” The phrase comes from the writings of a 16th century master ofthe tea ceremony, Yamanoue no Souji. Souji called upon his disciples to give total focus
and sincerity to each act of the tea ceremony for a guest, because that particular moment
will only exist once, and must be fully lived and realized. We support this philosophy ofbuilding and maintaining strong long-term relationships to support the success and growthof our clients and shareholders.

 New Subsidiary Names
9 The following subsidiaries will also be changing their company names
on September 1, 2010:
・ Asset Investment Advisors → Ichigo Real Estate Investment Advisors
・ Asset Financial Solutions → Ichigo Solutions
・ Asset Logistics → Ichigo Marché2 Laying the Foundation for Stable, Long-term Growth
9 Strengthened Capital Base
9 Continued Asset Dispositions
9 Optimizing Balance Sheet
9 Securing On-Going Profitability
9 Upward Revision to Full-Year Earnings Forecasts
9 Focus on Growth and Improved Profitability

 Appendices： Financial & Real Estate Data3

Laying the Foundation for Stable, Long-term Growth4

Strengthened Capital Base
 Significant increase in capital strength due to profits on asset sales
and mark-to-market of unrealized gains
 Net Assets Increased by ¥6 billion and Equity Ratio Increased by
6.9% from Feb 2010 Full-Year Disclosure
Equity Ratio: 17.3%

Equity Ratio: 49.3%

Equity Ratio: 56.2%+5.4

Assets52.1

Liabilities
43.1
Assets42.8

Assets48.2

Liabilities
21.7

Liabilities
21.1
CB4.5

CB4.8

CB13.0Net Assets
9.0(Billion yen)

Feb 09 Full-Year

Net Assets
21.1

Feb 10 Full-Year+6.0

Net Assets
27.1

Feb 11 Q1

Note: Balance sheet adjusted to remove assets and liabilities of consolidated client funds to which the Company
has no economic exposure
・ Net Assets = Net assets - Minority equity of consolidated client funds financed with non-recourse loans
・ Assets = Total assets - (Non-recourse liabilities + Minority equity of consolidated client funds financed with nonrecourse loans)・ Liabilities = Total Assets - Net Assets

5

Continued Asset Dispositions

Sold ¥3.7 Billion in Assets in Feb 11 Q1

3.7

Private Equity
2.95

Private Equity
Domestic: 1
Overseas: 2

Positive Cashflow
and Profitability

Real Estate
0.75(Billion yen)

Real Estate
Commercial: 1Feb 11 Q1

Pro Forma basis: For details to page 126Optimizing Balance Sheet
While repaying existing corporate debt, raised new debt for M&A and other growth activities
Total Borrowings

36.6

Short-term Debt
15.5

Repayment: -1.4
Borrowings: + 1.7
CB Conversion: -0.3
Newly Consolidated: +0.2

-18.2

Total Borrowings

Total Borrowings

18.4

Long-term Debt
8.0

CB
13.0

(Billion yen)

Feb 09 Full-Year

Consolidated Basis

+0.2

18.6

Short-term Debt
11.6

Short-term Debt
12.3

Long-term Debt 2.0

Long-term Debt 1.8

CB 4.8

CB 4.5

Feb 10 Full-Year

Feb 11 Q17Securing On-Going Profitability

 Forecasting Second Consecutive Full-Year of Profitability
 Revised Full-Year Earnings Forecast Upward on May 26, 2010
Revenues (Cumulative)
Net Profit / Loss (Cumulative)(Million yen)

Progress towards Full-Year Forecast before Revision:
Revenues: 29.7％, Net Profit: 157.0％

21,112

Upward Earnings
Revision

13,800
4,104
1,807

2,041
1,300

Feb 10Full- YearFeb 11 Q1

Feb 11 Full-Year
Forecast before
Revision8

Upward Revision to Full-Year Earnings Forecasts

 Feb 2011 Full-Year Consolidated Forecast and Results (Revised upward on May 26, 2010)（Million yen）

Before Revision

After Revision

Changes

Revenues

13,80013,800±0-

Operating Profit

1,000

1,000±0-

Recurring Profit

700

1,000+300

Additional profit from equity-method affiliate

1,300

2,300

+1,000Extraordinary profit from the sale of Jia Shengshares

Net Profit

Reasons of Revision

 Generated Extraordinary Profit from the Sale of Shares of Hong Kong-Listed
Equity-Method Affiliate, Jia Sheng Holdings (729 HK – new name: Thunder SkyBattery)9Focus on Growth and Improved Profitability

 Positive Transition in Structure of Profitability
9 Business model moving from capital gains on asset sales to a stable fee income, asset
management business
9 Top-line revenues will decrease as balance sheet slims down and asset sales fall off, butprofitability will be more stable Organic Growth Strategy
9 Refinancing existing funds under management to secure stable, on-going fee revenues
9 Preparing to launch new funds
9 Broadening real estate advisory agreements with Toyota group companies•

Most real estate advisory agreement with Saitama Toyota Co., Ltd. on May 28, 2010

9 Conservatively marked balance sheet means asset sales continue to generate profits External Growth Strategy
9 Acquired all shares of Takara Building Maintenance, making it a 100% subsidiary on March18, 2010••••Strong company with net cash balance and stable, recurrent profitability
Effective use of Asset Managers’ tax assets
Financed entirely with bank debt, thus requiring no use of internal funds
Net acquisition price was c.¥790 million, about 4X EBITDA

9 Continuing to focus on strategic M&A10

Appendix: Pro Forma Financial Data

11

Pro Forma Disclosure to Improve Transparency

 Under Japanese accounting rules, SPCs in which AMH is a greater than50% investor or SPCs for which AMH is the asset manager and no single
equity investor holds more than 50% of the total investment must beconsolidated onto AMH’s balance sheet.
 Our statutory consolidated and parent financial statements can thus include
client-related assets and liabilities and P&L which do not belong to AMH. Inorder to more accurately reflect the true economic exposures borne by ourshareholders, we disclose Pro Forma financials which are intended to betterreflect AMH’s actual corporate financial position.

12Balance Sheet (Pro Forma)(Million yen)Feb 10Feb 11 Q1Change42,804

48,252

5,448

7,791
5,866
1,887
13,324
13,601
5,783

2,523

Other

5,268
5,707
2,046
10,434
14,231
5,118

Liabilities

21,687

21,128-559

14,113
4,540
2,475

548-250

Other

13,5654,790
3,332

Net Assets

21,117

27,124

6,007

Total Assets
Cash and Cash Equivalents
Investment (Real Estate)
Investment (Domestic companies)
Investment (Overseas companies)
Real Estate Held for Sale

Interest-Bearing Debt
CB159-159
2,890-630
665-857*Pro Forma definition on p. 1213

P&L (Pro Forma)

Breakdown
Feb 10(Million yen)

(Million yen)Feb 11 Q1

Feb 11 Q1

14,127

2,691

9,785

1,617

Gross Profit

4,342

1,074

SG&A

3,012

584

1,330

490-535-76

795

414

1,380

2,323

2,175

2,737

79
289

5691

1,807

2,041

Revenues
Cost of Revenues

Operating Profit
Non-Operating Loss, net
Recurring Profit
Extraordinary Gain (Loss), net
Pre-tax Profit
Tax
Minority Interests
Net Profit

Revenues
Real Estate Management Fees
Advisory Fees
Rental Income
Real Estate Sales / Dividends
Securities Sales / Dividends
Building Maintenance Fee
Other2,69129124446
908
594
332
96

Gross Profit
Real Estate Management Fees
Advisory Fees
Rental Income
Real Estate Sales / Dividends
Securities Sales / Dividends
Building Maintenance Fee
Other

1,074
194
24297
186
490
77-194*Pro Forma definition on p. 12

14

Appendix： Consolidated Financial Data

15

Balance Sheet (Consolidated)(Million yen)Feb 10Feb 11 Q1

QoQ change

100,268

107,315

7,047

Cash and Cash Equivalents

10,7282,661

Operating Investments in Securities

9,404

Real Estate Held for Sale

69,445

Fixed Assets

3,201

Investments in Securities

7,19729313,389
9,411
70,056
3,255
10,133
1,071

76,74577,772

1,027

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

13,642

471

Non-Recourse Loans

50,652

CB

4,790

Other

7,661

14,11352,131
4,540
6,988

Net Assets

23,52329,542

6,019

Shareholders Equity

20,495

Minority Interests and Other

3,028

25,457
4,085

4,962
1,057

Total Assets

Other
Liabilities

7611
54
2,936
778

1,479
-250
-673

16

Breakdown of Assets (Consolidated)(Million yen)Feb 10AmountFeb 11 Q1

OutsideInvestors'Interests

TheCompany'sInterests (A)--13,389

AmountOutsideInvestors'
Interests

TheCompany's
Interests (B)QoQ Change
in theCompany's
Interests (B-A)---

Cash and Cash Equivalents

10,728Operating Investments in Securities

9,404

09,404

9,411

0

9,411

7

2,188

0

2,188

2,220

0

2,220

32

80

080

80

080

0

Unlisted Domestic Companies

2,780

0

2,780

2,723

02,723-57

Listed Overseas Companies

2,742

0

2,742

2,854

02,854112

Unlisted Overseas Companies

1,614

01,614

1,534

01,534-80

Reference: Allowance for Bad Debts forOperating Investments in Securities-3,357--3,357-3,427--3,427-70

Operating Investments in Securities less
Allowance for Bad Debts for Operating
Investments in Securities

6,047

-

6,047

5,984

-

5,984

-63

69,44553,864

15,58170,05655,062

14,995-587

66,374

51,33015,044

66,91852,473

14,445

-599

3,071

2,534

537

3,138

2,589

549

12

7,197

10,1330

10,1332,936

Domestic Real Estate
Listed Domestic Companies

Real Estate Assets for Sale
Domestic Real Estate

Overseas Real Estate

7,197

0

Domestic Companies

42304234460446

23

Overseas Companies5,996

0

5,996

8,916

0

8,916

2,920

778

0778

771

0771

-7

Investments in Securities

OthersReference: Allowance for Bad Debts for
Investments in Securities-115--115

-115

-

-115

0

Investments in Securities less Allowance for
Bad Debts for Investments in Securities

7,082

-

7,082

10,018-10,0182,936

Tangible Assets

3,201-

-

3,255

-

--

Other Assets

3,765-

-

4,612

-

--

100,268-

28,825

107,315-

31,112

Total Assets

2,286

17P&L (Consolidated)(Million yen)
Full-Year
Forecast
BeforeRevision

Feb 10Feb 11 Q1

Progress

Feb 11 Q1

21,11213,800

4,104

29.7%

16,991－

3,017－

Real Estate Management Fees

201

Gross Profit

4,120－

1,087－

Advisory Fees

24

SG&A

3,011－

583－

Rental Income

1,497

1,108

1,000

503

50.3%

Real Estate Sales / Dividends

1,424

Securities Sales / Dividends

594-535－-77－

Building Maintenance Fee

332

426

60.9%

Other32

Gross Profit

Revenues
Cost of Revenues

Operating Profit
Non-Operating Loss, net
Recurring Profit
Extraordinary Gain, net
Pre-tax Profit
Tax
Minority Interests
Net Profit (Loss)

573700

Revenues

4,104

1,380－

2,323－

1,953－

2,749－

Real Estate Management Fees

1047867－－

5703－－

Advisory Fees

24

Rental Income

402

Real Estate Sales / Dividends

51

Securities Sales / Dividends

490

Building Maintenance Fee

77

Other-61

1,807

1,300

2,041 157.0%

1,087

18

Appendix： Real Estate Data

19

Cumulative Assets Under Management
 Historic Cumulative AUM Exceeds ¥1 trillion
 Strong Long-Term Track Record of Managing Real Estate for Clients(billion yen, # of funds in parenthesis)

1,128.4(137)

1,200REIT64.0

Operating

1,164.5(141)64.0

1,175.1(141)64.0

1,175.4(141)64.0(As of May 2010)

Development

1,000

791.7(107)
62.0

800

498.8(70)

600

572.9

568.7

544.8

573.2

378.3

Operating
49%

56.0
400
538.2

531.8

519.6

538.2

351.4

87.1
223.5

38.7
64.8

/0

2/02/02/02/02/02/00405

06070809

10

1020

20

20

20

2020

20

20/0

5

126.3

20Development
46%

219.4

213.4(33)103.5(15)

200

REIT
5%

Assets Under Management
Assets managed within funds - does not include
investments held directly by AMH on B/S20

Assets Under Management
 Expertise across Full Spectrum from Development to Operating Assets
 90% of Current Portfolio is Comprised of Operating Assets(As of May 2010)

Development
8%(billion yen)

600.0
REIT

530.1

Operating

496.0

500.0

62.0
Development

Operating
92%

426.5

400.0
330.6

335.9

257.0

335.0

283.8

56.0

300.0

320.7
166.4

200.0

Breakdown of Equity Investors

123.4
312.1

78.8

Domestic Financial
Institution

259.9

66.4

9%

211.1

100.0

161.0

151.2

32.7

AMH
29%

105.9

100.0

10%

46.1

/0

220102010/022008
2009/0/022072006
2005
20/02/02/02/004

1%

23.8
523.80.020

Domestic
OperatingDomestic
Company Insurance Company

Overseas Operating
Company

6%

Overseas Pension Fund
33%

Overseas FinancialInstitution
13%

21

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

(Unit: # of buildings)

Other
3%

AUM by Location

Other
4

Nursinghomes2%

Nursing homes
8Residential
13%
Mixed8%

Office60%

Commercial
6%(As of May 2010)# of Properties by TypeOffice
39

Fukuoka
8%

Osaka
9%

Development
9%

AUM by Size

(Unit: # ofbuildings)

Other
6%
Kanto
Sendai
1%
2%

Residential
22

Mixed9# of Properties by Location

Nagoy a2%

Tokyo
71%

Development
3
Commercial
8Tokyo54# of Properties by Size

Sendai 2(Unit: # of buildings)
Kanto 20~1 bn yen
7%

10 bn yen~4

5~10 bn yen
10

10 bn yen~
23%

Osaka
6

Nagoya4Other
10

1~5 bn yen
43%
5~10 bn yen
27%

0~1 bn yen
25

Fukuoka15

1~5 bn yen
5422AMH 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
9Cap rates changed QoQ due to asset dispositions(As of May 2010)

Real Estate Investments held by Funds (SPCs)

Location

Acquisition value

Book value(after write-down)(Million yen, except for percentage data)

NOI

Cap rate (at acquisition)
NOI/acquisition value

Cap rate (current)
NOI/value after write-downTokyo

167,496

143,196

7,4145.2%

6.2%

Outside Tokyo

60,93843,921

3,381

5.9%

9.5%

Total

228,434

187,116

10,794

5.5%

7.6%

Real Estate Investments directly held by AMH(Million yen, except for percentage data)

Location

Acquisition value

Book value(after write-down)

NOI

Cap rate (at acquisition)
NOI/acquisition value

Cap rate (current)
NOI/value after write-down

Tokyo

3,113

2,245

173

6.4%

7.7%

Outside Tokyo

7,112

4,937

520

6.7%

10.2%

Total

10,226

7,182

694

6.6%

9.6%

ＮＯＩ（Net Operating Income）
NOI = rental income – management costs (taxes, property management fees and repairs)

23

These materials were prepared to explain the Company’s businesses and are not for the purpose of soliciting
investment in marketable securities issued by the Company. The Company does not guarantee the accuracyof the figures, information, estimates or other statements included herein, and accepts no responsibility fordamages or losses arising through the use of the figures, information, estimates or other statements
contained herein.
These materials are also based upon information available as of May 31, 2010, and contain forward-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 available as ofthis date. Actual operating results or developments concerning the Company may differ substantially fromthose indicated by forward-looking statements. The information enclosed is also subject to revision without
prior notice.

Contact:
Asset Managers Holdings Co., Ltd.
Accounting & Business Planning
TEL: +81-3-3502-4818 FAX:+81-3-3502-4801
E-mail： mail@assetmanagers.co.jp
www.assetmanagers.co.jp/english

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