Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 15, 2024
Ichigo Inc. (Tokyo Stock Exchange Prime, 2337)
Representative: Scott Callon, Chairman
Inquiries: Takanori Sakamatsu, Executive Managing Director
Telephone: +81-3-4485-5221 www.ichigo.gr.jp/en

Updated Ichigo 2030 KPIs
Ichigo is updating the KPIs of its Ichigo 2030 vision initially disclosed in the April 17,
2019 release “Power Up 2019 Mid-Term Business Plan Achievement & New Ichigo
2030 Vision.”
1. Ichigo 2030 Rationale
The central pillar of Ichigo 2030 is for Ichigo to build upon its capabilities as asustainable infrastructure company to pursue new opportunities for value creation andgrowth for tenants, shareholders, and local communities. Ichigo is working to grow bothits earnings and its earnings stability, generating new earnings streams that are lesssensitive to changes in real estate market conditions.
2. Ichigo 2030 KPI Update RationaleIchigo focuses on maximizing long-term cash flows for shareholders. The ability togenerate cash underpins profitability, and robust cash generation funds growthinvestments and share buybacks that drive long-term growth in shareholder value.
Executing on this focus to grow value for shareholders, Ichigo achieved record-highstock earnings in FY24/2 and is working to further strengthen the sustainability anddurability of its earnings. Ichigo is establishing its stock earnings/fixed expenses ratio asa new KPI. In addition, Ichigo is strengthening its shareholder returns and raising its
DOE (Dividend on Equity) target set in conjunction with Ichigo’s progressive dividend
policy.
Ichigo believes that companies exist to serve society and need to address critical social
issues. It is therefore setting new KPIs that address Ichigo’s contribution to asustainable planet.

13. Updated Ichigo 2030 KPIs (FY25/2-FY30/2)
High Capital Productivity & High Cash Flow Generation
1. Cash ROE >18%
2. ROE >15%
3. Economic Operating Cash Flow > Net Income[FY20/2~FY30/2 Continuous JPX-Nikkei 400 Index Inclusion (Discontinued)]
Ichigo is focused on maximizing long-term cash flows for shareholders. It continues tostrengthen this commitment to generating the highest possible economic earnings (cashearnings) for shareholders. However, the JPX-Nikkei 400 index uses accounting
earnings, not economic earnings, as its key KPIs, which is inconsistent with Ichigo’s
approach to growing shareholder value.
High Earnings Stability
1. FY30/2 Stock Earnings Ratio >60%
2. Stock Earnings/Fixed Expenses Ratio >200% (New)Shareholder Return Policy
1. Progressive Dividend Policy
Ichigo will continue its progressive dividend policy originally adopted in FY17/2, in
which the dividend is maintained or raised every year.
2. DOE >4% (Increased from DOE >3%)
3. Flexible Deployment of Share Buybacks
Ichigo flexibly conducts share buybacks to optimize its capital structure and growshareholder value.
Work for a Sustainable Planet (New)
1. Ichigo Climate Positive: CO2 Reduction > Emissions
Ichigo CO2 reduction via clean energy power production exceeds CO2 emissions
2. RE100: 100% renewable electricity across all operations by 2025
3. CDP Leadership Levels
Climate Change: AWater Security: A (Currently A-)
Reference
Cash ROE= Cash Net Income (Net Income + Non-Cash Expenses) / Period Average
Shareholders’ Equity
Stock Earnings: Primarily Rental Income, Power Generation Revenues, Base AM Fees
Fixed Expenses: Fixed SG&A + Interest Expenses

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Summary of Updated Ichigo 2030 KPIs
High Capital Productivity & High Cash Flow Generation
Cash ROE >18% (New)ROE >15%
Economic Operating Cash Flow > Net Income
High Earnings Stability
FY30/2 Stock Earnings Ratio >60%
Stock Earnings/Fixed Expenses Ratio >200% (New)Shareholder Return Policy
Progressive Dividend Policy
DOE >4% (Increased from >3%)
Flexible Deployment of Share Buybacks
Work for a Sustainable Planet (New)
Ichigo Climate Positive: CO2 Reduction > Emissions
RE100: 100% Renewable Electricity Across All Operations by 2025
CDP Leadership Levels

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