Starts Corporation Inc. · TSE:8850

Starts — Q2 FY2017 Earnings Presentation

35 slides from Starts's earnings presentation, Nov 22, 2016

1. Slide 1: JIPX

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2. Slide 2: 1

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3. Slide 3: Overseas group companies

   Starts CAM(Cambodia)Corporation Starts Guam Golf Resort Inc. Starts Hotel(Cambodia)Corporation Starts International Hawaii Inc. Starts Estate Management (Cambodia)Corporation Starts Pacific Inc. Starts New York Realty,LLC. Starts(Cambodia)Corporation Starts Philippines Inc. Starts Facility Philippin

4. Slide 4: 3

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5. Slide 5: @SIARIS

   @SIARIS

6. Slide 6: @SIARIS

   @SIARIS Mt

7. Slide 7: 2.1 2.3% 0.9 1.0% 0.5 0.5% 0.4 0.5% 0.2 0.2%

   2.1 2.3% 0.9 1.0% 0.5 0.5% 0.4 0.5% 0.2 0.2% 6

8. Slide 8: 2017 2017 2016 75,000 73,132 80,991 2.4% 7,858 9.7% 7,800 8,918 8,858 +14.3% +59

   2017 3 2017 3 2016 3 75,000 73,132 80,991 2.4% 7,858 9.7% 7,800 8,918 8,858 +14.3% +59 +0.7% 7,500 8,231 8,789 +9.7% 558 6.3% 4,500 5,748 5,586 +27.7% +162 +2.9% 85.54 109.28 106.19 +27.7% +3.09 +2.9% 7

9. Slide 9: 21,576 2,528 2,464 32,641 21,668 2,485 2,466 30,697 1,943 3,175 401 524 3,731 2,175

   21,576 2,528 2,464 32,641 21,668 2,485 2,466 30,697 91 42 2 1,943 3,175 401 524 3,731 2,175 351 718 2,992 999 49 194 739 8

10. Slide 10: 2,784 6,974 1,723 1,683 12,703 6,521 1,842 1,667 9,918 452 119 16 182 215

    2,784 6,974 1,723 1,683 755 12,703 6,521 1,842 1,667 937 9,918 452 119 16 182 215 942 309 51 98 1,646 709 440 46 22 1,431 232 130 5 76 葛 9

11. Slide 11: Cae .

    Li Cae . 10

12. Slide 12: 70,000 7,000 60,000 6,000 ✓ , ✓ 50,000 5,000 ✓ 40,000 4,000 ✓ ,

    70,000 7,000 60,000 6,000 ✓ , ✓ 50,000 5,000 ✓ 40,000 4,000 ✓ , 30,000 3,000 , ✓ , 20,000 2,000 10,000 1,000 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 23,703 21,668 21,576 51,191 49,572 50,000 53,000 56,000 2,975 2,175 3,175 5,201 5,541 5,400 5,600 5,800 11

13. Slide 13: 60,000 ✓ 54,756 22,829 52,554 21,591 47,577 25,194 51,000 ,000 5,621 5,000 16,358 8,253

    60,000 ✓ 54,756 22,829 52,554 21,591 47,577 25,194 51,000 50,000 5,621 5,000 16,358 8,253 40,000 ✓ 30,000 43,888 43,500 2,485 37,408 5,470 20,000 36,056 5,457 10,000 19,219 18,600 15,553 ✓ 0 2,342 1,124 3,044 580 1,915 1,123 2,500 14/3 14/9 15/3 15/9 16/3 16/9 17/3 80,000 71,878 71,004 73,241 73,163

14. Slide 14: 216 30 200 27 27 25 167 22 150 19 20 145 20 16

    60 400 376 360 350 50 49 318 300 281 42 40 38 37 250 34 243 216 30 200 27 27 25 167 22 150 19 20 145 20 16 91 111 100 66 10 39 50 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 13

15. Slide 15: OSIRIS

    OSIRIS RB Ap EPL AH Bit REI FH CIEL RH = produced by AI-YEIyH WIARHeFt crépo BB .com . my = Rimiee BAY baw 2 ET) ana e4—et | = xittelt aFiCRiz AULA: 60" SSID SES PRD ob Bl BAELR BARRE IETS HSI ABR PHESEA FRC TRIE | UR RE RRMEAR TY HOTA DS AGERE EL OF =a- TRIBECOES RSSHLUKHOROO | seb SNRIEMRSBL | 2B

16. Slide 16: 7,000 2,100 6,000 1,800 5,000 1,500 ✓ , 4,000 1,200 ✓ 3,000 900 2,000

    7,000 2,100 6,000 1,800 5,000 1,500 ✓ , 4,000 1,200 ✓ 3,000 900 2,000 600 1,000 300 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 ✓ 2,371 2,485 2,528 5,540 5,857 6,100 6,300 6,600 425 351 401 1,634 1,644 1,500 1,600 1,700 7,000 2,100 6,000 1,800 5,000 1,500 4,000 1,200 3,000 900 2,000 600 1,000 300 0

17. Slide 17: OSIRIS

    OSIRIS AER — EX / 2405365 Bet 16

18. Slide 18: ✓ 3,832 600,000 3,482 3,482 3,482 82,000 3,439 76,500 3,681 71,000 500,000 67,086 3,486

    ✓ 3,832 600,000 3,482 3,482 3,482 82,000 3,439 76,500 3,681 71,000 500,000 67,086 3,486 ✓ 65,805 3,363 64,080 125,500 62,726 121,000 60,369 117,000 115,118 400,000 113,493 111,671 110,792 109,095 ✓ 300,000 ✓ 200,000 390,000 370,000 380,000 352,345 322,065 335,206 300,831 ✓ 285,690 100,000 0 14/9 15/

19. Slide 19: 160,000 ✓ 13,000 140,000 12,500 12,000 11,610 11,639 10,337 10,548 ✓ 10,093 120,000 48,000

    160,000 ✓ 13,000 140,000 12,500 12,000 11,610 11,639 10,337 10,548 ✓ 10,093 120,000 48,000 43,500 ✓ 39,000 34,353 34,928 35,620 36,423 33,043 100,000 80,000 60,000 88,357 89,189 88,521 89,279 89,006 90,000 90,500 91,000 40,000 20,000 0 14/9 15/3 15/9 16/3 16/9 17/3 18/3 19/3 ✓ 18

20. Slide 20: 90,000 9,000 ✓ 80,000 8,000 70,000 7,000 ✓ 60,000 6,000 ✓ ,000 5,000 40,000

    90,000 9,000 ✓ 80,000 8,000 70,000 7,000 ✓ 60,000 6,000 ✓ 50,000 5,000 40,000 4,000 30,000 3,000 ✓ 20,000 2,000 ✓ 10,000 1,000 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 29,210 30,697 32,641 60,075 63,069 69,000 71,600 75,500 3,196 2,992 3,731 6,394 6,285 7,400 7,700 8,100 19

21. Slide 21: 15/9 3,030 3,648 16/9 3,135 3,806 1,000 2,000 3,000 4,000 ✓ ✓ 15/9 5,488

    15/9 3,030 617 3,648 16/9 3,135 671 3,806 0 1,000 2,000 3,000 4,000 ✓ ✓ 15/9 5,488 3,364 8,853 16/9 5,736 3,539 9,275 ✓ 0 2,000 4,000 6,000 8,000 10,000 , 15/9 13,762 4,433 18,195 16/9 14,796 4,762 19,558 0 5,000 10,000 15,000 20,000 20

22. Slide 22: @SIARIS

    @SIARIS OZ mall wo» 1219208

23. Slide 23: 30,000 2,000 ✓ ✓ 24,000 1,500 ✓ 18,000 1,000 ✓ 12,000 6,000 0 0

    30,000 2,000 ✓ ✓ 24,000 1,500 ✓ 18,000 1,000 ✓ 12,000 500 6,000 0 0 △ 500 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 847 12,703 2,784 13,968 13,926 28,000 2,100 26,000 △ 255 1,646 215 △ 78 1,057 0 △ 200 400 22

24. Slide 24: a rca SAt®) (ims OF gy OHZUY

    a rca SAt®) (ims OF gy OHZUY itm ge ope on @ Fe | ‘ iti bef AMET a Ul san), ABBY AE EE EA t 1 So EAR Mt AW Le As f \J "deg 77" @ og Fi 2° 2 Wee omen | Al ose MS & / MET Ne | aut a HO * teem pie My REN | eal BRULO = r PRET 5 iE gate ANN 23

25. Slide 25: * Apy78sne

    * Apy78sne ae ‘amy é ‘ont r = : 7 es PUIPIFIF AR ae, 4 pi © ania ARO Jains VER at age 24

26. Slide 26: 20,000 2,000 ✓ 16,000 1,600 ✓ 12,000 1,200 ✓ 8,000 4,000 400 ✓ 0

    20,000 2,000 ✓ 16,000 1,600 ✓ 12,000 1,200 ✓ 8,000 800 4,000 400 ✓ 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 5,945 6,521 6,974 12,51413,23814,00016,00018,500 574 709 942 1,127 1,371 1,200 1,200 1,600 25

27. Slide 27: 7,000 1,400 ✓ 6,000 1,200 ✓ 5,000 1,000 4,000 ✓ ✓ 3,000 600 ✓

    7,000 1,400 ✓ 6,000 1,200 ✓ 5,000 1,000 4,000 800 ✓ ✓ 3,000 600 ✓ 2,000 400 1,000 200 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 1,444 1,842 1,723 3,225 3,840 4,700 5,100 6,100 307 440 309 701 762 1,000 1,000 1,100 26

28. Slide 28: 4,000 ✓ 3,000 ✓ 2,000 1,000 14/9 15/9 /9 15/3 16/3 17/3 18/3 19/3

    4,000 400 ✓ 3,000 300 ✓ 2,000 200 1,000 100 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 1,623 1,667 1,683 3,484 3,510 3,100 3,100 3,300 45 46 51 239 194 100 100 200 2,500 500 ✓ 2,000 400 1,500 300 1,000 200 500 100 0 0 14/9 15/9 16/9 15/3 16/3 17/3 18/3 19/3 939 937 755 2,098 1,772 1,700 1,800 1,900

29. Slide 29: 1,200 1,000 400 88 87 89 82 100 74 75 75 74 69 55

    1,200 300 1,000 232 235 205 809 197 736 800 731 200 680 600 400 88 87 89 82 100 74 75 75 74 69 55 57 200 38 0 0 13/9 14/9 15/9 16/9 2,400 563 600 523 498 2,000 2,000 474 500 436 1,820 416 1,648 1,510 1,567 1,601 1,600 363 400 1,283 1,200 300 210 185 190 205 164 179 185 180 800 124 160 161 163 176 20

30. Slide 30: 2,000 1,800 33 7 10 4 2 17 12 51 170 1 12 1

    2,000 19 210 4 61 11 17 4 1,800 185 190 16 47 2 10 1 140 18 33 7 10 4 2 17 12 51 170 1 12 1 1,600 20 31 13 38 260 7 1 0 1 32 160 132 150 11 10 125 280 1,400 35 31 21 2 34 139 81 139 130 77 1,200 74 62 110 63 755 1,000 716 690 600 630 90 20 800 16 18 13 17 70 16 17 61 16 16 15 600 58 66 46 53 54 63 5

31. Slide 31: @SIARIS

    @SIARIS 30

32. Slide 32: 2,400 2,300 40.0 2,210 37.6 1,970 35.0 35.0 34.4 33.6 1,937 33.5 2,000 1,789

    2,400 2,300 40.0 2,210 37.6 1,970 35.0 35.0 34.4 33.6 1,937 33.5 2,000 1,789 1,805 1,725 1,736 30.1 30.0 1,672 29.1 1,600 20.8 1,200 20.0 864 810 782 787 774 785 800 738 689 671 689 648 630 606 600 538 575 504 10.0 358 400 0 0.0 14/3 14/9 15/3 15/9 16/3 16/9 17/3 18/3 19/3 % 31

33. Slide 33: BIM

    MACHI WOOD BIM 32

34. Slide 34: ©K.MIURA

    ©K.MIURA K.MIURA ©Hideo MORI © ©Getty Images © 33

35. Slide 35: OSIRIS

    OSIRIS 03-6202-0111 JPX || 34

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