Tokyu Fudosan Holdings Corp. · TSE:3289

Tokyu Fudosan — FY2021 Earnings Presentation

72 slides from Tokyu Fudosan's earnings presentation, 2022

Slide 1: Financial Highlights FY2021 Ended Mar-31, 2022
Securities Code : 3289 Financial Highlights FY2021 Ended Mar-31, 2022 @ TOKYU FUDOSAN HOLDINGS WE ARE GREEN Create Value for the Future
Slide 2: Forward-looking statements notice
The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, any statements herein do not constitute assurances regarding actual results by the Group. Actual performance may significantly
Slide 3: Contents
| Contents | * Summary of Financial Results for FY2021, and Forecast for FY2022 > + + + 3 * Segment Overview eee 15 * Sustainability and DX Initiatives oe se 35 ¢ Financial Capital Strategy oe 6 6 AG * Reference eee 6 53 © TOKYU FUDOSAN HOLDINGS CORPORATION 2. SESS
Slide 4: Summary of Financial Results for FY2021, and Forecast for FY2022
Summary of Financial Results for FY2021, and Forecast for FY2022 © TOKYU FUDOSAN HOLDINGS CORPORATION
Slide 5: FY2021 Highlights
| FY2021 Highlights | Topics Contents Positioned as the Restructuring phase in the Long-term management policy Announcement of announced in May 2021, to promote the improvement of earning power and Mid-term management plan 2025 _ efficiency for the further re-growth in the post Covid-19. Aiming to b
Slide 6: FY2021 Operating Results
| FY2021 Operating Results | Both profit and revenue increased from the previous year, net income also exceeded the forecast, and dividends increased by 1.0 yen from the previous year and the forecast. in recast news recast’ Operating Revenue 907.7 989.0 81.3 1,010.0 (21.0) Operating profit 56.5 83.
Slide 7: FY2021 Segment performance
| FY2021 Segment performance | Both revenue and profit increased in all segments compared to the previous year, and asset sales progressed steadily. FY2021 | Compa illion) FY2020 FY2021 |Compariso1 inl note Forecast | (Fore Operating revenue 907.7 989.0 81.3 1,010.0 (21.0) Urban Development 316.7 32
Slide 8: FY2021 Analysis of segment performance
| FY2021 Analysis of segment performance | +27.3 billion yen compared to FY2020, +32.4 billion yen before transfer of loss on the COVID-19 Property Management business +1.7 billion yen: +2.5* billion . Increase in real estate agent sales due to active real estate Wellness business +6.1 billion yen:
Slide 9: FY2021 Summary of balance sheets
| FY2021 Summary of balance sheets | Increase in real estate for sale due to progress in investments, etc. FY2020 | FY2021 aii FY2020 | FY2021 Ct Mar-2021 | Mar-2022 (CCsMten Mar-2021 | Mar-2022 ris Cash and deposits 190.0 154.0 (36.0) Interest-bearing Debt 1,478.8} 1,421.7 (57.1) Real estate for sa
Slide 10: Market value appraisal for leased properties
| Market value appraisal for leased properties | Unrealized profit of leased properties increased thanks to the firm real estate market. (¥ billion) Rigiea irictizah omparison Remarks Mar-2021 | Mar-2022 Carrying Value 838.3 764.0 (74.3) CMarket value at the end of the fiscal year is calculated by o
Slide 11: Summary of Cash flow
| Summary of Cash flow | Progress in investment in inventory and noncurrent assets _ in Main factors for changes Net cash provided by (used in) 1+55.9 billion yen of profit before income taxes 100.4 76.5 }+43.3 billion yen of depreciation operating activities (19.8) billion yen for purchase of Inven
Slide 12: Business environment by segment
Vacancy rates and office rent have not fluctuated significantly, but intensity of rent fluctuates by area. Providing a variety of workspaces to accommodate the diversification of work styles accelerated by the Covid-19. The impact of the Covid-19 continues to be seen mainly in the urban area, but su
Slide 13: FY2022 Performance forecasts and major indicators
| FY2022 Performance forecasts and major indicators | Record-high operating profit is expected, including prior to the consolidation as a holding company. Ce d to th iod (¥ bill Fy2021 age ‘omparison CIM PEUCNEO UNTO Forecast last year Operating Revenue 989.0] 1,000.0 11.0 Operating profit 83.8 90.0
Slide 14: FY2022 and Segment performance forecasts
| FY2022 and Segment performance forecasts | Strengthening rotational business in a favorable market environment FY2022 (¥ billion) Fy2021 Comparison Forecast note Operating revenue 989.0} 1,000.0 ret Urban Development 325.8 335.0 Strategic Investment 67.0 83.0 eo Property Management & Operation 383
Slide 15: FY2022 Earnings forecasts and analysis of segment performance
| FY2022 Earnings forecasts and analysis of segment performance | +6.2 billion yen compared to FY2021, +7.7 billion yen before transfer of loss on COVID-19 + Property Management business +3.1 billion yen + Increase in real estate agent sales due to active real estate + Wellness business +5.6 billion
Slide 17: Urban Development: FY2021 Results and FY2022 Forecasts
| Urban Development @ FY2021 Results and FY2022 Forecasts | FY2021: Profit increased as a result of increased sales of offices and commercial facilities FY2022: Profit is expected to be decreased due to a decrease in the number of residential units for sale. {Breakdown of sales in Urban Development)
Slide 18: Urban Development: Vacancy Rate and Rent
| Urban Development @ Vacancy Rate and Rent | As of March 31, 2022, Vacancy rate 1.3% Average office rent 28,220 yen (Month/Tsubo) (Tenants actually moving in and out, including Office buildings and Commercial facilities) Vacancy Rate Rent (¥/Month/Tsubo) 12% Tsubo = 3.3mi ¥30,000 10% ¥25,000 8% ¥20
Slide 19: Major projects timeline
FY2021 FY2022 FY2023 After FY2024 Or Before Jingumae 6-chome Block Redevelopment Project
Slide 20: Urban Development: Major projects (Greater Shibuya area)
| Urban Development @ Major projects (Greater Shibuya area) | Several projects are ongoing in the Greater Shibuya area. © Redevelopment Project © Commercial facility © Office building © Properties owned by Activia Properties Inc. © Propertiesjoint capital investment with Norges Bank Redevelopment Pr
Slide 21: Urban Development: Initiatives in COVID-19 (GREEN WORK STYLE)
| Urban Development © Initiatives in COVID-19 (GREEN WORK STYLE) | Provide tenants with a one-stop service that leverages the Group's business domain to meet diverse office needs Multiple workplaces Environmental Initiatives Provide multiple and flexible workplaces to suit diverse work styles Suppor
Slide 22: Urban Development: Condominium index
| Urban Development © Condominium index | BRANZ Contract ratio at the beginning of FY2022 was 58% «Major upcoming projects) Accounting ye: FY2020 FY2022 Forecast Pete tame ni No. of units sold 1,777 2,194 1,215 FY2023 |HARUMI FLAG 4,145] ‘Average price per unit (million yen) 60 64 69 /BRANZ Tower Os
Slide 23: Strategic Investment: FY2021 Results and FY2022 Forecasts
| Strategic Investment @ FY2021 Results and FY2022 Forecasts | FY2021: Profit increased due to unordinary gains in overseas business, etc. FY2022: Profit is expected to be decreased due to absence of unordinary gains in overseas business and increase in expenses, etc. Full-year (¥ billion) | FY2020
Slide 24: Strategic Investment: Renewable energy business
| Strategic Investment @ Renewable energy business | The number of operating properties has increased, and it has grown to make a stable contribution to earnings Projects acquired (As of March 31, 2022) Portfolio (As of March 31, 2022) Properties in operation: 66 (solar: 62, wind power: 4) Ps esiqem
Slide 25: Strategic Investment: Expansion of renewable energy business
| Strategic Investment @ Expansion of renewable energy business | Achieve further expansion with solid business promotion for committed properties and active acquisition of new projects ReEENE »>: Investment amount and operating property transition mae noms eee [¥billion] =ainvestments in properties
Slide 26: Strategic Investment: Assets expansion in renewable energy business
| Strategic Investment @ Assets expansion involved in renewable energy business | Aim to acquire know-how, expand assets, and diversify revenue sources through various partnerships Sponsorship Support Acquire business opportunities and complement EPC and O&M functions. Investment* Establishment of i
Slide 27: Creating business opportunities by developing agricultural areas
〈Portfolio〉 Creating business opportunities by developing agricultural areas in conjunction with the logistics
Slide 28: Strategic Investment: Overseas operations
| Strategic Investment © Overseas operations | 17 projects are in progress in the United States. 425 Park Avenue NewYork Office RedevelopmentProject 47 stories above ground with 2 basements Completed in January 2021 My Portland(1) New York(1) e Bay Area(3) Washington DC(1)_ J A @ Los Angeles(2) Char
Slide 29: Property Management & Operation: FY2021 Results and FY2022 Forecasts
| Property Management & Operation @ FY2021 Results and FY2022 Forecasts | Increase in both FY2021 and FY2022 mainly due to recovery from the Covid-19, etc., led by the wellness business Full-year (¥ billion) FY2020 | FY2021 [Comparison note Forecast Operating revenue 351.2 383.8 32.5 390.0 (6.2) Pro
Slide 30: Property Management & Operation: Stock of properties
| Property Management & Operation @ Stock of properties | Expand managed stocks and liquidate unprofitable projects by leveraging management expertise in a variety of assets. Condominium Management Stock Trends Major properties under management m Under comprehensive management m Under facility manag
Slide 31: Property Management & Operation: Main projects and Operating ratio
| Property Management & Operation @ Main projects and Operating ratio | Promote diverse developments such as Harvest Club, a membership resort for some of the hotels operated by other companies, and condominiums. ROKU KYOTO, LXR Hotels & Resorts Tokyu Harvest Club Kyoto Resort hotel Higashiyama Open
Slide 32: Property Management & Operation: New Initiatives in COVID-19
| Property Management & Operation @ New Initiatives in COVID-19 | Decided to transfer shares (100%) and receivables of Tokyu Hands to maximize the values to customers and of the business < Outline of the transfer > «Reason for the transfer + Transferee: Cainz Corporation The spread of COVID-19 has f
Slide 33: Real Estate Agents: FY2021 Results and FY2022 Forecasts
| Real Estate Agents @ FY2021 Results and FY2022 Forecasts | Due to the active real estate market, profit increase in both FY2021 and FY2022, mainly in the real estate agents. Full-year (¥ billion) | FY2020 | FY2021 |Comparison note Forecast |Comparision Operating revenue 212.3 234.5 22.2 232.0 2.5
Slide 34: Real Estate Agents: Performance indicators in sales agent
| Real Estate Agents @ Performance indicators in sales agent | Further increase in number and amount of transactions planned for both retail and wholesale FY2021 Wholesale Highlights Rate of change YoY No. of transactions 27,656 1,094 28,750 URetail (units) +12.1% +12.2% +12.2% + Both the number of
Slide 35: Real Estate Agents: Changes in properties under management
| Real Estate Agents @ Changes in properties under management | Aim at achieving stable revenue growth by expanding management stock Rental housing Management Stock Trends Major properties under management 120 110 100 “a oo » = Y) 18/3 19/3 20/3 21/3 22/3 23/3 Plan (Units: thousand] 87 93 99 107 117
Slide 36: Sustainability and DX Initiatives
Sustainability and DX Initiatives © TOKYU FUDOSAN HOLDINGS CORPORATION 35, nnn nnn nnncccccncnnnncnnnnnnnnnnnnnnnnnnnnneneneeeeeeee ener errr eee eee
Slide 37: Materiality and KPI
| Materiality and KPI | We will aim to achieve non-financial KPI based on materialities. + Customer satisfaction level* 95% 90% or more 90% or more we CCA OEE Gi 50cases or more 100cases or more So lifestyles + Products and services that contribute 20cases Lifestyle to the Lifestyles Creation 3.0 (1
Slide 38: Topics (Sustainability)
| Topics (Sustainability) | oe 3 M TLC's RE100 achievement is moved up to 2022 Environment Strengthen environmental practicesin each project "ZEB Ready’ certification Sapporo Susukino EkimaeComplex Development Project * tentative Environment By leveraging its strength in expanding renewable energy b
Slide 39: Initiatives to realize a decarbonized society
| Initiatives to realize a decarbonized society | Promote various initiatives to achieve SBT 1.5°C target for FY2030, and CDP selected as A-list International Agreement concn Paris Agreements PARIS 2015 Keep the increase in temperature to well below +2°C ON CORTE ANE SOMEONE and strive for +1.5°C (p
Slide 40: Endorsement of GX League
₂ ₂ ₂ Tokyu Land Corporation endorses the basic concept and participates in the preparation for the full-scale operation of GX League.
Slide 41: Disclosure on governance, strategy, risk management, and targets
• • • ✓ • • • • • • ✓ • • • • • • • • ✓ • • • ✓ • • Disclosure broken down into governance, strategy, risk management, and indicators and targets
Slide 42: Specific initiatives to realize a decarbonized society (RE100)
| Specific initiatives to realize a decarbonized society (RE100) | Tokyu Land Corporation has moved up its RE100 achievement target to 2022 ot RE <Background) ea 2019 : The first company in the real estate industry to join RE100. Target to be achieved by 2050 2021 : Steady expansion of renewable ene
Slide 43: Corporate Governance
| Corporate Governance | SF Governance Establish a governance system that contributes to ensuring sound and transparent management and strengthening the system for implementing the long-term management policy. «Corporate Governance Structure) <System of Remuneration for Officers) . Improved linkage
Slide 44: External evaluations
❬ ❭ ●Selected - Not selected / No evaluation
Slide 45: Roadmap for Value Creation through DX
| Roadmap for Value Creation through Dx | Se Dx By 2025, the group will promote labor-saving operations and the sophistication of customer contact, aiming for discontinuous and exponential growth by 2030 GROUP VISION 2030 Create value for the future 2021 2025 2030 Resilience phase Discontinuous and
Slide 46: Online club activity support service
Online club activity support service
Slide 47: Financial Capital Strategy
Financial Capital Strategy © TOKYU FUDOSAN HOLDINGS CORPORATION 46, nnn nnn nnncccccncnnnncnnnnnnnnnnnnnnnnnnnnneneneeeeeeee ener errr eee eee
Slide 48: Asset breakdown by segment
〈Asset breakdown by segment 〉 Rreal Estate Agents 221.8 Property Management & Human capital Operation utilization 403.4 625.3 Total assets Urban （Before adjustments） Development 2,716.4 1,627.5 Asset utilization Strategic 2,091.1 Investment 463.6 * Figures in parentheses are ROA of Asset-utilizing b
Slide 49: ROA and ROE
Companywide/ Excluding amortization
Slide 50: Financial Capital Strategy
| Financial Capital Strategy @ | Teese = Maintain financial discipline by executing hybrid financing and taking other steps. hee Net assets mam Equity mam Interest-bearing Debt nities , [¥billion] —eDebt Equity ratiio =e Debt/EBITDA ratio 1,600 20.0x Rating Institution: Japan Credit Rating Agency Y
Slide 51: Dividends
[Yen] [Yen] * Dividends before interim dividends for the fiscal year ended March 2014 are those paid by Tokyu Land Corporation.
Slide 52: Capital allocation
70% 50% 50.0 billion/18％ 10.0 billion/5%
Slide 53: Issuance of sustainability-linked bond
| Issuance of sustainability-linked bond | Issuance of sustainability-linked bond as the first step of the WE ARE GREEN Bond Policy « Outline of sustainability-linked Bond (The 26th Unsecured Corporate Bond) > Term 10-year Issue Amount 10 billion yen Interest rate 0.300% per annum (Pricing Date: Oct
Slide 55: Trends in business performance
| Trends in business performance | a an 70 E 14.0 ] ; 40 _ 8.0 * ‘Net income’ was replaced with ‘profit attributable to owners of parent’ in the fiscal year ended March 31, 2016. ** ROA of Asset utilization business © TOKYU FUDOSAN HOLDINGS CORPORATION 54
Slide 56: Reorganization of Business Segment
| Reorganization of Business Segment | We have been reorganized into four business segments from the previous seven business segments from the perspective of human capital and asset utilization from FY2021. Urban Development Residential Property Management Real Estate Agents Wellness Tokyu Hands Inn
Slide 57: Segment names
Urban Development(～2020) Property Management Wellness Tokyu Hands Innovation business Real-Estate Agents Residential
Slide 58: Process for Value Creation
| Process for Value Creation | We create unique and original business models by tackling social issues, and achieve sustainable growth by linking the value created to stakeholder satisfac Outputs (Value provided through businesses) Lifestyle Creation 3.0 ‘SUSTAINABLE DEVELOPMENT GOALS ‘Themes of our
Slide 59: Business offerings by lifestyle
Commercial facilities Proposals for Hotels Play Styles Proposals for Golf courses Play Styles Ski resorts Proposals for Proposals for Home Styles Work Styles Condominiums Office Proposals for Proposals for Detached Home Styles Work Styles Buildings Houses * From the 2019 Integrated Report
Slide 60: Basic Policy for Increasing Shareholder Value and Corporate Value
| Basic Policy for Increasing Shareholder Value and Corporate Value | We will aim to enhance shareholder value and corporate value by realizing efficiency-conscious profit growth under an optimum financial capital structure. Asset Control Liability and Equity Control fficient Improvement of Existing
Slide 61: Office vacancy and rent trends
12.0 150.0 Chiyoda-ku 10.0 140.0 Chiyoda-ku Chuo-ku Minato-ku Chuo-ku 8.33 130.0 131.9 8.0 Minato-ku Shinjyuku-ku Shinjyuku-ku 122.2 Shibuya-ku 6.23 120.0 6.0 116.8 5.63 114.8 4.0 4.93 110.0 2.0 100.0 0.0 90.0 12/1 13/1 14/1 15/1 16/1 17/1 18/1 19/1 20/1 21/1 22/1 12/1 13/1 14/1 15/1 16/1 17/1 18/1
Slide 62: Office portfolio by area and completion year
〈Area〉〈Completed year〉 Metropolitan 4districts After 2011 658 thousand ㎡（90%） 43 buildings 328 thousand ㎡（45%） 9 buildings Kansai 1% -1980 2% 11 [1] 17 [6] Other metropolitan area 1% Chiyoda-ku 1981-1990 11% 7 [1] 77 [9] 10% 77 [6] 1991-1995 5% Other Tokyo districts Chuo-ku 39 [8] 8% 56 [5] 10% 73
Slide 63: Development of Business to Address Social Issues
| Development of Business to Address Social Issues | Diversification of working styles) Developing workspaces that leverage our diverse assets City center Center office Flexible office* QUICK Shared space Leasingconference room INFIELD <B SAP Residential space Exclusive internal unit space*** BRANZ
Slide 64: Commercial facilities features
| Commercial facilities features | Developing commercial facilities in convenient areas, primarily in the Tokyo metropolitan area and the Kansai area. (Features of our commercial facilities> Locations that are commercially busy and TOKYU OLAZA Q2 plaza convenient in terms of transportation Other Are
Slide 65: Transition in total floor area and AUM in Urban Development Segment
| Transition in total floor area and AUM in Urban Development Segment | Promote expansion of assets involved {Total floor area) Thousand nit 2,000 = Commercial facilities § Office buildings 1,617 1,484 1,579 1500 25438 1,427 1,000 500 18/3 19/3 20/3. = 21/3 22/3 <AUM) ¥billion Private REITs, etc. 1,
Slide 66: Condominiums for Sale Market
| Condominiums for Sale Market | The number of units supplied remains stable at a low level. Average price remains high. «New condominiums sold in the Tokyo metropolitan area and average price) [Number of units] [¥ thousand] 100,000 70,000 Number of units sold ——Avarege price 62.600 80,000 60,000 60
Slide 67: Major office buildings
| Major office buildings | Own 50 buildings mainly in 4 central wards of Tokyo No. of : : 7 : etileines Major properties [Building] Shibuya Dogenzaka Tokyu 1983 Unosawa Tokyu 1984 Shibuya Shin-Minamiguchi 2000 Ebisu Business Tower 2003 Shibuya-ku 19 Shibuya Square 2004 Shibuya Minami Tokyu 2005 Shib
Slide 68: Major commercial facilities
| Major commercial facilities | The Group operates 24 locations in the Tokyo area and 7 locations in Kansai and other regions. Area i Si Ie ifr frre xeric r built facilities [Commercial facilities] Tokyu Plaza Kamata 1968 Tokyu Plaza Akasaka 1969 41 Shibuya BE AM 1992 7 DECKS Tokyo Beach 1997 a5 Gla
Slide 69: Major renewable energy facilities
| Major renewable energy facilities | The Group is advancing businesses through 69 solar power generation projects, 10 wind power generation projects and 2 biomass power generation projects. eel Suzuran Kushirocho Kushiro-gun Kushiro-cho, Hokkai-do ReENE Tomakomai ‘Tomakomai-shi, Hokkaido ReENE RJ U
Slide 70: Major operating facilities
| Major operating facilities | The Group operates 64 hotels, 8,860 rooms Name of facilities ITeteshina Hakone Myojindai Urabandai Grandeco Kyoto Takagamine Katsura Madarao Nasu VIALA annex Kyoto Takagamine 2750 Hamanako. Tateshina Annex Kyu Karuizawa Annex Nasu Retreat 5 |Amagi Kougen Skijam Katsuya
Slide 71: Past performance (financial)
| Past performance (financial) | (¥ million) 82013 | F204 | y2015 | F206 | Fy2017 | Fv2018_ | Fy2019_ | Fv2020_ | F¥2021_ Operating revenue 714,067 773,149 815,479 808,503 866,126 901,884) 963,198 907,735 989,049 Operating profit 61,433 63,300 68,750 73,227 77,519 80,205 79,312 56,517 83,817 Ordinar
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Tokyu Fudosan Holdings — FY2021 Earnings Presentation on 6ix

Tokyu Fudosan — FY2021 Earnings Presentation

Slide 1: Financial Highlights FY2021 Ended Mar-31, 2022

Slide 2: Forward-looking statements notice

Slide 3: Contents

Slide 4: Summary of Financial Results for FY2021, and Forecast for FY2022

Slide 5: FY2021 Highlights

Slide 6: FY2021 Operating Results

Slide 7: FY2021 Segment performance

Slide 8: FY2021 Analysis of segment performance

Slide 9: FY2021 Summary of balance sheets

Slide 10: Market value appraisal for leased properties

Slide 11: Summary of Cash flow

Slide 12: Business environment by segment

Slide 13: FY2022 Performance forecasts and major indicators

Slide 14: FY2022 and Segment performance forecasts

Slide 15: FY2022 Earnings forecasts and analysis of segment performance

Slide 16: Segment Overview

Slide 17: Urban Development: FY2021 Results and FY2022 Forecasts

Slide 18: Urban Development: Vacancy Rate and Rent

Slide 19: Major projects timeline

Slide 20: Urban Development: Major projects (Greater Shibuya area)

Slide 21: Urban Development: Initiatives in COVID-19 (GREEN WORK STYLE)

Slide 22: Urban Development: Condominium index

Slide 23: Strategic Investment: FY2021 Results and FY2022 Forecasts

Slide 24: Strategic Investment: Renewable energy business

Slide 25: Strategic Investment: Expansion of renewable energy business

Slide 26: Strategic Investment: Assets expansion in renewable energy business

Slide 27: Creating business opportunities by developing agricultural areas

Slide 28: Strategic Investment: Overseas operations

Slide 29: Property Management & Operation: FY2021 Results and FY2022 Forecasts

Slide 30: Property Management & Operation: Stock of properties

Slide 31: Property Management & Operation: Main projects and Operating ratio

Slide 32: Property Management & Operation: New Initiatives in COVID-19

Slide 33: Real Estate Agents: FY2021 Results and FY2022 Forecasts

Slide 34: Real Estate Agents: Performance indicators in sales agent

Slide 35: Real Estate Agents: Changes in properties under management

Slide 36: Sustainability and DX Initiatives

Slide 37: Materiality and KPI

Slide 38: Topics (Sustainability)

Slide 39: Initiatives to realize a decarbonized society

Slide 40: Endorsement of GX League

Slide 41: Disclosure on governance, strategy, risk management, and targets

Slide 42: Specific initiatives to realize a decarbonized society (RE100)

Slide 43: Corporate Governance

Slide 44: External evaluations

Slide 45: Roadmap for Value Creation through DX

Slide 46: Online club activity support service

Slide 47: Financial Capital Strategy

Slide 48: Asset breakdown by segment

Slide 49: ROA and ROE

Slide 50: Financial Capital Strategy

Slide 51: Dividends

Slide 52: Capital allocation

Slide 53: Issuance of sustainability-linked bond

Slide 54: Reference

Slide 55: Trends in business performance

Slide 56: Reorganization of Business Segment

Slide 57: Segment names

Slide 58: Process for Value Creation

Slide 59: Business offerings by lifestyle

Slide 60: Basic Policy for Increasing Shareholder Value and Corporate Value

Slide 61: Office vacancy and rent trends

Slide 62: Office portfolio by area and completion year

Slide 63: Development of Business to Address Social Issues

Slide 64: Commercial facilities features

Slide 65: Transition in total floor area and AUM in Urban Development Segment

Slide 66: Condominiums for Sale Market

Slide 67: Major office buildings

Slide 68: Major commercial facilities

Slide 69: Major renewable energy facilities

Slide 70: Major operating facilities

Slide 71: Past performance (financial)

Slide 72: Slide 72