Ending December 31, 2021)

Presentation Material for the 1st Quarter of FY2021 (Ending December 31, 2021)

May 12, 2021 Contents

■ Summary p.3 ■ Appendix p.29

■ Consolidated Statement of Income p.4 Long-Term Vision and Medium-Term Business Plan p.30 for the First Quarter of FY2021 ■ Consolidated Balance Sheet p.5 Progress of Investment Plans p.36 for the First Quarter of FY2021 Investment Plan for FY2021 p.37 ■ Balance of Real Estate for Sale p.7 Medium-Term Business Plan Progress Report p.38 ■ Main Impacts of the COVID-19 Pandemic p.8 Shareholder Returns p.39 ■ Assessment of the Market Environment and p.9 Future Policies Fair Value of Rental Properties p.40

■ ESG Report: Recent Initiatives p.10 Commercial Properties Business: p.41 Major Development Projects ■ Full-Year Earnings Forecast for FY2021 p.11 Commercial Properties Business: p.42 ■ Business Results by Segment p.12 Features of the Yaesu-Nihonbashi-Kyobashi Area Quarterly Segment Data p.45 ■ (1) Commercial Properties Business p.13 List of Facilities p.46 (2) Residential Business p.17 Market Data p.47 (3) Asset Service p.23

(4) Other p.25

Business Results for the First Quarter of FY2021

• Although hotels, retail facilities, and parking lots have been affected by the spread of COVID-19, the mainstay businesses of leasing of office buildings and for-sale condominiums remained strong, and both revenue and profit increased due to factors such as an increase in property sales to investors. (Amount of property sales to investors: ¥20.5 billion, gross profit therefrom: ¥6.8 billion)

Topics

• Issued publicly offered hybrid bonds (sustainability bonds). (February)

• Received gold award, the highest such award given by the Minister of the Environment in the ESG Finance Awards Japan (February)

• Completed the entire “Nishijin Reborn Project” in Fukuoka-shi, Fukuoka (March); grand opening of the “PRALIVA” commercial building (April)

• Change of rating. Long-term issuer rating increased from “A-” to “A” by the Japan Credit Rating Agency (March)

• Appointment of the Company's first female outside director. (March)

2021/12 2020/12 2021/12 Increase/ Achievement Unit: ¥ billion Main factors for increase/decrease Full-year 1Q actual 1Q actual Decrease Rate Forecasts Operating revenue 97.0 102.6 5.6 355.0 29% Commercial properties 31.6 28.7 (2.8) 167.0 17% Residential 43.8 57.8 14.0 120.0 48% Asset service 14.8 11.3 (3.5) 46.0 25% Other 6.6 4.6 (1.9) 22.0 21% Operating profit 13.4 21.0 7.6 ・Operating revenue and business profit 54.0 39% Increase due to an increase in property sales to investors in the Share of profit (loss) of entities residential business 0.0 (0.2) (0.2) (1.0) - accounted for using equity method

Business profit*1 13.4 20.7 7.3 53.0 39% Commercial properties 9.2 9.3 0.0 45.5 20% Residential 4.7 13.1 8.4 15.5 85% Asset service 1.5 0.8 (0.7) 3.0 27% Other 0.4 (0.0) (0.5) (1.0) - Elimination/Corporate (2.5) (2.4) 0.0 (10.0) - Non-operating income 1.1 1.4 0.3 3.5 41% Increase in financing costs associated with issuance of hybrid Non-operating expenses 2.2 2.7 0.5 bonds, etc. 9.5 29% Interest expense 1.7 1.6 (0.1) Ordinary profit 12.3 19.7 7.4 48.0 41%

Extraordinary income 1.7 1.3 (0.3) Decrease in gain on sale of investment securities 2.0 66% Impact of posting of loss on valuation of investment securities in Extraordinary loss 1.9 0.0 (1.8) the previous fiscal year - - profit before income tax 12.1 21.0 8.8 50.0 42% Profit attributable to owners of parent 8.0 13.8 5.8 33.0 42% *1: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method

• Total assets increased by ¥48.4 billion due to factors such as a temporary increase in cash and deposits and an increase in investment securities associated with the rise in fair value of listed shares.

Increase/ Unit: ¥ billion 2020/12-end 2021/3-end Main factors for increase/decrease Decrease Total assets 1624.6 1,673.0 48.4

Current assets 447.7 478.6 30.8 ・ Real estate for sale Although this increased due to the acquisition of land for logistics properties and for- Cash and deposits 54.6 88.8 34.1 sale condominiums, etc., it decreased due to progress in property sales to investors Real estate for sale 348.5 346.3 (2.2) and sales of condminiums Other 44.5 43.4 (1.0) Non-current assets 1176.8 1,194.4 17.5 Property, plant and equipment 806.2 809.6 3.3 ・ Investments and other assets Increase in investment securities associated with the rise in fair value of listed shares Intangible assets 130.5 130.4 (0.1) and other factors Investments and other assets 240.0 254.3 14.3 Total liabilities 1225.5 1,254.6 29.0 ・ Interest-bearing debt Interest-bearing debt 976.8 1,001.0 24.1 Increase due to issuance of hybrid bonds and other factors Other liabilities 248.6 253.6 4.9 Total net assets 399.1 418.4 19.3 ・ Shareholders’ equity Shareholders’ equity 300.2 309.0 8.8 Profit attributable to owners of the parent +¥13.8 billion; Dividends paid -¥5.0 billion Accumulated other comprehensive 89.1 99.2 10.1 ・ Accumulated other comprehensive income income Increase in valuation difference on available-for-sale securities Non-controlling interests 9.7 10.0 0.3

Capital adequacy ratio 24.0% 24.4% 0.4p

Debt equity ratio*1 2.5 2.5 (0.1) ・ Net debt equity ratio: 2.2x Interest-bearing debt / EBITDA multiple*2 13.4 - -

*1: Debt equity ratio = Interest-bearing debt / Equity capital *2: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating profit + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method + Depreciation expense + Goodwill amortization expense)

Breakdown of Property and Equipment and Intangible Assets Total assets: ¥1,673.0 billion Breakdown of Interest-Bearing Debt Asset service Current assets 478.6 Liabilities 1,254.6 ¥16.9 billion Cash and deposits Interest-bearing debt 2% 88.8 1,001.0 Residential Other Commercial papers Other business Real estate for sale 346.3 Loans payable 693.4 ¥23.3 billion ¥40.0 billion ¥2.5 billion ¥28.2 billion 2% Real estate for sale 159.7 Bonds payable 265.0 4% 0% 3% Real estate for sale in process 105.2 Commercial paper 40.0 Real estate for development 81.3 Other 2.5 Other 43.4 Other liabilities 253.6 Bonds payable ¥265.0 billion Non-current assets 1,194.4 27% Loans payable Property, plant and equipment 809.6 ¥693.4 billion Commercial Properties 69% business Intangible assets 130.4 ¥871.4 billion Investments and other assets Net assets 93% 254.3 418.4 Shareholders’ equity 309.0 Accumulated other comprehensive income 99.2 Non-controlling interests 10.0 Breakdown of Real Status of Debt Estate for Sale Equity Ratio 2021/3-end

Real estate for Asset service development (land) Taking into account ¥48.2 billion hybrid loans/bonds*3 Real estate for sale ¥81.3 billion 14% 24% (completed) Commercial Properties Debt equity ratio*1 2.5x 1.9x ¥159.7 billion business 46% ¥127.7 billion Net debt equity ratio*2 2.2x 1.7x 37% Real estate for sale in Residential business *1: Debt equity ratio = Interest-bearing debt / Equity capital process (underway) ¥170.2 billion ¥105.2 billion *2: Net debt equity ratio = (Interest-bearing debt - Cash and 49% deposits) / Equity capital 30% *3: Calculated by taking into account the total equity credit of ¥74.0 billion concerning ¥148.0 billion of the total amount procured from the hybrid loan and hybrid bonds

• In the first quarter, although the acquisition of land for development of logistics properties in the Commercial Properties business and land for for-sale condominiums in the Residential business progressed, the balance of real estate for sale decreased to ¥346.3 billion as a result of progress in sales of for-rent condominium property sales to investors and for-sale condominiums. • Meanwhile, investment in properties for sale to investors increased by approximately ¥10.0 billion to approximately ¥350.0 billion on a total investment basis. Condominium sales and the land bank increased steadily to approximately 8,100 units.

(¥ billion) Property sales to investors 400 (commercial properties, for-rent condominiums, 348.5 asset service, other) 337.3 346.3 2.7 Balance of real estate for sale (as of March 31, 2021): 16.4 50.1 48.2 Asset service →p.24 ¥214.7 billion (up ¥8.2 billion from the end of 2020) 300 283.4 51.7 3.6 43.3 38.6 For-rent Total investment amount*1(based on decisions made): 43.5 29.1 condominiums Approx. ¥350.0 billion (up ¥10.0 billion from the end of 2020) 221.9 →p.21 ⇒Estimated gain on sale*2: Approx. ¥76.0 billion 3.7 20.4 Logistics, hotels, 200 35.7 110.2 127.7 [Projects to be acquired in 2021] 1.7 107.9 retail, offices 153.7 85.2 2 logistics facilities, 2 medium-size offices, 2 for-rent 147.1 →p.15 55.4 condominiums and 2 under asset solution business 112.8 27.7 101.2 1.7 100 24.6 [Projects already sold in 2021] 1 urban retail property, 4 for-rent condominiums 153.7 132.0 142.0 131.6 For-sale 9 under asset solution business 112.8 125.3 130.6 101.2 92.9 condominiums, etc. 0 2013/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/3 For-sale condominiums

Transfer from non-current assets to real estate for sale Balance of real estate for sale: ¥131.6 billion (down ¥10.4 billion from the end of 2020) End of 2018 End of 2019 Offices and for-rent Offices: ¥10.0 billion End of 2020 Land bank (including 980 units scheduled to be posted in 2021): condominiums Senior residences: approx. Offices: ¥24.0 billion Approx. 8,100 units (600 units acquired in FY2021 1Q) Total of approx. ¥ 35.0 billion ¥13.0 billion, etc.

*1: Calculated by aggregating total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition. *2: Calculated by subtracting gain on sale of properties sold in FY2021 from the estimated gain on sale as of the end of 2020 and then adding the estimated gain on sale of properties that have been decided to be newly acquired in FY2021. 7 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Main Impacts of the COVID-19 Pandemic

• The leasing business of hotels and retail facilities, the parking business, and the leisure business have continued to be particularly affected by the COVID-19 outbreak.

• Meanwhile the commercial property leasing business has been stable. The for-sale condominium business and the property sales to investors continued to perform well.

Main Items Anticipated Impacts of COVID-19 in FY2021 Impacts of COVID-19 in the First Quarter of FY2021 Affected

• In the leasing of hotels and retail facilities, sales will not recover to the level prior to the spread of COVID-19, and revenues are Commercial anticipated to decrease somewhat as a result of anticipating • Although hotels and retail facilities continued to be affected, the Properties the replacement of some tenants and operators. commercial property leasing business as a whole progressed (Leasing) • However, the volume of assets affected is limited, and an without any substantial changes from the initial plans. increase in revenue and profit is expected in the commercial property leasing business as a whole.

• In the sales of condominiums, show houses and sales centers Residential will only operate on a reservation basis, and it is anticipated • Although visitors to show houses and sales centers at the (Sales) that sales will be conducted as planned while ensuring that same time were limited, sales progressed well. measures to prevent infection are implemented. • Although operation is difficult in the parking business, it is anticipated that the situation will gradually recover from spring • In the parking business, as a result of the demands to refrain Asset service and generally return to the same level as other years by the from going out, parking lot occupancy remained low, especially (Parking end of the year. However, it is anticipated that the recovery of for park and ride lots in front of major regional train stations and business) some large parking lots will take until the next fiscal year and parking lots attached to large commercial facilities. later.

• Dog-friendly hotels (Regina Resort) are expected to recover from spring, and earnings are expected to increase year on • All dog-friendly hotels (Regina Resort) and spa facilities (Ofuro Other year. no Osama) continued to be affected. (Leisure • Operation of spa facilities (Ofuro no Osama) is forecast to • At golf courses, although sales of food and beverage services business) recover to pre-COVID-19 levels next fiscal year or later. remained low, operating rates remained strong. • Recovery of visitors to golf courses. Income expected to increase compared to the previous year’s results.

Property sales • Sales of properties will be expanded centered on offices and • In the first quarter, sales of retail facilities and for-rent to investors for-rent condominiums in good locations with strong investment condominiums were implemented. demand.

• Although the direct impacts of COVID-19 on the Company were limited. • New products are being planned with an eye to post-COVID diversification of working and living styles. • As for the real estate transaction market, demand is expected to remain strong, especially for logistics facilities and for-rent condominiums which are expected to generate stable cash flow. We will proactively promote investments to secure new projects. Assessment of the Future Market Environment and Tokyo Tatemono’s Initiatives

• Although there has not been a significant impact on rents or vacancy rates in the Specific initiatives Company’s portfolio, the vacancy rate is rising in the market, and it is necessary to We will partner with monitor the lengthening of leasing periods of existing vacancies. Bitkey Inc., which is • However, the likelihood of vacancy rates and rent levels significantly deteriorating is scheduled to introduce expected to be low because the Company will not complete any major projects until 2025, the “Workhub” platform Offices at Tokyo Square there is little new supply in the market in 2021 and 2022, and the Company has a superior Garden. It will improve portfolio (in terms of size and location). the convenience of services provided and • The major trend of preferring good locations and high specifications remains unchanged, promote the creation of but with the spread of telework, etc., product planning for offices with heightened a comfortable office productivity has become necessary. environment. Concept of the Bitkey ID

• Demand for for-sale condominiums remains excellent among real consumers. In addition to highly convenient central Tokyo locations, properties in suburban areas are also Specific initiatives expected to perform well. Implementation of • Stable demand is also expected in for-rent condominiums with no major changes in the product planning with consideration for Residential business environment. working from home • However, due to the spread of telework, there is increasing demand for balancing a and sanitation at comfortable working environment with a relaxing living environment, and we will promote Brillia Oshima Parkside. new product development such as securing co-working spaces in common areas and Private base Contactless workspaces in residences. faucet

• In the parking business, although occupancy rates are down recently, growth is expected in the medium to long term due to the recovery of travel Asset demand and an increase in the number of parking spaces. service • The brokerage business is expected to continue to perform well backed by a solid real estate transaction market.

• In the fund business, steady growth is expected to be backed by strong investment needs for domestic real estate. Other • In the leisure business, although inbound demand is weak, domestic travel is expected to recover well and golf demand is expected to be strong.

Real • In the real estate transaction market, investors’ appetite for investment in real estate is increasing. In particular, demand for investment in estate conveniently located offices and logistics facilities as well as for-rent condominiums is expected to remain strong in future as they are expected to transaction generate stable revenue. market (This fiscal year, we have already secured new projects for two offices and two logistics facilities and two for-rent condominiums)

• Received gold award, the highest such award given by the Minister of the Environment in the ESG Finance Awards Japan*1 (February)

• Five companies in the Tokyo Tatemono Group certified as Health and Productivity Enterprises in 2021 (March)

• Acquired Association for Business Innovation in harmony with Nature and Community Certification (ABINC Certification) at Tokyo Square Garden (March), started field trials of recycling of waste plastic (April) Received the Gold Award in the ESG Finance Awards Environmentally friendly initiatives at Tokyo Square Garden Japan

In July 2020, the Company issued the first ■ Acquired Association for Business Innovation in harmony sustainability bonds in the Japanese real with Nature and Community Certification (ABINC Certification) estate sector. They were issued to obtain funds for urban development in the Yaesu-Nihonbashi- The area around Tokyo Station where the property Kyobashi area around Tokyo Station centered is located is near the Imperial Palace and Tokyo on the large-scale redevelopment project Bay, and is home to many birds and insects. contributing to the solution of environmental In order to preserve this biodiversity, “Kyobashi no and social issues. Oka,” a multi-layered greening space covering approximately 3,000 square meters, has been established on the property to promote environmental conservation initiatives in In pursuit of diverse values including environmental and social aspects, it consideration of biodiversity. has been awarded the highest gold award in recognition for its broad coverage of sustainability themes. Tokyo Square Garden ■ Commenced field trials of waste plastic recycling March 2019: Issuance of Green Hybrid Bonds ● First issuance of green hybrid bonds in Japan (world-first in the real estate sector) Together with Bridgestone Corporation and COLLECT RECREATE ● Received the Minister of the Environment (Silver Award) in the ESG Finance Awards TBM Co., Ltd., the Company commenced a Japan material recycling*2 field trial collecting used ・ Issuance period: 40 years Amount issued: ¥50 billion plastics from the Bridgestone head office in Tokyo Square Garden, and recycling plastic TRANSPORT EVALUATE July 2020: Issued sustainability bonds (this issue) resources sorted by automatic sorting ・ Issuance period: 5 years Amount issued: ¥20 billion ・ Issuance period: 10 years Amount issued: ¥20 billion equipment. In the future, the recycled plastic will be February 2021: Issued sustainability hybrid bonds reused as office supplies in the building. SORT PELLETIZE ・ Issuance period: 40 years Amount issued: ¥40 billion

*1 Established by the Ministry of the Environment for the purpose of evaluating and recognizing investors, financial institutions, etc. who have been actively engaged in ESG finance and green projects and have had an excellent impact on the environment and society, along with initiatives by companies producing an impact on corporate value and the environment by incorporating important environment-related opportunities and risks into management strategies to improve corporate value, and to share these with society. *2 Used products and waste generated in the production process are collected, processed to be easily reused and used as ingredients or raw materials for new products. 10 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Full-Year Earnings Forecast for FY2021 (No update from the time of announcement of financial results)

• The outlook for FY2021 is an increase in revenue and profit as a result of increase in property sales to investors in the Commercial Properties business and the Residential business and the recovery of occupancy rates in the parking lots and resort facilities, and other factors, while the impacts of the COVID-19 pandemic continuing in certain areas.

2020/12 2021/12 Increase/ Unit: ¥ billion Main factors for increase/decrease Actual Forecasts Decrease

Operating revenue 334.9 355.0 20.0 ・ Operating revenue Commercial properties 144.5 167.0 22.4 Increase in revenue due to an increase in property sales to investors in Residential 99.1 120.0 20.8 the Commercial Properties business and the Residential business, and the recovery of occupancy rates in the parking lots and resort facilities, Asset service 46.6 46.0 (0.6) and other factors. Other 44.5 22.0 (22.5) Operating profit 49.6 54.0 4.3 ・ Breakdown of Share of profit (loss) of entities accounted for using Share of profit (loss) of entities equity method accounted for using equity method 0.2 (1.0) (1.2) ¥0.5 billion for commercial properties (+¥0.0 billion), -¥1.5 billion for other business (-¥1.2 billion) Business profit*1 49.8 53.0 3.1 ・ Business profit Commercial properties 40.8 45.5 4.6 Increase in profit due to increase in property sales to investors in the Residential 7.1 15.5 8.3 Commercial Properties business and Residential business, improvement of gross profit on sales of condominiums, and other Asset service 2.6 3.0 0.3 factors. Other 8.6 (1.0) (9.6) Elimination/Corporate (9.5) (10.0) (0.4) Non-operating income 5.6 3.5 (2.1) Decrease in gain on investment in partnership, etc. Non-operating expenses 8.2 9.5 1.2 Increase in equity in losses Ordinary profit 47.0 48.0 0.9 Extraordinary income 4.7 2.0 (2.7) Extraordinary loss 4.8 - (4.8) Profit before income tax 46.9 50.0 3.0 Profit attributable to owners of parent 31.7 33.0 1.2

Cash flows from operating activities 43.5 10.0 Cash flows from investing activities (66.7) (60.0) Cash flows from financing activities 38.3 35.0 *1: Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method 11 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Business Results by Segment

• In the first quarter, although revenues decreased due to a decline in revenues from property sales to investors and lower rental revenue from hotels and retail facilities due to the spread of the COVID-19 pandemic, income remained the same as a result of strong performance of leasing of office buildings, etc. 2020/12 2021/12 Increase/ 2021/12 Achievement Unit: ¥ billion Main factors for increase/decrease 1Q actual 1Q actual Decrease Forecasts Rate Operating revenue 31.6 28.7 (2.8) 167.0 17% New operations +¥0.0 billion; Full-year operations +¥0.6 billion; Leasing of buildings 18.6 18.4 (0.1) Sale, reconstruction, etc. -¥0.6 billion; Existing buildings -¥0.2 billion; 75.5 24% Sales of real estate 4.2 1.8 (2.4) Property sales to investors -¥2.4 billion 54.0 3% Building management service, etc. 8.5 8.2 (0.2) 37.0 22% Dividends 0.1 0.1 0.0 0.5 30% Operating profit 9.1 9.2 0.1 45.0 21% Business profit 9.2 9.3 0.0 45.5 20%

2020/12 2021/12 Increase/ Unit: ¥ billion Main factors for increase/decrease Actual Forecasts Decrease Operating revenue 144.5 167.0 22.4 New operations +¥0.1 billion; Full-year operations +¥2.4 billion; Leasing of buildings 74.9 75.5 0.5 Sale, reconstruction, etc. -¥2.0 billion; Existing buildings; +¥0.0 billion Sales of real estate 32.8 54.0 21.1 Property sales to investors +¥21.1 billion Building management service, etc. 36.0 37.0 0.9 Dividends 0.6 0.5 (0.1) Property sales to investors +¥4.8 billion (FY2020 cumulative total: Operating profit 40.4 45.0 4.5 ¥7.2 billion; FY2021 cumulative total: ¥12.0 billion) Business profit 40.8 45.5 4.6 Equity in income (loss) of affiliated companies +¥0.0 billion (¥0.5 billion)

New and full-year operations

・ 2021 new operations: Candeo Hotels Kyoto Karasuma Rokkaku (completed in March 2021) ・ 2021 full-year operations: Hareza Tower (completed May 2020), Nonoaoyama Shop & Restaurant (completed May 2020), T-LOGI Kuki (completed June 2020)

* New operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the fiscal year under review; Full-year operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the previous fiscal year contributing to full-year operations; Sale, reconstruction, etc.: Impact of decrease in revenue attributable to decrease in buildings in operation due to sale, reconstruction, etc. Existing buildings: Total amount of the effects of rent revisions, end of rent-free periods, occupancy rate changes, etc. at buildings other than those of new operations, full-year operations and sale, reconstruction, etc. 13 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Office Building Portfolio

• At the end of March, average rent was ¥31,061 per tsubo and the occupancy rate remained high at 96.6%.

Number of (Yen/tsubo) 98.6% 98.8% 98.9% 98.9% 99.0% 98.7% At end of March 2021 Leasable area 98.0% 97.7% 100% buildings 96.6% 40,000 Owned office buildings*1 *2 46 514,907 m2 30,361 30,405 30,470 30,583 30,846 30,288 30,161 30,835 31,061 Subleased buildings ー 96,678 m2 30,000 90%

Commercial facilities, buildings ー 282,120 m2 for redevelopment, etc. 20,000 Total leasable area of 80% ー 893,705 m2 commercial properties business 10,000

0 70% 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3

Building Age> Location>

Other Less than 300 1,000 tsubo 16.9% tsubo and over 30 years and older Tokyo metropolitan area 19.9% 19.4% 28.7% (excluding 23 wards) 3 central wards Under 10 years old 2.5% of Tokyo 47.3% 40.6% 300–499 tsubo 23 wards (excluding 22.8% 500–999 tsubo 20–29 years old 5 central wards) of 37.9% 9.4% Tokyo Shibuya & 10–19 22.9% years old Average Shinjuku 14.6% building age*3 wards 19 years 17.1% *1 Please refer to the note on page 45 for the definition for the subject of calculation of the number of owned office buildings, average rent and occupancy. *2 DNP Gotanda Building,” which was acquired at the end of September 2019, is not included in “Owned office buildings” nor in areas subject to calculation of average rent, occupancy rate, and breakdown of leasable area. *3 The weighted average based on leasable area. 14 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Initiatives for Property Sales to Investors

• In the first quarter, new projects for logistics properties and medium-size office buildings we secured.

• The balance of real estate for sale increased by ¥17.5 billion from the end of FY2020 to ¥127.7 billion and the value of stock in terms of total investment amount increased by approximately ¥20.0 billion to approximately ¥240.0 billion.

Construction As of the end of 2020: Area Property name Status Transfer from fixed assets of completed (¥ billion) approx. ¥24.0 billion Tenjin, Fukuoka TENJIN249 July 2018 Sold As of the end of 2019: Gotanda FUNDES Gotanda July 2019 In operation 150 Transfer from fixed assets of slightly less than ¥10.0 billion Ginza FUNDES Ginza Nov. 2019 In operation 127.7 Under As of the end of 2018: Tenjin, Fukuoka Tenjin Nishidori Project (provisional name) Spring 2022 Transfer from fixed assets of development slightly less than ¥20.0 billion 107.9 110.2 * Apart from what is listed, 1 acquisition has been made.

100 85.2

55.4 Real estate 50 for sale (completed) 24.6

0 2016/12 2017/12 2018/12 2019/12 2020/12 2021/3

Total investment amount (based on decisions made)*: approx. ¥240.0 billion FUNDES Gotanda FUNDES Ginza Assume average NOI yield at stable occupancy of around 5%

* Calculated by aggregating the total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition. 15 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Initiatives for Property Sales to Investors

Number of Construction Property name Opening Status Area Hotel name Status guestrooms completed T-LOGI Kuki Jul. 2020 In operation Roppongi Candeo Hotels Tokyo Roppongi 149 Sept. 2017 In operation T-LOGI Yokohama Aoba (provisional name) Spring 2022 Under development Ginza The Square Hotel Ginza 182 Aug. 2018 In operation T-LOGI Narashino (provisional name) Spring 2022 Under development Asakusa Hotel Gracery Asakusa 125 Sept. 2018 In operation T-LOGI Ayase (provisional name) Summer 2022 Under development Midosuji (1) the b Osaka Midosuji 306 Feb. 2019 In operation T-LOGI Narashino II (provisional name) Summer 2022 Under development Omiya Candeo Hotels Omiya 321 Aug. 2019 In operation Hoshino Resorts OMO5 Kyoto T-LOGI Chiba Kita (provisional name) Fall 2022 Under development Sanjo, Kyoto 122 Dec. 2019 In operation Sanjo T-LOGI Akiruno (provisional name) Spring 2023 To be acquired Candeo Hotels Kyoto Karasuma Shijo, Kyoto 106 Mar. 2021 In operation T-LOGI Fukuoka (provisional name) TBD Under development Rokkaku Under Midosuji (2) TBD TBD Summer 2023 Osaka Logistics Facility Project (provisional name) TBD Under development development Under T-LOGI Kazo (provisional name) TBD Under development Akihabara TBD TBD TBD development T-LOGI Ichinomiya (provisional name) TBD To be acquired T-LOGI Samukawa (provisional name) TBD Under development Construction Property name Status T-LOGI Sagamihara (provisional name) TBD Under development completed Under T-LOGI Kyoto Fushimi (provisional name) TBD Under development Kodemmacho Project (provisional name) Spring 2022 development * Apart from what is listed, 2 acquisitions have been made. Sendai Hirose-dori Project (provisional name) Spring 2023 To be acquired * Projects acquired in 2021 are highlighted in red. Under TBD (Area: in front of Sapporo Station) Winter 2023 development Under Shibaura Project (provisional name) Spring 2024 development Sendai Project (provisional name) Spring 2024 To be acquired * Apart from what is listed, 1 acquisition has been made. * Projects acquired in 2021 are highlighted in red.

T-LOGI Yokohama Aoba (provisional name) (to be completed in spring 2022) ⇒ Major domestic logistics company to become tenant in January 2021. Bulk leasing.

T-LOGI Kuki T-LOGI Yokohama Aoba (provisional name)

• In the first quarter, although the number of condominium sales posted decreased from 646 in the same period of the previous fiscal year to 520, both revenue and income increased significantly due to an increase in gross margins and an increase in property sales to investors. 2020/12 2021/12 Increase/ 2021/12 Achievement Unit: ¥ billion Main factors for increase/decrease 1Q actual 1Q actual Decrease Forecasts Rate Operating revenue 43.8 57.8 14.0 120.0 48% Number of condo sales posted: 520 units; Condo unit price: ¥67.01 million; Sales of condominiums 35.8 34.8 (0.9) Gross margin: 29.9% 63.5 55% Sales of residential houses - - - - - Sales of residential Sales of for-rent condominiums +¥15.0 billion land, etc. 1.6 15.3 13.6 28.0 55% Residence leasing 1.3 1.4 0.1 6.0 25% Fee from sales outsourcing services 0.3 0.7 0.4 1.0 77% Building management service, etc. 4.6 5.4 0.7 21.5 25% Gross profit from property sales of for-rent condominiums +¥5.2 billion Operating profit 4.7 13.1 8.4 (FY2020 1Q: - ; FY2021 1Q: ¥5.2 billion) 15.5 85% Business profit 4.7 13.1 8.4 15.5 85%

2020/12 2021/12 Increase/ Unit: ¥ billion Main factors for increase/decrease Actual Forecasts Decrease Operating revenue 99.1 120.0 20.8 Number of condo sales posted: 980 units; Condo unit price: ¥64.80 million; Sales of condominiums 64.4 63.5 (0.9) Gross margin: 24.0% Sales of residential houses - - - Sales of residential Sales of for-rent condominiums +¥23.6 billion (FY2020 cumulative total: land, etc. 8.8 28.0 19.1 ¥2.4 billion; FY2021 cumulative total: ¥26.0 billion) Residence leasing 5.5 6.0 0.4 Fee from sales outsourcing services 1.0 1.0 (0.0) Building management service, etc. 19.2 21.5 2.2 Gross profit from property sales of for-rent condominiums +¥7.8 billion Operating profit 7.1 15.5 8.3 (FY2020 cumulative total: ¥0.2 billion; FY2021 cumulative total: ¥8.0 billion) Business profit 7.1 15.5 8.3

• In the first quarter, gross margin maintained a favorable level at 29.9%.

• Inventory of completed condominiums remained at a low level of 179 units as of the end of the first quarter due to steady progress of sales.

• The achievement rate at the end of the first quarter against the number of units planned for the period stood at approximately 88%, and contracts progressed smoothly.

23 wards of 2018/12 2019/12 2020/12 2021/12 Kansai Tokyo Tokyo excluding and others 10.5% At beginning 77% 83% 73% 76% 19.0% 23 wards Kansai and 23 wards of 0.2% others At end of 1Q 91% 89% 83% 88% Other Tokyo Tokyo 43.7% metropolitan 51.1% area At end of 2Q 94% 94% 87% － 29.0% Other Tokyo metropolitan area At end of 3Q 97% 98% 95% － Tokyo excluding 45.6% 23 wards 980 units 0.9% Number of condo sales posted 988 units 1,315 units 1,196 units (Scheduled) FY2020 1Q FY2021 1Q 646 units posted 520 units posted

(Units) (Units) 33.3% 400 Of which, contracted: 1,1550000 29.8% ■Tokyo 1,315 321 41 units 1,196 29.9% 30% ■Tokyo metropolitan area 305 24.6% ■Kansai and others 980 300 988 22.4% (1Q actual) 243 1,1000000 971 216 24.0% 20% 177 200 174 179 (Full-year 130 forecast) 550000 94 10% 100 83 520 00 0% 0 220017/122 220018/122 220019/122 2200220/122 220021/122 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3 * Dotted line indicates full-year forecast. 18 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residential Business: For-Sale Condominiums – Main Property Sales Posting Schedule (1)

• Profitable properties, such as SHINTO CITY and Brillia Tower Nishijin are scheduled to be posted in FY2021.

• Acquired land for approximately 600 units in the first quarter, securing a land bank for approximately 8,100 units (including the number of units scheduled to be posted in 2021). No. of condo sales to be No. of units Main properties slated for completion posted by for sale*1 Tokyo Tatemono

1 Brillia Kita Urawa 65 65 2 0 2

i SHINTO CITY (Districts I and II) 1,000 250 *2

d e t e l Brillia Tower Nishijin 306 245 p m o c

Brillia Ueno Garden 99 79 e b

T Brillia Tower Ariake MID CROSS 300 300 *2

2 Brillia Kyoto Matsugasaki 109 109 2 0 2

i Brillia Tower Nishijin SHINTO CITY (District I)

SHINTO CITY (District III) 411 103 *2 d e t e l Brillia City Nishi-Waseda 454 454 p e b

o T Brillia Tower Seiseki Sakuragaoka Blooming Residence 520 312 Approx. 10,900 units Approx. 8,100 units SHIROKANE The SKY 770 270

r Brillia Tower Hamarikyu 144 144 e t a l

o Brillia Tower Maebashi 203 162 Yet to be incorporated

2 into land bank Kansai and 0

2 Brillia Tower Dojima 466 TBD Approx. 2,800 units others n

i 23 wards of 27.9% d

e HARUMI FLAG Tokyo t e l (Harumi 5-chome West District Category 1 Urban 4,145 489 *3

p 43.9%

m Redevelopment Project) Incorporated into o c land bank Other Tokyo e Nishishinjuku 3-chome West District Urban b TBD TBD Approx. 8,100 units metropolitan o Redevelopment Project T area Tokyo Shakujii Park Danchi Condominium Reconstruction 21.3% TBD TBD excluding Project 23 wards Including 980 units *1: Of the total number of units including units for sale, the number of units excluding 6.8% land right holders’ residential units. scheduled to be *2: Including also the number of units scheduled for sale over several years. posted in 2021 *3: Completion date was postponed in line with the postponement of the Olympic Games. 19 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residential Business: For-Sale Condominiums – Main Property Sales Posting Schedule (2)

• Going forward, the plan is to continue posting sales of properties that draw great attention every fiscal year, such as large-scale redevelopment projects in central Tokyo and large-scale tower condominiums in central areas of regional cities.

• Already secured approximately 5,700 units of land bank scheduled to be posted by FY2024, the final fiscal year of the Medium-Term Business Plan.

Brillia Tower Nishijin Brillia Tower Ariake Brillia Tower Seiseki Sakuragaoka SHIROKANE The SKY Brillia Tower Dojima (Total units: 306; Units to be MID CROSS Blooming Residence (Total units: 1,247; Units to be posted: (Total units: 466; Units to be posted: TBD) posted: Approx. 245) Approx. 270) (Total units: 300; Units to be (Total units: 520; Units to be posted: 312) posted: 300) 2021 2022 2023 2024

SHINTO CITY Districts I and II, District III Brillia City Nishi-Waseda Brillia City Fujimino*1 Brillia Tower Hamarikyu HARUMI FLAG*2 (Total units: Approx. 1,411; Units to be posted: Approx. 353) (Total units: 454; Units to be (Total units: 708; Units to be posted: (Total units: 420; Units to be posted: (Total units: 4,151; Units to be posted: posted: 454) Approx. 283) 144) Approx. 490)

*1 Scheduled completion - District 1: 2022, *2: Completion date was changed in District 2: 2023, District 3: 2024 line with the postponement of the Olympic Games. The number of units scheduled to Land bank scheduled to be posted in 2021-2024: Approx. 5,700 units already secured be posted in fiscal 2024 has not been determined. 20 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residential Business: For-Rent Condominiums • In the first quarter, 2 for-rent condominium projects were newly acquired. • The balance of real estate for sale decreased by ¥4.7 billion from the end of FY2020 to ¥38.6 billion due to progress in sales, and the value of stock in terms of total investment amount decreased by approximately ¥5.0 billion to approximately ¥65.0 billion. Total no. Construction Property name Status of units (to be) completed Brillia ist Nishiazabu Kasumicho 21 July 2008 In operation (¥ billion) Grapes Asakusa 98 Dec. 2009 In operation 55000 43.3 Brillia ist Nakano Central Park 17 May 2012 In operation Brillia ist Ueno Okachimachi 33 Nov. 2017 In operation As of the end of 2018: 38.6 44000 Transfer from fixed assets of Brillia ist Kiyosumi Shirakawa 47 Jan. 2018 Sold slightly more than ¥15.0 billion Brillia ist Yotsuya Honshiocho 85 June 2018 Sold (Excluding properties held for 29.1 Brillia ist Bunkyo Myogadani 43 Mar. 2019 In operation 33000 a long period of time) Brillia ist Sendagaya 149 May 2019 Sold 20.4 Brillia ist Komagome 75 Feb. 2020 Sold 22000 Brillia ist Ryogoku 85 Mar. 2020 In operation Brillia ist Shinjuku Akebonobashi 49 Apr. 2020 In operation Minn Ueno*2 - June 2020 In operation Real estate 11000 Brillia ist Motoasakusa 49 Nov. 2020 In operation for sale 1.7 1.7 Brillia ist Akabane 48 Feb. 2021 In operation (completed) Brillia ist Shinnakano 42 Feb. 2021 In operation 0 Under 2016/12 2017/12 2018/12 2019/12 2020/12 2021/3 Asakusabashi 1-chome Project (provisional name) 49 Oct. 2021 development Under Omori Sanno Project (provisional name) 59 Dec. 2021 development Under Toyomachi 6-chome Project (provisional name) 49 Feb. 2022 development Total investment amount*1 (based on decisions made): approx. ¥65.0 billion Under Kitaueno 2-chome Project (provisional name) 36 Feb. 2022 development Assume average NOI yield at stable occupancy of around 5% Under Higashi-Nakanobu 2-Chome Project (provisional name) 99 Apr. 2022 development Under Machiya Station Front Project (provisional name) 59 May 2022 development Under Shibuya Honmachi Project (provisional name) 47 Aug. 2022 development Total no. Construction Property name Status Under of units (to be) completed Nishiwaseda Project (provisional name) TBD Sep. 2022 development Brillia ist Shinonome Canal Court 423 Mar. 2005 In operation Under Kuramae 4-chome Project (1) (provisional name) 49 Nov. 2022 development Brillia ist Tower Kachidoki 536 Jan. 2011 In operation Under Aobadai Student Dormitory Project (provisional name) 130 Dec. 2022 development KURASU AOYAMA 229 May 2020 In operation Under (Nonoaoyama Building) Kuramae 4-chome Project (2) (provisional name) 74 Jan. 2023 development Tsukui Nonoaoyama 49 May 2020 In operation Under Senzokuike Project (provisional name) TBD Jan. 2023 development HARUMI FLAG Approx. Under TBD Under (Post Olympic Village Site Development) 1,500 development Ikejiri Ohashi Project (provisional name) 200 Nov. 2024 development Under *1: Calculated by aggregating the total investment amount, in which construction costs, etc. that arise after Sendagaya II Project (provisional name) TBD TBD development the acquisition are added to the book value of each property at the time of acquisition. * Apart from what is listed, 1 acquisition has been made. *2: “Minn Ueno” was developed as an apartment hotel (lodging facility) in light of the location characteristics. * Projects acquired in 2021 are highlighted in red. 21 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residential Business: For-Rent Condominiums

KURASU AOYAMA (Nonoaoyama Building) Brillia ist Motoasakusa (Construction completion in 2020) (Construction completion in 2020) [Location] 3-4-3 Kita-aoyama, Minato-ku, Tokyo [Location] 1-16-2 Motoasakusa, Taito-ku, Tokyo [Access] 5-minute walk from Omotesando Station on the Tokyo [Access] 3-minute walk from Shin-okachimachi Station on the Metro Chiyoda Line and others, 7-minute walk from Toei Oedo Line, 6-minute walk from Inaricho Station Gaienmae Station on the Tokyo Metro Ginza Line on the Tokyo Metro Ginza Line, 10-minute walk from [Scale] 25 floors above ground, Ueno Station on the Tokyo Metro Ginza Line and 1 below Hibiya Line [Floor plan] 1 to 3 bedrooms [Scale] 14 floors above ground [Total no. of units] 229 units [Floor plan] 1K, 1DK, 1LDK-3LDK Other, stores, [Total no. of units] 75 units state-authorized day care center, community center, serviced housing for the elderly

(Left) Entrance hall Exterior (Right) Exterior

Brillia ist Shinnakano Brillia ist Akabane (Construction completion in 2021) (Construction completion in 2021)

[Location] 3-41-7 Chuo, Nakano-ku, Tokyo [Location] 37-9 Iwabuchimachi, Kita-ku, Tokyo [Access] 5-minute walk from Shinnakano Station on the [Access] 2-minute walk from Akabane-Iwabuchimachi Station Tokyo Metro Marunouchi Line on the Tokyo Metro Namboku Line 13-minute walk from Nakano Station on the JR 10-minute walk from Akabane Station on JR Lines Chuo/Sobu Line and Tokyo Metro Tozai Line [Scale] 12 floors above ground [Scale] 12 floors above ground [Floor plan] 1R, 1DK, 1LDK, 2DK, 2LDK [Floor plan] 1R, 1DK, 1LDK [Total no. of units] 48 units [Total no. of units] 42 units

(Left) Entrance hall (Left) Entrance hall (Right) Exterior (Right) Exterior

• In the first quarter, although the brokerage business was steady, revenue and profit decreased due to a decrease in property sales to investors in asset solution and a decline in occupancy in the parking business.

2020/12 2021/12 Increase/ 2021/12 Achievement Unit: ¥ billion Main factors for increase/decrease 1Q actual 1Q actual Decrease Forecasts Rate Operating revenue 14.8 11.3 (3.5) 46.0 25% Brokerage 0.7 1.0 0.2 Increase in brokerage turnover 4.5 23% Property sales to investors -¥3.4 billion (FY2020 1Q: ¥7.0 billion; Asset solution 7.9 4.4 (3.4) FY2021 1Q: ¥3.6 billion) 14.5 31% Management service, etc. 1.1 1.1 0.0 4.5 25% Parking business 5.0 4.7 (0.3) Decline in occupancy due to the impacts of the COVID-19 pandemic 22.5 21% Property sales to investors -¥0.6 billion (FY2020 1Q: ¥1.4 billion; FY2021 Operating profit 1.5 0.8 (0.7) 1Q: ¥0.8 billion), Parking business -¥0.4 billion 3.0 27% Business profit 1.5 0.8 (0.7) 3.0 27%

2020/12 2021/12 Increase/ Unit: ¥ billion Main factors for increase/decrease Actual Forecasts Decrease Operating revenue 46.6 46.0 (0.6) Brokerage 3.4 4.5 1.0 Property sales to investors -¥5.6 billion (FY2020 cumulative total: Asset solution 20.0 14.5 (5.5) ¥16.6 billion; FY2021 cumulative total: ¥11.0 billion) Management service, etc. 4.2 4.5 0.2 Parking business 18.8 22.5 3.6 Recovery of occupancy, increase in parking spaces, etc. Gross profit from property sales to investors -¥1.3 billion (FY2020 Operating profit 2.6 3.0 0.3 cumulative total: ¥2.8 billion; FY2021 cumulative total: ¥1.5 billion), Recovery of occupancy in Parking business +¥1.6 billion Business profit 2.6 3.0 0.3

• Asset solution: Securing stock mainly in central Tokyo through selective investment that utilizes sharp real estate assessment abilities.

• Parking business: The number of parking spaces decreased by 1,807 from the end of FY2020 to 74,366 due to cancellations in some parking lots.

(Parking spaces) (¥ billion) 76,173 80,000 74,176 75,267 74,366 60 68,578 69,401 69,683 66,938 66,736 67,353 51.5 49.9 48.0 60,000 43.3 40 35.6

27.7 40,000

20 20,000

0 0 2016/12 2017/12 2018/12 2019/12 2020/12 2021/3 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3

Other 0.4% Other Major regional 7.7% cities 16.5% Commercial facilities & Greater Tokyo (Tokyo Central Tokyo hotels Office buildings and 3 neighboring (23 wards of 27.4% 43.6% prefectures) Tokyo) 19.5% 63.7% Condominiums for sale & rent 21.3%

Breakdown by Area of Location Breakdown by Asset Type 24 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Business Results for the First Quarter of FY2021 and Full-Year Earnings Forecast for FY2021

• With the transfer of the business operating senior residences, etc. in December 2020, the Senior & Child Care Business Division and Leisure Business Division will be integrated from FY2021. In these presentation materials, the Senior & Child Care business and Leisure business have been combined to be disclosed as the “Leisure & Child Care business.”

• In the first quarter, revenue and income decreased due to the transfer of the business operating senior residences, etc. in FY2020 and the absence of revenues associated with the sale of senior residences.

2020/12 2021/12 Increase/ 2021/12 Achievement Unit: ¥ billion Main factors for increase/decrease 1Q actual 1Q actual Decrease Forecasts Rate Operating revenue 6.6 4.6 (1.9) 22.0 21% Repercussion to the sale of the senior business and senior residences posted in FY2020 -¥0.9 billion Leisure & Child Care business 5.0 3.6 (1.4) Decrease in the number of visitors and decline in occupancy due to the 18.0 20% impacts of the COVID-19 pandemic -¥0.2 billion Fund business 1.4 1.0 (0.4) Impact of temporary fees in FY2020 3.5 30% Other 0.1 0.0 (0.0) 0.5 5% Operating profit 0.5 0.2 (0.2) 0.5 48% Business profit 0.4 (0.0) (0.5) (1.0) -

2020/12 2021/12 Increase/ Unit: ¥ billion Main factors for increase/decrease Actual Forecasts Decrease Operating revenue 44.5 22.0 (22.5) Repercussion to the sale of the senior business and senior residences Leisure & Child Care business 40.6 18.0 (22.6) posted in FY2020 -¥25.0 billion Recovery of occupancy of leisure business +¥2.5 billion Fund business 3.7 3.5 (0.2) Other 0.1 0.5 0.3 Sales of senior residences -¥7.3 billion (FY2020 cumulative total: ¥7.3 Operating profit 8.8 0.5 (8.3) billion; FY2021 cumulative total: ¥0.0 billion) Recovery of occupancy of leisure business +¥0.3 billion Business profit 8.6 (1.0) (9.6)

25 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Initiatives for Fund Business • Under the Medium-Term Business Plan, further expansion of profit opportunities for the Group will be pursued through sales of developed/owned properties to REITs and such sponsored by the Company • Japan Prime Realty Investment Corporation (JPR), which has been entrusted asset management by the consolidated subsidiary Tokyo Realty Investment Management, Inc. (TRIM), steadily expanded assets in both private funds and private REITs operated by Tokyo Tatemono Investment Advisors Co., Ltd. Tokyo Tatemono Private REIT, Inc.

A J-REIT with a combined portfolio of office and urban A diversified private REIT investing in various retail properties, etc. asset types

Total acquisition price ¥467.5 billion Total acquisition price : ¥61.2 billion Appraisal value ¥549.9 billion Appraisal value : ¥64.8 billion * As of March 31, 2021 Portfolio Overview Portfolio Overview Number of Leasable Occupancy Average Number of Total floor Occupancy Average NOI yield properties area rate building age properties area*1 rate*2 building age 66 501,000 m2 99.3% 4.9% 23.8 years 28 268,000 m2 96.0% 15.3 years *1: Sum total of total floor area of each entire building, and thus includes areas that are not owned. *2: Occupancy rate is as of March 31, 2020. Other figures are as of Investment Ratio by Use/Area December 16, 2020. Investment Ratio by Use * As of December 16, 2020

Commercial facility Other 22.4% 10.0% Office (Tokyo CBDs) Office (Other cities) 47.3% 9.4% Offices Residential 52.0% 36.0% Office (Greater Tokyo) 20.9%

• Engaging in investment in businesses in China and Asia where high returns can be expected by obtaining business opportunities in growth markets as one of the measures in the property sales business.

• Balance of investment was approximately ¥58.0 billion at the end of March 2021.

Basic Strategy ・ Conduct business centering on partnerships with local partners who are familiar with the local market and have superior development and sourcing capabilities. ・ Dispatch resident officers from the Company to the area in order to manage risks based on the Company’s view and enhance relationship with the partners. ・ Invest mainly in for-sale condominium projects with quick turnover primarily in China and countries in Asia in which the Company has invested before.

Scale FY of Status Name of project Location Main uses Total area (Total number of construction (End of March) units/total floor area) completion

Shenyang Tomorrow Square Residential, Shenyang City Approx. 199,000 m² Approx. 5,900 units 2013 onward Sold out Project commercial, office

Residential, Qingdao Project Qingdao City Approx. 86,000 m² Approx. 1,800 units 2015 onward Sold out commercial

Xuzhou Qiaohu Project Xuzhou City Residential Approx. 122,000 m² Approx. 2,000 units 2020 onward On sale

Residential, Yangzhou-South Project Yangzhou City Approx. 94,000 m² Approx. 1,200 units 2019 onward On sale commercial a n i Residence, h Yangzhou-East Project Yangzhou City Approx. 64,000 m² Approx. 1,200 units 2023 onward Before sale Xuzhou C commercial

Residential, Yinchuan Jinfeng Project Yinchuan City Approx. 98,000 m² Approx. 1,500 units 2021 onward On sale commercial

Jiaxing Tongxiang Project Jiaxing City Residential Approx. 42,000 m² Approx. 500 units 2020 onward On sale

Xuzhou Chengbei Project Xuzhou City Residential Approx. 68,000 m² Approx. 1,500 units 2023 onward On sale

Residential, Yangzhou Chengxi Project Yangzhou City Approx. 97,000 m² Approx. 1,500 units 2022 onward On sale commercial

79 Robinson Road Singapore Office Approx. 4,400 m² Approx. 57,400 m² 2020 Completed

Former Museum Site Office, Suspended Yangon, Myanmar Approx. 16,000 m² Approx. 92,000 m² TBD Redevelopment Project commercial, hotel of construction

Sukhumvit 26 Project Bangkok, Thailand Residential Approx. 3,200 m² Approx. 150 units 2021 On sale

a Sathorn 12 Project Bangkok, Thailand Residential Approx. 2,900 m² Approx. 250 units 2022 On sale i s A Sukhumvit 38 Project Bangkok, Thailand Residential Approx. 5,700 m² Approx. 300 units 2025 Before sale

Office building : Approx. 47,000 m² Dharmawangsa Project Jakarta, Indonesia Office, residential Approx. 16,000 m² 2022 On sale Residence: Approx. 90 units

Loggia Project Jakarta, Indonesia Residential Approx. 11,900 m² Approx. 500 units 2024 onward On sale

79 Robinson Road * CPF Building Redevelopment Xuzhou Qiaohu Project in China (Construction started in 2017 and completed in 2020)

A complex development project for residential and commercial properties in A rare, high-grade office was developed in Xuzhou, a Tier 3 city where infrastructure development and foreign capital Singapore’s central business district, advancement are rapidly progressing (the Company is participating in the Tanjong Pagar. There are plans to connect residential portion only.) the property directly to a subway station in the future, and we have received applications for approximately 90% of units. Total project cost: Approx. ¥37.0 billion Total project cost: Approx. ¥75.0 billion Tokyo Tatemono’s stake: Tokyo Tatemono’s stake: Approx. 15% Approx. 25%

For-sale Condominium Development Yangzhou Chengxi Project in China Projects in Bangkok, Thailand (3 projects)

A residential development project Development of three high-grade in Yangzhou, a Tier 5 city where for-sale condominiums in the the needs of actual demand are Sukhumvit Area and the Sathorn strong, marking the Company’s Area located in the central district third project in the city. of Bangkok.

Total project cost: Total project cost: Approx. ¥50.0 billion Approx. ¥37.0 billion Tokyo Tatemono’s stake: Tokyo Tatemono’s stake: Approx. 50% Approx. 25%

• In February 2020, announced a long-term vision for 2030, “Becoming a Next-Generation Developer,” and the Medium- Term Business Plan for FY2020-FY2024. • Aim to achieve goals of Medium-Term Business Plan and realize the long-term vision through initiatives that contribute to the evolution of ESG management and the promotion of our five key strategies. * For details, please refer to “Long-Term Vision, Medium-Term Business Plan” announced on February 12, 2020.

Previous Long-Term Vision to 2030 Medium-Term “Becoming a Next-Generation Developer” Business Plan 2020-2024 Medium-Term Business Plan Consolidated business profit* Achieve the dual goals of “solving social issues” and ¥120.0 billion “company growth” at higher levels Consolidated Target for 2030: business profit* Contributing to the Consolidated business ¥75.0 billion achievement of the SDGs 51.6 profit* of ¥120.0 billion

2019 2024 Around Steadily expand stable leasing profit, making it 2030 the core of our profit composition Target a well-balanced profit structure, mindful of capital efficiency (1) Promotion of Large-Scale (4) Strengthening of Brokerage, * Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity method Redevelopment Fund, and Parking Businesses

(2) Further Strengthening of (5) Growth in Overseas Business Condominium Business

(3) Expansion of Property Sales to Investors

• In the Medium-Term Business Plan, we have set a profit target of ¥75 billion in business profit for FY2024. In addition, we have set targets for ROE, the debt-equity ratio, and the interest-bearing debt to EBITDA multiple in order to optimize the business portfolio in consideration of capital efficiency and fiscal discipline. • Looking towards 2024, we plan to increase profit on property sales centering on property sales to investors.

¥75.0 billion Profit Consolidated business profit: 80 8.0 Target ¥75.0 billion 70 9.0 Capital ¥51.6 billion ¥53.0 billion ROE: 8-10% ¥49.8 billion 3.0 Efficiency 60 0.5 5.8 8.8 18.0 Debt-equity ratio: Appr. 2.4X 15.5 Financial Interest-bearing debt / EBITDA 50 2.6 Indicators 15.8 multiple: Appr. 12X 7.1 40

Consolidated operating profit: 30 ¥70.0 billion 49.0 Reference 45.5 Profit attributable to owners of 20 37.5 40.8 Figures parent: ¥45.0 billion 10 EPS: ¥215 0 -8.2 -9.5 -1.0 -9.0 -10 -10.0 2019 2020 2021 2024 Actual Actual Forecast Projection

Commercial Properties business Residential business Asset service Other Corp/Elim

■ Business Portfolio Concepts (1)

■Our business portfolio can be classified into three categories based on their profit characteristics: leasing, property sales (condominiums/sales), and services. We manage each segment with a focus on the value chain.

■We promote five key strategies with a focus on the balance between profitability, efficiency, and stability.

Business classification and management by profit characteristics, with awareness of the Key Strategies and Their Profit Sources balance between profitability, efficiency, and stability Key Strategy Profit Source

(1) Promotion of large-scale Leasing Profit Type Characterized By redevelopment

Profit from leasing Highly stable profit (2) Further Strengthening of Property Leasing offices, condominiums, Requires significant Condominium Business Sales etc. investment (3) Expansion of Property Sales Property Development profit, to Investors Sales Property Highly volatile profit acquired from sale of High capital efficiency Sales properties held (4) Strengthening of Brokerage, Fund, and Parking Services Businesses Fee revenue from facility Highly stable profit Services management/operation, Does not require (5) Growth in Overseas Property provision of services significant investment Business Sales

■ Business Portfolio Concepts (2)

■Working under our five key strategies, we are steadily growing our Services area, with profit growth driven especially by the Property Sales area through 2024 and expansion of Leasing in 2025 and beyond, achieving a well-balanced profit structure mindful of capital efficiency.

Projected Shift in Per-Area Profit Over Time ¥120.0 billion

20% Services ¥75.0 billion 30% Property Sales 20% ¥51.6 billion

10% 40% 30% 50% Leasing * Chart percentages are 60% 40% approximations

2019 2024 (Projection) Around 2030 (Projection)

Project completions in 2025 and beyond Promotion of large-scale redevelopment drive major expansion Well-balanced Leasing Growth of leasing revenue from active properties profit structure focused on Expansion primarily through recovery Property Sales on held properties Ongoing profit generation leasing profit and mindful of capital Services Steady growth efficiency

■ Management Mindful of Capital Efficiency

■We will target enhancement of ROA by improving margin and turnover, appropriate control of the debt-equity ratio through earnings growth and asset sales, realization of ROE of 8% to 10%, and optimization of our business portfolio and asset composition. Realize appropriate ROE Net income ÷ owners’ equity

2024: 8-10% Decrease debt- 2024: Improve ROA equity ratio 2024: Business profit ÷ 4% Interest-bearing debt ÷ 2.4x total assets owners’ equity Interest- Secure Fiscal Stability Improve Margin/Turnover bearing 1) Enhance asset profitability by investing debt 1) Increase equity through while being mindful of capital cost Assets accumulation of greater profit 2) Improve turnover rate through greater 2) Recover funding by sales, not only profit on property sales of for-sale real estate but also fixed 3) Adjust businesses with low Equity and non-business assets (e.g., profitability/poor growth outlook capital cross-shareholding)

Guide optimization of business portfolio and asset composition

■ Investment Plan

■Estimated net investment of ¥500.0 billion in total over five years.

■In addition to enhancing owned capital through stable profit growth, we aim to optimize our asset composition by selling fixed assets in consideration of profitability and reducing cross-shareholdings in order to either maintain or reduce the debt-equity ratio and simultaneously control the balance sheet in an appropriate fashion. Medium-Term Investment Plan Balance Sheet Changes (Cumulative)

Unit: ¥ billion Other ¥200.0 billion Gross investment 1,400.0

Investment in large-scale redevelopment 230.0 Other ¥264.2 billion Interest- bearing Investment in condominium projects 430.0 debt Interest- Assets ¥1,200.0 bearing ¥1,900.0 billion Investment in properties for sale to investors 550.0 debt Assets billion Debt-equity ¥924.8 ¥1,564.0 ratio billion billion About 2.4x Investment in the overseas business 70.0 Debt-equity ratio 2.5x Equity Equity Other 120.0 capital capital ¥500.0 ¥375.0 billion Recovered 900.0 billion

Net investment 500.0 2019 2024 (Projection)

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- , 1 b . 6 i e 0 0 l l i d . o 0 n ) ) Investment Plan for FY2021 (No update from the time of announcement of financial results)

• Plan is to invest gross investment of ¥1,400.0 billion and net investment of ¥500.0 billion cumulatively over five years in the five key strategies set under the Medium-Term Business Plan.

• In FY2021, the gross amount of investment is expected to be ¥220.0 billion due to expenditure on construction costs for progressively developing logistics properties and for-sale condominium projects.

Unit: ¥ billion 5-year Plan 2020 Actual 2021 Plan

Gross investment 1,400.0 189.1 220.0

Investment in large-scale 230.0 13.8 0 redevelopment

Investment in condominium projects 430.0 64.4 65.0

Investment in properties for sale to 550.0 63.6 90.0 investors

Investment in the overseas business 70.0 1.6 15.0

Other*1 120.0 45.7 50.0

Recovered 900.0 120.6

Net investment 500.0 68.5

*1 Inclusive of such amounts as expenditures for Hareza Tower, Kita Aoyama 3-chome Project, parking lot facility development, CAPEX, etc., and reserves for acquisition of buildings for large-scale redevelopment and income-producing real estate.

• Business profit and main indicators for past fiscal years are as follows. We aim to steadily grow toward the target of business profit of ¥75.0 billion in FY2024.

Period of previous plan Current plan (2020-2024) 75.0

17.0 53.0 Business profit 51.6 49.8 2.0 ■Other 46.4 47.1 18.0 (Asset service + other) 6.4 38.2 4.3 6.5 11.3 15.5 ■Residential 15.8 7.1 6.5 16.9 14.1 ■Commercial properties 6.4 49.0 ■Elimination/Corporate 45.5 37.5 40.8 31.4 32.3 33.8

-6.2 -7.2 -7.3 -8.2 -9.5 -10.0 -9.0 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 Announced (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast) February 2020 2024/12 Forecasts Operating profit ¥36.3 billion ¥44.7 billion ¥46.7 billion ¥52.4 billion ¥49.6 billion ¥54.0 billion ¥70.0 billion Business profit ¥38.2 billion ¥46.4 billion ¥47.1 billion ¥51.6 billion ¥49.8 billion ¥53.0 billion ¥75.0 billion Profit ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.7 billion ¥33.0 billion ¥45.0 billion Dividend per share ¥26.0 ¥30.0 ¥35.0 ¥41.0 ¥46.0 ¥48.0 - Payout ratio 28.6% 28.8% 27.8% 29.0% 30.2% 30.4% - Debt equity ratio 2.3x 2.4x 2.5x 2.5x 2.5x - About 2.4x Net debt equity ratio*1 2.1x 2.2x 2.4x 2.4x 2.4x - - Interest-bearing debt / EBITDA 13.0x 12.5x 12.7x 12.6x 13.4x - About 12x multiple ROA*2 2.9% 3.4% 3.3% 3.4% 3.1% - - ROE*3 6.4% 6.8% 7.9% 8.2% 8.3% - - *1: Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / Equity capital *2: ROA = Business profit / Average of total assets at beginning of period and total assets at end of period *3: ROE = Profit attributable to owners of parent / Average of equity capital at beginning of period and equity capital at end of period 38 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Shareholder Returns (No update from the time of announcement of financial results)

• For FY2020, the annual dividend increased from the previous fiscal year’s ¥41.0 per share to ¥46.0 per share (up ¥1.0 per share from the ¥45.0 per share forecast at beginning of the fiscal year), resulting in payout ratio of 30.2%.

• For FY2021, estimate annual dividend to further increase by ¥2.0 per share to ¥48.0 per share (payout ratio of 30.4%.)

Plan is for an eighth consecutive year of dividend (¥) < Per-Share Dividend Trends > increase with profit growth

48.0 50 ■Interim dividend ■Year-end dividend 46.0 41.0 40 35.0 24.0 30.0 24.0 30 *2 26.0 22.0

*1 19.0 20.0 16.0 20 14.0 *1 12.0 *1 10.0 12.0 22.0 24.0 10 6.0 19.0 14.0 16.0 10.0 12.0 6.0 8.0 0 2013/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (F(Aorcetucasl)t) (Forecast) Profit attributable to owners ¥10.1 billion ¥82.9 billion ¥16.3 billion ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.7 billion ¥33.0 billion of the parent Profit per share*1 ¥47.10 ¥386.24 ¥75.91 ¥91.00 ¥104.17 ¥125.79 ¥141.59 ¥152.12 ¥157.88 Consolidated payout ratio 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 29.0% 30.2% 30.4% Consolidated total return ratio 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 62.5% 30.2% - Stock price at end of period*1 ¥2,336 ¥1,762 ¥1,323 ¥1,563 ¥1,522 ¥1,140 ¥1,709 ¥1,415 - Dividend yield*3 0.4% 0.7% 1.5% 1.7% 2.0% 3.1% 2.4% 3.3% - Shareholder returns policy During the period of the Medium-Term Business Plan (FY2020–FY2024), establish a baseline consolidated payout ratio of 30% or more and aim to increase shareholder returns continuously through sustainable growth. Consider whether to repurchase company shares based on the business environment and financial situation, among other factors.

*1: A 1-for-2 reverse stock split was implemented on July 1, 2015. The figures for 2012 to 2015 are calculated by factoring in the reverse stock split. *2: The interim and year-end per-share dividend for FY2016 both include a ¥2 commemorative dividend to celebrate the 120th anniversary of the Company’s founding. *3: Dividend yield is calculated based on the closing price at the end of that period. 39 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Fair Value of Rental Properties (No update from the time of announcement of financial results)

• The completion of Hareza Tower and upward rent revisions, etc. led to rise in fair value, resulting in unrealized gain increasing to ¥504.8 billion.

Increase/ Unit: ¥ billion 2019/12-end 2020/12-end Decrease Of fixed assets, properties that are currently leased or properties under development that are scheduled to be leased after completion to Fair value at end of period 1,334.9 1,389.7 54.7 third parties by the Company and its subsidiaries (including properties where a Amount on B/S portion is used by the Company and its group companies) are subject to calculation 871.4 884.8 13.4 (carrying value) For properties newly acquired during the period or properties under development as at the end of the period, the carrying value at the Amount of difference 463.5 504.8 41.3 end of the period is taken as the fair value

(¥ billion) (Yen per share) 3,538 3,333 504.8 500 463.5 2,951 422.1 3,000 2,776 2,524 1,676 400 372.2 1,539 *2 343.4 2,204 Unrealized gain (net of tax) 1,186 1,345 300 274.0 2,000 1,059 814

200 1,000 1,794 1,862 Equity capital 100 1,390 1,465 1,590 1,606

0 0 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12

*1: NAV per share = (Equity capital + Unrealized gain, net of tax) / Number of shares issued and outstanding at end of period, excluding treasury stock. *2: Unrealized gain, net of tax = Unrealized gain × (1 − Statutory tax rate applicable to that fiscal year) 40 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Major Development Projects

• In addition to Yaesu Project and Gofukubashi Project, promoting several projects in the Chuo, Minato and Shibuya wards.

• Redevelopment projects for approximately 320,000 m2 of estimated leasable area are slated for completion one after another around the period between 2025 and 2030.

■Project period construction start Ongoing Redevelopment Projects to completion

Estimated leasable area* Current status Name of project Area 2020 ・・・・・ 2024 2025 ・・・・・ 2030 (owned by Tokyo Tatemono) Rights conversion plan Yaesu Project Chuo Ward (B Area) Approx. Preparation consortium 120,000 m2 established Gofukubashi in total Chuo Ward Urban development plan Project decided

Preparation consortium Redevelopment 1 Minato Ward established Leasable area Preparation consortium Redevelopment 2 Chuo Ward Approx. established 320,000 m2 Approx. in total Preparation consortium Redevelopment 3 Shibuya Ward 200,000 m2 established in total Preparation consortium Redevelopment 4 Minato Ward established

Under discussion Redevelopment 5 Minato Ward

Estimated investment amount: Estimated investment amount: About ¥230.0 billion About ¥330.0 billion

* Estimated leasable area includes leasable area of non-office space, such as conference and commercial facilities 41 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Features of the Yaesu-Nihonbashi-Kyobashi Area

• Access to various locations including regional cities, areas in Tokyo and international airports is excellent due to the existence of bullet trains, existing JR lines and multiple subway lines, giving the area phenomenal transportation convenience, its main feature. • Nearby are business areas, commercial/tourist areas and areas popular for residential purposes. Urban development that utilizes diverse regional features including the rich cultural resources and gathering of long-established corporations is expected. • With highly diverse properties suitable for startups and several innovation hubs, the area’s innovativeness has been accelerating in recent years. • The land value and suitability for offices lags behind the Otemachi-Marunouchi-Yurakucho area, but the value of the area as a whole is expected to increase significantly going forward with the various redevelopment projects planned. Diverse Regional Features and Potential of the Yaesu-Nihonbashi-Kyobashi Area Increasingly popular as Phenomenal Excellent halls residential area Gathering of transportation and meeting leading firms convenience room facilities

Highly diverse small Rich cultural resources and medium-size transmitting culinary and properties craftsmanship traditions

Highly diverse Comparison of Rent and Land Price of area harmonizing work and home life Large-Scale Office Buildings (200 tsubo or more)

Yaesu-Nihonbashi- Marunouchi-Otemachi Kyobashi Ginza subway Bullet trains line connects connect major Tokyo Market rent of large- Tokyo with tourist ¥38,167 per tsubo ¥40,964 per tsubo regional destinations scale office buildings cities (200 tsubo or more)*2

Asakusa subway line 2 2 gives good ¥14,700 thousand per m ¥22,500 thousand per m *3 access to the Developments Land price (Sotobori-dori Avenue / in front (Daimyo-Koji Avenue / in front of international have been making of Tokyo Station) Marunouchi Building) airport rapid progress in recent years *2: Source: Tokyo 5 Central Wards Office Market Price List by Sanko Estate (as of the end of December 2020) *3: Land price of fixed asset tax (fiscal 2020) 42 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Initiatives in the Yaesu-Nihonbashi-Kyobashi Area

• Tokyo Tatemono owns many office buildings in the area around Tokyo Station, a key area, and several large-scale development projects are scheduled to be completed by around 2030. • Utilizing the properties it owns in the area, Tokyo Tatemono is promoting the formation of a business environment (innovation ecosystem) where venture firms, leading companies, investors, research institutions and other players from the fields of industry, academics and government come together and collaborate for coexistence and mutual prosperity, thereby nurturing cutting-edge technology and giving rise to positive cycles. 1 Promotion of an Innovation Ecosystem Promising startups will be attracted to the Yaesu-Nihonbashi- Kyobashi area by utilizing the diverse regional features and 1 properties owned by Tokyo Tatemono. An initiative with focal categories of economic topics and growth fields of leading companies such as x-tech, SDGs, food, craftsmanship, etc. is Gofukubashi Project being promoted.

3 2

Yaesu Project

3 Certification received in 2020 as the Regional Council by Authorized Regions for innovation ecosystem promotion support project for Yaesu-Nihonbashi-Kyobashi area (August 2020) The Tokyo Metropolitan Government is aiming to form an innovation ecosystem where various players come together and cooperate, and is providing support in dispatching personnel and information. 2 As the leading company in the Regional Council by Authorized Regions, Tokyo Tatemono is engaged in various initiatives such as bringing in startups, promotion of open innovation with existing industries, active information dispatch, etc.

: Redevelopment with : Redevelopment with : Buildings owned by : Redevelopment with other Tokyo Tatemono’s Tokyo Tatemono’s Tokyo Tatemono companies’ participation participation involvement 43 * Balloons indicate initiatives at properties owned by Tokyo Tatemono. Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Development Projects in the Yaesu-Nihonbashi-Kyobashi Area

• Promoting “Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station,” in front of Tokyo Station and “Urban Redevelopment Project for Yaesu 1-Chome North Area” along Nihonbashi River.

• Aiming to realize urban development that generates new added value for the entire area through various efforts that increase global competitiveness, reduce the environmental load, etc. while also securing stable leasing revenue.

Urban Redevelopment Project for Yaesu 1-Chome Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station (Yaesu Project) North Area (Gofukubashi Project) Large redevelopment project in front of Tokyo Station, including Tokyo Tatemono’s Large redevelopment project directly connected to Nihombashi subway station in former headquarters building excellent location Accumulation of sophisticated urban functions worthy for the land entrance of Formation of cityscape worthy for the gate of the area alongside Nihonbashi River Tokyo, an international city Accumulation of city functions forming a sophisticated financial hub Formation of prosperity that passes down Yaesu’s history and tradition to the future ⇒ Urban development plan decided and designated as National Strategic ⇒ Rights conversion plan approved for B Area in June 2020 Special Zone in October 2019 [Total floor space] District A:about 12,000 m² [Total floor space] South Block:about 180,500 m² District B:about 225,000 m² North Block: about 1,000 m² [Main uses] District A:offices, shops, etc. [Main uses] Offices, shops, lodging facility, parking lot, etc. District B:offices, medical facilities, bus terminal, conference halls, etc. South Block:45 floors above ground, 5 below [No. of floors] District A:11 floors above ground, 3 below [No. of floors] North Block: 2 floors above ground, 1 below District B:50 floors above ground, 4 below Fiscal year 2025 (planned) [Construction start] Fiscal year 2021 (planned) [Construction start] South Block:Fiscal year 2030 (planned) [Completion date] Fiscal year 2025 (planned) [Completion date] North Block: Fiscal year 2035 (planned)

Value Created by the Project Value Created by the Project Enhancement of traffic node function in front of Formation of financial hub that contributes to Tokyo Station global competitiveness - Establishment of large-scale bus terminal connecting to - Establishment of support facility for sophisticated financial international airports and regional cities personnel that assist international finance and urban MICE - Establishment of above- and below-ground pedestrian Establishment of waterfront space and pedestrian network connecting Tokyo Station and nearby urban network districts - Various types of cooperation for moving the Metropolitan Introduction of city functions that increase Expressway belowground global competitiveness - Establishment of plaza space that represents the bustling - Establishment of primary care in collaboration with space on the Nihonbashi River sophisticated medical facilities - Establishment of above-and below-ground pedestrian - Increase of urban appeal and vibrancy through network that connects Tokyo Station, Otemachi Station and implementation of area management Nihombashi Station Strengthening of disaster preparedness and Strengthening of disaster preparedness and reduction of environmental burden reduction of environmental burden - Establishment of space for those stranded during - Establishment of space for those stranded during disasters disasters and storage for disaster prevention and storage for disaster prevention - Enhancement of business continuation functions through - Promotion of greater energy efficiency in the entire area establishment of cogeneration systems and emergency through establishment of regional heating/cooling plant and power generation facilities cooperation with existing plants

Commercial Properties business*1 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3 Number of office buildings 48 48 48 48 48 48 48 46 45 45 46 46 *2 Leasable area of office buildings (thousand m²) 494 495 495 495 495 495 494 490 520 520 511 514 *2 Vacancy rate 2.2% 2.2% 1.6% 1.4% 1.2% 1.1% 1.1% 1.0% 2.0% 1.3% 2.3% 3.4% *2 Average rent (Unit: yen/tsubo) 30,293 29,870 29,882 30,361 30,405 30,470 30,583 30,846 30,288 30,161 30,835 31,061 *2

Residential business 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3 Number of sales posted (cumulative) 442 494 989 450 937 1,053 1,316 646 872 955 1,196 520 For-sale condominiums 441 493 988 450 937 1,053 1,315 646 872 955 1,196 520 Housing and residential land 2 2 2 0 0 0 1 0 0 0 0 0 Gross margin ratio of condo sales (cumulative) 37.6% 36.4% 29.8% 24.1% 25.5% 25.3% 24.6% 21.7% 22.9% 22.8% 22.4% 29.9% Inventory of completed condos 105 87 94 174 130 83 216 321 305 243 177 179 Of which, contracted 11 8 13 30 26 17 18 40 31 43 27 41 Condo units supplied (cumulative) 531 753 1,210 449 674 956 1,301 201 286 499 948 297 Condo units contracted (cumulative) 522 720 1,107 420 651 936 1,285 200 275 527 962 288 Condo units contracted but yet to be posted 1,540 1,686 1,577 1,547 1,291 1,460 1,547 1,101 950 1,118 1,314 1,081

Number of condo buildings for rent 10 9 8 10 11 11 9 12 14 14 14 11 Number of managed condo units 92,342 92,508 93,206 93,950 93,171 93,230 94,319 95,401 95,958 95,581 95,720 97,152

Asset service 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3 Brokerage: Number of deals (cumulative) 522 793 1,059 214 504 796 1,081 259 458 687 1,018 277 Of which, sales (cumulative) 504 768 1,029 209 482 769 1,044 250 448 671 991 271 Of which, rentals (cumulative) 18 25 30 5 22 27 37 9 10 16 27 6 Parking lots: Number of locations 1,687 1,693 1,715 1,711 1,726 1,739 1,767 1,751 1,805 1,837 1,867 1,859 Parking lots: Number of parking spaces 67,202 68,101 68,578 66,938 66,736 67,353 69,401 69,683 74,176 75,267 76,173 74,366

Other 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2020/9 2020/12 2021/3 Ofuro no Osama (Spa facility) 10 10 10 10 10 10 9 9 9 9 9 9 Golf Courses 12 12 12 12 12 12 12 12 12 12 12 12 Pet-Friendly Hotels (Regina Resort with DOGS) 7 8 9 9 9 9 9 8 8 8 8 8 Ohayo Child Care Centers/ 8 8 8 8 11 11 11 11 14 15 15 15 After-school child care facility *1: Standards for areas subject to calculation are as follows. 1. Office buildings owned by group companies are included. 2. Since the area of retail stores accounts for a large proportion under total leased floor area at GRAND FRONT OSAKA, the area of retail stores is excluded from calculation. 3. With regard to buildings owned by consolidated SPCs, the equivalent areas of the SPCs’ equity holdings in other companies have been included along with areas subject to recording of leasing revenue. *2: “DNP Gotanda Building,” which was acquired at the end of September 2019, is not included in areas subject to calculation. 45 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. List of Facilities (Leisure Business)

Number of Pet-Friendly Hotels (Regina Resort with DOGS) Location Opening guestrooms 1 Regina Resort Fuji Minamitsuru-gun, Yamanashi 21 Nov. 2013 2 Regina Resort Hakone Ungaiso Ashigarashimo-gun, Kanagawa 10 July 2014 3 Regina Resort Izu Murin Ito-shi, Shizuoka 8 Mar. 2016 4 Regina Resort Karuizawa Mikage Yosui Kitasaku-gun, Nagano 26 July 2016 5 Regina Resort Kyu-Karuizawa Kitasaku-gun, Nagano 26 Nov. 2017 6 Regina Resort Biwako Nagahama Nagahama-shi, Shiga 15 June 2018 7 Regina Resort Kamogawa Kamogawa-shi, Chiba 25 July 2018 8 Regina Resort Hakone Sengokuhara Ashigarashimo-gun, Kanagawa 22 Oct. 2018

Golf Courses Location 1 Kawaguchiko Country Club Minamitsuru-gun, Yamanashi Regina Resort Fuji 2 J-Golf Tsurugashima Hidaka-shi, Saitama 3 River Fuji Country Club Fuji-shi, Shizuoka 4 Holon Golf Club Kikugawa-shi, Shizuoka 5 J-Golf Kasumigaura Itako-shi, Ibaraki 6 Byron Nelson Country Club Iwaki-shi, Fukushima 7 Miyako Golf Club Tsuru-shi, Yamanashi 8 Washu Golf Club Kurashiki-shi, Okayama 9 Tojo Golf Club Kato-shi, Hyogo 10 Akasaka Country Club Akaiwa-shi, Okayama 11 Tohnosho Golf Club Katori-gun, Chiba 12 Shirakawa Kogen Country Club Nishishirakawa-gun, Fukushima Regina Resort Hakone Sengokuhara

Bathing Facilities Location Opening 1 Ofuro no Osama Shiki Shiki-shi, Saitama Jan. 2003 2 Ofuro no Osama Konandai Yokohama-shi, Kanagawa Mar. 2005 3 Ofuro no Osama Hana Koganei Kodaira-shi, Tokyo Nov. 2006 4 Ofuro no Osama Tama Mogusa Tama-shi, Tokyo July 2008 5 Ofuro no Osama Ooimachi Shinagawa-ku, Tokyo Mar. 2011 6 Ofuro no Osama Ebina Ebina-shi, Kanagawa Acquired in Feb. 2014 7 Ofuro no Osama Seya Yokohama-shi, Kanagawa Acquired in Feb. 2014 8 Ofuro no Osama Kouza-Shibuya Ekimae Yamato-shi, Kanagawa Acquired in Feb. 2014 9 Ofuro no Osama Machida Sagamihara-shi, Kanagawa June 2015 Ofuro no Osama Wako (provisional name) Ofuro no Osama Ooimachi 10 Wako-shi, Saitama Dec. 2021 (Wako City Hirosawa Complex Development and Operation Project) 46 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Market Data (1) Office Building Market

Large-Scale Office Building Supply Volume Trends in Tokyo’s 23 Wards

2 Historic average 2021–2024 average (10,000 m ) Volume of supply Number of properties of supply supply volume supply volume (Properties) 2 820,000 m2/year 300 46 47 1,030,000 m /year 60 44 N 41 40 42 37 32 36 31 32 u 29 30 28 28 29 m 24 21 26 21 25 22 21 26 24 22 15 16 19 19 16 19 19 30 b

14 14 e 12 12 13 9 216 r y

l o p f

p 187 200 183 0 p u

175 r o s

p f 154 e o

141 143 r e

-30 t

125 i 118 119 121 119 e m 114 117 108 109 s u 104

l 100 99

97 o

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100 -60 V 77 74 72 77 69 s 65 58 u 56 55 54 54 p 36 p l

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Average Rent and Vacancy Rate Trends in Tokyo’s Central Business District (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya)

Average rent Vacancy rate (%) (¥) 8.91 9.01 8.67 8.09 7.34 35,000 4.72 5.47 4.49 5.42 10.0 2.89 4.03 3.61 3.12 2.65 1.88 1.55 30,000 5.0 V t a

n 0.0 c e 25,000 22,186 22,206 a r 21,998 21,999 21,541 20,887 n e 19,406 18,978 19,173 -5.0 c

g 18,540 20,000 17,585 17,692 y a 16,932 16,572 16,953 r 16,207 r a

e -10.0 t v 15,000 e A -15.0 10,000 -20.0 5,000 -25.0 0 -30.0 06/12 07/12 08/12 09/12 10/12 11/12 12/12 13/12 14/12 15/12 16/12 17/12 18/12 19/12 20/12 21/3 Source: Mori Buildings’ “Survey of Large-scale Office Building Market in Tokyo’s 23 Wards 2020”; Miki Shoji 47 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Market Data (2) For-Sale Condominium Market

Number of New Condominium Units for Sale and Average Price in the Tokyo Metropolitan Area (Tokyo, Kanagawa, Saitama, and Chiba)

(Units) Number of new units for sale Average price (10,000 yen) 100,000 7,000

e 5,980 l 5,908 5,871 5,871 a 5,518 5,490 s 6,000 r 80,000 5,060 o 4,929 A f 4,716 4,535 4,578 4,540 v s 5,000 t e i r n

56,478 a u g 60,000 4,000 e w

45,602 e 44,535 44,499 44,913 p n 40,449 r

i f 36,376 35,772 35,898 37,132 3,000 c o 40,000 e 31,238 r 27,228 e

b 2,000 m

u 20,000

N 1,000

0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Trends in Double-Income Ratio and Average Annual Household Income Among Buyers of Condominium Units

(10,000 yen) Average annual household income Double-income ratio among married households 1,400 72.0% 80.0% e 66.0% 68.0%

m 64.9% 1,200 62.7% 70.0% o

c 59.5% 59.4% 57.0% n 56.6% D i 55.2% 54.6% 988 985 52.9% 944 960 60.0% o d 1,000 l 900 872 u o b h 796 801 50.0% l

765 e e 752 754 755 800 - s i n u c

o 40.0% o h

m l 600 a

30.0% e u

r n a n 400 t i a 20.0% o e g 200 a 10.0% r e v

A 0 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Real Estate Economic Institute; Recruit Sumai Company Ltd.’s 2020 survey on contract trend of new condominium units in Tokyo Metropolitan Area 48 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Disclaimer

This material has been translated from a portion of the Japanese original for reference purposes only. In the event any discrepancy arises between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation, nor for direct, indirect, or any other form of damages that may arise from using this translation. This English version includes some explanatory notes.

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This material contains the current plans and forecasts concerning the business performance of the Tokyo Tatemono Group. These forecasts are based on the Company’s assumptions and judgments on the basis of information currently available to the Company and include various risks and uncertain factors. Actual results may differ from these forecasts due to changes in the environment and other various factors.