Presentation Material for the First Half of FY2020 (Ending December 31, 2020)

August 11, 2020 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.

The utmost care is applied to the information presented in this material; nevertheless, the accuracy and reliability of this information is not guaranteed. Please be aware that content may be changed without advance notice.

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.

■ Summary p.4 ■ Business Results by Segment p.19

■ Business Results for the First Half of FY2020 p.5 (1) Commercial Properties Business p.20 and Full-Year Earnings Forecast for FY2020

■ Main Impacts of the COVID-19 Pandemic p.6 (2) Residence Business p.28

■ Assessment of the Market Environment and p.7 (3) Real Estate Service Business p.36 Future Policies

■ ESG Report: Recent Initiatives p.8 (4) Other p.38

■ Shareholder Returns p.9 ■ Appendix p.43

Long-Term Vision and Medium-Term Business p.44 ■ Financials p.10 Plan

Consolidated Statement of Income p.11 Main Indicators p.50 for the First Half of FY2020 Consolidated Balance Sheet p.12 Fair Value of Rental Properties p.51 for the First Half of FY2020

Balance of Real Estate for Sale p.14 Quarterly Segment Data p.52

Consolidated Statement of Cash Flows p.15 List of Facilities p.54 for the First Half of FY2020

Investment Plans p.16 Market Data p.56

Revision of Full-Year Earnings Forecast for ■ p.17 FY2020

Business Results for the First Half of FY2020 • Decrease in revenue and income due to factors such as decrease in sales and gross profits of for-sale condominiums, decrease in property sales to investors in the commercial properties business and the real estate service business, in addition to decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak.

Full-Year Earnings Forecast for FY2020 • As the leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have been particularly impacted by the COVID-19 outbreak, a portion of the full-year earnings forecast for FY2020, initially announced at the beginning of the fiscal year (February 5, 2020), has been revised. • When revising the forecast, the impacts of the partial rent reductions and exemptions at hotels and commercial facilities as well as a decline in parking and resort facility occupancy were taken into consideration in addition to the expectation that property sales to investors will include real estate for other uses as an alternative to hotels and commercial facilities. Furthermore, the earnings forecast is premised on the notion that the business environment surrounding the Tokyo Tatemono Group will gradually recover and assumes that the business environment will essentially return to normal toward the end of the fiscal year. • Despite an increase in property sales to investors, operating income, business income, and ordinary income will decrease from the previous fiscal year in FY2020 as a result of factors such as decrease in sales of for-sale condominiums, decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak, as well as higher corporate costs associated with head office relocation. However, as for revenue from operations and profit attributable to owners of the parent, an increase in revenue and income is anticipated and the amounts will remain unchanged from the forecast announced at the beginning of the fiscal year.

Topics

• The rights conversion plan was approved for Yaesu 1-Chome East B Area Urban Redevelopment Project. (June)

• Completed T-LOGI Kuki, Tokyo Tatemono’s first logistics facility. (June)

• Completed Hareza Tower, an office building, and opened the entirety of Hareza Ikebukuro. (July)

• Issued the first sustainability bond in Japan’s real estate sector (July)

• Released the Integrated Report 2020 (August)

• Decrease in revenue and income due to factors such as decrease in sales and gross profits of for-sale condominiums, decrease in property sales to investors in the commercial properties business and the real estate service business, in addition to decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak. • As the leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have been particularly impacted by the COVID-19 outbreak, a portion of the full-year earnings forecast for FY2020, initially announced at the beginning of the fiscal year (February 5, 2020), has been revised. • When revising the forecast, the impacts of the partial rent reductions and exemptions at hotels and commercial facilities as well as decline in parking and resort facility occupancy were taken into consideration in addition to the expectation that property sales to investors will include real estate for other uses as an alternative to hotels and commercial facilities. Furthermore, the earnings forecast is premised on the notion that the business environment surrounding the Tokyo Tatemono Group will gradually recover and assumes that the business environment will essentially return to normal toward the end of the fiscal year. Announced Announced February 5, 2020 August 4, 2020 Revised 2019/6 2020/6 Increase/ 2020/12 Achievement Unit: Billion yen 2020/12 Actual Actual Decrease Forecasts rate Forecasts Revenue from operations 186.2 152.4 (33.8) 350.0 350.0 44% P/L Operating income 32.3 18.5 (13.7) 53.0 48.0 39% Business income*1 32.1 18.9 (13.2) 52.0 47.5 40% Profit attributable to owners of the 20.0 10.8 (9.2) 31.0 31.0 35% parent

Increase/ 2020/12 2020/12 Unit: Billion yen 2019/12-end 2020/6-end Decrease Forecasts Forecasts Total assets 1,564.0 1,623.7 59.7 - - B/S Interest-bearing debt 924.8 1,004.1 79.2 990.0 990.0 Debt equity ratio (times)*2 2.5 2.8 0.3 - - Interest-bearing debt / EBITDA 12.6 - - - - multiple (times)*3 *1: Business income = Operating income + Equity in income (loss) of affiliated companies *2: Debt equity ratio = Interest-bearing debt / Equity capital *3: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating income + Interest & dividend income + Equity in income (loss) of affiliated companies + Depreciation expense + Goodwill amortization expense) 5 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Main Impacts of the COVID-19 Pandemic

• The leasing business of hotels and commercial facilities, the parking lot business, and the leisure business have been particularly impacted by the COVID-19 outbreak. • In terms of property sales to investors, the current policy is to forgo the sale of hotels and commercial facilities and to sell assets that have not experienced significant change in business environment.

Segment Primary Impacts on Tokyo Tatemono’s Businesses

• Received requests from tenant-operators to reduce or waive rent due to a decline in Commercial Leasing hotels and sales at hotels and commercial facilities. Properties retail facilities • In response to government demands, large commercial facilities were closed from middle April to middle May.

• Suspension of new business activities at show houses and sales centers. For-sale Residence (Refrained from business activities with new clients in the Tokyo metropolitan area from condominiums early April to late May.)

• As a result of the demands to refrain from going out, parking lot occupancy dropped Real Estate Parking lots significantly, especially for park and ride lots in front of major regional train stations and Service parking lots attached to large commercial facilities. • All facilities at the spa facility (Ofuro no Osama) were closed from early April to late May. • Resort hotel facilities (Regina Resorts) were closed in stages after the state of Other Resorts emergency was declared and reopened in June. • Golf courses in the Kanto region were temporarily closed after the state of emergency was declared. Golf courses reopened in May with a partial limitation on services.

• Property sales to investors in the commercial properties segment and the real estate service segment have been forgone. Property Sales to Investors • As the business environments of properties such as for-rent condominiums and office buildings have not experienced significant changes, the policy is to sell of these properties in FY2020 in place of hotels and commercial facilities.

• While the impact on offices and residences is limited, new product planning will be promoted in view of diversifying work styles over the long term. • As for the real estate transaction market, demand is expected to remain firm, especially for logistics facilities and for-rent condominiums which are expected to generate stable cashflow, and Tokyo Tatemono will make proactive investments to secure new projects Assessment of the Future Market Environment and Tokyo Tatemono’s Initiatives

• The COVID-19 outbreak has had a limited impact on the current office Specific initiatives market. Tokyo Tatemono has not experienced any major cancellations, and there has been no impact on rents. Various initiatives have been implemented, • While vacancy rates and average rents are expected to weaken such as introducing Offices temporarily going forward, the major trend of preferring good locations and various layouts based high specifications remains unchanged. on the Activity Based Working (ABW) • On the other hand, with the spread of telework, the office has changed into concept at the new a place for “value creation” rather than a place to execute “tasks.” There headquarters office. Inside the new will be a need for product design for highly productive offices. headquarters office

• Demand for for-sale condominiums is strong among real consumers. Specific initiatives Needs for highly convenient locations remain unchanged. In response to the • No major changes have occurred in the business environment of for-rent rapid increase in needs for telework, we condominiums, and stable cashflow can be expected going forward. Residences have installed co- • At the same time, we recognize that the spread of telework will raise working spaces in the demand for both a comfortable working environment and a relaxing living common areas and private communication environment. We will promote new product development such as securing spaces at Brillia City Visualization of co-working spaces in common areas and workspaces in residences. Nishi-Waseda co-working space

• There have been no major changes to the real estate transaction market with the exception of hotels and retail facilities. Real estate • In particular, demand for investment in conveniently located offices and logistics facilities, for-rent condominiums is transaction expected to remain strong as they are expected to generate stable revenue. market (This fiscal year, we have already secured new projects for two offices and two logistics facilities, six for-rent condominiums)

• The entire group is further strengthening its sustainability measures with an eye to the ever-expanding ESG investment in recent years, and by imagining a society “With COVID-19” or “After COVID-19”. * See the Integrated Report 2020 and the Sustainability Report 2020 for details.

• Endorsed the TCFD proposal as an initiative to address climate change and reduce environmental impact. (June 2020)

• Issued Japan’s first sustainability bond in the real estate sector with the purpose of solving social problems and making environmental considerations. 31st Unsecured 32nd Unsecured Corporate Bond Corporate Bond Issuance period 5 years 10 years

Amount issued 20 billion yen 20 billion yen

Interest rate 0.220% 0.500%

Decision date of terms July 10, 2020

Issue date July 16, 2020

Redemption date July 16, 2025 July 16, 2030 City Lab Tokyo An open innovation hub Issuer rating: A- / Outlook: Positive Credit rating Yaesu Project Gofukubashi Project centered on sustainability (Japan Credit Rating Agency, Ltd.)

Sustainability Finance SU1(F) (Japan Credit Rating Agency, Ltd.)* Framework evaluation Released the Integrated Report 2020 and the Sustainability Report 2020 Community development that contributes to solving The Integrated Report 2020 and the social issues in the Yaesu-Nihonbashi-Kyobashi area Sustainability Report 2020, which were released this fiscal year, can be (1) Urban Redevelopment Project for Yaesu 1-Chome East Area in front of Tokyo Station downloaded from the website. (Yaesu Project) (2) Urban Redevelopment Project for Yaesu Integrated Report 2020 Funding 1-Chome North Area (Framework) (Gofukubashi Project) https://tatemono.com/ir/library/pdf/integrate (3) Tokyo Square Garden d_2020_all.pdf (4) Tokyo Tatemono Nihonbashi Building * The English version is currently being prepared. (5) City Lab Tokyo (6) TOKYO FOOD LAB Sustainability Report 2020 (7) xBridge-Tokyo/xBridge Tokyo Next https://tatemono.com/csr/english/reports/pd (8) Kitchen Studio SUIBA f/2020csrall_e.pdf (9) TOKYO IDEA EXCHANGE * The highest possible rating for sustainability finance framework evaluation by the credit rating agency 8 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Shareholder Returns

• Profit attributable to owners of the parent is expected to be the same as announced at the beginning of the fiscal year, and there is no revision to the dividend forecast for FY2020. • For FY2020, we estimate an increase of ¥4.0 per share from the previous period of ¥41.0 per share to ¥45.0 per share (payout ratio of 30.3%) Plan is for a seventh consecutive year of (¥) dividend increase with income growth 50.0 < Per-Share Dividend Trends > 45.0 ■Interim dividend ■Year-end dividend 41.0 40.0 35.0 30.0 23.0 30.0 *2 26.0 22.0 19.0 *1 20.0 16.0 20.0 14.0 *1 12.0 *1 10.0 *1 10.0 12.0 22.0 10.0 6.0 19.0 14.0 16.0 10.0 10.0 12.0 6.0 8.0 0.0 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast) Profit attributable to owners ¥10.2 billion ¥10.1 billion ¥82.9 billion ¥16.3 billion ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.0 billion of the parent Profit per share ¥23.79 ¥23.55 ¥193.12 ¥75.91 ¥91.00 ¥104.17 ¥125.79 ¥141.59 ¥148.31 Consolidated payout ratio 21.0% 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 29.0% 30.3% Consolidated total return ratio 21.0% 21.2% 3.1% 26.3% 28.6% 28.8% 27.8% 62.5% - Stock price at end of period*1 ¥878 ¥2,336 ¥1,762 ¥1,323 ¥1,563 ¥1,522 ¥1,140 ¥1,709 - Dividend yield*3 1.1% 0.4% 0.7% 1.5% 1.7% 2.0% 3.1% 2.4% - 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. 9 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Financials

Commercial properties 66.6 58.5 (8.1) 147.0 40%

Residence 82.2 61.4 (20.7) 123.0 50% Real estate service 25.0 21.7 (3.3) 56.0 39%

Other 12.3 10.7 (1.5) ・Revenue from operations; Business income 24.0 45%

Operating income 32.3 18.5 (13.7) Decrease in revenue and income due to factors such as decrease 48.0 39% in sales and gross profits of for-sale condominiums, decrease in Equity in income (loss) of (0.2) 0.3 0.5 property sales to investors in the commercial properties business (0.5) - affiliated companies and the real estate service business, in addition to decline in Business income*1 32.1 18.9 (13.2) parking and resort facility occupancy due to the impact of the 47.5 40% COVID-19 outbreak. Commercial properties 19.7 16.8 (2.8) 38.5 44%

Residence 12.2 6.3 (5.8) 13.5 47%

Real estate service 3.9 0.4 (3.4) 5.5 8%

Other (0) 0.2 0.2 0.0 -

Elimination/Corporate (3.7) (5.0) (1.3) (10.0) 50%

Non-operating income 1.9 2.5 0.5 Equity in income (loss) of affiliated companies and increase in 5.0 51% dividends, etc. Non-operating expenses 5.3 4.0 (1.2) 8.5 48% Decrease in financing costs associated with issuance of hybrid Interest expense 3.3 3.3 0 bonds conducted in the previous fiscal year, etc.

Recurring income 28.9 17.0 (11.9) 44.5 38% Extraordinary income 1.5 2.2 0.7 Increase in gain on sales of investment securities 5.0 46% Posting of loss on valuation of investment securities and loss due Extraordinary loss 0.5 2.7 2.2 3.0 93% to the COVID-19 outbreak Income before tax 29.9 16.5 (13.4) 46.5 36% Profit attributable to owners of 20.0 10.8 (9.2) 31.0 the parent 35%

• Increase in total assets by ¥59.7 billion as a result of increases due in part to the acquisition of land for development of for-sale condominiums and land for logistics facilities and the completion of Hareza Tower as well as decreases due to decrease in investment securities in line with the drop of fair value of the listing shares.

Increase/ Unit: Billion yen 2019/12-end 2020/6-end Main factors for increase/decrease Decrease

Total assets 1,564.0 1,623.7 59.7

Current assets 424.6 472.9 48.3

Cash and deposits 39.5 73.5 34.0 ・Real estate for sale Increase due in part to acquisition of land for development of for-sale Real estate for sale 337.3 358.9 21.6 condominiums and land for development of logistics facilities, etc. Other current assets 47.7 40.3 (7.4)

Fixed assets 1,139.4 1,150.8 11.4 ・Property and equipment Increase due in part to construction costs associated with the completion of Property and equipment 789.6 816.0 26.4 Hareza Tower and Kita Aoyama 3-chome Project, and the acquisition of buildings for redevelopment Intangible assets 113.0 111.5 (1.4) ・Investments and other assets Decrease due in part to a decrease in fair value of investment securities Investments and other assets 236.7 223.2 (13.5) offsetting progress in investment in overseas businesses Total liabilities 1,179.8 1,253.2 73.4 ・Interest-bearing debt Interest-bearing debt 924.8 1,004.1 79.2 Long-term debt + ¥104.4 billion; bonds payable, etc. -¥25.2 billion Other liabilities 254.9 249.0 (5.8)

Total net assets 384.2 370.5 (13.6) ・Shareholders’ equity Shareholder’s equity 278.1 284.0 5.9 Profit attributable to owners of the parent +¥10.8 billion; Accumulated other comprehensive 96.8 77.0 (19.7) Dividends paid -¥4.6 billion income ・Accumulated other comprehensive income Non-controlling interests 9.2 9.3 0.1 Decrease in valuation difference on available for-sale securities

Capital adequacy ratio 24.0% 22.2% (1.7P)

Debt equity ratio*1 2.5 2.8 0.3 Net debt equity ratio: 2.6 Interest-bearing debt / EBITDA 12.6 - - multiple*2 *1: Debt equity ratio = Interest-bearing debt / Equity capital *2: Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating income + Interest & dividend income + Equity in income (loss) of affiliated companies + Depreciation expense + Goodwill amortization expense) 12 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Balance Sheet for the First Half of FY2020

Breakdown of Property and Breakdown of Total assets: ¥1,623.7 billion Equipment and Intangible Assets Interest-Bearing Debt Current assets 472.9 Liabilities 1,253.2 Real estate service ¥17.4 billion 2% Cash and deposits 73.5 Interest-bearing debt 1,004.1 Commercial Other Residence Other paper ¥2.7 billion 0% ¥27.1 billion 3% ¥26.3 billion 3% Real estate for sale 358.9 Loans payable 716.4 ¥75.0 billion 8% Real estate for sale 175.2 Bonds payable 210.0 Real estate for sale in progress 86.2 Commercial paper 75.0 Real estate for development 97.5 Other 2.7 Bonds payable ¥210.0 billion 21% Other current assets 40.3 Other liabilities 249.0 Loans payable Fixed assets 1,150.8 ¥716.4 billion 71% Commercial Property and equipment Including ¥80.0 billion 816.0 procured from hybrid properties bonds in 2019 ¥856.5 billion Intangible assets 111.5 92% Investments and other assets 223.2 Net assets 370.5 Shareholders’ equity 284.0 Including ¥28.0 billion procured from Accumulated other a hybrid loan in 2017 comprehensive income 77.0 Non-controlling interests 9.3

Breakdown of Real Estate for Sale Status of Debt Equity Ratio

End of June 2020 Taking into account *3 Other ¥16.1 billion 4% hybrid loans/bonds In order to prepare for the *1 Real estate for impact of COVID-19, the Debt equity ratio 2.8 times 2.3 times development Real estate service company has increased Real estate for sale (land) ¥50.0 billion 14% Commercial *2 (completed) ￥97.5 billion 27% properties funding through Net debt equity ratio 2.6 times 2.1 times ¥175.2 billion 49% ¥124.1 borrowings to secure new billion 35% investment opportunities Real estate for sale and maintain a strong cash *1 Debt equity ratio = Interest-bearing debt / Equity capital Residence in progress reserve. *2 Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / (underway) ¥168.7 billion 47% Equity capital *3 Calculated by taking into account the total equity credit of ¥54.0 billion ¥86.2 billion 24% concerning ¥108.0 billion of the total amount procured from the hybrid loan and hybrid bonds 13 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Balance of Real Estate for Sale

• In the first half, progress in the acquisition of land for development of logistics facilities in the commercial properties business and progress in the acquisition of land for development of for-rent condominiums in the residence business led to an increase in the balance of real estate for sale to ¥358.9 billion. • Stock of properties for sale to investors expanded to approximately ¥345.0 billion based on total investment amount, and land bank for for-sale condominiums, too, steadily accumulated, securing approximately 8,300 units.

(Billion yen) Property sales to investors 4,000400 (commercial properties, for-rent condominiums, real estate service, other) 358.9

3,500350 337.3 16.1 Other ◆ Balance of real estate for sale 16.4 (As of the end of June 2020): 50.0 Real estate ¥227.1 billion (up ¥21.8 billion from the end of 2019) service →p.37 3,000300 283.4 51.7 3.6 *1 36.8 For-rent ◆ Total investment amount (based on decisions made): condominiums Approx. ¥345 billion 2,500250 43.5 29.1 221.9 →p.32 (up ¥40 billion from the end of 2019) 3.7 20.4 ⇒Estimated gain on sale*2: Approx. ¥65 billion 2,000200 35.7 124.1 Commercial [Projects to be acquired in 2020] 1.7 107.9 properties 153.7 147.1 85.2 →p.26 2 logistics facilities, 2 medium-size offices, 1 urban 1,500150 55.4 commercial facility, 6 for-rent condominiums and 112.8 27.7 7 under asset solution business 101.2 1.7 89.1 24.6 1,000100 [Projects already sold in 2020] 2 offices (Minami Semba Building and other) and 125.3 130.6 132.0 131.8 For-sale 13 under asset solution business 500 condominiums, 50 92.9 etc. For-sale condominiums, etc. 00 2012/12 2013/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/6 ◆ Balance of real estate for sale: ¥131.8 billion (down ¥0.2 billion from the end of 2019)

As of the end of 2018: As of the end of 2019: ◆ Land bank Transfer from fixed assets to real estate for sale of Transfer from fixed assets to real estate for sale of (including 1,150 units scheduled to be posted in 2020): commercial properties and for-rent condominiums ¥10.0 billion for commercial properties, Approx. 8,300 units totaling approximately ¥35 billion ¥13.0 billion for other business. (400 units acquired in the first half of FY2020)

*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 FY2020 from the estimated gain on sale as of the end of 2019 and then adding the estimated gain on sale of properties that have been decided to be newly acquired in FY2020. 14 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Consolidated Statement of Cash Flows for the First Half of FY2020

• Although expenditures related to acquisition of fixed assets such as payment of construction costs of Hareza Tower arose, cash and cash equivalents at end of year increased due to progress in fund procurement including long-term debt.

2020/12 Unit: Billion yen 2019/12-end 2020/6-end Main breakdown (Forecasts) Income before tax deductions +¥16.5 billion; Depreciation +¥9.1 billion; Deposits and security deposits +¥3.2 billion; Inventory Cash flows from operating activities 24.0 (2.7) 10.0 assets -¥12.6 billion; Income taxes paid -¥8.3 billion; Deposits received -¥6.6 billion Purchase of fixed assets -¥26.9 billion; Investment in affiliated companies -¥4.8 billion Cash flows from investing activities (64.0) (35.5) (85.0) Investments received in real estate specific joint ventures -¥4.6 billion

Long-term debt +¥104.3 billion; Bonds payable -¥15.0; Cash flows from financing activities 48.0 72.3 60.0 Commercial paper -¥10.0; Dividends paid -¥4.5 billion

Cash and cash equivalents at end of 39.4 73.5 - period

• 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 new medium-term business plan.

• For FY2020, a total of ¥240.0 billion is scheduled to be invested. Of this amount, new investment is expected to be just under ¥100.0 billion, and nearly 50% of investments have been confirmed as of the end of June.

Unit: Billion yen Unit: Billion yen

Gross investment 1,400.0 240.0

Investment in large-scale 230.0 15.0 redevelopment

Investment in for-sale condominium 70.0 430.0 projects Investment in properties for sale to 85.0 550.0 investors 15.0 Investment in the overseas business 70.0 55.0 * Inclusive of such amounts as Other 120.0 expenditures for Hareza Tower, Kita Aoyama 3-chome Project, parking lot facility development, Return 900.0 CAPEX, etc., and reserves for acquisition of buildings for large- scale redevelopment and income- Net investment 500.0 producing real estate.

• Upon considering the impact of the COVID-19 outbreak, a portion of the full-year earnings forecast for FY 2020, announced at the beginning of the fiscal year (February 5, 2020), has been revised. • The revision is based on the premise that the business environment surrounding the Tokyo Tatemono Group will gradually recover, essentially returning to normal by the end of the fiscal year, takes into account the impacts of the partial rent reductions and exemption at hotels and commercial facilities as well as decline in parking and resort facility occupancy, and expects that property sales to investors will include real estate for other uses as an alternative to hotels and commercial facilities. • Despite an increase in property sales to investors, operating income, business income, and ordinary income will decrease from the previous fiscal year in FY2020 as a result of factors such as decrease in sales of for-sale condominiums, decline in parking and resort facility occupancy due to the impact of the COVID-19 outbreak, as well as higher corporate costs associated with head office relocation. However, as for revenue from operations and profit attributable to owners of the parent, an increase in revenue and income is anticipated and the amounts will remain unchanged from the forecast announced at the beginning of the fiscal year. Announced Announced February Comparison of August 4, 2020 5, 2020 revised forecast 2019/12 Increase/ Unit: Billion yen 2020/12 with initial FY2020 Summary of revisions from initial FY2020 forecast Actual Revised 2020/12 Decrease Forecasts Forecasts forecast (A) (B) (A-B) Revenue from operations 323.0 350.0 26.9 350.0 - Commercial properties 120.9 147.0 26.0 148.0 (1.0) ・Revenue from operations Despite a decrease in sales of for-sale condominiums, Residence 131.2 123.0 (8.2) 115.0 8.0 a decline in parking and resort facility occupancy, and Real estate services 44.1 56.0 11.8 60.0 (4.0) a decrease in leasing revenue from hotels and commercial facilities, revenue is expected to be in line Other 26.6 24.0 (2.6) 27.0 (3.0) with initial forecasts due to an increase in property sales Operating income 52.4 48.0 (4.4) 53.0 (5.0) to investors. Equity in income (loss) of Improvement in equity in income (loss) of affiliated companies (0.7) (0.5) 0.2 (1.0) 0.5 affiliated companies in the overseas business (+¥0.5 billion) Business income*1 51.6 47.5 (4.1) 52.0 (4.5) Commercial properties 37.5 38.5 0.9 43.4 (4.9) ・Business income Although gain on sales will increase at for-rent Residence 15.8 13.5 (2.3) 9.0 4.5 condominiums, business income is expected to be down Real estate services 5.8 5.5 (0.3) 9.0 (3.5) -¥4.5 billion compared with initial forecasts due in part to forgoing sales of hotel and commercial facilities, a partial Other 0.5 0.0 (0.5) 0.6 (0.6) reduction or exemption of leasing revenue, and a decline Elimination/Corporate (8.2) (10.0) (1.7) (10.0) - in occupancy in the parking and leisure businesses. Non-operating income 3.5 5.0 1.4 3.5 1.5 Improvement in equity in income (loss) of affiliated companies Non-operating expenses 11.3 8.5 (2.8) 10.5 (2.0) in the overseas business, decrease in interest expenses Recurring income 44.6 44.5 (0.1) 46.0 (1.5) Extraordinary income 2.9 5.0 2.0 2.0 3.0 Extraordinary loss 2.2 3.0 0.7 - 3.0 Income before tax 45.3 46.5 1.1 48.0 (1.5) Profit attributable to owners of the 29.7 31.0 1.2 31.0 - parent

Cash flows from operating activities 24.0 10.0 10.0 * No revision to cash flow forecast Cash flows from investing activities (64.0) (85.0) (85.0) Cash flows from financing activities 48.0 60.0 60.0 17 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. MEMO

• Decrease in revenue and income primarily due in part to decline in property sales to investors despite leasing of buildings remaining at a similar level compared with the same period of the previous year. • Full-year increase in revenue and income are expected due in part to increases in property sales to investors despite a decline in building leasing revenue due to the impacts of the COVID-19 outbreak. Announced August 4, 2020 Revised 2019/6 2020/6 Increase/ Achievement Unit: Billion yen Main factors for increase/decrease 2020/12 Actual Actual Decrease rate Forecasts Revenue from operations 66.6 58.5 (8.1) 147.0 40% New operations +¥0.1 billion; Full-year operations +¥1.6 billion; Leasing of buildings 36.0 36.9 0.9 Sale, reconstruction, etc. -¥0.5 billion; Existing buildings: -¥0.3 billion 73.5 50% Sales of real estate 12.3 4.2 (8.1) Property sales to investors -¥8.1 billion 37.0 12% Building management 17.9 16.9 (1.0) 36.0 47% service, etc. Dividends 0.2 0.2 0.0 0.5 59% Gross profit from property sales to investors -¥1.8 billion (FY2019 1H: ¥2.7 Operating income 19.4 16.6 (2.8) billion; FY2020 1H: ¥0.8 billion) 38.0 44% Yaesu Redevelopment Project reserve floor area acquisition tax -¥1.0 billion Business income 19.7 16.8 (2.8) 38.5 44% Announced Announced August 4, 2020 February 5, 2020 Revised 2020/12 2019/12 2020/12 Increase/ Initial full-year Unit: Billion yen A-B Summary of revisions from initial FY2020 forecast Actual Forecasts Decrease forecasts (A) (B) Revenue from operations 120.9 147.0 26.0 148.0 (1.0) Leasing of buildings 73.9 73.5 (0.4) 76.0 (2.5) Rent reduction and exemption for hotels and commercial facilities Sales of real estate 12.3 37.0 24.6 31.5 5.5 Forgoing sale of hotels and commercial facilities, replacing sold assets Building management 34.0 36.0 1.9 40.0 (4.0) Decline in outsourced construction service, etc. Dividends 0.5 0.5 (0.0) 0.5 - Gross profit from property sales to investors -¥2.0 billion (Initial forecast: Operating income 37.0 38.0 0.9 43.0 (5.0) ¥8.0 billion; Revised forecast: ¥6.0 billion); Leasing of buildings -¥2.5 billion; Building management service, etc. -¥0.5 billion Business income 37.5 38.5 0.9 43.4 (4.9) New and full-year operations

・2020 new operations: Sendai Kakyoin Terrace (completed January 2020), Hareza Tower (completed May 2020), Nonoaoyama Shop & Restaurant (completed May 2020), T-LOGI Kuki (completed June 2020) ・2020 full-year operations: DNP Gotanda Building (acquired in September 2019); Tokyo Tatemono Kyobashi Building (acquired in June 2019); Urban hotel (Omiya) (completed in September 2019); Urban hotel (Midosuji) (completed in February 2019); Urban hotel (Kyoto) (completed in December 2019); FUNDES Ginza (completed in November 2019): FUNDES Gotanda (completed in September 2019) * 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 period 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. 20 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Office Building Portfolio

• The office market remained strong with average rent at ¥30,288 per tsubo and occupancy rate close to full at 98.0% at the end of June. When excluding the impact of Hareza Tower completed in May 2020, the average rent was ¥31,102 per tsubo and occupancy rate was 99.1%, indicating a favorable trend.

Number of (Yen/tsubo) At end of June 2020 Leasable area buildings 98.6% 98.8% 98.9% 98.9% 99.0% 32,000 97.8% 97.8% 98.4% 98.0% 100%

*1 *2 30,846 Owned office buildings 45 520,929 m² 30,583 30,293 30,361 30,405 30,470 30,288 29,870 29,882 30,000 Subleased buildings ー 97,737 m² When excluding Hareza Tower (completed at the end of May, 90% Commercial facilities, buildings tenants started to move in in June) ー 207,234 m² Average rent: ¥31,102 per tsubo for redevelopment, etc. 28,000 Occupancy rate: 99.1% Total leasable area of ー 825,899 m² commercial properties business 26,000 80% 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6

by Building Age> by Area of Location>

Less than 300 tsubo 1,000 tsubo Other 18.1% 30 years and older 17.3% and over 26.5% 19.2% Tokyo metropolitan area Under 10 years old (excluding 23 wards) 3 central wards of Tokyo 300–500 tsubo 48.5% 2.5% 40.6% 24.5% 20–30 years old 500–1,000 tsubo 11.6% 23 wards 38.3% (excluding 5 central wards) 10–20 years old of Tokyo 13.3% Average building age*3 22.6% Shibuya & 18 years Shinjuku wards 16.9%

*1: The definition for the subject of calculation of the number of owned office buildings, average rent and occupancy rate has been changed, effective from FY2019 1Q. For details of the standards change, please refer to the note on page 52. *2: “DNP Gotanda Building,” which was delivered 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. 21 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. *3: The weighted average based on leasable area. (1) Commercial Properties Business: Development Projects to Be Completed in FY2020

• Hareza Tower (office building), the complex development on the former Toshima Ward Office site developed in cooperation with the government, was completed in May 2020. • The leasing of the office building has progressed smoothly, with 100% of the building under contract at the time of completion. Tenants are expected to occupy all floors by the end of 2020. Hareza Tower (Area name: Hareza Ikebukuro) Within the buildings are a cinema CASBEE for complex and other theaters as well as Buildings a full range of commercial facilities Rank S 1 Cinema complex DBJ Green 1 2 Cinema plaza Building 3 Certification 7 Tokyo Tatemono Brillia HALL 3 2019 Plan: 5 Stars * owned by Toshima Ward

2 4 Harevutai (live theater) BELS 4 5 8 5 Stars 6 5 Park plaza

6 Haresuta (satellite studio)

ZEB Ready Multi-purpose hall 7 Certified* Naka中池袋公園-Ikebukuro * owned by Toshima Ward Park Small hall * First project to obtain 8 certification as a high- * owned by Toshima Ward rise mixed-use building Office building [Total floor space] New hall building : about 10,700 m² (Hareza Tower) Office building : about 68,600 m² Hall building (Tokyo [Total area] New hall building: 2,983.59 m² Tatemono Brillia HALL) Office building : 3,619.67 m² Naka- Toshima Civic Center Ikebukuro Park [Construction start] December 2016 Hareza Ikebukuro [Completion date] New hall building: April 2019 Office building : May 2020 Tokyo Tatemono has advanced the development jointly with Toshima Ward as a developer of “Brillia Tower Ikebukuro,” Japan’s first redevelopment project integrating a main ward government building and high-rise apartment, and the “HAREZA Tower” Brillia Tower Ikebukuro (completed in 2015) New Toshima Japan’s first large-scale complex tower residence (49 complex development on the former site of Toshima Ward Office Ward Buildings and a public hall. floors, 432 units) integrated with a ward government building. After the completion of “HAREZA Tower,” Tokyo Tatemono will 1st-10th floors: Toshima Ward Office, commercial move forward with management of the area including Naka- facilities, etc. Ikebukuro Park which falls within the area. 11th-49th floors:Residence 22 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Map of Office Buildings Owned Around Tokyo Station

• Tokyo Tatemono owns many office buildings and is promoting large-scale redevelopment, including for Tokyo Tatemono Headquarters Building and Shin-Gofukubashi Building, in the area around Tokyo Station, a key area.

FY of Building construction 1 17 completion

1 The Otemachi Tower 2014 6 3 4 Otemachi Financial City 5 2 Grand Cube 2016

JA Building / Keidanren- 2 3 Kaikan 2009 7

Otemachi Financial City North 4 Tower 2012 18 1 Tokyo Tatemono Muromachi 5 Building 1966 Tokyo Tatemono Dai3 6 Muromachi Building 1971 Category 1 Urban Redevelopment 9 2 Project for Yaesu 1-Chome North Area 7 Nihonbashi TI Building 2012 Tokyo Tatemono 10 8 Nihonbashi Building 2015 Category 1 Urban Redevelopment Project for Yaesu 1-Chome East 8 9 Nihonbashi First Building 1994 11 Area in Front of Tokyo Station 12 10 Shin-Gofukubashi Building 1977 Tokyo Tatemono Yaesu 13 11 Building 2011 Tokyo Tatemono Yaesu 12 1974 14 Sakuradori Building 20 15 13 NTA Nihonbashi Building 1991 Tokyo Tatemono 14 Headquarters Building 1929 8 15 Yaesu MEG Building 1986 18 16

16 Kyobashi YS Building 1990 19 17 17 Empire Building 2017 20 18 Kyobashi Edogrand 2016 21 19 Fukuoka Building 1990

20 Tokyo Square Garden 2013 : Redevelopment with : Redevelopment with : Buildings owned by Tokyo Tatemono Kyobashi Tokyo Tatemono’s Tokyo Tatemono’s Tokyo Tatemono 21 Building 1981 participation involvement ■ Construction completed in or before 2000. 23 ■ Construction completed between 2009 and 2017. Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Major Development Projects

• Promoting “Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station,” which includes Tokyo Tatemono Headquarters Building, and “Urban Redevelopment Project for Yaesu 1-Chome North Area,” which includes Shin- Gofukubashi Building, in the area around Tokyo Station, a hub for transportation and business.

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 Headquarters ⚫ Establish a continuous waterfront promenade and pedestrian network in the area along Nihonbashi Building. River. ⚫ Construct a large bus terminal that connects Tokyo with international airports and regional cities. ⚫ Form a financial hub serving to strengthen global competitive edge. ⚫ Introduce functions that will enhance Tokyo’s global competitive edge, including conference halls ⚫ Strengthen disaster preparedness and reduce environmental burden. and medical facilities. ⇒ Urban development plan decided and designated as National Strategic Special Zone in ⇒ Rights conversion plan approved for B Area in June 2020 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. [No. of floors] South Block: 45 floors above ground, 5 below [No. of floors] District A:11 floors above ground, 3 below North Block: 2 floors above ground, 1 below District B:50 floors above ground, 4 below [Construction start] Fiscal year 2025 (planned) [Construction start] Fiscal year 2021 (planned) [Completion date] South Block: Fiscal year 2030 (planned) [Completion date] Fiscal year 2025 (planned) North Block: Fiscal year 2035 (planned)

• 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 Ongoing Redevelopment Projects (construction start 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 5 Minato Ward established

Under discussion Redevelopment 4 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 25 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Initiatives for Property Sales to Investors

• In FY2020 H1, new projects were secured, mainly for logistics facilities.

• The balance of real estate for sale increased by ¥16.2 billion from the end of FY2019 to ¥124.1 billion and the value of stock in terms of total investment amount increased by approximately ¥30.0 billion to approximately ¥220.0 billion.

Construction Area Property name Status (Billion yen) completed 1400140 As of the end of 2019: Transfer from Suidobashi FUNDES Suidobashi July 2015 Sold fixed assets of slightly less than 124.1 ¥10.0 billion 107.9 Jimbocho FUNDES Jimbocho Nov. 2016 Sold 120 1200 Ueno FUNDES Ueno July 2017 Sold As of the end of 2018: Transfer from 1000100 fixed assets of slightly less than 85.2 Tenjin, Fukuoka TENJIN249 July 2018 In operation ¥20.0 billion 80080 Gotanda FUNDES Gotanda July 2019 In operation 55.4 Ginza FUNDES Ginza Nov. 2019 In operation 60 600 Tenjin Nishidori Project Real estate Tenjin, Fukuoka Spring 2022 Under development (provisional name) 40 for sale 400 24.6 (completed) * In FY2020, besides the properties listed, acquisition of one property has been decided. 20020 0 2016/12 2017/12 2018/12 2019/12 2020/6

Total investment amount* (based on decisions made)*1: approx. ¥220.0 billion Assume average NOI yield at stable occupancy of around 5%

FUNDES Gotanda FUNDES Ginza *1 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. 26 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (1) Commercial Properties Business: Initiatives for Property Sales to Investors

No. 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

Ayase Logistics Facility Project (provisional name) Summer 2022 Under development Ginza The Square Hotel Ginza 182 Aug. 2018 In operation

Musashi Hikita Logistics Facility Project (provisional name) TBD To be acquired Asakusa Hotel Gracery Asakusa 125 Sept. 2018 In operation

Yokohama Aoba Logistics Facility Project (provisional name) Spring 2022 Under development Midosuji (1) the b Osaka Midosuji 306 Feb. 2019 In operation

Narashino Logistics Facility Project (provisional name) Spring 2022 Under development Omiya Candeo Hotels Omiya 321 Aug. 2019 In operation

Chiba Kita Logistics Facility Project (provisional name) TBD Under development Sanjo, Kyoto (1) Arietta Hotel Kyoto 122 Dec. 2019 In operation

Ichinomiya Logistics Facility Project (provisional name) TBD To be acquired Shijo, Kyoto TBD 106 Spring 2021 Under development

Sanjo, Kyoto (2) TBD TBD TBD Under development

T-LOGI Kuki (Completed end of June 2020) Akihabara TBD TBD TBD Under development

Midosuji (2) TBD TBD TBD Under development

Construction Property name Status completed Sendai Kakyoin Terrace Jan. 2020 In operation TBD (Area: in front of Sapporo Station) Fall 2023 Under development Kodemmacho Project (provisional name) Spring 2022 Under development

* In FY2020, besides the properties listed, acquisition of one property has been decided.

* Projects acquired in 2020 are highlighted in red. Lounge in the facility Photographs in the warehouse Sendai Kakyoin Terrace

• In FY2020 2Q, there was a decrease in revenue and income due in part to the recording of a highly profitable tower condominium in the same period of the previous year, and the number of condominium sales posted decreased from 937 units to 872 units.

• Full-year decrease in revenue and income are expected due in part to decrease in sales and gross profits of for-sale condominiums despite a significant increase in the sale of for-rent condominiums. Announced August 4, 2020 Revised 2019/6 2020/6 Increase/ Achievement Unit: Billion yen Main factors for increase/decrease 2020/12 Actual Forecasts Decrease rate Forecasts Revenue from operations 82.2 61.4 (20.7) 123.0 50% Number of condo sales posted: 872 units; Condo unit price: ¥53.44 Sales of condominiums 67.4 46.6 (20.7) 62.5 75% million; Gross margin: 22.9% Sales of residential houses - - - - - Sales of residential land, etc. 2.3 2.0 (0.3) Decreases in sold share outs in for-sale condo project 35.0 6% New operations in for-rent condominiums and full-year operations House leasing 1.9 2.6 0.6 5.5 48% of properties completed in the previous fiscal year Fee from sales agency services 0.5 0.6 0.1 1.0 68% Building management service, etc. 9.9 9.4 (0.5) Decrease in large-scale repair work 19.0 50% Operating income 12.2 6.3 (5.8) 13.5 47% Business income 12.2 6.3 (5.8) 13.5 47% Announced Announced August 4, 2020 February 5, 2020 Revised 2020/12 2019/12 2020/12 Increase/ Initial full-year Unit: Billion yen A-B Summary of revisions from initial FY2020 forecast Actual Forecasts Decrease forecasts (A) (B) Revenue from operations 131.2 123.0 (8.2) 115.0 8.0 Revised number of condo sales posted from 1,250 units to 1,150 Sales of condominiums 98.3 62.5 (35.8) 67.0 (4.5) units (Condo unit price: ¥54.30 million; Gross margin: approximately 22.0%) Sales of residential houses 0.0 - (0) - - Increase in sale of for-rent condominiums +¥13.0 billion (Initial Sales of residential land, etc. 8.1 35.0 26.8 22.0 13.0 forecast: ¥15.0 billion; Revised forecast: ¥28.0 billion House leasing 4.3 5.5 1.1 5.5 - Fee from sales agency services 1.1 1.0 (0.1) 0.5 0.5 Building management service, etc. 19.2 19.0 (0.2) 20.0 (1.0) Gross profit from sales of for-rent condominiums +¥4.5 billion Operating income 15.8 13.5 (2.3) 9.0 4.5 (Initial forecast: ¥3.0 billion; Revised forecast: ¥7.5 billion) Business income 15.8 13.5 (2.3) 9.0 4.5 28 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence Business: For-Sale Condominiums – Main Operating Indicators

• In FY2020 2Q, gross margin maintained a favorable level at 22.9%. • Anticipating a delay in sales activities caused by the suspension of new business activities at show houses and sales centers due to the impacts of the COVID-19 outbreak, the number of condo sales to be posted in the current fiscal year was revised to 1,150 units, down from the initial forecast of 1,250 units. • The inventory of completed condominiums was 305 units, primarily in the Tokyo suburban and Tokyo metropolitan areas, as of the end of FY2020 2Q, and the achievement rate at the end of FY2020 2Q against the revised FY2020 plan for the number of condominium sales posted stood at 90%.

Kansai and others FY2017 FY2018 FY2019 FY2020 3.4% Kansai and others At beginning 80% 77% 83% 76%* Other Tokyo 26.9% metropolitan area At end of 1Q 88% 91% 89% 86%* 20.5% 23 wards of Tokyo 23 wards of Tokyo 46.3% Tokyo excluding 23 wards 61.9% At end of 2Q 93% 94% 94% 90%* 14.3% Other Tokyo metropolitan area At end of 3Q 26.1% Tokyo excluding 99% 97% 98% 23 wards 1,150 units* 0.8% Number of condo sales posted 971 units 988 units 1,315 units (Plan) FY2019 2Q FY2020 2Q * The achievement rate was also revised in line with the revision of the number of 937 units posted 872 units posted condominium sales to be posted in FY2020

Of which, (Units) (Units) contracted: ■Tokyo 31 units 400 ■Tokyo metropolitan area 33.3% ■Kansai and others 321 1,500 29.8% 1,315 35% 305 22.9% 1,150 30% 300 24.6% (2Q actual) 20.9% 25% 216 1,000 174 200 20% 130 971 988 22.0% 138 105 94 872 (Full-year 15% 87 83 500 700 forecast) 100 10%

5% 0 0 0% 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 2016/12 2017/12 2018/12 2019/12 2020/12 29 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence Business: For-Sale Condominiums – Main Property Sales Posting Schedule (1)

• Plan to post sales of properties conveniently located in front of stations in 2020 as well.

• Acquired land for approximately 400 units in FY2020 1H, securing a land bank for approximately 8,300 units (including the number of units scheduled to be posted in 2020). No. of condo sales No. of units Main properties slated for completion to be posted by for sale*1 Tokyo Tatemono Brillia Tower Takasaki ALPHA RESIDENCIA 222 100

Brillia City Senri Tsukumodai 158 79

Brillia Ojima 127 127

in 2020 in Brillia Higashinakano Parkside Hills 98 59

To be Tobe completed Brillia Urawa Nakacho 72 72

Brillia Tsurumaki 72 72

BrilliaTower Nishijin 307 246

SHINTO CITY 1,411 353 *2

2021 Brillia Tower Takasaki Brillia Urawa Nakacho Brillia Tsurumaki in Brillia Tower Ariake MID CROSS 300 300 *2 ALPHA RESIDENCIA

To be completed be To Brillia Ueno Garden 99 79

Brillia Kyoto Matsugasaki 109 109 Brillia City Nishi-Waseda 454 454 the Company’s Business>

Brillia Tower Seiseki Sakuragaoka Blooming 520 312 Approx. 10,800 units Approx. 8,300 units Residence (provisional name) SHIROKANE The SKY 770 270 Yet to be Kansai and Minato Ward Kaigan 1-chome Reconstruction incorporated into Project 144 144 land bank others (Itohpia Hamarikyu Reconstruction Project) Approx. 2,500 units 20.9%

23 wards of in 2022 2022 in or later

To be Tobe completed HARUMI FLAG (Harumi 5-chome West District 4,145 489 *3 Tokyo Category 1 Urban Redevelopment Project) Incorporated into Other Tokyo 49.5% Dojima Tower Project (provisional name) TBD TBD land bank metropolitan area 24.7% Tokyo Shakujii Park Danchi Reconstruction Project TBD TBD Approx. 8,300 units excluding Nishishinjuku 3-chome West District TBD TBD Urban Redevelopment Project 23 wards 4.9% *1 Of the total number of units including units for sale, the number of units excluding land right holders’ residential units Including 1,150 units scheduled to be posted in 2020 *2 Including also the number of units scheduled for sale over several years *3 Completion date was postponed in line with the postponement of the Olympic Games 30 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence 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 6,600 units’ worth of projects, or approximately 80% of estimated cumulative net sales, scheduled to be posted by FY2024, the final fiscal year of the new medium-term business plan.

Brillia Tower Takasaki BrilliaTower Nishijin Brillia Tower Seiseki Sakuragaoka SHIROKANE The SKY Dojima Project (provisional name) ALPHA RESIDENCIA (Total units: 307; Units to be Blooming Residence (Total units: 1,247; Units to be posted: 270) (Total units: TBD; Units to be posted: TBD) (Total units: 222; Units to be posted: 246) (Total units: 520; Units to be posted: 312) posted: 100)

2020 2021 2022 2023 2024

Brillia Tower Ariake MID CROSS Minato Ward Kaigan 1-chome HARUMI FLAG*1 (Total units: 300; Units to be posted: 300) SHINTO CITY Reconstruction Project (Total units: 4,145; Units to be posted: 489) (Total units: Approx. 1,400; Units to be posted: (Total units: 420; Units to be posted: Approx. 140) Approx. 350)

*1 Completion date was changed in line with the postponement of the Olympic Games. The number of units scheduled to be posted in fiscal 2024 has not been determined. Land bank scheduled to be posted in the medium-term business plan period: Approx. 6,600 units already secured (Approx. 80% of estimated cumulative net sales in the period of the medium-term business plan) 31 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence Business: For-Rent Condominiums

• In FY2020 1H, 6 for-rent condominium projects (including student housing) were newly acquired.

• The balance of real estate for sale increased by ¥7.7 billion from the end of FY2019 to ¥36.8 billion and the value of stock in terms of total investment amount increased by approximately ¥12.0 billion to approximately ¥62.0 billion.

Total no. Construction (Billion yen) Property name Status of units (to be) completed 36.8 Brillia ist Kitazawa KEYAKI 44 Aug. 2008 Sold 350 35 29.1 Brillia ist Nishiazabu Kasumicho 21 July 2008 In operation Brillia ist Nakano Central Park Residence 17 May 2012 In operation As of the end of 2018: Transfer from fixed assets of Brillia ist Nakano Shinbashi 42 Apr. 2016 Sold 250 25 slightly more than 20.4 Brillia ist Ueno Okachimachi 33 Nov. 2017 In operation ¥15.0 billion Brillia ist Kiyosumi Shirakawa 47 Jan. 2018 In operation (Excluding properties held for a long period of time) Brillia ist Yotsuya Honshiocho 85 June 2018 In operation 150 15 Real estate CREAR PALETTE Kajigaya*2 127 Feb. 2019 Sold for sale (completed) Brillia ist Bunkyo Myogadani 43 Mar. 2019 In operation Brillia ist Sendagaya 149 May 2019 In operation 50 1.7 1.7 5 Brillia ist Komagome 75 Feb. 2020 In operation Arcade Ebara Nakanobu 29 Jan. 2020 In operation 2016/12 2017/12 2018/12 2019/12 2020/6 Brillia ist Ryogoku 85 Mar. 2020 In operation -50 -5 Brillia ist Shinjuku Akebonobashi 49 Apr. 2020 In operation Minn Ueno*3 - July 2020 In operation Total investment amount*1 (based on decisions made): approx. ¥62.0 billion Taihei 4-chome Project (provisional name) 45 Sept. 2020 Under development Motoasakusa 1-chome Project 49 Nov. 2020 Under development Assume average NOI yield at stable occupancy of around 5% (provisional name) Akabane Iwabuchi Project (provisional name) 49 Feb. 2021 Under development Asakusabashi 1-chome Project 49 Oct. 2021 Under development Total no. Construction (provisional name) Property name Status of units (to be) completed Omori Sanno Project (provisional name) 59 Dec. 2021 Under development Brillia ist Shinonome Canal Court 423 Mar. 2005 In operation Toyomachi Project (provisional name) 49 Feb. 2022 Under development Kitaueno Project (provisional name) 36 Feb. 2022 Under development Brillia ist Tower Kachidoki 536 Jan. 2011 In operation Machiya Station Front Project 59 Aug. 2022 Under development Nonoaoyama building 229 May 2020 In operation (provisional name) Shibuya Honmachi Project 47 Aug. 2022 Under development HARUMI FLAG Approx. (provisional name) TBD Under development (Post Olympic Village Site Development) 1,500 Kuramae 4-chome Project (1) 58 Aug. 2023 Under development *1: Calculated by aggregating the total investment amount, in which construction costs, etc. that arise Kuramae 4-chome Project (2) 46 Nov. 2023 Under development after the acquisition are added to the book value of each property at the time of acquisition. Ikejiri Ohashi Project (provisional name) 200 Nov. 2024 Under development *2: “CREAR PALETTE Kajigaya” is developed as student housing in light of the location characteristics and entirely leased to a student housing operator after construction completion. * In FY2020, besides the properties listed, acquisition of 2 properties has been decided. *3: “Minn Ueno” was developed as an apartment hotel (lodging facility) in light of the location * Projects acquired in 2020 are highlighted in red. characteristics. 32 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence Business: For-Rent Condominiums

Brillia ist Ryogoku Brillia ist Komagome (Construction completion in 2020) (Construction completion in 2020)

[Location] 1-6-7 Ryogoku, Sumida-ku, Tokyo [Location] 1-3-4 Nishigahara, Kita-ku, Tokyo [Access] 6-minute walk from Ryogoku Station on the JR Sobu Line [Access] 5-minute walk from Komagome Station on the JR 11-minute walk from Ryogoku Station on the Toei Oedo Line Yamanote Line 10-minute walk from Morishita Station on the Toei 5-minute walk from Komagome Station on the Tokyo Metro Shinjuku Line and Toei Oedo Line Namboku Line [Scale] 13 floors above ground [Scale] 12 floors above ground [Floor plan] 1K, 1DK, 2DK [Floor plan] 1K to 2DK [Total units] 85 units + 1 [Total units] 75 units shop section

(Left) Common-use lounge (Left) Common-use lounge (Right) Exterior (Right) Exterior

Brillia ist Sendagaya Brillia ist Shinjuku Akebonobashi (Construction completion in 2019) (Construction completion in 2020)

[Location] 31-4, Daikyocho, Shinjuku-ku, Tokyo [Location] 6-9, Katamachi, Shinjuku-ku, Tokyo [Access] 2-minute walk from Kokuritsu-kyogijo Station on the Toei Oedo Line [Access] 3- minute walk from Akebonobashi Station on the Toei 5-minute walk from Sendagaya Station on the JR Sobu Line Shinjuku Line [Scale] 10 floors above ground 9-minute walk from Yotsuya-sanchome Station on the [Floor plan] Studio to 2LDK Marunouchi Line [Total units] 149 units + 1 shop section [Scale] 14 floors above ground [Floor plan] 1R, 1K, 1LDK, 2LDK (Left) Rooftop Terrace, (Right) Exterior [Total units] 49 units

(Left) Entrance hall (Right) Exterior

33 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (2) Residence Business: For-Rent Condominium Project Completed in FY2020 2Q • Nonoaoyama Building, a project making private-sector use of an old, municipally operated former residential site, was completed in May 2020. • There are high-quality rental residences suitable for various lifestyles, high-grade serviced housing for the elderly, and a state- authorized day care center. Nonoaoyama Building (Kita Aoyama 3-chome Area Urban Development Project Utilizing Private Business Operator)

5F–25F 2F-4F

KURASU Tsukui Nonoaoyama AOYAMA Serviced housing for the elderly Rental residence (Special Facility for Long-Term Care Service)

1F-2F

Nonoaoyama Shop & Restaurant Shop, community center

Use ： 1F–2F: Shop, state-authorized day Gaienmae Station on the care center, and community center Ginza Line Aoyama 3-chome 2F–4F: Serviced housing for the Intersection elderly (49 units) Nonoaoyama Building (Special Facility for Long-Term Care Service) Exterior view of commercial zone 5F–25F: Rental residence (229 units) 2 Kita Aoyama 3-chome Area Total area ： 7,895.01 ｍ Urban Development Total floor area ： Approximately 34,800 ｍ2 Project zone Scale ： 1 floor below ground, 25 floors above ground Omotesando Station on the Construction ： March 2018 Ginza Line, Hanzomon Line,, Omotesando and Chiyoda Line started Intersection ： Completion date May 2020 Biotope 34 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. MEMO

• FY2020 2Q: Decrease in revenue and income due in part to decline in occupancy in parking lot operations and decrease in property sales to investors via asset solutions under which the value of real estate is increased upon acquisition.

• Full-year increase in revenue and decrease in income is anticipated despite an increase in property sales to investors, due to the impacts of decline in parking lot occupancy. Announced August 4, 2020 Revised 2019/6 2020/6 Increase/ Achievement Unit: Billion yen Main factors for increase/decrease 2020/12 Actual Actual Decrease rate Forecasts Revenue from operations 25.0 21.7 (3.3) 56.0 39%

Brokerage 1.8 1.3 (0.5) Decrease in brokerage properties and volume 3.5 39% Property sales to investors -¥1.2 billion Asset solution 10.3 9.2 (1.0) 28.5 33% (FY2019 2Q: ¥8.7 billion; FY2020 2Q: ¥7.5 billion) Management service, etc. 2.1 2.1 0.0 4.0 55%

Parking lots business 10.6 8.8 (1.8) Decline in occupancy due to the impacts of the COVID-19 outbreak 20.0 44% Impacts of the COVID-19 outbreak on the parking lots business -¥1.9 billion Operating income 3.9 0.4 (3.4) Gross profit from property sales to investors -¥1.1 billion (Cumulative total of 5.5 8% FY2019 2Q: ¥2.6 billion; Cumulative total of FY2020 2Q: ¥1.5 billion) Business income 3.9 0.4 (3.4) 5.5 8% Announced Announced August 4, 2020 February 5, 2020 Revised 2020/12 2019/12 2020/12 Increase/ Initial full-year Unit: Billion yen A-B Summary of revisions from initial FY2020 forecast Actual Forecasts Decrease forecasts (A) (B) Revenue from operations 44.1 56.0 11.8 60.0 (4.0)

Brokerage 3.8 3.5 (0.3) 4.5 (1.0) Decrease in brokerage properties and volume

Asset solution 14.3 28.5 14.1 28.5 -

Management service, etc. 4.2 4.0 (0.2) 4.0 -

Parking lots business 21.7 20.0 (1.7) 23.0 (3.0) Decline in occupancy due to the impacts of the COVID-19 outbreak Impacts of the COVID-19 outbreak on the parking lots business -¥3.0 Operating income 5.8 5.5 (0.3) 9.0 (3.5) billion, brokerage and others -¥0.5 billion Business income 5.8 5.5 (0.3) 9.0 (3.5) 36 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (3) Real Estate Service Business: Main Operating Indicators

• Asset Solution: Despite the continued harsh acquisition environment, securing stock mainly in central Tokyo.

• Parking lots business: The number of parking spaces increased by 4,493 from the end of March 2020 to 74,176 due in part to the integrated outsourcing of multiple sites by Yokoyama City.

(Billion yen) (Parking spaces) 74,176 60060 75,000

50050 69,683 40040 70,000 69,401 68,101 68,578 67,353 30030 67,202 66,938 66,736 51.5 49.8 66,131 20020 43.3 35.6 65,000 27.7 10010

00 2016/12 2017/12 2018/12 2019/12 2020/6 60,000

55,000 Other 0.5% 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6 Other 7.5% Major regional cities 20.4% Office buildings 32.5% Commercial Central Tokyo facilities & hotels Greater Tokyo (23 wards of Tokyo) 30.8% (Tokyo and 3 54.9% Neighboring prefectures) Condominiums 24.2% for sale & rent 29.3%

• FY2020 2Q: Decrease in revenue and increase in income on a business-income basis due to factors such as increase in AM fees in the fund business and rising occupancy in the senior & child care business despite decline in occupancy in the leisure business, etc.

• Full-year decrease in revenue and income is expected due in part to decline in occupancy in the leisure business. Announced August 4, 2020 Revised 2019/6 2020/6 Increase/ Achievement Unit: Billion yen Main factors for increase/decrease 2020/12 Actual Actual Decrease rate Forecasts Revenue from operations 12.3 10.7 (1.5) 24.0 45% Decrease in the number of visitors and decline in occupancy due to the Leisure business 6.9 4.1 (2.8) 11.5 36% impacts of the COVID-19 outbreak Senior & child care business 4.1 4.5 0.3 Higher occupancy at senior facilities 9.0 50% Fund business 1.1 2.0 0.8 Increase in AM fees 3.5 59% Other 0.1 0.1 (0.0) 0.0 - Due to the impacts of the COVID-19 outbreak the leisure business was Operating income 0.4 0.1 (0.3) -¥0.8 billion; 1.0 10% Fund business +¥0.3 billion; Senior & child care business +¥0.2 billion Business income (0.0) 0.2 0.2 0.0 - Announced Announced August 4, 2020 February 5, 2020 Revised 2020/12 2019/12 2020/12 Increase/ Initial full-year Unit: Billion yen A-B Summary of revisions from initial FY2020 forecast Actual Forecasts Decrease forecasts (A) (B) Revenue from operations 26.6 24.0 (2.6) 27.0 (3.0) Decrease in the number of visitors and decline in occupancy due to the Leisure business 14.7 11.5 (3.2) 15.0 (3.5) impacts of the COVID-19 outbreak Senior & child care business 8.4 9.0 0.5 9.0 - Fund business 3.0 3.5 0.4 3.0 0.5 Increase in AM fees Other 0.2 0.0 (0.2) 0.0 - Due to the impacts of the COVID-19 outbreak the leisure business was Operating income 1.7 1.0 (0.7) 2.0 (1.0) -¥1.3 billion Leisure business -¥1.3 billion; Improvement in equity in income (loss) of Business income 0.5 0.0 (0.5) 0.6 (0.6) affiliated companies in the overseas business +¥0.5 billion

• Under the new 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.

• As a measure to strengthen the fund business, shares of Tokyo Realty Investment Management, Inc. (TRIM), the asset management company of Japan Prime Realty Investment Corporation (JPR) were additionally acquired in April 2020.

Tokyo Tatemono Private REIT, Inc.

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

Total acquisition price : ¥439.5 billion Total acquisition price : ¥60.5 billion Appraisal value : ¥522.6 billion * As of December 31, 2019 Appraisal value : ¥63.9 billion * As of April 30, 2020 Portfolio Overview Portfolio Overview Number of Occupancy Average Number of Occupancy Average Leasable area NOI yield Total floor area*1 properties rate building age properties rate*2 building age 63 Approx. 480,000 m² 99.6% 4.7% 23.0 years 27 Approx. 268,000 m² 98.2% 14.7 years

* As of December 31, 2019 *1 Sum total of total floor area of each entire building, and thus includes areas that are not owned. Investment Ratio by Use/Area *2 Occupancy rate is as of March 31, 2020. Other figures are as of April 30, 2020. * As of December 31, 2019 Additional acquisition of TRIM’s shares Acquisition date: April 28, 2020 Investment Ratio by Use Shareholding ratio to the total number of * As of April 2020 23.8% shares issued and outstanding

47.7% Shareholder Before Current 37% 9.4% Tokyo Tatemono Co., Ltd. 52% 75% 53% Yasuda Real Estate Co., Ltd. 18% 10% 19.1% Taisei Corporation 10% 10% Meiji Yasuda Life Insurance 10% Office (Tokyo CBDs) 10% ５% Company Office (Greater Tokyo) Office (Other cities) Sompo Japan Insurance Inc. 10% ０% Retail Office building Commercial facility Residence 39 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. (4) Other: Initiatives for Overseas Business

• 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. Although some construction/sales schedules were delayed due to the impact of the COVID-19 outbreak, there have been strong sales since sales activities resumed in China.

• Balance of investment was approximately ¥55.0 billion at the end of June 2020.

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 (Total number FY of Status Name of project Location Main uses Total area of units/total floor construction (End of June) space) completion Residence, Shenyang Tomorrow Square Project Shenyang City Approx. 199,000 m² Approx. 5,900 units 2013 onward Sold out commercial, office Residence, Qingdao Project Qingdao City Approx. 86,000 m² Approx. 1,800 units 2015 onward Sold out commercial

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

Residence, Yangzhou-South Project Yangzhou City Approx. 94,000 m² Approx. 1,200 units 2019 onward On sale commercial Residence, Yangzhou-East Project Yangzhou City Approx. 64,000 m² Approx. 1,200 units 2022 onward Before sale commercial

China Xuzhou Residence, Yinchuan Jinfeng Project Yinchuan City Approx. 98,000 m² Approx. 1,500 units 2022 onward On sale commercial

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

Xuzhou Chengbei Project Xuzhou City Residence Approx. 68,000 m² Approx. 1,500 units 2022 onward On sale

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

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

Former Site of Yangon Military Yangon, Office, commercial, Under Approx. 16,000 m² Approx. 92,000 m² 2021 Museum Redevelopment Project Myanmar hotel development Bangkok, Sukhumvit 26 Project Residence Approx. 3,200 m² Approx. 150 units 2021 On sale Thailand Bangkok, Sathorn 12 Project Residence Approx. 2,900 m² Approx. 250 units 2022 On sale Thailand

Asia Bangkok, Sukhumvit 38 Project Residence Approx. 5,700 m² Approx. 300 units 2024 Before sale Thailand Office: Jakarta, Approx. 47,000 m² Dharmawangsa Project Office, residence Approx. 16,000 m² 2021 On sale Indonesia Residence: Approx. 90 units Jakarta, Loggia Project Residence Approx. 11,900 m² Approx. 500 units 2024 On sale Indonesia

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

A rare, high-grade office was developed in Singapore’s A complex development project for residential and commercial properties in central business district, Tanjong Pagar. There are plans Yinchuan, a Tier 3 city where the needs of actual demand are persistent, to connect the property directly to a subway station in the marking the Company’s first project in the city. future, and we have received applications for more than approximately 70% of units.

Total project cost: Approx. ¥75.0 billion Total project cost: Approx. ¥20.0 billion Tokyo Tatemono’s stake: Approx. 15% Tokyo Tatemono’s stake: Approx. 30%

Former Site of Yangon Military Museum Xuzhou Qiaohu Project in China Redevelopment Project A complex development project for residential and commercial properties in (Construction started in 2018 and slated for completion in 2021) Xuzhou, a Tier 3 city where infrastructure development and foreign capital A large-scale complex development project advancement are rapidly progressing (the Company is participating in the involving development/operation of an office residential portion only) building, commercial facilities, and a hotel on the former site of the military museum (approximately 16,000 m²) Total project cost: Approx. ¥34.0 billion Total project cost: Approx. ¥37.0 billion Tokyo Tatemono’s stake: Approx. 30% Tokyo Tatemono’s stake: Approx. 25%

For-sale condominiums development projects Yangzhou-South Project in China in Bangkok, Thailand (3 projects) A residential development project in Yangzhou, a Tier 3 city where the needs of actual demand are strong, marking the Company’s third project in the city Development of three high-grade for-sale condominiums in the Sukhumvit Area (near BTS Phrom Phong) and the Sathorn Area located in the central district of Bangkok

Total project cost: Approx. ¥50.0 billion Total project cost: Approx. ¥23.0 billion Tokyo Tatemono’s stake: Approx. 50% Tokyo Tatemono’s stake: 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 * For details, please refer to “Long-Term Vision, Medium-Term Business Plan” announced on February 12, 2020.

• 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.

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

Steadily expand stable leasing profit, making it 2019 2024 Around the core of our profit composition 2030 Target a well-balanced profit structure, mindful of capital efficiency

* Business income = Operating income + Equity in income (loss) of affiliated companies (4) Strengthening of Brokerage, (1) Promotion of Large-Scale Fund, and Parking Lot Redevelopment 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 income 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.

Profit Consolidated business income: ¥75.0 billion Target ¥75.0 billion 80080 8.0 Capital ROE: 8-10% 9.0 Efficiency 70070 ¥51.6 billion ¥47.5 billion Debt-equity ratio: Appr. 2.4X 0.5 Financial 60060 0 5.8 18.0 Indicators Interest-bearing debt / EBITDA 5.5 multiple: Appr. 12X 50050 15.8 13.5 Consolidated operating income: 40040 ¥70.0 billion Reference 30030 Net income attributable to owners of Figures 49.0 parent: ¥45.0 billion 20020 37.5 38.5 EPS: ¥215 10010

00 -8.2 -10.0 -9.0 ▲ 100-10 2019 Actual 2020 Forecast 2024 Projection

Commercial properties Residence Real estate 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利益特性に応じた分類 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 Lot 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 billion

20% Services ¥75 billion 30% Property Sales 20% ¥51.6 billion 10% 40% 30% 50% Leasing * Chart percentages are 60% 40% approximations

2019 2024 Around 2030

Project completions in 2025 Promotion of large-scale redevelopment and beyond drive major expansion Well-balanced Leasing Growth of leasing revenue from active properties profit structure focused on Property Expansion primarily through recovery Ongoing profit generation leasing profit and Sales on held properties 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 income ÷ 4% Interest-bearing debt ÷ 2.4x total assets owners’ equity Interest- Improve Margin/Turnover bearing Secure Fiscal Stability 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 Owners’ and non-business assets low profitability/poor growth outlook equity (e.g. 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 yen Other ¥200 billion Gross investment total 1,400

Other Investment in large-scale redevelopment 230 ¥264.2 billion Interest- bearing debt Investment in condominium projects 430 ¥1,200 Assets Interest- billion Investment in properties for sale bearing debt ¥1,900 550 billion to investors Assets ¥924.8 Debt- ¥1,564.0 billion equity billion Debt- ratio Investment in the overseas business 70 equity Appr. 2.4x ratio Owners’ Owners’ 2.5X Other 120 equity equity ¥500 ¥375.0 billion Recovered 900 billion

2019 2024 (Expected) Net investment 500

• Business income and main indicators for past fiscal years are as follows.

Previous plan (2015-2019) Current plan (2020-2024)

75.0

51.6 17.0 47.1 47.5 46.4 516 6.4 475 ■Other 35.2 38.2 464 471 5.5 4.3 6.5 64 55 18.0 (Real estate service & 352 382 43 65 15.8 13.5 Other) 3.4 6.5 16.9 14.1 158 135 34 65 6.4 169 141 10.6 ■Residence 106 64 38.5 49.0 ■Commercial properties 31.4 32.3 33.8 375 37.5 385 27427.4 314 323 338 ■Elimination/Corporate -62-6.2 -62 -6.2 -72 -7.2 -73 -7.3 -82 -8.2 -100 -10.0 -9.0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2024 forecasts (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast) announced in Feb. 2020

Operating income ¥34.4 billion ¥36.3 billion ¥44.7 billion ¥46.7 billion ¥52.4 billion ¥48.0 billion ¥70.0 billion Business income ¥35.2 billion ¥38.2 billion ¥46.4 billion ¥47.1 billion ¥51.6 billion ¥47.5 billion ¥75.0 billion Profit ¥16.3 billion ¥19.7 billion ¥22.5 billion ¥27.2 billion ¥29.7 billion ¥31.0 billion ¥45.0 billion Dividend per share*1 ¥20.0 ¥26.0 ¥30.0 ¥35.0 ¥41.0 ¥45.0 - Payout ratio 26.3% 28.6% 28.8% 27.8% 29.0% 30.3% - Debt equity ratio 2.3x 2.3x 2.4x 2.5x 2.5x - About 2.4x Net debt equity ratio*2 2.2x 2.1x 2.2x 2.4x 2.4x - - Interest-bearing debt / EBITDA multiple 13.4x 13.0x 12.5x 12.7x 12.6x - About 12x ROA*3 2.7% 2.9% 3.4% 3.3% 3.4% - - ROE*4 5.6% 6.4% 6.8% 7.9% 8.2% - -

*1: A 1-for-2 reverse stock split was implemented on July 1, 2015. The dividend shown for 2015 is the annual dividend per share after factoring in the reverse stock split. *2: Net debt equity ratio = (Interest-bearing debt - Cash and deposits) / Equity capital *3: ROA = Business income / Average of total assets at beginning of period and total assets at end of period *4: ROE = Profit attributable to owners of the parent / Average of equity capital at beginning of period and equity capital at end of period 50 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved. Fair Value of Rental Properties (No change from the announcement in Feb. 2020)

• Revision of the portfolio led to transfer of some properties from fixed assets to real estate for sale, while increase in revenue due to upward rent revisions, etc. and decrease in cap rates, etc. led to rise in fair value, resulting in unrealized gain increasing to ¥463.5 billion as of the end of December 2019.

Increase/ Unit: Billion yen 2018/12-end 2019/12-end Decrease ◆ Of fixed assets, properties that are currently leased or properties under development that are scheduled to be leased after completion to third parties by the Company and its Fair value at end of period 1,272.4 1,334.9 62.5 subsidiaries (including properties where a portion is used by the Company and its subsidiaries) are subject to calculation Amount on B/S (carrying value) 850.2 871.4 21.1 ◆ For properties newly acquired during the period or properties under development as at the end of the period, the Amount of difference 422.1 463.5 41.3 carrying value at the end of the period is taken as the fair value

(Billion yen) (Yen per share)

5,000500 463.5 3,500 3,333 422.1 2,951 3,000 2,776 4,000400 372.2 343.4 2,524 Unrealized gain, 1,539 *2 2,500 2,204 net of tax 2,053 1,345 3,000300 274.0 1,186 249.8 2,000 1,059 814 722 2,000200 1,500

1,000 1,794 1,590 1,606 Equity capital 1,000100 1,331 1,390 1,465 500

00 0 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12

*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)

Commercial properties business*1 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6

Number of office buildings - - 48 48 48 48 48 48 48 48 46 45 *2 Leasable area of office buildings (thousand m²) - - 494 494 495 495 495 495 495 494 490 520 *2 Vacancy rate - - 2.2% 2.2% 2.2% 1.6% 1.4% 1.2% 1.1% 1.1% 1.0% 2.0% *2

New standard New Average rent (Unit: yen/tsubo) - - 30,037 30,293 29,870 29,882 30,361 30,405 30,470 30,583 30,846 30,288 *2 Number of office buildings 44 45 47 47 47 47 ------Leasable area of office buildings (thousand m²) 473 473 474 475 476 476 ------Vacancy rate 3.6% 2.7% 2.6% 2.6% 2.5% 1.9% ------

Old Old standard Average rent (Unit: yen/tsubo) 29,867 29,624 29,798 30,019 29,964 29,965 ------*1: Standards for areas subject to calculation have been changed as below from FY2019. For FY2018, figures calculated under the new standards are also shown for comparison. 1. Office buildings owned by group companies were added to areas subject to calculation. 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. Buildings owned by consolidated SPCs were subject to calculation based on Tokyo Tatemono’s investment ratio. Under the new standards, however, the areas owned by other companies have also been added to areas subject to calculation to align 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.

Residence business 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6

Number of sales posted (cumulative) 291 972 409 442 494 989 450 937 1,053 1,316 646 872 *3 Condo sales 291 971 408 441 493 988 450 937 1,053 1,315 646 872 Housing and residential land 0 1 1 2 2 2 0 0 0 1 0 0 Gross margin ratio of condo sales (cumulative) 21.6% 33.3% 38.0% 37.6% 36.4% 29.8% 24.1% 25.5% 25.3% 24.6% 21.7% 22.9% Inventory of completed condos 120 124 138 105 87 94 174 130 83 216 321 305 Of which, contracted 17 30 25 11 8 13 30 26 17 18 40 31 Condo units supplied (cumulative) 540 953 293 531 753 1,210 449 674 956 1,301 201 286 Condo units contracted (cumulative) 577 944 211 522 720 1,107 420 651 936 1,285 200 275 Condo units contracted but yet to be posted 1,772 1,458 1,261 1,540 1,686 1,577 1,547 1,291 1,460 1,547 1,101 950

Number of condo buildings for rent 7 8 9 10 9 8 10 11 11 9 12 14 Number of managed condo units 91,293 92,726 92,658 92,342 92,508 93,206 93,950 93,171 93,230 94,319 95,401 95,958 *3: Given that the number of share outs in condominium projects and other cases disclosed as “Others” was small, disclosure is of the total of number of sales in Condo sales and Housing and residential land only.

Real estate service business 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6

Brokerage: Number of deals (cumulative) 702 969 250 522 793 1,059 214 504 796 1,081 259 458

Of which, sales (cumulative) 662 895 245 504 768 1,029 209 482 769 1,044 250 448

Of which, rentals (cumulative) 40 74 5 18 25 30 5 22 27 37 9 10

Parking lots: Number of locations 1,588 1,677 1,682 1,687 1,693 1,715 1,711 1,726 1,739 1,767 1,751 1,805

Parking lots: Number of parking spaces 65,688 66,227 66,131 67,202 68,101 68,578 66,938 66,736 67,353 69,401 69,683 74,176

Other 2017/9 2017/12 2018/3 2018/6 2018/9 2018/12 2019/3 2019/6 2019/9 2019/12 2020/3 2020/6

Residences for elderly people with service 15 15 15 15 15 15 15 15 15 15 15 16

Of which, owned 11 11 11 11 11 11 11 11 11 11 11 12

Owned units 922 922 922 922 922 922 922 922 922 922 922 971 *4

Of which, operated 4 4 4 4 4 4 4 4 4 4 4 4

Operated units 349 349 349 349 349 349 349 349 349 349 349 349 *4

Private nursing homes 4 4 4 4 4 4 4 4 4 4 4 4

Of which, owned 1 1 1 1 1 1 1 1 1 1 1 1

Owned units 48 48 48 48 48 48 48 48 48 48 48 48

Of which, operated 3 3 3 3 3 3 3 3 3 3 3 3

Operated units 167 167 167 167 167 167 167 167 167 167 167 167

Ofuro no Osama (Spa facility) 12 11 11 10 10 10 10 10 10 9 9 9

Golf courses 12 12 12 12 12 12 12 12 12 12 12 12 Pet-Friendly Hotels 5 6 6 7 8 9 9 9 9 9 8 8 (Regina Resort with DOGS) Ohayo Child Care Centers/After-school child 3 3 3 8 8 8 8 11 11 11 11 14 care facility *4: For jointly owned properties, disclosure is of data that have been calculated taking into account Tokyo Tatemono’s ownership in these residences.

Total No. of Construction Residences for Elderly People with Service Location Units Completion 1 Grapes Asakusa Taito-ku, Tokyo 98 Dec. 2009 2 Grapes Fujimino Fujimino-shi, Saitama 86 Oct. 2013 3 Kosha Heim Chitose Karasuyama Setagaya-ku, Tokyo 86 Feb. 2014 4 Grapes Garden Nishi-arai Daishi Adachi-ku, Tokyo 62 Aug. 2014 5 Grapes with Omori-nishi Ota-ku, Tokyo 56 Dec. 2014 6 Grapes J Higashi Ikebukuro Toshima-ku, Tokyo 51 Dec. 2014 7 Grapes Felicity Totsuka Yokohama-shi, Kanagawa 97 Jan. 2015 8 Grapes Kawasaki Shinmachi Kawasaki-shi, Kanagawa 69 Mar. 2015 9 Grapes Season Totsuka Yokohama-shi, Kanagawa 74 Nov. 2015 10 Grapes Tsujido Nishikaigan Fujisawa-shi, Kanagawa 158 Aug. 2016 11 Grapes Tateishi Katsushika-ku, Tokyo 96 Jan. 2017 12 Grapes Yoga Setagaya-ku, Tokyo 120 Mar. 2017 13 Kosha Heim Hirao Inagi-shi, Tokyo 65 Mar. 2017 Grapes Setagayachitosedai 14 Grapes Shonantsujido Chigasaki-shi, Kanagawa 70 July 2017 15 Grapes Setagayachitosedai Setagaya-ku, Tokyo 83 Aug. 2017 16 Tsukui Nonoaoyama Minato-ku, Tokyo 49 May 2020

Total No. of Construction Private Nursing Homes Location Units Completion 1 Adonis Plaza Omiya Saitama-shi, Saitama 45 Jan. 2000 2 Sans Souci Kita-Urawa Saitama-shi, Saitama 69 Aug. 2004 3 Sans Souci Owada Saitama-shi, Saitama 53 Nov. 2012 4 Grapes with Yotsuya Shinjuku-ku, Tokyo 48 Aug. 2017

Name of Facility Location Management Style Capacity Opening 1 Ohayo Child Care Mitsuzawa Shimocho Yokohama-shi, Kanagawa Child care business led by company 15 Apr. 2017 2 Ohayo Child Care Yokohama Negishi Yokohama-shi, Kanagawa Yokohama City small-scale child care business 15 Apr. 2017 3 Ohayo Child Care Minami-sunamachi Koto-ku, Tokyo State-authorized day care center in Tokyo 80 Apr. 2018 Nonoaoyama Private Activity Building 4 Ohayo Child Care Nishi-sugamo Toshima-ku, Tokyo State-authorized day care center in Tokyo 51 Apr. 2018 5 Ohayo Child Care Shiinamachi Toshima-ku, Tokyo State-authorized day care center in Tokyo 40 Apr. 2018 6 Ohayo Child Care Omorimachi Ota-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2018 7 Ohayo Child Care Hanasakicho Yokohama-shi, Kanagawa State-authorized day care center in Yokohama City 58 Apr. 2018 8 Ohayo Child Care Machinoma Omori Ota-ku, Tokyo State-authorized day care center in Tokyo 50 Apr. 2019 Small-Scale Day Care Center State-authorized small-scale day care center in 9 Itabashi-ku, Tokyo 19 Apr. 2019 Ohayo Child Care Oyamanishicho Itabashi, Tokyo 10 Ohayo Child Care Kiyosumi Shirakawa Koto-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2019 11 Ohayo Child Care Kameido* Koto-ku, Tokyo State-authorized day care center in Tokyo 45 Apr. 2019 12 Ohayo Child Care Sekimachiminami Nerima-ku, Tokyo State-authorized day care center in Tokyo 34 Apr. 2020 13 Sekimachiminami After-School Nerima-ku, Tokyo Private after-school child care business 30 Apr. 2020 14 Ohayo Child Care Umeyashiki Ota-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2020 15 Ohayo Child Care Center Nonoaoyama Minato-ku, Tokyo State-authorized day care center in Tokyo 23 Jul. 2020 Ohayo Child Care Higashinakano 16 Nakano-ku, Tokyo State-authorized day care center in Tokyo 60 Apr. 2021 (provisional name)

* “Ohayo Child Care Kameido” was opened in April 2017 and is operated as a child care center certified by the Tokyo Metropolitan Government. As of April 2019, it is designated as a state-authorized child care center. Ohayo Child Care Kameido

Pet-Friendly Hotels Number of Location Opening (Regina Resort with DOGS) 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

Regina Resort Kamogawa Golf Courses Location

1 Kawaguchiko Country Club Minamitsuru-gun, Yamanashi 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) 10 Wako-shi, Saitama Dec. 2021 Ofuro no Osama Machida (Wako City Hirosawa Complex Development and Operation Project)

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

2 (10,000 m ) Historic average 2019–2024 average (Properties) supply volume supply volume

Number of properties of supply Volume of supply 1,030,000 m2/year 1,030,000 m2/year Number of properties Number properties of of supply 300 44 46 47 60 41 40 42 37 32 36 31 32 29 30 28 28 26 25 29 26 24 21 19 19 21 19 22 21 19 24 22 12 15 14 16 16 12 13 14 30 216 9 187 200 183 175 0 154

Volume of supplyof Volume 141 143 125 -30 114 118 119 121 119 117 108 104 109 100 92 99 97 83 91 86 85 87 85 100 74 77 77 -60 72 65 69 56 55 58 54 54 36 -90

0 -120 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

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

(Yen) (%)

Average rent Vacancy rate 5.30 5.12 4.53 4.03 4.34 4.07 rateVacancy 35,000 3.70 3.61 3.60 3.26 3.17 3.12 6.0 2.80 2.57 2.33 1.88 1.78 1.72 1.64 1.55 1.97 4.0 30,000 2.0 25,000 22,206 22,880 20,887 21,134 21,518 21,855 0.0 19,699 20,108 20,438 18,336 18,540 18,730 18,864 18,995 19,173 20,000 17,195 17,401 17,594 17,692 17,973 18,179 -2.0 -4.0 Average rent Average 15,000 -6.0 10,000 -8.0 -10.0 5,000 -12.0 0 -14.0 15/3 15/6 15/9 15/12 16/3 16/6 16/9 16/12 17/3 17/6 17/9 17/12 18/3 18/6 18/9 18/12 19/3 19/6 19/9 19/12 20/06

Source: Mori Buildings’ “Survey of Large-scale Office Building Market in Tokyo’s 23 Wards 2020”; Miki Shoji 56 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) (10,000 yen) Number of new units for sale Average price 100,000 7,000 5,908 5,871 5,980

5,518 5,490 6,000 Average price 80,000 4,929 5,060 4,775 4,716 4,578 4,535 4,540 5,000 56,478 60,000 4,000 43,733 44,535 44,499 45,602 44,913 40,449 36,376 35,772 35,898 37,132 3,000 40,000 31,238 2,000

Number of new units forsale units of new Number 20,000 1,000

0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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 80.0% Double 68.0% 64.9% 66.0% 1,200 62.7% 70.0% 59.5% 59.4% 56.6% 57.0% 55.2% 54.6% 988 - 52.9% 944 960 60.0% income ratio 1,000 872 900 46.3% 796 801 752 765 754 755 50.0% 800 737 40.0% 600 30.0% 400

20.0% Average annual household incomehouseholdannualAverage 200 10.0%

0 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Real Estate Economic Institute; Recruit Sumai Company Ltd.’s 2019 survey on contract trend of new condominium units in Tokyo Metropolitan Area 57 Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.