東京建物（8804） – 〔Delayed〕Presentation Material for the 1st Quarter of FY2022

Presentation Material for the First Quarter of FY2022(Ending December 31, 2022)May 12, 2022Contents■ Summary■ ESG Report: Recent Initiatives■■Consolidated Statement of Income for the First Quarter of FY2022Consolidated Balance Sheet for the First Quarter of FY2022■ Balance of Real Estate for Sale■Assessment of the Market Environment and Future Policies■ Full-Year Earnings Forecast for FY2022■ Changes in Major Indicators■ Shareholder Returns■ Business Results by Segment(1) Commercial Properties Business(2) Residential business(3) Asset Service Business(4) Otherp.3p.4p.5p.7p.8p.9p.10p.11p.12p.13p.21p.26p.28■ AppendixLong-Term Vision and Medium-Term Business PlanMateriality of the Tokyo Tatemono GroupQuantitative Plan in Medium-Term Business PlanLong-Term Vision, Medium-Term Business Plan MaterialProgress of Investment PlansInvestment Plan for FY2022Fair Value of Rental PropertiesQuarterly Segment DataList of Facilities (Leisure Business)Market Datap.33p.38p.39p.40p.41p.42p.46p.47p.48p.49p.50p.51Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.2SummaryBusiness Results for the First Quarter of FY2022• Although sales and gross profit of for-sale condominiums decreased, increase in sales and grossprofit from property sales to investors, robust business of leasing of buildings, and increase inrevenues in the brokerage and parking businesses resulted in an increase in revenue and profit.(Amount of property sales to investors: ¥49.4 billion, gross profit therefrom: ¥14.4 billion)Topics(March/p.20)• Approval of establishment of an urban redevelopment consortium for the Urban RedevelopmentProject for Yaesu 1-Chome East A Area in Front of Tokyo Station” approved (February/p.19)• Urban planning for Shibuya 2-Chome West Area Redevelopment (Shibuya 2-Chome Project) decided•The FUNDES urban compact retail property series debuted in Kyushu. “FUNDES Tenjin Nishidori”completed (March/p.15)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.3Consolidated Statement of Income for the First Quarter of FY2022•Although sales and gross profit of for-sale condominiums decreased, increase in sales and gross profit from property sales to investors, robust business of leasing of buildings, and increase in revenues in the brokerage and parking businesses resulted in increase in revenue and profit.(Amount of property sales to investors: ¥49.4 billion, gross profit therefrom: ¥14.4 billion)2021/121Q Actual2022/121Q ActualIncrease/ Decrease102.6121.6Main factors for increase/decrease2022/12 ForecastsAchievement rateUnit: ¥ billionOperating revenueCommercial propertiesResidentialAsset serviceOtherOperating profitShare of profit (loss) of entities accounted for using equity method Business profit *1Commercial propertiesResidentialAsset serviceOtherElimination/CorporateNon-operating incomeNon-operating expensesInterest expenseOrdinary profitExtraordinary incomeExtraordinary loss28.757.811.34.621.0(0.2)20.79.313.10.8(0.0)(2.4)1.42.71.619.71.30.021.013.857.643.315.84.825.5(0.1)25.317.1(2.7)7.63.20.01.62.01.625.10.20.025.317.218.928.9(14.5)4.40.14.40.14.67.8(5.5)2.40.1(0.2)0.2(0.6)(0.0)5.3(0.0)4.33.3Profit before income taxesProfit attributable to owners of parentusing equity method*1 Business profit = Operating profit + Share of profit (loss) of entities accounted for ・ Operating revenue; Business profitAlthough sales and gross profit of for-sale condominiums decreased, increase in sales and gross profit from property sales to investors, robust business of leasing of buildings, and increase in revenues in the brokerage and parking businesses resulted in increase in revenue and profitEffects, including those of hybrid bond issuance costs posted in the previous period(1.0) Decrease in gain on sales of investment securities, etc.Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.360.0153.0127.058.022.060.03.063.042.021.56.03.5(10.0)7.57.560.02.02.060.040.034%38%34%27%22%43%-4%40%41%36%54%2%-23%27%42%11%-42%43%4Consolidated Balance Sheet for the First Quarter of FY2022•Although real estate for sale increased due in part to the acquisition of land for development for properties for sale to investors, total assets decreased by ¥19.8 billion as cash and deposits decreased.Unit: ¥ billion2021/12-end2022/3-endMain factors for increase/decreaseIncrease/ Decrease1,650.71,630.8・ Real estate for saleIncreased as a result of further acquisition of land for medium-size offices, logistics properties, and for-sale condominiums despite the progress in property sales to investors and sales of for-sale condominiums.Non-current assets1,169.51,167.4Total liabilities1,223.11,191.1Total assetsCurrent assetsCash and depositsReal estate for saleOtherProperty, plant and equipmentIntangible assetsInvestments and other assetsInterest-bearing debtOther liabilitiesTotal net assetsShareholders’ equityAccumulated other comprehensive incomeNon-controlling interestsDebt equity ratio*1Interest-bearing debt / EBITDA multiple*2481.287.0344.249.9813.2130.8225.4956.8266.2427.6324.992.010.62.313.3463.466.9348.348.1814.3133.1219.9927.5263.5439.7328.3101.110.22.2-(19.8)(17.7)(20.0)4.0(1.8)(2.1)1.02.3(5.4)(31.9)(29.2)(2.6)12.03.39.0(0.3)1.0p(0.1)-・ Investments and other assetsDecrease in investments in silent partnerships, etc.・ Interest-bearing debtDecrease due to repayments of borrowings, etc.・ Shareholders’ equityProfit attributable to owners of parent +¥17.2 billion, land reevaluation reversal -¥8.2 billion, dividends paid -¥5.6 billion・ Accumulated other comprehensive incomeRevaluation reserve for land +¥8.2 billionCapital adequacy ratio 25.3%26.3%・ Net debt equity ratio: 2.0x*1 Debt equity ratio = Interest-bearing debt / Equity capital*2 Interest-bearing debt / EBITDA multiple = Interest-bearing debt / (Operating income + Interest & dividend income + Share of profit (loss) of entities accounted for using equity method + Depreciation expense + Goodwill amortization expense)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.5Consolidated Balance Sheet for the First Quarter of FY2022Breakdown of Property, Plant and Equipment and Intangible AssetsAsset service ¥16.5 billion 2%Other ¥25.2 billion 2%Residential business ¥27.4 billion3%Commercial Properties business¥878.2 billion 93%Breakdown of Real Estate for SaleTotal assets: ¥1,630.8 billion Current assets463.4 LiabilitiesCash and depositsReal estate for saleReal estate for saleInterest-bearing debtLoans payableBonds payableOther liabilitiesReal estate for sale in process119.8 Commercial papersReal estate for developmentOtherOtherNon-current assetsProperty, plant and equipmentIntangible assetsInvestments and other assets219.9 Net assets66.9 348.3 138.8 89.5 48.1 1,167.4 814.3 133.1 Breakdown of Interest-Bearing DebtCommercial papers¥50.0 billion 5%Other¥2.3 billion 0%Bonds payable ¥255.0 billion 28%Loans payable¥620.2 billion 67%1,191.1 927.5 620.2 255.0 50.0 2.3 263.5 439.7 328.3 101.1 10.2 Shareholders’ equityAccumulated other comprehensive incomeNon-controlling interestsStatus of Debt Equity RatioReal estate for sale (completed)¥138.8 billion 40%Real estate for development (land)¥89.5 billion26%Real estate for sale in process (underway)¥119.8 billion34%Commercial Properties business¥120.7 billion 35%Asset service¥55.7 billion 16%Residential business¥171.8 billion49%Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.2022/3-endTaking into account hybrid loans/bonds*32.2×2.0x1.8×1.6xDebt equity ratio*1Net debt equity ratio*2*1 Debt equity ratio = Interest-bearing debt / Equity capital*2 Net debt equity ratio = (Interest-bearing debt – Cash and deposits)/ Equity capital*3 Calculated by taking into account the total equity credit of ¥60.0billion concerning ¥120 billion of the total amount procured fromthe hybrid bonds6Balance of Real Estate for Sale••In the first quarter, the balance of real estate for sale increased to ¥348.3 billion as a result of the progress in theacquisition of land for development of medium-size offices, logistics properties, and for-sale condominiums despitethe progress in property sales to investors and sales of for-sale condominiums. (An increase of ¥4 billion from theend of the previous fiscal year)Properties for sale to investors (based on decisions made) decreased by approximately ¥15.0 billion toapproximately ¥370.0 billion on a total investment basis. Condominiums for sale of approximately 8,300 units weresecured with steady increase in land bank.(Unit: ¥ billion)Property sales to investors(Commercial properties, for-rent condominiums, asset solution)Asset type, etc.SegmentBalance of real estate for saleTotal investment amount*1Logistics, hotels, retail facilities and officesFor-rent condominiumsCommercial properties120.7Approx. 250.0→ p.15Residential38.2Approx. 60.0→ p.25→ p.2755.7Asset solutionAsset service55.7Properties for sale to investors214.6Approx. 370.0For-sale condominiums, etc.133.6―◆ Total investment amount*1 (based on decisions made):¥370.0 billion (down ¥15.0 billion from the end of 2021)⇒ Estimated gain on sale*2: Approx. ¥82.0 billion[Projects to be acquired in 2022]1 logistics property, 3 for-rent condominiums6 under real estate services business[Projects already sold in 2022]1 office property, 1 logistics property, 5 for-rent condominiums and 8 under asset solution businessFor-sale condominiumsTransfer from non-current assets to real estate for saleEnd of 2018Offices and condominiums for rentTotal of approx. ¥ 35.0 billionEnd of 2019Offices: approx. ¥10.0 billionSenior residences: approx. ¥13.0 billion, etc.*1 Calculated by aggregating total investment amount, in which construction costs, etc. that arise after the acquisition are added to the book value of each property at the time of acquisition.*2 Calculated by subtracting the “total investment amount” from the total estimated sales amount, which is provisionally calculated based on the estimated income and expenditure and the estimated cap rate at the time of sale for the property assumed to be sold.End of 2020Offices: approx. ¥24.0 billion◆ Land bank (including 1,430 units scheduled to be posted in 2022):Approx. 8,300 units(500 units acquired in 2022 1Q)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.7Assessment of the Market Environment and Future PoliciesThere is a limited direct impact of the spread of COVID-19 on the Company.•• We are promoting new product planning with the intention to diversify work and housing in the post-COVID-19 era.In the real estate trading market, investors continue to be eager to invest in real estate. We will proactively promote •investments to secure new projects.Assessment of the Future Market Environment and Tokyo Tatemono’s InitiativesCommercial properties• Although there has been no significant impact on rents and vacancy rates in the Company’s portfolio, given that the market vacancy rate is on an upward trend, attention should be paid to the prolonged leasing periods.• However, the likelihood of vacancy rates and rent levels significantly deteriorating is expected to be low because the Company will not complete any major projects until 2025, there is little new supply in the market in 2022, and the Company has a superior portfolio (in terms of size and location).The major trend of preferring good locations and high specifications remains unchanged, but with the spread of remote work, etc., product planning for offices with higher productivity and responding to the needs of customers who desire for flexible workplaces are necessary. •• Regarding urban hotels, though they continue to be hit by the impact of the COVID-19 pandemic, overall, leasing of buildings remained strong with no significant increase or decrease over the initial plan.• Demand for for-sale condominiums remains excellent among real consumers. In addition to convenient locations in highly convenient central Tokyo, properties in suburban areas are also expected to perform well.• Stable demand is also expected in for-rent condominiums with no major changes in Residentialthe business environment.• However, due to the spread of remote work, there is increasing demand for balancing a comfortable working environment with a relaxing living environment, and we will promote new product development such as securing co-working spaces in common areas and workspaces in residences.In order to contribute to the achievement of the SDGs, it is necessary to devise ways to reflect environmentally friendly initiatives on product value.•Specific initiativesWe have developed a “setup office” that can be rented out while interior construction such as fixtures and meeting rooms has been completed. It is well received by companies due to the advantage of lower moving in and restoring to the original state costs.Specific initiativesProduct planning enabling working from home/teleworking was implemented in Brillia City Nishi-Waseda.Setup Office Image PerspectiveVisualization of co-working spaceAsset serviceOther• Parking business: Rebounded sharply in March after it had kept under-utilized since the beginning of the year. As occupancy rates recover and the number of parking spaces increases thanks to the return of the traffic of people, growth is expected in the medium to long term.• Brokerage:The brokerage business is expected to continue to perform well backed by a solid real estate transaction market.•Fund business:In the fund business, steady growth is expected backed by strong investment needs for domestic real estate.• Overseas businesses:We continued to make selective investments based on the current market environment, including the impact of the spread of COVID-19.•Leisure business: Occupancy rates of dog-friendly hotels (Regina Resort) kept recovering. Bathing facilities (Ofuro no osama) saw the number of guests recover significantly from the same period last year but it fell short of the pre-pandemic level. Demand for hotels and bathing facilities are expected to recover gradually while that for golf is likely to remain strong.Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.8Full-Year Earnings Forecast for FY2022(No update from the time of announcement of financial results)•In FY2022, revenue, operating profit and business profit are expected to increase due to the increase sales and gross profitincrease sales of properties to investors in the asset services business, and recordfrom for-sale condominiums,share of profit of entities accounted for using equity method in overseas businesses. (Estimated amount of property sales toinvestors: ¥74.0 billion, gross profit therefrom: ¥18.0 billion)2021/12Actual2022/12ForecastsIncrease/ DecreaseMain factors for increase/decreaseShare of profit (loss) of entities accounted for using equity method Unit: ¥ billionOperating revenueCommercial propertiesResidentialAsset serviceOtherOperating profitBusiness profit *1Commercial propertiesResidentialAsset serviceOtherElimination/CorporateNon-operating incomeNon-operating expensesOrdinary profitExtraordinary incomeExtraordinary lossProfit before income taxesProfit attributable to owners of parentCash flows from operating activities Cash flows from investing activitiesCash flows from financing activities340.4155.6120.542.621.558.7(10.8)47.944.817.04.3(9.1)(9.1)6.819.346.210.70.756.234.965.8(1.6)(32.1)19.5(2.6)6.415.30.41.213.815.0(2.8)4.41.612.6(0.8)0.6(11.8)13.7(8.7)1.23.75.0360.0153.0127.058.022.060.03.063.042.021.56.03.57.57.560.02.02.060.040.0(10.0)(70.0)(50.0)70.0・ Operating revenueIncrease in revenue due to increase in sales of condominiums for sale and increase in sales of properties to investors in the asset services business.・ Breakdown of share of profit (loss) of entities accounted for using equity method: ¥0.5 billion for commercial properties (+¥0.1 billion), ¥2.5 billion for other business (+¥13.6 billion) .・ Business profitProfit increased due to an increase in gross profit of for-sale condominiums and the gain on investment in overseas businesses and other factors.・ Share of profit (loss) of entities accounted for using equity method turned into the black. *1 Business profit = Operating profit + Share of profit (loss) of entities accounted for using equity methodCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.9Changes in Major Indicators(No update from the time of announcement of financial results)•The trends in business profits and key indicators for the previous fiscal year are as follows: We aim to steadily grow toward the target of business profit of ¥75.0 billion in FY2024.Period of previous planCurrent plan (2020-2024)Business profit■Other(Asset Service & Other)■Residential■Commercial Properties■Elimination/Corporate38.26.56.4■Profit46.44.316.947.16.514.151.66.415.849.811.37.131.419.732.322.527.233.829.737.531.740.8-6.2-7.2-7.3-8.2-9.52016/12(Actual)2017/12(Actual)2018/12(Actual)2019/12(Actual)2020/12(Actual)Operating profit¥36.3 billion¥44.7 billion¥46.7 billion¥52.4 billion¥49.6 billion¥58.7 billion¥60.0 billionBusiness profit¥38.2 billion¥46.4 billion¥47.1 billion¥51.6 billion¥49.8 billion¥47.9 billion¥63.0 billionProfit¥19.7 billion¥22.5 billion¥27.2 billion¥29.7 billion¥31.7 billion¥34.9 billion¥40.0 billionDividend per sharePayout ratioDebt equity ratioNet debt equity ratio*1Interest-bearing debt / EBITDA multipleROA*2ROE*3¥26.028.6%2.3×2.1×13.0x2.9%6.4%¥30.028.8%2.4×2.2×12.5×3.4%6.8%¥35.027.8%2.5×2.4×12.7×3.3%7.9%¥41.029.0%2.5×2.4×12.6×3.4%8.2%¥46.030.2%2.5×2.4×13.4×3.1%8.3%*1: Net debt equity ratio = (Interest-bearing debt – Cash and deposits) / Equity capital*2: ROA = Business profit / Average of total assets at beginning of period and total assets at end of period*3: ROE = Profit attributable to owners of parent / Average of equity capital at beginning of period and equity capital at end of periodCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.47.917.034.944.8-4.8-9.12021/12(Actual)¥51.030.5%2.3×2.1×13.3×2.9%8.7%63.09.521.542.040.0-10.02022/12(Forecast)¥59.030.8%—–45.045.075.075.017.018.049.0-9.0Announced February 20202024/12 Forecasts¥70.0 billion¥75.0 billion¥45.0 billionAbout 2.4xAbout 12x—–10Shareholder Returns(No update from the time of announcement of financial results)••For FY2021, an annual dividend was raised from the previous fiscal year’s ¥46.0 per share to ¥51.0 per share (up ¥3.0 pershare from the ¥48.0 per share forecast at beginning of the fiscal year), resulting in a payout ratio of 30.5%.For FY2022, annual dividend of ¥59.0 per share (payout ratio of 30.8%) is estimated in light of the full-year earningsforecast.< Per-Share Dividend Trends >Plan is for a ninth consecutive year of dividend increase with income growth■Interim dividend■Year-end dividend*1*1 20.0 12.0 8.0 *1*1 12.0 6.0 6.0 *2*2 26.0 14.0 12.0 35.0 19.0 30.0 16.0 14.0 16.0 41.0 22.0 19.0 51.0 27.0 46.0 24.0 22.0 24.0 59.0 30.0 29.0 Profit attributable to owners of parentProfit per share*1Consolidated payout ratioConsolidated total return ratioStock price at end of period*1Dividend yield*32014/12(Actual)2015/12(Actual)2016/12(Actual)2017/12(Actual)2018/12(Actual)2019/12(Actual)2020/12(Actual)2021/12(Actual)2022/12(Forecast)¥10.1 billion¥82.9 billion¥16.3 billion¥19.7 billion¥22.5 billion¥27.2 billion¥29.7 billion¥31.7 billion¥34.9 billion¥40.0 billion¥386.243.1%3.1%¥1,7620.7%¥75.9126.3%26.3%¥1,3231.5%¥91.0028.6%28.6%¥1,5631.7%¥104.17¥125.79¥141.59¥152.12¥167.3528.8%28.8%¥1,5222.0%27.8%27.8%¥1,1403.1%29.0%62.5%¥1,7092.4%30.2%30.2%¥1,4153.3%30.5%30.5%¥1,6803.0%¥191.4930.8%—Shareholder returns policyDuring the period of the medium-term business plan (FY2020–FY2024), establish a baseline consolidated payout ratio of 30% or moreand 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 each fiscal period.Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.11(¥)6050403020100*1*1 10.0 10.0 2013/12(Actual)¥47.1021.2%21.2%¥2,3360.4%Business Results by SegmentCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.12(1) Commercial Properties Business: Business Results for the First Quarter of FY2022 and Full-Year Earnings Forecast for FY2022•In the first quarter, revenue and profits increased due to an increase in property sales to investors and a robust business of leasing of office buildings.2021/121Q Actual2022/121Q ActualIncrease/ DecreaseMain factors for increase/decrease2022/12ForecastsAchievement rateNew operations +¥0.0 billion; Full-year operations +¥0.4 billion; Sale, reconstruction, etc. -¥0.4 billion; Existing buildings +¥0.3 billionProperty sales to investors +¥27.5 billionProperty sales to investors +¥7.7 billion (FY2021 1Q: ¥0.7 billion; FY2022 1Q: ¥8.4 billion)153.075.539.537.50.541.542.038%25%74%25%30%41%41%Unit: ¥ billionOperating revenueLeasing of buildingsSales of real estate Building management service, etc.DividendsOperating profitBusiness profitLeasing of buildingsSales of real estate Building management service, etc.DividendsOperating profitBusiness profit28.718.41.88.20.19.29.375.743.235.80.844.444.857.618.829.39.20.117.017.175.539.537.50.541.542.028.90.427.50.9(0.0)7.77.8(2.6)(0.2)(3.7)1.6(0.3)(2.9)(2.8)Unit: ¥ billion2021/12Actual2022/12ForecastsIncrease/ DecreaseOperating revenue155.6153.0Main factors for increase/decreaseNew operations +¥0.4 billion; Full-year operations +¥1.1 billion; Sale, reconstruction, etc. -¥2.4 billion; Existing buildings +¥0.7 billionProperty sales to investors -¥3.7 billionProperty sales to investors +¥0.9 billion (FY2021 cumulative total: ¥10.5 billion; FY2022 cumulative total: ¥11.5 billion)New and full-year operations・ New operation in 2022: T-LOGI Yokohama Aoba (completed in January 2022) and eight other logistics facilities, FUNDES Tenjin Nishidori (completed in March 2022), and T-PLUS Nihonbashi Kodenmacho (completed in April 2022)・ 2022 full-year operation: Candeo Hotels Kyoto Karasuma Rokkaku (completed in March 2021) and eight Expert Office locations (acquired in August 2021)* New operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the current fiscal year; Full-year operations: Impact of increase in revenue attributable to the buildings that were completed or acquired in the previous fiscal year contributing to full-year operations;Sale, reconstruction, etc.: Impact of decrease in revenue attributable to decrease in buildings in operation due to sale, reconstruction, etc.Existing buildings: Total amount of the effects of rent revisions, end of rent-free periods, occupancy rate changes, etc. at buildings other than those of new operations, full-year operations and sale, reconstruction, etc.13Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.(1) Commercial Properties Business:Office Building Portfolio•At the end of March, average rent was ¥30,809 per tsubo and the occupancy rate remained high at 97.5%.As of the end of March 2022Leasable areaNumber of buildings(Yen/tsubo)99.0% 98.0% 98.7% 97.7%96.6% 96.7% 96.7% 96.8% 97.5%100%30,846 30,288 30,161 30,835 31,061 30,830 31,077 30,954 30,809 Owned office buildings*1 *2Subleased buildingsHotels, retail facilities, logistics properties, etc.Total leasable area of commercial properties business45ーーー496,001 m287,516 m2249,627 m2833,145 m210,00040,00030,00020,000090%80%70%2020/3 2020/6 2020/9 2020/12 2021/3 2021/6 2021/9 2021/12 2022/3Less than 300 tsubo19.2%1,000 tsubo and over20.1%300–499 tsubo23.1%500–999 tsubo37.6%30 years and older31.8%Under 10 years old34.8%20–29 years old5.6%10–19 years old27.8%Average building age*320 yearsOther17.2%Tokyo metropolitan area (excluding 23 wards)2.6%23 wards (excluding 5 central wards) of Tokyo23.8%3 central wards of Tokyo40.4%Shibuya & Shinjuku wards16.1%*1 Please refer to the note on page 49 for the definition for the subject of calculation of the number of owned office buildings, average rent and occupancy. The following criteria is added as of the end of March 2022: Properties included in a redevelopment business area shall be excluded from the owned office buildings with the establishment of an urban redevelopment consortium or the obtainment of project approval.*2 “DNP Gotanda Building,” which was acquired at the end of September 2019, is not included in “Owned office buildings” nor in areas subject to calculation of average rent, occupancy rate and breakdown of leasable area.*3 Calculated by the weighted average based on leased area.Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.14(1) Commercial Properties Business:Initiatives for Property Sales to InvestorsIn the first quarter, the Company secured a new project for one logistics property.The balance of real estate for sale increased by ¥6.0 billion from the end of FY2021 to ¥120.7billion; though the value of stock in terms of total investment amount decreased by approximately ¥15.0 billion, the Company maintained adequate stocks worth approximately ¥250.0 billion.Asset typeNumber of propertiesSold during the termIn operationUnder developmentLogistics propertiesUrban hotels, commercial facilities, mid-sized offices, etc.112151711(¥ billion)150Less than ¥10 billion as of the end of 2019Transferred from non-current assetsApproximately ¥24 billion as of the end of 2020Transferred from non-current assetsLess than ¥20 billion as of the end of 2018Transferred from non-current assets107.9110.2114.7120.785.255.4••100500Real estate for sale(completed)T-LOGI Yokohama Aoba(Completed in January 2022)Candeo Hotels Tokyo Roppongi2017/122017/122018/122018/122019/122019/122020/122020/122021/122021/122022/32022/3(Unit: ¥ billion)Asset sizeAsset typeBalance of real estate for saleTotal investment amount*Logistics properties52.4Approximately 160Urban hotels, commercial facilities, mid-sized offices, etc.68.2Approximately 90Total120.7Approximately 250* 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.FUNDES Tenjin Nishidori(Completed in March 2022)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.T-PLUS NihonbashiKodenma-cho(Completed in April 2022)15554 852 1,079 1,102 1,147 1,207 05001,0001,5002017/122018/122019/122020/122021/122022/3Features of Yaesu, Nihonbashi, and Kyobashi (Yaesu-Nihonbashi-Kyobashi) Areas•••Access to various locations including regional cities, areas in Tokyo and international airports is excellent due to the existence ofbullet trains, existing JR lines and multiple subway lines, giving the area phenomenal transportation convenience, its mainfeature.Nearby are business areas, commercial/tourist areas and areas popular for residential purposes. Urban development that utilizesdiverse regional features including the rich cultural resources and gathering of long-established corporations is expected.• With highly diverse properties suitable for startups and several innovation hubs, the area’s innovativeness has been acceleratingin recent years.The land value and suitability for offices lag behind the Otemachi-Marunouchi-Yurakucho area, but the value of the area as a wholeis expected to increase significantly going forward with the various redevelopment projects planned.Diverse Regional Features and Potential of the Yaesu-Nihonbashi-Kyobashi Area*1Increasingly popular as residential areaPhenomenal transportation convenienceGathering of leading firmsExcellent halls and meeting room facilitiesHighly diverse small and medium-size propertiesRich cultural resources transmitting culinary and craftsmanship traditionsBullet trains connect Tokyo with regional citiesGinza subway line connects major Tokyo tourist destinationsHighly diverse area harmonizing work and home lifeComparison of Rent and Land Price of Large-Scale Office Buildings (200 tsubo or more)Yaesu-Nihonbashi-KyobashiMarunouchi-Otemachi¥34,375 per tsubo¥39,632 per tsuboMarket rent of large-scale office buildings(200 tsubo or more)*2Asakusa subway line gives good access to the international airportDevelopments have been making rapid progress in recent yearsLand price*3¥18,800 thousand per m2(Sotobori-dori Avenue / in front of Tokyo Station)¥25,520 thousand per m2(Daimyo-Koji Avenue / in front of Marunouchi Building)*2: Source: Tokyo 5 Central Wards Office Market List by Sanko Estate (as of the end of December 2021)*3: Land price of inheritance tax (fiscal 2021)16Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.Initiatives in the Yaesu-Nihonbashi-Kyobashi Area (1)••Tokyo Tatemono owns many office buildings in the area around Tokyo Station, a key area, and several large-scale redevelopmentprojects are scheduled to be completed by around 2030.Utilizing the properties it owns in the area, Tokyo Tatemono is promoting the formation of a business environment (innovationecosystem) where venture firms, leading companies, investors, research institutions and other players from the fields of industry,academics and government come together and collaborate for coexistence and mutual prosperity, thereby nurturing cutting-edgeindustries and giving rise to positive economic growth cycles.Promotion of an Innovation EcosystemPromising startups will be attracted to the Yaesu-Nihonbashi-Kyobashi area by utilizing the diverse regional features andproperties owned by Tokyo Tatemono. An initiative with focalcategories of business topics and growth fields of leadingcompanies such as x-tech, SDGs, food, craftsmanship, etc. isbeing promoted.12311Gofukubashi Project3３Yaesu ProjectTokyo sta.２22020 Innovation Ecosystem Promotion Support ProjectYaesu-Nihonbashi-Kyobashi Area Certified for the Regional Council by Authorized Regions (August 2020)The Tokyo Metropolitan Government is aiming to form an innovationecosystem where various players come together and cooperate and isproviding support in dispatching personnel and information.As the leading company in the Regional Council by Authorized Regions,Tokyo Tatemono is engaged in various initiatives such as bringing instartups, promotion of open innovation with existing industries, activeinformation dispatch, etc.: Redevelopment with Tokyo Tatemono’s participation: Redevelopment with Tokyo Tatemono’s involvement: Buildings owned by Tokyo Tatemono: Redevelopment with other companies’ participation* Balloons indicate initiatives at properties owned by Tokyo Tatemono.Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.17Major Development Projects in Progress•The redevelopment projects in which we are participating or involved are progressing smoothly. Redevelopment projects with an estimated leasable area* (owned by the Company) of approximately 320,000 square meters are slated for completion one after another by around 2030.■Project period (construction start to completion)Current statusName of projectArea2020・ ・ ・2024 2025・ ・ ・2030 ・・Completion planned for FY2025Completion planned for FY2029South BlockCompletion planned for FY2032North BlockCompletion planned for FY2029Estimated leasable area*(owned by Tokyo Tatemono)Approx. 120,000 m2in totalApprox. 200,000 m2in totalTotal leasable areaApprox.320,000 m2Rights conversion plan(B Area)Establishment of urban redevelopment consortium(A Area)Establishment of urban redevelopment consortiumPreparation consortium establishedUrban development plan decidedPreparation consortium establishedYaesu ProjectChuo WardGofukubashi ProjectChuo WardShibuya 2-chome ProjectShibuya WardNo namePreparation consortium establishedNo namePreparation consortium establishedNo nameUnder discussionNo nameChuo WardMinato WardMinato WardMinato WardEstimated investment amount:About ¥230.0 billionEstimated investment amount: About ¥330.0 billion* Estimated leasable area includes leasable area of non-office space, such as conference and retail facilitiesCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.18Development Projects in the Yaesu-Nihonbashi-Kyobashi Area••Promoting “Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station,” in front of Tokyo Station and “Urban Redevelopment Project for Yaesu 1-Chome North Area” along Nihonbashi River.Aiming to realize urban development that generates new added value for the entire area through various efforts that increase global competitiveness, reduce the environmental load, etc. while also securing stable leasing revenue.Urban Redevelopment Project for Yaesu 1-Chome East Area in Front of Tokyo Station (Yaesu Project)⚫ Large redevelopment project in front of Tokyo Station, including Tokyo Tatemono’s Urban Redevelopment Project for Yaesu 1-Chome North Area (Gofukubashi Project)⚫ Large redevelopment project directly connected to Nihombashi subway station in an ⚫ Accumulation of sophisticated urban functions worthy for the land entrance of former headquarters buildingTokyo, an international city⚫ Formation of prosperity that passes down Yaesu’s history and tradition to the future⇒ October 2021⇒ February 2022 District A Approval of establishment of urban District B Start of constructionredevelopment consortium[Total floor area][Main uses][No. of floors][Construction start][Completed]District A: about 12,000 m²District B: 225,000 m2District A: offices, shops, etc.District B: offices, medical facilities, bus terminal, conference halls, etc.District A: 10 floors above ground, 2 belowDistrict B: 51 floors above ground, 4 belowA area scheduled for FY2023 B area FY2021Fiscal year 2025 (planned)excellent location⚫ Formation of cityscape worthy for the gate of the area alongside Nihonbashi River⚫ Accumulation of city functions forming a sophisticated financial hub⇒ November 2021 Approval of establishment of urban redevelopment consortium[Total floor area][Main uses][No. of floors][Construction start][Completed]South Block: about 178,000 m²North Block: about 1,100 m²Offices, shops, lodging facility, parking lot, etc.South Block: 44 floors above ground, 3 belowNorth Block: 2 floors above ground, 1 belowFiscal year 2024 (planned)South Block: Fiscal year 2029 (planned)North Block: Fiscal year 2032 (planned)Value Created by the ProjectEnhancement of traffic node function in front of Tokyo Station- Establishment of large-scale bus terminal connecting to international airports and regional cities- Establishment of above- and below-ground pedestrian network connecting Tokyo Station and nearby urban districtsIntroduction of city functions that increase global competitiveness- Establishment of primary care in collaboration with sophisticated medical facilities- Increase of urban appeal and vibrancy through implementation of area managementStrengthening of disaster preparedness and reduction of environmental burden- Establishment of space for those stranded during disasters and storage for disaster prevention- Enhancement of business continuation functions through establishment of cogeneration systems and emergency power generation facilitiesValue Created by the ProjectFormation of financial hub that contributes to enhancement of global competitiveness- Establishment of support facility for sophisticated financial personnel that assist international finance and urban MICEEstablishment of waterfront space and pedestrian network- Various types of cooperation for moving the Metropolitan Expressway belowground- Establishment of plaza space that represents the bustling space on the Nihonbashi River- Establishment of above-and below-ground pedestrian network that connects Tokyo Station, Otemachi Station and Nihombashi StationStrengthening of disaster preparedness and reduction of environmental burden- Establishment of space for those stranded during disasters and storage for disaster prevention- Promotion of greater energy efficiency in the entire area through establishment of regional heating/cooling plant and cooperation with existing plantsCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.19Shibuya 2-Chome West Area Redevelopment(Shibuya 2-Chome Project)•In the Shibuya Station East Exit area, the Shibuya 2-chome West Area Redevelopment (Shibuya 2-chome Project) is beingpromoted.• We aim for urban development that creates new added value in the area through various initiatives that contribute to urbaninfrastructure development, international competitiveness improvement, and environmental impact reduction that will create anexpanse of the town.B BlockC BlockA BlockA BlockA街区planning areaB Block C BlockB街区C街区Shibuya Sta.[Legend]Areas of special urban revitalization districts (this project)Areas of Shibuya Station East Exit District Plan (to be changed)Area of special urban development district (already decided)[Total area][Total floor area][Main uses][No. of floors]Approx. 18,800 m2Approx. 322,200 m2Total:A Block: Approx. 1,700 m2B Block: Approx. 12,800 m2C Block Approx. 4,300 m2Total:A Block: Approx. 4,200 m2B Block: Approx. 255,000 m2C Block: Approx. 63,000 m2Offices, shops, hotels, human resource development facilities, bus terminals, housing, life support facilities, etc.A Block: 5 floors above ground, 1 belowB Block: 41 floors above ground, 4 belowC Block: 41 floors above ground, 2 belowFiscal year 2025 (planned)Fiscal year 2029 (planned)[Construction start][Completion date]* A and B blocks are assumed to be type 1 urban redevelopment projects, and C block is assumed to be voluntary joint rebuilding project.March 2022Urban development plan decidedValue Created by the ProjectStrengthening Shibuya’s wide-area transportation functions and developing urban infrastructure to create an expanse of the town in the east exit area・ Development of bus terminals to enhance Shibuya’s wide-area transportation functions・ Improvement of pedestrian network and road environment spreading from station to town・ Creation of plaza space, a center of the bustling and relaxationIntroduction of urban functions that contribute to strengthening international competitiveness・ Development of STEAM human resource development base to contribute to next-・ Development of residential and accommodation to meet the diverse needs of foreigners, generation innovationetc.Strengthening of disaster preparedness and reduction of environmental burden・ Efforts to strengthen disaster preparedness of the area・ Efforts to reduce environmental burdenCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.20渋谷駅地区（道玄坂街区）桜丘町1地区渋谷三丁目21地区渋谷二丁目17地区渋谷二丁目21地区計画地京王井の頭線渋谷駅東急田園都市線渋谷駅都市再生特別地区の区域（本計画）都市再生特別地区の区域（既決定）【凡例】0100200mN50東京メトロ銀座線・半蔵門線・副都心線渋谷駅JR各線東急東横線渋谷駅宇田川町15地区セルリアンタワー渋谷クロスタワー宮下公園SHIBUYA109渋谷駅地区（駅街区）渋谷駅東口地区地区計画の区域（変更予定）(2) Residential business: Business Results for the First Quarter of FY2022 and Full-Year Earnings Forecast for FY2022•In the first quarter, revenue and profits decreased due to a decrease in sales and gross profit from the sales of for-sale condominiums and property sales to investors.Unit: ¥ billion2021/121Q Actual2022/121Q actualIncrease/ DecreaseMain factors for increase/decrease2022/12ForecastsAchievement rateNumber of condo sales posted: 390 units; Condo unit price: ¥59.56 million; Gross margin: 28.2%Sale of for-rent condominiums -¥2.3 billion (FY2021 1Q: ¥15.0 billion; FY2022 1Q: ¥12.6 billion)Sales of for-rent condominiums -¥1.7 billion (FY2021 1Q: ¥5.2 billion; FY2022 1Q: ¥3.4 billion)127.0 85.0 -14.0 5.0 1.5 21.5 21.5 21.5 Operating revenueSales of condominiumsSales of residential houses Sales of real estate Residence leasingFee from sales outsourcing servicesBuilding management service, etc.Operating profitBusiness profitUnit: ¥ billionOperating revenueSales of condominiumsSales of residential houses Sales of real estate Residence leasingFee from sales outsourcing servicesBuilding management service, etc.Operating profitBusiness profit57.834.8-15.31.40.75.413.113.1120.571.9-20.55.81.121.017.017.043.323.2-12.81.20.75.27.67.6127.085.0-14.05.01.521.521.521.5(14.5)(11.6)-(2.4)(0.2)(0.0)(0.2)(5.5)(5.5)6.413.0-(6.5)(0.8)0.30.44.44.42021/12Actual2022/12ForecastsIncrease/ DecreaseMain factors for increase/decreaseNumber of condo sales posted: 1,430 units; Condo unit price: ¥59.60 million; Gross margin: 32%Sales of for-rent condominiums -¥6.9 billion (FY2021 cumulative total: ¥19.4 billion; FY2022 cumulative total: ¥12.5 billion)Sales of for-rent condominiums -¥2.8 billion (FY2021 cumulative total: ¥6.3 billion; FY2022 cumulative total: ¥3.5 billion)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.34%27%-92%25%51%24%36%36%21(2) Residential Business:For-Sale Condominiums – Main Operating IndicatorsIn the first quarter, gross margin maintained a favorable level at 28.2%.•••The inventory of completed condominiums remained at a low level of 135 units as of the end of the first quarter due tosteady progress of sales.The achievement rate at the end of the first quarter against the number of units planned for the period stood at 84%and contracts progressed smoothly.23 wards of Tokyo10.5%Tokyo excluding 23 wards 0.2%23 wards of Tokyo9.4%Kansai and others 43.7%Other Tokyo metropolitan area45.6%Kansai and others47.7%Other Tokyo metropolitan area43.0%FY2021 1Q520 units postedFY2022 1Q390 units posted2019/122020/122021/122022/1273%83%87%95%67%78%92%97%76%84%－－1,315 units 1,196 units 1,109 units1,430 units(Scheduled)At beginning83%At end of 1Q89%At end of 2Q94%At end of 3Q98%Number of condo sales posted(Units)15001,5001,50050050050000010001,0001,000988 29.8%1,315 1,196 1,109 24.6% 22.4% 24.4%1,430 32%(Full-year forecast)28.2%(1Q actual)390 40%40%40%20%20%20%0%0%0%(Units)40040030030020020010010000■Tokyo ■Tokyo metropolitan area ■Kansai and others321 305 216 243 177 179 2017/12 2018/12 2019/12 2020/12 2021/12 2022/122017/12 2018/12 2019/12 2020/12 2022/32018/12 2019/12 2020/12 2021/12 2022/122019/12 2020/3 2020/6 2020/9 2020/12 2021/3 2021/6 2021/9 2021/12 2022/32019/12 2020/3 2020/6 2020/9 2020/12 2021/3 2021/6 2021/9 2021/12 2022/3Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.109 83 54 Of which, contracted: 29 units135 22(2) Residential Business:For-Sale Condominiums – Main Posting Results/ScheduleIn the first quarter, SHINTO CITY, etc. were posted. Profitable properties, such as Brillia City Nishi-Waseda,are scheduled to be posted in FY2022.Acquired land for approximately 500 units in the first quarter, securing a land bank for approximately 8300units (including the number of units scheduled to be posted in 2022).Main properties to be postedTotal no. of units*1No. of condo sales to be posted by the Company

•• ltdeepmoc eboT2202n i ltdeepmoc eboT3202n i ltdeepmoc eboTreatl ro 4202n iGrand Maison Shin Umeda Tower THE CLUB RESIDENCEBrillia Kyoto MatsugasakiSHINTO CITY (District II)SHINTO CITY (District III)Brillia City Nishi-WasedaBrillia City FujiminoBrillia Tower Seiseki SakuragaokaBLOOMING RESIDENCEBrillia Nerima-KasugachoSHIROKANE The SKY1,247Brillia Shiki GardenBrillia City Shakujii Park ATLASBrillia Tower HamarikyuBrillia Tower MaebashiBrillia Tower Ikebukuro WestBrillia Tower DojimaHARUMI FLAGDirect Midosuji Line/Kita-Osaka Kyuko Railway Extension New Station Tower Project874109395411454708520651518444202032314634,15139787109991034542833126531015120414416292463490202SHINTO CITY (District II and III)Approx. 11,800 unitsApprox. 8,300 units*2*2*2Yet to be incorporated into land bankApprox. 3,500 unitsKansai and others27.9%Other Tokyo metropolitan area23.0%23 wards of Tokyo42.5%Tokyo excluding 23 wards6.7%Incorporated into land bankApprox. 8,300 unitsIncluding 1,430 units scheduled to be posted in 2022Nishishinjuku 3-chome West District Urban Redevelopment ProjectApprox. 3,200TBD*1 Total number of units in total, including landowners’ units*2 Including the number of units scheduled for sale over several yearsCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.23(2) Residential Business:For-Sale Condominiums – Main Property Sales Posting Schedule•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.• Of the land bank of approximately 8,300 units, approximately 4,700 units are scheduled to be posted by FY2024, the final fiscal year of the new Medium-Term Business Plan.SHINTO CITYDistricts II and III(Total units: 806; Units to be posted: 202)Brillia Tower Seiseki SakuragaokaBLOOMING RESIDENCE(Total units: 520; Units to be posted: 312)SHIROKANE The SKY(Total units: 1,247; Units to be posted: 310)Brillia Tower Dojima(Total units: 463; Units to be posted: 463)202220232024Brillia City Nishi-Waseda(Total units: 454; Units to be posted: 454)Brillia City Fujimino *1(Total units: 708; Units to be posted: 283)Brillia Tower Hamarikyu(Total units: 420; Units to be posted: 144)HARUMI FLAG(Total units: 4,151; Units to be posted: 490)*1 Scheduled completion – District 1: 2022, District 2: 2023, District 3: 2024Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.24(2) Residential Business: For-Rent CondominiumsIn the first quarter, 3 for-rent condominium projects were newly acquired.The balance of real estate for sale decreased by ¥3.9 billion from the end of FY2021 to ¥38.2 billion due to the progress in sales, and on a total investment basis, it decreased by approximately ¥5.0 billion to approximately ¥60 billion.••50403020100(¥ billion)43.342.238.2Over ¥15 billion as of the end of 2018Transfer from non-current assets(Excluding properties held for a long period of time)29.120.41.72017/122018/122019/122020/122021/122022/3Asset type(Unit: ¥ billion)Asset sizeBalance of real estate for saleTotal investment amount*For-rent condominiums38.2 Approx. 60.0Asset typeSold during the termIn operationUnder developmentNumber of propertiesFor-rent condominiums51118Real estate for sale(completed)Brillia ist Akabane(Completed in 2021)Brillia istAsakusabashi(Completed in 2021)* 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.Brillia ist Ueno(Completed in 2022)Brillia ist Machiya(Completed in 2022)Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.2517 204 291 433 422 382 01002003004005002017/122018/122019/122020/122021/122022/3(3) Asset Service Business: Business Results for the First Quarter of FY2022 and Full-Year Earnings Forecast for FY2022•In the first quarter, revenue and profits increased due to increased property sales to investors and gross profit therefrom in the asset solution business and increased revenue in the brokerage and parking businesses. Unit: ¥ billion2021/121Q Actual2022/121Q ActualIncrease/ DecreaseOperating revenue11.315.8Main factors for increase/decrease2022/12ForecastsAchievement rateIncrease in revenues from brokerage feesProperty sales to investors +¥3.7 billion (FY2021 1Q: ¥3.6 billion; FY2022 1Q: ¥7.4 billion)Recovery of occupancyProperty sales to investors +¥1.6 billion (FY2021 1Q: ¥0.8 billion; FY2022 1Q: ¥2.5 billion), Parking business +¥0.3 billion58.05.026.04.522.56.06.027%26%32%26%22%54%54%Unit: ¥ billion2021/12Actual2022/12ForecastsIncrease/ DecreaseMain factors for increase/decreaseBrokerage Asset solutionManagement service, etc. Parking businessOperating profitBusiness profitOperating revenueBrokerage Asset solutionManagement service, etc. Parking businessOperating profitBusiness profit1.04.41.14.70.80.842.64.413.74.419.94.34.31.38.31.14.93.23.258.05.026.04.522.56.06.04.40.23.80.00.22.42.415.30.512.20.02.51.61.6Property sales to investors +¥11.6 billion (FY2021 cumulative total: ¥10.3 billion; FY2022 cumulative total: ¥22.0 billion)Recovery of occupancy, etc.Property sales to investors +¥0.0 billion (FY2021 cumulative total: ¥2.9 billion; FY2022 cumulative total: ¥3.0 billion)Improvement in profit/loss of the parking business +¥1.6 billionCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.26(3) Asset Service Business: Main Operating IndicatorsAsset solution business: Securing stock mainly in central Tokyo through selective investment that utilizes sharp real estate assessment abilities.Parking business: The number of parking spaces increased by 364 from the end of 2021 to 75,618.51.549.955.752.574,176 75,267 76,173 74,366 74,706 74,641 75,254 75,618 69,401 69,683 ••(¥ billion)6020043.34035.6(Parking spaces)80,00060,00040,00020,00002017/122018/122019/122020/122021/122022/32019/122019/12 2020/3 2020/6 2020/9 2020/12 2021/3 2021/6 2021/9 2021/12 2022/32021/122020/122020/62021/6Other 2.3%Other 6.6%Major regional cities9.8%Greater Tokyo (Tokyo and 3 neighboring prefectures)26.4%Central Tokyo (23 wards of Tokyo)61.4%Commercial facilities & hotels18.9%Office buildings39.3%Condominiums for sale & rent35.2%Breakdown by Area of LocationBreakdown by Asset TypeCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.27356 433 515 499 525 557 02004006002017/122018/122019/122020/122021/122022/3(4) Other: Business Results for the First Quarter of FY2022 and Full-Year Earnings Forecast for FY2022•In the first quarter, in the leisure business as part of the senior & child care business, though a new revenuerecognition standard was applied to cause revenues to fall, as revenues were on an upward trend and the fundbusiness remained strong, sales and profits remained unchanged from the same period last year.Unit: ¥ billion2021/121Q Actual2022/121Q ActualIncrease/ DecreaseMain factors for increase/decrease2022/12ForecastsAchievement rateOperating revenueLeisure & child care businessFund business Other *Operating profitBusiness profitOperating revenueLeisure & child care businessFund business Other *Operating profitBusiness profit4.63.61.00.00.2(0.0)21.517.34.00.12.0(9.1)4.83.71.10.00.20.022.017.54.00.51.03.50.10.00.00.00.00.10.40.1(0.0)0.3(1.0)12.6* Overseas business is included in “Other”.Recovery of leisure business revenue +¥0.5 billion, Application of the new revenue recognition standard -¥0.5 billionEffect of application of the new revenue recognition standard -¥0.1 billion22.017.54.00.51.03.522%21%28%6%25%2%Recovery of leisure business revenue +¥2.5 billion, Application of the new revenue recognition standard -¥2.6 billionEffect of application of the new revenue recognition standard, etc.Share of profit (loss) of entities accounted for using equity method turned into the blackUnit: ¥ billion2021/12Actual2022/12ForecastsIncrease/ DecreaseMain factors for increase/decreaseCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.28(4) Other: Initiatives for Fund Business••Under the medium-term business plan, further expansion of profit opportunities for the Group will be pursued through sales ofdeveloped/owned properties to REITs and such sponsored by the Company.Japan Prime Realty Investment Corporation (JPR), which has entrusted asset management to the consolidated subsidiaryTokyo Realty Investment Management, Inc. (TRIM), as well as private funds and private REITs operated by Tokyo TatemonoInvestment Advisors Co., Ltd. have steadily expanded their assets.A J-REIT with a combined portfolio of office and urban retail properties, etc.Total acquisition priceAppraisal value¥496.1 billion¥587.0 billionPortfolio OverviewNumber of propertiesLeasable areaNOI yieldOccupancy rateAverage building age66500,000 m297.3%4.6%23.5 yearsTokyo Tatemono Private REIT, Inc.A diversified private REIT investing in various asset typesTotal acquisition priceAppraisal value¥81.1 billion¥85.7 billionPortfolio OverviewNumber of properties35Total floor area*1314,000 m2Occupancy rate*297.0%Average building age*214.0 years*1 Sum total of total floor area of each entire building, and thus includes areas that are not owned.Commercial facility20.5%Office (Other cities)12.2%Office (Greater Tokyo)21.7%Office (Tokyo CBDs)45.6%Other23%Offices39%Residential36%* As of December 31, 2021Copyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.29(4) Other: Initiatives for Overseas Business•••To gain business opportunities in growth markets, invested in businesses in China and Asia.As for new investments, we will continue to adopt our policy of conducting selective investments based on thecurrent market environment, including the impact of the COVID-19 pandemic.Balance on the balance sheet for the overseas business was approximately ¥42.0 billion at the end of March 2022.Basic Strategy・ Conduct business centering on partnerships with local partners who are familiar with the local market and have superior development and sourcing・ 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・ Invest mainly in for-sale condominium projects with quick turnover primarily in China and countries in Asia in which the Company has invested before.capabilities.partners.ianhCYangzhou ChengxiProjectYangzhou-East ProjectXuzhou Chengbei ProjectWenzhou Ouhai Project

Name of projectLocationMain usesScale(Total number of units/total floor area)FY of construction completionStatusYangzhou City Residential, commercial Approximately 1,500 units2022 onwardResidences sold outYangzhou City Residential, commercial Approximately 1,000 units2024 onwardOn saleWenzhou City Residential, commercialApproximately 400 units2023Before sale79 Robinson RoadSingaporeOfficesApproximately 57,400 m²2020In operationOld museum siteRedevelopment projectYangon, MyanmarOffice, commercial, hotelApproximately 92,000 m²Construction interruptionSukhumvit 26 ProjectResidentialApproximately 150 units2022On saleSathorn 12 ProjectiasABangkok, ThailandResidentialApproximately 250 units2023On saleSukhumvit 38 ProjectResidentialApproximately 300 units2026Before saleDharmawangsa ProjectOffice, residentialJakarta, IndonesiaOffice building : Approximately 47,000 m²Residence: Approximately 90 units2025Sales to be resumedLoggia ProjectResidentialApproximately 500 units2027Before saleXuzhou CityResidentialApproximately 1,500 units2023 onwardOn saleXuzhouWenzhou CityCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.■Project city ■Local subsidiary30(4) Other: Initiatives for Overseas Business79 Robinson RoadXuzhou Chengbei Project in ChinaThe Company’s second housing development project in Xuzhou, aTier-3 city where infrastructure and entry offoreign capitaladvancement are rapidly progressing. A location that has excellenttransportation convenience close to a subway station that has goodaccess to the city center.A rare, high-grade office wasdeveloped in Singapore’s centralbusiness district, Tanjong Pagar.There are plans to connect theproperty directly to a subwaystation in the future, and about90% of the sections have beencontracted.Total project cost: Approximately ¥75.0 billionTokyo Tatemono’s stake: Approximately 15%Development of three high-gradefor-sale condominiums in theSukhumvit Area and the SathornArea located in the central districtof BangkokTotal project cost: Approximately ¥50.0 billionTokyo Tatemono’s stake: Approximately 50%Total project cost: Approximately ¥35.0 billionTokyo Tatemono’s stake: Approximately 30%A residential development projectin Yangzhou, a Tier 3 city wherethe needs of actual demand arestrong, marking the Company’sfifth project in the city. There arelarge commercialfacilities andeducational facilities around theprojectischaracterized by a location withhigh convenience of living.site,anditTotal project cost: Approximately ¥37.0 billionTokyo Tatemono’s stake: Approximately 25%For-sale condominiums development projects in Bangkok, Thailand (3 projects)Yangzhou Chengxi Project in ChinaCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.31(4) Other: Tokyo Metropolitan Meiji Park Park-PFI ProjectTokyo’s first Park-PFI project.Launched the “TOKYO LEGACY PARKs” project, which will result in parks that will be handed down to the next generation. Scheduled to open in 2023.Pedestrian Deck No. 1Project siteApprox. 1.6 haPedestrian Deck No. 2↑ Photo of the project site← Rendering (Left: Plaza space, Right: “Hokori No Mori”)Accepting diverse values and cultures, and contributing to the realization of an inclusive societyPromotion of urban greening through Green Transformation and sustainable operation of green infrastructure/consideration for global environment and ecosystem conservationSolving social issues in cooperation with local communities/fostering civic pride through the development of area management➊ Diversity & Inclusion➋ Green & Ecology➌ Social Partnership➍ Ethical Mind-SetAction, operation and business promotion focusing on ethics (ethical)/autonomous practice of public interest, fairness, and transparency➎ Wellness & Well-beingCreating a place to experience physical and mental health and happiness/creating new activities and bases responding to the new normal society* Public offering installation management system (Park-Private Finance Initiative): A system to select private businesses that establish park facilities contributing to the improvement of the convenience of park users such as restaurants and stores at urban parks (park facilities subject to public offering) and develop park facilities such as parkways and plazas in the surrounding area (specified park facilities) by using the revenue gained from the established facilities in an integrated mannerCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.32ESG Report: Recent InitiativesCopyright © Tokyo Tatemono Co., Ltd. All Rights Reserved.33ESG Report: Recent Initiatives (1)Medium- to long-term targets for reducing greenhouse gas emissionsDevelopment of “ZEB” logistics, creation and utilization of renewable energyCO2 Emissions40% reduction by FY2030 (compared with FY2019)Net zero by FY2050■Environmental KPIs and GoalsItemTarget businessKPIs GoalsReduction of greenhouse gas emissionsAll businessesBy 2050, CO2 emissions net zeroBy 2030, reduce CO2 emissions by 40% compared withFY2019Introduction of renewable energyAll businessesBy 2050, 100% renewable energy consumption of electricity consumed in business activitiesCommercial Properties businessBy 2030, 40% renewable energy consumption of electricity consumed in the real estate owned by the CompanySolar power (Generated)Private power consu