Results of 3rd Fiscal Period ended May 31, 2017

from the beginning

Results of 3rd Fiscal Period ended November 30, 2017

• Table of Contents

I. Operating Highlights

• Public Offering and Property Acquisition (1)

• Public Offering and Property Acquisition (2)

• Public Offering and Property Acquisition (3)

• Overview of Newly Acquired Properties (1)

• Overview of Newly Acquired Properties (2)

II. Financial Highlights

• Financial Results for the 3rd Fiscal Period ended November 2017

• Forecast for the 4th Fiscal Period ending May 2018

• Forecast for the 5th Fiscal Period ending November 2018

• Major Factors for Increase/Decrease in Distribution per Unit

• Operating Results for the Entire Portfolio

• Portfolio Data (After Acquisition of New Properties)

• Financial Status (After Acquisition of New Properties)

III. Operating Results of Individual Properties

• S-1:Ooedo-Onsen Monogatari Reoma Resort <Hotel Reoma-no-mori>

• S-1:Ooedo-Onsen Monogatari Reoma Resort <New Reoma World>

• S-2:Ooedo-Onsen Monogatari Ise-shima

• S-3:Ito Hotel New Okabe

• S-4:Ooedo-Onsen Monogatari Atami

• S-5:Ooedo-Onsen Monogatari Toi Marine Hotel

• S-6:Ooedo-Onsen Monogatari Awara

• S-7:Ooedo-Onsen Monogatari Kamoshika-so

• S-8:Ooedo-Onsen Monogatari Ikaho

• S-9:Ooedo-Onsen Monogatari Kimitsu-no-mori

IV. Characteristics of Ooedo Onsen Reit and Future Management Strategy

• Uniqueness of Ooedo Onsen Reit's Major Investing Targets

• Market Environment - Stable Demand for Onsen

• Investment Opportunity of Ooedo Onsen Reit

• Ooedo Business Model with Stable Operations and Sustainable Growth (1)

• Ooedo Business Model with Stable Operations and Sustainable Growth (2)

• External Growth Strategy (1)

• External Growth Strategy (2)

• External Growth Strategy (3)

• Internal Growth Strategy (1)

• Internal Growth Strategy (2)

• Financial Strategy

IV. Appendix

• Appraisal Value

• Introduction of Properties (1)

• Introduction of Properties (2)

• Introduction of Properties (3)

• Introduction of Properties (4)

• Introduction of Properties (5)

• Financial Indices

• Balance Sheet

• Statement of Income

• Debt Status (After Acquisition of New Properties)

• Ooedo-Onsen Monogatari Group (1)

• Ooedo-Onsen Monogatari Group (2)

• Unitholders Breakdown

• Unitholder Benefit Program

• Profile for IR Activities

• Track Record of Investment Unit Price

• Governance Structure

• Overview of Investment Corporation

• Overview of Asset Manager

• Disclaimer

Q&A

• Q&A 1