Results of 4th Fiscal Period ended May 31, 2018

from the beginning

Results of 4th Fiscal Period ended May 31, 2018

• Table of Contents

I. Investment Highlights of 4th Period

• Operating Results of 5 Newly Acquired Properties (1)

• Operating Results of 5 Newly Acquired Properties (2)

• Operating Results of 5 Newly Acquired Properties (3)

• Operating Results of 5 Newly Acquired Properties (4)

• Operating Results for the Entire Portfolio

• Changes in Key Indices

• Major Factors for Increase/Decrease in Distribution per Unit

II. Financial Highlights

• Financial Results for the 4th Fiscal Period ended May 2018

• Forecast for the 5th Fiscal Period ending November 2018

• Forecast for the 6th Fiscal Period ending May 2019

• Portfolio Data (1)

• Portfolio Data (2)

• Financial Status

III. Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period

• Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period (1)

• Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period (2)

• Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period (3)

• Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period (4)

• Operating Results of 9 Properties Held Since Before the 3rd Fiscal Period (5)

IV. Ooedo Onsen Reit's Investment Areas and Future Investment Strategies

• Uniqueness of Ooedo Onsen Reit's Investing Targets

• Market Environment ~ Stable Demand for Onsen

• "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

V. Appendix

• Appraisal Value

• Introduction of Properties (1)

• Introduction of Properties (2)

• Introduction of Properties (3)

• Introduction of Properties (4)

• Introduction of Properties (5)

• Introduction of Properties (6)

• Introduction of Properties (7)

• Introduction of Properties (8)

• Introduction of Properties (9)

• Introduction of Properties (10)

• Financial Indices

• Balance Sheet

• Statement of Income

• Debt Status

• Ooedo-Onsen Monogatari Group (1)

• Ooedo-Onsen Monogatari Group (2)

• Revitalization Process of the Ooedo-Onsen Monogatari Group and Collaboration with the Asset Manager

• 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

• Q&A 2

• Q&A 3