Results of 9th Fiscal Period ended November 30, 2020

from the beginning

Results of 9th Fiscal Period ended November 30, 2020

• Table of Contents

I. Investment Highlights

• Impact of Novel Coronavirus Infectious Disease (COVID-19)

• Operating Results for the Entire Portfolio

• Increase/Decrease in Variable Rent

• Transfer of Part of Land of Ooedo-Onsen Monogatari Reoma Resort and Acquisition of Its Land Lease Right

• Financial Status - Implementation of Refinancing

• Forecast for the 9th Fiscal Period ended November 2020

• Priorities for the Time Being : Determining Risk and Building Defenses (1)

• Priorities for the Time Being : Determining Risk and Building Defenses (2)

• Forecast for the 10th Fiscal Period ending May 2021

• Forecast for the 11th Fiscal Period ending November 2021

• Changes in Key Indices

• Major Factors for Increase/Decrease in DPU : Operation Focused on Stable Generation of Cash

II. Investment Results

• Portfolio Data (1)

• Portfolio Data (2)

• Operating Results of Individual Properties (1)

• Operating Results of Individual Properties (2)

III. Key Policies in Forthcoming Periods

• Key Policies in Forthcoming Periods (1) : Changes in Utilization of Leisure Time Caused by COVID-19

• Key Policies in Forthcoming Periods (2) : Challenges with Safe and Secure Leisure

• (References) Measures Against COVID-19 Taken by the Ooedo-Onsen Monogatari Group

• Key Policies in Forthcoming Periods (3) :To the Next Growth Stage, Overcoming Crisis

• External Growth Strategy (1) : The Number of Properties in the Sponsor Pipeline Is Increasing Steadily

• External Growth Strategy (2) : Pipeline of Properties Other Than Those from the Sponsor

• External Growth Strategy (3)

• Internal Growth Strategy (1)

• Internal Growth Strategy (2)

• Financial Strategy

• Investing Targets and Building of the Portfolio

• Future Growth Targets

IV. Market Environment

• Market Environment (1) : Stable Onsen/Spa-Related Market

• Market Environment (2) : Future Leisure Market

V. Appendix

• Appraisal Value

• Introduction of Properties (1)

Introduction of Properties (1)

• Introduction of Properties (2)

Introduction of Properties (2)

• Introduction of Properties (3)

Introduction of Properties (3)

• Introduction of Properties (4)

Introduction of Properties (4)

• Introduction of Properties (5)

Introduction of Properties (5)

• Financial Indices

• Balance Sheet

• Statement of Income

• Debt Status

• Ooedo-Onsen Monogatari Group (1)

• Ooedo-Onsen Monogatari Group (2)

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

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

• Unitholders Breakdown

• Unitholder Benefit Program

• Track Record of Investment Unit Price

• Governance Structure

• Overview of Investment Corporation

• Overview of Asset Manager

Disclaimer

Q&A

• Q&A1

• Q&A2