Explanatory Session for the Results of the Fiscal Year ended March 2012

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Explanatory Session for the Results of the Fiscal Year ended March 212 May 212 Leopalace21 Corporation This document and reference materials may contain forwardlooking statements, but please understand that actual results may differ significantly from these forecasts due to various factors.

Contents Outline of Results Highlights of Results (Consolidated) 3 Summary of Consolidated Results 4 Results of Business Segments (Consolidated)... 6 Summary of Segment Results... 7 Outline of Businesses Leasing. 1 Construction. 22 Enhancing Property Value (Solar power and security systems)..25 Hotels & Resort 27 Elderly Care..28 Appendix Schedule of Operations of Leopalace Group... 3 Balance Sheets (Consolidated).31 Cash Flow (Consolidated)... 32 Balance of Cash/Deposits and Interestbearing Debt..33 Trend in Shareholders.. 34 New Housing Starts. 35 1

Outline of Results

Highlights of Results (Consolidated) (Million yen) FY 11/3 FY 12/3 YoY % Sales 484,39 459,436 (24,954) 5.2% Gross profit 35,998 55,864 +19,865 +55.2% % 7.4% 12.2% +4.8p SGAE 59,65 51,278 (8,327) 14.% Operating profit (23,67) 4,585 +28,193 % 4.9% 1.% Recurring profit (31,88) 2,349 +34,158 % 6.6%.5% Net income (4,889) 1,588 +42,478 3

Summary of Consolidated Results 1. (1 million yen) 8, 6, Sales Gross profit 4, 2, 8 6 4 2 6,23 4,843 4,594 FY1/3 FY11/3 FY12/3 496 558 359 FY1/3 FY11/3 FY12/3 Sales YoY 24.9 billion Sales decrease due to a shift to stock (leasing) business Leasing + 23.7 billion Construction (due to restrained units supplied) 44.9 billion Gross profit YoY + 19.8 billion Leasing + 39.5 billion (of which, decrease in reserve for apartment vacancy loss 13.3 billion) Construction 19.6 billion 4

Summary of Consolidated Results 2. (1 million yen) 2 Operating profit Net income 2 4 2 2 4 6 8 1, 45 297 236 FY1/3 FY11/3 FY12/3 15 48 79 FY1/3 FY11/3 FY12/3 Operating profit YoY + 28.1 billion Gross profit + 19.8 billion Cut in SGAE + 8.3 billion Net income YoY + 42.4 billion Operating profit + 28.1 billion Decrease in FX loss + 4.9 billion (FY11/3: 5.5 billion, FY12/3:.5 billion) Tax effect accounting + 8. billion (deferred tax assets) (FY11/3: 7.6 billion decrease, FY12/3:.4 billion increase) 5

Results of Business Segments (Consolidated) (Million yen) FY11/3 FY12/3 YoY % Leasing Sales Gross Profit Operating profit 356,66 (72) (3,94) 38,37 38,63 5,248 23,71 38,676 35,343 +6.6% Construction Sales Gross profit Operating profit 17,821 36,395 11,971 62,913 16,766 4,39 (44,97) (19,629) (7,661) 41.7% 53.9% 64.% Hotels & Resort Sales Gross profit Operating profit 6,491 1,123 (1,974) 6,228 1,22 (1,663) (263) 79 311 4.1% +7.% Elderly Care & Others Sales Gross profit Operating profit 13,472 696 (1,222) 9,987 993 (892) (3,484) 297 329 25.9% +42.8% 6

Summary of Segment Results (Leasing) (1 million yen) 5, 4, 3, 3,423 Leasing sales 3,566 3,83 6 3 Leasing gross profit 386 2, 1, FY1/3 FY11/3 FY12/3 3 16 1 FY1/3 FY11/3 FY12/3 2 2 4 6 Leasing operating profit 52 3 478 FY1/3 FY11/3 FY12/3 Factors which increased profits (YoY) Decrease in reserve for apartment vacancy loss 13.3 billion (FY11/3.9 billion increase) Reviewing leasing cost (rent, etc.) + 13.5 billion Maintenance Service for Household Appliances and Electronics + 2.3 billion Broadband Maintenance Service + 4.5 billion 7

Summary of Segment Results (Construction) (1 million yen) 3, 2,5 2, 1,5 1, 5 2,37 Construction sales 1,78 629 FY1/3 FY11/3 FY12/3 8 6 4 2 Construction gross profit 638 363 167 FY1/3 FY11/3 FY12/3 4 3 2 1 Construction operating profit 297 119 43 FY1/3 FY11/3 FY12/3 Factor which decreased profits (YoY) Restrained units supplied Buildings Units FY 1/3 2,565 39,739 FY 11/3 1,486 19,166 FY 12/3 69 5,914 8

Outline of Businesses

Leasing 1. Occupancy Rate 86% 84% 82% FY 212/3 FY 21/3 8% 78% FY 211/3 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Occupancy Rate (Occupancy Rate = Occupied units / Managed units, %) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. FY 1/3 83.62 83.4 82.67 82.5 81.75 81.81 8.75 81.9 8.65 82.29 83.68 83.63 82.25 FY 11/3 8.72 79.83 79.9 78.43 78.87 79.78 78.8 79.22 79.71 8.93 81.89 83.69 8.8 FY 12/3 81.9 8.64 8.87 8.45 8.5 81.5 8.43 8.69 8.54 81.65 82.73 83.4 81.16 1

Leasing 2. Occupancy by Group 5 year trend Occupancy Rate 1% Occupied units (Thousand units) 25 2 Managed units (right axis) Occupied units (right axis) Lehman Shock Corporate (left axis) Units (Thousand units) 6 5 9% 15 Individuals (left axis) 4 8% 1 Occupancy rate 5 Students (left axis) 3 7% *Figures are as the end of the month 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 6 9 12 3 FY 8/3 FY 9/3 FY 1/3 FY 11/3 FY 12/3 2 11

Leasing 3. Occupancy by Group FY 1/3 FY 11/3 FY 12/3 Fullyear Fullyear 1Q 2Q 3Q 4Q Fullyear 1Q 2Q 3Q 4Q Units under management 551,773 559,241 562,923 568,829 571,656 571,68 571,98 561,84 556,27 Occupied units 461,473 442,292 449,85 453,411 478,438 461,846 463,59 451,925 463,877 Occupancy Rate (average) 82.3% 79.9% 79.% 79.2% 82.2% 8.1% 8.9% 8.7% 8.6% 82.6% 81.2% Corporateoccupied units 183,743 178,259 183,786 184,415 22,584 199,441 24,279 24,415 219,239 Corporate share (Corporateoccupied units / Occupied units) 39.8% 4.3% 4.9% 4.7% 42.3% 43.2% 44.1% 45.2% 47.3% Individualoccupied units 26,866 195,86 196,58 198,7 23,539 195,89 192,874 182,4 18,186 Individual share (Individualoccupied units / Occupied units) 44.8% 44.3% 43.8% 43.7% 42.5% 42.2% 41.6% 4.3% 38.8% Studentoccupied units 7,864 68,173 68,719 7,926 72,315 67,316 66,356 65,56 64,452 Students share (Studentoccupied units / Occupied units) 15.4% 15.4% 15.3% 15.6% 15.1% 14.6% 14.3% 14.5% 13.9% 1. Occupancy rate is the average value for each period (Fullyear or quarter). 2. Figures for units under management and occupied units are as of the end of the final month for the relevant period. 12

Leasing 4. Corporate Sales Strategies: 1. Expand major business connections 2. Cultivate lowuse business connections (Units) 25, Occupied Units by Industry 2, 181,191 183,743 +1.3% 22,584 38,361 +8.2% 219,239 4,527 Other YoY +5.6% 15, 1, 5, 35,635 37,43 24,72 24,36 12,47 12,332 28,465 29,725 24,976 25,288 18,57 15,93 28,74 12,872 32,157 27,869 19,638 32,223 13,445 35,61 28,869 24,632 Construction Food service Retail Services Staffing, outsourcing +14.8% +4.5% +1.7% +3.6% +25.4% 37,516 39,596 43,613 43,942 Manufacturing +.8% 29/3 21/3 211/3 212/3 13

Leasing 5. Acquiring Individual Tenants Leopalace Partners Leasing Offices (Japan) (Offices) 4 3 Direct Partners 2 1 Jun Sep Dec Mar Jun Sep Dec Mar FY11/3 FY12/3 Leasing Contract by Leopalace Partners Contracts (FY11/3) Contracts (FY12/3) Offices (FY11/3) Offices (FY12/3) (Offices) (Contracts/ month) 2 7, 6, 15 5, 1 4, 3, 5 2, 1, Jun Sep Dec Mar FY11/3 FY12/3 FY13/3 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Partner offices 121 124 13 136 138 147 158 164 174 18 188 189 19 193 Direct offices 156 156 155 155 155 155 155 157 157 158 158 159 159 159 Total leasing offices 277 28 285 291 293 32 313 321 331 338 346 348 349 352 Contracts by Partners 5,286 2,523 2,46 2,73 2,767 2,563 3,144 3,161 3,111 3,711 3,566 4,151 6,196 3,158 14

Leasing 6. Acquiring Individual Tenants RoomCustomize Customize your room with RoomCustomize 1 Designer s Plan Choose from among 6 patterns, designed by interiordesigner Makiko Yamaguchi. 2 MyCollection Plan Customize wallpaper for free (25 color variations) 15

Leasing 6. Acquiring Individual Tenants Campaigns 1. Spring Move Campaign (1 month rent off) For individuals who are currently living in apartments other than Leopalace21 One month rent off on limited apartments. From May 1 212 to May 31, 212 2. Newly Weds Support Includes: 11 month rent off 2Guam wedding discount 3Stay at Leopalace Resort For newly weds or couples planning to be married From May 1, 212 to June 3, 212 3. Friend s Discount Campaign Discount on rent for friends applying for the same apartment building For individual tenants (chintai & monthly contracts) From April 27, 212 to June 3, 212 4. Free Initial Cost Campaign No initial fees (ie. deposit, reikin, first month s rent, commonarea charge, keyexchange fee) on limited apartments. For individual tenants (chintai contract) From January 2, 212. 16

Leasing 7. Acquiring individual tenants New Direct Offices New direct offices open Kichijoji, Shibuya, and Akabane opened in October, Takadanobaba opened on December, and Akihabara office opened on February 2. In order to increase occupancy rates, we will continue to open direct offices in the three metropolitan areas. Planned: Kokubunji, Urawa, Nagoya station, Umeda (Osaka), etc. Shimurasakaue Akabane Metropolitan area 9 offices New direct 5 offices Existing direct 36 offices Partners 49 offices Hibarigaoka Ooizumigakuen Nerima Tanashi Kokubunji Kichijoji Fuchu Chofu Kenmap Kitasenju Aoto Ikebukuro Takadanobaba Shinjuku Shibuya Ueno Akihabara Shinkoiwa 17

Leasing 8. Acquiring individual tenants New TV Commercial New commercial starting May! Starring Horikita Maki and Harisenbon (comedians). Appeals roomcustomize (p15) and the benefits for corporate customers who use our apartments. Roomcustomize version YES/NO version 18

Leasing 9. Foreign Tenants 1. Foreign tenants temporarily decreased due to the Great East Japan Earthquake, but has bottomed out. 2. In addition to oversea offices, foreign students can make lease contracts through our LAM school. (Units) 1, 8, 6, 4, 2, 3,182 Leased Units by Foreign Nationals (excluding corporate contracts) 4,877 7,974 9,6 8,251 8/3 9/3 1/3 11/3 12/3 China 331 811 2,864 4,115 3,993 S.Korea 1,615 2,219 2,525 2,24 1,565 Taiwan 519 941 1,19 925 737 Other 717 96 1,566 1,996 1,956 Total 3,182 4,877 7,974 9,6 8,251 LAM School System (Leopalace Alliance Members) is a system for foreign students planning to study in Japan, enabling them to search for apartments and make lease contracts through the internet from their home country. China: 4 offices Beijing, Dalian, Shanghai, Guangzhou South Korea: 3 offices Busan, Seoul Gangnam, Seoul Jongno Taiwan:1 office Taipei Other 19

Leasing 1. Contract Type and Usage Pattern (Thousand units) 6 5 4 3 2 24 194 Tenants by Contract Type 462 442 414 372 327 278 478 464 Training 2.6% Breakdown of Users of Monthly Contracts (Mar. 212) Student dorms 1.11% Corp. dorms 1.91% Other 3.68% General usage 28.43% 1 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 Business trips 53.27% General 119.7 15.1 174.4 217.2 254.4 35.5 335.6 357.3 364.6 37.3 Monthly 74.7 89.7 13.5 19.7 117.3 18 16.8 14.2 113.8 93.6 Total 194.4 239.8 277.9 326.9 371.7 413.5 442.3 461.5 478.4 463.9 2

Leasing 11. Reserve for Apartment Vacancy Loss Due to: 1. Profitability improvement of subject apartments 2. Passage of remaining period there was a reversal of apartment vacancy loss of 13.3 billion yen (reduction in cost) in the subject period (Apr 211 Mar 212). Reserve by area ( 1 million yen) Hokkaido Tohoku North Kanto Tokyo Metropolitan Hokuriku, Koshinetsu Chubu Kinki Chugoku Shikoku Kyushu, Okinawa Total 11/3 14 9 31 24 23 134 54 11 6 15 326 11/6 13 8 28 22 21 125 49 1 6 14 31 11/9 12 5 24 19 17 111 43 1 6 12 264 11/12 11 2 19 15 15 95 36 8 5 9 219 35 25 15 12/3 7 1 19 27 17 8 2 6 3 6 192 317 317 317 322 326 31 264 219 192 1/3 1/6 1/9 1/12 11/3 11/6 11/9 11/12 12/3 Compared to 11/3 (7) (8) (11) +2 (6) (53) (33) (4) (2) (9) (133) 11/3 12/3 Compared to 11/3 Occupancy rate by area (% )Reserve for Apartment Vacancy Loss (1 million yen) 8% 87% 78% 87% 84% 77% 85% 86% 79% 85% 84% 75% 93% 81% 85% 78% 8% 84% 86% 78% 87% 83% (5)p +6p +4p (2)p (6)p +3p (1)p ()p (1)p + p (.3)p 21

Construction 1. Orders, sales Orders, sales (including solar power systems) FY11/3 FY12/3 1Q 2Q 3Q 4Q Fullyear Fullyear 1Q 2Q 3Q 4Q Gross orders received (Buildings) 49 382 279 222 1,292 16 115 152 139 566 (1 million yen) 258 22 181 142 83 131 123 116 128 5 Orders outstanding (1 million yen) 1,788 1,479 1,451 1,22 1,22 1,153 948 854 544 544 Sales (1 million yen) 217 458 124 276 1,76 78 28 99 217 65 22

Construction 2. Offices and Sales by Area By placing offices in areas with high occupancy demand, areas in which we receive orders are narrowed down. Construction offices Total 51 offices (As of Mar. 212) Hokkaido: offices Apartment Construction Sales (FY 12/3) Chugoku 2.3 Chubu 3. Other 2.3 (excludes solar power systems) (Billion yen) Osaka Kyoto Hyogo 4 offices 1 office 2 offices Chugoku: 2 offices Kinki: 7 offices Hokuriku, Koshinetsu: offices Tohoku: 1 office North Kanto: offices Tokyo metropolitan: 34 offices Chubu: 3 offices Kyushu, Okinawa 3.6 Kinki 6.9 Tokyo Metropolitan 25.1 Kyushu, Okinawa: 4 offices Shikoku: offices Tokyo 17 offices Kanagawa 6 offices Saitama 8 offices Chiba 3 offices Tokyo metropolitan area makes up 58% of construction sales Due to narrowing down areas, the three metropolitan areas (Tokyo, Kinki, and Chubu) make up 81% of construction sales 23

Construction 3. Ecofriendly Leco Model Sky stage As a third edition to our ecofriendly Leco models announced last December, we have added Sky stage, designed to make effective use of nature s energy, as of April. Sky court and Sky balcony Rental housing Skystage Sky court protects privacy while getting sunlight and ventilation. It can be used as an outdoorliving space or hobby space. The 2nd floor includes a largesize Sky balcony, designed to feel like you are hovering in the air. Includes conveniences targeting families, couples, and richsingles Storage below stairs Line of flow between kitchen and bathroom Countertype closet Alcove porch Large entrance Counterkitchen Walkthrough closet Faucet Sky court makes your home bright and airy Sky balcony is widely designed, with 1.3 m in depth Sky court 1F 24

Enhancing Property Value 1. Solar Power Systems Solar Power Systems Orders Sales FY 12/3 1H 2H Fullyear Buildings 2,21 1,95 3,971 Billion yen 8.9 Buildings 1,478 Billion yen 6.6 Generating capacity 12,122 kw 8.4 17.3 2,336 3,814 9.9 16.6 18,262 kw 3,385 kw Reduction in CO 2 emissions per year achieved by solar power systems installed: More than 9% of electricity generated can be sold. 9,179 tco 2 per year 65, Japanese cedars 3.99 million liters of gasoline Subsidies of JPEC (Japan Photovoltaic Expansion Center) will continue for fiscal year 212. The feedintariff law taking effect on July 1, 212 will help spread the installment of solar power systems. The Company is receiving orders for large solar power systems whose maximum output power is more than that required for subsidies of the JPEC, less than 1kW. 25

Enhancing Property Value 2. Security Systems Security Systems FY 12/3 1H 2H Fullyear Orders Units 2,76 56,733 76,89 Billion yen 2.5 8. 1.5 Sales Units 9,337 51,323 6,667 Billion yen 1.2 7.1 8.3 Business alliances with two major security companies. The standard equipment includes fire sensing systems and emergency systems, in addition to sensors that detect intruders. We anticipate an increase in the percentage of female tenants. We are seeking to meet demand for security in company housing. (Large companies emphasize security.) Problem detected 3. Dispatch 1.Telephone circuit alert 2. Assign dispatch Emergency response personnel dispatched Control Center Call subscriber, alert emergency services if necessary. 26

Hotels & Resort Business (Million yen) FY 11/3 FY 12/3 Change % Domestic Hotels Sales Operating profit Depreciation and amortization Occupancy rate 1,971 (33) 528 69.3% 2,296 (35) 521 72.5% +324 +295 (7) +3.2p *Domestic Hotel Business includes 8 hotels (Asahikawa, Sapporo, Sendai, Niigata, Nagoya, Yokkaichi, Okayama, and Hakata) +16.4% 89.2% 1.4% ($1,) FY21/12 FY211/12 Change % Leopalace Guam Sales Operating profit Depreciation and amortization Occupancy rate (Leopalace Resort) Occupancy rate (Westin Resort Guam) 65,541 (7,257) 15,878 51.6% 74.8% 57,3 (8,63) 15,783 52.8% 74.2% (8,51) (1,372) (94) +1.2p.6p 13.% +18.9%.6% *Fiscal year of Leopalace Guam ends in December. 27

Elderly Care Business (Million yen) FY 11/3 FY 12/3 Change % Sales 7,785 8,845 1,59 +13.6% Gross profit (731) (95) 635 Operating profit (1,59) (855) 654 Occupancy rate (Dayservice) 56.1% 62.7% +6.6p Occupancy rate (Shortstay) 94.% 96.6% +2.6p Occupancy rate (Private residential homes, etc.) 65.4% 76.4% +11.p *Elderly care Business includes 58 Azumien facilities in Tokyo and 6 prefectures *Private residential homes include Group homes 28

Appendix

Schedule of Operations of Leopalace Group (Million yen) FY 11/3 FY 12/3 Change % Sales 478,19 453,34 (24,85) 5.2% Leopalace21 Operating profit Recurring profit (23,857) (3,596) 4,283 2,132 +28,14 +32,728 FX gain (loss) (955) (112) +842 Sales 5,753 4,551 (1,22) 2.9% Leopalace Guam Operating profit Recurring profit (637) (5,218) (688) (1,151) (51) +4,66 FX gain (loss) (4,64) (466) +4,137 Domestic Subsidiaries* Sales Operating profit Recurring profit 3,963 873 916 6,688 961 973 +2,725 +88 +57 +68.8% +1.1% +6.3% Others & Exclusions Sales Operating profit Recurring profit (3,436) 13 3,9 (5,17) 29 395 (1,671) +15 (2,694) +115.3% 87.2% *Domestic subsidiaries include Leopalace Leasing, LEOPALACE SSI, Plaza Guarantee, and Leopalace Travel 3

Balance Sheets (Consolidated) (Million yen) FY 11/3 FY 12/3 (Million yen) FY 11/3 FY 12/3 Cash and cash equivalents 4,674 41,477 Shortterm borrowings 22,69 38,94 Trade receivables Accounts receivables for completed projects 6,259 2,117 4,541 1,4 Current portion of longterm debt Advances received 11,811 97,154 6,8 79,73 Prepaid expenses 23,878 18,997 Current liabilities 173,719 166,295 Assets Current assets Buildings and structures Land Leased assets Intangible assets Longterm prepaid expenses Fixed assets Total assets 94,219 59,191 84,851 3,51 7,588 34,222 23,979 298,274 83,61 55,116 82,15 2,96 7,79 18,295 181,659 264,783 Liabilities Net assets Longterm debt Reserve for apartment vacancy loss Lease/guarantee deposits received Longterm advances received Longterm liabilities Total liabilities Common stock Capital surplus Retained earnings Total net assets 2,227 32,65 26,35 14,83 91,513 265,233 56,562 34,334 (46,552) 33,4 19,27 9,853 21,98 64,656 23,951 56,562 33,883 (44,963) 33,831 Shareholders equity ratio 11.1% 12.8% 31

Cash Flow (Consolidated) (Million yen) FY 11/3 FY 12/3 YoY (Million yen) FY 11/3 FY 12/3 YoY Loss before income tax Depreciation Increase (decrease) in reserve for apartment vacancy loss Increase (decrease) in reserve for accrued retirement benefit for directors (33,117) 6,451 877 1,352 6,46 (13,398) (1,185) +34,469 (44) (14,275) (1,185) Payment for purchase & proceeds from sale of property, plant and equipment Payment for purchase & proceeds from sale of investment activities Payments for time deposits Proceeds from withdrawal of time deposits 11,388 973 (3,713) 6,575 (565) (49) (8) 38 (11,954) (1,23) +2,913 (6,194) Foreign exchange loss (gain) 5,561 58 (4,98) Other (332) (2,289) (1,957) Impairment loss 2,227 2,61 +382 Cash flows from investing activities 13,143 (3,537) (16,681) Decrease (increase) in accounts receivable Decrease (increase) in longterm prepaid expenses Increase (decrease) in accounts payable Increase (decrease) in customer advances for projects in progress Increase (decrease) in advances received 7,82 2,253 (31,76) (5,37) 13,44 3,867 2,616 3,483 (1,98) (11,6) (3,953) +363 +35,189 +4,272 (24,447) Proceeds from & repayment of shortterm borrowings Repayment of longterm debt Cash flows from financial activities Net increase (decrease) in cash & cash equivalents 12,97 (29,3) (15,89) (31,539) 16,213 (7,238) 7,245 385 +3,242 +21,764 +23,136 +31,925 Increase (decrease) in guarantee deposits received (19,691) (16,385) +3,36 Cash & cash equivalents at end of period 4,492 4,877 +385 Increase (decrease) in accrued consumption taxes 2,518 (1,81) (3,599) Incomes taxes paid (1,629) (567) +1,61 Cash flows from operating activities (28,337) (3,174) +25,162 32

Cash/Deposits and Interestbearing Debt (1 million yen) 9 (Ratio).4 8 7 6 5 4 3 2.2.2 1 FY 8/3 FY 9/3 FY 1/3 FY 11/3 FY 12/3.4 Interestbearing debt 497 43 564 398 483 Cash 69 783 724 46 414 Net DE ratio.7.26.23.2.2 *Net DE ratio = (Interestbearing debt Cash) / Shareholders equity 33

Trend in Shareholders 8% 6% 4% Individuals, other, 35.2% Foreign companies, 35.2% 2% % 6/3 7/3 8/3 9/3 1/3 1/6 1/9 1/12 11/3 11/6 11/9 11/12 12/3 Corporations, 12.7% Financial institutions, 11.7% of which, Trust banks, 8.3% Financial institutions 27.6% 19.5% 21.5% 18.8% 26.8% 29.6% 17.9% 1.3% 8.7% 8.1% 11.8% 12.3% 11.7% (of which, Trust banks) 23.% 16.4% 17.7% 16.% 21.7% 24.7% 13.2% 5.6% 4.9% 4.7% 8.4% 8.6% 8.3% Foreign companies 37.6% 49.9% 48.3% 39.4% 32.4% 26.2% 17.5% 15.1% 11.3% 14.6% 27.8% 23.3% 35.2% Individuals, other 26.9% 24.4% 23.9% 3.4% 32.4% 35.1% 53.8% 53.7% 6.7% 58.6% 43.3% 44.3% 35.2% Corporations 7.4% 5.3% 5.2% 5.2% 3.8% 3.8% 4.4% 13.4% 14.1% 13.4% 13.% 13.% 12.7% 34

New Housing Starts (Thousand units) 1,4 1,2 1, 8 6 4 2 1,39 775 819 841 (Units) FY 9/3 FY 1/3 FY 11/3 FY 12/3 Leased units 444,747 311,463 291,84 289,762 Houses with land 16,619 95,294 113,427 117,979 Apartments 164,623 67,382 97,757 12,92 Owneroccupied houses 31,664 286,993 38,517 34,822 Company housing 11,89 13,231 6,58 7,576 Other 1,438 914 899 1,15 (Based on housing start statistics, Ministry of Land, Infrastructure & Transport, March 212) YoY.7% +4.% +22.8% 1.2% +15.1% +12.9% 35

New Housing Starts (Units under 3 ) Trend in No. of New Residential Leaseholds Overall & Market Share for Units under 3 5 45 4 35 Trend in No. of New Residential Leaseholds under 3 and Our Market Share 14 12 1 Share under 3 3 25 2 26.3% 19.4% 13.3% 1.6% Our share 8 6 56.1% 65.7% 49.1% 19.2% 15 4 1 5 2 (Thousand units) FY 9/3 FY 1/3 FY 11/3 FY 12/3 New residential 444.7 311.4 291.8 289.7 leaseholds Under 3m2 116.9 6.4 38.9 3.7 YoY.7% (Thousand units) FY 9/3 FY 1/3 FY 11/3 FY 12/3 Under 3m2 116.9 6.4 38.9 3.7 Our supply of units 65.6 39.7 19.2 5.9 21.% (Based on housing start statistics, Ministry of Land, Infrastructure & Transport, March 212) YoY 21.1% 69.1% 36