21 20183 20185 18/317/3

1 21 1-1 4 1-2-1 21 5 1-2-2 21 6 2 20183 2-1 8 2-2-1 9 2-2-2 10 2-3 11 3 20193 3-1 13 3-2 14 4 4-1 16 4-2 17 4-3-1 18 4-3-2 19 4-3-3 20 4-3-4 21 4-3-5 22 4 4-4-1 23 4-4-2 my DIY 24 4-4-3 25 4-4-4 26 4-4-5 IoTAI 27 4-4-6 28 4-4-7 29 5 5-1 31 5-2 32 5-3-1 33 5-3-2 34 5-4-1 35 5-4-2 36 5-4-3 37 5-4-4 38 5-4-5 39 5-4-6 40 5-4-7 41 5-4-8 42-1-

6 6-1 44 6-2 45 6-3 46 6-4-1 47 6-4-2 48 6-4-3 49 7 7-1 51 7-2 52 7-3 53 1. 1-1 55 1-2-1 56 1-2-2 57 1-3-1 58 1-3-2 59 1-3-3 60 1-3-4 61 1-3-5 62 1-3-6 63 1. 1-3-7 64 1-4-1 65 1-4-2 66 1-4-3 67 1-4-4 68 2. Creative Evolution 2020 2-1 70 2-2 71 2-3 72 3. 3-1 74 3-2 75 3-3 76 3-4 77 3-5 78 3-6 79 3-7 21 80 3-8 81 3-9 82-2-

1 21

1-1 2 80 30 IoT 20183 1.4 3.9 5.1 1.5 4.0 8.0 8.8 NO.157 3.5 4.0 16.8-4-

1-2-121 2 8,000 7,332 6,203 6,000 3,591 4,835 4,582 4,542 4,708 4,832 5,115 5,204 5,308 5,530 501 2,370 1,078 629 533 631 613 741 803 765 858 4,000 800 600 400 49% 5% 09/3 46% 2,000 0-2,000 3,345 3,423 3,557 3,790 3,836 3,885 3,993 297 244 33 74 134 148 4,106 4,213 4,355 4,472 210 228 229 245 95% 90.59% 91.50% 88.51% 87.95% 88.53% 86.57% 84.58% 82.25% 82.94% 80.09% 81.16% 200 0 300-200 4% 15% 19/3 81% 80% 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3 *17/3-5-

1-2-221 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3 7,332 6,203 4,835 4,582 4,542 4,708 4,832 5,115 5,204 5,308 5,530 3,345 3,423 3,557 3,790 3,836 3,885 3,993 4,106 4,213 4,355 4,472 3,591 2,370 1,078 629 533 631 613 741 803 765 858 501 297 244 33 74 134 148 210 228 229 245 15 478 308 40 87 153 205 228 230 260 294 701 297 118 42 27 29 2 33 57 36 22 * 99 790 417 3 133 157 151 196 204 148 150 * 506 551 571 556 546 549 554 561 568 570 576 * 88.5% 82.3% 80.1% 81.2% 82.9% 84.6% 86.6% 88.0% 88.5% 90.6% 91.5% 3,378 2,502 803 500 730 811 873 864 928 876 950 * * * *17/3 * -6-

2 20183

2-1 17/3 18/3 18/3 520,488 540,000 530,840 +10,351 9,159 92,668 97,000 96,077 +3,409 922 % 17.8% 18.0% 18.1% +0.3p +0.1p 69,769 73,500 73,147 +3,377 352 22,898 23,500 22,930 +31 569 % 4.4% 4.4% 4.3% 0.1p 0.1p 22,355 22,500 22,354 0 145 % 4.3% 4.2% 4.2% 0.1p 0p * 20,401 14,200 14,819 5,581 +619 * -8-

2-2-1 6,000 5,204 5,400 5,308 1,000 926 970 960 4,000 17/3 18/3 17/3 18/3 800 91 9 +5 +4 84 18-9-

2-2-2 250 228 235 229 250 200 150 204 142 148 100 50 200 17/3 18/3 17/3 18/3 0 5 +10 * +6 13 * -10-

2-3 4Q 17/3 18/3 18/3 421,342 435,000 435,537 +14,195 +537 *16.6% 70,142 *17.5% 76,000 *17.5% 76,406 +6,264 +406 23,009 25,000 26,062 +3,052 80,321 85,000 76,587 3,734 8,412 +1,062 *28.8% 23,124 *27.3% 23,200 *27.9% 21,355 1,769 1,844 5,786 5,000 3,663 2,123 11,536 12,500 12,807 +1,270 1,336+307 250 300 105 +145 +194 1,667 1,900 1,596 +71 7,287 7,500 5,908 1,379 1,591 +303 2,989 2,100 2,042 946 57 417 1,500 846 428 +653 3,812 3,100 4,353 540 1,253 */17/3-11-

3 20193

3-1 17/3 18/3 19/3 520,488 530,840 553,000 +22,159 92,668 96,077 99,500 +3,422 % 17.8% 18.1% 18.0% 0.1p 69,769 73,147 75,000 +1,852 22,898 22,930 24,500 +1,569 % 4.4% 4.3% 4.4% +0.1p 22,355 22,354 24,000 +1,645 % 4.3% 4.2% 4.3% +0.1p * 20,401 14,819 15,000 +180 * -13-

3-2 +1.0p 17/3 18/3 19/3 70,142 76,406 82,200 +5,793 421,342 435,537 447,200 +11,662 *16.6% *17.5% *18.4% 23,009 26,062 29,400 80,321 76,587 85,800 +9,212 +3,337 *28.8% 23,124 *27.9% 21,355 *23.3% 20,000 1,355 5,786 3,663 2,200 11,536 12,807 14,000 1,463+1,192 250 105 500 +605 1,667 1,596 1,200 7,287 5,908 6,000 +396+91 2,989 2,042 1,900 142 417 846 1,700 853 3,812 4,353 4,200 +153 */17/3-14-

4

4-1 21 my DIY IoTAI -16-

4-2 17/3 18/3 18/3 19/3 421,342 435,000 435,537 447,200 *16.6% 70,142 *17.5% 76,000 *17.5% 76,406 *18.4% 82,200 23,009 25,000 26,062 29,400 568,739 575,800 570,672 576,000 88.53% 89.5% 90.59% 91.5% 189 189 189 189 60 59 59 59 3,228 3,250 3,247 3,300 1,589 1,600 1,546 1,550 */17/3-17-

4-3-1 20183+1.0p89.5%+2.06p90.59% 20193+1.0p91.5% 94% 92% 92.82% 20153 20163 20173 20183 20193 20193 91.5% 90% 88% 86% 84% 82% 4 5 6 7 8 9 10 11 12 1 2 3 % 4 5 6 7 8 9 10 11 12 1 2 3 15/3 86.00 86.03 85.96 85.63 85.78 86.33 86.14 86.10 85.69 87.24 88.65 89.29 86.57 16/3 87.88 87.61 87.59 87.32 87.26 87.70 87.26 87.14 86.89 88.38 89.80 90.53 87.95 17/3 88.97 88.55 88.60 87.95 87.78 88.31 87.50 87.41 86.97 88.41 90.18 91.66 88.53 18/3 90.51 90.28 90.55 89.75 89.88 90.21 89.73 89.69 89.44 90.83 92.43 93.72 90.59-18-

4-3-2 20141020165PCR 350 300 250 600 500 200 150 400 100 300 50 0 9 3 9 3 9 3 9 3 9 3 9 3 9 3 9 3 9 3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 *p.58 200-19-

4-3-3 100% 458 461 461 480 473 476 474 495 488 490 487 509 500 499 493 521 517 515 509 535 12.3% 12.2% 12.3% 11.4% 11.1% 11.1% 11.3% 10.2% 9.9% 9.9% 10.1% 9.5% 9.3% 9.3% 9.3% 9.0% 8.8% 8.9% 9.0% 8.8% 80% 60% 38.2%38.3%38.3% 37.3%37.4%37.4%37.6%36.8%36.8%36.8%37.0% 36.0%36.0%35.9%35.9%34.6%34.6%34.6%34.5%33.4% 40% 20% 49.5%49.5%49.4%51.3%51.5%51.4%51.1%53.0%53.3%53.3%53.0%54.5%54.8%54.8%54.8%56.4%56.6%56.5%56.5%57.8% 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 14/3 15/3 16/3 17/3 18/3 *p.58-20-

4-3-4 *80% 350,000 300,000 250,000 200,000 150,000 (44,751) 246,272 (46,008) 262,577 45,965 43,968 44,398 39,783 16,635 14,956 39,188 40,878 +6.6% +5.6% +6.0% (48,609) (47,217) 293,823 277,261 51,460 47,913 52,920 48,489 18,150 17,509 42,837 45,034 100,000 32,995 35,169 36,911 37,507 +5.2% (49,229) 309,062 51,932 58,293 18,777 45,157 38,438 29,105 32,022 34,689 39,510 46,379 50,000 46,277 47,510 48,913 49,242 50,086 0 14/3 15/3 16/3 17/3 18/3 *12 +0.9% +10.2% +3.5% +0.3% +2.5% +17.4% +1.7% -21-

4-3-5 167206201837 65%1.63.5 6.5% 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 18,848 +19.1% 2,000 0 9 3 9 3 9 3 9 3 9 3 14/3 15/3 16/3 17/3 18/3 *p.59-22-

4-4-1 7 201534201632 400 350 300 250 200 150 100 50 20183 9 2 11 15 6 21 14 5 19 49 34 83 13 8 21 24 16 40 25 14 39 11 10 21 5 5 10 17 18 35 182 118 300 0 9 3 9 3 9 3 9 3 9 3 9 3 13/3 14/3 15/3 16/3 17/3 18/3 7 0 7 189 0 118 1 307 1 * -23-

4-4-2my DIY 20125my DIY 2018339,594 21 my DIY 1 OK 1 100 5:57:3 40,000 30,000 20,000 10,000 39,594 0 9 3 9 3 9 3 9 3 9 3 9 3 3 21 13/3 14/3 15/3 16/3 17/3 18/3 *201610my DIY -24-

4-4-3 MY PAGE 201710 MY PAGE 20134 STBLife Stick AndroidTVSTBLife Stick 2002LEONET MY PAGE T 2017101 5,330 T -25-

4-4-4 2012 20176 18/3 2 16,955 296,564 52.0% 2,555 12,778 35.1% * * LOVIE LOVIE -26-

4-4-5 IoT 20181AI Leo Remocon IT2017 201610 7,883 95% Leo Lock IoT AI 201710 1,383 100% AI Web AI AIFAQ -27-

4-4-6 20069 20074 160 6 +11.9 18 +2.4% 20069 201312 18/3 4,494 67.1 MW 31 0% 78,189 MWh *p.63-28-

4-4-7 PUDO PUDO LIFULL STAY 56 1 6-9-10 JR13 5-29-

5

5-1 21-31-

5-2 17/3 18/3 18/3 19/3 80,321 85,000 76,587 85,800 *28.8% 23,124 *27.3% 23,200 *27.9% 21,355 *23.3% 20,000 5,786 5,000 3,663 2,200 92,852 92,000 87,628 95,000 87,592 85,000 75,905 75,000 5,260 7,000 11,722 20,000 60 60 60 59 1,469 1,500 1,450 1,550 566 570 530 550 */17/3-32-

5-3-1 5.1% 300 200 16/3 17/3 18/3 0 0 5 0 7 7 0 12 14 0 32 89 100 207 224 192 213 218 186 188 223 176 254 209 203 0 1Q 2Q 3Q 4Q 16/3 17/3 18/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 236 229 223 404 990 244 254 243 217 958 214 222 204 232 872 207 213 188 254 864 224 218 223 209 875 192 186 176 203 759 668 651 654 663 663 726 719 744 673 673 697 680 687 639 639 - - - - - - 7 12 32 52 5 7 14 89 117 154 199 161 226 741 143 207 171 280 803 144 175 145 299 765 * -33-

5-3-2 18/3 59 20185 9 0 43 32 20 16 41 1 2 0 2 59 317 2 7 0 39 79 0 51 *2018412 4 ( 202 81 82 32 566 56.0%17/3 55.2% 77.6% 76.8%) -34-

5-4-1 21-35-

5-4-2-36- MIRANDA CLEINO 20155MIRANDACLEINO2 Plain Decorative VU 15dB 23 TLD-45 TLD-50 15dB V 1/3 TLD-45 1/3 TLD-50 (-V)

5-4-3 20123-37-

5-4-4 20123-38-

5-4-5 2015321SE 2018613 SE -39-

5-4-6 20167 4RC 10m3 4 33%3 50 10m4TEN-FOUR CUBE -40-

5-4-7 LOVIELOVIELOVIE2 20171218LOVIE 201838 LOVIE 246 15 14 LOVIE 2,460 1,400 1100 2 (17) 5005 1(215) LOVIE -41-

5-4-8 21 20185 2 3 1. 2. 3. 201872-42-

6

6-1 201841 83+4 17/3 18/3 18/3 19/3 76 83 83 +7 0 87 11,536 12,500 12,807 +1,270 +307 14,000 250 300 105 +145 +194 500 1,667 1,900 1,596 +71 +303 1,200 72.5% 71.1% 72.8% +0.3p +1.7p 73.3% 87.6% 85.0% 90.2% +2.6p +5.2p 92.2% 93.0% 91.7% 88.8% 4.2p 2.9p 98.8% *17/3-44-

6-2 1086195 4542 17/3 18/3 18/3 19/3 241 280 281 +39 +1 400 1,914 1,860 1,811 103 52 2,000 55 250 198 142 +46 850 84.4% 86.4% 84.1% 0.2p 2.2p 84.7% -45-

6-3 8 JTBL *PL1-12 2016/12 2017/12 2017/12 2018/12 1,535,518-1,543,990 +8,472 - - 5,184 5,580 5,085 98 492 5,300 32 40 261 228 301 40 900 1,000 976 +76 25 1,000 Leopalace Resort 55.9% 56.9% 50.7% 5.2p 6.2p 55.9% 745,680-620,547 125,133 - - -46-

6-4-1-47- 16 21 PMC 36 201831,429 20173+311 *

6-4-2 3184 381 201510 872 20168 1056 201712 11456 201511 46 20164 15 20185 20 * -48-

6-4-3 2015774 525010,000 2018374 7/116 * -49-

7-1 20183 7.5% 20203 8%10% 9.0% 12% 47.3% 40% 4.3% 10% Leopalace21 Corporation. All Rights Reserved. -51-

7-2 16/3 17/3 18/3 19/3 0.00 10.00 10.00 10.00 10.00 12.00 12.00 12.00 10.00 22.00 22.00 22.00 2,628 5,783 5,546 5,500 13.4% 28.3% 37.9% 37.0% - - 7,999 8,000 13.4% 28.3% 92.3% 90.3% 20185112 830 3.28% 80 20185142019329 20183 1,076 4.08% 7,999 2017516831 400 2017615 1,076 20171031 Leopalace21 Corporation. All Rights Reserved. -52-

7-3 40 20% 300 30% 30 20 10 0 27.9 27.8 22.4 20.0 18.3 11.3% 9.1% 8.0% 8.1% 7.1% 14/3 15/3 16/3 17/3 18/3 10% 0% 200 100 0 25.5% 80 20% 1 0 5 3 177 137 137 144 113 10% 1.1% 2.9% 0% 14/3 15/3 16/3 17/3 18/3 100% 70.1% 72.2% 74.1% 50% 31.7% 33.0% 0% 14/3 15/3 16/3 17/3 18/3 Leopalace21 Corporation. All Rights Reserved. -53-

1

1-1 20183 2018511 21 1973817 7,690 6,494 7528,236 1.72% 500,000,000 252,682,515 44,40420183 20183 0.22% 13.89% * 21 Leopalace21 (Cambodia) Co., Ltd. PMC Leopalace21 (Thailand) CO., LTD. LEOPALACE21 PHILIPPINES INC. Leopalace21 Singapore Pte. Ltd. LEOPALACE21 VIETNAM CO., LTD. PT. Leopalace Duasatu Realty 23.43% 2.44% 58.29% Leopalace Guam Co. * -55-

1-2-1 18/3 1Q 4-6 19/3 18/3 2Q 7-9 19/3 18/3 3Q 10-12 19/3 18/3 4Q 1-3 19/3 128,450 128,900 130,289 131,500 126,780 133,700 145,319 158,900 109,145 111,500 108,294 111,000 107,550 111,100 110,547 113,600 14,476 12,400 17,548 15,600 14,566 17,600 29,996 40,200 3,084 3,300 3,209 3,500 3,253 3,600 3,259 3,600 1,745 1,700 1,237 1,400 1,409 1,400 1,515 1,500 6,957 4,000 7,029 5,200 4,776 5,300 4,166 10,000 8,206 7,700 7,852 7,100 6,699 7,400 3,303 7,200 84 1,200 890 400 86 700 2,775 4,500 471 600 274 200 379 200 470 200 *17/3 197 900 365 300 403 200 273 300-56-

1-2-2 21 17/3 18/3 18/3 499,218 510,000 505,849 +6,630 4,151 21,704 21,500 21,347 356 153 1,572 1,870 1,781 +209 89 363 470 482 +119 +12 4,278 4,450 4,493 +215 +43 51 150 295 +243 +145 1,736 1,820 1,611 125 209 298 350 70 228 280 2,868 2,730 2,905 +36 +175 303 430 601 +298 +171 4,428 4,950 4,768 +339 182 143 130 196 +53 +66 5,755 8,030 8,318 +2,562 +288 847 830 1,063 +216 +233 2,544 3,140 2,978 +434 162 42 1 51 9 52-57-

1-3-1 4164,218201710 16/3 17/3 18/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 557,017 558,457 560,076 561,961 564,378 565,228 567,008 568,739 570,842 570,802 569,289 570,672 A. 487,900 489,771 486,626 508,720 500,045 499,143 493,144 521,298 516,886 514,946 509,172 534,847 87.7 87.4 87.1 89.6 ( 88.0%) 88.7% 88.0% 87.3% 90.1% ( 88.5%) 90.5% 89.95% 89.62% 93.72% ( 90.59%) B. 259,923 260,978 257,751 277,261 273,908 273,516 270,022 293,824 292,581 291,085 287,629 309,062 BA 53.3% 53.3% 53.0% 54.5% 54.8% 54.8% 54.8% 56.4% 56.6% 56.5% 56.5% 57.8% C. 179,748 180,335 179,883 183,008 179,785 179,393 177,076 180,617 178,802 178,016 175,872 178,643 CA 36.8% 36.8% 37.0% 36.0% 36.0% 35.9% 35.9% 34.6% 34.6% 34.6% 34.5% 33.4% D. 48,229 48,458 48,992 48,451 46,352 46,234 46,046 46,857 45,503 45,845 45,671 47,142 DA 9.9% 9.9% 10.1% 9.5% 9.3% 9.3% 9.3% 9.0% 8.8% 8.9% 9.0% 8.8% ** -58-

1-3-2 3.5%8.3%59%41%2 1.63.56.5% 16/3 17/3 18/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 6,320 6,336 6,446 6,627 6,056 6,027 5,879 6,490 6,224 6,534 6,512 7,048 1,322 1,349 1,438 1,447 1,412 1,415 1,424 1,479 1,459 1,478 1,512 1,594 706 760 826 949 913 920 918 951 899 873 946 1,005 2,750 2,876 2,987 3,116 3,067 3,194 3,140 3,708 3,875 4,307 4,646 5,339 1,886 1,947 2,063 2,142 2,097 2,186 2,136 2,604 2,773 3,166 3,478 4,028 2,388 2,506 2,633 2,874 2,820 2,885 2,951 3,199 3,230 3,356 3,536 3,862 496 499 528 567 547 560 562 610 600 620 620 657 13,486 13,827 14,330 15,013 14,268 14,441 14,312 15,827 15,687 16,548 17,152 18,848 * -59-

1-3-3 97%20183 % 17/3 18/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 14 86% 14 86% 14 82% 14 85% 14 89% 14 89% 14 84% 14 87% +2p 35 93% 35 94% 35 92% 35 94% 35 94% 35 93% 35 92% 35 95% +1p 40 83% 40 83% 41 82% 41 87% 41 87% 41 87% 40 86% 40 91% +3p 163 89% 164 88% 165 87% 166 93% 167 90% 168 88% 168 88% 168 94% +2p 41 86% 41 86% 41 85% 41 90% 41 91% 41 92% 40 90% 40 93% +3p 88 88% 88 88% 88 87% 88 91% 88 90% 88 91% 88 91% 88 95% +3p 80 88% 80 88% 80 86% 81 91% 81 90% 80 90% 80 89% 80 94% +2p 39 91% 39 92% 39 90% 39 94% 39 93% 39 91% 39 90% 39 93% 1p 15 87% 15 86% 15 85% 15 90% 15 89% 15 91% 15 88% 15 92% +2p 50 91% 50 91% 50 90% 50 94% 51 94% 51 93% 51 92% 51 96% +2p 564 89% 565 88% 567 87% 569 92% 571 91% 571 90% 569 89% 571 94% +2p -60-

1-3-4 100% 90% 91.7% 90.5% 93.7% 96.9% 97.5% 96.3% 94.6% 92.6% 93.2% 89.1% 91.2% 93.8% 85.8% 88.9% 92.3% 86.9% 89.5% 83.5% 80% 70% 5 5-10 10-15 15-20 20 2016/3 2017/3 2018/3-61-

1-3-5 2 550 500 450 400 350 300 250 200 150 100 50 0 462 357 104 (23%) 478 365 114 (24%) 464 463 370 384 412 438 457 469 487 94 (20%) 79 (17%) 480 68 (14%) 495 58 (12%) 509 52 (10%) 521 52 (10%) 535 48 (9%) 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3-62-

1-3-6 201132018312,99559% 201312 15,000 10,000 5,000 961 1,174 454 675 4,368 0 15/3 1Q 3Q 16/3 1Q 3Q 17/3 1Q 3Q 18/3 1Q 3Q SPC 21 1,203 1,654 2,506 17/3 18/3 20113 7,236 94.0MW 7,245 90.9MW 20129 5,751 88.4MW 5,750 91.6MW 20132 1,256 24.5MW 1,256 24.5MW 201312 4,495 63.9MW 4,494 67.1MW 20139 1.7MW 1.7MW 12,987 182.4MW 12,995 182.5MW -63-

1-3-7 2014111 20183720193487 83 201851 * 1 1 1 3 2 8 1 5 2 2 2 1 13 4 2 13 18 4 6 4 3 4 2 60 1 1 2 6 4 20 23 8 8 5 3 4 2 83 * *20187 *20188 *20189 *201812 * * -64-

17/3 18/3 17/3 18/31-4-1 201735+21+23167 +6711+392939 +51485680 14,206 12,547 104,432 106,543 6,547 7,626 2,355 1,957 2,271 3,523 2,827 3,544 8,636 8,494 133,786 138,661 41,827 42,705 80,388 63,638 13,652 16,028 11,642 10,988 3,820 3,831 17,486 18,268 203,489 198,156 552 440 337,828 337,257 29,302 28,712 5,229 6,930 4,647 5,960 12,186 9,283 40,003 39,964 97,524 100,212 10,739 12,226 178,958 177,819 3,183 3,044 7,152 6,989 16,614 15,853 81,433 77,606 39,923 37,839 75,282 75,282 45,235 45,235 158,870 159,438 47.0% 47.2% -65-

1-4-2 NDE 1,200 1,044 1,065 0.40 1,000 880 0.20 800 752 0.00 600 400 356 401 0.32 0.33 345 356-0.20 200 0.44 0.45-0.40 0 15/3 16/3 17/3 18/3-0.60 NDE *NDE= * -66-

982 917 800 1,000 201 4 264 140 86 275-300 -200-100 0 100 200 300 1-4-3-67- +151 +122 +75 37 11 9 19 64 67 56 80 +141 98 59 82 17/3 18/3

1-4-4 58.3%21.5%79.8% 100% 50% 0% 13/3 13/9 14/3 14/9 15/3 15/9 16/3 16/9 17/3 17/9 18/3 27.5% 19.8% 20.7% 17.1% 16.7% 18.3% 16.6% 15.3% 20.5% 14.3% 13.9% 42.8% 48.6% 49.1% 46.8% 50.7% 55.3% 54.6% 55.3% 49.7% 55.1% 58.3% 12.8% 17.5% 17.6% 23.6% 23.2% 17.6% 21.0% 21.5% 21.5% 20.2% 21.5% 3.6% 2.5% 1.7% 1.9% 1.9% 1.9% 2.1% 2.1% 2.0% 1.7% 2.0% 7.8% 7.8% 6.9% 6.6% 2.5% 2.6% 2.4% 2.4% 2.6% 2.5% 2.4% 3.5% 1.7% 2.4% 2.3% 3.4% 2.5% 1.7% 1.7% 1.9% 1.9% 1.7% 2.1% 2.1% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 4.3% 0.2% * -68-

2 Creative Evolution 2020 2018320203

2-1 Leopalace21 Corporation. All Rights Reserved. -70-

2-2 2018/3 2018/3 2019/3 5 2020/3 5,400 5,308 5,530 5,750 235 229 245 260 225 148 150 160 1 142 142 190 200 R O I C 2 7.5% 8% 8%10% R O E 3 9.0% 11% 12% 4 89.5% 90.6% 91.5% 91.5% 920 839 950 970 1 2 ROICNOPLAT 3 ROE 4 5 2019/3 Leopalace21 Corporation. All Rights Reserved. -71-

2-3 20173 20183 20193 50% 28.3% 28.3% 92.3% 37.9% 90% 35% CF 20183 1,076 4.08% 7,999 400 2017615 1,076 20171031 Leopalace21 Corporation. All Rights Reserved. -72-

3

3-1 30201820151 2,709204516422,06716.2%6% 156477220155582045 150 30 23.7 25.1 25.7 25.5 25 100 84 90 94 99 105 112 117 121 124 126 127 128 128 127 125 123 119 115 111 106 102 19.2 19.6 21.4 20.2 97 93 88 20 11.0 12.7 14.9 17.8 15 50 1.3 1.5 1.7 1.9 2.1 2.5 3.1 3.9 4.8 5.7 7.1 9.1 10 5 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 014 1564 6574 75 75 0 * 29-74-

3-2 15641,000-1,20020 60,000 25,000 50,000 40,000 30,000 20,000 49,063 6,212 4,112 14,646 9,637 51,842 53,332 54,107 54,116 53,484 52,315 5,779 5,044 4,510 4,123 50,757 3,833 3,583 3,350 4,535 4,770 5,020 5,137 5,141 5,074 4,924 14,474 14,342 14,134 13,693 13,118 12,465 11,824 10,269 10,758 11,101 11,203 11,138 10,960 10,715 20,000 15,000 10,000 18,418 19,342 19,960 20,254 20,233 19,944 16,785 3,369 3,958 4,700 5,045 5,075 5,122 14,457 2,693 1,967 2,287 2,884 3,067 2,812 2,913 3,343 3,841 1,898 5,444 6,745 7,157 7,479 7,774 7,809 7,577 6,968 10,000 0 14,457 16,785 18,418 19,342 19,960 20,254 20,233 19,944 (35.7%)(36.9%)(37.9%)(38.7%)(39.3%) (29.5%)(32.4%)(34.5%) 2005 2010 2015 2020 2025 2030 2035 2040 5,000 0 2,971 2,999 2,987 2,830 2,795 2,705 2,558 2,429 2,178 2,060 2,021 2,009 1,879 1,781 1,681 1,584 2005 2010 2015 2020 2025 2030 2035 2040 25 2534 3564 6574 75 *302018-75-

3-3 2.8% 3%5% 199741 5%8% 201441 1,800 1,600 1,400 1,200 1,663 1,673 1,665 1,343 1996 +9.8% 1997 17.7% 1,420 1,561 1,510 1,485 1,630 1,341 1,226 1,249 1,285 1,2131,173 1,180 1,174 1,193 1,146 2013 +10.5% 2014 10.8% 6.2% 3.3% +0.7% 3.6% 4.0% 1,000 800 1,036 1,039 775 819 841 893 987 880 921 974 946 600 400 200 0 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 * -76-

3-4 20174.0%30+3.1% 900 800 842 821 767 30 5.5% 30 +3.1% 700 600 500 400 300 687 652 616 582 574 564 516 518 538 444 426 418 442 455 459 467 431 445 427 410 370 384 358 311 321 292 290 200 100 0 240 262 274 178 186 149 117 126 128 114 102 80 80 97 104 108 113 123 128 112 117 60 39 31 31 36 48 61 76 79 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 30 30 * -77-

3-5 3 5,000 4,500 4,000 3,500 3,000 2,500 2,000 12.4% 1,834 3,520 14.3% 14.3% 17.4% 2,336 2,619 3,978 18.8% 4,476 4,601 20.1% 20.0% 25% 20% 15% 10% 25% 20% 17.0% 17.7% 16.8% 20.6% 18.8% 17.3% 23.3% 19.1% 18.0% 22.2% 19.6% 18.8% 1,500 15% 1,000 5% 500 0 1983 1988 1993 1998 2003 2008 2013 0% 10% 1998 2003 2008 2013 *252013-78-

3-6 20 2015 2016 2017 84,231 89% 74,324 93% 73,124 95% 8 18,077 21,702 22,181 8 17,276 16,093 17,514 3 8,039 13,163 12,711 39 127,623 78% 125,282 78% 125,530 80% 4 10,518 8,968 5,710 4 906 404 1,136 1 638 1,028 1,428 * 2015 2016 2017 2 1,140 615 1,399 3 6,252 5,934 3,750 1 917 121 1,385 3 11,076 8,846 9,453 1 396 550 2,168 1 162 667 1,268 1 289 119 359 4 7,680 7,287 6,986 2 7,366 6,305 5,947 50 131,043 127,321 125,001 *20-39 * -79-

3-721 72.9% 21 2015 2016 2017 19,539 21,810 21,052 27,082 26,587 24,138 18,473 19,824 17,265 134,912 153,742 148,557 13,794 17,629 16,185 37,711 40,915 39,736 54,153 59,866 58,442 17,610 19,819 20,551 7,267 8,789 9,097 53,137 58,294 55,332 383,678 427,275 410,355 2015 2016 2017 0 0 0 633 352 258 264 346 220 4,007 4,267 3,797 64 58 24 708 536 521 1,267 1,146 963 575 450 456 94 166 24 986 843 928 8,598 8,164 7,191 * Leopalace21 Corporation. All Rights Reserved. -80-

3-8 2016 21 A B C () 10,000 3 3 8,000 6,000 50% 4,000 2,000 0 23% 3% 74% 12% 38% 21 A B C 48% 8% 44% 34% 6% 60% * 17 Leopalace21 Corporation. All Rights Reserved. -81-

3-9 201513.1201614.8201711.6 75% 20175 300,000 250,000 239,287 267,042 61,883 23.2% 208,379 200,000 150,000 163,697 161,848 161,145 184,155 205,159 76.8% 100,000 50,000 75% +24,704 0 2011 2012 2013 2014 2015 2016 2017 *(JASSO)29-82-