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The Parkhouse Nishi-Shinjuku Tower 60

CASHFLOW ANALYSIS - Pass Through

Purchase Price of 1 Bedroom

Yen
60,980,000

SG$1=JPY88.00
SG$
692,955

70% Financing

42,686,000

485,068

30% Cash

18,294,000

207,886

70% Financing (subject to approval by bank)
Monthly Pricipal + Interest Repayment
@3.62% in JPY or 3.14% in S$ over 30 years

194,550 per month

2,082 per month

Interest Portion to Offset Nett Rental Income

128,769 per month

1,269 per month

Estimated Gross Monthly Rental Income

280,000 per month

3,182 per month

less Letting and Management Fee

15,120 per month

172 per month

less Maintenance Service Charge
less Property (Fixed Asset & City Planning) Tax*

25,797 per month

293 per month

40,000 per month

455 per month

Estimated Nett Monthly Rental Income

199,083 per month

2,262 per month

less Interest Portion

128,769 per month

1,269 per month

66,634 per month
3,680 per month

less Building Depreciation
Nett Rental Income Subject to Japan Income Tax

757 per month
236 per month

Estimated Current Gross Rental Yield

5.5%

5.5%

Estimated Current Nett Rental Yield

3.9%

3.9%

Real Estate Acquisition tax**

460,000

5,227

Registration and License tax**

509,800

5,793

15,000

170

593,910

6,749

18,790

214

132,000

1,500

Fire Insurance (10 years)

TBD

TBD

Air Cons and installment

TBD
1,729,500

TBD

Estimated Acquisition Cost (One-Time)

Document Stamp Tax
Initial Repair Reserve Fund
Service Charge Reserve
Legal Fee

NB: The above is an example and to be used for indicative purposes only.
*Calculated based on the current reduced tax rate for the first 5 years, and the tax rate may change in a future.
**Please consult your own accountant regarding Japan tax.

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19,653

068 30% Cash 18. and the tax rate may change in a future.082 per month Interest Portion to Offset Nett Rental Income 128.294.910 6.797 per month less Maintenance Service Charge less Property (Fixed Asset & City Planning) Tax* - per month 293 per month 40.980.000 per month 455 per month Estimated Nett Monthly Rental Income 146.729.653 .2% 4.203 per month 1.000 per month 2.200) per month 757 per month (365) per month Estimated Current Gross Rental Yield 4.per month 25.000 SG$1=JPY88.000 170 593.000 485.62% in JPY or 3.634 per month (49.000 5. *Calculated based on the current reduced tax rate for the first 5 years.000 1.886 70% Financing (subject to approval by bank) Monthly Pricipal + Interest Repayment @3.227 Registration and License tax** 509.790 214 132.9% Real Estate Acquisition tax** 460.00 SG$ 692.000 207.749 18.550 per month 2.500 TBD Estimated Acquisition Cost (One-Time) Document Stamp Tax Initial Repair Reserve Fund Service Charge Reserve Legal Fee NB: The above is an example and to be used for indicative purposes only.409 per month less Letting and Management Fee .769 per month 1.2% Estimated Current Nett Rental Yield 2.The Parkhouse Nishi-Shinjuku Tower 60 CASHFLOW ANALYSIS .269 per month Estimated Gross Monthly Rental Income 212.793 15. **Please consult your own accountant regarding Japan tax. Page 2 of 6 19.686.Guarantee Purchase Price of 1 Bedroom Yen 60.9% 2.269 per month less Building Depreciation Nett Rental Income Subject to Japan Income Tax 66.769 per month 1.955 70% Financing 42.661 per month less Interest Portion 128.500 Fire Insurance (10 years) TBD TBD Air Cons and installment TBD 1.800 5.14% in S$ over 30 years 194.

The Parkhouse Nishi-Shinjuku Tower 60 CASHFLOW ANALYSIS .080 per month 2.615 per month less Interest Portion 150.710 15.843 .150 TBD Estimated Acquisition Cost (One-Time) Document Stamp Tax Initial Repair Reserve Fund Service Charge Reserve Legal Fee NB: The above is an example and to be used for indicative purposes only.060 205 132.384.2% Estimated Current Nett Rental Yield 3.484 per month Estimated Gross Monthly Rental Income 310.520 per month 1.896.000 243.590 6.523 per month less Letting and Management Fee 16.348 per month (2.484 18.000 170 570.434 per month Interest Portion to Offset Nett Rental Income 150.773 Registration and License tax** 502. Page 3 of 6 18.500 5.658.333 per month 436 per month Estimated Nett Monthly Rental Income 230. **Please consult your own accountant regarding Japan tax.000 4.411 per month 2. *Calculated based on the current reduced tax rate for the first 5 years.000 1.2% 5.9% 3.00 SG$ 810.9% Real Estate Acquisition tax** 420.280.484 per month 82. and the tax rate may change in a future.62% in JPY or 3.000 30% Cash 21.000 per month 3.000 70% Financing (subject to approval by bank) Monthly Pricipal + Interest Repayment @3.14% in S$ over 30 years 227.740 per month 190 per month less Maintenance Service Charge less Property (Fixed Asset & City Planning) Tax* 24.788) per month less Building Depreciation Nett Rental Income Subject to Japan Income Tax 936 per month 195 per month Estimated Current Gross Rental Yield 5.520 per month 1.847 per month 282 per month 38.500 Fire Insurance (10 years) TBD TBD Air Cons and installment TBD 1.Pass Through Purchase Price of 2 Bedroom Yen 71.000 70% Financing 49.000 567.000 SG$1=JPY88.

484 per month less Building Depreciation Nett Rental Income Subject to Japan Income Tax 82.0% 4.348 per month (56.280.434 per month Interest Portion to Offset Nett Rental Income 150.The Parkhouse Nishi-Shinjuku Tower 60 CASHFLOW ANALYSIS .62% in JPY or 3.520 per month 1.484 per month Estimated Gross Monthly Rental Income 240.000 SG$1=JPY88.000 per month 2.14% in S$ over 30 years 227.Guarantee Purchase Price of 2 Bedroom Yen 71.727 per month less Letting and Management Fee . and the tax rate may change in a future.500 5.384.658.per month 24.773 Registration and License tax** 502.000 4.000 1. **Please consult your own accountant regarding Japan tax.710 15.411 per month 2.333 per month 436 per month Estimated Nett Monthly Rental Income 176.009 per month less Interest Portion 150.000 70% Financing (subject to approval by bank) Monthly Pricipal + Interest Repayment @3.00 SG$ 810.060 205 132. *Calculated based on the current reduced tax rate for the first 5 years.484 18.000 567.150 TBD Estimated Acquisition Cost (One-Time) Document Stamp Tax Initial Repair Reserve Fund Service Charge Reserve Legal Fee NB: The above is an example and to be used for indicative purposes only.000 70% Financing 49.000 243.843 .520 per month 1.820 per month 2.0% Real Estate Acquisition tax** 420.847 per month less Maintenance Service Charge less Property (Fixed Asset & City Planning) Tax* - per month 282 per month 38. Page 4 of 6 18.500 Fire Insurance (10 years) TBD TBD Air Cons and installment TBD 1.896.000 30% Cash 21.590 6.0% Estimated Current Nett Rental Yield 3.048) per month 936 per month (410) per month Estimated Current Gross Rental Yield 4.0% 3.000 170 570.

000 266.977 per month less Letting and Management Fee 18.Pass Through Purchase Price of 3 Bedroom Yen 78.454.251 22.669 per month Interest Portion to Offset Nett Rental Income 165.500 Fire Insurance (10 years) TBD TBD Air Cons and installment TBD 2.000 621.4% Estimated Current Nett Rental Yield 3.62% in JPY or 3.8% Real Estate Acquisition tax** 670.627 per month 81.The Parkhouse Nishi-Shinjuku Tower 60 CASHFLOW ANALYSIS .000 per month 3.626 per month 2.000 7.176 per month 4.425 per month 2.970 261 132.442 15. **Please consult your own accountant regarding Japan tax.627 per month Estimated Gross Monthly Rental Income 350.000 SG$1=JPY88.000 170 726.167 per month 559 per month Estimated Nett Monthly Rental Income 250.221.4% 5.8% 3. *Calculated based on the current reduced tax rate for the first 5 years.130 8.14% in S$ over 30 years 249. and the tax rate may change in a future.239 .614 Registration and License tax** 654.000 TBD Estimated Acquisition Cost (One-Time) Document Stamp Tax Initial Repair Reserve Fund Service Charge Reserve Legal Fee NB: The above is an example and to be used for indicative purposes only.090 per month 1.409 70% Financing 54.000 1.726.307 per month 356 per month 49.900 7.090 per month 1. Page 5 of 6 25.523 70% Financing (subject to approval by bank) Monthly Pricipal + Interest Repayment @3.00 SG$ 888.361 per month less Building Depreciation Nett Rental Income Subject to Japan Income Tax 922 per month 298 per month Estimated Current Gross Rental Yield 5.180.900 per month 215 per month less Maintenance Service Charge less Property (Fixed Asset & City Planning) Tax* 31.848 per month less Interest Portion 165.886 30% Cash 23.

000 621.9% 2.900 7. and the tax rate may change in a future.726.221.9% Real Estate Acquisition tax** 670.000 1.970 261 132.523 70% Financing (subject to approval by bank) Monthly Pricipal + Interest Repayment @3.454.307 per month less Maintenance Service Charge less Property (Fixed Asset & City Planning) Tax* - per month 356 per month 49.180.886 30% Cash 23.Guarantee Purchase Price of 3 Bedroom Yen 78.000 266.The Parkhouse Nishi-Shinjuku Tower 60 CASHFLOW ANALYSIS .926 per month 2.400 per month 3.500 Fire Insurance (10 years) TBD TBD Air Cons and installment TBD 2.251 22.339) per month 922 per month (437) per month Estimated Current Gross Rental Yield 4.000 TBD Estimated Acquisition Cost (One-Time) Document Stamp Tax Initial Repair Reserve Fund Service Charge Reserve Legal Fee NB: The above is an example and to be used for indicative purposes only. *Calculated based on the current reduced tax rate for the first 5 years.1% Estimated Current Nett Rental Yield 2.per month 31.090 per month 1.000 170 726.000 7.627 per month Estimated Gross Monthly Rental Income 266.409 70% Financing 54.62% in JPY or 3.627 per month less Building Depreciation Nett Rental Income Subject to Japan Income Tax 81.442 15.239 .425 per month 2. **Please consult your own accountant regarding Japan tax.000 SG$1=JPY88.090 per month 1.14% in S$ over 30 years 249.130 8.00 SG$ 888.167 per month 559 per month Estimated Nett Monthly Rental Income 185.669 per month Interest Portion to Offset Nett Rental Income 165.027 per month less Letting and Management Fee . Page 6 of 6 25.614 Registration and License tax** 654.1% 4.176 per month (60.113 per month less Interest Portion 165.