#1一期一会| ICHIGO Ichigo Office October 2023 Fiscal Period. Corporate Presentation Ichigo Office (8975) December 15, 2023 Ichigo Office REIT Investment Corporation (8975) Ichigo Investment Advisors Co., Ltd. Ichigo ESG Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. www.ichigo-office.co.jp/en#2Make The World --More Sustainable ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.#3World-Class Excellence ICHIGO Ichigo's 【一期一会 ICHIGO Hiromi Miyake 一期一会 Ichigo ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.#4TAIRER TOYOTA TOYOTA 49MARNAS A STADIUM 不二腐 BRITISH PUB BOOBY'S フロムワン サビール Ichigo is a J.League Top Partner Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. J.LEAGUE 一期一会 ICHIGO TOP PARTNER ASIASATY MAN BRAY 3 DENSO CENSO Ichigo J.LEAGUE トインステルス#5October 2023 Results ✓ October 2023 Highlights ✓ October 2023 Earnings ✓ October 2023 Financial Metrics ✓ Growing Shareholder Value: NAV ✓ Ichigo Office Total Return Track Record & Ongoing KPI ✓ October 2023 Initiatives: Driving Earnings via Strategic Portfolio Restructuring ✓ October 2023 Initiatives: NIKE NAGOYA SAKAE Opens at Ichigo Sakae Building Occupancy & Average Rent per Tsubo (3.3m²) ✓ Rent Trends ✓ Organic Growth: New Tenants at Higher Rents ✓ Organic Growth: Rent Renewals of Existing Tenants ✓ Organic Growth: Driving Growth via Value-Add Capex Ichigo Office Growth Strategy ✓ Growing Asset Value via Value-Add Capex ✓ Value-Add Capex: Ichigo Sasazuka Building ✓ Ichigo's Strong Sponsor Support ✓ Access to Sponsor Ichigo's Robust Pipeline of Office Assets ✓ April 2024 Forecast ✓ October 2024 Forecast Appendix ✓ Ichigo Office ESG Financial & Portfolio Data Mid-Size Office Investment Opportunity ✓ About Ichigo Office ✓ Other 一期一会 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. LO#6October 2023 Results 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. CO 6#7一期一会 ICHIGO October 2023 Highlights Achievements Details • Driving NAV per Share & NOI via asset acquisition/sale Acquisition-Driven Asset acquisition: 1 asset/JPY 1.8B • Sold retail asset with decreasing occupancy & Growth . Asset sale: 1 asset/JPY 1.6B Organic Growth acquired office in Tokyo Gains on Sale of JPY 105M on asset sale, distributed as dividend • Increase in rental income NOI: +JPY 10M (+0.2% vs. forecast) . Operating expense reductions due to effective cost controls Financing • Refinancing: JPY 7.6B Dividend JPY 2,115 (-JPY 2,109, -49.9% vs. April 2023) • • . • Continue extending loan maturity and hedging interest rate risk via credit swaps (6.7 year average maturity on new loans, 100% of loans have fixed rates) Decrease due to fall-off of Gains on Sale from Ichigo Ikenohata Building +JPY 100 (+5.0%) vs. initial forecast Extraordinary Shareholder Meeting-related Expenses: -JPY 23 per share Base EPS1 NAV2 FFO³ JPY 1,976 (+JPY 78, +4.1% vs. April 2023) JPY 97,624 (+JPY 964, +1.0% vs. April 2023) JPY 2,617 (+JPY 670, +34.4% vs. April 2023) . +JPY 31 (+1.6%) vs. initial forecast • Increase in portfolio unrealized gains: JPY 48.9B (+JPY 1.5B vs. April 2023) . Increase in FFO (excluding asset sale impact), Base EPS vs. April 2023 1 Base EPS calculated by deducting Gains on Sale and the impact of Gains on Sale on asset management fee = Funds From Operations 2 NAV = BPS + Net Unrealized Capital Gains per share 3 FFO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 7#8October 2023 Earnings Operating Revenue Operating Profit Recurring Profit Net Income Dividend Reserve (-) Dividend Reserve Release (+) Dividend (JPY million) October 2023 April 2023 Actual October 2023 Actual (A) vs. Forecast Initial Forecast (B) (Reference) Revised Major Variation Factors (A) - (B) Forecast Decrease in Rental Income -449 12,380 7,914 8,258 - 343 8,137 Increase in rental income +2 Decrease in utilities income -459 (Decrease in electricity income -443) 7,189 3,914 3,727 +187 3,880 Increase in Gains on Sale +105 6,390 3,096 2,945 +151 3,098 Decrease in Rental Expenses -447 Decrease in utilities expenses -387 6,390 3,095 2,944 +151 3,097 (Decrease in electricity expenses -365, Decrease in gas expenses -20) Decrease in service provider expenses (mainly brokerage fees) -42 Decrease in repair expenses -31 103 105 105 105 JPY 4,224 JPY 2,115 JPY 2,015 +JPY 100 JPY 2,116 EPS JPY 1,898 JPY 1,976 JPY 1,945 +JPY 31 No. Of Shares Outstanding 1,513,367 1,513,367 1,513,367 ΝΟΙ 5,712 5,648 5,637 +10 No. Of Assets 88 88 88 Occupancy (on Last Day of Period) 95.9% 96.8% 97.1% -0.3% Average Occupancy 96.2% 96.4% 96.7% -0.3% 一期一会| ICHIGO - Decrease in Operating Expenses (excluding Rental Expenses) -83 Decrease in NOI & Dividend Performance Fee -90 Increase in non-deductible consumption tax +9 Extraordinary Shareholder Meeting-related expenses +1 Increase in Non-Operating Expenses +36 Release from repair expense reserve due to asset sale +38 Reference: Capex October 2023 Actual 775 Reference: October 2023 Reserves (Post-Dividend) 1,513,367 Negative Goodwill Reserve 8,584 87 Dividend Reserve 3,471 Reference Extraordinary Shareholder Meeting-Related Expenses 41 (Dividend Impact Per Share: -JPY 23) * = NOI Rental Income - Rental Expenses + Depreciation No. Of Assets is as of Period-End Base EPS calculated by deducting Gains on Sale and the impact of Gains on Sale on asset management fee O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 8#9一期一会| ICHIGO October 2023 Financial Metrics Continued NAV Growth, Driving Stability via Extending Loan Maturity & Fixing Interest Rates October 2022 April 2023 October 2023 Dividend JPY 2,052 JPY 4,224 JPY 2,115 NAV (per Share) JPY 97,079 JPY 96,660 JPY 97,624 FFO (per Share) JPY 2,584 JPY 1,947 JPY 2,617 Book Value LTV 49.2% 48.7% 49.7% Market Value LTV 44.7% 45.0% 44.7% Average Interest Rate 0.81% 0.84% 0.90% Average Debt Maturity 7.0 years 7.0 years 7.1 years % Fixed Rate Loans 91.4% 91.6% 94.2% Credit Rating (JCR) A+ (Stable) A+ (Stable) A+ (Stable) * NAV = © Net Assets + Net Unrealized Capital Gains * FFO = Net Income + Depreciation + Losses on Disposal of Fixed Assets + Liability for Asset Retirement Obligation + Losses on Asset Sales - Gains on Asset Sales - Extraordinary Gains + Extraordinary Losses * Book Value LTV = Interest-Bearing Liabilities/Total Assets * Market Value LTV = Interest-Bearing Liabilities/Period-End Appraisal Value (or Appraisal Value as of Acquisition Date for Assets Acquired During Fiscal Period) * Average Debt Maturity is as of Period-End Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 9#10Growing Shareholder Value: NAV Growing Value Via Value-Add Capex NAV per Share Since October 2015: +39.2% 97,624 97,079 96,660 95,053 93,193 92,787 92,874 92,958 91,618 Specialized Office REIT Became in September 2015 87,934 85,957 84,076 81,155 78,336 76,400 73,493 70,117 Oct 2015 Apr Oct Apr Oct Apr Oct 2016 2016 2017 2017 2018 2018 Apr Oct Apr Oct 2019 2019 2020 2020 Apr Oct 2021 2021 Apr 2022 Oct Apr 2022 2023 Oct 2023 NAV per Share = BPS + Net Unrealized Capital Gains per Share 一期一会 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. (JPY) 10#11Ichigo Office Total Return Track Record & Ongoing KPI Total Return Since Listing: +327.9% Total Return (as of October 31, 2023) Since Listing 1-Year 3-Year 10-Year Ichigo Office Total Return +8.7% +49.5% +130.2% +327.9% Ichigo Office Total Return p.a. +8.7% +14.3% +8.7% +8.4% TSE REIT Index Total Return p.a. -4.2% +7.6% +6.0% +5.3% Ichigo Office Outperformance vs. TSE REIT Index +12.9% +6.8% +2.7% +3.0% Ongoing KPI: Ichigo Office Total Return >8% p.a. Total Return: Change in Share Price + Dividends (Reinvested) divided by Share Price Since Listing: from October 12, 2005; 10-year period: from October 31, 2013; 3-year period: from October 31, 2020; 1-year period: from October 31, 2022 Source: Bloomberg 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 11#12|一期一会| ICHIGO October 2023 Initiatives Driving Earnings via Strategic Portfolio Restructuring Sold Non-Core Retail Asset, Acquired Office With Upside Potential Asset Acquired in October 2023 Asset Sold in October 2023 Asset Name Ichigo Kinshicho South Building Twicere Yokohama Isogo (Retail Section) Seller Acquisition Date October 31, 2023 Third-Party Japanese Asset Type Retail Book Value JPY 1.42B Appraisal Value JPY 1.51B Sale Price JPY 1.6B Area Location Characteristics Company Sumida-ku, Tokyo 6-min walk from Kinshicho Station on JR Sobu, Tokyo Metro Hanzomon Lines Kinshicho area offers convenient access to central Tokyo office areas JPY 1.88B Sale Date Gains on Sale Buyer October 30, 2023 JPY 105M Third-Party Japanese Company Acquisition Price Appraisal Value JPY 2.06B NOI Yield 4.5% * NOI Yield is calculated by dividing NOI by Acquisition Price Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 12#13October 2023 Initiatives NIKE NAGOYA SAKAE Opens at Ichigo Sakae Building - - Asset Located Along Otsu Dori, a Main Street in Sakae, One of Nagoya's Prime CBD Driving Asset Recognition & Building Grade via Opening of Global Sports Brand NIKE's Flagship Store Leasing Activities Successfully leased to new tenant with no downtime - 1-2F retail space (777.24m2) in a competitive location driving strong demand for large stores ⚫ NIKE NAGOYA SAKAE, a new location of NIKE RISE (NIKE's concept store) opened in October 2023 WELCOME NAGOYA SANAE 一期一会| ICHIGO com DNBBnn- RUN YOUR RUN いつもの街が、コースに変わる。 NIKE NAGOYA SAKAE Tsurumai Line Fushimi Station Nagoya Municipal Subway Higashiyama Line Hirokoji Dori Nagoya Municipal Subway Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Sakae Station Yabacho Station Nagoya Municipal Subway Otsu Dori Meijo Line Ichigo Sakae Building 13#14100% Occupancy & Average Rent per Tsubo (3.3m²) - - Lease-Ups Exceeded Average Re-Tenanted Space During Last 9 Fiscal Periods Driven by Office Move Demand, Occupancy & Free-Rent Period Recovery Decrease in Average Rent per Tsubo (All Assets) due to Departure of Large-Scale Retail Tenant at Ichigo Sakae Building Occupancy (Office) Average Rent per Tsubo (3.3m²) 8 months Office (All) (JPY) Average Free-Rent Period Period-End Occupancy Free Rent-Adjusted Occupancy 96.9% 96.7% 96.6% 96.0% 95.6% 96.2% 95% 95.9% 4 months 95.1% 94.8% 94.1% 2.3 2.5 1.9 2.0 1.9 90% 0 months Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 Office (Central Tokyo) 18,200 18,100 18,100 18,100 18,000 15,200 15,100 15,100 15,000 15,000 Oct 2021 一期一会| All Offices 82 Assets (Central Tokyo) (45 Assets) Apr 2022 81 Assets Oct 2022 (44 Assets) 82 Assets (44 Assets) Apr 2023 84 Assets (44 Assets) ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Oct 2023 85 Assets (44 Assets) 14#15Rent Trends Occupancy Increase Compensating for Decrease in Monthly Rent Due to Tenant Departure of Large Retail Section 1,139 New Tenants/ Increased Space Departing Tenants/ Renewals at Decreased Space Higher Rent +55 -54 0 Change Due to Tenant Movements +JPY 0.7M (+0.1%) Change Due to Lease Renewals JPY 0 (0%) 1,140 一期一会 ICHIGO April 2023 Monthly Rent * Excludes assets acquired and sold during the October 2023 fiscal period * Change in Occupancy: 96.0% (April 2023)→ 96.7% (October 2023) Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. October 2023 (JPY million) 15#16一期一会| ICHIGO Organic Growth: New Tenants at Higher Rents Two-Thirds of New Tenants at Higher Rents New Tenant Rent vs. Previous Tenant Rent (Office, Leased Area Basis) Impact on Monthly Rental Income From Tenant Turnover (Office) Downward ☐ Flat Upward Downward: 10 new tenants Average Decrease: -38.2%* (JPY thousand) 19.9% Upward Downward Decrease Due to Large-Scale Retail Tenant at the Ichigo Sakae Building 26.1% 26.0% 32.4% 12.8% 15.6% 6.2% 6.4% Flat: 8 new tenants 67.7% 67.6% 64.5% Upward: 38 new tenants 54.8% Average Average Average Average Increase Increase Increase Increase +21.5% +18.2% +13.7% +14.5% Apr 2022 Oct 2022 Apr 2023 Oct 2023 +2,204 -6,164 +1,197 +2,918 4,503 +3,966 +1,745 3,412 3,552 +2,899 Rent Change -633 -1,154 -2,215 -2,298 -9,420 -10,131 Apr 2022 Oct 2022 Apr 2023 Oct 2023 Apr 2024* *Oct 2023 average decrease excluding large-scale lease termination at Ichigo Sakae Building is -10.9% *Apr 2024 reflects leases in place as of December 5, 2023. Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 16#17Organic Growth: Rent Renewals of Existing Tenants Negotiated Upward Rent Renewals for April 2024 Fiscal Period, Majority Flat Rent Renewals During Current Fiscal Period New Rent vs. Previous Rent (Office, Leased Area Basis) Downward 0.4% Flat Upward 0.7% 4.4% 1.1% Downward: 2 tenants Decrease: -6.0% Change in Total Monthly Rent (Office) Upward Downward (JPY thousand) +1,545 1,545 92.7% 95.5% 97.2% 93.7% Flat: 186 tenants Rent Change +1,223 1,264 +190 -231 772 625 +35 +210 -175 -40 0 Average Average Average Increase Increase Increase +5.9% +9.5% +11.5% Average Increase +6.2% 6.9% 3.8% 1.9% 1.7% Apr 2022 Oct 2022 Apr 2023 Oct 2023 一期一会| ICHIGO Upward: 4 tenants -581 -856 Apr 2022 Oct 2022 Apr 2023 Oct 2023 Apr 2024* *Apr 2024 reflects leases in place as of December 5, 2023. Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 17#18|一期一会| ICHIGO Organic Growth: Driving Growth Via Value-Add Capex Increasing Tenant Satisfaction via Common Area Renovations Ichigo Nishisando Building Entrance Ichigo Yotsuya 4 Chome Building Facade Elevator Hall Ichigo Kumamoto Building Lounge Lounge Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. いちご四谷四丁目ビル Entrance Ichigo Shibuya Dogenzaka Building Restroom 18#19一期一会| ICHIGO Ichigo Office Growth Strategy O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 19#20Growing Asset Value via Value-Add Capex Ichigo Office Capex Strategy Issues ✓ Strategic deployment lower than depreciation due to conduit requirements (c. JPY 900M per fiscal period) ✓ Majority used for life-cycle costs* (LCC) due to limited budgets ✓ Limited value-add capex despite value-add potential of owned assets. Grow Asset Value via Proactive Value-Add Capex Deployment ✓ Issued JPY 350M of bonds to sponsor to finance value-add capex deployment in November 2023 ✓ Determined that achieving ROI greater than 10% is possible ✓ Continue strategic deployment building on extensive track record 一期一会| ICHIGO Long-Term Total Return Target >8% via NAV per Share Growth Ichigo Uchikanda Building Outcomes Capex JPY 24M +JPY 7M ΝΟΙ p.a. ROI 29.4% * Life-Cycle Costs (LCC) are building maintenance expenses Ichigo Nogizaka Building Outcomes Capex JPY 58M +JPY 25M ΝΟΙ p.a. ROI 44.1% Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 20 20#21Value-Add Capex Ichigo Sasazuka Building - - - Renovated Using Portion of Value-Add Capex Funds Procured in November 2023 Large-Scale Common Area Renovations Following Lease Termination of Large-Scale Tenant Aiming for Rapid Lease-Up at Higher Rent After Renovations Ichigo Sasazuka Building (Shibuya-ku, Tokyo) Value-Add Capex Renovations Entrance renovation Common areas renovations LED lights installation Addition of new restrooms Outcomes as of Today ■ いちご笹塚ビル Rent Renewal % Re-tenanting +85% (1 tenant) Rent Renewal +56% (1 tenant) Façade Elevator Hall 一期一会 ICHIGO Rent Increase +JPY 30M p.a. Further Outcomes Expected Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 21 24#22一期一会 ICHIGO Ichigo's Strong Sponsor Support - - - - Ichigo's Purchase of Ichigo Office Shares. ✓ Strong sponsor commitment to support further Ichigo Office growth & drive shareholder value 107,040 shares as of October 31, 2023 (7.1% of shares outstanding) Issued First Investment Corporation Bonds to Finance Value-Add Capex Deployment ✓ Amount: JPY 350M, Period: 10 years, Interest Rate: 1.0% Support Ichigo Office's Value Creation Initiatives Via Pipeline of High- Quality Assets ✓ Ichigo strategically acquires assets from third parties & sells to Ichigo Office at appropriate times Sustainability Initiatives Including RE100 ✓ Leverage Ichigo's real estate technology & know-how to make buildings in Japan last 100 years ✓ Promote sustainability & transition to 100% renewable electricity across operations in line with sponsor's RE100 target - Completed transitioning all Ichigo Office assets, excluding Ichigo Kinshicho South Building acquired during October 2023 fiscal period, partially-owned & co-owned assets Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 22#23一期一会| ICHIGO No. 1 Ogaku Building* 2 Ichigo Hakata Meiji Dori Building* Access to Sponsor Ichigo's Robust Pipeline of Office Assets Growth Via Sponsor Pipeline (20 Assets, JPY 74.7B) Asset Name Area Central Tokyo Four Major Regional Cities 3 Office in Chiyoda-ku, Tokyo 4 Office in Chiyoda-ku, Tokyo LO 5 Office in Minato-ku, Tokyo 6 Office in Minato-ku, Tokyo Central Tokyo Central Tokyo Central Tokyo Central Tokyo 7 Office in Minato-ku, Tokyo 8 Office in Shinagawa-ku, Tokyo Central Tokyo Central Tokyo 9 Office in Meguro-ku, Tokyo Tokyo Metropolitan Area 10 Office in Koto-ku, Tokyo Tokyo Metropolitan Area 11 Office in Taito-ku, Tokyo Tokyo Metropolitan Area 12 Office in Musashino City, Tokyo Tokyo Metropolitan Area Sendai City, Miyagi 13 14 15 Office in Funabashi City, Chiba Office in Sendai City, Miyagi Office in Utsunomiya City, Tochigi Tokyo Metropolitan Area Fukuoka City Other Regional Cities Other Regional Cities 16 Office in Fukuoka City Four Major Regional Cities 17 Office in Fukuoka City Four Major Regional Cities 18 Office in Fukuoka City Four Major Regional Cities 19 Office in Fukuoka City Four Major Regional Cities 20 Office in Fukuoka City Four Major Regional Cities Total Book Value at Acquisition & Fukuoka City Chiyoda-ku, Tokyo Preferential Negotiation Price: JPY 74.7B * Ichigo Office preferred negotiation right Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 23#24April 2024 Forecast One-Off Revenue Decrease Due to Dropping Out of Gains on Sale & Large- Scale Lease Termination (JPY million) October 2023 Actual (B) April 2024 Forecast (A) vs. October 2023 (A) - (B) Major Variation Factors (vs. October 2023) Dropping Out of Gains on Sale -105 Operating Revenue 7,914 7,923 +8 Increase in Rental Income +115 Increase due to October 2023 asset acquisition +48 Operating Profit 3,914 3,708 -205 Decrease due to October 2023 asset sale -52 [Existing Assets] Decrease in common area services income -22 Recurring Profit 3,096 2,931 -164 Increase in utilities income +146 Decrease in one-off income -8 Net Income 3,095 2,931 -164 Increase in Rental Expenses +301 Dividend Reserve (-) Dividend Reserve Release (+) Dividend EPS No. Of Shares Outstanding ΝΟΙ 105 105 Increase due to October 2023 asset acquisition +16 Decrease due to October 2023 asset sale -35 [Existing Assets] Increase in service provider expenses (mainly brokerage fees) +70 Increase in utilities expenses +159 Increase in fixed asset tax +22 Increase in repair expenses +42 Increase in depreciation and other expenses +25 JPY 2,115 JPY 2,006 -JPY 109 Decrease in Operating Expenses (excluding Rental Expenses) -87 JPY 1,976 JPY 1,936 -JPY 40 Decrease in NOI & Dividend Performance Fee due to revenue decrease -40 Decrease in Extraordinary Shareholder Meeting-related expenses -36 (October 2023 expenses 41, April 2024 expenses 5) 1,513,367 1,513,367 5,648 5,468 -179 Decrease in non-deductible consumption tax due to previous period asset sale -9 Decrease in Non-Operating Expenses -41 Increase in interest due to new loans in April 2024 +22 Decrease in borrowing-related expenses -26 Release from repair expense reserve due to April 2023 asset sale -38 No. Of Assets 88 Occupancy (on Last Day of Period) 96.8% Average Occupancy 96.4% * = NOI Rental Income - Rental Expenses + Depreciation No. Of Assets is as of Period-End 一期一会| ICHIGO 88 Reference: Capex 96.7% -0.1% April 2024 Forecast 1,415 Reference: April 2024 Reserve (Post Dividend) 96.1% -0.3% Negative Goodwill Reserve 8,479 Dividend Reserve 3,471 Base EPS calculated by deducting Gains on Sale and the impact of Gains on Sale on asset management fee O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 24 24#25October 2024 Forecast Revenue & Dividend Forecast to Increase Due to Continued Asset Management Stability (JPY million) April 2024 Forecast (B) October 2024 Forecast (A) vs. April 2024 (A) - (B) Major Variation Factors (vs. April 2024) Increase in Rental Income +24 Operating Revenue 7,923 7,948 +24 Increase in rental income +96 Decrease in utilities income -70 Operating Profit 3,708 3,838 +129 Decrease in Rental Expenses -137 Recurring Profit 2,931 3,021 +90 Decrease in service provider expenses (mainly brokerage fees) -48 Decrease in utilities expenses -77 Decrease in depreciation expenses -35 Increase in repair expenses +26 Net Income 2,931 3,021 +90 Dividend Reserve (-) Dividend Reserve Release (+) 105 105 Increase in Operating Expenses (excluding Rental Expenses) +32 Increase in NOI & Dividend Performance Fee due to revenue increase +37 Decrease in Extraordinary Shareholder Meeting-related expenses -5 Increase in shareholder meeting expenses +2 Increase in research/engineering report fees +5 Increase in Non-Operating Expenses +39 Dividend JPY 2,006 JPY 2,066 +JPY 60 Increase in interest payments due to new loans +22 Increase in borrowing-related expenses +16 EPS JPY 1,936 JPY 1,996 +JPY 60 No. Of Shares Outstanding 1,513,367 1,513,367 - Reference: Capex October 2024 Forecast 1,107 Reference: October 2024 Forecast (Post-Dividend) ΝΟΙ 5,468 5,595 +126 Negative Goodwill Reserve 8,374 Dividend Reserve 3,471 No. Of Assets 88 88 Occupancy (on Last Day of Period) 96.7% 97.0% +0.2% Average Occupancy 96.1% 97.4% +1.3% * NOI Rental Income - Rental Expenses + Depreciation No. Of Assets is as of Period-End 一期一会| ICHIGO Base EPS calculated by deducting Gains on Sale and the impact of Gains on Sale on asset management fee O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 25 25#26Appendix: Ichigo Office ESG Ichigo ESG 8 一期一会| ICHIGO 26 Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.#27一期一会| ICHIGO Ichigo Office's Sustainability Commitment Ichigo Sustainability Policy Ichigo believes that working on behalf of society and the environment is a fundamental social responsibility and will support the sustainable growth of Ichigo and Ichigo Office. Ichigo has thus made sustainability a key priority, and has established the following Sustainability Policy to actively work to reduce Ichigo's environmental impact and support sustainable outcomes. 1. Harmony With the Environment Ichigo actively monitors and minimizes the environmental impact of its real estate operations. 2. Energy Conservation, CO2 Emissions Reduction, and Recycling Ichigo seeks to contribute to a low-carbon, low-waste society by lowering its energy consumption, extending the useful life of its assets, actively recycling, and reducing waste and water consumption. 3. Regulatory and Environmental Compliance Ichigo complies with all environmental laws and regulations and Ichigo's own independently-established environmental rules. Ichigo also carefully monitors and complies with all applicable changes in laws and regulations. 4. Training and Awareness Ichigo promotes understanding of its Sustainability Policy and works to increase sustainability awareness among all Ichigo employees. Ichigo will also promote sustainability in coordination with Ichigo stakeholders, seeking understanding and cooperation on sustainability from Ichigo partner companies and tenants. 5. Sustainability Performance Communication and Disclosure Ichigo communicates this Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis. 6. Green Procurement Ichigo will implement green procurement measures, such as environmentally-friendly building materials and sustainable design, in Ichigo's building renovations, as well as selecting partner companies based on their environmental sustainability initiatives. Ichigo Sustainability Structure The Head of Ichigo Office is responsible for promoting sustainability and ensuring compliance with the Sustainability Policy. Quarterly meetings to monitor sustainability efforts and compliance ✓ Attended by the Heads of Sustainability, Asset Management, Business Planning, and ESG Execution ✓ Develop sustainability goals and initiatives in coordination with sponsor Ichigo Information Disclosure ✓ Disclose sustainability goals and performance and communicate to stakeholders Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 27#28Ichigo Climate Positive: CO2 Reduction > Emissions Ongoing Ichigo Clean Energy Production Growth & Renewable Energy Transition & Carbon Offsets CO2 Reduction vs. CO2 Emissions Total Ichigo Power Plant CO2 Reduction¹ Total Ichigo CO2 Emissions (Scope 1+2) Impact of Reduction Measures -250 (tons) 83,412 75,425 75,808 59,445 -7,070 95,478 98,647 -34,470 54,803 26,000 CO2 Emissions Reduction Measures Ongoing Initiatives Switch to Renewable Energy 28,900 tons Decreased Energy Consumption 870 tons New Initiatives Non-Fossil Certificate Tracking for Ichigo Power Plants 4,700 tons FY20/2 CO2 Reduction Base Year FY21/2 Start RE100 FY22/2 FY23/2 Forecast 1 Calculated using each EPCO's adjusted CO2 emission factor disclosed by the Ministry of Environment as a fixed constant for each period 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 28#29Continued Renewable Energy Transition Ichigo RE100 Progress (as of August 31, 2023) 100% RE100 Target: 2025 85% FY24/2 Renewable Energy Transition Impact 35,000 tons p.a. CO2 Reduction Renewable Energy Switch CO2 Emissions Target 72% 21% Non-Fossil Certificate Tracking for Ichigo Power Plants 一期一会| ICHIGO 51% of Cars ✓ × 15,200 cars p.a. Includes all Ichigo, Ichigo Office (8975), & Ichigo Hotel (3463) assets °CLIMATE RE100 GROUATE CDP Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 29 29#30一期一会| ICHIGO ESG Initiatives: Environmental (1) Sustainability Initiatives Progress GRESB Real Estate Assessment (Since 2016) - Awarded Four Stars in GRESB Rating (Up From Last Year's 3 Stars) - Won Green Star designation 7 years in a row, in recognition of its ESG-related policies and organizational setup (the "Management Component"), and environmental performance of assets as well as tenant engagement (the "Performance Component") Transitioning to Renewable Energy GRESB 2023 Ichigo ESG Environmental Ichigo RE Target: Sourcing 100% Renewable Electricity Across Its Operations by 2025 - - In line with sponsor Ichigo joining RE100, Ichigo Office completed transitioning all assets to renewable electricity *Excluding Ichigo Kinshicho Building acquired during October 2023 fiscal period, partially-owned and co-owned assets Scheduled to Obtain Non-Fossil Certificate Tracking for Electricity Used at Partially- Owned and Co-Owned Assets Targeting Zero CO2 Emissions for Electricity Used at All Ichigo Office-Owned Assets RE100 CLIMATE GROUP Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. CDP 30 50#31ESG Initiatives: Environmental (2) Environmental Certifications (as of December 15, 2023) - 22 Certifications (19 Assets), 32.0% of Total Leasable Area for Offices CASBEE BELS Tokyo Low-Carbon Small and Medium-Sized Model Buildings Ichigo ESG Environmental S Rank 2 Stars (★★) 1 Star A3 A3- A2+ ha Ichigo Takamatsu Building Ichigo Marunouchi Building A Rank Ichigo Jingumae Building Ichigo Akihabara North Building Ichigo Omiya Building Ichigo Jingumae Building Ichigo Higashi Gotanda Building Ichigo Kudan Building A1+ DBJ Green Building Ichigo Ichigo Ichigo Ichigo Ebisu Sakaisuji Sendai Higashi Green Honmachi East Gotanda Glass Building Building Building 3 Stars (★★★) 1 Star (★) Ichigo Akihabara North Building Ichigo Omori Building Ichigo Otsuka Ichigo Mita Building Building Ichigo Nihonbashi East Building Win Gotanda Building Ichigo Kanda Nishikicho Building 一期一会 Ichigo Mirai Shinkin Building Win Gotanda Building 2 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. A1 Ichigo Hiroo Building 31#32ESG Initiatives: Social Increasing Stakeholder Satisfaction & Contributing to Society Ichigo ESG Disaster & Emergency Readiness ✓ Emergency equipment such as elevator emergency kits and vending machines ✓ Sandbags available at each building as flooding measures PM12850 REARWARM Ichigo Group Initiatives ✓ Contributing to Regional Revitalization • . Elevator Emergency Kits Vending Machines as part • AED of Disaster Recovery ✓ Tenant Satisfaction Surveys • Reflect tenant needs collected from periodic tenant satisfaction surveys Contributing to comfort and convenience of tenant employees via introducing bike share system Social Ichigo works to revitalize local communities and promote regional economic development. Ichigo's model of preserving and improving existing real estate creates jobs and supports businesses, and our clean energy plants also support their host communities by providing new and sustainable sources of income. Ichigo University Ichigo established Ichigo University in May 2013 to support employees' continuing education and personal growth. Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience. (Average Annual Number of Courses: 30) 温暖化に歯止めをかける! 2020年10月、日本政府は、 2050年までに、温室効果ガスの排出を全体としてゼロにする。 2050年カーボンニュートラル、脱炭素社会の実現を目指す」 ことを宣言 続いて、2021年4月、日本政府 野心的な目標として、2030年に、効果ガスを2013年度から 46%削減することを目指す。さらに50%の高みに向けて挑戦する ことを宣言 Re | 気候変動の取組みには、 長期的な目標達成のためのシナリオが 求められる。 一期一会| ICHIGO Bike Share System ✓ Sports Initiatives . Online In-Person As a top partner of the J.League professional soccer league, we support the league's mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, track and field, and tennis. Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 32#33ESG Initiatives: Governance Global Best Practice Governance Ichigo ESG 8 Governance Asset Management Company (AMC) No Fixed Fee, Performance Fee- Only Structure ✓ Shifted to performance- linked fee structure on November 1, 2020 to fully align with value creation for shareholders ✓ Pro-active, dynamic management of Ichigo. Office assets on behalf of shareholders ✓ Reduced NOI & Dividend Performance Fee based on EGM Best Practice Governance REIT ✓ Monitors Asset Management Company . • • All Ichigo Office Directors are Independent Directors Active dialogue and effective internal controls via Board discussions led by REIT Executive Director Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants) • approval on June 23, 2023. 一期一会| • Best Practice Asset Management Structure Half of AMC Directors (2 of 4) are Independent Directors Independent asset management team & best practice execution on behalf of Ichigo Office REIT within AMC Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters Ensure objectivity by including third-party, independent experts in the Investment and Risk & Compliance Committees Only 3 J-REITS (out of 58), including Ichigo Office (8975) and Ichigo Hotel (3463), have both an Asset Management Company (AMC) board that has half or majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REIT Independence of The Investment Corporation From AMC 26 of 58 J-REITS have AMC Presidents serving as Executive Director of the REIT All Ichigo Office Directors are Independent Independent Directors at AMC Only 4 Asset Management Companies have any Independent Directors 2 of 4 Ichigo Investment Advisors' Directors are Independent *Based on research as of November 30, 2023 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 33 333#34Appendix: Financial & Portfolio Data 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 34 34#35Borrowing Details (1) Average Interest Rate and Average Remaining Loan Maturity Loan Details Interest Amount (Interest Rate) (Average Remaining Loan Maturity Including Bonds, Years) Maturity Rate 5 2.5% Average Interest Rate Average Remaining Loan Maturity JPY 2B 6.4 years 1.109% (Fixed) 2.0% 3.8 1.5% 3.9 4.0 4.1 4.1 3 1.160% JPY 1B 4.6 years (Fixed) 1.644% JPY 2.04B 7.8 years 2 (Fixed) 1.0% Bank Loans 0.84% 0.79% 0.81% 0.84% 0.90% 1.772% JPY 1B 8.0 years (Fixed) 0.5% 0.0% 0 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 1.202% JPY 813M 4.6 years (Fixed) 1.773% JPY 787M 8.0 years (Fixed) 一期一会| ICHIGO Fixed vs. Floating Loan Ratio 8.7% Total/ Average JPY 7.65B 6.7 years 1.424% 5.8% 8.7% 8.6% 8.4% 91.3% 91.3% 91.4% 91.6% 94.2% Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Floating Fixed* * Fixed includes floating loans fixed via interest rate swaps 35 55#36Borrowing Details (2) Loan Maturity Distribution (as of October 31, 2023) Bank Loans (fixed rate including fixed via interest rate swaps) Bank Loans (floating rate) Bonds 4,192 8,846 1,000 9,812 8,908 11,645 1,200 9,763 9,682 9,347 1,000 8,267 1,200 7,346 1,000 5,494 5,476 10,445 5,330 7,953 4,899 7,246 8,763 8,147 1,500 (JPY million) 2,900 6,346 2,000 3,830 1,700 1,300 900 600 955 Apr Oct Apr Oct Apr Oct Apr Oct Apr 2024 2024 2025 2025 2026 2026 2027 2027 2028 Oct 2028 Apr Oct Apr Oct Apr Oct Apr Oct 2029 2029 2030 2030 2031 2031 2032 2032 LTV (as of October 31, 2023) 55 59 50 50 48.9% 45 45 40 40 -Book Value LTV Market Value LTV 48.9% 48.8% 49.2% 48.7% 49.7% 45.6% 45.6% 45.0% 45.2% 44.7% 44.7% 35 Apr 2021 Oct 2021 一期一会| Apr 2022 Oct 2022 Apr 2023 Oct 2023 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 36#37(JPY million) Amount Ratio 29,528 25.7% 21,195 18.4% 13,608 11.8% 11,583 10.1% 9,952 8.7% Interest-Bearing Liabilities and Ichigo Office Credit Rating Lender Base (as of October 31, 2023) SMBC Mizuho Bank Lender SBI Shinsei Bank MUFG Bank Aozora Bank Credit Rating Credit Rating Agency Type of Rating Rating Japan Credit Rating Agency (JCR) Long-Term Issuer Rating A+ Rating Outlook Stable Resona Bank 8,418 7.3% Bank of Fukuoka 3,529 3.1% Development Bank of Japan 3,400 3.0% The Kagawa Bank 1,715 1.5% Mizuho Trust 1,637 1.4% The Bank of Yokohama 1,422 1.2% Nishi-Nippon City Bank 1,412 1.2% ORIX Bank 413 0.4% Kansai Mirai Bank 195 0.2% Total 108,007 94.0% Bonds Amount Ratio Unsecured Bonds No.1 1,200 1.0% Unsecured Bonds No.2 1,000 0.9% Unsecured Bonds No.3 1,000 0.9% Unsecured Bonds No.4 1,200 1.0% Unsecured Bonds No.5 1,000 0.9% Unsecured Bonds No.6 1,500 1.3% Total 6,900 6.0% Total Interest-Bearing Liabilities 114,907 100% Interest-Bearing Liabilities 一期一会| Total Interest-Bearing Liabilities Amount Ratio 114,907 100% ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 37#38Trend of Portfolio Unrealized Gains October 2023 Unrealized Gains JPY 48.9B, +JPY 1.5B vs. April 2023 (JPY million) 500,000 Period-End Book Value (left axis) Unrealized Gains Ratio (right axis) 21.01% 19.82% 400,000 300,000 200,413 200,000 100,000 一期一会| ICHIGO 240,131 199,297 241,167 199,047 20.77% Period-End Appraisal Value (left axis) 23.41% 23.50% 22.78% 22.25% 20.39% 20.53% 240,398 202,697 244,029 244,001 202,436 201,489 246,330 205,098 253,110 207,951 255,330 30% 20% 10% 257,216 208,272 0% -10% 0 Oct 2019 Apr 2020 (85 assets) (85 assets) Oct 2020 (85 assets) Apr 2021 (86 assets) Oct 2021 (86 assets) Apr 2022 (85 assets) Oct 2022 (86 assets) Apr 2023 (88 assets) Oct 2023 -20% (88 assets) O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 88 38#39一期一会 ICHIGO Lease Renewals October 2023: Change in Monthly Rent by Asset Type (JPY million) April 30, 2023 New Leases Lease Terminations Upward Downward Asset Acquisition Asset Sale October 31, Change 2023 Change at Existing Assets Office 1,139 +55 Other 31 Total 1,171 -54 +8 1,148 +8 -6 24 -6 +56 -55 +8 -6 1,173 +1 I October 2023: Lease Renewals by Asset Type Asset Type Upward Office No. Of Leased Area Assets Change in Rent (Semi-Annual) Change From Previous Rent 4 781.35m² +JPY 0.2M +6.2% Other Total 4 781.35m² +JPY 0.2M +6.2% Downward Office 520.53m² -JPY 0.1M -6.0% Other Total 520.53m² -JPY 0.1M -6.0% Flat Office 186 44,863.18m² Other 1 Total 187 88.90m² 44,952.08m² Total Office 192 46,165.06m² Other 1 88.90m² Total 193 46,253.96m² | | | | | | | | O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 39#40一期一会 ICHIGO Leased Area October 2023: Leased Area by Asset Type (m²) Change at April 30, 2023 New Leases Lease Terminations Asset Asset Acquisitions Sale October 31, 2023 Change Existing Assets Office Other Total 249,868 +10,164 -8,212 +2,054 253,875 +4,006 +1,952 8,832 +88 -88 -2,195 6,637 -2,195 258,701 +10,253 -8,301 +2,054 -2,195 260,512 +1,811 +1,952 October 2023: New Leases & Lease Terminations by Asset Type New Leases Lease Terminations Asset Type No. Of Assets Leased Area Total Rent (Semi-Annual No. Of Leased Assets Area Upward Office 38 6,554m² +JPY 188.1M Office 42 8,212m² Total Rent (Semi-Annual) -JPY 327.0M Other Other 1 88m² -JPY 5.3M Total 38 6,554m² +JPY 188.1M Total 43 8,301m² -JPY 332.4M Downward Office 10 2,022m² +JPY 98.4M Other - Total 10 2,022m² +JPY 98.4M Flat Office 8 1,588m² +JPY 44.9M Other 1 88m² +JPY 5.3M Total 9 1,677m² +JPY 50.2M Total Office 56 10,164m² +JPY 331.5M Other 1 88m² +JPY 5.3M Total 57 10,253m² +JPY 336.8M O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 40#41Survey of New & Departing Tenants: Reason for Relocation New Tenants Moving to a different building for larger floor space or better location Opening a new office Reducing cost or floor space Other Departing Tenants Moving to a different building for larger floor space or better location Closing office Reducing cost or moving to a different building to integrate with other divisions Other Apr 2022 57.5% 22.5% 10.0% 10.0% Apr 2022 17.4% 10.9% 69.6% 2.2% Oct 2022 55.8% 20.9% 11.6% 11.6% 21.1% 9.1% 60.6% 9.1% Oct 2022 Apr 2023 68.3% 22.0% 4.9% Apr 2023 27.5% 20.0% 47.5% 5.0% 4.9% Oct 2023 55.4% 35.7% 5.4% Oct 2023 45.2% 9.5% 38.1% 7.1% 3.6% 一期一会 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 41#42Rapid Re-Tenanting After Vacancies Newly Leased and Newly Vacated Office Space (m²) Newly Leased Newly Vacated ● Net Leased Area Average Leased Area 7.630m² (May 1, 2019 Oct 31, 2023) 8,187 5,723 4,023 11,422 10,164 8,629 7,418 7,304 5,804 TBD1 -5,590 -6,714 -7,433 Average Vacated Area -8,330m² (May 1, 2019 Oct 31, 2023) -9,110 -6,059 -8,212 -8,711 -10,8682 -10,900 -12,244 October April October April October April October April October April 2024 2019 2020 2020 2021 2021 2022 2022 2023 2023 (Forecast) Newly Leased 4.6% 6.5% 3.2% 8.9% 4.5% 5.8% 6.5% 5.6% 7.7% TBD Newly Vacated 4.5% 5.9% 7.3% 9.6% 5.3% 8.6% 4.5% 6.7% 6.3% 8.3% Net Leased +133 +754 -5,087 -822 -910 -3,482 +2,569 -1,407 +1,952 TBD Area (m²) 1 Newly leased area for the April 2024 Period is TBD as of today, but new lease contracts for 4,468m² of space is either in place or is expected as of December 5, 2023. 2 Newly vacated area for the April 2024 Period (Forecast) is based on termination notices from tenants as of December 5, 2023. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 42#43Free-Rent Incentive Trends Free Rent Incentive Trends (Months) 4 3 2 1 -Tokyo Metro Area (Average) -Regional Cities (Average) 2.8 2.7 2.2 1.3 Rental Income Loss Due to Free Rent (JPY million) ■Loss from Free Rent ■Actual Rent Income 122 89 79 126 116 2.1 2.0 2.1 1.8 1.7 1.5 6,879 6,794 6,836 6,936 6,894 0 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 43#44Value-Add Capex to Drive Tenant Satisfaction Capex Tailored to Tenant Needs Maintenance Costs, Capex, and Depreciation April 2024 Capex Plan Asset Name Details Investment (JPY million) 1,800 Maintenance CAPEX -Depreciation Ichigo Kinshicho South Building Ichigo Nishi Honmachi Building Exterior Wall Renovation Exterior Wall Renovation (Phase III) JPY 39M JPY 30M Ichigo Hanzomon Building Exterior Wall Renovation JPY 27M 1,200 Ichigo Nakameguro Building Exterior Wall Renovation (Phase I) JPY 26M 950 971 978 943 October 2024 Capex Plan Asset Name Details Investment 1,415 600 Ichigo Higashi Ikebukuro 3 Chome Building HVAC Upgrade JPY 30M 1,107 Ichigo Marunouchi South Building Elevator Upgrade JPY 28M 828 775 Ichigo Hakata East Building Central Alarm System Upgrade JPY 25M Ichigo Nakameguro Building 100 91 132 158 Exterior Wall Renovation (Phase II) JPY 24M 0 April 2023 Oct 2023 Apr 2024 Forecast Oct 2024 Forecast 一期一会| ICHIGO Capex forecast to increase from April 2024 due to increase in value-add capex Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 44#455% 0% -5% -8.07% NOI Upside Despite Smaller Rent Gap Approximately Half of April 2024, October 2024 Rent Renewals are Tenants at Below-Market Rents Gap Between Tenant Rent and Market Rent (Office) Distribution of Tenants by Rent Gap -5.98% -8.59% 1.48% 0.58% All Areas Central Tokyo 2.20% 2.29% 2.35% -0.59% -1.14% -1.42% -2.86% -2.01% -2.94% -7.32% -5.20% -10% Apr 2020 Oct 2020 Apr 2021 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 一期一会| ICHIGO * Rent Gap is the difference between the total tenant rent vs the total market rent for a standard floor plate of a building. Market rent is derived by replacing the tenant rent with the market rent as per data provided by CBRE, K.K. * Excludes Ichigo Kinshicho South Building acquired on October 31, 2023. 0% to 10% Below -10% (JPY million) 240 (21.2%) >10% -10% to 0% 234 (20.7%) 53 Below-Market Rent 62 59 78 64 51 51 54 Apr 2024 Oct 2024 * Based on a standard floor plate and excluding tenants that have served notice of termination. * Numbers in parentheses are % of total rent up for renewal in the period as of October 31, 2023. * Excludes Ichigo Kinshicho South Building acquired on October 31, 2023. Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 45#46• • Portfolio Growth as REIT Specializing in Mid-Size Offices No. Of Assets Total Office Other Portfolio Size Total Office Other Area Central Tokyo Tokyo Metropolitan Area Four Major Regional Cities Other Regional Cities Appraisal Value Leasable Area Occupancy No. Of Tenants NOI Yield As of April 30, 2023 As of October 31, 2023 88 assets 84 assets 4 assets 88 assets 85 assets 3 assets JPY 212.1B 97% JPY 212.4B 98% 3% 2% 54% 54% 22% 22% 18% 18% 6% 6% JPY 255.3B JPY 257.2B 269,700.94m² 269,114.17m² 96.4% 95.9% 998 5.4% 1,008 5.3% Portfolio percentage by area is based on acquisition price. NOI Yield is annualized and calculated excluding assets sold in each period; NOI Yield of an asset acquired in the October 2023 fiscal period is determined from the annual NOI calculated using an income approach based on appraisal value at acquisition. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 46#47一期一会| ICHIGO High Seismic Safety Level Acquisition Guidelines - - Seismic safety: Compliant with new seismic standard Seismic PML1: Stand-alone PML of 20% or less, with a non-exceedance probability of 90% for the entire portfolio Portfolio Assets Seismic Safety Profile (as of October 31, 2023) Assets Built under Old Seismic Standard, but Seismic Renovation Completed 4 Assets (Leasable Area Ratio 6.7%) Assets Built under Old Seismic Standard, but Original Construction Met New Earthquake Resistance Standard² New Earthquake Resistance Standard 81 Assets (Leasable Area Ratio 90.0%) 3 Assets (Leasable Area Ratio 3.2%) Portfolio PML 3.4% as of October 31, 2023 Assets Built Under Old Seismic Standard, but Seismic Renovation Completed (4 assets) Ichigo Sakae Building, Ichigo Mita Building, Ichigo Gotanda Building, and Ichigo Higashi Ikebukuro Building Assets Built Under Old Seismic Standard, but Original Construction Met New Earthquake Resistance Standard (3 assets) 2 Ichigo Ginza 612 Building, Ichigo Ofuna Building, and Ichigo Nagoya Building 1 PML (Probable Maximum Loss) is the maximum expected loss from an earthquake occurring in the next 50 years, expressed as a ratio to the estimated replacement cost where the ratio of expected loss is greater than 10%. 2 Assets evaluated as having seismic strength equivalent to the new earthquake resistance standards and for which a third-party seismic evaluation report has been obtained. O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 47#48一期一会| ICHIGO Portfolio Details (1) as of October 31, 2023 Asset Туре No. Asset Name Area Location Acquisition Price Book Value (JPY M) Leasable Area Oct 2023 Appraisal Apr 2023 Appraisal Change Occupancy Value Value Value (JPY M) (m²) Cap rate Cap rate Cap rate (JPY M) (JPY M) (JPY M) O-02 Ichigo Nishisando Building 0-03 Ichigo Mita Building O-04 Ichigo Nanpeidai Building Central Tokyo Central Tokyo Shibuya-ku, Tokyo Minato-ku, Tokyo 3,254 3,324 4,523.19 100% 3,260 3.9% 3,260 3.9% 2,740 2,735 4,119.74 84.4% 3,650 4.0% 3,640 4.0% +10 | I Central Tokyo Shibuya-ku, Tokyo 1,920 1,873 1,925.24 100% 2,600 3.3% 2,630 3.3% -30 O-05 Ichigo Hanzomon Building Central Tokyo Chiyoda-ku, Tokyo 1,550 1,484 2,080.37 100% 2,240 3.4% 2,230 3.4% +10 O-06 Ichigo Hijirizaka Building Central Tokyo Minato-ku, Tokyo 1,200 1,190 1,947.90 94.1% 1,530 4.2% 1,500 4.3% +30 -0.1% O-07 Ichigo Shibuya Kamiyamacho Building Central Tokyo Shibuya-ku, Tokyo 1,505 1,321 1,321.54 87.0% 1,940 3.6% 1,860 3.6% +80 O-09 Ichigo Shibakoen Building Central Tokyo Minato-ku, Tokyo 1,100 1,102 1,602.29 86.3% 1,270 4.0% 1,270 4.1% -0.1% I do 0-10 Ichigo Ebisu Nishi Building Central Tokyo Shibuya-ku, Tokyo 1,917 1,902 1,484.39 85.9% 2,670 3.6% 2,620 3.6% +50 0-11 Ichigo Ginza 612 Building Central Tokyo Chuo-ku, Tokyo 1,773 1,797 1,364.56 100% 2,320 3.6% 2,320 3.6% | | 0-12 Ichigo Uchikanda Building Central Tokyo Chiyoda-ku, Tokyo 1,140 1,114 1,378.83 79.6% 1,440 4.0% 1,390 4.1% +50 -0.1% O-14 Ichigo Yotsuya 4 Chome Building Central Tokyo Shinjuku-ku, Tokyo 550 497 780.64 90.9% 591 3.9% 583 4.0% +8 -0.1% 0-15 Ichigo Tameike Building Central Tokyo Minato-ku, Tokyo 580 497 494.14 100% 734 3.5% 726 3.6% +8 -0.1% O-16 Ichigo Jimbocho Building Central Tokyo Chiyoda-ku, Tokyo 1,820 1,794 1,891.01 85.3% 2,370 3.8% 2,370 3.9% -0.1% O-17 Ichigo Hakozaki Building Central Tokyo Chuo-ku, Tokyo 1,150 1,119 2,389.54 100% 1,360 4.1% 1,290 4.2% +70 -0.1% Office O-18 Ichigo Kudan 2 Chome Building O-19 Ichigo Kudan 3 Chome Building O-20 Ichigo Gotanda Building O-21 Ichigo Shin Yokohama Building O-22 Ichigo Minami Ikebukuro Building O-23 Ichigo Nakano North Building O-24 Ichigo Eitai Building O-26 Ichigo Ikejiri Building O-27 Ichigo Nishi Ikebukuro Building O-28 Ichigo Nishi Gotanda Building O-29 Ichigo Kichijoji Building O-34 Ichigo Sakae Building O-37 Ichigo Marunouchi Building Central Tokyo Chiyoda-ku, Tokyo 763 756 1,265.76 100% 1,180 4.0% 1,160 4.1% +20 -0.1% Central Tokyo Chiyoda-ku, Tokyo 844 808 1,302.43 63.2% 906 4.1% 883 4.2% +23 -0.1% Central Tokyo Tokyo Metro Area Shinagawa-ku, Tokyo 5,060 4,787 5,346.39 89.8% 6,820 4.2% 6,820 4.2% Yokohama 1,816 1,648 4,097.85 100% 1,670 4.6% 1,660 4.6% +10 Tokyo Metro Area Tokyo Metro Area Tokyo Metro Area Tokyo Metro Area Tokyo Metro Area Central Tokyo Tokyo Metro Area Toshima-ku, Tokyo Nakano-ku, Tokyo Koto-ku, Tokyo Meguro-ku, Tokyo 1,460 1,326 1,491.50 100% 2,010 3.7% 2,010 3.7% 764 703 1,264.11 89.0% 990 4.5% 981 4.6% +9 -0.1% 1,490 1,398 2,605.54 100% 1,470 4.5% 1,470 4.5% 2,030 1,927 2,385.69 100% 2,340 4.1% 2,340 4.1% Toshima-ku, Tokyo 639 582 1,261.91 100% 1,070 4.2% 1,050 4.2% +20 Shinagawa-ku, Tokyo 765 757 1,334.68 100% 939 4.2% 931 4.3% +8 -0.1% Musashino City, Tokyo 2,160 2,121 4,210.87 100% 2,880 4.5% 2,870 4.6% +10 -0.1% Four Major Cities Nagoya 4,705 4,721 3,928.12 96.2% 5,060 4.5% 5,050 4.5% +10 Four Major Cities Nagoya 6,710 5,370 8,009.11 100% 8,060 3.9% 7,960 4.0% +100 -0.1% O-38 Ichigo Toyamaeki Nishi Building Other Regional Cities Toyama City, Toyama 1,645 1,403 8,601.72 100% 1,850 5.7% 1,860 5.7% -10 O-39 Ichigo Mirai Shinkin Building Other Regional Cities Oita City, Oita 1,158 1,084 3,551.46 100% 1,400 5.7% 1,400 5.7% O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 48#49一期一会| ICHIGO Portfolio Details (2) Acquisition No. Asset Name Asset Type Office O-42 Ichigo Takamatsu Building O-46 Ichigo Kanda Nishikicho Building O-47 Ichigo Akihabara North Building O-48 Ichigo Sakaisuji Honmachi Building O-49 Ichigo Kanda Ogawamachi Building O-50 Ichigo Hatchobori Building O-51 Ichigo Ebisu Green Glass O-52 Ichigo Omori Building O-53 Ichigo Takadanobaba Building O-54 Ichigo Omiya Building O-55 Ichigo Sagamihara Building O-56 Ichigo Ofuna Building O-57 Ichigo Sendai East Building O-58 Ichigo Kumamoto Building O-59 Ichigo Jingumae Building Other Regional Cities Takamatsu City, Kagawa Book Value Area Location Price (JPY M) (JPY M) 3,010 1,985 Leasable Area (m²) 6,329.33 Oct 2023 Appraisal Apr 2023 Appraisal as of October 31, 2023 Change Occupancy Value Value Value Cap rate Cap rate Cap rate (JPY M) (JPY M) (JPY M) 100% 3,990 5.9% 3,990 5.9% Central Tokyo Central Tokyo Four Major Cities Central Tokyo Central Tokyo Chiyoda-ku, Tokyo 2,130 2,013 2,523.09 100% 3,320 3.5% 3,310 3.6% +10 -0.1% Chiyoda-ku, Tokyo 5,500 5,434 6,250.53 100% 7,900 4.1% 7,780 4.2% +120 -0.1% Osaka 1,940 1,678 3,729.35 100% 2,490 4.2% 2,480 4.3% +10 -0.1% Chiyoda-ku, Tokyo 2,210 2,184 2,309.39 89.8% 2,460 3.8% 2,400 3.9% +60 -0.1% Chuo-ku, Tokyo 1,905 1,713 2,716.33 84.6% 2,680 4.2% 2,660 4.3% +20 -0.1% Central Tokyo Shibuya-ku, Tokyo 5,900 5,729 3,159.27 100% 7,690 3.2% 7,680 3.3% +10 -0.1% Central Tokyo Shinagawa-ku, Tokyo 3,850 3,796 3,585.93 100% 4,630 4.0% 4,710 4.0% -80 Central Tokyo Shinjuku-ku, Tokyo 1,580 1,598 1,606.92 90.7% 1,940 3.7% 1,940 3.8% -0.1% Tokyo Metro Area Saitama City, Saitama 3,430 3,502 6,213.30 94.4% 4,490 4.8% 4,300 4.9% +190 -0.1% Tokyo Metro Area Sagamihara City, Kanagawa 1,174 1,205 2,960.81 100% 1,350 5.0% 1,300 5.1% +50 -0.1% Tokyo Metro Area Kamakura City, Kanagawa 2,000 1,994 2,176.47 83.3% 2,180 5.2% 2,190 5.2% -10 I Other Regional Cities Sendai 1,840 1,530 5,205.49 100% 2,100 5.1% 2,190 5.2% -90 -0.1% Other Regional Cities Kumamoto City, Kumamoto 1,450 1,567 4,507.59 98.1% 1,620 5.6% 1,610 5.7% +10 -0.1% Central Tokyo Shibuya-ku, Tokyo 7,200 7,416 4,510.00 100% 7,890 3.0% 7,890 3.1% -0.1% O-60 Ichigo Shibuya Dogenzaka Building Central Tokyo Shibuya-ku, Tokyo 3,650 3,690 2.789.86 100% 5,690 3.2% 5,560 3.2% +130 O-61 Ichigo Hiroo Building Central Tokyo Shibuya-ku, Tokyo 3,960 3,969 3,510.44 94.0% 4,780 3.5% 4,740 3.6% +40 -0.1% O-62 Ichigo Sasazuka Building Central Tokyo Shibuya-ku, Tokyo 4,780 4,868 6,425.29 100% 6,320 3.7% 6,230 3.8% +90 -0.1% O-63 Ichigo Nihonbashi East Building Central Tokyo Chuo-ku, Tokyo 4,700 4,290 4,216.97 100% 5,700 3.6% 5,640 3.7% +60 -0.1% O-64 Ichigo Sakurabashi Building Central Tokyo Chuo-ku, Tokyo 2,500 2,532 2,971.22 100% 3,250 3.6% 3,240 3.6% +10 O-65 Ichigo Shinkawa Building Central Tokyo Chuo-ku, Tokyo 2,360 2,390 2,312.03 100% 3,130 3.6% 3,120 3.6% +10 O-66 Ichigo Kudan Building Central Tokyo Chiyoda-ku, Tokyo 3,190 3,268 3,090.65 100% 3,720 3.6% 3,710 3.7% +10 -0.1% O-67 Ichigo Higashi Gotanda Building Central Tokyo Shinagawa-ku, Tokyo 3,660 3,650 4,548.10 100% 4,480 3.7% 4,430 3.8% +50 -0.1% O-68 Axior Mita O-69 Ichigo Higashi Ikebukuro Building O-70 Koriyama Big-i (Office Section) O-71 Ichigo Kawasaki Building O-72 Ichigo Shibuya East Building Central Tokyo Minato-ku, Tokyo 1,800 1,689 2,369.82 100% 2,680 3.4% 2,610 3.5% +70 -0.1% Tokyo Metro Area Toshima-ku, Tokyo 4,570 4,620 4,437.97 91.6% 5,570 3.7% 5,470 3.8% +100 -0.1% Other Regional Cities Koriyama City, Fukushim 1,660 1,518 3,433.07 100% 2,200 5.0% 2,160 5.0% +40 O-73 Ichigo Ningyocho Building Tokyo Metro Area Central Tokyo Central Tokyo Kawasaki City, Kanagaw 1,750 1,821 3,871.06 87.6% 2,300 3.9% 2,300 4.0% -0.1% Shibuya-ku, Tokyo 1,350 1,378 1,041.36 100% 1,760 3.3% 1,620 3.3% +140 Chuo-ku, Tokyo 1,450 1,490 1,769.75 100% 1,680 3.8% 1,680 3.8% O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 49#50一期一会| ICHIGO Portfolio Details (3) as of October 31, 2023 Acquisition Asset Туре No. Asset Name Area Location Price (JPY M) Book Value (JPY M) Leasable Area Oct 2023 Appraisal Apr 2023 Appraisal Change Occupancy Value Value (m²) Cap rate Cap rate (JPY M) (JPY M) Value (JPY M) Cap rate O-74 Ichigo Nishi Honmachi Building O-75 Ichigo Hakata Building Four Major Cities Osaka 2,190 2,242 6,152.00 100% 2,560 4.4% 2,530 4.5% +30 -0.1% Four Major Cities Fukuoka 1,380 1,378 2,423.86 100% 1,580 4.4% 1,580 4.5% -0.1% O-76 Ichigo Nishiki First Building Four Major Cities Nagoya 2,000 1,959 3,324.70 100% 2,250 4.1% 2,240 4.2% +10 -0.1% O-78 Ichigo Ikebukuro East Building O-79 Ichigo Motoazabu Building O-80 Ichigo Otsuka Building Tokyo Metro Area Toshima-ku, Tokyo 3,010 3,005 3,118.69 100% 3,630 3.8% 3,600 3.9% +30 -0.1% Central Tokyo Tokyo Metro Area Minato-ku, Tokyo 1,890 1,915 1,329.96 100% 2,230 3.4% 2,390 3.4% -160 Toshima-ku, Tokyo 2,740 2,765 3,623.98 100% 3,270 3.9% 3,240 4.0% +30 -0.1% O-81 Ichigo Nagoya Building O-82 Ichigo Fushimi Building Four Major Cities Four Major Cities Nagoya 3,420 3,578 4,930.30 81.5% 3,920 4.1% 3,910 4.2% +10 -0.1% Nagoya 2,340 2,326 4,155.60 92.8% 2,580 4.2% 2,570 4.3% +10 -0.1% O-83 Ichigo Nishiki Building O-84 Ichigo Minami Morimachi Building O-85 Ichigo Shibuya Udagawacho Building O-86 Win Gotanda Building Four Major Cities Nagoya 1,330 1,294 2,006.78 100% 1,500 4.1% 1,490 4.2% +10 -0.1% Four Major Cities Osaka 1,040 1,085 2,521.51 100% 1,260 4.2% 1,260 4.3% -0.1% Central Tokyo Central Tokyo Shibuya-ku, Tokyo 3,500 3,537 1,491.68 89.0% 4,200 2.9% 4,180 3.0% +20 -0.1% Shinagawa-ku, Tokyo 3,100 3,095 3,689.88 100% 3,840 3.8% 3,830 3.8% +10 O-87 Ichigo Hongo Building Office O-88 Oimachi Center Building Tokyo Metro Area Bunkyo-ku, Tokyo 2,300 2,309 2,743.20 81.1% 2,720 4.0% 2,780 4.0% -60 Central Tokyo Shinagawa-ku, Tokyo 1,680 1,726 2,771.41 100% 2,140 4.0% 2,100 4.0% +40 O-89 Win Gotanda Building 2 O-90 MIF Building O-91 Ichigo Uchi Honmachi Building O-92 Ichigo Minami Otsuka Building O-93 Ichigo Nogizaka Building O-94 Ichigo Hakata East Building O-95 Ichigo Nakameguro Building Four Major Cities Tokyo Metro Area Central Tokyo Four Major Cities Tokyo Metro Area Central Tokyo Shinagawa-ku, Tokyo 3,300 3,285 3,434.69 100% 3,740 3.8% 3,730 3.8% +10 I Central Tokyo Chiyoda-ku, Tokyo 2,200 2,187 1,690.27 88.3% 2,350 3.8% 2,320 3.9% +30 -0.1% Osaka 1,900 1,998 3,004.07 100% 1,850 4.4% 2,180 4.5% -330 -0.1% Toshima-ku, Tokyo 2,780 2,883 3,129.49 100% 3,390 3.6% 3,280 3.7% +110 -0.1% Minato-ku, Tokyo Fukuoka 3,315 3,494 2,199.35 100% 3,620 3.3% 3,640 3.3% -20 2,250 2,326 2,901.99 100% 2,910 4.0% 2,850 4.1% +60 -0.1% Meguro-ku, Tokyo 1,495 1,565 1,083.70 90.4% 1,580 3.6% 1,580 3.6% | O-96 Ichigo Tachikawa Building Tokyo Metro Area Tachikawa City, Tokyo 3,830 3,820 4,879.78 95.9% 4,040 4.1% 4,020 4.2% +20 -0.1% O-97 Ichigo Higashi Ikebukuro 3 Chome Building Tokyo Metro Area Toshima-ku, Tokyo 3,840 3,889 2,764.59 100% 3,860 3.8% 3,860 3.8% O-98 Ichigo Marunouchi South Building O-99 Ichigo Hakataeki Higashi Building O-100 Fukuoka Kensetsu Kaikan Four Major Cities 0-101 Ichigo Kinshicho South Building Four Major Cities Four Major Cities Tokyo Metro Area Nagoya Fukuoka 1,750 1,796 1,973.27 97.6% 1,850 4.1% 1,850 4.1% 3,500 3,498 3,596.71 94.6% 3,760 4.1% 3,710 4.2% +50 -0.1% Fukuoka 2,750 2,749 2,949.22 100% 2,910 4.2% 2,880 4.3% +30 -0.1% Sumida-ku, Tokyo Subtotal - Office 1,875 207,412 1,942 2,054.47 203,348 262,477.06 100% 2,060 3.5% 2,060 3.5% 96.7% 252,210 250,734 +1,476 * April 2023 Appraisal Values for the asset acquired in the October 2023 fiscal period are the appraisal values at time of acquisition. O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 50#51Portfolio Details (4) as of October 31, 2023 Asset Type No. Asset Name Area Location Acquisition Price Book Value (JPY M) Leasable Area Oct 2023 Appraisal Apr 2023 Appraisal Occupancy (JPY M) (m²) Value (JPY M) Value Change Value Cap rate Cap rate Cap rate (JPY M) (JPY M) Z-09 Future IZUMI Other Regional Cities Izumi City, Osaka 1,210 1,031 3,733.66 100% 566 5.8% 576 5.8% -10 Other Z-10 Ichigo Shibuya Bunkamura Dori Building Central Tokyo Z-14 Ichigo Kamata Building Shibuya-ku, Tokyo 2,400 2,445 778.77 100% 2,910 3.0% 3,040 3.2% -130 -0.2% Tokyo Metro Area Ota-ku, Tokyo 1,400 1,447 2,124.68 100% 1,530 4.4% 1,510 5.0% + 20 -0.1% Subtotal Other Total (88 Assets) 5,010 4,924 6,637.11 100% 5,006 5,146 - 140 212,422 208,272 269,114.17 96.8% 257,216 255,880 +1,336 Reference TK Equity GK Kizuna1 TK Equity Interest JPY 38M Investment 一期一会 ICHIGO 51 O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.#52Appendix: Mid-Size Office Investment Opportunity 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 52 52#53Japanese Mid-Size Office Investment Opportunity (1) Rich Pool of REITable Assets ✓ 90%+ of Japanese real estate = mid-size ✓ High liquidity Broad and Deep Tenant Base ✓ 95% of all companies have 50 employees or less ✓ Diverse tenant industries contributes to stable high occupancy Largely Untapped by Professional Management ✓ High ownership by individuals and "passive owner" corporations results in inadequate building maintenance ✓ Lacking professional building and management specifications Abundant Opportunities for Large-Scale Improvements ✓ Increase safety via seismic reinforcement ✓ Increase tenant satisfaction via value-add capex Breakdown of Buildings in Japan by Floor Area (m²) ■ < 500 500 to 1,000 2,000 to 5,000 5,000 to 10,000 1,000 to 2,000 >10,000 Mid-Size Real Estate: 94% 44% 3% 10 25% 15% % 3% Source: Ministry of Land, Infrastructure, Transportation and Tourism (2018) Breakdown of Companies by Number of Employees 6 to 20 21 to 50 > 51 <5 % Of Companies Suited to Mid-Size Assets: 96% 65% 7 23% 4% % 一期一会 ICHIGO Significant Value-Add Potential O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Source: Small and Medium Enterprise Agency (2021) 33 53#54Japanese Mid-Size Office Investment Opportunity (2) Mid-Size Office Rents More Stable Than Larger-Size Office Rents Office Rent Trends in 5 Central Tokyo Wards (Chiyoda, Chuo, Minato, Shinjuku & Shibuya) JPY per Tsubo (3.3m²) 60,000 50,000 40,000 30,000 20,000 10,000 一期一会| ICHIGO Grade A Grade A- Grade B Source: CBRE 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Grade A refers to buildings in the 5 central wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya) built no more than 11 years ago (therefore meeting current seismic resistance standards), with leasable area greater than 21,450 square meters and total floor area greater than 33,000 square meters. Grade A- and Grade B refers to buildings located in any of the 23 wards in Tokyo with leasable area greater than 14,850 square meters and total floor area greater than 23,100 square meters and leasable area greater than 660 square meters and total floor area between 6,600 and 23,100 square meters, respectively, and meeting current seismic resistance standards. O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 54#55一期一会| ICHIGO Appendix: About Ichigo Office O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 55#56一期一会| ICHIGO Specialized Office REIT Specialized Office REIT Focusing on Mid-Size Offices, an Asset Class That Offers Both Return Stability and Upside Potential ✓ Mid-size office characteristics - Stable cashflows supporting earnings - Upside earnings potential in economic upturns Value-add potential due to relatively inefficient market ✓ Portfolio focused on Tokyo Metropolitan Area ✓ Driving accretive growth via value-add capex and hands-on asset management ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. ICHIGO ICHIQO 99 56#57一期一会 ICHIGO Portfolio: 98% Office, 76% Tokyo Metropolitan Area No. Of Assets Total Acquisition Price Appraisal Value Leasable Area 88 Assets JPY 212.4B JPY 257.2B 269,114m2 Occupancy 96.8% Map Key Location Acquisition Price (JPY B) Sendai 1.8 % of Portfolio Tokyo 1% Metro Area 161.2 76% Nagoya 22.2 10% Kansai 8.2 4% Fukuoka 9.8 5% Other 8.9 4% O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. as of October 31, 2023 By Asset Type Other 2% By Size >JPY 3B 51% Office 98% <JPY 1B 2% 1B-2B 27% 2B-3B 20% 57#58Highly Diversified Tenant Mix Tenants by Industry (Based on No. Of Tenants) Education 2% Restaurant/Hotel 3% as of October 31, 2023 Total Number of Tenants: 1,007 Share of Top 10 Tenants 10.8% of Leased Area 11.9% of Rental Income Construction 3% Other 5% Real Estate 4% Finance 5% Service 30% Top 10 Tenants (by Building & Leased Area) Leased Area Asset Name Industry Share (m²) 1 Ichigo Akihabara North Building Manufacturing 6,261 2.4% Telecommunications 13% 2 Ichigo Sasazuka Building Telecommunication 3,827 1.5% 3 Ichigo Ikebukuro East Building Service 2,964 1.2% Retail 19% 4 Ichigo Jingumae Building Telecommunication 2,807 1.1% LO 5 Ichigo Hiroo Building Retail 2,417 0.9% Manufacturing 15% 6 Future IZUMI Service 2,228 0.9% Ichigo Toyamaeki Nishi Building, 7 Manufacturing 1,846 0.7% Ichigo Takamatsu Building 8 Ichigo Kamata Building Retail 1,820 0.7% 9 Ichigo Sendai East Building Retail 1,724 0.7% 10 Oimachi Center Building Construction 1,592 0.6% * Service: Primarily advertising, consulting, HR, accounting, legal, beauty-related, and public entities. Total 27,492 10.8% 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 58#59Growth Via Serving Tenants & Shareholders Transition to specialized office REIT in September 2015 Total Assets (JPY B) Dividend (JPY) 1,656 1,627 2,121 2,124 2,092 2,061 2,061 2,054 2,030 2,032 2,023 2,023 1,999 1,969 1,910 1,898 1,925 4,224 2,508 2,255 2,230 2,150 2,163 2,132 2,185 1,904 1,923 1,930 1,964 2,014 1,706 1,740 2,115 2,052 Oct 2015 Apr 2016 Oct 2016 Apr 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019 Oct 2019 Apr 2020 Oct 2020 Apr 2021 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023 一期一会 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 59 59#60Acquisition-Driven Growth - - Total asset acquisitions since October 2013: JPY 164.0B (expected) JPY 88.7B (54.1%) via sponsor support Acquisitions and Sales Since October 2013 (Cumulative, JPY B) Acquisition From Sponsor Sale to Sponsor Acquisition From Third Party Sale to Third Party 71.6 67.7 62.4 63.9 56.3 54.4 Cumulative Total JPY 164.0B Acquisition From Third Party 75.2 (45.9%) 50.9 50.9 Acquisition From 74.7 80.2 82.5 82.5 82.5 82.5 Sponsor 67.6 88.7 (54.1%) 38.4 Acquisitions Sales 19.3 19.3 23.8 23.8 26.2 26.2 26.2 26.2 26.2 7.9 12.3 12.3 18.3 21.9 24.7 24.7 26.4 38.6 JPY 63.3B - Oct 2013 - Oct 2015 Dec 2014 Public Offering Acquisition & Sale May 2015 Public Offering Sept 2015 Transition to Pure Office REIT 一期一会| ICHIGO Apr 2020 Acquisition From Third Party Dec 2020 Acquisition From Third Party Feb 2021 Sale to - Oct 2023 Nov 2022 Acquisition From - - Oct 2016 Apr&May 2016 Public Offering Acquisition & Sale - Oct 2017 - Nov 2016 Acquisition From Third Party Apr&May 2017 Acquisition & Sale Oct 2018 Apr&May 2018 Acquisition & Sale Sep 2018 Acquisition From Third Party - Oct 2019 - Oct 2020 ~ Oct 2021 - Oct 2022 - Dec 2018 Acquisition & Sale May 2019 Acquisition & Sale Third Party Jun 2022 Acquisition From Third Party Third Party Dec 2022 Sale to Third Party Jan 2023 Acquisition From Sponsor Oct 2023 Acquisition & Sale Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 60#61Ichigo Branding: Safety, Quality, Design & Tenant Service Improve the safety, quality, and design of assets via Ichigo's architectural and engineering capabilities to support high tenant satisfaction 6F ICHIGO 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. ICHIGO 61#62Ichigo Branding: Ichigo Layout Office & Ichigo Lounge Provide Differentiated Ichigo Layout Office and Ichigo Lounge High-Quality Office Spaces Ichigo Layout Office (Example: Ichigo Jimbocho Building, Chiyoda-ku, Tokyo) ✓ Generating substantially higher rents reflecting higher value for tenants ✓ Supporting needs of startups and accommodating expansion by offering flexible layout 一期一会| ICHIGO Floor Plan Flexible Layout Windows & Natural Light Work Space Conversation Space Ichigo Lounge (Example: Ichigo Higashi Ikebukuro Building, Toshima-ku, Tokyo) ✓ Subdivided a vacant floor to create several private offices and a shared-use space for the exclusive use of tenants ✓ Generated significantly higher rents by offering attractive shared-use space ☐ ☐ ☐ once OFFICE ☐ COFFICE #23 OFFICE Ichigo Lounge Reception Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Ichigo Lounge Space 62#63一期一会| ICHIGO Appendix: Other O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 63#64J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan First Japanese company to include not just its own shareholders, but also the shareholders of the REITS and solar power producer that it manages, in its shareholder program (82,000 shareholders total) First company to offer shareholders free tickets to every J.League game at every J.League club Ichigo is deepening its partnership with the J.League and working to further Ichigo's mission of promoting local community developments. JOIN and ENJOY J.League 30th Anniversary Event (May 14, 2023) Invited shareholders to participate in opening ceremony as flag bearers and watch a special match みんなで Jリーグを応援しよう!! いちごJリーグ 株主・投資主優待 ILLAGUE 一期一会 ICHIGO TOP PARTNER J.LEAGUE ISOAISIN KONAMI Ichigo J.League Shareholder Program Website Landing Page 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 64#65一期一会| ICHIGO Ichigo Office's Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy - - - Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282) Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies and expertise Ichigo Deeply committed to CSR and Sustainability (TSE Prime 2337) J.LEAGUE 一期一会 Ichigo TOP PARTNER ©J.LEAGUE ICHIG Hiromi Miyake (Weightlifting) Ichigo Office (8975) Ichigo Preserves and Asset Management Ichigo Investment Advisors Improves Real Estate 一期一会 | ICHIGO Ichigo Hotel (3463) Ichigo Green (9282) Centro Ichigo Estate The word "Ichigo" comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning Ichigo Owners "One lifetime, one encounter." The phrase was Ichigo Animation first used by a 16th century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony, because that particular moment will only exist once and must be fully lived and realized. Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong Sustainable Real Estate Ichigo Marché OneFive Hotels Miyako City Clean Energy Ichigo ECO Energy long-term relationships to support the success of our clients, shareholders, and all stakeholders. Other Ichigo Si Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Collinear 65#66一期一会| ICHIGO Sponsor/Asset Manager/REIT Relationship Sponsor Ichigo (TSE Prime 2337) 100% Subsidiary Asset Manager Ichigo Investment Advisors 一期一会 ICHIGO Sponsor Support Value-Add Capabilities Financial Support (Asset Warehousing) Asset Management TSE-Listed Investment Corporations Ichigo Office (8975) Ichigo Hotel (3463) Ichigo Green (9282) Specializes in mid-size offices •Focused on the Tokyo Metropolitan Area ⚫88 assets, JPY 212.4B (as of Nov 30, 2023) Specializes in lodging-focused hotels Listed in November 2015 30 hotels, JPY 69.8B (as of Nov 30, 2023) Solar power producer Listed in December 2016 15 solar plants, JPY 11.4B (as of Nov 30, 2023) O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 99 66#67一期一会| ICHIGO Sustainable Growth Via Sponsor Support Pursuing Long-Term Sustainable Growth by Leveraging Ichigo's Market- Leading Value-Add Capabilities Buy Sell Ichigo Office (8975) Ichigo (Prime 2337) Third- Buy 一期一会| Party Investors 一期一会 ICHIGO ICHIGO Preserve and improve real estate leveraging Real Estate Value-Add Buy/Sell Ichigo's value-add capabilities Asset Warehousing Sell " Ichigo Office Sourcing Strengths Sourcing Diversity: Ichigo Office proprietary sourcing routes + Ichigo sponsor network Strong Sponsor Support: Ichigo assets fully available to Ichigo Office for acquisition • Stable Sourcing: Backed by Ichigo value-add capabilities, so less sensitive to market environment Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 67#68Ichigo Office's Mission: Maximize Shareholder Value 一期一会| ICHIGO Actions Ongoing Value-Add Outcomes Consistently create value regardless of market environment via proactive deployment of Ichigo's value-add capabilities Smart Capital Policy to Drive Shareholder Value - - Use retained earnings to fund growth Execute on both growth investments & share buybacks Effective Use of Sponsor Pipeline - Acquire assets with earnings upside & drive higher NOI, dividend, and NAV via value-add Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 68 880#69Share Price (November 1, 2011 to October 31, 2023) Source: Bloomberg (JPY) 150,000 125,000 100,000 75,000 50,000 25,000 Trading Volume Ichigo Office TSE REIT Index Post-Merger High (closing): JPY 119,300 (Feb 21, 2020) Post-Merger Low (closing): JPY 25,310 (Nov 22, 2011) October 2023 Period Average Daily Volume: 4,278 shares (as of October 31, 2023) (Shares Traded) 60,000 0 2011/11 2012/1 2013/1 2014/1 2015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 50,000 40,000 30,000 20,000 10,000 69#70Shareholder Composition as of October 31, 2023 Major Shareholders Name No. Of Shares Share Shareholdings by Shareholder Type Foreign Corporations & Individuals Domestic Financial Institutions Non-Financial Domestic Corporations Domestic Individuals 1 Ichigo Trust Pte. Ltd. 426,872 28.2% Custody Bank of Japan, Ltd., 2 268,221 17.7% Trust Bank 757,134 shares (50.0%) 734,210 shares (48.5%) 639,351 shares (42.2%) 3 The Master Trust Bank of Japan, Trust Bank 170,307 11.3% 11,150 shares (0.7%) 28,237 shares (1.9%) 125,748 shares (8.3%) 4 Ichigo Inc. 107,040 7.1% Nomura Trust & Banking Co., Ltd. 5 56,057 3.7% Investment Trust Acccount 612,978 shares (40.5%) 583,855 shares (38.6%) 594,350 shares (39.3%) 6 SMBC Nikko Securities Inc. 22,008 1.5% 7 STATE STREET BANK WEST CLIENT - TREATY 505234 21,886 1.4% 132,105 shares (8.7%) October 2022 (1,513,367 shares)* * No. Of Shares Outstanding 167,065 shares (11.0%) April 2023 (1,513,367 shares) 153,918 shares (10.2%) * October 2023 (1,513,367 shares) 8 JP MORGAN CHASE BANK 385781 14,506 1.0% Shareholders by Shareholder Type 9 Japan Securities Finance Co., Ltd. 13,447 0.9% Oct 31, 2022 Apr 30, 2023 Shareholders | Shareholders Shareholders Oct 31, 2023 Share Domestic Individuals 15,604 10 JP MORGAN CHASE BANK 385771 13,079 0.9% Domestic Financial Institutions 53 19,493 55 19,438 97.2% 54 0.3% City banks, trust banks 5 5 5 Total 1,113,423 73.6% Regional banks 9 8 7 Other (including securities companies) Non-Financial Domestic Corporations 39 42 42 0.2% 209 210 222 1.1% Foreign Corporations & Individuals Total 259 274 283 1.4% 16,125 20,032 19,997 100% 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 70#71Ichigo Office Overview Investment Corporation Name Securities Code Address Executive Director Portfolio Assets Portfolio Value Fiscal Periods (Semi-Annual) Asset Management Company Name President & Executive Officer Registration & Membership as of October 31, 2023 Ichigo Office REIT Investment Corporation 8975 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo Keisuke Chiba, Takafumi Kagiyama 88 Assets JPY 212.4B (based on acquisition price) November - April; May – October - Ichigo Investment Advisors Co., Ltd. Hiroshi Iwai Financial Instruments Dealer License (Investment Management Services, Investment Advisory & Agency Services, and Type II Financial Instruments Services): Minister of Finance, Kanto Financial Bureau #318 一期一会 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 71#72Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation ("Ichigo Office"). These materials may contain forward-looking statements regarding the intent, belief or current expectations of management of Ichigo Office with respect to financial condition and future results of operations. These statements are based on certain assumptions founded on currently available information. Accordingly, such statements are subject to risks, uncertainties and assumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary from those indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements. These materials have been created by the management of Ichigo Office and Ichigo Investment Advisors Co., Ltd. (IIA) with the belief that the information contained is accurate. However, there is no assurance given as to the accuracy, certainty, validity or fairness of any such information. Please note that the content of these materials is subject to revision or retraction without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. No copying or reproduction of these materials or part of these materials is allowed without obtaining prior consent from Ichigo Office and IIA. Ichigo Office IR Desk (8975) Make The World Ichigo ESG TEL:+81-3-3502-4891 一期一会 | More Sustainable ICHIGO E-mail: [email protected] www.ichigo-office.co.jp/en ∞ Ichigo is Japan's first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy. O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 72