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Investor Presentaiton

Trend 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
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