Investor Presentaiton

Growing 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

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