Investor Presentaiton

5% 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

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