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Investor Presentaiton

Japanese 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
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