Investor Presentaiton

April 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

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