Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

June 1, 2023
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Keisuke Chiba, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Yuji Kamo, Head of Ichigo OfficeTel: +81-3-3502-4891

Receipt of Objection Notification
Regarding Extraordinary Shareholder Meeting Proposals
Ichigo Office is scheduled to hold an Extraordinary Shareholder Meeting (FourteenthShareholder Meeting, “EGM”) on June 23, 2023 based on a March 17, 2023 requestfrom Berkeley Global, LLC (“Berkeley Global”) proposing amendments to Ichigo
Office’s Articles of Incorporation and appointments of an Executive Director andSupervisory Director, as announced in the April 25, 2023 release “Date of Extraordinary
Shareholder Meeting.”
Ichigo Office also received shareholder proposals from Ichigo Trust Pte. Ltd. (“IchigoTrust”), as announced in the April 28, 2023 release “Receipt of Shareholder Proposals.”
In response to these proposals, Ichigo Office received a shareholder objection
notification from Berkeley Global objecting to a part of Ichigo Trust’s proposals on
May 12, 2023, as announced in the May 15, 2023 release “Receipt of Objection
Notification Regarding Extraordinary Shareholder Meeting Proposals.”
As announced in the May 25, 2023 release “Withdrawal of Ichigo Trust’s Proposals,
Proposed Amendments to Articles of Incorporation and Nomination of Directors, andIchigo Office’s Position on Berkeley Global’s Proposals,” upon careful review of bothIchigo Trust’s and Berkeley Global’s proposals, Ichigo Office’s Board of Directors
decided to support Ichigo Trust’s proposals and propose them as Ichigo Office proposals
for approval at the EGM. With Ichigo Trust thus withdrawing its proposals, Ichigo
Office’s Board of Directors will submit both Ichigo Office’s proposals and Berkeley
Global’s proposals for approval at the EGM, and unanimously decided to opposeBerkeley Global’s proposals.
On May 31, 2023, Ichigo Office received a shareholder objection notification fromBerkeley Global regarding some of its proposals.
Berkeley Global’s shareholder objection notification is as detailed below.
1. Notifying Shareholder
Berkeley Global, LLC
c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,Wilmington, Delaware 19801 USA. Manager: Toru Sugihara
1Berkeley Global is a shareholder who has owned 1% or more of Ichigo Office shares formore than six consecutive months.
2. Overview of the Notification(I) The Notifying Shareholder objects to the following Ichigo Office proposals:Proposal 5: Appointment of Takafumi Kagiyama as Executive Director
Proposal 6: Appointment of Yuji Maruo as Supervisory Director(II) Reason for Objecting to the Proposals“We are requesting the appointments of Toru Sugihara as Executive Director andAkihiko Fujinaga as Supervisory Director. The reason for the request is because Ichigo
Office and its asset management company, Ichigo Investment Advisors, have an attitude
that belittles shareholder value, and this is due to the inadequate functioning of Ichigo
Office in supervising and controlling Ichigo Investment Advisors. To correct this, webelieve that it is essential to strengthen Ichigo Office’s governance and reinforce its
supervisory and control functions. Furthermore, Ichigo Office’s decision to support
Ichigo Trust’s proposals and propose them as Ichigo Office proposals for approval at theEGM increases the need to strengthen its governance and reinforce its supervisory andcontrol functions.
In order to strengthen Ichigo Office’s governance, we believe the appointments of Toru
Sugihara as Executive Director and Akihiko Fujinaga as Supervisory Director arenecessary and sufficient in light of their knowledge and experience.
Moreover, Ichigo Trust submitted a shareholder objection notification regarding theappointment nominations of Toru Sugihara and Akihiko Fujinaga on March 29, 2023,
and Ichigo Office announced their objection likewise in the May 25, 2023 release, andtherefore it is possible the Deemed Approval system may not be applied to them. It is
not appropriate for the Deemed Approval to be applied only with regards to Ichigo Trustproposals.
We therefore object to Ichigo’s Trust’s proposals by submitting this objectionnotification.” (Japanese original, Ichigo Office translation)
3. Ichigo Office’s Response to Berkeley Global’s Notification
Under Japan’s Deemed Approval system for Investment Trusts and Investment
Corporations, Ichigo Office’s Articles of Incorporation prescribe that if a shareholder
does not attend the shareholder meeting and does not exercise voting rights, theshareholder shall be deemed to be in favor (“Deemed Approval”) of shareholder
meeting proposals. However, when multiple proposals are submitted, those proposals
that conflict with each other will be excluded from this Deemed Approval. In addition,
when an Ichigo Office shareholder who has held 1% or more of the total shares
outstanding for six months or more notifies Ichigo Office that the shareholder is
opposed to a proposal, the Deemed Approval shall not be applied to that proposal.
As announced in the May 15, 2023 release “Receipt of Objection Notification
Regarding Extraordinary Shareholder Meeting Proposals,” because Ichigo Office hadalready received an objection notification from Berkeley Global on May 12, 2023
objecting to Ichigo Trust’s proposals, which are the same as Ichigo Office’s proposals,
Ichigo Office assumed that the Deemed Approval would not be applied to theseproposals. Therefore, regardless of receiving this objection notification, the DeemedApproval will not be applied to these proposals.

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Ichigo Office decided to submit these proposals for approval at the EGM due to thefollowing reasons.
Although Berkeley Global claims that there are issues with Ichigo Office’s current asset
management structure that “belittle shareholder value” and proposes the appointment ofa new Executive Director and Supervisory Director to negotiate with the assetmanagement company, Ichigo Office believes that the current asset management fee
structure is both reasonable and that maintaining this structure will both differentiate itfrom other J-REITs and contribute to growing shareholder value.
Because Ichigo Office’s asset management fee structure is a first in the J-REIT market,
Ichigo Office believes that, as it works to grow shareholder value, it requires ongoing
review and dialogue to gain understanding from shareholders.
Ichigo Office thus takes very seriously shareholder proposals regarding its asset
management fee structure, and plans to further strengthen the supervisory andmonitoring functions of Ichigo Office’s Board of Directors through the additional
knowledge and experience of a new Executive Director and Supervisory Director.
Ichigo Office is determined to build a structure that will continue creating shareholder
value via proactively engaging in shareholder-aligned asset management. Ichigo Officeis therefore proposing the nominations of Mr. Takafumi Kagiyama as Executive
Director and Mr. Yuji Maruo as Supervisory Director, both of whom are real estate andfinance experts who fully comprehend Ichigo Office’s no fixed fee, performance feeonly structure.
Mr. Kagiyama is a global management professional with extensive experience andknowledge of capital markets in and outside Japan. Given his deep understanding ofcapital markets, corporate finance, asset management, ESG, and compliance, Ichigo
Office expects that he will excel as an Executive Director to maximize shareholder
value.
In particular, with his deep understanding of investor needs and the investment business,excellent communication skills, and native-level English, Ichigo Office expects Mr.
Kagiyama to communicate directly with both Japanese and global investors who hold alarge portion of Ichigo Office shares. Ichigo Office expects that he will execute his
responsibilities as an Executive Director by understanding and responding to investors’needs.
Ichigo Office also believes that the appointment of Mr. Kagiyama as an Executive
Director will contribute to attracting investments from high-quality, long-term investors
who expect the implementation of global best practices.
REIT fiduciary duty requires gaining shareholders’ confidence and pursuing top-classinvestment returns. Ichigo Office is proposing the election of Mr. Kagiyama as
Executive Director to maintain and grow Ichigo Office’s investment returns and further
focus on ESG.
Mr. Maruo has long been engaged in the development, sales, and leasing of midsize
buildings, Ichigo Office’s main real estate category. He is a real estate management
professional with extensive experience and knowledge of the real estate market andpractices.
For over a decade, Mr. Maruo has focused on energy efficiency and extending the usefullife of buildings. He has researched technologies for building highly energy-efficient
properties with a focus on high insulation performance. His track record in developing
buildings that satisfy both economic efficiency and comfort has often received mediaattention. Ichigo Office believes that his track record is aligned with Ichigo Office’s
investment policy, focus on ESG, and growth strategy.
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Furthermore, Mr. Maruo’s extensive management experience at listed companies and asa real estate consultant for individual investors after establishing his own business isexpected to contribute greatly to Ichigo Office’s asset management, compliance, andrisk management.
Ichigo Office proposes the appointment of Mr. Maruo as a new Supervisory Director
because his multifaceted view as a real estate professional backed by his extensive
experience will enhance Ichigo Office’s monitoring functions and contribute tomaximizing shareholder value.
While Berkeley Global claims that Ichigo Office and Ichigo Investment Advisors “havean attitude that belittles shareholder value” and that “this is due to the inadequate
functioning of Ichigo Office in supervising and controlling Ichigo Investment
Advisors,” given that Ichigo Office’s returns have significantly exceeded the TSE REIT
Index, this claim does not appear to be based upon actual evidence.
Ichigo Office Total Returns & Outperformance vs. TSE REIT Index
1-year+9.73%+13.11%

Ichigo Office Total Returns
Outperformance vs. TSE REIT Index

3-year
+46.97%+17.16%10-year+129.23%+62.52%(As of March 17, 2023, the date of Berkeley Global’s EGM request – Bloomberg data)
At heart, the principle focus of J-REIT shareholders is generating a high return on theirinvestments. To deliver these high returns for shareholders, a J-REIT and its asset
management company require a cooperative relationship based upon mutual trust. It isvital that a J-REIT board of directors fully take advantage of this cooperation and trust
to exercise the board’s supervisory and control functions properly. Ichigo Office’s longtrack record of strong performance gives direct evidence that this cooperation and trust
has been firmly established between Ichigo Office and Ichigo Investment Advisors, andthat Ichigo Office’s supervisory and control functions have been properly exercised.
In sum, based upon a deeply subjective view and without careful examination of Ichigo
Office’s asset management policies and operations and its strong investment
performance driven by these operations, Berkeley Global is requesting an EGM that
consumes significant Ichigo Office resources and expense, demonstrating that in fact it
is Berkeley Global that is belittling Ichigo Office shareholder value. This also suggeststhat Berkeley Global’s proposed Executive Director and Supervisory Director
appointments may risk leading to the inadequate functioning of Ichigo Office’s
supervisory and control functions.
Ichigo Office and Ichigo Investment Advisors will continue to work to further expand
its supervisory and control functions, maintain and increase its outperformance versus
the TSE REIT index, and maximize shareholder value for Ichigo Office shareholders.
(Reference)
In accordance with Article 15, Clause 1 of Ichigo Office’s Articles of Incorporation, if ashareholder does not attend the shareholder meeting and does not exercise voting rights,
the shareholder shall be deemed to be in favor (“Deemed Approval”) of shareholder
meeting proposals (when multiple proposals are submitted, those proposals that conflictwith each other will be excluded from this Deemed Approval). Clause 3 of the sameArticle prescribes that an Ichigo Office shareholder who has held 1% or more of thetotal shares outstanding for six months or more can notify Ichigo Office (or eitherIchigo Office or the convener if the convener is a person other than an Executive4

Director or a Supervisory Director) that the shareholder is opposed to a proposal within
two weeks of either Ichigo Office making a public announcement on Ichigo Office’s
website regarding the submission of a shareholder meeting proposal for the election ofdirectors or other proposals stipulated in Clause 3 or the convener’s announcement of
the shareholder meeting by a method equivalent thereto, whichever is earlier. In such acase, Deemed Approval shall not be applied to that proposal.

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