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.

October 31, 2022
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Takaaki Fukunaga, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Norio Nagamine, Head of Ichigo OfficeTel: +81-3-3502-4891

Revision to Conditions for Exercise of Preferential Negotiation Right(GK Kizuna1)
Ichigo Office is revising the conditions for the exercise of its preferential
negotiation right received as part of acquiring a TK (tokumei kumiai) equity interestin a bridge fund (“Ichigo Office Bridge Fund”), as announced in the January 27,
2022 release “Acquisition of TK Equity Interest in Four Office Assets (BridgeFund) and Preferential Negotiation Right With Sponsor Support.”
1. Revision Details(Revisions are underlined)

Before Revision

After RevisionConditions for Exercise of Preferential Conditions for Exercise of Preferential
Negotiation Right
Negotiation RightIf Ichigo Office offers to acquire the entire If Ichigo Office offers to acquire all or part
trust beneficiary interest at a priceof the trust beneficiary interest at a priceequivalent to or above the Acquisition
equivalent to or above the Acquisition
Price detailed below, the TK Operator
Price detailed below, the TK Operator
shall engage in negotiations in good faith shall engage in negotiations in good faithand make the sale to Ichigo Office should and make the sale to Ichigo Office should
an agreement be reached.
an agreement be reached.
Acquisition Price
JPY 12,570 million
Breakdown by Asset
Ichigo Hakataeki Higashi Building
JPY 3,500 million
Ichigo Hakata Meiji Dori Building
JPY 3,080 million
Fukuoka Kensetsu Kaikan
JPY 2,750 million
Ogaku Building
JPY 3,240 million(all prices above exclude tax)

Acquisition Price
JPY 12,570 million
Breakdown by Asset
Ichigo Hakataeki Higashi Building
JPY 3,500 million
Ichigo Hakata Meiji Dori Building
JPY 3,080 million
Fukuoka Kensetsu Kaikan
JPY 2,750 million
Ogaku Building
JPY 3,240 million(all prices above exclude tax)1

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The underlying assets of the trust beneficiary interest are the four mid-size officeassets listed under “Breakdown by Asset” above.
2

The TK Operator is GK Kizuna1, as announced in the January 27, 2022 release“Acquisition of TK Equity Interest in Four Office Assets (Bridge Fund) andPreferential Negotiation Right With Sponsor Support.”
2. Revision Rationale
As announced in the January 27, 2022 release “Acquisition of TK Equity Interest inFour Office Assets (Bridge Fund) and Preferential Negotiation Right With Sponsor
Support,” Ichigo Office acquired a TK equity interest in the Ichigo Office Bridge Fundand received a preferential negotiation right, free of charge, to the four underlying
office assets in the bridge fund. Ichigo Office and the TK Operator agreed to revising
the conditions to provide Ichigo Office greater flexibility with respect to strategicacquisitions.
Reference: January 27, 2022 Release “Acquisition of TK Equity Interest in Four Office
Assets (Bridge Fund) and Preferential Negotiation Right With Sponsor Support”
www.ichigooffice.co.jp/news/news_file/file/IchigoOffice_20220127_TK_Equity_Acquisition_ENG.pdf
3. Revision DateOctober 31, 2022
4. Earnings Impact
There is no impact on Ichigo Office’s October 2022 fiscal period earnings announced inthe June 14, 2022 release “April 2022 Fiscal Period Earnings” and April 2023 fiscal
period earnings announced in today’s release “April 2023 Earnings Forecast Revision.”
Ichigo Office will continue to drive shareholder value via strategic acquisitions.

2