Ichigo Office(8975)

Strategic Portfolio Restructuring Update
January 24, 2023

Ichigo Office REIT Investment Corporation (8975)
Ichigo Investment Advisors Co., Ltd.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

www.ichigo-office.co.jp/en

This material provides supplementary explanatory information withrespect to Ichigo Office’s asset acquisitions and sale during the April
2023 fiscal period, as detailed in the below releases:“Sale of Portfolio Asset (Ichigo Ikenohata Building),” October 31, 2022
“Acquisition of Office Asset (Ichigo Marunouchi South Building),”November 24, 2022
“Acquisition of Two Office Assets (Ichigo Hakataeki Higashi Building,Fukuoka Kensetsu Kaikan),” January 24, 2023 (Today)
The sale of the Ichigo Ikenohata Building and the acquisitions of theIchigo Marunouchi South Building, the Ichigo Hakataeki Higashi
Building, and the Fukuoka Kensetsu Kaikan are collectively referred toas the “Asset Acquisitions and Sale” in this presentation© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Make The World
More Sustainable© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Asset Acquisitions & Sale Impact
Asset Sale: Monetize Growth in Asset Value Generated by Value-Add &Drive Earnings Growth Sale Price: 1.9X Appraisal Value, 2.1X Book Value— Feb 2022 Sale of Ichigo Akasaka 5 Chome Building Also >2X Book Value— Gains on Sale of JPY 4.4B to be Distributed via Apr 2023 Dividend, Retaining
JPY 103M for Internal Reserves
April 2023 Dividend Forecast (Announced Dec 15, 2022): JPY 4,132

Asset Acquisitions: Investing in High-Quality, Prime Location, Mid-Size
Office Assets With Upside Potential
 Further Drive Dividend and Growth in Shareholder Value Acquired 2 Assets (JPY 6.2B) From Bridge Fund Created With SponsorSupport
 Contributing Towards a Diversified Portfolio With High Earnings Stability— Acquired 1 Mid-Size Office Located in Nagoya City Center & 2 Mid-Size
Offices Located in Fukuoka’s Prime Central Business District (CBD)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Overview of Asset Acquisitions & Sale
BeforeAcquisitions &Sale

Asset Sale

Asset Acquisitions

AfterAcquisitions &Sale

Asset Size

86 assets/
JPY 209.2B

1 asset/JPY 5.1B

3 assets/
JPY 8.0B

88 assets/
JPY 212.1B

Office %96.8%––96.9%Central Tokyo %54.8%––54.1%

Tokyo Metropolitan
Area %

24.6%––21.8%

Four Major
Regional Cities %14.9%––18.5%

Occupancy

96.5%

100%

94.7%

96.5%

Number of Tenants

938

765995

Annual NOI

JPY 11.13B

JPY 250M

JPY 370M

JPY 11.24B(as of October 31, 2022)

Ichigo Ikenohata Building© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Ichigo Marunouchi South Building
Ichigo Hakataeki Higashi Building
Fukuoka Kensetsu Kaikan5

Drive Shareholder Value via Strategic Portfolio Restructuring
Optimize Portfolio & Drive Growth in Asset & Shareholder Value
Portfolio Restructuring Since 2017
(Timing of Most Recent PO)
AssetSales

AssetAcquisitions

13 Assets
Total Sales Price JPY 31.6B(Gains on Sales JPY 8.4B)

Bridge Fund

Recent Asset Acquisitions
High-quality, mid-size offices in Nagoya &Fukuoka

Acquisition Price*

JPY 6,320M

Total AppraisalValueJPY 6,740M
JPY 38M

15 AssetsTotal Acquisition Price JPY 39.9B

TK Equity
Investment
Exercise Period*

January 31,2025

NOI Increase

Underlying
Assets2

JPY +630M p.a.

NOI Increase = Forecast NOI of acquired
assets calculated by IIA minus actual NOI ofsold assets

Portfolio Size (JPY B)

Office %212.1

Impact194.5+17.6B(+9.1%)

Before Portfolio
Restructuring(December 31, 2016)

After Portfolio
Restructuring(January 27, 2023)

96.9%
88.1%

Ogaku Building+8.8ppt

Before Portfolio
Restructuring(December 31, 2016)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

After Portfolio
Restructuring(January 27, 2023)

Ichigo Hakata Meiji Dori Building* Ichigo Office preferential negotiation right6

Robust Sourcing to Support Acquisition-Driven GrowthAcquisitions Leverage Both Sponsor Support & Ichigo Office’s Sourcing Network
Cumulative
Acquisitions
JPY 162.1B

Acquisitions and Sales since Transition to Specialized Office REIT in Oct 2015 (Cumulative, JPY B)■ Acquisition from Sponsor ■ Acquisition from Third Party■ Sale to Sponsor■ Sale to Third Party

50.9

54.4

56.3

63.9

62.4

67.7

71.6

80.2

82.582.5

82.5

82.5

67.6

74.7

Acquisition
fromSponsor
88.7(54.7%)

23.8

23.8

26.2

26.2

26.2

26.2

26.2

12.3

18.3

21.9

24.7

24.7

26.4

37.0

~ Oct 2022

CumulativeSales
JPY 63.3B~ Apr 2023

50.9

Cumulative
Acquisitions

38.4

Cumulative
Sales

19.3

19.3

7.9

12.3

~ Oct 2015

Acquisition
from ThirdParty
73.3(45.3%)~ Oct 2016

~ Oct 2017~ Oct 2018

~ Oct 2019~ Oct 2020

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

~ Oct 2021

7Ichigo Marunouchi South Building (O-98)
Mid-Size Office Located in Nagoya City Center
Asset Details

Building Exterior, Entrance Hall, & Location

Acquisition Price

JPY 1,750M

Appraisal Value

JPY 1,850M

Expected NOI Yield

4.8%

Asset TypeOfficeLocation

2-2-24 Nishiki, Naka-ku, Nagoya City, Aichi

Leasable Area

1,973.27m2

Structure

SRC, 8 floors

Date Built

January 1988

Occupancy

82.7% (as of December 31, 2022)

Location/Building Features• Mid-size office building located within a 2-minute walk from theMarunouchi Station on the Sakura Dori Subway Line• Area benefits from stable tenant demand spanning multiple industries
owing to its proximity to government buildings including the Aichi
Prefectural Office and the Nagoya City Hall
• Standard floor plate of 88 tsubo (290 m2) sub-divisible into five zones,
with raised access floors and individual air conditioning units thatcater to the needs of many tenants• Current tenants include the Nagoya branch offices of an IT company
and a logistics equipment manufacturing company, and a law firm

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

8Ichigo Hakataeki Higashi Building (O-99)
Mid-Size Office Located in Fukuoka’s Prime CBD
Asset Details

Building Exterior, Entrance Hall, & Location

Acquisition Price

JPY 3,500M

Appraisal Value

JPY 3,630M

Expected NOI Yield

4.5%

Asset TypeOffice

Location

1-13-9 Hakataeki Higashi, Hakata-ku,Fukuoka City

Leasable Area

3,596.71m2

Structure

SRC, 8 floors; RC, 1 floor

Date Built

October 1987

Occupancy

96.8% (as of December 31, 2022)

Location/Building Features• Mid-size office building located within a 4-minute walk from theChikushi Exit of Hakata Station, offering access to rail lines including
the JR Kagoshima Main Line and the Fukuoka City Subway Kuko Line• Area is part of Fukuoka’s main business/commercial district and hometo many office buildings• Standard floor plate of 135 tsubo (445m2) sub-divisible into 6 zones,
with raised access floors and individual air conditioning units thatcater to the needs of many tenants• Current tenants include the branch and sales offices of listedcompanies, construction companies, and a medical clinic© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

9Fukuoka Kensetsu Kaikan (O-100)
Mid-Size Office Located in Fukuoka’s Prime CBD
Asset Details

Building Exterior, Entrance Hall, & Location

Acquisition Price

JPY 2,750M

Appraisal Value

JPY 2,810M

Expected NOI Yield

4.6%

Asset TypeOfficeLocation

3-14-18 Hakataeki Higashi, Hakata-ku,
Fukuoka City

Leasable Area

2,949.22m2

Structure

Steel, 9 floors; RC, 1 floor

Date Built

November 1997

Occupancy

100% (as of December 31, 2022)

Location/Building Features• Mid-size office building located within a 2-minute walk from HigashiHie Station on the Fukuoka City Subway Kuko Line• Area is part of Fukuoka’s main business/commercial district and home
to many office buildings• Standard floor plate of 117 tsubo (386m2) sub-divisible into 5 zones,
with raised access floors and individual air conditioning units thatcater to the needs of many tenants• Current tenants include construction companies, an industryorganization, IT companies, and a real estate company© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

10Notes
Preconditions for the Overview of Asset Acquisitions & Sale (p.5)• Occupancy, Number of Tenants
Before Acquisitions & Sale: Data as of October 31, 2022
Asset Sale: As of actual date of sale
Asset Acquisitions: Data as of December 31, 2022
After Acquisitions & Sale: Data as of December 31, 2022 (including the Ichigo Marunouchi South Building) plus data for
the Ichigo Hakataeki Higashi Building and Fukuoka Kensetsu Kaikan as of December 31, 2022
• Annual NOI
Before Acquisitions & Sale: Annualized NOI for the October 2022 fiscal period (for assets acquired during the October
2022 fiscal period, NOI is calculated using the direct capitalization method based on appraisal value at acquisition)
Asset Sale: Annualized NOI for the October 2022 fiscal period
Asset Acquisitions: NOI is calculated using the direct capitalization method based on appraisal value at acquisition
After Acquisitions & Sale: NOI before acquisitions & sale minus NOI of asset sold plus NOI of assets to be acquired© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

11Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation (“Ichigo Office”).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management ofIchigo Office with respect to financial condition and future results of operations. These statements are based on certain
assumptions founded on currently available information. Accordingly, such statements are subject to risks, uncertainties andassumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary fromthose indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements.
These materials have been created by the management of Ichigo Office and Ichigo Investment Advisors Co., Ltd. (IIA) with thebelief that the information contained is accurate. However, there is no assurance given as to the accuracy, certainty, validity orfairness of any such information. Please note that the content of these materials is subject to revision or retraction without priornotice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail. No copying or reproduction of these materials or part of these materials is allowed withoutobtaining prior consent from Ichigo Office and IIA.

Make The World
More Sustainable

Ichigo Office IR Desk (8975)
TEL：+81-3-3502-4891
E-mail: IR_Office@ichigo.gr.jp
www.ichigo-office.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company.
We are taking responsibility for our environmental footprint by offsetting ourcarbon emissions and investing in low-carbon technologies such as solar energy.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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