Ichigo Office(8975)

Ichigo Office Total Return Growth Target (KPI)
June 14, 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

Ichigo Office Total Return Track Record & Ongoing KPI
Total Return Since Listing: +332.6%
Total Return(as of April period-end)

1-Year

3-Year

10-Year

Since
Listing

Ichigo Office Total Return+13.5%+54.1%+129.2%+332.6%

Ichigo Office Total Return p.a.

+13.5%+15.5%

+8.6%

+8.7%

TSE REIT Index Total Return p.a.

-1.4%

+10.1%

+5.5%

+5.6%

Ichigo Office Outperformance
vs. TSE REIT Index+14.9%

+5.4%

+3.2%

+3.1%

Ongoing KPI: Ichigo Office Total Return >8% p.a.
Total Return: Change in Share Price + Dividends (Reinvested) divided by Share Price
Since Listing: from October 12, 2005; 10-year period: from April 30, 2023; 3-year Period: from April 30, 2020; 1-year period: from April 28, 2022
Source: Bloomberg© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

2Ichigo Office’s Mission: Maximize Shareholder Value
Actions

Outcomes

OngoingValue-Add- Consistently create value regardless of market
environment via proactive deployment of
Ichigo’s value-add capabilities

Smart Capital Policy
to Drive
Shareholder Value- Use retained earnings to fund growth- Execute on both growth investments & sharebuybacks

Effective Use ofSponsor Pipeline- Acquire assets with earnings upside & drive
higher NOI, dividend, and NAV via value-add© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Appendix: Value-Add Capex Activity© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Higashi Ikebukuro Building− Increased rents on back of creating attractive shared-use space− Continue to strategically roll out Ichigo Lounge
Ichigo Higashi Ikebukuro Building (Toshima-ku, Tokyo)
Outcomes
CapexIchigo Lounge Reception

JPY 29M
Before: JPY 15,000

MonthlyRent(per tsubo)

Now: JPY 23,894(+59.3%)* Average Rent

NOI+JPY 9.5M p.a

ROI

32.4%

Monthly rent: compares rent of previous tenant vs. current tenant

Before Split

Ichigo Lounge Space
Exterior

After Split
38 tsubo

161 tsubo(Leased entirefloor to singletenant)

35 tsubo
25 tsubo
21 tsubo
12 tsubo

Leasable area decreased due to addition of common area
© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Jingumae Building
Increased Asset Value
Ichigo Jingumae Building (Shibuya-ku, Tokyo)
Outcomes

Exterior

Value-Add Capex Details

Capex

JPY 104M

NOI+JPY 35M p.a.

ROI

33.9%

Change inAppraisal Value+JPY 180M(+2.3%)

Stairway to B1F• Upgraded HVAC

• Renovated entrance• Upgraded stairs tohall• Renovated façade,entrance

B1F• Renovated sharedspaces• Upgraded elevators

Entrance Hall

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

Façade6

Ichigo Uchi Honmachi Building
Increased Tenant Satisfaction by Renovating to Meet Tenant Needs
Ichigo Uchi Honmachi Building (Chuo-ku, Osaka)• Divided floor used as tenant break room and meeting rooms to create Ichigo Lounge shared tenant space• Created comfortable and functional lounge and meeting rooms for tenant use• Remaining space is highly-functional tenant spaces

Outcomes
Capex

JPY 19M

NOI+JPY 7M p.a.

ROI

35.1%

Office Section(52 tsubo)

Tenant space renovation generated higher rent

Ichigo Lounge to foster increased
communication

2 meeting rooms open to all tenants© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

IchigoLounge7Ichigo Uchikanda Building
Created Shared Office Space Fostering Open Innovation
Ichigo Uchikanda Building (Chiyoda-ku, Tokyo)• Rolled out Ichigo Layout Office on 9F & 10F• Meeting rooms offering flexible layouts and conversation space to foster communication

Outcomes
JPY 24M

Capex
Monthly Rent
(per tsubo)

Before: JPY 16,500
Now: JPY 22,925

NOI+JPY 6M p.a.

ROI

25.2%

Exterior

9F tenant space (42 tsubo)

Conversation space

10F meeting room (36 tsubo)

Meeting rooms offering flexible layouts© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Nogizaka Building
Increased Asset Value via Value-Add Capex
Ichigo Nogizaka Building (Minato-ku, Tokyo)
Outcomes

Value-Add Capex Details

Capex

JPY 87M

Renovated
Tenant & Shared
SpacesNOI+JPY 16M p.a.

Renovated
Exterior &Entrance Hall

ROI
Increase in
Appraisal Value

18.3%+JPY 110M (+3.1%)

Moved &Expanded
Restrooms
Launched Ichigo
Lounge mini

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

• Increased tenant satisfaction & achieved

higher rents via offering stylish shared spaces
and highly functional office space• Added tiles and lighting to building façade anda luminous wall in the entrance area
• Moved and expanded restrooms and createdIchigo Lounge mini with counter space and afood vending machine to drive tenantconvenience

9Ichigo Kudan 2 Chome Building− Renovated after tenant move-out− Leased to new tenant at +38.5% rent increase
Ichigo Kudan 2 Chome Building (Chiyoda-ku, Tokyo)
Outcomes
Capex

JPY 34M

Leasing Results+38.5% Rent Increase

NOI+JPY 24M p.a.

ROI

71.2%

Increase in
Appraisal Value+JPY 223M(+23.8%)Elevator Hall

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

10Appendix: Sponsor Pipeline© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Access to Sponsor Ichigo’s Robust Pipeline of Office Assets
Sponsor Pipeline (20 Assets, JPY 74.7B)
No.

AssetLocation

1

Ogaku Building*Central Tokyo

2

Ichigo Hakata Meiji Dori Building*3

Office in Chiyoda-ku, Tokyo

Central Tokyo

4

Office in Chiyoda-ku, TokyoCentral Tokyo

5

Office in Minato-ku, Tokyo

Central Tokyo

6

Office in Minato-ku, Tokyo

Central Tokyo

7

Office in Minato-ku, Tokyo

Central Tokyo

8

Office in Shinagawa-ku, Tokyo

Central Tokyo

9

Office in Meguro-ku, Tokyo

Tokyo Metropolitan Area

10

Office in Koto-ku, Tokyo

Tokyo Metropolitan Area

11

Office in Taito-ku, Tokyo

Tokyo Metropolitan Area

12

Office in Musashino City, Tokyo

Tokyo Metropolitan Area

13

Office in Funabashi City, Chiba

Tokyo Metropolitan Area

14

Office in Sendai City, Miyagi

Other Regional Cities

15

Office in Utsunomiya City, Tochigi

Other Regional Cities

16

Office in Fukuoka City

Four Major Regional Cities

17Office in Fukuoka City

Four Major Regional Cities

18

Office in Fukuoka City

Four Major Regional Cities

19

Office in Fukuoka City

Four Major Regional Cities

20

Office in Fukuoka City

Four Major Regional Cities

Four Major Regional Cities

Sendai City,Miyagi

Fukuoka City

Fukuoka City

Chiyoda-ku,
TokyoTotal Value: JPY 74.7B* Ichigo Office preferred negotiation right© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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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 or
fairness 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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