Ichigo Office(8975)EGM Supplementary Materials
Ichigo Office (8975) Track Record of GrowthJune 9, 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

These materials supplement Ichigo Office’s May 25, 2023 release“Withdrawal of Ichigo Trust’s Proposals, Proposed Amendments to Articles
of Incorporation and Nomination of Directors, and Ichigo Office’s Position
on Berkeley Global’s Proposals.”© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

2

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

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

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

To Ichigo Office (8975) Shareholders
Ichigo Office’s no fixed fee, performance-fee only structure is an asset
management fee structure that is aligned with shareholders and tied toshareholder returns.
J-REIT shareholders have a shared interest in maximizing the dividend andshare price, and it is Ichigo Office’s mission to meet these shareholder
expectations.
Ichigo Office’s long-term returns significantly outperform the TSE REIT Index due
to the relationship of trust and cooperation between Ichigo Office and its
asset management company, Ichigo Investment Advisors (“IIA”), and is proofof the effectiveness of the supervisory and monitoring functions of Ichigo
Office’s Board of Directors.
Upon careful review of the shareholder proposals from Berkeley Global, LLC(“Berkeley Global”) and Ichigo Trust Pte. Ltd. (“Ichigo Trust”), Ichigo Office has
decided to maintain the no fixed fee, performance-fee only structure approved atthe 2020 Shareholder Meeting and believes it appropriate for the asset
management company to reflect improved operational efficiency in a lower fee rate
for the benefit of shareholders.
Ichigo Office truly appreciates the continued support of all shareholders and willcontinue to strive to maximize shareholder value.
© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Office (8975) Track Record of Growth Ichigo Office’s Outperformance Versus TSE REIT Index
 Robust Dividend Growth Robust NAV per Share Growth Strengthened Financial Base: Market Price LTV Decrease Due to Value Creation
 Strengthened Financial Base: Increased Stability Via Improved Credit Ratings
 Driving Sustainability (1) First J-REIT to Transition to Renewable Energy
 Driving Sustainability (2) Pro-Active Environmental Certifications
Ichigo Office’s Shareholder Alignment & Value Creation
 Ichigo Office’s Shareholder Value Creation
 No Fixed Fee, Performance Fee-Only Structure Global Best Practice Governance Ichigo J.League Shareholder Program
EGM Proposals
 EGM Background Berkeley Global’s Lack of Engagement
 Proposal 1: NOI & Dividend Performance Fee Rate
 Proposal 2: Amend Gains on Sale Performance Fee Proposal 3: Amend Gains on Merger Performance Fee Proposal 4: Amend Gains on REIT TOB Sale Performance Fee Proposals 5&6: Executive Director & Supervisory Director Appointments
 Proposals 7&8: Upper Limits on Director Compensation & Number of Directors
 Proposals 12&13: Executive Director & Supervisory Directory Appointments (Reasons Opposing
Berkeley Global Proposals)
 Dear Ichigo Office Shareholders
Appendix: Comparison of Performance Versus Star Asia
 Value Per Share© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Office (8975) Track Record of Growth© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Office’s Outperformance Versus TSE REIT Index– Returns Have Significantly Exceeded the TSE REIT Index– Outperformance vs. TSE REIT Index (Total Return Basis) Over a 10-Year
Period is +62.52%
Shareholders’ Total Returns(Dividends and Share Price Growth)

1-yearTotal Returns
Outperformance vs.
TSE REIT Index

3-year10-year+9.73%+46.97%+129.23%+13.11%+17.16%+62.52%

Total Returns assume reinvested dividends using an end date of March 17, 2023, the date of Berkeley Global’s EGM request
Source: Bloomberg data

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

9

Robust Dividend Growth
4,132(Forecast)

2,508

(JPY)
2,255
2,150
1,904 1,923

1,930 1,964

2,163

2,230
2,132

2,185

2,014

2,052

1,706 1,740
1,494

1,537 1,541 1,547

1,603

1,387
1,219
979*

1,031 *

2011
Apr
Oct

2012
Apr
Oct

2013
Apr
Oct

2014
Apr
Oct

2015
Apr
Oct

2016
Apr
Oct

2017
Apr
Oct

2018
Apr
Oct

2019
Apr
Oct

2020
April Oct

2021
Apr
Oct

2022
Apr
Oct

2023
Apr
(Forecast)* Reflects 1-to-7 stock split upon Nov 1, 2011 merger© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Robust NAV Per Share Growth(JPY)91,618 93,193 92,787 92,874 92,958

70,11756,376 55,510 54,711 56,598

2012
Apr
Oct

2013
Apr
Oct

58,170 59,694

2014
Apr
Oct

73,49376,40078,336

81,15584,07685,957

95,053

97,97087,934

63,140

2015
Apr
Oct

2016
Apr
Oct

2017
Apr
Oct

2018
Apr
Oct

2019
Apr
Oct

2020
Apr
Oct

2021
Apr
Oct

2022
Apr
Oct

NAV per Share = (Net Assets After Deduction of Dividends + Unrealized Gains)/No. of Shares Outstanding at Fiscal Period-End© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Strengthened Financial Base:

Market Price LTV Decrease Due to Value Creation
Market Price LTV Has Continuously Decreased Thanks to Ichigo Office’s
Value Creation, Earning High Marks From Financial Institutions and Credit
Rating Agencies
60.0%Interest-Bearing Liabilities Ratio
Market Price LTV (Appraisal Value-Basis)
Book Value LTV (Total Assets-Basis)

57.1%

55.0%

56.3%

56.2%

54.5%
50.0% 50.0%

50.0%

49.9%
49.0%

48.8%
48.8%

47.2%

46.9%

45.3%
45.2%

45.0%

46.8%
44.9%

43.7%

47.5%

46.9%
47.6%

45.9%
46.8% 46.9%

46.0% 45.7%

44.0%

48.1% 48.0% 48.1% 48.2%

46.1% 46.2%

48.9% 48.9% 48.8% 49.2%

45.2% 45.4% 45.5%

45.6% 45.6%

Oct
2019

Apr
2021

45.2%

44.7%

43.1%

40.0%
Apr
2012

Oct
2012

Apr
2013

Oct
2013

Apr
2014

Oct
2014

Apr
2015

Oct
2015

Apr
2016

Oct
2016

Apr
2017

Oct
2017

Apr
2018

Oct
2018

Apr
2019

Apr
2020

Oct
2020

Oct
2021

Apr
2022

Oct
2022

Book Value LTV (Total Assets-Basis): Interest-Bearing Liabilities ÷Total Assets
Market Price LTV (Appraisal Value-Basis): Interest-Bearing Liabilities ÷ Total Appraisal Value
Note: Post-merger LTV only (Merged on November 1, 2011)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Strengthened Financial Base:

Increased Stability Via Improved Credit Ratings
Raised to A+ (Stable) in October 2022 From A- (Stable) in June 2015
Credit Ratings by the Japan Credit Rating Agency (JCR)

PeriodJun 2015

Aug 2017

Aug 2018

Sep 2021

Oct 2022

Rating

A-

A-

A

A

A+

(Stable)(Positive)(Stable)(Positive)(Stable)Current Rating Evaluation(1) Stability of Earnings and Cash Flows- Asset and tenant diversification, NOI yield and occupancy maintained during the Covid
pandemic(2) Financial Stability- Stable control of total assets-based LTV (book value-basis), securing unrealized gains(3) Stable Fund Procurement- Megabank-centered lender formation, successful bond issuances, extended the averageloan duration, diversified loan due dates© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Driving Sustainability (1)First J-REIT to Transition to Renewable Energy
RE100 (Net Zero Carbon)
・ Ichigo Office competed transitioning all assets to renewable energy by the April
2022 fiscal period to become the first J-REIT ever to go 100% renewable
・ Ichigo Group RE100* Target: Sourcing 100% renewable electricity across its
operations by 2025
* RE100 is a global initiative to accelerate the transition of electricity used by businesses to100% renewable energy.

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

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Driving Sustainability (2)Pro-Active Environmental Certifications
GRESB Real Estate Assessment- Received 3 Stars in GRESB Rating 5
years in a row- Received Green Star designation 6
years in a row, in recognition of its ESGrelated policies and organizational setup(the “Management Component”), andenvironmental performance of assets aswell as tenant engagement (the“Performance Component”)

Environmental Certifications- Environmental Certifications
19 Certifications (18 Assets)- 31.1% of Total Leasable Office Area
CASBEES Rank (3 assets)

A Rank (7 assets)

BELS
2 Stars ★★ 1 Star ★

DBJ Green Building
2 Stars ★★ 1 Star ★

Tokyo Low-Carbon Small and Medium-Sized Model Buildings
A2+
A1+
A1
(3 Assets)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Office’s Shareholder Alignment & Value Creation© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Office’s Shareholder Value Creation (1)– Increased Asset Value and Earnings Via Continuous Value-Add Capex– Maintaining High ROI Levels
Ichigo Jingumae Building

Ichigo Nogizaka Building

Ichigo Kudan 2 Chome Building

Value-Add Capex
Stairway to basement floor
・ Upgrade HVAC
・ Stairway tobasement floor
・ Common areas
・ Upgrade elevators
・ Entrance hall・ Facade・ Entrance

Value-Add Capex
・ Tenant space,
Common floor
・ Facade・ Entrance hall・ Moving andenlarging bathrooms
・ Ichigo Lounge mini

Value-Add Capex
・ Entrance
・ Entrance hall・ Hallways

Entrance Hall

Acquired New
Tenants at

Entrance+38.5%
vs. Previous
Rent

Elevator Hall

FacadeHallway

Capex: JPY 104M

Capex: JPY 87M

Capex: JPY 34M

ROI

ROI

ROI

33.9%

18.3%

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

71.2%
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Ichigo Office’s Shareholder Value Creation (2)– Driving Tenant Satisfaction Via Tailored Services– Increasing Earnings of Owned Assets and Achieving Rapid Lease-Ups
Ichigo Higashi Ikebukuro Building

Ichigo Uchi Honmachi Building

Ichigo Uchikanda Building

Ichigo Lounge

Ichigo Lounge

Ichigo Layout Office・Providing Ichigo Lounge to drive tenantsatisfaction
・Offering comfortable communication space

Providing mobile
furniture to allow
tenants to flexibly
change layouts,
reducing tenants’ startup costs

Exterior

Generating
substantially higher
rents reflecting higher
value for tenants byoffering shared-use
space exclusive fortenants

Ichigo Lounge
Floor Reception

Exterior

Tenant space renovation
generating higher rent

Ichigo Lounge

Ichigo Lounge formore communication

Meeting rooms forcommon use of
all tenants

Conversation space

Meeting rooms
offering flexible layout

Capex: JPY 29M

Capex: JPY 19M

Capex: JPY 24M

ROI

ROI

ROI

32.4%

35.1%

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

25.2%
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No Fixed Fee, Performance Fee-Only Structure (1)Ichigo Office’s No Fixed Fee, Performance Fee-Only Structure is directly
linked to shareholder returns, based on value per share generated by theasset management company. It represents Ichigo Office and IIA’sshareholder-aligned asset management philosophy and execution

Maximize long-term shareholder value
No Fixed Fee,
Performance
Fee-Only
Structure

Value creation of Ichigo Office-owned assets
Shareholder aligned asset management© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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No Fixed Fee, Performance-Fee Only Structure (2)– This Fee Structure was Introduced in the Midst of Covid Uncertainty,
Based on Shareholder Feedback– This Fee Structure Compensates Directly for Increases in Shareholder
Value, Breaking Away From the Traditional Fee Structure That
Compensates Simply for Increased Assets
Ichigo Office’s Asset Management Fee Structure
Fee Basis

Details

NOI/Dividend

Received in line with asset management performance

Gains on Sale

Received in line with contributions to gains on sale

Gains on Merger

Received in line with increase in value of Ichigo Office(owned assets)

Gains on REIT
TOB

Received in line with increase in value of Ichigo Office(owned assets)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Global Best Practice Governance– All Ichigo Office Directors are Independent Directors With No Material
Relationships With the Asset Management Company or the IchigoGroup Only 3 J-REITs, including Ichigo Office (8975) and Ichigo Hotel(3463), have a Board with a majority of Independent Directors
who are independent from the sponsor group– Executive Director and Supervisory Director Candidates Proposed by
Ichigo Office on the EGM Agenda are Also Independent© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo J.League Shareholder Program
Represents Two Firsts for a Shareholder Program in Japan− First Japanese company to include not just its own shareholders, but also theshareholders of the REITs and YieldCo that it manages, in its shareholder program(70,000 shareholders total)− First company to offer shareholders free tickets to every J.League game at every
J.League club

Ichigo is deepening its partnership with the J.League and working tofurther Ichigo’s mission of promoting local community development.

Ichigo J.League Shareholder Program Website Landing Page
© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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

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EGM Background
Date
February 9, 2023

Details・First meeting with Berkeley Global
・Ichigo Office receives Questionnaire from Berkeley Global

February 17, 2023

・IIA sends Response (1) to Berkeley Global

February 24, 2023

・Ichigo Office receives Shareholder Request from Berkeley Global (request for response by
March 10)・IIA sends Response (2) to Berkeley Global (response within deadline)

March 10, 2023

March 17, 2023

Excerpt from Response (2)As previously explained, IIA believes that the current asset management fee structure isappropriate because it links the interests of the shareholders and the asset management company
and was approved by shareholders. On the other hand, IIA believes that, as it strives to growshareholder value, it must constantly be re-examined.
Please continue to provide us with your candid opinion, including feedback on how to improve theasset management fee structure as a value Ichigo Office shareholder. If we receive further
feedback from you, we will carefully review your feedback, and request that we continue having
discussions.
No contact from Berkeley Global despite Ichigo Office's request to continue discussions
・Ichigo Office receives Shareholder Request for EGM Convocation and Request for Copy of
Shareholder Registry from Berkeley Global
・Berkeley Global claims that "IIA is not taking its proposals seriously," misleading shareholders

May 25, 2023

・Ichigo Office announces Withdrawal of Ichigo Trust's Proposals, Proposed Amendments to
Articles of Incorporation and Nomination of Directors, and Ichigo Office's Position on
Berkeley Global's Proposals© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Berkeley Global’s Lack of Engagement
Aug 2022: Berkeley Global Acquires More Than 3% of Ichigo Office Shares
2022
Aug

Sept

Oct

2023
Nov

Dec

Jan

Feb

Mar

May

Apr

Jun

No Contact or Communication From Berkeley Global
2/9 17 24 3/10 17

6 months
BG acquires over 3%29

4/27 5/12 25

First meeting with Berkeley Global

6/23

EGM

IIA responds to questionnaire
Receive shareholder requests from Berkeley Global
IIA requests response and continued communications
Receive shareholder request to convene shareholder meeting from Berkeley Global
Shareholders who have owned
3% or more of Ichigo Officeshares for more than six
consecutive months have theright to request to convene ashareholder meeting, pursuant
to the Investment Trusts Act

Ichigo Trust objects to Berkeley Global proposals
Receive shareholder proposals from Ichigo Trust
Berkeley Global objects to Ichigo Trust’s proposals
Ichigo Office’s Board of Directors decides on EGM date and agenda© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

25

Proposal 1: NOI & Dividend Performance Fee Rate
Although Maintaining an Appropriate Fee Level That Contributes toShareholder Returns is as Important, Ichigo Office is Proposing a c.11%
Fee Reduction to Improve Operational Efficiency
Current AOI: DPS (before deduction of NOI & Dividend Performance Fee) x NOI x 0.0054%

Proposal 1(Ichigo Office Proposal)

Amendment: DPS (before deduction of NOI & Dividend Performance Fee) x NOI
x 0.0048%
Rationale-

Proposing an 11% fee reduction to improve operational efficiency after receiving
shareholder proposals from BG and Ichigo Trust, and conducting a fee level
analysis.

-

Set lower fee after confirming that IIA’s management structure can continue toprovide a high level of service with a hands-on approach that prioritizes tenantand customer satisfaction, despite the associated costs.

-

Going forward, it is reasonable to expect IIA to continue improving operational
efficiency and repay the outcome to shareholders via lower fees whenappropriate.

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

26

Proposal 2: Amend Gains on Sale Performance Fee
Although Necessary to Set an Appropriate Fee Level That Contributes toShareholder Returns, Ichigo Office is Proposing a Fee Reduction byadjusting for the NOI & Dividend Performance Fees in Proposal 1
Current AOI: Gains on Sale of a real estate asset (before the deduction of Gains on Sale
Performance Fee) x 15%
Amendment: Should a Gains on Sale Performance Fee arise, the amount will be
subtracted from the NOI & Dividend Performance Fee
Proposal 2(Ichigo Office Proposal)

Rationale-

The Gains on Sale from an asset sale is the realization of asset management
activities that increased asset value, and it is necessary to pay a fee linked toperformance to appropriately incentivize the asset management company to drive
long-term shareholder value under the no fixed fee, performance fee-only structure.

-

When introducing the current AOI, Ichigo Office set the Gains on Sale Performance
Fee at a level that would not result in an increase over the then-existing fee
structure. However, along with adjusting the NOI & Dividend Performance Fee,
Ichigo Office has decided to subtract the Gains on Sale Performance Fee from the
NOI & Dividend Performance Fee, resulting in lower fees.

-

The Gains on Sale Performance Fee is paid for the realization of asset
management performance and is aligned with the philosophy of the no fixed fee,
performance fee-only structure.

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

27

Proposal 3: Amend Gains on Merger Performance Fee
Based on Unrealized Gains at the Time of Merger, Paid as Compensation
for Creating Value (Driving Value per Share)
Current AOI: Gains per Share at the Time of Merger x Number of Shares Outstanding x 15%

Proposal 3(Ichigo Office Proposal)

Amendment: Gains per Share at the Time of the Merger Agreement x Numberof Share Outstanding at the Time of the Merger Agreement x 15%
Rationale-

Similar to the Gains on Sale Performance Fee, the Gains on Merger
Performance Fee compensates for long-term asset management performance,
linked to unrealized gains on all assets calculated as of the merger agreement
date.

-

Uses the same rate as the Gains on Sale Performance Fee because the Gainson Merger Performance Fee similarly incentivizes the asset managementcompany to drive long-term shareholder value.

-

Has the opposite effect of a takeover defense measure and promotes M&A
because the fee incentivizes the asset management company to proactively
assist in the merger and TOB process if the offer benefits shareholders.

-

Clarify relevant sections that were unclear in the current AOI.

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

28

Proposal 4: Amend Gains on REIT TOB Sale Performance Fee
Based on Unrealized Gains at the Time of TOB Date, Paid as
Compensation for Creating Value (Driving Value per Share)
Current AOI: Gains per Share x Number of Shares Purchased in TOB x 15%

Proposal 4(Ichigo Office Proposal)

Amendment: Clarify details regarding requirements for the payment of Gains on
REIT TOB Sale Performance Fee
Rationale- Similar to the Gains on Sale Performance Fee, the Gains on REIT TOB Sale
Performance Fee compensates for long-term asset management performance,
linked to unrealized gains on all assets calculated as of the TOB date.
- Uses the same rate as the Gains on Sale Performance Fee because the Gains on
REIT TOB Sale Performance Fee similarly incentivizes the asset managementcompany to drive long-term shareholder value.
- Has the opposite effect of a takeover defense measure and promotes M&A
because the fee incentivizes the asset management company to proactively assist
in the merger and TOB process if the offer benefits shareholders.
- Clarify relevant sections that were unclear in the current AOI.

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

29

Proposals 5&6: Executive Director & Supervisory Director
Appointments

Proposal 6(Ichigo Office
Proposal)

Proposal 5(Ichigo Office
Proposal)- The Current Directors’ Supervisory and Monitoring Functions are Reflected in
Ichigo Office’s Performance, and Maintaining the no Fixed Fee, Performance
Fee-Only Structure Contributes to Driving Shareholder Value- As Ichigo Office Strives to Grow Shareholder Value, it Proposes to Appoint New
Executive & Supervisory Directors with Extensive Experience and Skills
Appointment of Mr. Takafumi Kagiyama as Executive Director
Rationale
Appoint Mr. Takafumi Kagiyama, a real estate and finance expert who fully comprehends Ichigo
Office’s no fixed fee, performance fee-only structure, as an Executive Director. Mr. Kagiyama is a
global management professional with extensive experience and knowledge of capital markets inand outside Japan. Ichigo Office expects Mr. Kagiyama to contribute to maximizing
shareholder value and attracting investments from high-quality, long-term investors who
expect implementation of global best practices.

Appointment of Mr. Yuji Maruo as Supervisory Director
Rationale
Mr. Maruo has long been engaged in the development, sales, and leasing of mid-size buildings,
Ichigo Office’s main real estate category, and is a real estate management professional withextensive experience and knowledge of the real estate market. Ichigo Office expects Mr.
Maruo’s multifaceted view as a real estate professional will contribute to enhancing Ichigo
Office’s monitoring functions and maximizing shareholder value.

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

30

Proposals 7&8: Upper Limits on Director Compensation &Number of Directors

Proposal 8(Ichigo Office
Proposal)

Proposal 7(Ichigo Office
Proposal)- Appropriate Director Compensation is Very Important for Shareholders, and in
Order to Ensure Transparency and Objectivity of Director Compensation, Ichigo
Office is Proposing That Director Compensation be Determined by Shareholder
Meeting Approval and to Reduce Upper Compensation Limits by 10%- Limit Maximum Number of Directors to Five, a Sufficient and Appropriate
Number for Board of Director Functions, to Prevent Any Issues From theIncrease in Director Compensation Due to the Increased Number of Directors
Reduce Upper Limit of Director Compensation and add Director compensation
shareholder approval requirement
Amendment Details- Upper limit of Director Compensation
Executive Director (JPY 800,000 per month→JPY 720,000 per month)Supervisory Director (JPY 500,000 per month→JPY 450,000 per month)- Approval: Board of Directors → Shareholder Meeting- Applicable from the date of the General Shareholders Meeting held after EGM
Set Maximum Number of Directors
Amendment Details- Maximum Number of Directors (New): 5- Applicable from the date of the General Shareholders Meeting held after EGM© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

31

Proposals 12&13: Executive Director & Supervisory Director
Appointments (Reasons Opposing Berkeley Global Proposals)
Ichigo Office Has Determined That Berkeley Global’s Proposals Do Not
Contribute to Shareholder Value, and Opposes Their Proposals

Proposal 13(Berkeley
GlobalProposal)

Proposal 12(Berkeley Global Proposal)

Appointment of Mr. Toru Sugihara as an executive director
Reasons for Objection (Ichigo Office Opposes Proposal 12 Due to the Following Reasons)- Mr. Sugihara has expressed views on Ichigo Office’s shareholder-aligned asset
management philosophy without fully understanding it- Currently a Manager, Mr. Sugihara has been a Star Asia Group (“Star Asia”) employee since
2015- Star Asia’s Investment Corporation (Appendix: Performance Comparison with Star Asia
Investment Corporation) is a competitor of Ichigo Office, resulting in a conflict of interest- There is concern that Mr. Sugihara may use information about Ichigo Office to make decisions
and act in a way that prioritizes the profits and interests of Star Asia over the profits of Ichigo
Office and Ichigo Office shareholders- Monthly director compensation is set at JPY 10,000 and economically reliant on Star Asia
- Ichigo Office is proposing the appointment of an appropriate Director (Proposal 5)

Appointment of Mr. Akihiko Fujinaga as a supervisory director
Reasons for Objection (Ichigo Office Opposes Proposal 13 Due to the Following Reasons)- In light of the circumstances of Mr. Fujinaga’s nomination and his relationship with Mr.
Sugihara, Ichigo Office cannot rule out the possibility that he may prioritize the interests of
Mr. Sugihara.
- Ichigo Office is proposing the appointment of an appropriate Director (Proposal 6)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

32

Dear Ichigo Office Shareholders
Ichigo Office’s Board of Directors is comprised of independent directors
who have no relationship with Ichigo Office’s asset management company
or the Ichigo group. Upon careful review of both Ichigo Trust’s andBerkeley Global’s proposals under this independent governance system,
Ichigo Office’s Board of Directors has decided to support Ichigo Trust’s
proposals and propose them as Ichigo Office for approval at theExtraordinary Shareholder Meeting (EGM).
Ichigo Office has continued its efforts to maximize shareholder value andas described in this material, has significantly outperformed TSE REIT
Index.
We will continue our efforts with our commitment and gratitude towards ourshareholders.
We ask for your support for our proposal and vote FOR Proposals 1~8 andvote AGAINST Proposals 9~14.
FOR Ichigo Office Proposals: Proposals 1~8
AGAINST Berkeley Global Proposals: Proposals 9~14
© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

33

Ichigo Office Overview
Investment Corporation

as of June 1, 2023

Name

Ichigo Office REIT Investment Corporation

Securities Code8975

Address

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Executive Director

Keisuke Chiba

Portfolio Assets

88 Assets

Portfolio Value

JPY 212.1B (based on acquisition price)

Fiscal Periods (Semi-Annual)November – April; May – OctoberAsset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President & Executive Officer

Hiroshi Iwai

Registration & Membership

Financial Instruments Dealer License (Investment Management Services,
Investment Advisory & Agency Services, and Type II Financial Instruments
Services): Minister of Finance, Kanto Financial Bureau #318

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

34

Appendix: Comparison of Performance Versus Star Asia

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

35

Value Per ShareDPS (Index with the basis of the actual results of 12 fiscal periods ago as 100)

Immediate Period - Ichigo Office: Oct 2022, Star Asia: January 2023

220
Ichigo Office

217.0Star Asia

180
142.1
140
101.0

131.0
101.4

119.5

118.4

100

12 periods 11 periods 10 periods 9 periods
ago
ago
ago
ago

117.1

110.4

107.7

89.6

89.1

60

113.6

116.5

105.8

100.0

112.9

103.2

8 periodsago

7 periodsago

6 periodsago

5 periodsago

4 periods
ago

112.0

114.8

94.0

95.0

3 periodsago

2 periods
ago

131.7

107.8

94.9

95.8

99.7

1 periods Immediate Following
ago
periodperiod(Forecast)

NAV (Index with the basis of the actual results of 12 fiscal periods ago as 100)

Immediate Period - Ichigo Office: Oct 2022, Star Asia: January 2023

130
Ichigo OfficeStar Asia

120
119.9
110
100.0

110.0

102.5

112.5

98.0

98.4

100.7

103.7
98.5

121.4

121.6

121.7

127.1

115.1

106.2

100

122.0

124.4

100.1

104.6
101.5

99.9

107.0

109.6

101.5

90
12 periods 11 periods 10 periods 9 periods 8 periods 7 periods 6 periods 5 periods 4 periods 3 periods 2 periods 1 periods Immediate
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
periodCalculated by IIA based on Bloomberg and Nikkei Value Search data
© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

36

Value Per ShareNOI (Index with the basis of the actual results of 12 fiscal periods ago as 100)
Immediate Period - Ichigo Office: Oct 2022, Star Asia: January 2023

120
Ichigo Office
107.5

110
104.0

Star Asia
105.9

111.3

111.9

113.3

115.2

114.8
116.6

108.3

112.5

111.5
107.3

100.0
100

103.1
95.1

90

97.7

99.1

100.2

98.7

100.1

100.3

100.3

101.9
97.5

94.7

89.6
80
12 periods 11 periods 10 periods 9 periods 8 periods 7 periods 6 periods 5 periods 4 periods 3 periods 2 periods 1 periods Immediate Following
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
ago
PeriodPeriod(Forecast)Calculated by IIA based on Bloomberg and Nikkei Value Search data

PBR (as of May 31, 2023)

Ichigo Office

1.35X

Star Asia

1.07X
Calculated by IIA based on Bloomberg© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

37

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 of
Ichigo 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.

38