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.

March 30, 2023
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: Yuji Kamo, Head of Ichigo OfficeTel: +81-3-3502-4891

Receipt of Objection Notification Regarding Extraordinary
Shareholder Meeting Proposals
As announced in “Shareholder Request for Convocation of Extraordinary Shareholder
Meeting” on March 17, 2023, Ichigo Office received a request from Ichigo Officeshareholder Berkeley Global, LLC (“Berkeley Global”) to convene an extraordinary
shareholder meeting (EGM).
On March 29, 2023 Ichigo Office received from an Ichigo Office shareholder ashareholder objection notification regarding some of the EGM proposals, as detailed
below.
1. Notifying Shareholder
Ichigo Trust Pte. Ltd.
1 North Bridge Road, 06-08 High Street Centre, Singapore 179094
Director: Navaid Ejaz Farooqi
Ichigo Trust has owned 1% or more of Ichigo Office shares continuously for more thansix consecutive months and is Ichigo Office’s largest shareholder.
2. Overview of the Notification(I) The Notifying Shareholder objects to the following proposals:
Appointment of Toru Sugihara as Executive Director
Appointment of Akihiko Fujinaga as Supervisory Director(II) Reason“Pursuant to Article 93, Clause 1 of the Act on Investment Trusts and Investment
Corporations, and in order to facilitate achieving a shareholder meeting quorum andsupport operational efficiency, like many J-REITs Ichigo Office has a so-called“Deemed Approval” provision in Article 15 of its Articles of Incorporation (AOI) that
stipulates that if a shareholder does not vote at a shareholder meeting, the shareholder
will be deemed to have voted Yes for the shareholder meeting proposals.
We have carefully reviewed the Executive Director and Supervisory Director
appointment proposals from Berkeley Global, and believe that they should require1careful shareholder deliberation and approval by a majority of shareholders. We thus
believe that Deemed Approval, which has the danger of not reflecting the will of themajority of shareholders, is inappropriate.
The exercise of voting rights is an important opportunity for shareholders to participate
in a REIT’s management and decisionmaking and proactively express their views.
However, Deemed Approval determines shareholder votes by deeming that shareholders
who do not vote have voted Yes. This creates the danger that shareholder meeting
results will be contrary to the decisions of shareholders who with careful deliberation
have actually voted. We are concerned that this could damage Ichigo Office’s value andthe shared interests of Ichigo Office shareholders.
Recognizing these negative effects, Article 15, Clause 3 of Ichigo Office’s AOI limits
the scope of Deemed Approval by stipulating that if a shareholder owning at least 1% of
total shares outstanding for at least six consecutive months submits an objection
notification to Ichigo Office regarding a shareholder meeting proposal, then DeemedApproval becomes inapplicable.
If Ichigo Office decides to convene an Extraordinary Shareholder Meeting, we plan toissue another objection notification as necessary, pursuant to Article 15, Paragraph 3 ofIchigo Office’s AOI. For the moment, we are notifying Ichigo Office and Berkeley
Global via this notification of our objection to the Executive Director and Supervisory
Director proposals.” (Japanese original, Ichigo Office translation)
3. Consideration and Response to Request for Convocation and Objection Notification
Ichigo Office and Ichigo Investment Advisors will carefully review both the request forconvocation and the objection notification and promptly disclose a response.

(Reference)
In accordance with Article 15, Clause 1 of Ichigo Office’s AOI, if a shareholder 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 conflict with each otherwill be excluded from this Deemed Approval). Clause 3 of the same Article prescribesthat an Ichigo Office shareholder who has held 1% or more of the total shares
outstanding for six months or more can notify Ichigo Office (or either Ichigo Office orthe convener if the convener is a person other than an Executive Director or aSupervisory Director) that the shareholder is opposed to a proposal within two weeks ofeither Ichigo Office making a public announcement on Ichigo Office’s website
regarding the submission of a shareholder meeting proposal for the election of directors
or other proposals stipulated in Clause 3 or the convener's announcement of theshareholder meeting by a method equivalent thereto, whichever is earlier. In such a case,
Deemed Approval shall not be applied to that proposal.

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