Ichigo Office REIT Investment : Proposed Amendments to Articles of Incorporation and Nomination of Directors

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.

June 14, 2022

Issuer

Ichigo Office REIT Investment Corporation ("Ichigo Office," 8975) 1-1-1Uchisaiwaicho, Chiyoda-ku,Tokyo

Representative: Yoshihiro Takatsuka, 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 Office

Tel: [phone]

Proposed Amendments to Articles of Incorporation and

Nomination of Directors

Ichigo Office's Board of Directors decided today to submit the following amendments to its Articles of Incorporation (AOI) and Director candidates for approval at its Shareholder Meeting scheduled on July 30, 2022.

1. Proposed Amendments to the AOI

Pursuant to revisions made to ASBJ Standard No. 30 (Accounting Standard for Fair Value Measurement), ASBJ Standard No. 10 (Accounting Standard for Financial Instruments), and any related new or revised accounting standards and implementation guidelines pertaining to the asset valuation of securities and rights associated with derivative transactions, Ichigo Office is proposing to amend the relevant parts of its AOI (Article 34, Clause 1, Items 6 and 8) as follows.

	(Amended areas underlined)
Current	After Amendment

Article 34 Asset Valuation Method, Standards, and Reference Date

1. (omitted)

(1) - (5) (omitted)

1. Securities Prescribed in Article 31, Clause 4, Item 4
   Securities for which a market price is available are valued based on such market price.If no market price is available, securities will be valued based on a reasonably calculated price.

Article 34 Asset Valuation Method, Standards, and Reference Date

1. (no change)

(1) - (5) (no change)

1. Securities Prescribed in Article 31, Clause 4, Item 4
   Held-to-maturitybonds are valued based on acquisition price and other securities are valued based on market price.If no market price is available, securities will be valued based on acquisition price.

1

Current	After Amendment

1. (omitted)
2. Rights Associated with Derivative Transactions Prescribed in Article 31, Clause 4, Item 7

1. Rights and obligations arising from transactions of derivatives listed on a financial instruments exchange
   Derivative value is based on the price calculated using the final price on the financial instruments exchange (i.e., closing price. If there is no closing price, the indicative price, i.e., the lowest publicly available ask or highest publicly available bid, or the mid-price of the two prices if both are available). If there is no final price on the same day, derivative value is based on the price calculated using the most recent final price.
2. Rights and obligations arising from transactions of derivatives not traded on a financial instruments exchange
   Derivative value is based on the price calculated using a reasonable method in line with market price. If it is difficult to calculate a fair value, the value will be based on the transaction price.
3. Notwithstanding (i) and (ii)above, hedge accounting is applied to derivatives that meet hedge accounting requirements under the accounting standards and other generally accepted corporate accounting practices for financial instruments, and special accounting treatment is applied to derivatives that meet special accounting treatment requirementsunder the accounting standards for financial instruments.

1. (no change)
2. Rights Associated with Derivative Transactions Prescribed in Article 31, Clause 4, Item 7

1. Rights and obligations arising from derivative transactions
   The net derivative value will be valued at market price.

(deleted)

1. Notwithstanding (i) above, hedge accounting is applied to derivatives that meet hedge accounting requirements under the accounting standards and other generally accepted corporate accounting practices for financial instruments, and special accounting treatment is applied to derivatives that meet special accounting treatment requirements for interest rate swapsunder the accounting standards and practical guidelinesfor financial instruments

(9) - (10) (omitted)

(9) - (10) (no change)

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2. Nomination of Directors

Due to the expiration of the Directors' current terms of office as of the end of the Shareholder Meeting scheduled on July 30, 2022, Ichigo Office's Board of Directors is proposing the election of a new Executive Director, Takaaki Fukunaga, the re-election of Supervisory Director, Masahiro Terada, and the election of a new Supervisory Director, Noriko Ichiba.

To ensure the minimum number of Directors as required by law, Ichigo Office's Board of Directors is also proposing the election of a new Reserve Executive Director and a new Reserve Supervisory Director.

Candidate Profiles

Title	Name	Career Summary, Positions, Responsibilities, and
(Date of Birth)	Important Concurrent Positions
		October 1998	KPMG Tokyo
		October 2004	Representative, Fukunaga C.P.A. Office
			(current)
		October 2005	Representative Director, Global Solutions
			Consulting Co., Ltd. (current)
		September 2010	Supervisory Director, Ichigo Office
			(current)
Executive		January 2011	External Corporate Auditor, GreenOak
		Investment Management K.K. (presently
Director	Takaaki Fukunaga
	Bentall GreenOak K.K) (current)
(Candidate)	(October 29, 1972)
October 2014	External Corporate Auditor, Ticket Guard
(New)
		Small Amount & Short Term Insurance
			Co., Ltd. (presently AWP Ticket Guard
			Small Amount & Short Term Insurance
			Co., Ltd.) (current)
		December 2015	Corporate Auditor, PP Japan Co., Ltd.
			(current)
		March 2017	External Corporate Auditor, GMO
			Registry, Inc. (current)
		April 1996	Qualified as Attorney at Law (Daini
			Tokyo Bar Association)
		May 1998	In-house Counsel, Daiwa Securities Co.,
			Ltd. (presently Daiwa Securities Group
			Inc.)
		May 2000	In-house Counsel, Morgan Stanley Japan
Supervisory			Limited (presently Morgan Stanley
Masahiro Terada		MUFG Securities Co., Ltd.)
Director
(May 7, 1968)	August 2002	Duke University School of Law
(Candidate)
	September 2003	Visiting Attorney, Nixon Peabody LLP
		August 2004	Joined City-Yuwa Partners
		January 2006	Partner, City-Yuwa Partners (current)
		October 2011	Supervisory Director, Ichigo Office
			(current)
		February 2022	Independent Director, Shinsei Bank,
			Limited (current)

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Title	Name	Career Summary, Positions, Responsibilities, and
(Date of Birth)	Important Concurrent Positions
		October 1992	Tohmatsu & Co. (presently Deloitte
			Touche Tohmatsu LLC)
		July 1997	Tadao Kato Accounting Office
		August 1998	Taiyo Audit Corporation (presently Grant
Supervisory			Thornton Taiyo LLC)
	May 2000	Qualified as Certified Public Accountant
Director	Noriko Ichiba
November 2002	Representative, Ichiba Certified Public
(Candidate)	(May 15, 1971)
	Accountant Office (current)
(New)
	August 2008	Qualified as Certified Tax Accountant
		October 2008	Representative, UPRISE Certified Tax
			Accountant's Co. (current)
		June 2021	External Auditor, Daiho Corporation
			(current)
		October 2006	Qualified as Attorney at Law (Tokyo Bar
			Association)
			Atsumi & Partners (presently Atsumi &
Reserve			Sakai)
	January 2010	Secondment, Mitsui & Co., Ltd. Legal
Executive	Keisuke Chiba
	Department
Director	(September 10, 1979)
September 2014	Joined Hokuto Law Office
(Candidate)
	May 2016	Partner, Hokuto Law Office (current)
		December 2019	Director, Shodensya Holdings Co., Ltd.
			(presently SDS Holdings Co., Ltd.)
			Director, Shodensya Co., Ltd.
		December 2012	Qualified as Attorney at Law (Tokyo Bar
Reserve			Association)
	January 2013	Midosuji Legal Profession Corporation
Supervisory	Nagahisa Kita
April 2015	Partners Law Office
Director	(April 15, 1984)
January 2018	Representative, AQ Law Office (current)
(Candidate)
	January 2020	Partner, Toranomon Daiichi Law Office
			(current)

Note: None of the Director candidates are related parties of Ichigo Office or its asset management company nor do they own Ichigo Office shares.

3. Schedule
June 14, 2022	Board of Directors resolution
July 8, 2022	Shareholder meeting materials publication (expected)
July 30, 2022	Shareholder meeting (expected)

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