FY22/2 Q3 Corporate Presentation

1 January 13, 2021 Ichigo Inc. All rights reserved. Q3 Corporate PresentationIchigo (2337)January 13, 2022 Ichigo Inc. All rights reserved. 2We would like to express our deepest condolences to all those affected by the Covid pandemic globally, and our wishes for the earliest and fullest possible care, be safe. Ichigo Inc. All rights reserved. Make The WorldMore Sustainable Ichigo Inc. All rights reserved. Ichigo Inc. All rights reserved. Ichigo Inc. All rights reserved. 6 ContentsFY22/2 Q3 Earnings FY22/2 Q3 Summary Operating Profit -41%, Net Income -54%, Cash EPS -9% (YOY) Segment Earnings Details Covid ImpactsPowerful Value-Add Business Model Underpins Growth Business Model (1) Stock + Flow Earnings Business Model (2) Stable Stock Earnings Business Model (3) Embedded Forward Earnings Business Model (4) Value-Add Drives Durable Value Growth Business Model (5) Robust Cash Generation Strong Financial BaseIchigo s Sustainability Execution Accelerated RE100 Target 15 Years From 2040 to 2025 Ichigo Office RE100 Achievement by April 2022 CDP Climate Change Assessment: Ichigo Highest Leadership Level ESG Finance Supporting Sustainable GrowthSustainable Growth as a Sustainable Infrastructure Company Sustainable Real Estate: Selective on Acquisitions & Sales Ichigo Owners: Driving Long-Term Growth Ichigo Owners: New Co-Ownership Business Ichigo Owners.

2 Building Out Business & Earnings Model Asset Management: Growth Support for Ichigo REITs & Ichigo Green Clean Energy: Scaling Rapidly Share Buybacks Ichigo Shareholder ProgramAppendicesIchigo s Sustainability Commitment (ESG)Financial & Real Estate DataIchigo 2030: Ichigo as a Sustainable Infrastructure CompanyIchigo 2030: New Initiatives Ichigo Inc. All rights reserved. FY22/2 Q3 Earnings7 Ichigo Inc. All rights reserved. Real Estate Market & Prices of Many Assets Recovering to Pre-Covid Levels Some Recovery in Domestic Travel Demand, but Full Recovery, Including Inbound, Expected to Take Time Clean Energy Business: Stable Earnings Driver, Growth on Track 6 New Plants Online through Q3 Power Generation Revenue +10% YOY Ichigo Owners Co-Ownership Business Expansion Started Management of First Co-Ownership Asset on Dec 1, 2021 Launched Second Sale Today Continued Ichigo Sustainability Execution Achieved Highest Leadership Level in CDP Climate Change Assessment Rapid ESG Financing Growth: JPY 20B Loans (Uncollateralized: JPY 13B)8FY22/2 Q3 Summary Ichigo Inc.

3 All rights reserved. FY22/2 Q3 Summary9 Cash Earnings ModelRobust Stock EarningsSustainable Real Estate(SRE)Asset Management(AM)Clean Energy(CE)191%Stock Earnings/Fixed ExpensesCash Earnings = Gross Profit + Fixed Asset Gains on Sales + Depreciation Expenses (Non-Cash)(JPY million)11,26011,495-2%6,2637,0151,5471, 3433,4493,136-11%+15%+10%% ofTotal61%55%12%14%27%31% FY21/2 Q3 (Cumulative) FY22/2 Q3 (Cumulative)Flow EarningsJPY EarningsJPY Ichigo Inc. All rights reserved. Decreased Flow Earnings through Q3, but Q4 Expected to Be Strong On Track vs. FY22/2 Forecast Cash Earnings Significantly Exceed Accounting Earnings Due to Focus on Cash GenerationOP -41%, Net Income -54%, Cash EPS -9% (YOY)10(JPY million)Cash Net Income = Net Income + Non-Cash Expenses ( , Depreciation, Goodwill Amortization)Cash EPS = Cash Net Income / Average Number of Shares Outstanding in FY22/2 Q3 FY21/2 Q3(9M) FY22/2 Q3(9M)YOYO perating Profit8,5515, ,100 12,000 Recurring Profit6,5353, ,000 8,900 Net Income4,2651, ,000 8,000 Cash Net Income6,8016, ,400 14,400 EPSJPY JPY EPSJPY JPY Forecast Ichigo Inc.

4 All rights reserved. FY21/2 Q3(9M) FY22/2 Q3(9M)Full-Year ForecastFY21/2 Q3(9M) FY22/2 Q3(9M)YOYA sset Management (AM)944 1,124 + ,300 1,445 1,547 + AM Fees 1,477 (+242)Acquisition/Disposition Fees 0 (-22)Ichigo Office Cash Flow Performance Fees 0 (-79)Ichigo Green Operator Fees 32 (0)Sustainable Real Estate (SRE)6,069 2,091 ,700 8,6009,748 5,836 Income 3,531* (-1,248) * After Depreciation Expense of 2,731 (+495)Gains on Sales 2,304 (-2,663)* * Excludes Gains of Sales of Fixed Assets (Extraordinary Gains) 33 Clean Energy (CE)1,621 1,814 + ,100 2,080 2,229 + Generation Revenue 2,229* (+149) * After Depreciation Expense of 1,219 (+163)Adjustments (including offsets ofcross-segment transactions)-825 Total8,551 5,036 ,100 12,00013,273 9, Driv ers(Parentheses show YOY change inGross Profit)YOYG ross ProfitOperating ProfitSegment Earnings Details Asset Management: Increase in Ichigo Office (8975) & Ichigo Hotel (3463) Base AM Fees Sustainable Real EstateStock Earnings: Lower on Temporary Downtime at Re-TenantingFlow Earnings: Actively Marketing Assets Expect Strong Q4 Clean Energy: 6 New Plants Online Through Q3 Driving Continued Stock Earnings Growth11(JPY million) Ichigo Inc.

5 All rights reserved. Covid Impacts12 Stock EarningsFlow EarningsAsset TypeEarnings ImpactQ1Q2Q3 OfficeLowLowLowDecrease in demand for large offices in central Tokyo, but mid-size office demand continues to be strongHotelHighHighHighDomestic travel demand recovering, but inadequate to trigger variable rent income Upfront costs on accelerating Hakata Hotels growth with new operator contractsRetailLowLowLowVariability among tenant categories, but leasing activity gradually picking up and successfully re-tenantingResidentialNoneNoneNoneRobus t performanceCleanEnergyNoneNoneNoneGrowth on track, stable earnings driverAsset TypeEarnings ImpactQ1Q2Q3 OfficeHighLowLowTransactions & pricing normalized to pre-Covid levelHotelHighHighMediumInvestment demand gradually increasing. Investor dependent, but closing the gap in price expectations between buyers and sellersRetailHighMediumMediumHigh demand for Ichigo assets in prime locations. Asset dependent, but closing the gap in price expectations between buyers and sellersResidentialNoneNoneNoneHigh earnings stability driving high transaction activityLogisticsNoneNoneNoneHigh earnings stability driving high transaction activity Ichigo Inc.

6 All rights reserved. Powerful Value-Add Business Model Underpins Growth13 Ichigo Inc. All rights reserved. 14(JPY million)Stock Earnings (Primarily Rental Income, Power Generation Revenues, Depreciation (Non-Cash), & Base AM Fees) Flow Earnings (Primarily Gains on Value-Add Real Estate Sales )Fixed Expenses (Fixed SG&A + Interest Expenses)FY18/2FY19/2 FY20/2 FY21/2 Bottom of RangeCash Earnings14,9396,3717,07118,45018,48513,0 1515,27318,56737,01633,75927,9537,877 Note: Cash Earnings = Gross Profit + Fixed Asset Gains on Sales + Depreciation Expenses (Non-Cash)15,0657,7235,85020,915FY22/2 Q3 Top of Range14,4057,89612,14614,4057,8967,72722 ,13226,55111,2605,8992,33713,597 Business Model (1) Stock + Flow EarningsFY22/2 Forecast Ichigo Inc. All rights reserved. 15 Business Model (2) Stable Stock EarningsStock Earnings by SegmentFY19/2FY20/2FY21/2FY22/2 (Forecast)FY18/2 Sustainable Real EstateStock Earnings(Stock Earnings/Fixed Expenses)2,05718,4852,97813,451(261%)18, 4502,0623,05713,331(234%)15,0651,8323,83 09,402(195%)14,9391,9561,54511,437(234%) Asset ManagementClean Energy14,4054,4601,9487,998(182%)(JPY million) Ichigo Inc.

7 All rights reserved. Full Economic Earnings From Value-Add Exceed Accounting Earnings Value-Add Thus Generates Significant Unrealized Gains That Are an Earnings Bank for Future (JPY billion)FY17/2FY18/2FY19/2 Business Model (3) Embedded Forward EarningsAppraisal Value-Based Unrealized Ichigo Inc. All rights reserved. 17 Business Model (4) Value-Add Drives Durable Value GrowthGains on Sales Consistently Exceed Appraisal Value-Based Unrealized GainsAppraisal Value-Based Unrealized GainsGains on Sales (Gross Profit)FY19/2FY20/2FY21/2FY22/2 Ichigo Inc. All rights reserved. Economic Operating Cash Flow Exceeds Net Income18 Business Model (5) Robust Cash GenerationNet IncomeEconomic Operating Cash FlowNote: Economic Operating Cash Flow = Cash Flows from Operations excluding net change in Real Estate and Power Plants for Sale(JPY billion) Ichigo Inc. All rights reserved. years years years years years years years years years years years years years Q3 Strong Financial BaseShort-Term90%(JPY )10% (JPY )Average Interest Rate & Loan TermTerm Structure of LoansLong-Term95%(JPY )5% (JPY )94%(JPY )6% (JPY )(Interest Rate)(Loan Term, Years)92%(JPY )8% (JPY )Weighted Average Remaining Loan MaturityWeighted Average Interest RateWeighted Average Loan PeriodFY16/2FY17/2FY18/2FY19/291%(JPY )9% (JPY )FY20/2FY21/21992%(JPY )8% (JPY ) FY22/2 Q393%(JPY )7% (JPY ) Ichigo Inc.

8 All rights reserved. Ichigo s Sustainability Execution20 Ichigo Inc. All rights reserved. 21100% Renewable Electricity by 2025 Ichigo is committed to sourcing 100% renewable electricity across its operations,including Ichigo Office (8975) and Ichigo Hotel (3463)Ichigo RE100 TargetFurther Lowering Energy Impacts as a Sustainable Infrastructure CompanyRE100A global initiative bringing together businesses committed to 100% renewable electricity, including solar, wind, hydro, and biomass energy, and accelerating the change towards a net zero carbon global initiative that runs the global disclosure system for companies to manage their environmental impacts. Companies are assessed on governance, risk management, business strategy, targets and performance, and engagement, and are ranked from A to D-. Accelerated RE100 Target 15 Years From 2040 to 2025 Ichigo Inc. All rights reserved. 22 Ichigo Office Will Complete Transition to Using Electricity Sourced From Renewable Energy Across All of its Assets by April 2022 Renewable Energy Ratio: 92% (65 of 73 Assets) Also Transitioning Ichigo and Ichigo Hotel (3463) Assets to Renewable EnergyIchigo Office RE100 Achievement by April 2022 Impact of Ichigo Office s Renewable Energy TransitionAnnual CO2 emission per car c.

9 2,300kg (Ministry of Environment)CO2 Emissions of Cars 8,531CO2 Reduction% Reduction89%19,622tonsNote: Ichigo Office RE100 excludes partially-owned and co-owned assetsReduction rate = Amount of CO2 reduction / 2019 CO2 emissions (Scope 1 + Scope 2)Scope 1: Direct greenhouse gas emissions by Ichigo OfficeScope 2: Indirect gas emissions via use of electricity, heat, and steam supplied by other companies Ichigo Inc. All rights reserved. 23 CDP Climate Change Assessment: Ichigo Highest Leadership LevelIchigo Recognized for Global Best-Practice Climate Change Initiatives Further Accelerating Ichigo Environmental Initiatives via Launch of ReGeneration Group Ichigo Score: A-(Achieved A Score in 8 of 11 Categories)13%15%25%47%B/B-C/C-D/D-CDP Score Categories A/A- (Leadership) IchigoImplementing current best practices B/B- (Management)Taking coordinated action on climate issues C/C- (Awareness)Knowledge of impacts on, and of, climate issues D/D- (Disclosure)Transparent about climate issuesGlobal Average Score Across All Sectors: B-Global Sector Average Score: B-Global Scores of Companies in CDP's "Land & Property Ownership & Development" Industry GroupA/A- Ichigo Inc.

10 All rights reserved. 24 ESG/SDGs FinanceSustainability-Linked LoanESG Finance Supporting Sustainable Growth (1)JPY 20B ESG Financing (Uncollateralized Portion: JPY 13B) in Recognition of Ichigo s Outstanding ESG ExecutionLenders: SMBC-led syndicateLoan Amount JPY : Financed based on a comprehensive analysis and evaluation of the environmental, social, and economic impacts of Ichigo's business : Mizuho, Asahi Shinkin Bank, Shiga Bank, Shizuoka Bank, Hiroshima Bank, Fukuho BankLoan Amount: JPY 13B (Uncollateralized)Overview: Financed based on third-party assessment of Ichigo s alignment with the Sustainability Linked Loan Principles and its sustainability performance SPT (Sustainability Performance Target): Ichigo s achievement of RE100 targetIchigo s RE100 target: To source 100% renewable electricity across all of its operations, including Ichigo Office (8975) and Ichigo Hotel (3463), by contributing to achieving SDG 7 & SDG 11 (Japan Research Institute assessment) Ichigo Inc.