Directors' Message to Shareholders

Dear Investors,

Ichigo Office REIT Investment Corporation is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. Ichigo Office seeks to maximize shareholder value by managing our portfolio with a long-term focus to drive significant earnings growth.

"Ichigo" comes from an ancient Japanese proverb, Ichigo Ichie, literally meaning "One lifetime, one encounter." The phrase was first used by a 16th-century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony for every guest, because that particular moment will only exist once and must be fully lived and realized. In sharing this Ichigo name, Ichigo Office embraces this philosophy of total, committed engagement to supporting the long-term success and growth of our tenants and shareholders.

We invest in mid-size office buildings, which are relatively liquid and have more diversified tenant demand relative to large-size offices, thus providing stable rental income.

Operationally, we draw upon the value-add capabilities of our manager, Ichigo Investment Advisors , and our sponsor Ichigo’s network in and outside of Japan to grow value on behalf of our shareholders. The mid-size offices on which we focus offer the opportunity to add significant value via tailored tenant services, structural building improvements, and targeted tenant leasing.

We work to make Ichigo Office an attractive investment that helps address Japan’s pension funding challenges and retirement needs amidst an aging society and low interest rate environment. By doing so, we seek to serve our tenants and shareholders while contributing to Japanese society.

Ichigo Office REIT Investment Corporation