Ichigo : Materials for the Twenty-Third Annual Shareholder Meeting

Make The World

More Sustainable

Ichigo Inc.

(Tokyo Stock Exchange Prime, 2337)

Materials for the Twenty-Third Annual Shareholder Meeting

Our Mission: Make The World More Sustainable

Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable.

Our three key businesses are: Sustainable Real Estate, in which we preserve and improve real estate; Asset Management, including managing Tokyo Stock Exchange-listed Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282); and Clean Energy, in which we develop solar and wind power plants to supply clean energy and bring productive use to idle land.

We are committed to growing long-term value for our shareholders by contributing to a sustainable society.

The word "Ichigo" comes from the 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. Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong long-term relationships to support the success of all of our clients, shareholders, and stakeholders.

Ichigo's Sustainability Commitment (ESG)

Environmental

Sustainable Real Estate

Ichigo preserves and improves real estate, lengthening the useful life of buildings and other physical and social infrastructure beyond 100 years by drawing upon our real estate technologies and expertise.

Safe & Clean Energy Produced Locally

Ichigo gives new purpose to idle land across Japan and supports the revitalization of local communities by building renewable energy plants that generate clean power locally. Our clean energy business contributes to a more sustainable society while contributing to Japan's energy self-sufficiency. Ichigo works closely with local communities, contributing to sustainable job creation and economic growth.

Ichigo is currently operating 63 renewable energy plants in communities across Japan, with a panel output of 174MW. In tandem to growing its Clean Energy business, Ichigo has been accelerating its CO2 reduction measures, and as a result its CO2 reductions significantly exceed its CO2 emissions.

Social

Revitalizing Local Communities

Ichigo values its relationships with local communities across Japan, and with local governments being important Ichigo stakeholders. Pursuant to the Act on Promotion of Power Generation of Renewable Energy Harmonized with Sound Development of Agriculture, Forestry, and Fisheries ("REAFF Law"), which promotes renewable energy generation in harmony with the development of local agriculture, forestry, and fisheries, Ichigo received approval to convert farmland in Ibaraki Prefecture and build the first solar power plants approved by the Kanto Regional Agricultural Administration Office. Ichigo's three solar power plants located in Shimotakai, Toride City, were built with the cooperation of all of the land owners, the Toride City Agriculture Committee, and the Shimotakai Regional Development Association, and Ichigo continues to operate the plants with support from the local community.

The Ichigo Yokosuka Port Market project was launched when an Ichigo-led consortium was selected to renovate and operate the former Yokosuka Port Market as a Public-Private Partnership (PPP). The former Yokosuka Port Market was originally opened in 2013 upon renovating a refrigeration warehouse built in 1987, and Ichigo was selected as a PPP

operator based on its strong value-add capabilities to develop the facility into a core tourist attraction of Kanagawa Prefecture. Ichigo renovated the facility by transforming its interior design and doubling total floor space, and successfully attracted tenants that embody Miura Peninsula's rich food culture. Since its re-opening in October 2022, the Ichigo Yokosuka Port Market has been extensively covered by the media and attracts many visitors.

Ichigo is a Top Partner of the J.League, Japan's professional soccer league, and is working to support the J.League's vision of promoting sports that benefit local communities. Ichigo is deploying its real estate expertise to help the J.League and local governments maintain aging stadiums and reduce steep operating costs.

Athletes & Art

Ichigo supports world-class athletes and artists with disabilities via sponsorship of Paralym Art.

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GGovernance

Governance Structure

Ichigo was an early adopter of global best-practice governance, adopting a Company with Committees (Nominating, Audit, Compensation) governance structure in 2006. The independence of Ichigo's Board of Directors underpins its strong governance and oversight capabilities, and the majority of the Board are Independent Directors. All Board Members are aware of their

fiduciary responsibility towards shareholders and work collaboratively and appropriately with other stakeholders to ensure sustained value creation for shareholders. The Board examines and decides on matters stipulated by law and regulation, set in Ichigo's Articles of Incorporation, and defined in internal rules pertaining to the Board. All other decisions are delegated to Ichigo's Statutory Executive Officers to deliver both speed and efficiency in decisionmaking and strong corporate governance. All Statutory Executive Officers make decisions and lead employees within their specific scope of delegated responsibility and authority.

Rigorous Compliance

Under a rigorous compliance and risk management framework, Ichigo has built a robust and fully independent whistleblower system and has implemented the following compliance measures.

• Maintain a sound work environment by preventing all types of harassment
• Preempt potential problems through regular compliance surveys and the whistleblower system
• Periodic training on key topics such as prevention of insider trading
• Established a rotation rule within Ichigo to eliminate conflicts of interests that may arise with respect to preferential transactions
• Identify and manage transactions that pose a conflict of interest
• Established a policy to prevent any dealings with anti-social forces
• Promote self-corrective measures via self-inspections and a reporting system on issues

Risk Management

Ichigo manages all possibilities of unexpected losses at Ichigo and any of its subsidiaries in line with the ISO 31000 risk management guidelines. Ichigo has set risk management rules and has established a risk management structure that spans the entire group.

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Ichigo's ESG Initiatives

Ichigo believes that working on behalf of the environment and society is a fundamental social responsibility. As Ichigo grows and takes on new challenges as a sustainable infrastructure company, sustainability remains at the core of everything we do, and we reduce our environmental impact and pro-actively join conservation efforts.

CDP 2022 Climate Change Assessment

Ichigo received A- scores and was recognized at the highest Leadership Level in the Climate Change and Water Security Assessments by CDP, a non-profit organization that promotes global environmental reporting. Leadership Level scores (A, A-) are given to companies that lead with best practice environmental initiatives.

About CDP

CDP is a global non-profit organization that runs the world's environmental disclosure system and assesses over 18,700 companies on their environmental transparency and actions. An assessment questionnaire spanning topics such as governance, risk management, business strategy, and targets and performance is used to score companies among eight levels: Leadership (A/A-), Management (B/B-), Awareness (C/C-), and Disclosure (D/D-).

RE100

Ichigo joined RE100, a global initiative to accelerate the transition of electricity used by businesses to 100% renewable energy, and is targeting sourcing 100% renewable electricity across its operations, including Ichigo Office (8975) and Ichigo Hotel (3463), by 2025. As of FY23/2-end, Ichigo has made 70% progress towards it target, and will continue accelerating its Net Zero Carbon initiatives.

TCFD

Ichigo believes that it is the responsibility of companies to work towards addressing the global problem of climate change. Ichigo has made sustainability a key business and social priority, and will work towards creating a sustainable

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