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April 21, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

Issue Price for New Share Issuance
The Board of Directors of Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hasdetermined the issue price for the issuance of new shares and secondary offering of existing
shares (over-allotment option) announced on April 9, 2015.
1. Issuance of New Shares through Public Offering (General Offering)(1) Issue price (offer price):(2) Total issue price (total offer price):(3) Paid-in amount (issue amount):(4) Total paid-in amount (total issue amount):(5) Subscription period:(6) Payment date:(7) Delivery date:

89,212 yen per share
24,238,900,400 yen
86,192 yen per share
23,418,366,400 yen
April 22, 2015 to April 23, 2015May 1, 2015
May 7, 2015

(Note) The underwriters will use the paid-in amount (issue amount) to underwrite the shares at
the issue price (offer price).
2. Secondary Share Offering (Over-Allotment Option)(1) Number of shares to be offered:(2) Offer price:(3) Total offer price:(4) Subscription period:(5) Delivery date:

14,300 shares
89,212 yen per share
1,275,731,600 yen
April 22, 2015 to April 23, 2015
May 7, 2015

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

13. New Shares to be Offered to the Underwriter by Way of Third-Party Allotment(1) Paid-in amount (issue amount)(2) Total paid-in amount (total issue amount):(3) Subscription period (subscription date):(4) Payment date:

86,192 yen per share
1,232,545,600 yen (maximum)
May 26, 2015
May 27, 2015

(Note) All new shares hereunder not subscribed to on or before the subscription period(subscription date) will be cancelled.
Reference:
1. Calculation of Issue Price and Secondary Offering Price(1) Calculation date:(2) Share price as of the calculation date (closing price):(3) Discount rate:

April 21, 2015
93,100 yen
2.5%(Note) Calculation is based on the closing price at the Tokyo Stock Exchange on the calculation
date deducting the forecasted dividend of 1,600 yen per share.
2. Syndicated Cover Transaction Period
April 24, 2015 to May 22, 2015
3. Use of Proceeds
Ichigo REIT will use the proceeds (23,418,366,400 yen) from the public offering to acquire theassets specified in the April 9, 2015 release “Asset Acquisitions and Sale.” Furthermore, allproceeds (up to a maximum of 1,232,545,600 yen) Ichigo REIT receives from the third-party
allotment will be used for debt repayment. Any remaining funds will be kept as cash-on-handand used for future debt repayment. All proceeds will be held at a financial institution until
disbursement.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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