Creating peace of mind through honest and committed management.

November 14, 2014
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: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Issuance of New Shares and Secondary Share Offering
The Board of Directors of Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided
today to issue new shares via a public offering and conduct an over-allotment secondary shareoffering with the underwriters in support of this new share issuance.

1. Issuance of New Shares through Public Offering(1) Number of shares to be offered:

95,680 shares(2) Paid-in amount (issue amount):

The amount will be determined at a Board of
Directors meeting held between November
26, 2014 and December 1, 2014 (the“Pricing Date”).

(3) Total paid-in amount (total issue amount):

To be determined(4) Offering method:

The shares will be offered as a public
offering and underwritten in full by SMBC
Nikko Securities Inc. (“Lead Manager”) as
well as by Mizuho Securities Co., Ltd.,
Mitsubishi UFJ Morgan Stanley Securities
Co., Ltd., and Daiwa Securities Co. Ltd.
(“Underwriters” collectively with Lead
Manager). The issue price of the public
offering will be calculated by multiplying
the closing price of Ichigo REIT’s shares on
the Tokyo Stock Exchange (“TSE”) on the
Pricing Date (or the closing date on the day
preceding the Pricing Date in the event there
is no closing price) by a factor of 0.90~1.00(rounded up to the nearest one yen), and will
be determined in consideration of demandand other factors.

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1(5) Underwriting agreement:

The Underwriters will pay Ichigo REIT the
total paid-in amount on the “Payment date(8)” below. The difference between the issue
price total and the paid-in total shall be theUnderwriters’ proceeds. Ichigo REIT will
pay no commission to the Underwriters.

(6) Subscription period:

November 27, 2014 to November 28, 2014.
Subject to demand and other factors, thesubscription period may be postponed inwhich case the latest subscription period will
be December 2, 2014 to December 3, 2014.

(7) Subscription units:

One share or more in single share multiples(8) Payment date:

December 3, 2014.
Subject to demand and other factors, thepayment date may be postponed in whichcase the latest payment date will be
December 8, 2014.

(9) Delivery date:

Next business day after the payment date (8).

(10) The issuance price, the paid-in amount, and other necessary items relating to the issuanceof new shares will be decided at a future Board of Directors meeting. Amendments prior
to the determination will be delegated to the Statutory Executive Officers.
(11) The aforementioned items will be subject to the effectiveness of the procedures inaccordance with the Financial Instruments and Exchange Act of Japan.
2. Over-Allotment Secondary Share Offering(1) Seller:

SMBC Nikko Securities Inc.

(2) Number of shares to be offered:

8,320 shares
These are the maximum number of sharesthat may be issued through the secondaryoffering (over-allotment). Depending on
demand and other factors, there may becases where this number is reduced or thesecondary offering (over-allotment) itself is
not held at all. The number of shares to beoffered through the secondary offering will
be determined on the Pricing Date.

(3) Offer price:

The offer price will be determined on the
Pricing Date and shall be the same as theissue price for the public offering.

(4) Total offer price:

To be determined

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2(5) Offering method:

SMBC Nikko Securities Inc. will offer theshares (maximum: 8,320shares) borrowed
from the shareholders of Ichigo REIT,
depending on demand and other factors.

(6) Subscription period:

Same as the subscription period for the
public offering as described in section 1 (6).

(7) Subscription units:

One share or more in single share multiples(8) Delivery date:Same as the delivery date for the public
offering as described in section 1 (9).

(9) The offer price and other items necessary for the Over-Allotment will be determined at afuture Board of Directors meeting. Amendments prior to the determination will bedelegated to the Statutory Executive Officers.
(10) Each of the aforementioned items shall be subject to the effectiveness of the proceduresin accordance with the Financial Instruments and Exchange Act of Japan.
3. Issuance of New Shares to be Offered to Underwriter by Way of Third-Party Allotment(1) Number of shares to be offered:

8,320 shares(2) Third-party allottee and number of shares
to be issued to the third party:

SMBC Nikko Securities Inc.

8,320 shares(3) Paid-in amount (issue amount):

The paid-in amount will be determined on
the Pricing Date at the Board of Directors
meeting and will be same as the paid-in
amount for the public offering.

(4) Total paid-in amount (total issue amount):

To be determined(5) Subscription period (Subscription date):

December 22, 2014(6) Subscription units:

One share or more in single share multiples(7) Payment date:

December 24, 2014

(8) The paid-in amount and other items necessary for the underwriter third-party allotment
will be determined at a future Board of Directors meeting. Amendments prior to thedetermination will be delegated to the Statutory Executive Officers.
(9) If there are no subscriptions for all or a part of the shares on or before the subscription
period described in (5), the issuance of such shares will be canceled.
(10) If the public offering is suspended, the issuance of new shares by way of underwriter
third-party allotment will also be suspended.
(11) Each of the aforementioned items will be subject to the effectiveness of procedures inaccordance with the Financial Instruments and Exchange Act of Japan.

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3Reference Information
1. Details of the Secondary Offering (Over-Allotment)
Taking into account demand as well as other factors, SMBC Nikko Securities Inc. may
implement a secondary offering of the borrowed shares (up to a maximum of 8,320 shares)
borrowed from Ichigo REIT shareholders. Depending on demand as well as other factors, thenumber may decrease or the secondary offering through over-allotment itself may not be held at
all.
In order for SMBC Nikko Securities Inc. to acquire the shares needed to return the borrowed
shares upon the secondary offering through over-allotment, Ichigo REIT’s Board of Directors
has resolved to issue the 8,320 shares via underwriter third-party allotment, with SMBC Nikko
Securities Inc. as the allottee and the payment date designated as December 24, 2014.
In order to return the borrowed shares, SMBC Nikko Securities Inc. may also purchase shares
up to the number in the secondary offering (over-allotment) at the TSE (the “syndicated covertransaction”) from the day following the close of the subscription period to December 18, 2014
(the “syndicated cover transaction period”). All of the shares purchased by SMBC Nikko
Securities Inc. through the syndicated cover transaction will be used to return the borrowed
shares. At its own discretion, SMBC Nikko Securities Inc. may choose not to conduct thesyndicated cover transaction or to end the syndicated cover transaction with a total of shares thatis smaller than the number offered through the secondary offering (over-allotment).
Moreover, SMBC Nikko Securities Inc. may conduct stabilizing transactions with relation to the
public offering and the secondary offering (over-allotment). The shares purchased through suchstabilizing transactions may be used, in whole or in part, to return the borrowed shares.
SMBC Nikko Securities Inc. intends to agree to the underwriter third-party allotment in order toacquire the necessary shares to cover the number obtained by subtracting a) the sharespurchased through the stabilizing transactions and the syndicated cover transaction that are used
to return the borrowed shares from b) the shares for the secondary offering (over-allotment). As
a result, there may be cases in which there will be no subscription either in whole or in part tothe shares offered by the underwriter third-party allotment and, accordingly, the final number ofshares issued by way of the underwriter third-party allotment will decrease due to forfeiture ofrights or such issuance itself will not take place at all.
Whether or not the secondary offering through over-allotment will be conducted as well as thenumber of shares to be offered will both be decided on the Pricing Date. In case there is nosecondary offering through over-allotment, SMBC Nikko Securities Inc. will not borrow theshares from the shareholders. Subsequently, there will be no subscription to the shares offeredby the underwriter third-party allotment and, accordingly, the shares shall not be issued by theunderwriter third-party allotment due to forfeiture of rights. Further, there will be no syndicatedcover transaction on the TSE.

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

42. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present:

1,026,323 shares

Number of increased shares through public offering:

95,680 shares

Total number of shares outstanding after public offering:

1,122,003 shares

Number of shares from the Underwriter Third-Party Allotment: 8,320 shares1
Total number of shares after the Underwriter Third-Party Allotment: 1,130,323 shares1
1

The number is based on the assumption that SMBC Nikko Securities Inc. subscribes to all theshares issued by the underwriter third-party allotment and that all such shares are issued.

3. Rationale and Purpose of New IssuanceDuring the April 2012 fiscal period, Ichigo REIT launched its multi-year and multi-stage growthstrategy: Stage I “Foundation for Growth,” Stage II “Accretive Growth Cycle,” and Stage III“Enhance Profitability.” In executing this strategy, Ichigo REIT has steadily expanded its
portfolio and earnings. As Stage IV “Increase Size & Scale” begins from the April 2015 fiscal
period, Ichigo REIT is seeking to drive further dividend increases and maximize shareholder
value through strategically focusing its portfolio on mid-size offices, an asset class that offers
both stability of returns and upside potential. This new issuance is implemented to support thisgrowth strategy. Also, in terms of financial strategy, Ichigo REIT will strengthen its lender baseand expand uncollateralized borrowing to further improve its financial position.
Ichigo will acquire 11 primarily office assets2 as announced in today’s release “Asset
Acquisitions and Sales.” These acquisitions will financed by funds from the sale of 15
residential assets2, the public offering, new borrowings from banks, including Japanese
megabanks3, and cash-on-hand.

1

Build a mid-size asset*
portfolio centered on offices
with a balance of stability
and growth potential■ Focus on office assets with ability to add value to support earnings
growth2

Acquire quality assets andincrease returns throughstrong sponsorship andcapabilities of Ichigo Group■ Make full use of Ichigo Group capabilities to maximize acquisition
opportunities and flexibly acquire high-quality assets■ Work closely with Ichigo Group Holding’s Real Estate Services
Division, which provides customer service support, and strengthen
Ichigo REIT environmental, architectural, and leasing operations

3

Drive earnings by leveraging
Ichigo’s accumulated
investment experience andcapabilities in mid-size office■ Acquire high-occupancy, high-NOI assets and keep them that way
by effectively deploying accumulated management know-how■ Enhance profitability by leveraging Ichigo’s differentiated leasing
capabilities such as Ichigo layout office, track record of value-add
renovation, and Ichigo and building-specific branding

4

Strengthen financial position■Strengthen lender base and aim for uncollateralized borrowing* “Mid-size assets” are as defined by Ichigo REIT assets of leasable space of 1,000 ㎡ to 10,000㎡, including offices.

(Note) Please see “Reference: Growth Strategy” at the end this release for details of Ichigo
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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

5

REIT’s growth strategy.
Please see today’s release “Asset Acquisitions and Sales” for details of assets.
3
Specific details of the borrowing will announce the details as soon as they are determined.
2

4. Amount of Funds to be Procured, Use of Proceeds, and Scheduled Expenditure Date
(1) Amount of funds to be procured (approximate net proceeds): 7,818,000,000 yen (maximum)(Note) This amount represents the sum of 7,193,000,000 yen in net proceeds Ichigo
REIT will receive from the public offering and the maximum amount of 625,000,000
yen Ichigo REIT will receive from the issuance of new shares via the underwriter
third-party allotment. This sum is an estimate based on the closing price of the sharesin a regular trading session at the TSE as of November 6, 2014.
(2) Specific use of the funds to be procured and the scheduled expenditure date
Ichigo REIT plans to use the net proceeds (7,193,000,000 yen) from the public offering
for the acquisition of the assets specified in today’s release “Asset Acquisitions and Sales.”Furthermore, the maximum amount of proceeds (625,000,000 yen) Ichigo REIT will
receive from the underwriter third-party allotment will be used for part of themiscellaneous expenses incidental to the acquisitions. Any remaining funds will be kept
as cash on hand and be used for future debt repayment. The procured funds will bedeposited at banks until disbursement.
5. Designated Allocation to Counterparties
None
6. Future Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revisions for the October 2014
and April 2015 Fiscal Periods.”
7. Financial Results for the Past Three Fiscal Periods and Equity Financing History(1) Financial results for the past three fiscal periods
April 2013
Net Income/Loss per ShareDividend per Share
Payout Ratio2
Net Assets per Share

October 2013

April 2014

535 yen1,619 yen

1,295 yen

1

1,494 yen

1

1,537 yen

1,541 yen1

279.0%

96.2%

121.0%

59,695 yen

60,005 yen

59,698 yen

1

In order to maintain a stable dividend reflecting Ichigo REIT’s operating earnings, thedividends of 808 million yen for the fiscal period ending April 2013, 275 million yen for the
fiscal period ending April 2014 were distributed. For the fiscal period ending October 2013,
55 million yen was set aside as dividend reserve.
2
Payout Ratio calculated as below, and is rounded to the nearest one decimal place.
Payout Ratio = Total dividend /Quarterly Net Income×100(2) Recent status of share priceDisclaimer: 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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

6

(i) Status in the last three fiscal periods(yen)
October 2013

April 2014

October 2014

Opening Price

63,30061,70062,000Highest Price

65,10064,80085,700

Lowest Price

55,90059,70061,300

Closing Price

61,30061,50083,700(Note) The opening price, the highest price, and the lowest price are described based on theclosing price of the shares in a regular trading session at the TSE.
(ii) Status in the last six months
(yen)
June

July

AugustSeptember

OctoberNovember

2014

2014

2014

2014

2014

2014

Opening Price

62,70068,70071,00073,70083,30083,900Highest Price

67,90071,20076,40083,10085,70083,900

Lowest Price

62,00068,60070,90073,70077,20079,500

Closing Price

67,60071,20074,70083,10083,70080,5001

The opening price, the highest price, and the lowest price are described based on the closing
price of the shares in a regular trading session at the TSE.

2

The share price for November 2014 is as of November 13, 2014.
(iii) Share price on the business day preceding the resolution day of the issuance(yen)
November 13, 2014
Opening Price

79,100Highest Price

81,100

Lowest Price

79,100

Closing Price

80,500Disclaimer: 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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7(3) History of equity financing conducted in the past three fiscal periods
Public Offering
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering

May 27, 2013
5,431,320,000 yen (Estimated net proceeds)
60,348 yen
842,823 shares
90,000 shares
932,823 shares
Proceeds would be allocated to funds foracquiring specified assets and payment ofacquisition cost

Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

June 3, 2013
Completed disbursement on above scheduled datePublic Offering
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

December 3, 2013
4,929,745,000 yen (Estimated net proceeds)
57,997 yen
932,823 shares
85,000 shares
1,017,823 shares
Proceeds would be allocated to funds foracquiring specified assets and repayment of loans
After December, 2013
Completed disbursement on above scheduled date

Third-Party Allotment
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Third party allottee
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

January 7, 2014
429,974,500 yen (Estimated net proceeds)
57,997 yen
1,017,823 shares
8,500 shares
1,026,323 shares
SMBC Nikko Securities Inc.
Proceeds would be used for repayment of loans;
Remainder would be cash-on-hand for future
repayment of loans
After January 2014
Completed disbursement on above scheduled date

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

88. Restrictions on Sale and Additional Issuance of Shares (Lock-Up)(1) Ichigo Asset Management, Ltd. and Ichigo Real Estate Investment Advisors Co., Ltd.
who hold shares amounting to 1 and 1,400 shares, respectively, have agreed with the Lead
Manager that they will not sell, transfer, pledge as collateral, or lend to any other party orotherwise dispose of the shares they own during the period starting from the pricing date to adate 45 days from the delivery date, without prior written consent from the Lead Manager.
(2) Ichigo Trust Pte. Ltd. who holds shares amounting to 360,060 shares has agreed with
the Lead Manager that it will not sell the shares they own (except for selling the maximum of
55,385 shares on condition that the buyer(s) of the shares pledge to consent to be imposed of
the same restrictions as those imposed on Ichigo Trust Pte. Ltd. with regards to the shares soldby Ichigo Trust Pte. Ltd.) during the period starting from the pricing date to a date 45 days
from the delivery date, without prior written consent from the Lead Manager.
(3) Ichigo REIT has agreed with the Lead Manager not to engage in the issuance of theshares and certain other transactions without the prior written consent of the Lead Manager
during the period starting from the pricing date to the date 90 days from the delivery date(excluding the public offerings, the underwriter third-party allotment, the issuance of shares
via stock-split, and certain other exceptions).
(4) For either (1) or (3) above, the Lead Manager retains the right to terminate a part or
all of the aforementioned agreement under its own discretion during the restriction period
thereof or to shorten the restriction period thereof.
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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

9Reference: Growth Strategy
Stage I/II
2011/10

Stage III2013/10

Stage IV

2014/45th period post merger

2014/10

6th period post merger

2015/47th period post merger

Goal

Enhance Profitability

Stage V
2015/10

8th period post merger

Increase Size & Scale■ Financing Strategy
・Strengthen f inancial base via PO・Strengthen lender base・Obtain credit rating

Plan

Accretive Growth Cycle

Foundation for Growth

Obtain Credit Rating■ Internal Growth Strategy
・Strategic leasing of individual
properties
・Asset value enhancements
・Promote Ichigo brand■ External Growth Strategy
・Continuously acquire assets
through PO・Improve portf olio with asset sales
・Deploy Sponsor’s warehousing
capability■ Financing Strategy
・Obtain credit rating
・Strengthen f inancial base via PO・Increase potential f or new borrowing(collateral consolidation and noncollateralized borrowing)■ Internal Growth Strategy
・Improve lease conditions f or assets
with growth potential
・Promote Ichigo brand■ External Growth Strategy
・Acquire assets via new borrowing
・ Build a mid-sized asset portf olio
centered around of f ices with highpotential to contribute to bothearnings growth and stability
・Make f ull use of Ichigo Group’s
acquisition and bridge f undcapability

2016/49th period post merger

2016/1010th period post merger

Further Increase Dividend
and Solidify Market Position■ Financing Strategy
・Consider bond issuance・Improve credit rating■ Internal Growth Strategy
・Improve prof it structure as portf olio
size increases
・Strengthen Ichigo brand awareness■ External Growth Strategy
・Acquire assets via new borrowing
・ Build a mid-sized asset portf olio
centered on of f ices with highpotential to contribute to bothearnings growth and stability

Drive Further GrowthNote: Growth outcomes may differ from this plan and are not guaranteed.

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 shares and secondary share offering by
Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

10