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

Asset Acquisitions and Sales
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company of
Ichigo Real Estate Investment Corporation (“Ichigo REIT”), has decided to acquire 11 assets(total acquisition price 26,754,600,000 yen) and sell 15 assets (total sales price 16,520,000,000
yen).

I. General Overview
1. Acquisition Summary(Total appraisal value: 27,220,000,000 yen, Total acquisition price: 26,754,600,000 yen)
O-53
IchigoTakadanobaba
Building
OfficeSeptember 1993

OfficeNovember 1986

Trust beneficiaryinterest in realestate (juekiken)

Trust beneficiaryinterest in real estate(juekiken)

1,630,000,000 yen

3,520,000,000 yen

1,580,000,000 yen

3,430,000,000 yen

Asset Name
(Note 1)

O-51
Ebisu
Green Glass

O-52
Ichigo Omori
Building

Asset Type
Date Built

OfficeOctober 2009

Ownership

Trust beneficiaryinterest in real estate(juekiken)
5,940,000,000 yen

OfficeJuly 1992
Trust beneficiaryinterest in real estate(juekiken)(sectional ownership)
3,920,000,000 yen

5,900,000,000 yen

3,850,000,000 yen

SellerEbisu Holdings GK

Omori Holdings GK

Contract Date
Closing Date(expected)
Financing
Method (Note6)
Settlement
MethodNovember 14, 2014

November 14, 2014

Takadanobaba
Holdings GK
November 14, 2014

December 10, 2014

December 15, 2014

December 15, 2014

Appraisal Value
Acquisition
Price (Note 2)

O-54
Ichigo Omiya
Building

Omiya Holdings GK
November 14, 2014
December 10, 2014

New share issuance, borrowing, and cash-on-hand (Expected)
Lump-sum payment

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1Asset Name
(Note 1)
Asset Type
Date Built
Ownership
Appraisal Value
Acquisition Price(Note 2)
SellerContract Date
Closing Date(expected)
Financing
Method (Note 6)
Settlement
MethodAsset Name
(Note 1)
Asset Type
Date Built
Ownership
Appraisal Value
Acquisition Price(Note 2)
SellerContract Date
Closing Date(expected)
Financing
Method (Note 6)
Settlement
MethodO-55
Ichigo Sagamihara
Building
OfficeMay 1989
Trust beneficiaryinterest in realestate (juekiken)
1,190,000,000 yen

O-56
Ichigo Ofuna
Building
OfficeApril 1973
Trust beneficiaryinterest in realestate (juekiken)
2,030,000,000 yen

O-57
Ichigo Sendai East
Building
OfficeSeptember 2008
Trust beneficiaryinterest in realestate (juekiken)
1,890,000,000 yen

O-58
Ichigo Kumamoto
Building
OfficeMarch 1991
Trust beneficiaryinterest in realestate (juekiken)
1,460,000,000 yen

1,174,600,000 yen

2,000,000,000 yen

1,840,000,000 yen

1,450,000,000 yen

Domestic TMK(Note 3)
November 14, 2014

Domestic GK(Note 4)
November 14, 2014

Sendai Holdings
GK
November 14, 2014

Domestic KK(Note5)
November 14, 2014

January 9, 2015

December 15, 2014

December 10, 2014

December 15, 2014

New share issuance, borrowing, and cash-on-hand (Expected)
Lump-sum payment

RetailJuly 1998
Trust beneficiaryinterest in realestate (juekiken)
2,500,000,000 yen

Z-13
IchigoShin-Yokohama
Arena-Dori
Building
RetailOctober 2001
Trust beneficiaryinterest in realestate (juekiken)
1,730,000,000 yen

RetailJuly 1986
Trust beneficiaryinterest in realestate (juekiken)
1,410,000,000 yen

2,430,000,000 yen

1,700,000,000 yen

1,400,000,000 yen

Kawaguchi
Holdings GK
November 14, 2014

Shin-Yokohama
Holdings GK
November 14, 2014

Domestic TMK(Note 3)
November 14, 2014

December 15, 2014

December 15, 2014

January 9, 2015

Z-12
Lions Square
Kawaguchi

Z-14
Ichigo Kamata
Building

New share issuance, borrowing, and cash-on-hand (Expected)
Lump-sum payment(Note 1) The buildings are currently named “Believe Omori,” Shinjuku Toho Building,”“Omiya Annex Building,” “Leaf Square Sagamihara Building,” “Ofuna Sun
Building,” “Sendai MM Building,” “Karashima Daiichi Building,” “Lions Square
Building,” “ShinYokohama Rupo Building,” “Leaf Square Kamata Building” butthey will be changed to “Ichigo Omori Building,” “Ichigo Takadanobaba Building,”and “Ichigo Omiya Building,” “Ichigo Sagamihara Building,” “Ichigo Ofuna
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2Building,” “Ichigo Sendai East Building,” “Ichigo Kumamoto Building,” “Lions
Square Kawaguchi,” “Ichigo Shin Yokohama Arena-Dori Building,” “Ichigo
Kamata Building” respectively.
(Note 2) The acquisition price excludes incidental expenses such as property, city planning,and consumption taxes.
(Note 3) The buyer is a domestic tokutei mokuteki kaisha (TMK) and did not consent todisclosure.
(Note 4) The buyer is a domestic godo kaisha (GK) and did not consent to disclosure.
(Note 5) The buyer is a domestic kabushiki kaisha (KK) and did not consent to disclosure.
(Note 6) Acquisition will be funded with new share issuance, borrowing, and cash-on-hand.
In addition, the remainder of sales proceeds after prepayment of existing loans willbe also added to acquisition funds. For details on new share issuance, refer totoday’s release “Issuance of New Shares and Secondary Share Offering.”
2. Sale Summary(Total appraisal value: 16,520,000,000 yen, Total sale price: 16,520,000,000 yen)
Asset Name

R-01 ForeCity Roppongi

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

December 2003
Trust beneficiary interest in real estate (juekiken)
October 12, 2005
1,480,000,000 yen
1,570,000,000 yen
1,676,919,562 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-106,919,562 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3

Asset Name

R-02 ForeCity Azabujuban

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

February 2004
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
1,140,000,000 yen
1,135,000,000 yen
1,097,425,379 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+37,574,621 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-03 ForeCity Azabujuban No.2

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

January 2005
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
1,210,000,000 yen
1,224,000,000 yen
1,211,104,585 yen (estimated as of December xx,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+12,895,415 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

4Asset Name

R-05 ForeCity Shirokanedai

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

May 2004
Trust beneficiary interest in real estate (juekiken)
October 12, 2005
756,000,000 yen
750,000,000 yen
784,113,524 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-34,113,524 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-07 ForeCity Akihabara

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

April 2003
Trust beneficiary interest in real estate (juekiken)
October 12, 2005
2,120,000,000 yen
2,191,000,000 yen
2,410,931,433 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-219,931,433 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

5Asset Name

R-08 Suite One Court

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

March 2003
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
690,000,000 yen
655,000,000 yen
746,391,478 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-91,391,478 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-10 ForeCity Sasazuka

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

January 2005
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
938,000,000 yen
959,000,000 yen
1,009,491,818 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-50,491,818 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

6Asset Name

R-11 Gran Presso Kawadacho

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

February 2005
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
519,000,000 yen
500,000,000 yen
592,128,817 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-92,128,817 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-12 ForeCity Sakurashinmachi

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

January 2005
Trust beneficiary interest in real estate (juekiken)
October 14, 2005
795,000,000 yen
716,000,000 yen
890,705,903 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method-174,705,903 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7

Asset Name

R-13 ForeCity Shinkamata

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

February 2002
Trust beneficiary interest in real estate (juekiken)
October 12, 2005
1,020,000,000 yen
990,000,000 yen
977,458,747 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+12,541,253 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-14 ForeCity Nakaochiai

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

July 2006
Real estate
September 8, 2006
372,000,000 yen
335,000,000 yen
437,986,854 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method (Note 10)-102,986,854 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

8Asset Name

R-15 ForeCity Tomigaya

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

February 2006
Trust beneficiary interest in real estate (juekiken)
March 31, 2010
1,660,000,000 yen
1,650,000,000 yen
1,325,692,694 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+324,307,306 yen
Pre-two GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-16 ForeCity Ryogoku

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

February 2006
Trust beneficiary interest in real estate (juekiken)
September 8, 2006
1,080,000,000 yen
1,080,000,000 yen
1,023,869,238 yen (estimated as of December xx,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+56,130,762 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateDisclaimer: 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

9Asset Name

R-17 ForeCity Toyosu

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

August 2006
Trust beneficiary interest in real estate (juekiken)
March 31, 2010
1,700,000,000 yen
1,785,000,000 yen
1,320,427,583 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+464,572,417 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestateAsset Name

R-18 ForeCity Nishihonmachi

Asset Type

Residential

Date Built
Expected Legal Form of Asset
Sales Date
Appraisal Value (Note 7)
Expected Sale Price (Note 8)

January 2008
Trust beneficiary interest in real estate (juekiken)
March 31, 2010
1,040,000,000 yen
980,000,000 yen
896,546,755 yen (estimated as of December 12,
2014)

Book Value (Note 9)
Difference between Sale Price andBook Value
Acquirer
Contract Date
Settlement Date (expected)
Settlement Method+83,453,245 yen
Pre-one GK
November 14, 2014
December 12, 2014
Assignment of Trust beneficiary interest in realestate(Note 7) Appraisal value is as of October 31, 2014.
(Note 8) The expected sale price excludes fixed asset, city planning, consumption taxes, etc.
(Note 9) Book value is as of December 12, 2014 (expected)(Note 10) Expect to transfer the asset by converting from real estate to trust beneficiaryinterest.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

103. Acquisitions and Sales Rationale
During 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.
Today’s acquisitions and sales strategically reposition Ichigo REIT to focus on mid-size officeassets, and is aimed at maximizing shareholder value by making full use of Ichigo REIT’s
strengths in managing and adding value to office assets.
Ichigo REIT is acquiring seven assets via the sponsorship and asset acquisition pipeline of thefull Ichigo Group (Note.11). As announced in today’s release “Issuance of New Shares andSecondary Share Offering,” Ichigo REIT will acquire eleven high occupancy, prime location
assets (99.0% occupancy as of September) and focus more purely on higher-upside office assets,
along with a small number of urban retail assets that are potential candidates for value-add
retail-to-office conversions or have office-like operating characteristics. The acquisitions aregoing to be financed by the net proceeds from a public offering, borrowing from Japanese
megabanks (Note12), sale proceeds and cash-on-hand. The transactions will increase Ichigo
REIT’s scale, contributing to both earnings stability and growth and make full use of Ichigo
REIT’s value-add capabilities in mid-size office assets, again driving higher earnings forshareholders.
To achieve this strategic repositioning, fifteen residential assets are being sold to Ichigo Group
Holdings. Ichigo REIT did pursue negotiations with several alternative counterparties other than
Ichigo Group and concluded that this transaction offered the best outcome for Ichigo REIT. The
acquisitions cancel out the decrease in rental income as a result of the sales and will support the
REIT’s earnings growth going forward.
The NOI yield of the assets to be acquired is 5.6%, and the NOI of the assets to be sold is 4.9%,
so the result of these transactions is to increase total portfolio NOI by 0.2%. (Note13)
Part of the sales proceeds will be used to pay down existing loans, while the rest will be used forthe acquisitions. Details on the payment of existing loans will be announced as soon as they
become available.
For both the acquisitions and the sales, Ichigo REIT negotiated and verified transaction prices
with reference to recent appraisal values that took into account comparable market transactions,and Ichigo REIT followed strict related-party procedures to safeguard against conflicts ofinterests. Ichigo REIT also obtained second opinions to assess the fairness of the transaction
prices for both parties.
Ichigo Group Holdings, the sponsor of Ichigo REIT, has improved the value of several assetsthat failed meet Ichigo REIT’s standards of investment by renovating them to bring them tocompliance. Via its leasing activities, Ichigo Group Holdings has also improved occupancy tomaintain high occupancy rate in several assets, including Ebisu Green Glass whose former
rental period has ended. Ichigo REIT believes this sponsor support has added value for Ichigo
REIT’s shareholders.
The total appraisal value of the acquisitions amounts to 27,220,000,000 yen, while the totalacquisition price is 26,754,600,000 yen. In contrast, on the sales, the total sales price is equal to
the total appraisal value of 16,520,000,000 yen. In sum, these transactions generate a gain to
Ichigo REIT’s shareholders of 400 million yen relative to appraisal value.
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

11(Note 11) Ichigo Group companies refers to Ichigo Group Holdings Co., Ltd. and its
consolidated subsidiaries (including Ichigo Real Estate Investment Advisors Co.,
Ltd.).
(Note 12) Details of the borrowing will be announced as soon as they become available.
(Note 13) For the NOI yield of the assets to be acquired and sold as a result, please refer toReference: Acquisitions and Sales Results at the end of this press release.
4. Selection of Tenants
Tenants of the leased assets meet Ichigo REIT’s selection criteria stated below.
a. Candidates are screened based on the below review criteria. Databases of external researchfirms are also checked as required. First the candidate is screened for credit, then selectedbased on the candidate’s conformance in terms of lease price, lease term, the amount ofdeposits, type of business, comparison with other existing tenants, and the requirements ofthe candidate in terms of size and layout.
Classification
Corporate

Individual

Review Criteria.
i. Industry, Industry experience, earnings (soundness of management), etc.
ii. Conditions (Purpose, contract type, contract term, price, deposits, size ofleased area, renovation needs, etc.)
iii. If there is a guarantor, and the classification of the guarantor
i. Workplace, work experience at the current workplace.
ii. Annual income (Percentage of total rent against annual income)iii. Conditions (Purpose, contract type, contract term, price, size of leased area,
number of occupants, etc.)
iv. If there is a guarantor, and the classification of the guarantor
v. Age, gender, etc.

b. Regular hearings are conducted to understand the needs of the existing and new tenants fora long-term relationship.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

12II. Asset Acquisitions Overview
1. Asset Details(1) Ebisu Green Glass(i) Location
The building is located in Ebisu, where large-scale office buildings have been
continuously supplied since the opening of Yebisu Garden Place. It is an area that has
newly attracted companies of various industries starting with the IT industry.
Affluent residential areas such as Daikanyama, Hiroo, etc. are within the vicinity, andthere are many apparel and select shops. Therefore, it is an area where stable rent
income from offices and retail can be expected.
(ii) Features
The building is a 4-minute walk from Ebisu Station of the Yamanote Line and 2-minutes walk from that of Tokyo Metro Hibiya Line.
The building stands out for its location at the corner of Komazawa Dori, facing themain street and aluminum curtain wall façade.
125-tsubo offices have no wall pillars and the ceiling is 2.65 meters high. The
building is equipped with high-spec IT network and a robust security system to meetthe needs of tenants of the IT industry, demonstrating its high competitiveness.
It also has environmentally friendly features such as solar panels, rain water
recycling system, etc.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

13

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

5,940,000,000 yen

Period of TrustContract

November 28, 2013 – November 30, 2023

Date

October 1, 2014

Location

3-1-1, Ebisu-Minami, Shibuya-ku, Tokyo

Value by Direct Capitalization
Method6,100,000,000 yen

Property RightLand

Building

Freehold

Income2306,631,997 yenSize689.23 m

Obtainable Rent Income

310,850,640 yen

ZoningCommercial, Category II
mid/high-rise oriented residential

Other Income

12,711,804 yen

Coverage Ratio /Floor Area Ratio

80%/ 600%, 60% / 300%

Amount Equivalent to Losson Vacant Space

16,930,447 yen

Property Right

Freehold

Expenses

58,485,435 yen

ZoningOffice, Retail, and Parking

Administrative andMaintenance Expenses

Structure

S

Taxes

22,709,389 yen

Other Expenses

20,116,681 yen

B1F/9F2

15,659,365 yen

Total Floor Area

4,029.55 m

Construction
Date

October 30, 2009

Net Operating Income (NOI)

Architect (Note 14)

Plants Associates Inc.

Gain on Investment of
Deposits

4,565,411 yen

Builder (Note 14)

Sumitomo Mitsui Construction Co.,
Ltd. Tokyo Architect Branch

Capital Expenditure

2,608,667 yen

T & A Associates

Net Profit

250,103,306 yen

The Building Center of Japan
5.58 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Cap Rate

4.1 %Structural Strength Calculator(Note 14)
Inspection Agency (Note 14)
PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of September 30, 2014)
Number of Tenants

1Monthly Rental Income(Note 16)

Deposit(Note 16)

Leasable Space

3,159.27 m

5,870,000,000 yen

Discount Rate

3.9 %Terminal Cap Rate

4.3 %Value by Cost Approach2

248,146,562 yen

5,220,000,000 yen

Land

86.1 %

Property

13.9 %

2

Leased Space

2,863.15 m

Occupancy

90.6%

Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 15)248 million yen (4.2 %)Special Items

None(Note 14) The names of architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
(Note 15) NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is
calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.
(Note 16) Monthly rental income and deposit will not be disclosed as the tenant has not given consent.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

14(2) Ichigo Omori Building(i) Location
The building is located in Omori, a vibrant commercial area with large-scale
shopping facilities such as Omori Belport. The area is convenient from Haneda
Airport, which is re-expanding and globalizing. Omori is expected to shift as acommercial and business district of the Tokyo area.
(ii) Features
The building benefits from convenient train access via the JR Keihin Tohoku Line
Omori Station and JR Keihin Kyuko Honsen Omori Kaigan station.
In addition, the building has architectural features such as an aluminum curtain wall
and a close proximity to a public park. In addition, a coffee chain and a convenience
store occupy the first floor. The common area has been fully renovated in 2007.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

15

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Tanisawa Sogo
Kanteisho KK

Value

3,920,000,000 yen

Period of TrustContract

August 30, 2002 – March 31, 2024

Date

October 1, 2014

Location

6-25-3, Minami-Ooi, Shinagawa-ku, Tokyo

Value by Direct Capitalization
Method3,980,000,000 yen

Property RightLand

Income2257,323,859 yen

Size985.61 m (Note 19)

Obtainable Rent Income

229,848,187 yen

ZoningCommercial

Other Income

40,949,789 yen

80% / 500%

Amount Equivalent to Losson Vacant Space

13,474,117 yen

Coverage Ratio /Floor Area Ratio
Property Right
ZoningBuilding

Freehold(Note 19)

Structure

Freehold(Sectional ownership 91.85%)(i) Office, Parking (ii) Garbage
collection(i) S/SRC B1F/8F (ii) RC 1F
2

2

59,914,226 yen

Administrative andMaintenance Expenses

19,678,187 yen

Taxes

16,368,100 yen

Other Expenses

23,867,939 yen

Total Floor Area(i) 5,801.73 m

Construction
Date

July 29, 1992

Net Operating Income (NOI)

Ataka Engineering Corporation

Gain on Investment of
Deposits

3,242,522 yen

Capital Expenditure

5,400,000 yen

Architect (Note 17)
Builder (Note 17)
Structural Strength Calculator(Note 17)
Inspection Agency (Note 17)
PML (Assessor)
Collateral(ii) 10.08 m

Expenses

Fujita Corporation Tokyo Architect
OfficeFujita Corporation 1st Architect
OfficeBuilding Official(Tokyo Prefecture)
5.53 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Rent Overview (as of September 30, 2014)
Number of Tenants

9

Monthly Rental Income

19,064 thousand yen

Deposit

163,987 thousand yen

Leasable SpaceNet Profit

195,252,155 yen

Cap Rate

4.9 %Value by DCF method

3,624.22 m

3,890,000,000yen

Discount Rate

5.0 %Terminal Cap Rate

5.1 %Value by Cost Approach2

197,409,633 yen

3,220,000,000 yen

Land

85.7 %

Property

14.3 %

2

Leased Space

23,624.22 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 18)197 million yen (5.1 %)Special Items
1. The building is in sectional ownership by three parties; Acquired ownership is 91.85% (5,229.34 m2 /5,693.13 m2). In addition, part ofland is owned by other sectional owners and leased to trustee. Furthermore, there are 3 sectional owners including the trustee.
2. Part of a tile encroaches a west neighbor. A memorandum of understanding exists which agrees to rectify the situation when these parts
are reconfigured in the future.
(Note 17) The names of architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

16

(Note 18) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.
(Note 19) Includes a partial land expected to be leased.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

17

(3) Ichigo Takadanobaba Building(i) Location
Takadanobaba has an easy access to major business centers, and it can be expectedthat there will be constant need from companies and branches of companies wanting
to cut-down on office rent.
(ii) Features
The building is a 3- minute walk from Takadanobaba Station on the JR Yamanote
Line, Tokyo Metro Tozai Line, and Seibu Shinjuku Line.
On the first floor is an Italian restaurant as the tenant, and the 2nd to 6th floor areleased as offices.
The standard floor area is approximately 75 tsubo, and the ceiling is 2.55 meters high.
The building is highly competitive compared to other buildings in the area for its
high spec.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

18

Asset Overview

Appraisal Overview
Daiwa Real EstateAppraisal Co., Ltd.

Asset Type

Trust beneficiary interest in real estate(juekiken)

Appraiser

TrusteeMizuho Trust and Banking Corporation

Value

1,630,000,000 yen

Period of Trust Contract

October 23, 2006 – March 31, 2024

Date

October 1, 2014

Location

1-29-8, Takadanobaba, Shinjuku-ku,
Tokyo

Value by Direct Capitalization
Method1,650,000,000 yen

Land

Building

Property Right

Freehold

IncomeSize

436.83 m2

Obtainable Rent Income

98,649,720 yen

ZoningCoverage Ratio /Floor Area Ratio(Note 14)

Commercial

Other Income

24,826,710 yen

80% / 500%

Amount Equivalent to Losson Vacant Space

6,989,899 yen

Expenses

116,486,531 yen

Property Right

Freehold

ZoningOffice, Residential, Warehouse,
Parking

Administrative andMaintenance Expenses

9,005,714 yen

Structure

SRC

Taxes

9,866,127 yen

Other Expenses

13,583,313 yen

B1F/7F2

Total Floor Area

2,214.94 m

Construction
Date

September 28, 1993

Net Operating Income (NOI)MEC Design International
Corporation
Koshin Kensetsu Co.,Ltd.
MEC Design International
Corporation
Building Official (Shinjuku-ku)
6.21 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Gain on Investment of
Deposits
Capital ExpenditureArchitect (Note 20)
Builder (Note 20)
Structural Strength Calculator(Note 20)
Inspection Agency (Note 20)
PML (Assessor)
Collateral
Number of Tenants

8Monthly Rental Income

8,225 thousand yen

Deposit106,697 thousand yen

Leasable Space

1606.92 m

1,726,090 yen
8,368,750 yen
77,388,717 yen

Cap Rate

4.7 %1,620,000,000 yen

Discount Rate

4.5 %Terminal Cap Rate

4.9 %Value by Cost Approach2

84,031,377 yen

Net Profit

Value by DCF method

Rent Overview (as of September 30, 2014)

32,455,154 yen

1,850,000,000 yen

Land

86.4 %

Property

13.6 %

2

Leased Space

1606.92 m

Occupancy
Property Management
Company
Master Lease Company
Assumed NOI (NOI yield)(Note 21)100 %To be determined
To be determined
84 million yen (5.3 %)Special Items
1. A concrete wall with uncertain ownership sits across the south border with an adjoining property. A memorandum of understanding
exists which agrees to the situation when this is reconfigured in the future.
(Note 20) The names of architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
(Note 21) NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is
calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

19

(4) Ichigo Omiya Building(i) Location
It is located at the heart of Saitama City, and holds the Saitama prefecture’s largest
commercial and business district. Demand for office lease from local companies aswell as Kita-Kanto branch offices of major companies, is promising.
(ii) Features
The building is a 9 minute walk from Omiya Station of the JR lines and other private
railways. Access to not only within the prefecture but also to outside the prefecture isalso convenient, benefiting from the number of railways.
The building faces a major road and has 63 parking spaces. Each floor of thisproperty is large, well-configured and sub-dividable with a 273 tsubo floor plate. The
flexibility to respond to the tenants needs demonstrates high competitiveness in thearea.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

20

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

3,520,000,000 yen

Period of TrustContract

March 1, 2000 – November 30, 2023

Date

October 1, 2014

Location

2-79-2, Miyacho, Omiya-ku, Saitama City,
Saitama

Value by Direct Capitalization
Method

3,580,000,000 yen

Property RightLand

Building

Freehold

Income2313,435,207 yen

Size3,343.89m

Obtainable Rent Income

292,876,692 yen

ZoningCommercial / Category I residential

Other Income

37,943,000 yen

Coverage Ratio /Floor Area Ratio

80%/400%, 60%/200%

Amount Equivalent to Losson Vacant Space

17,384,485 yen

Property Right

Freehold

Expenses

88,555,071 yen

ZoningOffice, Parking

Administrative andMaintenance Expenses

Structure

RC B1F/7F

Taxes

23,568,600 yen

Total Floor Area

8,883.20m2

Other Expenses

36,168,924 yen

Construction
Date

November 15, 1986

Net Operating Income (NOI)stArchitect (Note 22)
Builder (Note 22)
Structural Strength Calculator(Note 22)
Inspection Agency (Note 22)
PML (Assessor)
Collateral

Obayashi Corporation Tokyo 1
Architect Office
Obayashi Corporation Tokyo Head
OfficeObayashi Corporation Tokyo 1st
Architect Office
Building Official (Omiya City)
6.57 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Rent Overview (as of September 30, 2014)
Number of Tenants

27

Monthly Rental Income

23,130 thousand yen

Deposit

188,845 thousand yen

Leasable Space

6.249.54 m

224,880,136 yen

Gain on Investment of
Deposits

4,010,620 yen

Capital Expenditure

24,586,667 yen

Net Profit

204,304,089 yen

Cap Rate

5.7 %Value by DCF method

3,490,000,000 yen

Discount Rate

5.5 %Terminal Cap Rate

5.9 %Value by Cost Approach2

28,817,547 yen

3,430,000,000 yen

Land

82.4%

Property

17.6%

2

Leased Space

6,196.75 m

Occupancy

99.2 %

Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 23)224 million yen (6.6 %)Special Items
1.Part of a plant encroaches a west neighbor. A memorandum of understanding exists which agrees to rectify the situation when theseparts are reconfigured in the future.
2. A concrete wall with uncertain ownership sits across the northeast border with an adjoining property. A memorandum of understanding
has not been signed yet.
3. A south road is city planning road. A part of land is also city planning road.
4. A construction inspection report indicates an emergency lighting should be repaired. The seller agreed to ask tenants to fix their assets
and other assets will be fixed at the cost of the seller by the closing 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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

21

(Note 22) The names of architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
(Note 23) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

22

(5) Ichigo Sagamihara Building(i) Location
The building is located in the Sagamihara City, which is an ordinance-designated city
owing to its convenient access to the center of Tokyo and Yokohama and the Tamaarea with a population of over 700,000 people. The population of the younger age
group is growing, and more population growth and functional enhancement as a
metropolis can be anticipated.
A commercial district is built around Sagamihara Station and financial institutions,and other common companies are choosing the area as their sales point, and a strong
demand is expected to grow.
(ii) Features
The building is a mid-size office which meets the demands from the tenants whowant to develop a regional sales point.
Each floor of this property is sub-dividable with a 140 tsubo floor plate, and 42
parking spaces are available. The flexibility to respond to the tenants needs
demonstrates high competitiveness compared to other buildings in the area.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

23

Asset Overview
Asset Type
Trustee
Period of TrustContract
Location

Value

Daiwa Real EstateAppraisal Co., Ltd.
1,190,000,000 yen

January 31, 2003 – June 30, 2021

Date

October 1, 2014

5-5-3, Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Value by Direct Capitalization
Method1,220,000,000 yen

Trust beneficiary interest in real estate(juekiken)
Mizuho Trust & Banking Co., Ltd.

Property RightLand

Building

Appraisal Overview
Appraiser

Freehold

Income2

120,839,118 yen

Size1,001.72 m

Obtainable Rent Income

107,427,600 yen

ZoningCommercial

Other Income

19,666,208 yen

Coverage Ratio /Floor Area Ratio

80%/400%

Amount Equivalent to Losson Vacant Space

6,254,690 yen

Property Right

Freehold

ZoningOffice, Parking

Administrative andMaintenance Expenses

12,432,879 yen

Structure

SRC 7F

Taxes

9,083,800 yen

Other Expenses

21,136,604 yen

Expenses

2

42,653,283 yen

Total Floor Area

4,205.27 m

Construction
Date

May 26, 1989

Net Operating Income (NOI)

78,185,835 yen

Architect (Note 24)

Takeo Sato Design OfficeGain on Investment of
Deposits

1,675,992 yen

Builder (Note 24)

Tokyu Construction Co., Ltd.
Yokohama Branch

Capital Expenditure

6,600,083 yen

Takeo Sato Design Office

Net Profit

73,261,744 yen

Building Official (Sagamihara City)
7.23 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Cap Rate

6.0 %Structural Strength Calculator(Note 24)
Inspection Agency (Note 24)
PML (Assessor)
Collateral

Rent Overview (as of September 30, 2014)
Number of Tenants

14

Monthly Rental Income

8,140 thousand yen

Deposit

67,910 thousand yen

Leasable Space

Value by DCF method
Discount Rate

5.8 %Terminal Cap Rate

6.2 %Value by Cost Approach22,959.38 m

1,180,000,000 yen

1,050,000,000 yen

Land

66.6 %

Property

33.4 %

2

Leased Space

2,959.38 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 25)78 million yen (6.7 %)Special Items
1.Part of a fence encroaches a southeast neighbor. A memorandum of understanding exists which agrees to rectify the situation when theseparts are reconfigured in the future.
2. An inspection certificate after the completion of a northeast signboard has not been obtained from the authority. However, a reportconcluding such construction works are in compliance with building code is obtained.
(Note 24) The names of architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
(Note 25) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

24

(6) Ichigo Ofuna Building(i) Location
The building is located near the Ofuna Station, a hub station with average daily
commuter of 97 million people. In addition, a major redevelopment project is under
way in front of east exit of Ofuna Station, making it more convenient.
(ii) Features
The building is a 3-minute walk from Ofuna Station of the JR lines with an easy
access to Yokohama City. It is 40-minutes train ride to Tokyo Station.
Financial institution takes up from B1F to 2F and other floors are occupied by cramschool, clinic, beauty salon, etc.
Renovation works were conducted to it its common areas in 2008 and the building
has a strong competitiveness in the area where a new supply is scarce.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

25

Asset Overview
Asset Type
Trustee
Period of TrustContract
Location

Appraisal Overview

Value

The Tanizawa Sōgō
Appraisal Co., Ltd.
2,030,000,000 yen

September 30, 2004 – September 30, 2019

Date

October 1, 2014

1-26-29, Ofuna, Kamakura City, Kanagawa

Value by Direct Capitalization
Method

1,960,000,000 yen

Trust beneficiary interest in real estate(juekiken)
Sumitomo Mitsui Trust Bank, Limited

Property Right

Appraiser

Freehold

Income2

160,890,937 yen

Size1,461.04m

Obtainable Rent Income

138,566,852 yen

ZoningCategory II residential

Other Income

33,025,292 yen

Coverage Ratio /Floor Area Ratio

60%/200%

Amount Equivalent to Losson Vacant Space

10,701,207 yen

Property Right

Freehold

ZoningOffice, Parking

Administrative andMaintenance Expenses

14,643,880 yen

Structure

RC B1F/8F

Taxes

6,796,200 yen

Total Floor Area

3,323.93 m2

Other Expenses

18,842,090 yen

Construction
Date

April 3, 1973

Net Operating Income (NOI)

Architect (Note 26)

Irie Miyake Architects & Engineers

Gain on Investment of
Deposits

2,346,382 yen

Builder (Note 26)

Konoike Construction Co., Ltd.

Capital Expenditure

9,240,000 yen

Structural Strength Calculator(Note 26)

Irie Miyake Architects & Engineers

Net Profit

113,715,149 yen

Cap Rate

5.8 %

Land

Building

Inspection Agency (Note 26)
PML (Assessor)
Collateral

Expenses

Building Official (Kanagawa
Prefecture)
11.28 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Rent Overview (as of September 30, 2014)
Number of Tenants

8Monthly Rental Income

11,636 thousand yen

Deposit132,159 thousand yen

Leasable Space

Value by DCF method

2,364.67 m

120,608,767 yen

2,060,000,000 yen

Discount Rate

5.7 %Terminal Cap Rate

6.0 %Value by Cost Approach2

40,282,170 yen

1,070,000,000 yen

Land

81.3%

Property

18.7 %

2

Leased Space

2,289.43 m

Occupancy

96.8 %

Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 27)

120 million yen (6.0 %)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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

26

Special Items
1. Part of a shutter and wall encroach a northeast neighbor and part of wall encroaches a southwest neighbor. A memorandum of
understanding exists which agrees to rectify the situation when these parts are reconfigured in the future.
2. Part of a wall encroaches a southeast neighbor. A memorandum of understanding exists which agrees to rectify the situation when theseparts are reconfigured in the future.
3. Part of equipment to block soils sits across the public road to the north. A memorandum of understanding for this matter does not exist.
4. A smoking emission gas was converted to tenant entrance. The seller agreed to rectify the issue at its own cost.
5. Engineering report points out the issue concerning fire prevention door and substitute entrance. However, the seller and Ichigo REIT
agreed to rectify those issues at its own cost respectively.
6. Fire prevention inspection report indicates the issues on the fire extinguisher. However, Ichigo REIT agreed to rectify the issue at its
own cost.
7. The floor area ratio does not meet the current building code.
(Note 26) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 27) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

27

(7) Ichigo Sendai East Building(i) Location
The east side of Sendai station, where the building is situated, is an area where
redevelopment is in progress. Tokyo Metro Tozai Line will be in service from 2015.
In light of this, new hotels, retail stores, and offices are starting to or planning to
open. Vitalization of the area is much anticipated.
(ii) Features
The building benefits from convenient train and car access, located only 3-minutes
walk from Tsutsujigaoka Station of the JR Sengoku Line and 15-minutes walk from
Sendai Station of the JR lines, and at the corner of Miyagino-dori, a trunk road.
Each floor is large, well-configured with a 340 tsubo floor plate. The ceiling is 2.8
meters high which enhances its spaciousness. 64 parking spaces are available. The
flexibility to respond to the tenants needs demonstrates high competitivenesscompared to other buildings in the area.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

28

Asset Overview
Asset Type
Trustee
Period of TrustContract
Location

Value

The Tanizawa Sōgō
Appraisal Co., Ltd.
1,890,000,000 yen

March 29, 2013 – December 31, 2023

Date

October 1, 2014

1-12-1, Miyagino, Miyagino-ku, Sendai
City, Miyagi

Value by Direct Capitalization
Method1,850,000,000 yen

Trust beneficiary interest in real estate(juekiken)
Sumitomo Mitsui Trust Bank, Limited

Property RightLand

Building

Appraisal Overview
Appraiser

Freehold

Income2

179,505,299 yen

Size2,044.81 m

Obtainable Rent Income

160,834,248 yen

ZoningNeighborhood commercial

Other Income

28,529,224 yen

Coverage Ratio /Floor Area Ratio

80%/300%

Amount Equivalent to Losson Vacant Space

9,858,173 yen

Property Right

Freehold

Zoning(i)Office, Retail (ii)Parking(iii) Garbage collection

Structure(i)S 5F (ii)S 1F (iii)RC 1F

Expenses

2

59,478,333 yen

Administrative andMaintenance Expenses

22,726,880 yen

Taxes

13,421,700 yen

Other Expenses

23,329,753 yen

2Total Floor Area(i) 6,453.11 m(iii)9.00 m2

Construction
Date

September 24, 2008

Net Operating Income (NOI)

Kajima Corporation Tohoku Branch
1st Architect OfficeGain on Investment of
Deposits

2,057,484 yen

Builder (Note 28)

Kajima Corporation Tohoku Branch

Capital Expenditure

5,355,000 yen

Structural Strength Calculator(Note 28)
Inspection Agency (Note 28)

Kajima Corporation Tohoku Branch
1st Architect Office
Bureau Veritas Japan
2.48 % (Sompo Japan Nipponkoa
Risk Management Inc.)
CollateralizedArchitect (Note 28)

PML (Assessor)
Collateral(ii)89.42 m

Net Profit

116,729,450 yen

Cap Rate

6.3 %Value by DCF method

Rent Overview (as of September 30, 2014)
Number of Tenants

11

Monthly Rental Income

13,896 thousand yen

Deposit112,471 thousand yen

Leasable Space

5,213.09 m

1,910,000,000 yen

Discount Rate

6.4 %Terminal Cap Rate

6.5 %Value by Cost Approach2

120,026,966 yen

2,070,000,000 yen

Land

40.1 %

Property

59.9 %

2

Leased Space

5,213.09 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 29)

120 million yen (6.5 %)Special Items

None(Note 28) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 29) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

29

(8) Ichigo Kumamoto Building(i) Location
The building is located in Karashimacho district, which is the central commercial
area of the Kumamoto City. It is a highly complex commercial area where many
department stores, restaurants, offices, and hotels are concentrated.
Much demand for office lease from local companies as well as branch offices ofmajor companies and financial institutions is expected.
(ii) Features
The building is 1-minute walk from Nishikarashima Station of the Kumamoto City
Train Line, and 3-minutes walk from Kumamoto Kotsu Center Bus Terminal.
Each floor has a sub-dividable 140 tsubo floor plate and meet the miscellaneous
demand of local companies. It features a marble and granite entrance and a highvisibility since it faces a city road where a municipal electric railway runs, anddemonstrates high competitiveness compared to other buildings in the area.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

30

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

1,460,000,000 yen

Period of TrustContract

June 25, 2014 – June 30, 2024

Date

October 1, 2014

Location

6-7, Karashimacho, Chuo-ku, Kumamoto
City, Kumamoto

Value by Direct Capitalization
Method1,470,000,000 yen

Property RightLand

Building

Freehold

Income2

166,643,880 yen

Size

829.99 m

Obtainable Rent Income

146,988,000 yen

ZoningCommercial

Other Income

28,833,600 yen

Coverage Ratio /Floor Area Ratio

80%/600%

Amount Equivalent to Losson Vacant Space

9,177,720 yen

Property Right

Freehold

Expenses

60,794,289 yen

ZoningOffice, Parking

Administrative andMaintenance Expenses

Structure

S/SRC 12F

Taxes

12,913,300 yen

Other Expenses

26,876,600 yen

2

21,004,389 yen

Total Floor Area

6,580.39 m

Construction
Date

March 11, 1991

Net Operating Income (NOI)

Tobishima Corporation Kyushu
Branch 1st Architect Office
Tobishima Corporation Kyushu
BranchTobishima Corporation Kyushu
Branch 1st Architect Office
Building Official (Kumamoto City)
1.56 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Gain on Investment of
Deposits

1,929,413 yen

Capital Expenditure

15,033,917 yen

Net Profit

92,745,087 yen

Cap Rate

6.3 %Architect (Note 30)
Builder (Note 30)
Structural Strength Calculator(Note 30)
Inspection Agency (Note 30)
PML (Assessor)
Collateral

Rent Overview (as of September 30, 2014)
Number of Tenants

34

Monthly Rental Income

12,002 thousand yen

Deposit

96,621 thousand yen

Leasable Space

Value by DCF method

4,499.08 m

1,450,000,000 yen

Discount Rate

6.1 %Terminal Cap Rate

6.5 %Value by Cost Approach2

105,849,591yen

1,300,000,000 yen

Land

43.5 %

Property

56.5 %

2

Leased Space

4,499.08 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 31)105 million yen (7.3 %)Special Items
1. The floor-area ratio does not meet the current building code.
2. Smoke emission window has to be rectified to meet the fire prevention standards. However, the seller agreed to rectify the issue at its
own cost.
(Note 30) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 31) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

31

(9) Lions Square Kawaguchi(i) Location
The building is located in Kawaguchi City, which has the second largest populationin the Saitama prefecture, after Saitama City. In recent years, Kawaguchi City has
rapidly grown as a bed town, and high-rise condominiums are being built.
(ii) Features
The building is a 5-minute walk from Kawaguchi Motogo Station of the Saitama
Railway Line, and also convenient to access by car from the city’s main trunk road,Route 122. The building is adjacent to the tall tower condominiums, Elza Tower 55
and Elza Tower 32, which have a combined 1,000 units residence, and the needs forsupermarkets and fitness clubs by these residents are high. It can be positioned as acommunity-based retail building used by not only nearby residents, but also
customers who visit by car.
Stable rent income is expected as the main tenant contracted a long-term fixed termlease.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

32

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

2,500,000,000 yen

Period of TrustContract

February 4, 2005 – July 31, 2024

Date

October 1, 2014

Location

2-15-3, Motogo, Kawaguchi City, Saitama

Value by Direct Capitalization
Method2,490,000,000 yen

Property RightLand

Building

Freehold

Income2

260,272,512 yenSize

9,531.83 m

Obtainable Rent Income

136,020,744 yen

Zoning

Quasi-industrial

Other Income

135,299,840 yen

Coverage Ratio /Floor Area Ratio

60%/200%

Amount Equivalent to Losson Vacant Space

11,048,072 yen

Property Right

Freehold

Expenses

122,093,922 yen

ZoningOffice, Training Area, Parking

Administrative andMaintenance Expenses

Structure

S/SRC 6F

Taxes

28,940,824 yen

Other Expenses

69,739,411 yen

2

23,413,687 yen

Total Floor Area

7,309.66 m

Construction
Date

July 6, 1998

Net Operating Income (NOI)

Architect (Note 32)

Kyodo Architects & Associates Ltd.

Gain on Investment of
Deposits

2,315,028 yen

Builder (Note 32)

Takenaka Corporation

Capital Expenditure

13,609,583 yen

Kyodo Architects & Associates Ltd.

Net Profit

126,884,035 yen

Building Official (Kawaguchi City)
5.19 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Cap Rate

5.1 %Structural Strength Calculator(Note 32)
Inspection Agency (Note 32)
PML (Assessor)
Collateral

Rent Overview (as of September 30, 2014)
Number of Tenants

3

Monthly Rental Income

11,300 thousand yen

Deposit106,900 thousand yen

Leasable Space

Value by DCF method

7,788.09 m

2,500,000,000 yen

Discount Rate

4.9 %Terminal Cap Rate

5.3 %Value by Cost Approach2

138,178,590 yen

3,150,000,000 yen

Land

75.3 %

Property

24.7 %

2

Leased Space

7,788.09 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 33)

138 million yen (5.7 %)Special Items
1. Part of a wall encroaches a north neighbor. A memorandum of understanding exists which allows the use of the encroached land until aneed to rectify the issue arises.
(Note 32) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 33) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

33

(10) Ichigo Shin Yokohama Arena-dori Building(i) Location
The building is located near the Shin-Yokohama Station, an area that has developedwith the station’s ability to attract customers from various areas, as the JR Tokaido
Shinkansen stops at the station. The area has orderly rows of buildings, with manybusiness hotels, event venues, recreational parks, and medical institutions.
(ii) Features
The building is a 4-minute walk from Shin-Yokohama station of the JR Tokaido
Shinkansen and JR Yokohama Line. It is located on the Arena-dori, a street that has arelatively high amount of traffic amongst the Shin-Yokohama area. Each floor has astandard floor plate of 115 tsubo and is leased by floors. Current tenants are aninternet café, major food industry chain, and other restaurants. Guests are office
workers during weekdays and visitors to Shin-Yokohama Arena and International
Stadium Yokohama on weekends.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

34

Asset Overview

Appraisal Overview

Trust beneficiary interest in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

1,730,000,000 yen

Period of TrustContract

May 29, 2014 – May 31, 2024

Date

October 1, 2014

Location

3-7-7, Shin-Yokohama, Kohoku-ku,
Yokohama City, Kanagawa

Value by Direct Capitalization
Method1,740,000,000 yen

Property RightLand

Income2

158,432,111 yen

Size

684.00 m

Obtainable Rent Income

105,262,800 yen

ZoningCommercial

Other Income

60,882,012 yen

80%/800%

Amount Equivalent to Losson Vacant Space

7,712,701 yen

Coverage Ratio /Floor Area Ratio

Building

Freehold

Property Right

Freehold

Zoning(i) Retail & Office (ii) Garbage
Collection & Pump Room (iii)
Parking

Expenses
Administrative andMaintenance Expenses

13,175,279 yen

Structure(i) S 6F (ii) S 2F (iii) S 1F

Taxes

7,341,578 yen

Other Expenses

41,665,450 yen

262,182,307 yen

2

Total Floor Area(i) 2,323.22m (ii) 33.26m(iii) 92.09 m2

Construction
Date

October 19, 2001

Net Operating Income (NOI)

Nara Construction Co.,Ltd.
1st Architect OfficeGain on Investment of
Deposits

938,628 yen

Builder (Note 34)

Nara Construction Co.,Ltd.

Capital Expenditure

1,620,000 yen

Structural Strength Calculator(Note 34)
Inspection Agency (Note 34)

Nara Construction Co.,Ltd.
1st Architect Office
Building Official (Yokohama City)
6.04 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Net Profit

95,568,432 yen

Cap Rate

5.5 %Architect (Note 34)

PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of September 30, 2014)
Number of Tenants

5

Monthly Rental Income

8,850 thousand yen

Deposit

42,868 thousand yen

Leasable Space

1,971.34 m

1,720,000,000 yen

Discount Rate

5.3 %Terminal Cap Rate

5.7 %Value by Cost Approach2

96,249,804 yen

1,580,000,000 yen

Land

79.1 %

Property

20.9 %

2

Leased Space

1,971.34 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 35)

96 million yen (5.7 %)Special Items

None(Note 34) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 35) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

35

(11) Ichigo Kamata Building(i) Location
The building is located in the Kamata area, the central commercial district of theTokyo Jonan area, benefiting from its convenient access to the Haneda Airport andaround Tokyo and to neighboring prefectures. The area has many administrative
agencies, supermarkets, financial institutions, and recreational facilities.
(ii) Features
The building is a 4-minute walk from Kamata Station of the JR Keihin Tohoku Lineand other private railways and a 700 meters away from Keikyu Kamata Station of
Keikyu Honsen and Keikyu Airport Line. The building is located at the corner ofbusy commercial area, and has a feature of triangular-shaped roof covering setback
space of the fourth floor and up. One of Japan’s largest handcraft parts seller is the
major tenant of the building.
(iii) Property Photos and Location

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

36

Asset Overview
Asset Type
Trustee
Period of TrustContract
Location

Value

Daiwa Real EstateAppraisal Co., Ltd.
1,410,000,000 yen

January 31, 2003 – June 30, 2021

Date

October 1, 20148-23-5, Nishi-Kamata, Ota-ku, Tokyo

Value by Direct Capitalization
Method1,440,000,000 yen

Trust beneficiary interest in real estate(juekiken)
Mizuho Trust & Banking Co., Ltd.

Property RightLand

Building

Appraisal Overview
Appraiser

Freehold

Income2

107,845,644 yenSize

578.94 m

Obtainable Rent Income

98,989,800 yen

ZoningCommercial

Other Income

13,010,400 yen

Coverage Ratio /Floor Area Ratio

80%/500%

Amount Equivalent to Losson Vacant Space

4,154,556 yen

Property Right

Freehold

ZoningOfficeStructure

SRC B1/6F

Expenses

2

32,565,654 yen

Administrative andMaintenance Expenses

8,436,143 yen

Taxes

7,080,231 yen

Other Expenses

17,049,280 yen

Total Floor Area

2,833.85 m

Construction
Date

July 10, 1986

Net Operating Income (NOI)

75,279,990 yen

Architect (Note 36)

Takeo Sato Design OfficeGain on Investment of
Deposits

1,995,819 yen

Builder (Note 36)

Sumitomo Mitsui Construction Co.,
Ltd. Tokyo Architect Office

Capital Expenditure

4,027,667 yen

Takeo Sato Design Office

Net Profit

73,248,142 yen

Building Official (Ota-ku)
3.82 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Cap Rate

5.1 %Structural Strength Calculator(Note 36)
Inspection Agency (Note 36)
PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of September 30, 2014)
Number of Tenants

2

Monthly Rental Income

7,752 thousand yen

Deposit

97,626 thousand yen

Leasable Space

Discount Rate

4.9 %Terminal Cap Rate

5.3 %Value by Cost Approach22,124.68 m

1,390,000,000 yen

1,320,000,000 yen

Land

83.7 %

Property

16.3 %

2

Leased Space

2,124.68 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 37)

75 million yen (5.4 %)Special Items
1. An inspection certificate after the completion of a signboard on the rooftop has not been obtained from the authority. However, a reportconcluding such construction works are in compliance with building code is obtained.
(Note 36) The names of architect, builder, structural strength calculator, and inspection agency are those ofwhen the building was built.
(Note 37) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

37II. Forward Commitment Risk Assessment

The Sales Agreement (“Agreement”) of Ichigo Sagamihara Building and Ichigo Kamata Building
schedule closing on January 9, 2015 and are thus subject to forward commitment rules (Note 38) as
stipulated in the Financial Services Agency’s Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators.
In this Agreement, if there is a grave breach of contract by Ichigo REIT or the seller, the contract canbe terminated and a penalty equivalent to 20% of the contract price must be paid to the opposing
party. When the agreement is cancelled, a penalty charge is obliged as compensation of damages
regardless of the amount.
In addition, Ichigo REIT has the right to immediately terminate the Agreement in case the public
offering is not completed by December 26, 2014.
Hence, the possibility of substantial financial impact on Ichigo REIT’s earnings is estimated to be
low, since Ichigo REIT is able to cancel the Agreement without any penalty.
(Note 38) The FSA’s forward commitment rules refer to sales agreements and other relevant
agreements whose closing dates are more than one month forward.

3. Asset Seller Profiles(1) Ebisu Green Glass
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
YearEbisu Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of real estate
2. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 23, 2010
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 39)
The seller did not consent to disclosure
The seller did not consent to disclosure(Note 39) Ebisu Holdings GK (“Ebisu”) is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law. Nonetheless, the acquisition process has followed the internal rules of
IRE for the following reasons: First, Ichigo Group Holdings Co. Ltd., the
100 % shareholder of Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo
REIT’s asset manager), is a related party according to the internal rules of
Ichigo REIT since it holds more than half of the equity in Ebisu. Second,
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

38

Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has
obtained a second opinion regarding the property’s appraisal and confirmed its
propriety.
(2) Ichigo Omori Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
Year

Omori Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 30, 2014
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 40)
The seller did not consent to disclosure
The seller did not consent to disclosure(Note 40) Omori Holdings GK (“Omori”) is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law. Nonetheless, the acquisition process has followed the internal rules of
IRE for the following reasons: First, Ichigo Group Holdings Co. Ltd., the
100 % shareholder of Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo
REIT’s asset manager), is a related party according to the internal rules of
Ichigo REIT since it holds more than half of the equity in Omori. Second,
Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has
obtained a second opinion regarding the property’s appraisal and confirmed its
propriety.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

39

(3) Ichigo Takadanobaba Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
Year

Takadanobaba Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 30, 2014
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 41)
The seller did not consent to disclosure
The seller did not consent to disclosure(Note 41) Takadanobaba Holdings GK (“Takadanobaba”)is not a related party as definedin the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law. Nonetheless, the acquisition process has followed theinternal rules of IRE for the following reasons: First, Ichigo Group Holdings
Co. Ltd., the 100 % shareholder of Ichigo Real Estate Investment Advisors Co.,
Ltd. (Ichigo REIT’s asset manager), is a related party according to the internal
rules of Ichigo REIT since it holds more than half of the equity in
Takadanobaba. Second, Ichigo Estate Co., Ltd., a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law, is providing asset management advisory services. Further,
Ichigo REIT has obtained a second opinion regarding the property’s appraisaland confirmed its propriety.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

40

(4) Ichigo Omiya Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Omiya Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of real estate
2. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 23, 2010
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trustand Investment Corporation Law (Note 42)

Total Net Assets of Previous
Year

The seller did not consent to disclosure

Total Assets of Previous YearThe seller did not consent to disclosure(Note 42) Omiya Holdings GK (“Omiya”) is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law. Nonetheless, the acquisition process has followed the internal rules of
IRE for the following reasons: First, Ichigo Group Holdings Co. Ltd., the
100 % shareholder of Ichigo Real Estate Investment Advisors Co., Ltd.
(Ichigo REIT’s asset manager), is a related party according to the internal
rules of Ichigo REIT since it holds more than half of the equity in Omiya.
Second, Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has
obtained a second opinion regarding the property’s appraisal and confirmed
its propriety.
(5) Ichigo Sagamihara Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMK (Note 43)
The Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 43) The seller has not consented to disclosure.
(6) Ichigo Ofuna Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic GK (Note 44)
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 44) The seller has not consented to disclosure.
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

41

(7) Ichigo Sendai East Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Sendai Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of real estate
2. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 29, 2010
Ippan Shadan Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trustand Investment Corporation Law (Note 45)

Total Net Assets of Previous
Year

The seller did not consent to disclosure

Total Assets of Previous YearThe seller did not consent to disclosure(Note 45) Sendai Holdings GK (“Sendai”)is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law. Nonetheless, the acquisition process has followed the internal rules of
IRE for the following reasons: First, Ichigo Group Holdings Co. Ltd., the
100 % shareholder of Ichigo Real Estate Investment Advisors Co., Ltd.
(Ichigo REIT’s asset manager), is a related party according to the internal
rules of Ichigo REIT since it holds more than half of the equity in Sendai.
Second, Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has
obtained a second opinion regarding the property’s appraisal and confirmed
its propriety.
(8) Ichigo Kumamoto Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic KK (Note 46)
The Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 46) The seller has not consented to disclosure.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

42

(9) Lions Square Kawaguchi
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
Year

Kawaguchi Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin High Stage
Manager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
June 2, 2014
Ippan Shadan Hojin High StageThe Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 47)
The seller did not consent to disclosure
The seller did not consent to disclosure(Note 47) Kawaguchi Holdings GK (“Kawaguchi”) is not a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law. Nonetheless, the acquisition process has followed theinternal rules of IRE for the following reasons: First, Ichigo Group Holdings
Co. Ltd., the 100 % shareholder of Ichigo Real Estate Investment Advisors
Co., Ltd. (Ichigo REIT’s asset manager), is a related party according to theinternal rules of Ichigo REIT since it holds more than half of the equity in
Kawaguchi. Second, Ichigo Estate Co., Ltd., a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law, is providing asset management advisory services. Further, Ichigo REIT
has obtained a second opinion regarding the property’s appraisal andconfirmed its propriety.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

43

(10) Ichigo Shin-Yokohama Arena-Dori Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of PreviousYear

Shin-Yokohama Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Daisuke Ogiwara
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 30, 2014
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 48)
The seller did not consent to disclosure
The seller did not consent to disclosure(Note 48) Shin-Yokohama Holdings GK (“Shin-Yokohama”) is not a related party as
defined in the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law. Nonetheless, the acquisition process has followed theinternal rules of IRE for the following reasons: First, Ichigo Group Holdings
Co. Ltd., the 100 % shareholder of Ichigo Real Estate Investment Advisors
Co., Ltd. (Ichigo REIT’s asset manager), is a related party according to theinternal rules of Ichigo REIT since it holds more than half of the equity in
Shin-Yokohama. Second, Ichigo Estate Co., Ltd., a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law, is providing asset management advisory services. Further,
Ichigo REIT has obtained a second opinion regarding the property’s appraisaland confirmed its propriety.
(11) Ichigo Kamata Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMK (Note 49)
The Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 49) The seller has not consented to disclosure.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

44

4. Ownership History(1) Ebisu Green Glass Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Ebisu Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

5,270 million yen(excluding acquisition costs
and consumption tax)
November 28, 2013――(2) Ichigo Omori Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Omori Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

3,420 million yen(excluding acquisition costs
and consumption tax)
March 18, 2014――(3) Ichigo Takadanobaba Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Takadanobaba Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

1,490 million yen(excluding acquisition costs
and consumption tax)
March 31, 2014――(4) Ichigo Omiya Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Omiya Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

3,330 million yen(excluding acquisition costs
and consumption tax)
November 28, 2013――

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

45

(5) Ichigo Sendai East Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Sendai Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

1,500 million yen(excluding acquisition costs
and consumption tax)
December 17, 2013――

(6) Lions Square Kawaguchi
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Kawaguchi Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

2,385 million yen(excluding acquisition costs
and consumption tax)
July 23, 2014――(7) Ichigo Shin-Yokohama Arena-Dori Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Shin Yokohama Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

1,400 million yen(excluding acquisition costs
and consumption tax)
May 29, 2014――

5. Broker Profile
N/A

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

46

III. Asset Sales
1. Asset Overview(1) R-01 ForeCity Roppongi Building
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
2-2-11, Roppongi, Minato-ku, Tokyo
Sectional ownership (100%)266.16 m2
Commercial(juekiken)

80%/700%
Freehold
Residence, Retail
SRC 13F
1,807.18 m2
December 12, 2003
1 (as of October 31, 2014)
726 thousand yen (as of September 30, 2014)
13,281 thousand yen (as of September 30, 2014)
1,663.87 m2 (as of September 30, 2014)
1,532.69 m2 (as of September 30, 2014)
92.1% (as of September 30, 2014)
1,730 million yen
Japan Real Estate Institute
October 31, 2014
1,480 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

47

(2) R-02 ForeCity Azabujuban
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
1-10-6, Mita, Minato-ku, Tokyo
Freehold
293.82 m2
Neighborhood commercial(juekiken)

80%/400%
Freehold
Residence
RC 9F
1,288.70 m2
February 26, 2004
1 (as of October 31, 2014)
5,667 thousand yen (as of September 30, 2013)
9,459 thousand yen (as of September 30, 2013)
1,111.20 m2 (as of September 30, 2013)
1,088.05 m2 (as of September 30, 2013)
97.9% (as of September 30, 2013)
1,140 million yen
Japan Real Estate Institute
October 31, 2014
1,140 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

48

(3) R-03 ForeCity Azabujuban No.2
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
1-1-18, Mita, Minato-ku, Tokyo
Freehold307.37 m2
Neighborhood commercial(juekiken)

80%/400%
Freehold
Residence
SRC 13F
1,354.85 m2
January 5, 2005
1 (as of October 31, 2014)
5,800 thousand yen (as of September 30, 2014)
11,084 thousand yen (as of September 30, 2014)
1,177.20 m2 (as of September 30, 2014)
1,177.20 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
1,250 million yen
Japan Real Estate Institute
October 31, 2014
1,210 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

49

(4) R-05 ForeCity Shirokanedai
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
2-26-15, Shirokanedai, Minato-ku, Tokyo
Freehold
199.96 m2
Commercial
80%/500%
Freehold
Residence
SRC 11F
1,035.21 m2
May 28, 2004
1 (as of October 31, 2014)
3,945 thousand yen (as of September 30, 2014)
6,897 thousand yen (as of September 30, 2014)927.90 m2 (as of September 30, 2014)
881.56 m2 (as of September 30, 2014)
95.0% (as of September 30, 2014)
824 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
756 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

50

(5) R-07 ForeCity Akihabara
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
3-35-1, Kanda Sakumacho, Chiyoda-ku, Tokyo
Freehold487.62m2
Commercial
80%/600%
Freehold
Residence
SRC B1/12F
3,452.29 m2
April 8, 2003
1 (as of October 31, 2014)
10,600 thousand yen (as of September 30, 2014)
25,000 thousand yen (as of September 30, 2014)
3,452.29 m2 (as of September 30, 2014)
3,452.29 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
2,520 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
2,120 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

51

(6) R-08 Suite One Court
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
2-2-15, Irifune, Chuo-ku, Tokyo
Freehold
169.88 m2
Commercial(juekiken)

80%/700%
Freehold
Residence, Retail
SRC 11F
1,123.27 m2
March 20, 2003
1 (as of October 31, 2014)
3,741 thousand yen (as of September 30, 2013)
7,962 thousand yen (as of September 30, 2013)
1,030.54 m2 (as of September 30, 2013)
964.92m2 (as of September 30, 2013)
93.6% (as of September 30, 2013)
786 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
690 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

52

(7) R-10 ForeCity Sasazuka
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
2-7-8, Sasazuka, Shibuya-ku, Tokyo
Freehold
243.10 m2
Commercial(juekiken)

80%/500%
Freehold
Residence
RC 11F
1,452.61 m2
January 11, 2005
1 (as of October 31, 2014)
4,770 thousand yen (as of September 30, 2013)
10,000 thousand yen (as of September 30, 2013)
1,452.61 m2 (as of September 30, 2013)
1,452.61 m2 (as of September 30, 2013)
100% (as of September 30, 2013)
1,050million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
938 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

53

(8) R-11 Gran Presso Kawadacho
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
3-26, Kawadacho, Shinjuku-ku, Tokyo
Freehold
254.71 m2
Neighborhood commercial
80%/400%
Freehold
Retail
RC 6F
785.13 m2
February 21, 2005
1 (as of October 31, 2014)
2,863thousand yen (as of September 30, 2014)
4,549 thousand yen (as of September 30, 2014)
667.16 m2 (as of September 30, 2014)
647.48 m2 (as of September 30, 2014)
97.0% (as of September 30, 2014)
592 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
519 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

54

(9) R-12 ForeCity Sakurashinmachi
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
2-30-1, Sakurashinmachi, Setagaya-ku, Tokyo
Freehold
618.74 m2
Quasi-industrial
60%/200%
Freehold
Residence
RC 5F
1,297.83 m2
January 20, 2005
1 (as of October 31, 2014)
3,913 thousand yen (as of September 30, 2014)
6,627 thousand yen (as of September 30, 2014)
1,182.96 m2 (as of September 30, 2014)
1,056.69 m2 (as of September 30, 2014)
89.3% (as of September 30, 2014)
932 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
795 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

55

(10) R-13 ForeCity Shinkamata
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
1-15-10, Shinkamada, Ota-ku, Tokyo
Freehold
840.16 m2
Category II residential(juekiken)

60%/300%
Freehold
Residence
RC 9F
2,185.05 m2
February 14, 2002
1 (as of October 31, 2014)
5,599 thousand yen (as of September 30, 2014)
10,093 thousand yen (as of September 30, 2014)
1,756.33 m2 (as of September 30, 2014)
1,756.33 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
1,040 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
1,020 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

56

(11) R-14 ForeCity Nakaochiai
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Real estate
4-1-17, Nakaochiai, Shinjuku-ku, Tokyo
Freehold
283.92 m2
Category I mid/high-rise oriented residential
60%/200%
Freehold
Residence
RC 5F
599.30 m2
July 13, 2006
1 (as of October 31, 2014)
1,980 thousand yen (as of September 30, 2014)
2,164 thousand yen (as of September 30, 2014)
599.30 m2 (as of September 30, 2014)
599.30 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
435 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
372 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

57

(12) R-15 ForeCity Tomigaya
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
2-16-14, Tomigaya, Shibuya-ku, Tokyo
Freehold
672.82 m2
Neighborhood commercial
80%/300%
Freehold
Residence
RC B1F/7F
2,747.83 m2
February 20, 2006
1 (as of October 31, 2014)
8,008 thousand yen (as of September 30, 2014)
15,807 thousand yen (as of September 30, 2014)
2,105.94 m2 (as of September 30, 2014)
2,022.46 m2 (as of September 30, 2014)
96.0% (as of September 30, 2014)
1,341 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
1,660 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

58

(13) R-16 ForeCity Ryogoku
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
1-28-6, Midori, Sumida-ku, Tokyo
Freehold
286.80 m2
Commercial(juekiken)

80%/600% 400%
Freehold
Residence, Retail
RC 12F
1,572.39 m2
February 7, 2006
1 (as of October 31, 2014)
5,486 thousand yen (as of September 30, 2014)
7,694 thousand yen (as of September 30, 2014)
1,572.39 m2 (as of September 30, 2014)
1,572.39 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
1,080 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
1,080 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

59

(14) R-17 ForeCity Toyosu
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate
1-1-8, Shinonome, Koto-ku, Tokyo
Freeold
783.34 m2
Quasi-industrial(juekiken)

60%/300%
Freehold
Residence
RC 11F
3,058.24 m2
August 29, 2006
1 (as of October 31, 2014)
8,415 thousand yen (as of September 30, 2014)
8,415 thousand yen (as of September 30, 2014)
3,058.24 m2 (as of September 30, 2014)
3,058.24 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
1,349 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
1,700 million yen

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

60

(15) R-18 ForeCity Nishihonmachi
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 50)
Tenant Security Deposits (Note 50)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary interest in real estate (juekiken)
1-14-20, Nishihonmachi, Nishi-ku, Osaka City, Osaka
Freehold
391.96 m2
Commercial
80%/800%
Freehold
Retail, Residence
RC 13F
2,675.88 m2
January 28, 2008
1 (as of October 31, 2014)
5,476 thousand yen (as of September 30, 2014)
7,994 thousand yen (as of September 30, 2014)
2,675.88 m2 (as of September 30, 2014)
2,675.88 m2 (as of September 30, 2014)
100% (as of September 30, 2014)
927 million yen
Daiwa Real Estate Appraisal Co., Ltd.
October 31, 2014
1,040 million yen(Note 50) The monthly rent, tenant security deposits include common area management
charges pursuant to the lease agreement.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

61

2. Buyer Profile
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder

Relationship with the Ichigo
REIT or Asset Manager

Sold Assets

Pre-one GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin IES2Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
October 17, 2014
Ippan Shadan Hojin IES2
The buyer is a tokutei mokutei kaisha, for which Ichigo
Group Holdings Co. Ltd., the 100 % shareholder of
Ichigo Real Estate Investment Advisors Co., Ltd.
(Ichigo REIT’s asset manager) holds more than half ofthe equity. The seller is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law. Nonetheless, the sales
process has followed the internal rules of IRE since theseller is a related party according to the internal rules of
Ichigo REIT. As such, Ichigo REIT has obtained asecond opinion regarding the property’s appraisal andconfirmed its propriety.
1. ForeCity Roppongi
2. ForeCity Azabujuban No.2
3. ForeCity Akihabara
4. Suite One Court
5. ForeCity Shinkamata
6. ForeCity Ryogoku
7. ForeCity Toyosu
8. ForeCity Nishihonmachi

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

62

Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder

Relationship with the Ichigo
REIT or Asset Manager

Sold Assets

Pre-two GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin IES2Manager: Hiroshi Sasaki
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
October 17, 2014
Ippan Shadan Hojin IES2
The buyer is a tokutei mokutei kaisha, for which Ichigo
Group Holdings Co. Ltd., the 100 % shareholder of
Ichigo Real Estate Investment Advisors Co., Ltd.
(Ichigo REIT’s asset manager) holds more than half ofthe equity. The seller is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law. Nonetheless, the sales
process has followed the internal rules of IRE since theseller is a related party according to the internal rules of
Ichigo REIT. As such, Ichigo REIT has obtained asecond opinion regarding the property’s appraisal andconfirmed its propriety.
1. ForeCity Azabujuban
2. ForeCity Shirokanedai
3. ForeCity Sasazuka
4. Gran Presso Kawadacho
5. ForeCity Sakurashinmachi
6. ForeCity Nakaochiai
7. ForeCity Tomigaya

3. Broker Profiles
N/A
4. Use of Funds
A part of sales proceeds will be used to prepay existing loans. Specific details of prepayment
will be announced as soon as they are determined. The remainder will be used for asset
acquisitions.
IV. Future Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revision for the October 2014
Fiscal Period and Earnings and Dividend Forecast for the April 2015 Fiscal Period.”

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

63Reference: Acquisitions and Sales Results+JPY 27B-JPY 17B(15 assets)(11 assets)

Portfolio Size
JPY 114B

Strategic Restructuring toFocus on Mid-Size Office

Portfolio Size
JPY124B(66 assets)+JPY 9.5B(71 assets)
NOI yield: 5.5%
Occupancy: 96.0%

April 2014

Office Weighting: 66%  78%

Asset Acquisitions

Asset SalesNOI yield: 5.7% (+0.2%)
Occupancy: 96.1%(+0.1%)

Post-Transactions* Based on Acquisition (Sales) Price

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

64Reference 2: Post-Acquisition Portfolio

O-02

Ichigo Nishisando Building

Central Tokyo

AcquisitionPrice(mm yen)(Note 52)
3,254

O-03

Ichigo Mita Building

Central Tokyo

2,740

2.2%

O-04

Ichigo Nanpeidai Building

Central Tokyo

1,920

O-05

Ichigo Hanzomon Building

Central Tokyo

1,550

1.6%
1.3%

O-06

Ichigo Hijirizaka Building

Central Tokyo

1,200

1.0%

O-07

Ichigo Shibuya Kamiyamacho Building

Central Tokyo

1,505

1.2%

O-08

Ichigo Akasaka 5 Chome Building

Central Tokyo

735

0.6%

O-09

Ichigo Shibakoen Building

Central Tokyo

1,100

0.9%

O-10

Ichigo Ebisu-Nishi Building

Central Tokyo

1,917

1.5%

O-11

Ichigo Ginza 612 Building

Central Tokyo

1,773

1.4%

O-12

Ichigo Uchikanda Building

Central Tokyo

1,140

0.9%

O-14

Ichigo Yotsuya 4 Chome Building

Central Tokyo

550

0.4%

O-15

Ichigo Tameike Building

Central Tokyo

580

0.5%

O-16

Ichigo Jimbocho Building

Central Tokyo

1,820

1.5%

O-17

Ichigo Hakozaki Building

Central Tokyo

1,150

0.9%

O-18

Ichigo Kudan 2 Chome Building

Central Tokyo

763

0.6%

O-19

Ichigo Kudan 3 Chome Building

Central Tokyo

844

0.7%

O-20

Ichigo Gotanda Building

Central Tokyo

5,060

4.1%

O-21

Ichigo Shin-Yokohama Building

Tokyo Metropolitan Area

1,816

1.5%

O-22

Ichigo Minami-Ikebukuro Building

Tokyo Metropolitan Area

1,460

1.2%

O-23

Ichigo Nakano North Building

Tokyo Metropolitan Area

764

0.6%

O-24

Ichigo Eitai Building

Tokyo Metropolitan Area

1,490

1.2%

O-25

Ichigo Yokosuka Building

Tokyo Metropolitan Area

971

0.8%

O-26

Ichigo Ikejiri Building

Tokyo Metropolitan Area

2,030

1.6%

O-27

Route Ikebukuro Building

Tokyo Metropolitan Area

639

0.5%

O-28
O-29

Ichigo Nishi-Gotanda Building
Ichigo Kichijoji Building

Central Tokyo
Tokyo Metropolitan Area

765
2,160

0.6%
1.7%

O-33

Ichigo Meieki Building

Four Major Regional Cities

837

0.7%

O-34

Ichigo Sakae Building

Four Major Regional Cities

4,705

3.8%

O-35

Ichigo Sendai Chuo Building

Other Regional Cities

510

0.4%

O-37

Ichigo Marunouchi Building

Four Major Regional Cities

6,710

5.4%

O-38

Ichigo Toyamaeki-Nishi Building

Other Regional Cities

1,650

1.3%

O-39

Ichigo Mirai-Shinkin Building

Other Regional Cities

1,100

0.9%

O-40

Ichigo Saga Building

Other Regional Cities

659

0.5%

O-42

Ichigo Takamatsu Building

Other Regional Cities

3,010

2.4%

No.

Area
(Note 51)

Property% ofPortfolio(Note 53)
2.6%

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

65

O-44

Akita Sanno 21 Building

Other Regional Cities

560

0.5%

O-46

Ichigo Kanda-Nishikicho Building

Central Tokyo

2,130

1.7%

O-47
O-48
O-49

Ichigo Akiharaba North Building
Ichigo Sakaisuji Honmachi Building
Ichigo Kanda Ogawamachi Building

Central Tokyo
Four Major Regional Cities
Central Tokyo

5,500
1,940
2,210

4.4%
1.6%
1.8%

O-50

Ichigo Hatchobori Building

Central Tokyo

1,905

1.5%

O-51

Ebisu Green GlassCentral Tokyo

5,900

4.8%

O-52

Ichigo Omori Building

Central Tokyo

3,850

3.1%

O-53

Ichigo Takadanobaba Building

Central Tokyo

1,580

1.3%

O-54

Ichigo Omiya Building

Tokyo Metropolitan Area

3,430

2.8%

O-55

Ichigo Sagamihara Building

Tokyo Metropolitan Area

1,174

0.9%

O-56

Ichigo Ofuna Building

Tokyo Metropolitan Area

2,000

1.6%

O-57

Ichigo Sendai East Building

Other Regional Cities

1,840

1.5%

O-58

Ichigo Kumamoto Building

Other Regional Cities

1,450

1.2%

Z-01
Z-02

Falcon Shinsaibashi Building
Fiesta Shibuya

Subtotal - Office (49 Properties)
Four Major Regional Cities
Central Tokyo

96,404
3,410
1,970

77.9%
2.8%
1.6%

Z-03

Burg Omori

Tokyo Metropolitan Area

3,218

2.6%

Z-04

Pagoda Asakusa

Tokyo Metropolitan Area

1,640

1.3%

Z-05

Regalo Building

Tokyo Metropolitan Area

1,310

1.1%

Z-06

Ichigo Yokohama-Nishiguchi Building

Tokyo Metropolitan Area

903

0.7%

Z-07

El Centro Sapporo

Four Major Regional Cities

558

0.5%

Z-08

Daimyo Balcony

Four Major Regional Cities

638

0.5%

Z-09

Other Regional Cities

1,210

1.0%

Central Tokyo

2,400

1.9%

Tokyo Metropolitan Area

1,620

1.3%

Tokyo Metropolitan Area

2,430

2.0%

Tokyo Metropolitan Area

1,700

1.4%

Z-14

Konami Sports Club Izumi Fuchu
Ichigo Shibuya Bunkamura-Dori
Building
Twicere Yokohama Isogo (Retail
Section)Lions Square Kawaguchi
Ichigo Shin-Yokohama Arena-Dori
Building
Ichigo Kamata Building

Tokyo Metropolitan Area

1,400

1.1%

R-04

Bureau Takanawadai

Central Tokyo

1,360

1.1%

R-06

B-Site Hamamatsucho

Central Tokyo

701

0.6%

R-09

Ichigo Serviced Apartments Ginza

Central Tokyo

946

0.8%

27,414
123,81822.1%
100.0%

Z-10
Z-11
Z-12
Z-13

Subtotal - Others (17 Properties)
Total (66 Properties)(Note 51) “Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards. “Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. “Four Major Regional Cities” refers to
Osaka, Nagoya, Fukuoka, and Sapporo.
(Note 52) Acquisition Price is either the actual acquisition price (excluding consumption tax)
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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

66

or the acquisition price (excluding consumption tax) as described in the sales andpurchase agreement of the trust beneficiary interest with the exception of 43 assets(O-02 to O-44 and Z-02 to Z-08) which are listed with their appraised value as of
October 31, 2011 reflecting acquisition via a REIT merger.
(Note 53) % of Portfolio is the Acquisition Price as a percentage of the Total Acquisition Priceand rounded to the nearest second decimal place.

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 sale and acquisition of assets 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 andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

67