Creating peace of mind through honest and committed management.

April 9, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

Partial Amendment to Basic Investment Policy
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company ofIchigo Real Estate Investment Corporation (“Ichigo REIT”), has decided today to partiallyamend Ichigo REIT’s Basic Investment Policy.

1. Reasons for Change
Ichigo REIT has positioned the April 2015 and October 2015 fiscal periods as Stage IV“Increase Size & Scale” in its growth strategy and 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. In order to achieve thisgoal, IRE has decided to partially amend Ichigo REIT’s Basic Investment Policy.
2. Details of Amendment to the Basic Investment Policy
This is to amend part of the Annual Report (Yuho) submitted on January 27, 2015. The amended
section is Basic Investment Policy of the Investment Corporation of Part 1: Fund Information.
Terms defined in Ichigo REIT’s January 27, 2015 Annual Report shall also apply to this release.
Amended sections are underlined.

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

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Before Amendment

After Amendment

Basic Investment Policy

Basic Investment Policy(omitted)
Portfolio that focuses on mid-size assets which
are mainly office with growth potential while
maintaining a certain level of stability(omitted)
Portfolio that focuses on mid-size offices withgrowth potential while maintaining a certain
level of stability(omitted)
By strategically concentrating investment
primarily in mid-size assets which are mainly
office that have these characteristics, Ichigo
REIT will build a portfolio that focuses on
growth, while maintaining a certain level ofstability.

(omitted)
By strategically concentrating investment
primarily in mid-size offices that have thesecharacteristics, Ichigo REIT will build aportfolio that focuses on growth, while
maintaining a certain level of stability.

(Note) According to the Policy, residences arealso an investment target. However, Ichigo
REIT’s current plan is to avoid investing inresidences (except for serviced apartments),
and concentrate its investment in mid-sizeoffices.

(Note) According to the Policy, residences aswell as hotels are also an investment target.
However, Ichigo REIT’s current plan is toavoid investing in residences and hotels, andconcentrate its investment in mid-size offices.

3. Future Outlook
For details, please refer to today’s release “Earnings and Dividend Forecast Revisions for theApril 2015 and October 2015 Fiscal Periods.”
4. OtherIchigo REIT today filed a report to the Kanto Local Finance Bureau under the Financial
Instruments and the Exchange Law.
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 Partial Amendment to Basic Investment Policy by Ichigo
Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's
prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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