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May 20, 2013
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

Issue Price for New Issuance and Secondary Offering of Investment Units
Ichigo Real Estate Investment Corporation (“Ichigo REIT”)’s Board of Directors determined
today the issue price, the offer price, and other items regarding the new issuance and secondaryoffering of investment units as announced on May 9, 2013.
1. Issuance of New Investment Units through Public Offering (Primary Offering)(1) Issue price (offer price):(2) Total issue price (total offer price):(3) Paid-in amount (issue amount):(4) Total paid-in amount (total issue amount):(5) Subscription period:(6) Payment date:(7) Delivery date:

62,595 yen per unit
5,633,550,000 yen
60,348 yen per unit
5,431,320,000 yen
From May 21, 2013 to May 22, 2013
May 27, 2013
May 28, 2013

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

9,000 units
62,595 yen per unit
563,355,000 yen
From May 21, 2013 to May 22, 2013
May 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 issuance of new investment units and secondary offeringof investment units by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to theInvestment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

13. Issuance of New Investment Units to be Offered by Way of Third-Party Allotment(1) Paid-in amount (issue amount)(2) Total paid-in amount (total issue amount) (maximum):(3) Subscription period (Subscription date):(4) Payment date:

60,348 yen per unit
543,132,000 yen
June 25, 2013
June 26, 2013

(Note) If there are no subscriptions for all or a part of the investment units on or before thesubscription period (subscription date) detailed above, the issuance of suchinvestment units shall be cancelled.
[Reference]
1. Calculation of Issue Price and Offer Price(1) Calculation reference date:
May 20, 2013(2) Investment unit price on calculation reference date (closing price): 64,200 yen(3) Discount rate:
2.5 %2. Syndicated Cover Transaction Period
May 23, 2013 to June 21, 2013
3. Use of the Funds
Ichigo REIT will use the net proceeds (5,431,320,000 yen) from the public offering for theacquisition of the assets detailed in the May 9, 2013 release “Acquisition of Portfolio Assets(Ichigo Akihabara North Building, Ichigo Sakaisuji Honmachi Building, and Konami Sports
Club Izumi Fuchu).” Furthermore, any proceeds (up to a maximum of 543,132,000 yen) that
Ichigo REIT receives from the issuance of new investment units from the third-party allotment
will be used for miscellaneous expenses incidental to these acquisitions. Any remaining funds
will be kept as cash on hand and used for future debt repayment.

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

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

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