Creating peace of mind through honest and committed management.

November 15, 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

Earnings and Dividend Forecast Revision for the October 2013 Fiscal Period andEarnings and Dividend Forecast for the April 2014 Fiscal Period

Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has amended upward its earningsand dividend forecast for the October 2013 fiscal period and hereby announces its earnings anddividend forecast for the April 2014 fiscal period.
1. October 2013 Earnings and Dividend Forecast Revision
Operating
Revenue(million yen)

Operating
Income(million yen)

Ordinary
Income(million yen)

Net
Income(million yen)

Dividendper Share
(yen)

4,391

2,095

1,309

1,309

1,490

4,582

2,270

1,476

1,475

1,530

Change (B-A)

+191

+174

+166

+166

+40

Change

+4.3%

+8.3%

+12.7%+12.7%+2.7%

Reference:
April 2013, Actual

4,147

2,036

451

451

1,494

Previous
Announced
Forecast (A)Current
Amended
Forecast (B)(Note1) Expected number of shares outstanding as of the end of April 2013 fiscal period:
842,823 shares
Expected number of shares outstanding as of the end of October 2013 fiscal period:
932,823 shares*The forecasts presented above are based on current assumptions. The actual operating
revenue, operating income, ordinary income, net income, and dividend per share mayvary due to changes in circumstances. These forecasts should not be construed as aguarantee of such performance or results.

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

12. Reasons for the October 2013 Forecast Revision
Although Ichigo REIT’s operating conditions are not significantly different from its previously
announced earnings and dividend forecast for the October 2013 fiscal period, Ichigo REIT has
decided to amend its forecast to include gains of 164 million yen from the August 26, 2013 saleof the Ibaraki Kowa Building. A dividend reserve reversal equal to the sale gains is expected tobe distributed over several periods. The dividend for the October 2013 fiscal period is thus
forecast to be 1,434 million yen, which is this period’s undistributed earnings of 1,475 million
yen minus 164 million yen in the Kowa Building gains set aside as a dividend reserve plus a
dividend reserve reversal of 123 mllion yen (113 million yen in costs incidental to the May
2013 public offering and 10 million yen allocated from the Ibaraki Kowa Building).
Ichigo REIT had previously assumed that the number of shares for the October 2013 period
would be 941,823. However, there were no new shares issued via a third-party allotment asreported in the release “Determination of Number of New Shares Issued through Third-Party
Allotment” on June 20, 2013. As a result, the number of shares for the October 2013 period is932,823, and Ichigo REIT will raise its dividend per share by 40 yen to 1,530 yen.

3. April 2014 Earnings and Dividend Forecast

April 2014 (Note 2)
Reference:Oct 2013 (Note 3)

Operating
Revenue(million yen)

Operating
Income(million yen)

Ordinary
Income(million yen)

Net
Income(million yen)

Dividendper Share
(yen)

4,590

2,205

1,300

1,299

1,530

4,582

2,270

1,476

1,475

1,530

(Note 2) With respect to the April 2014 fiscal period dividend forecast, 52 million yen will be
set aside as a dividend reserve and a dividend reserve reversal of 325 million yen is
expected (described below in Section 4).
(Note 3) With respect to the October 2013 fiscal period dividend forecast, 164 million yen will
be set aside as a dividend reserve and a dividend reserve reversal of 123 million yen is
expected (described above in Section 2).
*Expected number of shares outstanding at the end of the fiscal period: 1,026,323
shares.
These shares are the sum of 932,823 shares issued and outstanding as of today, plus
85,000 shares to be issued via a public offering and a maximum of 8,500 shares to beissued through a third-party allotment (should the over-allotment option be exercised)
as resolved at today’s Board of Directors meeting. For details, refer to today’s release“Issuance of New Shares and Secondary Share Offering.”*The forecasts presented above are based on certain preconditions. The actual operating
revenue, operating income, ordinary income, net income, and dividend per share mayvary due to changes in circumstances. These forecasts should not be construed as aguarantee of such performance or results.

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

24. Reasons for Forecast Disclosure
Ichigo REIT has decided to acquire four assets through a public offering as announced intoday’s releases “Issuance of New Shares and Secondary Share Offering” and “Asset Purchases
and Sale.” These acquisitions will be financed by borrowing from banks, including the Japanese
megabanks (Note 4), and by cash-on-hand. In addition, Ichigo REIT has decided to sell the COI
Shinbashi Building at the end of April 2014. Ichigo REIT will allocate one billion yen of theseproceeds towards prepayment of its existing loans to reduce its financing costs in anticipation of
future property acquisitions (Note 5). Also, 6 billion yen derived from the Shinbashi Building
sale will be used to pay the existing loan on the building. Ichigo is announcing its earnings anddividend forecasts for the April 2014 fiscal period in tandem with the projected impact of theseacquisitions, sales, and loan prepayment.
Ichigo REIT expects a dividend reserve reversal of 325 million yen and a total dividend of
1,572 million yen for the April 2014 fiscal period. The dividend is calculated as this period’s
1,299 million yen of net income plus the acquisitions’ 57 million yen in rental income, plus 60
million yen in gains described in Section 2 and sale gains from the COI Shinbashi Building,minus one-off costs of 207 million yen incidental to the public offering and loan prepayment,
and minus 52 million yen in sales gains from the COI Shinbashi Building allocated as adividend reserve. The actual dividend reserve reversal is expected to be 272 million yen after
deducting 52 million yen in gains from COI Shinbashi Building sale.
(Note 4) The financing details will be announced as soon as they are available.
(Note 5) The lenders’ consent to the January 2014 prepayment has not yet been obtained. As
such, the prepayment is not guaranteed.

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

3Preconditions for the April 2014 Earnings Forecast
Item

Preconditions

PeriodThe April 2014 Fiscal Period: November 1, 2013 – April 30, 2014 (181 days)

Portfolio Assets

 68 properties as of October 31, 2013. In addition, Ichigo REIT expects to acquire assets andsell the COI Shinbashi Building as announced in today’s release “Asset Acquisitions andSale.” The forecast assumes there will be no additional acquisitions or sales before the endof April 2014.
 The total number of portfolio assets may change due to acquisitions or sales.

Number of
Shares 1,026,323 shares: the sum of 932,823 shares issued and outstanding as of October 31, 2013
plus 85,000 shares to be issued from a public offering and a maximum of 8,500 shares to beissued from a third-party allotment (should the over-allotment option be exercised). The
forecast assumes there will be no additional new issuance before the end of April 2014.

Operating Revenue Rent revenue is calculated conservatively based on lease contracts that are in effect as of
October 31, 2013 while taking into consideration such factors as historical rents, thecompetitiveness of the properties, and market conditions.

OperatingExpenses

 Among rental activity expenses, Ichigo REIT’s principal operating expenses and expenses
other than depreciation are calculated based on historical data while taking into
consideration variable expenses.
 The anticipated amount of property tax and city planning tax is 313 million yen for the April
2014 period. The prorated property tax and city planning tax related to these acquisitions
will be included in the acquisition cost and shall be excluded from operating expenses.
 The amount for building maintenance and repair expenses is estimated to be 117 million yen
for the April 2014 period. However, expenses for each period could differ significantly fromthese estimated amounts for reasons including the variability of maintenance and repair
expenses, costs due to unexpected building damage, etc.
 Service provider expenses including property management fees, etc., are estimated to be 421
million yen for the April 2014 period.
 Depreciation has been calculated using the straight-line method. Depreciation is calculated
by including the depreciation for future additional capital expenditures in the amortization
amount. Depreciation of 586 million yen has been anticipated for the April 2014 period.
 Actual operating expenses may differ significantly from assumptions due to unforeseeable
factors.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

4Non-operating
Expenses Interest expenses of 553 million yen are anticipated for the April 2014 period.
 Borrowing-related expenses of 305 million yen are anticipated for the April 2014 period.
 Expenses related to the new share issuance of 50 million yen are anticipated for the April
2014 period.

Borrowings

 Ichigo REIT’s balance of loans payable stands at 59,519 million yen as of October 31, 2013.
 Regarding the acquisition, in addition to the share issuance resolved at today’s Board of
Directors meeting, Ichigo anticipates new borrowing of 4,000 million yen.
 Regarding the sale of COI Shinbashi Building, Ichigo anticipates loan repayment of 6,000
million yen.

Dividend per Share Dividends per share are based on the assumption that distribution will comply with thedividend distribution policy stipulated in Ichigo REIT’s Articles of Incorporation.
 Dividend for the April 2014 period is assumed to be 1,572 million yen, which is the total
amount of retained earnings of 1,299 million yen plus a dividend reserve reversal of 272
million yen.
 The dividend per share amount is subject to change due to such factors as tenant turnover,property changes, unexpected maintenance and repair costs and other expenses, fluctuationsin interest rates, and the issuance of additional shares.

Dividend in Excessof Earnings per
Share Ichigo REIT does not plan on making any dividend distribution in excess of earnings per
share or retained earnings.

Other The performance forecasts are based on the assumption that revisions impacting the forecast
figures above will not be made to laws and ordinances, the tax system, accounting standards,
listing rules, rules of the Investment Trusts Association, Japan, etc.
 Performance forecasts are based on the assumption that there will be no unexpected materialchange in general economic trends, real estate market conditions, etc.

(Note) The forecasts presented above are current figures based on certain preconditions.
Accordingly, the actual operating revenue, operating income, ordinary income, net
income, and dividend per share may vary due to changes in circumstances. Ichigo REIT
does not plan on making any dividend distribution in excess of earnings per share or
retained earnings.

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

5Reference 1: Lender Distribution in Above Preconditions(As of April 30, 2014)
Mizuho Bank
2%
ORIX Bank
Shinsei Trust *2
2%
2%
KagawaBank
2%
MetLifeAlico
Shinsei 3%
Trust *1
5%
Tokyo Star
Bank
5%

SMBC
18%

GE JapanCorporation
12%

Prudential LPS
6%

Mizuho Trust
7%
New Loan
7%
Shinsei Bank
10%

Aozora Bank
10%
Resona Bank
10%

(As of October 31, 2013)
Mizuho Bank
2%
Shinsei Trust *2
2%
KagawaBank
2%
MetLifeTokyo Star Alico
Bank
3%
5%

ORIX Bank
2%

GE JapanCorporation
21%

Shinsei Trust *1
5%
Prudential LPS
6%

SMBC
17%

Mizuho Trust
6%
Shinsei Bank
9%
Resona Bank
9%

Aozora Bank
10%

*1: Source of fund is an Investment LPS managed by AXA Real Estate Investment Managers Japan KK*2: Cash funding provided by Ichigo Group

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

6Reference 2: Steadily Increasing Dividend via Growing Economies of Scale

April 2013 Actual

October 2013 Revised Forecast

April 2014 Forecast

1,530 yen

1,530 yen

October 2013 Forecast

1,494 yen

One-Off Income

1,490 yen

One-Off Income

1st PO Increased
Dividend

1,466
yen

3rd Period
Post-Merger

Acquisitions

1,510
yen

1,490
yen

4th Period
Post-Merger

4th Period
Post-Merger

1,530
yen

5th Period
Post-Merger

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 revision of earnings and dividend forecast for the October
2013 fiscal period and the earnings and dividend forecast for the April 2014 fiscal period, 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 theirown decision and responsibility.

7