Creating peace of mind through honest and committed management.

[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

January 29, 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

Revision of Earnings and Dividend Forecastfor the Fiscal Period Ending April 2013
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today amended its earnings anddividend forecast for the Fiscal Period ending April 2013 (November 1, 2012 – April 30, 2013)that was previously announced on December 17, 2012.
1. Amendment to Earnings and Dividend Forecast for the Fiscal Period ending April 2013
Operating
Revenue(million yen)

Operating
Income(million yen)Ordinary
Income(million yen)

Net
Income(million yen)

Dividend
per Unit(yen)Previous
Announced
4,118
1,955
1,069
1,069
1,330
Forecast (A)Current
Amended
4,124
1,983
432
432
1,420
Forecast (B)Change (B-A)+6+28-636-636+90
Change+0.2%+1.4%-59.5%-59.6%+6.8%
Reference:
Actual for theFiscal Period
4,320
1,866663-526
1,387
ending October
2012(Note) Number of investment units outstanding at the end of the Fiscal Period ending October
2012: 842,823 units

12. Reason for the Forecast RevisionFor the Fiscal Period ending April 2013, Operating Revenue is expected to increase by 6 million
yen due to strong leasing activities. In addition, as announced in today’s release entitled “Noticeof Completion of Comprehensive Refinancing,” Ordinary Income and Net Income will improve
due to a comprehensive refinancing with better financial conditions, lowering the interest
expense (c. 50 million yen) for the remainder of the current fiscal period. For the Fiscal Period
ending October 2013, further improvements in Ordinary Income and Net Income are expected
because the debt cost reduction will impact the entire six month Fiscal Period.
Some one-time costs were also incurred for the current fiscal period owing to theabove-mentioned comprehensive refinancing, including a one-time amortization of upfront fees
due to the repayment of existing loans before their maturity. This reduction will be reflected in
Ordinary Income and Net Profit.
Ichigo REIT is thus making upward revisions to Operating Revenue and Operating Income anddownward revisions to Ordinary Income and Net Income for the current April 2013 fiscalperiod.
In addition, for the Fiscal Period ending April 2013, Ichigo REIT is revising upward its dividend
forecast to 1,420 yen per share. This is an increase of 90 yen, and reflects the increase in
Ordinary Income and Net Income (excluding one-off costs) due to the reduction of interest
expense from the new refinancing.
As a result of this refinancing, the assumptions for Interest Expenses and Borrowing-RelatedExpenses as described in “Preconditions for Earnings Forecasts of the Fiscal Periods ending
April 2013 (November 1, 2012 – April 30, 2013)” announced on December 17, 2012, arerevised to 589 million yen and 964 million yen, respectively. In addition, the Dividend
assumption for the April 2013 fiscal period is revised to 1,203 million yen, which is the sum ofretained earnings of 432 million yen for the current fiscal period and a dividend reserve reversalof 771 million yen.

Note: The figures above are forecasts as of the date of this release. The actual OperatingRevenue, Operating Income, Ordinary Income, Net Income, Dividend per Unit may
differ significantly, and there is no guarantee of payment of a Dividend per Unit
exceeding actual profit for the Fiscal Periods ending April 2013.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english2