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

Issuance of New Shares and Secondary Share Offering
The Board of Directors of Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided
today to issue new shares via a public offering and conduct an over-allotment secondary shareoffering with the underwriters in support of this new share issuance.

1. Issuance of New Shares through Public Offering(1) Number of shares to be offered:271,700 shares(2) Paid-in amount (issue amount):

The amount will be determined at a Board of
Directors meeting held between April 21,
2015 and April 23, 2015 (the “Pricing
Date”).

(3) Total paid-in amount (total issue amount):

To be determined(4) Offering method:

The shares will be offered as a public
offering and underwritten in full by SMBC
Nikko Securities Inc. (“Lead Manager”) as
well as by Mizuho Securities Co., Ltd.,
Mitsubishi UFJ Morgan Stanley Securities
Co., Ltd., and Daiwa Securities Co. Ltd.
(“Underwriters” collectively with Lead
Manager). The issue price of the public
offering will be calculated by multiplying
the closing price of Ichigo REIT’s shares on
the Tokyo Stock Exchange (“TSE”) on the
Pricing Date (or the closing date on the day
preceding the Pricing Date in the event there
is no closing price), after deducting
projected dividend per share of 1,600 yen,
by a factor of 0.90~1.00 (rounded up to thenearest one yen), and will be determined inconsideration of demand and other 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 issuance of new shares and secondary share offering by
Ichigo Real Estate 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.

1(5) Underwriting agreement:

The Underwriters will pay Ichigo REIT the
total paid-in amount on the “Payment date”
below. The difference between the issue
price total and the paid-in total shall be theUnderwriters’ proceeds. Ichigo REIT will
pay no commission to the Underwriters.

(6) Subscription period:

April 22, 2015 to April 23, 2015.
Subject to demand and other factors, thesubscription period may be postponed inwhich case the latest subscription period willbe April 24, 2015 to April 27, 2015.

(7) Subscription units:

One share or more in single share multiples(8) Payment date:

May 1, 2015(9) Delivery date:

May 7, 2015(10) The issue price, the paid-in amount, and other necessary items relating to the issuance of
new shares will be decided at a future Board of Directors meeting. Amendments prior to
the determination will be delegated to the Statutory Executive Officers.
(11) The aforementioned items will be subject to the effectiveness of the procedures inaccordance with the Financial Instruments and Exchange Act of Japan.
2. Over-Allotment Secondary Share Offering(1) Seller:

SMBC Nikko Securities Inc.

(2) Number of shares to be offered:

14,300 shares
These are the maximum number of sharesthat may be issued through the secondaryoffering (over-allotment). Depending on
demand and other factors, there may becases where this number is reduced or thesecondary offering (over-allotment) itself is
not held at all. The number of shares to beoffered through the secondary offering will
be determined on the Pricing Date.

(3) Offer price:

The offer price will be determined on the
Pricing Date and shall be the same as theissue price for the public offering.

(4) Total offer price:

To be determined

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 shares and secondary share offering by
Ichigo Real Estate 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.

2(5) Offering method:

SMBC Nikko Securities Inc. will offer theshares (maximum: 14,300 shares) borrowed
from the shareholders of Ichigo REIT,
depending on demand and other factors.

(6) Subscription period:

Same as the subscription period for the
public offering as described in section 1 (6).

(7) Subscription units:

One share or more in single share multiples(8) Delivery date:Same as the delivery date for the public
offering as described in section 1 (9).

(9) The offer price and other items necessary for the Over-Allotment will be determined at afuture Board of Directors meeting. Amendments prior to the determination will bedelegated to the Statutory Executive Officers.
(10) Each of the aforementioned items shall be subject to the effectiveness of the proceduresin accordance with the Financial Instruments and Exchange Act of Japan.
3. Issuance of New Shares to be Offered to Underwriter by Way of Third-Party Allotment(1) Number of shares to be offered:

14,300 shares(2) Third-party allottee and number of shares
to be issued to the third party:

SMBC Nikko Securities Inc.

14,300 shares(3) Paid-in amount (issue amount):

The paid-in amount will be determined on
the Pricing Date at the Board of Directors
meeting and will be same as the paid-in
amount for the public offering.

(4) Total paid-in amount (total issue amount):

To be determined(5) Subscription period (Subscription date):

May 26, 2015(6) Subscription units:

One share or more in single share multiples(7) Payment date:

May 27, 2015(8) The paid-in amount and other items necessary for the underwriter third-party allotment
will be determined at a future Board of Directors meeting. Amendments prior to thedetermination will be delegated to the Statutory Executive Officers.
(9) If there are no subscriptions for all or a part of the shares on or before the subscription
period described in (5), the issuance of such shares will be canceled.
(10) If the public offering is suspended, the issuance of new shares by way of underwriter
third-party allotment will also be suspended.
(11) Each of the aforementioned items will be subject to the effectiveness of procedures inaccordance with the Financial Instruments and Exchange Act of Japan.

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 shares and secondary share offering by
Ichigo Real Estate 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.

3Reference Information
1. Details of the Secondary Offering (Over-Allotment)
Taking into account demand as well as other factors, SMBC Nikko Securities Inc. may
implement a secondary offering of the borrowed shares (up to a maximum of 14,300 shares)
borrowed from Ichigo REIT shareholders. Depending on demand as well as other factors, thenumber may decrease or the secondary offering through over-allotment itself may not be held at
all.
In order for SMBC Nikko Securities Inc. to acquire the shares needed to return the borrowed
shares upon the secondary offering through over-allotment, Ichigo REIT’s Board of Directors
has resolved to issue the 14,300 shares via underwriter third-party allotment, with SMBC Nikko
Securities Inc. as the allottee and the payment date designated as May 27, 2015.
In order to return the borrowed shares, SMBC Nikko Securities Inc. may also purchase shares
up to the number in the secondary offering (over-allotment) at the TSE (the “syndicated covertransaction”) from the day following the close of the subscription period to May 22, 2015 (the“syndicated cover transaction period”). All of the shares purchased by SMBC Nikko Securities
Inc. through the syndicated cover transaction will be used to return the borrowed shares. At its
own discretion, SMBC Nikko Securities Inc. may choose not to conduct the syndicated covertransaction or to end the syndicated cover transaction with a total of shares that is smaller than
the number offered through the secondary offering (over-allotment).
Moreover, SMBC Nikko Securities Inc. may conduct stabilizing transactions with relation to the
public offering and the secondary offering (over-allotment). The shares purchased through suchstabilizing transactions may be used, in whole or in part, to return the borrowed shares.
SMBC Nikko Securities Inc. intends to agree to the underwriter third-party allotment in order toacquire the necessary shares to cover the number obtained by subtracting a) the sharespurchased through the stabilizing transactions and the syndicated cover transaction that are used
to return the borrowed shares from b) the shares for the secondary offering (over-allotment). As
a result, there may be cases in which there will be no subscription either in whole or in part tothe shares offered by the underwriter third-party allotment and, accordingly, the final number ofshares issued by way of the underwriter third-party allotment will decrease due to forfeiture ofrights or such issuance itself will not take place at all.
Whether or not the secondary offering through over-allotment will be conducted as well as thenumber of shares to be offered will both be decided on the Pricing Date. In case there is nosecondary offering through over-allotment, SMBC Nikko Securities Inc. will not borrow theshares from the shareholders. Subsequently, there will be no subscription to the shares offeredby the underwriter third-party allotment and, accordingly, the shares shall not be issued by theunderwriter third-party allotment due to forfeiture of rights. Further, there will be no syndicatedcover transaction on the TSE.

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 shares and secondary share offering by
Ichigo Real Estate 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.

42. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present:

1,130,323 shares

Number of increased shares through public offering:

271,700 shares

Total number of shares outstanding after public offering:

1,402,023 shares

Number of shares from the Underwriter Third-Party Allotment:

14,300 shares1

Total number of shares after the Underwriter Third-Party Allotment:
1

1,416,323 shares1

The number is based on the assumption that SMBC Nikko Securities Inc. subscribes to all theshares issued by the underwriter third-party allotment and that all such shares are issued.

3. Rationale and Purpose of New Issuance
Ichigo REIT has defined the April 2015 and October 2015 fiscal periods as Stage IV Increase
Size & Scale in its growth strategy1 and is seeking to drive further dividend increases andmaximize shareholder value through strategically focusing its portfolio on mid-size offices, anasset class that offers both stability of returns and upside potential. This new issuance of sharesis being undertaken to support this growth strategy. With respect to its financing strategy, Ichigo
REIT expects to strengthen its lender base, obtain a credit rating, and expand uncollateralizedborrowing to further improve its financial position.
Ichigo will acquire 12 mid-size office assets2 as announced in today’s release “Asset
Acquisitions and Sale.” These acquisitions will be financed by funds from the public offering,new borrowings from banks, including Japanese megabanks,3 and cash-on-hand.

1

Build a mid-size office
portfolio which offers bothstability and growthpotential■ Build a diversified portfolio that focuses on mid-size officeassets with upside potential via value-add to support earnings
growth2

Drive earnings via Ichigo’s
accumulated investment
experience andcapabilities in mid-size
office■ Maintain high-occupancy while seeking further earnings
upside by effectively deploying accumulated management
know-how■ Improve competitiveness and profitability of assets byleveraging Ichigo Group’s differentiated leasing andvalue-add capabilities

3

Strengthen financial
position■ Strengthen lender base, obtain credit rating, and seek
uncollateralized borrowing

1

Please see “Reference: Growth Strategy” at the end this release for details of Ichigo REIT’s
growth strategy.
2
Please see today’s release “Asset Acquisitions and Sale” for details of the assets.
3
Specific details of the borrowings will be announced as soon as they are determined.

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 shares and secondary share offering by
Ichigo Real Estate 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.

54. Amount of Funds to be Procured, Use of Proceeds, and Scheduled Expenditure Date
(1) Amount of funds to be procured (approximate net proceeds): 25,377,000,000 yen(maximum)(Note) This amount represents the sum of 24,109,000,000 yen in net proceeds Ichigo REIT
will receive from the public offering and the maximum amount of 1,268,000,000
yen Ichigo REIT will receive from the issuance of new shares via the underwriter
third-party allotment. This sum is an estimate based on the closing price of theshares in a regular trading session at the TSE as of April 2, 2015.
(2) Specific use of the funds to be procured and the scheduled expenditure date
Ichigo REIT plans to use the net proceeds (24,109,000,000 yen) from the public offering
for the acquisition of the assets specified in today’s release “Asset Acquisitions and Sale.”
Furthermore, the proceeds (maximum amount 1,268,000,000 yen) Ichigo REIT will
receive from the underwriter third-party allotment will be used for part of themiscellaneous expenses incidental to the acquisitions. Any remaining funds will be kept
as cash-on-hand and be used for future asset acquisitions and loan repayment. The
procured funds will be deposited at banks until disbursement.
5. Designated Allocation to Counterparties
None
6. Future Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revisions for the April 2015
and October 2015 Fiscal Periods.”
7. Financial Results for the Past Three Fiscal Periods and Equity Financing History(1) Financial results for the past three fiscal periods
October 2013
Net Income/Loss per ShareDividend per Share
Payout Ratio2
Net Assets per Share

April 2014

October 2014

1,619 yen

1,295 yen

1,373 yen

1

1,537 yen1

1,541 yen

1,547 yen1

96.2%

121.0%

112.6%

60,005 yen

59,698 yen

59,531 yen

1In order to maintain a stable dividend that reflects Ichigo REIT’s operating earnings,
dividends of 275 million yen for the fiscal period ending April 2014 and 177 million yen for
the fiscal period ending October 2014 were distributed. For the fiscal period ending October
2013, 55 million yen has been set aside as a dividend reserve.
2
Payout Ratio is calculated as below and is rounded to the nearest one decimal place.
Payout Ratio = Total dividend /Quarterly Net Income×100

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 shares and secondary share offering by
Ichigo Real Estate 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.

6(2) Recent status of share price(i) Status in the last three fiscal periods(yen)
October 2013

April 2014

October 2014

Opening Price

63,30061,70062,000Highest Price

65,10064,80085,700

Lowest Price

55,90059,70061,300

Closing Price

61,30061,50083,700(Note) The opening price, the highest price, and the lowest price are described based on theclosing price of the shares in a regular trading session at the TSE.
(ii) Status in the last six months(yen)November

DecemberJanuary

February

March

April

2014

2014

2015

2015

2015

2015

Opening Price

83,90087,40093,20092,80095,00094,600Highest Price

85,50093,600101,000

95,90099,80099,800

Lowest Price

79,50085,90092,10087,20091,60094,600

Closing Price

85,50093,60092,40094,40097,10099,8001

The opening price, the highest price, and the lowest price are the closing price of the shares in
the regular trading session at the TSE.

2

The share price for April 2015 is as of April 8, 2015.
(iii) Share price on the business day preceding the resolution day of the issuance(yen)
April 8, 2015
Opening Price

99,600Highest Price

99,800

Lowest Price

99,000

Closing Price

99,800Disclaimer: 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 shares and secondary share offering by
Ichigo Real Estate 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.

7(3) History of equity financing conducted in the past three fiscal periods
Public Offering
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

December 3, 2013
4,929,745,000 yen (Estimated net proceeds)
57,997 yen
932,823 shares
85,000 shares
1,017,823 shares
Proceeds would be allocated to funds foracquiring specified assets and repayment of loans
After December, 2013
Completed disbursement on above scheduled date

Third-Party Allotment
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Third party allottee
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

January 7, 2014
429,974,500 yen (Estimated net proceeds)
57,997 yen
1,017,823 shares
8,500 shares
1,026,323 shares
SMBC Nikko Securities Inc.
Proceeds would be used for repayment of loans;
Remainder would be cash-on-hand for future
repayment of loans
After January 2014
Completed disbursement on above scheduled datePublic Offering
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

December 3, 2014
7,679,850,880 yen (Estimated net proceeds)
80,266 yen
1,026,323 shares
95,680 shares
1,122,003 shares
Proceeds would be allocated to funds foracquiring specified assets and repayment of loans
After December 2014
Completed disbursement on above scheduled 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 issuance of new shares and secondary share offering by
Ichigo Real Estate 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.

8

Third-Party Allotment
Issuance Date
Amount of Funds to be Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Third party allottee
Intended use of proceeds at the time of
the issue
Scheduled timing of disbursement at thetime of the issue
Current status

December 24, 2014
667,813,120 yen (Estimated net proceeds)
80,266 yen
1,122,003 shares
8,320 shares
1,130,323 shares
SMBC Nikko Securities Inc.
Proceeds would be used for repayment of loans;
Remainder would be cash-on-hand for future
repayment of loans
After December 2014
Completed disbursement on above scheduled date

8. Restrictions on Sale and Additional Issuance of Shares (Lock-Up)(1) Ichigo Asset Management, Ltd., Ichigo Trust Pte. Ltd., and Ichigo Real Estate Investment
Advisors Co., Ltd. who hold shares amounting to 1, 320,060, and 1,400 shares,
respectively, have agreed with the Lead Manager that they will not sell, transfer, pledge
as collateral, or lend to any other party or otherwise dispose of the shares they own
during the period starting from the pricing date to a date 45 days from the delivery date,
without prior written consent from the Lead Manager (excluding Ichigo Trust Pte. Ltd.
purchasing shares from the over-allotment secondary offering).
(2) Ichigo REIT has agreed with the Lead Manager not to engage in the issuance of the sharesand certain other transactions without the prior written consent of the Lead Manager
during the period starting from the pricing date to the date 90 days from the delivery date(excluding the public offerings, the underwriter third-party allotment, the issuance ofshares via stock-split, and certain other exceptions).
(3) For either (1) or (2) above, the Lead Manager retains the right to terminate a part or all of
the aforementioned agreement under its own discretion during the restriction period
thereof or to shorten the restriction period thereof.
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 shares and secondary share offering by
Ichigo Real Estate 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.

9Reference: Growth Strategy
Stage I/II/III

2011/102013/10

Stage IV
2014/10

2015/47th period post merger

Stage V
2015/10

8th period post merger

Goal

Increase Size & Scale
Obtain Credit Rating

Plan

Enhance Profitability

Accretive Growth Cycle

Foundation for Growth■ Financing Strategy
・Obtain credit rating
・Strengthen f inancial base via PO・Increase potential f or new
borrowing(collateral consolidation and noncollateralized borrowing)■ Internal Growth Strategy
・Improve lease terms of assets
with growth potential
・Promote Ichigo brand■ External Growth Strategy
・Acquire assets via new borrowing
・Build a mid-size of f ice portfoliowith both stability and upside
potential
・Make f ull use of Ichigo Group’s
warehousing capability

2016/4

2016/10

9th period post merger 10th period post merger

Further Increase Dividend
and Solidify Market Position■ Financing Strategy
・Seek bond issuance and diversif yborrowing・Improve credit rating■ Internal Growth Strategy
・Drive higher prof itability via
economies of scale as portf olio
size increases
・Strengthen Ichigo brand■ External Growth Strategy
・Acquire assets via additionalborrowing
・Build a mid-size of f ice portfoliowith both stability and upside
potential

Drive Further GrowthNote: Growth outcomes may differ from this plan and are not guaranteed.

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 shares and secondary share offering by
Ichigo Real Estate 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.

10