Creating peace of mind through honest and committed management.

November 14, 2014
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

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
During the April 2012 fiscal period, Ichigo REIT launched its multi-year and multi-stage growthstrategy: Stage I “Foundation for Growth,” Stage II “Accretive Growth Cycle,” and Stage III“Enhance Profitability.” In executing this strategy, Ichigo REIT has steadily expanded its
portfolio and earnings. As Stage IV “Increase Size & Scale” begins from the April 2015 fiscalperiod, Ichigo REIT 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 this goal, Ichigo REIT has
decided to partially amend its Basic Investment Policy.
For details of the aforementioned growth strategy, please refer to today’s release “AssetAcquisitions and Sales.”
2. Details of Amendment to the Basic Investment Policy
This is to amend part of the Annual Report (Yuho) submitted on July 25, 2014. The amended
section is “Basic Investment Policy of the Investment Corporation” of Part 1: FundInformation.
Terms defined in the 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 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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Before Amendment
Ichigo REIT aims to secure stable mid- to long-term profitability through investment
management of mainly specified assets such as real estate. (Article 29)
With this aim, Ichigo REIT will primarily invest in real estate and trust beneficial interests(shintaku juekiken) in real estate in Japan. Ichigo REIT seeks to create a comprehensive
portfolio that has a balance of both stability and growth potential from a mid- to long-term
perspective, by selecting assets based on its profitability and stability, taking into account thefinancial and economic climate as well as the industry trend to achieve steady growth of its
investment assets and maximize shareholders value.
In order to achieve this aim, Ichigo REIT will entrust its asset management to its asset
management company. The asset management company is comprised of directors andemployees who have extensive experience and knowledge of acquiring and selling assets,
attracting tenants, reduction of management costs, and value-add renovations.
Also, Ichigo REIT will conduct its operations emphasizing on transparent disclosure and a solid
compliance system.
(i)Comprehensive portfolio with a balance of stability and growth potential
Generally, office buildings, residences, retail, hotels, and other investment assets tend toshow a different profitability trend by asset class based on the demand-supply balance ofeach market. Moreover, there is submarket within the respective market of each asset
class having unique trends. Ichigo REIT aims to ensure a relatively stable, mid- tolong-term profitability by focusing on these different profitability trends and diversely
investing in assets that generate stable profitability (stable-profitability assets), as well as
assets with room for growth in profitability (high-growth assets), to level out the impactof the volatility of a specific market on the profitability of the entire portfolio, with theaim to ensure a relatively stable profitability in the mid- to long-term.
Ichigo REIT considers office buildings to be high-growth assets. Market competitivenesscan be maintained regardless of the age of the building, with appropriate repair,maintenance, and renewal of facilities on a regular basis. Value-add renovations toimprove tenant satisfaction can contribute to profitability, and profitability could improve
even more when the economy takes a favorable turn.
Ichigo REIT considers residences to be stable-profitability assets. Residences are closelyrelated to the lives of residents and used for a relatively long term. Rents are not soinfluenced by the economic climate, which supports the profitability of Ichigo REIT.
However, its profitability does not grow together with the improvement of economicconditions.
Ichigo REIT also considers retail and hotels that generate stable and long-term cash flow,that is, those that have long-term lease contracts with the tenant, have minimum
operational risks, and have tenants with high credit, as stable-profitability assets.

(ii)

Steady growth of investment assets
Given the characteristics of each asset class, Ichigo REIT will select and invest in assetsthat have relatively small profitability fluctuation risks and have high profitability. Interms of market size, assets in the Tokyo metropolitan area, especially residences andoffices that lead to stable-profitability and high-growth will be the major target asset
classes. However, Ichigo REIT will not limit itself to these assets, and will continue toseek assets that will contribute to the stability of profitability, and will continue to expand

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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its portfolio.
As for office buildings, efficient building operation is possible due to a relatively
standardized building management method. Also, occupancy can be maintained due to awide variety of replacement tenants. Tenants of mid-size office buildings (total leasable
space of 1,000m2 to 10,000m2 as defined by Ichigo REIT) are mostly small- to
medium-sized companies, and as the market size is substantial, stable income can beanticipated. Also, the number of mid-size buildings is much greater than large-sizebuildings, meaning there are greater acquisition opportunities, which allow for a timelychange in portfolio as market conditions require. Therefore, Ichigo REIT will continue toconsider acquisitions of mid-size office buildings.
As for residences, population growth in urban areas is expected due to the rise in nuclear
households, single-person households, and more retirees wanting to spend the rest of theirlives in the urban area. Also, as the number of households is growing despite thedwindling population, and as the number of newly-owned homes is decreasing especiallyamong the younger generation, residence is expected have continued demand andprofitability. From this perspective, Ichigo REIT will seek the acquisition of residences
convenient in its location.
In addition, Ichigo REIT will seek retail, hotel, and other asset classes to a certain extent
from the perspective of maximizing its investment opportunity and strengthening its
portfolio.
In this regard, Ichigo REIT will make its decisions on asset acquisitions, taking into
account the purpose, region, size of the target assets, as well as the fundamentals such as
the location, building age, area, specifications, equipment, legal compliance, earthquake
resistance, earthquake PML, asbestos, PCB, soil contamination, etc. These will promote
Ichigo REIT’s external growth strategy and contribute to the maximization of investor
profitability.

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.

3After Amendment
Ichigo REIT aims to secure stable mid-to long-term profitability through investment
management of assets such as real estate (as stipulated in Article 105 Item 1 of Ordinance for
Enforcement of the Act on Investment Trusts and Investment Corporations, No. 129 of the year
2000 by order of the Prime Minister’s Office, hereinafter referred to as the “Enforcement Orderof Investment Trust Act”) (Article 29)
With this aim, Ichigo REIT will invest in Japanese real estate and real estate trust beneficial
interests (shintaku juekiken) in real estate. Ichigo REIT seeks to structure a portfolio that
focuses on growth potential on a mid- to long-term perspective while maintaining a certain levelof stability, by selecting assets based on their profitability and stability, taking into account thefinancial and economic climate as well as industry trends to achieve steady growth of its
investment assets and maximize shareholder value.
In order to achieve this, Ichigo REIT will entrust its asset management to an asset managementcompany. The asset management company is comprised of directors and employees who haveextensive experience and knowledge of acquiring and selling assets, attracting tenants, reductionof management costs, and value-add renovations.
Also, Ichigo REIT will conduct its operations emphasizing transparent disclosure and a solid
compliance system.
(i)

Portfolio that focuses on mid-size office with growth potential while maintaining acertain level of stability
Ichigo REIT will invest primarily in real estate located in Central Tokyo, and additionallyin the Tokyo metropolitan area, cities designated by government ordinance of Japan, andthe capital of each prefecture. This real estate includes offices, residences, retail, andhotels. (Article 30)
The Japanese real estate investment market has evolved and has become global with thedevelopment of J-REITs. As a result of these changes, real estate profitability is now
greatly influenced by macro factors such as the global financial market, market conditions,and real estate industry trends. Also, in the real estate market, individual markets for eachdifferent asset class exist, and each market displays a different trend based on thedemand-supply balance. Additionally, the real estate market is affected by microcomplexities such as the location, grade of assets, and other real estate-specific factors.
Under these circumstances, Ichigo REIT will aim to focus on growth when it structures
its portfolio, while maintaining a certain level of stability.
In terms of office assets, the target tenant and the rent range differs substantiallyaccording to the scale of the asset. Our target assets for investment are mid-size buildings,
whose tenants are mostly small- to medium-sized companies, venture businesses, andindividual business owners. As the absolute number of tenants is large, demand for suchoffices is promising, and therefore, Ichigo anticipates steady occupancy. The supply ofmid-size offices has been relatively low over time with the exception of the so-called“bubble period” in the 1980s and the period prior to Lehman Brothers’ bankruptcy filing.
Ichigo believes that competitiveness can be maintained regardless of the age of thebuilding, with appropriate repair, maintenance, and renewal of facilities on a regular basis.
Value-add renovations to improve tenant satisfaction can contribute to profitability, andprofitability could improve even more according to the economic climate. Large-size
office buildings, whose target tenants are large companies, listed companies, and foreign
entities, are affected by market conditions in terms of rent. In contrast, mid-size officeDisclaimer: 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.

4building rents tend to be relatively stable and less affected.
Furthermore, mid-size assets other than offices, such as retail, also have the potential togrow in profitability. Ichigo REIT considers assets that have long-term tenant leases,
assets with minimal operational risks, and tenants with high credit ratings attractive for
their stable cash flow.
By strategically concentrating investment primarily in mid-size office assets that havethese characteristics, Ichigo REIT will build a portfolio that focuses on growth, while
maintaining a certain level of stability.
(Note) According to the Policy, residences are also an investment target. However,Ichigo REIT’s current plan is to avoid investing in residences (without ruling out
serviced apartments), and concentrate its investment in mid-size offices.
(ii)

Steady growth of investment assets
As described above, to support both earnings stability and growth Ichigo REIT believes
that it is important to expand its portfolio, and will pro-activity seek the acquisition ofassets that will contribute to the stability and growth of its earnings.
As for offices, mid-size office buildings are promising in terms of both stability andgrowth, and the absolute number of assets in the market is greater compared to large-sizeoffice buildings. This means that there are greater acquisition opportunities which allow
for a timely change in portfolio as market conditions require. For this reason, Ichigo
REIT will be focusing on acquisition of mid-size offices.
Furthermore, mid-size assets other than offices, such as retail, also have the potential togrow in profitability. Ichigo REIT considers assets that have long-term tenant leases,
assets with minimal operational risks, and tenants with high credit ratings attractive for
their stable cash flow.
Ichigo REIT will make its decisions on asset acquisitions taking into account the purposeof use, region, and size of the target assets, as well as the fundamentals such as thelocation, building age, area, specifications, equipment, legal compliance, earthquakeresistance, earthquake PML, asbestos, PCB, soil contamination, etc.
Under this policy, Ichigo REIT will aim to promote its external growth strategy andcontribute to the maximization of shareholder value.

3. Future Outlook
For details, please refer to today’s release “Earnings and Dividend Forecast Revisions for theOctober 2014 and April 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 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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