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

Asset Acquisitions and Sale
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company of
Ichigo Real Estate Investment Corporation (“Ichigo REIT”), has decided to acquire 12 assets(total acquisition price 44,030,000,000 yen) and sell 1 asset (sale price 2,810,000,000 yen).
A. Acquisitions and Sale Overview
1. Acquisition Summary
Total appraisal value: 44,860,000,000 yen, total acquisition price: 44,030,000,000 yen

Asset Name1
Asset Type
Date Built
Legal Form of
Asset
Appraisal Value2
Acquisition Price3
SellerContract Date
Closing Date(expected)
Financing
Method8
Settlement
MethodO-59
IchigoJingumae Building
OfficeNovember 1984

O-60
Ichigo Shibuya
Dogenzaka Building
OfficeSeptember 1994

O-61
Ichigo Hiroo
Building
OfficeJuly 1990

Trust beneficiaryinterest in real estate(juekiken)

Trust beneficiaryinterest in real estate(juekiken)

Trust beneficiaryinterest in real estate(juekiken)

7,220,000,000 yen
7,200,000,000 yen
Domestic TMK4
April 9, 2015

3,720,000,000 yen
3,650,000,000 yen
Domestic TMK4
April 9, 2015

4,010,000,000 yen
3,960,000,000 yen
Domestic TMK4
April 9, 2015

O-62
Ichigo Sasazuka
Building
OfficeMarch 1995
Trust beneficiaryinterest in real estate(juekiken)(Sectional
ownership)
4,840,000,000 yen
4,780,000,000 yen
Domestic TMK4
April 9, 2015

May 7, 2015

May 7, 2015

May 7, 2015

May 7, 2015

New share issuance, borrowing, and cash-on-handLump-sum payment

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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Asset Type

OfficeO-64
Shuwa Dai 2
Sakurabashi
Building
OfficeDate Built

January 2010

August 1989

1

Asset Name

Legal Form of
Asset
Appraisal Value2
Acquisition Price3
SellerContract Date
Closing Date(expected)
Financing
MethodSettlement
MethodO-63
Ichigo Nihonbashi
East Building

September 1990

(Extension built inAugust 1990)

4,850,000,000 yen
4,700,000,000 yen
Domestic TMK4
April 9, 2015

2,480,000,000 yen
2,360,000,000 yen
Domestic TMK4
April 9, 2015

3,200,000,000 yen
3,190,000,000 yen
Domestic TMK4
April 9, 2015

May 7, 2015

May 7, 2015

May 7, 2015

May 7, 2015

New share issuance, borrowing, and cash-on-handLump-sum payment

SellerDomestic TMK4

Mita Holdings GK

Contract Date
Closing Date(expected)
Financing Method
Settlement
MethodApril 9, 2015
May 7, 2015

1

OfficeMay 1989

Trust beneficiaryinterest in realestate (juekiken)

Appraisal Value2
Acquisition Price3

Legal Form of
Asset

OfficeTrust beneficiaryinterest in realestate (juekiken)

OfficeOctober 2011
Trust beneficiaryinterest in realestate (juekiken)(Sectional
ownership)
1,840,000,000 yen
1,800,000,000 yen

Asset Type
Date Built

O-66
Ichigo Kudan
Building

Trust beneficiaryinterest in realestate (juekiken)(Sectional
ownership)
2,600,000,000 yen
2,500,000,000 yen
Domestic TMK4
April 9, 2015

Trust beneficiaryinterest in realestate (juekiken)

O-67
Ichigo Higashi
Gotanda Building
OfficeFebruary 1990
Trust beneficiaryinterest in realestate (juekiken)(Sectional
ownership)
3,680,000,000 yen
3,660,000,000 yen

Asset Name1

O-65
Ichigo Shinkawa
Building

April 9, 2015

4,710,000,000 yen
4,570,000,000 yen
Domestic Limited
Company5
April 9, 2015

O-70
Koriyama Big-i(office section)
OfficeMarch 2001
Trust beneficiaryinterest in realestate (juekiken)(Sectional
ownership)
1,710,000,000 yen
1,660,000,000 yen
Koriyama Holdings
GK
April 9, 2015

May 7, 2015

May 7, 2015

May 7, 2015

O-68
Axior Mita

O-69
Ichigo Higashi
Ikebukuro Building
OfficeOctober 1980
Trust beneficiaryinterest in realestate (juekiken)

New share issuance, borrowing, and cash-on-handLump-sum payment

The buildings currently named “Jingumae 23rd Building,” “Shibuya YT Building,” “G-Place Hiroo ,”“G-Place Sasazuka,” “G-Place Nihonbashi ,” “Noto Building,” “Inaoka Kudan Building,” “G-Place
Gotanda,” and “Ikebukuro SIA Building,” will be changed to “Ichigo Jingumae Building,” “Ichigo
Shibuya Dogenzaka Building,” “Ichigo Hiroo Building,” “Ichigo Sasazuka Building,” “Ichigo Nihonbashi
East Building,” “Ichigo Shinkawa Building,” “Ichigo Kudan Building,” “Ichigo Higashi Gotanda
Building,” and “Ichigo Higashi Ikebukuro Building,” respectively.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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

2

Appraisal value is as of March 1, 2015.
Acquisition price excludes incidental expenses such as property, city planning, andconsumption taxes.
4
The seller is a domestic tokutei mokuteki kaisha (TMK) and did not consent to disclosure.
5
The seller is a domestic limited company and did not consent to disclosure.
3

2. Sale Summary
Asset Name

Z-01 Falcon Shinsaibashi

Asset Type

Other

Date Built
Legal Form of Asset
Acquisition Date
Appraisal Value1
Sale Price2
Book Value3
Difference between Sale Price andBook Value
Buyer
Contract Date
Closing Date (expected)
Settlement Method

September 2002
Trust beneficiary interest in real estate (juekiken)
October 12, 2005
2,810,000,000 yen
2,810,000,000 yen
3,109,416,516 yen (as of April 30, 2015)-299,416,516 yen
Shinsaibashi Jisho GK
April 9, 2015
May 8, 2015
Assignment of trust beneficiary interest in real estate1

Appraisal value is as of the end of October 2014.
Sale price excludes fixed asset, city planning, consumption taxes, etc.
3
The sale of the Falcon Shinsaibashi Building is scheduled for May 8, 2015, but since its sales
price is lower than its current book value, a 299 million yen impairment loss is expected to be
included in this fiscal period’s extraordinary loss (and an equivalent deduction made to Ichigo
REIT’s dividend reserve) in accordance with Japan’s “Accounting Standard for Impairment of
Fixed Assets.” The 299 million yen impairment is not reflected in the above book value.
2

3. Acquisitions and Sale Rationale
In its current Stage IV Increase Size & Scale (November 2014 – October 2015) of its multi-year
growth strategy, Ichigo REIT is working to drive further dividend increases and maximize
shareholder value by strategically focusing its portfolio on mid-size offices1, an asset class thatoffers both stability of returns and upside potential.
In executing this strategy, Ichigo REIT is acquiring 11 of the 12 assets via the sponsorship andasset acquisition pipeline of the Ichigo Group.2 As announced in today’s release “Issuance of
New Shares and Secondary Share Offering,” Ichigo REIT will acquire prime location mid-size
office assets primarily located in Central Tokyo’s six major wards3. The acquisitions will befinanced by the net proceeds from a public offering, bank borrowing4, including from theJapanese megabanks, today’s asset sale proceeds, and cash-on-hand.
Today’s transactions include a sale of a hotel asset to the Ichigo Group. Unfortunately, theprofitability of this asset is expected to decrease due to vacancies across several floors. As
substantial capital expenditures are needed to restore this asset’s earnings potential, it has been acandidate for disposition. In addition to the Ichigo Group, Ichigo REIT negotiated the sale withseveral external counterparties, but the Ichigo Group offered the best terms. Today’s
acquisitions more than offset the decrease in rental income as a result of the hotel sale and will
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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

support Ichigo REIT’s earnings growth going forward.
For both the acquisitions and the sale, Ichigo REIT negotiated and verified transaction prices
with reference to recent appraisal values that take into account comparable market transactions,and Ichigo REIT followed strict related-party procedures to safeguard against conflicts ofinterest. Ichigo REIT also obtained second opinions to assess the fairness of the transaction
prices.
Ichigo REIT and sponsor Ichigo Group Holdings (“IGH”) have also signed a new Memorandumof Understanding for fee-based credit support from IGH to Ichigo REIT to supplement theexisting unpaid Sponsor Support Agreement, as announced in today’s release “Execution ofMemorandum of Understanding for Additional Sponsor Support.” The Memorandum ofUnderstanding sets out that IGH will provide supplementary credit support5 to Ichigo REIT for
Ichigo REIT asset acquisitions and other Ichigo REIT transactions upon Ichigo REIT’s request.
In today’s transactions, IGH is providing supplementary credit support to Ichigo REIT for 9 of
the asset acquisitions (assets O59-O67, JPY 36 billion in total.) The seller had initiallyrequested that Ichigo REIT commit to the seller’s desired earlier settlement date. However, inlight of Ichigo REIT’s funding schedule (i.e., without an equity offering, Ichigo REIT did nothave the funds to complete the transaction), Ichigo REIT negotiated a postponement of thesettlement date, taking advantage of IGH’s credit support. The seller agreed to the postponed
settlement date if: 1) Ichigo REIT were to secure a highly credible, high-credit backup buyer inthe case Ichigo REIT is unable to raise funds via an equity offering, and 2) that if the backup
buyer were unable to complete the transaction as the transaction’s guarantor, the backup buyer
would pay compensation to the seller. In the process of this negotiation, Ichigo REIT
approached IGH as its sponsor to serve as the backup buyer and transaction guarantor, andagreed with IGH on a new contract for fee-based credit support as Ichigo REIT’s sponsor.
Amidst rising competition and prices in Japan’s real estate market, Ichigo REIT believes thatthese asset acquisitions are very attractive and will contribute to increased shareholder value.
Upon Ichigo REIT’s successful completion of today’s asset acquisitions made possible by
IGH’s credit support, Ichigo REIT will pay IGH a credit support fee equivalent to 1% of thetotal asset acquisition price (JPY 360 million). This fee was determined in negotiation with IGH
taking into account the total acquisition cost potentially required of IGH, the potential
transaction risk to IGH, and the upside to Ichigo REIT as a result of these transactions. Ichigo
REIT deems this credit support fee to be reasonable relative to Japanese market-standard
brokerage fees (i.e., generally 3%) and arrangement fees paid in compensation for asset
acquisitions.
The credit support agreement with IGH will also support future asset acquisitions by Ichigo
REIT on behalf of its shareholders. To this end, Ichigo REIT believes this is an important formof sponsor support that adds value for Ichigo REIT’s shareholders. Ichigo REIT will work totake advantage of IGH’s credit support to acquire assets that contribute to Ichigo REIT’s
growth.
Today’s acquisitions of office assets and sale of Ichigo REIT’s remaining hotel asset will
support Ichigo REIT’s strategic restructuring and strengthen its focus on mid-size office assets.
Ichigo REIT does not expect to acquire new residential or hotel assets going forward.
1“Mid-size office” as defined by Ichigo REIT is an office with leasable space of 1,000 m2 to
10,000 m2.
2
Ichigo Group companies refers to Ichigo Group Holdings Co., Ltd. and its consolidated
subsidiaries (including Ichigo Real Estate Investment Advisors Co., Ltd.)
3“Central Tokyo’s six major wards” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, andShinagawa Wards.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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

4
5

Details of the borrowing will be announced as soon as they become available.
The details of the IGH supplementary credit support to Ichigo REIT are as follows: In the casethat Ichigo REIT cannot close the transaction within a certain time frame due to failure to
procurefunds for reasons such as postponed public offering, or if the seller objectively and reasonably
judges that Ichigo REIT is unable to make the payment, IGH or a buyer designated by IGH
and agreed to by the seller will acquire the assets. In the case IGH or the designated buyer isunable to close the transaction, IGH will guarantee compensation to the seller.

4. Tenant Selection
Tenants of the leased assets meet Ichigo REIT’s selection criteria stated below.
a. Tenant candidates are screened based on the below criteria. Databases of external researchfirms are also referenced as appropriate. The candidate is initially screened for credit
strength, followed by an evaluation based on the candidate’s conformance in terms of leaseprice, lease term, the amount of deposits, type of business, comparison with existing tenants,
and the requirements of the tenant candidate in terms of size and layout.
Classification
Corporate

Individual

Review Criteria
i. Industry, industry experience, earnings (soundness of management), etc.
ii. Tenancy conditions (purpose, contract type, contract term, price, deposits, sizeof leased area, renovation needs, etc.)
iii. Existence of guarantor and the classification of the guarantor
i. Workplace, years of employment at current workplace.
ii. Annual income (percentage of total rent versus annual income)iii. Tenancy conditions (purpose, contract type, contract term, price, size of leased
area, number of occupants, etc.)
iv. Existence of guarantor and the classification of the guarantor

b. Ichigo REIT conducts regular interviews to understand the needs of existing and new
tenants to support a long-term relationship.
B. Asset Acquisitions Overview
IRE is acquiring 12 office buildings (of which 11 are in Central Tokyo) in today’s transaction.
The average NOI of the 12 office buildings is 4.8% and the average occupancy rate is 94.7%.
Today’s acquisitions will further strengthen Ichigo REIT’s focus on mid-size office assets, andmaximize shareholder value by making full use of Ichigo REIT’s strengths in managing andadding value to office assets.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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1. Asset Details(1) Ichigo Jingumae Building(i) Location
The building is located in the Jingumae area, one of the most prominent commercial
areas in Japan with a mix of retail, restaurants, and offices. This area has become
increasingly convenient in terms of access due to the extension of the Tokyo Metro
Fukutoshin Line in 2008 and the Tokyu Toyoko Line in 2013.
As the area attracts many people and a lot of exposure, there is significant demand bybusinesses to open new stores on the lower floors of buildings, hoping to improvetheir recognition and awareness.
The area is accessible by foot from stations on numerous train lines, including the
Meiji Jingumae Station on the Tokyo Metro Chiyoda Line and Fukutoshin Line, theHarajuku Station on the JR Yamanote Line, the Shibuya Station on the JR Lines, theTokyu Lines, and Tokyo Metro Lines.
(ii) Features
The building is a mid-size office building in the Harajuku/Omotesando area facing
Meiji Dori, which is a traffic thoroughfare to the Shibuya area. Tenant demand ispromising from retailers wanting to open a new store in an area known to make new
trends and from apparel industry tenants wanting to move their offices.
The first floor is occupied by an apparel store. The standard floor areas of the upper
floors are 325 tsubo, currently occupied by tenants in the IT and advertisingindustries.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Sumitomo Mitsui Trust Bank, Limited

Period of Trust Contract

June 7, 2006 - December 31, 2020

Location

6-25-16 Jingumae, Shibuya-ku, Tokyo

Land

Building

Property Right

FreeholdSize

1,337.19 m2

ZoningCommercial/Category II residential

Coverage Ratio / Floor
Area Ratio

80% / 500%, 60% / 300%

Property Right

Freehold

ZoningRetail, Office, Warehouse, Parking

Structure

RC B1F/6F

Total Floor Area

5,218.72 m2

Construction Date

November 24, 1984

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

7,220,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

7,530,000,000 yen

Architect1

Kume Sekkei Co., Ltd.

1

Builder

Maeda Corporation
1

Structural Strength Calculator

Kume Sekkei Co., Ltd.

Inspection Agency1

Building Official (Tokyo)

PML Assessor

6.97% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

5

Monthly Rental Income

28,225 thousand yen

Deposit

165,380 thousand yen

Leasable Space

4,418.17 m2

Leased Space

4,418.17 m2

Occupancy

100%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

303 million yen (4.2%）

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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

Special Items
1. A memorandum of understanding exists with the neighbor to agree to unpaid use of part of the owned land as awalkway.
2. Part of a duct encroaches the northeast and northwest neighbor. A memorandum of understanding exists which agrees torectify the situation when the duct is reconfigured in the future.
3. A notification to terminate the lease contract as of June 30, 2015 has been received from a tenant (leased area: 593.96m2) has been received on December 22, 2014.
4. A signboard of a tenant on the building has not been approved of outdoor advertising but application for approval has
been submitted by the tenant is in process.
5. According to the building engineering report, as the refrigerant pipe penetrates the exhaust port on the first floor
northern wall, FD is being interfered. An agreement exists that the seller will rectify the situation at the seller’s expense.
6. According to the building engineering report, the position of the sleeve of the air conditioner exterior unit is not in theoriginal plan, and the position of the exhaust rattle differs from the original plan. An agreement exists that the seller will
rectify the situation at the seller’s expense.
7. The smoke exhaust window on the first floor retail unit cannot be opened appropriately. An agreement exists that theseller will rectify the situation at the seller’s expense.
1

The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building wasbuilt.
2
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by
dividing NOI by Acquisition Price. Amount less than a million is rounded off.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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

Appraisal Overview
NameAppraisal Value

Ichigo Jingumae Building
7,220,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses
Administrative andMaintenanceExpensesUtility Expenses
Repair Expenses
PM Fees
Leasing Brokerage
Fees
Taxes
Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure
Net Profit
Cap Rate
Value via DCF Method
Discount Rate
Terminal Cap Rate
Value via Cost Approach
Land
Property

Note
Valuation determined via integrating a direct capitalization
valuation and DCF valuation

7,220,000,000 yen
7,530,000,000 yen
406,521,470 yen

Based on rental income, common area service income, parking
lot income, and other income
Based on mid- to long-term vacancy rate

423,699,864 yen
17,178,394 yen
103,039,306 yen
11,607,000 yen

Based on similar assets and past actual amounts

20,892,654 yen
2,427,333 yen
9,568,757 yen

Based on similar assets and past actual amounts
Based on the average of the past 12 years of engineering reports
Based on similar assets and past actual amounts
Based on the expected turnover rate and tenant acquisition costs
for similar assets
Based on FY2014 actual amounts
Based on the standard of similar assets and past actual amounts
Not applicable

2,740,161 yen
54,286,397yen
297,440 yen
1,219,564 yen
303,482,164 yen
6,410,066 yen

Based on 2.0% investment yield

16,214,500 yen
293,677,730 yen

Based on the average of the past 12 years of engineering reports
Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual characteristics,
property right, etc.

3.9 %7,090,000,000 yen

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics taken
into accountBased upon risk-adjusted NOI

3.7%
4.1%
9,260,000,000 yen
96.3%
3.7%

Notes
None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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(2) Ichigo Shibuya Dogenzaka Building(i) Location
The Shibuya area is a center of trend and culture built around one of Japan’s largest
train stations where the JR Lines, Tokyo Metro Lines, the Tokyu Lines, and the Keio
Inokashira Line all come together. Large-scale commercial facilities of major
department stores such as Seibu, Marui, and Parco are concentrated in the area. In
recent years, the area has become increasingly popular as an office location due to its
convenient access, most prominently for the IT industry. Also, around Shibuya
Station, various large-scale commercial/office buildings are being reconstructed anda redevelopment plan of the area is presently underway.
(ii) Features
The building is a mid-scale office building facing Route 246, close to the Dogenzaka
Intersection.
The standard floor area is 100 tsubo with no pillars, having a ceiling of 2,600 mm.
The building has competitiveness to meet the needs of each tenant, such as anindividual air conditioning system for each floor.
A coffee shop occupies the first floor, and the other floors are occupied by IT andservice industry-related tenants.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Period of Trust Contract

February 28, 2013 - February 28, 2023

Location28-3 Maruyamacho, Shibuya-ku, Tokyo

Land

Building

Property Right

FreeholdSize

548.09 m2

ZoningCommercial

Coverage Ratio/ Floor
Area Ratio

80% / 800%

Property Right

Freehold

ZoningOffice, Retail, Warehouse, Parking

Structure

SRC B2F/9F

Total Floor Area

4,474.67 m2

Construction Date

September 30, 1994

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Value

3,720,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

3,830,000,000 yen

1Architect

Tsunakawa Architect

Builder1

Shimizu Corporation
1

Structural Strength Calculator
Inspection Agency

1

Tsunakawa Architect
Building Official (Shibuya-ku)

PML (Assessor)

5.62% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as of January 31, 2015)

Number of Tenants

5

Monthly Rental Income

14,754 thousand yen

Deposit104,367 thousand yen

Leasable Space

2,789.86 m2

Leased Space

2,789.86 m2

Occupancy

100%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

156 million yen (4.3 %)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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

11

Special Items
1. Part of a security door encroaches the south neighbor. A memorandum of understanding exists which agrees to rectify
the situation when the door in the future.
2. Part of a concrete earth-retaining wall and a security door encroaches the south neighbor. A memorandum of
understanding exists which agrees to rectify the situation when these are reconfigured in the future.
3. Part of a security door encroaches the north neighbor. A memorandum of understanding exists which agrees to rectify
the situation when these are reconfigured in the future at the owners own responsibility and expense and implement any
measures for restoration.
4. A 39.8 m2 portion of the land facing the road to the northwest will be considered a road pursuant to Article 42,paragraph 2 of the Building Standards Act.
5. A notification to terminate the lease contract as of January 31, 2015 has been received from a tenant (leased area: 664.44m2) has been received on December 25, 2014.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building wasbuilt.
2
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by
dividing NOI by Acquisition Price. Amount less than a million is rounded off.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

12

Appraisal Overview
Name

Ichigo Shibuya Dogenzaka Building

Appraisal Value

3,720,000,000 yen

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeNote

3,720,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

3,830,000,000 yen
218,526,490 yen

Maximum Obtainable
Income236,971,043 yen

Based on rental income, common area service income, parking
lot income, and other income

Vacancy Loss

18,444,553 yen

Based on mid- to long-term vacancy rate

Expenses

62,127,650 yen

Administrative andMaintenanceExpenses

11,309,174 yen

Based on similar assets and past actual amounts

Utility Expenses

20,769,049 yen

Based on similar assets and past actual amounts

Repair Expenses

2,540,000 yen

Based on engineering reports and similar assets

PM Fees

3,082,907 yen

Based on similar assets and past actual amounts

Leasing BrokerageFees

1,870,044 yen

Based on the expected turnover rate and tenant acquisition costs
for similar assets

Taxes

22,099,300 yen

Based on FY 2014 actual amounts

Insurance Premiums

238,650 yen

Based on the standard of similar assets and past actual amounts

Other Expenses

218,526 yen

Bank commissions and other expenses

Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

156,398,840 yen
2,531,970 yen

Based on 2.0% investment yield.

5,715,000 yen

Based on engineering reports and similar assets

Net Profit

153,215,810 yen

Cap Rate

4.0%

Value via DCF Method

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual characteristics,
market trends, etc.

3,670,000,000 yen

Discount Rate

4.1%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics taken
into account

Terminal Cap Rate

4.2%

Based upon risk-adjusted NOI

Value via Cost Approach

3,580,000,000 yen

Land

86.9%

Property

13.1%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

13(3) Ichigo Hiroo Building(i) Location
Hiroo is one station away from the Ebisu Station on the JR Line. The area has a good
name, with an easy access to major city centers. There is steady demand from bothoffices and retail. The Hiroo/Ebisu area has developed since the opening of Yebisu
Garden Place, seeing large-scale businesses continuously entering. The area haspromising demand from companies of various industries such as advertising,publishing, apparel manufacturing, mass media, and IT.
(ii) Features
The building is in the commercial district along Meiji Dori, and is a 6-minute walkfrom Hiroo Station on the Tokyo Metro Hibiya Line.
Compared to buildings in the vicinity which are small, the standard floor area of thisbuilding is a relatively large 90 tsubo, giving it high competitiveness in the leasing
market.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

14

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

TrusteeMizuho Trust& Banking Co., Ltd.

Period of Trust Contract

January 24, 2014 - January 31, 2024

Location

5-8-14 Hiroo, Shibuya-ku, Tokyo

Land

Building

Property Right

FreeholdSize

1,306.55 m2

ZoningCommercial, Category I residential

Coverage Ratio/ Floor
Area Ratio

80% / 500%、60% / 300%

Property Right

Freehold

ZoningRetail, Office

Structure

SRC/RC B1F/10F

Total Floor Area

5,333.02 m2

Construction Date

July 25, 1990

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

4,010,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

4,090,000,000 yen

Architect1

Taisei Corporation Fist-Class Registered Architects Office1

BuilderTaisei Corporation Tokyo Branch

StructuralArchitect1
Inspection Agency

1

Taisei Corporation Fist-Class Registered Architects Office
Building Official (Tokyo)

PML (Assessor)

4.98% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as of January 31, 2015)

Number of Tenants

6

Monthly Rental Income

18,175 thousand yen

Deposit

188,401 thousand yen

Leasable Space

3,510.44 m2

Leased Size

3,510.44 m2

Occupancy

100%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

186 million yen (4.7%)
Notes

2

A 154.50 m portion of the land facing the road to the north and southwest will be considered a road pursuant to Article 42,paragraph 2 and 3 of the Building Standards Act.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building wasbuilt.
2
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by
dividing NOI by Acquisition Price. Amount less than a million is rounded off.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

15

Appraisal Overview
Name

Ichigo Hiroo Building

Appraisal Value

4,010,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeNote

4,010,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

4,090,000,000 yen
253,323,110 yen

Maximum Obtainable
Income266,860,642 yen

Based on rental income, common area service income, parking
lot income, and other income

Vacancy Loss

13,537,532 yen

Based on mid- to long-term vacancy rate

Expenses

66.758,717 yen

Administrative andMaintenanceExpenses

7,008,600 yen

Based on similar assets and past actual amounts

Utility Expenses

23,574,402 yen

Based on similar assets and past actual amounts

Repair Expenses

1,997,917 yen

Based on the average of the past 12 years of engineering reports

PM Fees

5,773,186 yen

Based on similar assets

Leasing BrokerageFees1,493,486 yen

Based on the past actual amount and tenant acquisition costs for
similar assets

Taxes

24,103,315 yen

Based on FY2014 actual amounts

Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

274,580 yen
2,533,231 yen

Consumables, etc.

186,564,393 yen
2,945,796 yen

Based on 2.0% investment yield

9,434,917 yen

Based on the average of the past 12 years of engineering reports

Net Profit

180,075,272 yen

Cap Rate

4.4%

Value via DCF Method

Based on the standard of similar assets and past actual amounts

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual characteristics,
property right, etc.

3,980,000,000 yen

Discount Rate

4.2%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics taken
into account

Terminal Cap Rate

4.6%

Based upon risk-adjusted NOI

Value via Cost Approach

3,730,000,000 yen

Land

86.9%

Building

13.1%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

16

(4) Ichigo Sasazuka Building(i) Location
The building is located near Sasazuka Station on the Keio Line, with easy access to
Shinjuku Station. It is also 25 minutes to Otemachi Station without transfer. The
Koshu Kaido on the southeast side of the building is convenient in terms of access toa major thoroughfare, Yamate Dori.
The area is a commercial district with many high-rise retail/residential buildings, butthere are many high-rise office buildings also, primarily along the Koshu Kaido. It isan area with high demand for office buildings by manufacturers and sales offices.
(ii) Features
The 100-tsubo standard floor plate having no wall pillars is unusually large comparedto other buildings in the vicinity. The building has high potential for tenants withsales office needs, as the building has 59 parking spaces.
The building is high-grade, featuring a marble and granite entrance, and an exterior
tile finishing. There are 3 elevators that can each accommodate 17 people. Thesefeatures and capabilities give the building competitiveness in attracting tenants.
Currently, the first floor tenant is a supermarket, and the second to thirteenth floors
are occupied by tenants of various industries such as IT.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

17

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)1

Trustee

Sumitomo Mitsui Trust Bank, Limited

Period of Trust Contract

March 24, 2014 - March 31, 2024

Location

2-26-2 Sasazuka, Shibuya-ku, Tokyo

Land

Building

Property Right

FreeholdSize

1,923.74 m2

ZoningCommercial/Category I residential

Coverage Ratio / Floor
Area Ratio

80% / 500%, 60% / 300%

Property Right

Sectional ownership (100%)

ZoningOffice, Retail, Parking

Structure

S/SRC B1F/13F

Total Floor Area

8,546.90 m2

Construction Date

March 31, 1995

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

4,840,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

4,970,000,000 yen

Architect2

Sano Architect and Associates

2

BuilderTaisei Corporation Tokyo Branch
2

Structural Strength Calculator

Sano Architect and Associates

Inspection Agency2

Building Official (Tokyo)

PML Assessor

3.90% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as January 31, 2015)

Number of Tenants

5

Monthly Rental Income

23,010 thousand yen

Deposit

155,711 thousand yen

Leasable Space

6,425.29 m2

Leased Space

6,066.12 m2

Occupancy

94.4%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)3

252 million yen (5.3%)
Special Items

1. In accordance with Article 42 Item 2 of the Building Standards Act, 3.6 m2 of the land adjacent to the east-side roadand 3.5m2 of the land adjacent to the west-side road is considered a road.
2. A part of the concrete floor encroaches the west and east-side road. No memorandum of understanding exists torectify the situation.
1
The trust beneficiary interest in real estate (juekiken) of the building is comprised of two different trust beneficiary interestin real estate held by Sumitomo Mitsui Trust Bank, Limited. Ichigo REIT will acquire both. An agreement has been signed
between the trustee and the beneficiary to manage and transfer both together, and Ichigo REIT has agreed with the seller toinherit such agreement.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

18

2

The names of the architect, builder, structural strength calculator, and inspection agency are those of when thebuilding was built.
3
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculatedby dividing NOI by Acquisition Price.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

19

Appraisal Overview
Name

Ichigo Sasazuka Building

Appraisal Value

4,840,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 31, 2015

Appraisal Value
Value by Direct Capitalization
MethodIncomeAmount概要等

4,840,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

4,970,000,000 yen
361,843,976 yen

Maximum Obtainable
Rental Income

384,445,704 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

22,601,728 yen

Based on mid- to long-term vacancy rate

Expenses

109,448,589 yen

Administrative andMaintenance Expenses

19,825,300 yen

Based on similar assets and past actual amounts

Utility Expenses

43,149,252 yen

Based on similar assets and past actual amounts

Repair Expenses

5,200,833 yen

Based on the average of the past 12 years of engineering
reports

PM Fee8,103,405 yen

Based on similar assets and past actual amounts

Leasing BrokerageFees

1,988,065 yen

Based on the competition, past actual amounts, and tenantacquisition costs for similar assets

Taxes

30,374,720 yen

Based on FY2014 actual amounts

Insurance Premiums

445,170 yen

Based on the standard of similar assets and past actual
amounts

Other Expenses

361,844 yen

Consumables, etc.

Net Operating Income(NOI)

252,395,387yen

Income on Investmentof Deposits Received

3,632,323 yen

Based on 2.0% investment yield

Capital Expenditure

27,456,750 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

228,570,960 yen

Cap Rate

4.6%

Value via DCF Method

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, market trends, etc.

4,780,000,000 yen

Discount Rate

4.4%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.8%

Based upon risk-adjusted NOI

Value via Cost Approach

4,810,000,000 yen

Land

78.3%

Building

21.7%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

20

(5) Ichigo Nihonbashi East Building(i) Location
The building is located in the Nihonbashi area, one of the most prominentcommercial and business areas in Japan, and is also adjacent to the Yaesu area andthe Marunouchi/Otemachi area. It offers convenient access to the major stations ofcentral Tokyo, with convenient access to four stations on four lines.
As standard rents in the area are relatively reasonable despite the proximity to
Marunouchi/Otemachi and Yaesu, there is demand from small and mid-size
companies and manufacturers who appreciate the strong cost performance.
(ii) Features
This is an office building situated on the north of Yasukuni Dori and Edo Dori.
Each floor has a standard floor plate of 195 tsubo and the ceiling is 2,800 mm high.
The OA sub-floor is 100mm high and the grid system ceiling allows its tenants toeasily customize the space to suit their needs.
Low-emissivity double glazing glass is used and a brise soleil (sun shade) design has
been deployed for efficient temperature control and energy efficiency.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

21

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Sumitomo Mitsui Trust Bank, Limited

Period of Trust Contract

March 31, 2014 - March 31, 2021

Location

2-7-8 Nihonbashi Bakurocho,Chuo -ku, Tokyo

Land

Building

Property Right

FreeholdSize

1,091.13 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 500%

Property Right

Freehold

ZoningOffice, Retail, Parking

Structure

S/RC B1F/7F

Total Floor Area

5,940.02 m2

Construction Date

January 29, 2010

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

4,850,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

4,970,000,000 yen

Architect1

Taisei Corporation First-Class Registered Architects Office1

BuilderTaisei Corporation Tokyo Branch
1

Structural Strength Calculator

Taisei Corporation First-Class Registered Architects OfficeInspection Agency1

Bureau Veritas Japan

PML Assessor

5.42% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as January 31, 2015)

Number of Tenants

6

Monthly Rental Income

19,121 thousand yen

Deposit

164,371 thousand yen

Leasable Space

4,216.97 m2

Leased Space

3,572.80 m2

Occupancy

84.7%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

219 million yen (4.7%)
Special Items

Part of the decorative concrete block foundation of a fence and a part of the underground concrete block foundation
encroaches a west neighbor. A memorandum of understanding exists which agrees to rectify the situation at the owner’s
cost when these parts are to be removed or moved, and to rectify the situation when the parts are reconfigured in the
future.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when thebuilding was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by
dividing NOI by Acquisition Price. Amount less than a million is rounded off.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

22

Appraisal Overview
Name

Ichigo Nihonhbashi East Building

Appraisal Value

4,850,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015

Appraisal Value
Value by Direct Capitalization
MethodIncomeAmountNote

4,850,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

4,970,000,000 yen
294,125,843 yen

Maximum Obtainable
Rental Income

310,921,940 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

16,796,097 yen

Based on mid- to long-term vacancy rate

Expenses

74,401,959 yen

Administrative andMaintenance Expenses

13,011,300 yen

Based on similar assets and past actual amounts

Utility Expenses

24,491,904 yen

Based on similar assets and past actual amounts

Repair Expenses

2,018,583 yen

Based on the average of the past 12 years of engineering
reports

PM Fee6,898,706 yen

Based on similar assets

Leasing BrokerageFees1,813,167 yen

Based on the expected turnover rate, past actual amount, andtenant acquisition costs for similar assets

Taxes

22,334,639 yen

Based on FY2014 actual amounts

Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

3,529,510 yen

Consumable goods, etc.

219,229,884 yen
3,536,733 yen

Based on 2.0% investment yield

4,694,417 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

218,566,200 yen

Cap Rate

4.4%

Value via DCF Method

Based on the standard of similar assets and past actual
amounts

304,150 yen

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

4,800,000,000 yen

Discount Rate

4.2%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.6%

Based upon risk-adjusted NOI

Value via Cost Approach

3,930,000,000 yen

Land

63.3%

Building

36.7%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

23

(6) Shuwa Dai 2 Sakurabashi Building(i) Location
The building is located in the Hatchobori area with easy access to each of the major
stations in Central Tokyo and the convenience of multiple train lines, including JR
Keiyo Line, Tokyo Metro Hibiya Line, and Yurakucho Line.
Hatchobori and Shinkawa serve as complementary areas for the Otemachi,
Marunouchi, Yurakucho, Nihonbashi, Yaesu, and Kyobashi areas due to their close
proximity to major business centers.
(ii) Features
This a mid-size office building located within a 1-minute walk from Hatchobori
Station of the JR Keiyo Line. It is situated in a commercial district with aconcentration of office buildings along Kajibashi Dori Avenue.
The standard floor area is approximately 130 tsubo with no wall pillars and theceiling is 2,590 mm high. Stable rent income can be expected owing to its high-gradebuilding specifications.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

24

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Sumitomo Mitsui Trust Bank, Limited

Period of Trust Contract

September 29, 2003 - March 26, 2023

Location

4-8-2 Hatchobori, Chuo-ku, Tokyo

Land

Building

Property Right

FreeholdSize1

513.73 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 700%

Property Right

Freehold (Sectional ownership 86.74%)

Zoning1)Office 2) Parking

Structure

1)SRC 9F 2)SRC 1F

Total Floor Area

1)4,249.82 m2 2)103.15 m2

Construction Date

August 31, 1989

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Value

2,600,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

2,680,000,000 yen

2Shuwa Corporation1st Architect OfficeArchitect
Builder2

Hazama Corporation
2

Structural Strength Calculator

Izumi Satoshi Architect & Engineers Office, Gengo Matsui

Inspection Agency2

Building Official (Chuo-ku)

PML Assessor

3.93% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

6

Monthly Rental Income

12,069 thousand yen

Deposit

98,966 thousand yen

Leasable Space

2,971.22 m2

Leased Space

2,971.22 m2

Occupancy

100%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)

3

126 million yen (5.0%)

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

25

Special Items
1. The building is in sectional ownership by two parties including the trustee; Acquired ownership is 86.74% (3,007.31 m2/3,467.18 m2). In addition, part of land is owned by another sectional owner. Property right of the land has been
established from the owner to the trustee, and a mutual right to use each other’s land. The boundary has not been
confirmed.
2. Free sectional property right of a part of the land (97.79m2) has been established for Japan Railway Construction,
Transport and Technology Agency for the purpose of railway facility installment.
3. The management contract between the sectional owners stipulates that when a sectional owner of the Building is totransfer its sectional ownership, it is to preferentially make an offer to the other sectional owner.
4. Part of a tile encroaches a west-side neighbor. A memorandum of understanding exists which agrees to rectify thesituation when these parts are reconfigured in the future.
5. Part of a concrete bock and concrete block shade encroaches the south and west-side neighbor.
1
The size of land includes superficies.
2
The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building
was built.
3
NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by
dividing NOI by Acquisition Price.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

26

Appraisal Overview
Name

Shuwa Dai 2 Sakurabashi Building

Appraisal Value

2,600,000,000 yen

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeNote
Valuation determined via integrating a direct capitalization

2,600,000,000 yen

valuation and DCF valuation

2,680,000,000 yen
170,838,568 yen

Maximum Obtainable
Rental Income

181,207,966 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

10,369,398 yen

Based on mid- to long-term vacancy rate

Expenses

44,709,737 yen

Administrative andMaintenance Expenses

7,344,856 yen

Based on similar assets and past actual amounts

Utility Expenses

17,256,846 yen

Based on similar assets and past actual amounts

Repair Expenses

2,850,000 yen

Based on the average of the past 12 years of engineering
reports

PM Fee2,331,911 yen

Based on similar assets

Leasing BrokerageFees

1,380,505 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

13,163,200 yen

Based on FY2014 actual amounts

Insurance Premiums

211,580 yen

Based on the standard of similar assets and past actual
amounts

Other Expenses

170,839 yen

Consumable goods, etc.

Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

126,128,831 yen
1,878,694 yen

Based on 2.0% investment yield

7,410,000 yen

Based on engineering reports and similar assets

Net Profit

120,597,525yen

Cap Rate

4.5%

Value via DCF Method

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

2,570,000,000 yen

Discount Rate

4.6%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.7%

Based upon risk-adjusted NOI

Value via Cost Approach

2,540,000,000 yen

Land

86.0%

Building

14.0%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

27

(7) Ichigo Shinkawa Building(i) Location
The building is conveniently located with easy access to multiple train lines,
including the JR Keiyo Line, Tokyo Metro Hibiya Line, and Yurakucho Line.
Hatchobori and Shinkawa serve as complementary areas for Otemachi, Marunouchi,
Yurakucho, Nihonbashi, Yaesu, and Kyobashi areas due to their close proximity tomajor business centers.
(i) Features
The building is mid-size office building located within a 3-minute walk from
Hatchobori Station of the JR Keiyo Line. It faces 3 roads and has high visibility. A
convenience store occupies the first floor. The standard floor area of the second floor
and above is approximately 110 tsubo in an easy-to-use standard shape, and theceiling is 2,800 mmm high. In addition, windows on three sides provide enhanced
sunlight in tenant spaces.
(ii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

28

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

TrusteeMizuho Trust Bank, Limited

Period of Trust Contract

September 15, 2006 - February 28, 2023

Location

2-22-1 Shinkawa, Chuo-ku, Tokyo

Land

Building

Property Right

FreeholdSize

564.95 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 500%

Property Right

Freehold

ZoningOffice, Parking

Structure

SRC B1F/7F

Total Floor Area

3,183.79 m2

Construction Date

September 28, 1990

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Value

2,480,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

2,530,000,000 yen

Architect1

Raymond Architectural Design Office1

Builder

Mitsui Construction Co., Ltd.
1

Structural Strength Calculator

Raymond Architectural Design OfficeInspection Agency1

Building Official (Chuo Ward)

PML Assessor

3.96% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

5

Monthly Rental Income

10,538 thousand yen

Deposit

85,598 thousand yen

Leasable Space

2,312.03 m2

Leased Space

1,951.17 m2

Occupancy

84.4%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

118 million yen (5.0%）
Special Items

Free sectional property right of a part of the land (251.93 m2) has been established for Japan Railway Construction,
Transport and Technology Agency for the purpose of railway facility installment.
The garbage disposal area has not been registered. An agreement exists for the seller to register it before the transfer.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building
was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

29

Appraisal Overview
Name

Ichigo Shinkawa Building

Appraisal Value

2,480,000,000 yen

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses

Note
Valuation determined via integrating a direct capitalization

2,480,000,000 yen

valuation and DCF valuation

2,530,000,000 yen
163,969,358 yen
Based on rental income, common area service income,parking lot income, and other income

173,477,220 yen
9,507,862 yen

Based on mid- to long-term vacancy rate

45,545,983 yen

Administrative andMaintenance Expenses

10,737,067 yen

Based on similar assets and past actual amounts

Utility Expenses

13,012,105 yen

Based on similar assets and past actual amounts

Repair Expenses

3,840,000 yen

Based on the average of the past 12 years of engineering
reports

PM Fee2,982,494 yen

Based on similar assets

Leasing BrokerageFees

1,091,208 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

13,540,100 yen

Based on FY2014 actual amounts

Insurance Premiums

179,040 yen

Based on the standard of similar assets and past actual
amounts

Other Expenses

163,969 yen

Consumable goods, etc.

Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

118,423,375 yen
1,916,332 yen

Based on 2.0% investment yield

9,120,000 yen

Based on engineering reports and similar assets

Net Profit

111,219,707 yen

Cap Rate

4.4%

Value via DCF Method

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

2,460,000,000 yen

Discount Rate

4.5%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.6%

Based upon risk-adjusted NOI

Value via Cost Approach

2,420,000,000 yen

Land

85.1%

Building

14.9%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

30

(8) Ichigo Kudan Building(i) Location
The building is located in the Jimbocho area convenient to the major areas of Central
Tokyo. It has close station proximity, with a 3-minute walk to Jimbocho Station on
the Tokyo Metro Hanzomon Line, Toei Subway Mita Line, and Toei Subway
Shinjuku Line.
The area is historically an office area with a concentration of major publishers.
Senshu and Nihon Universities are close by, and the area is bustling and vibrant.
(ii) Features
The building has a road on all sides, and is on a trunk road, Sendai Dori.
The 112 tsubo standard floor plate has no pillars and is of a close-to-rectangularshape, with a ceiling that is 2,550 mm high to meet the demands of various tenants.
The first floor has a convenience store and the second floor a casual dining restaurant.
The floors above are occupied by law firms and telecommunications tenants.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

31

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Sumitomo Mitsui Trust Bank, Limited

Period of Trust Contract

October 17, 2012 - June 30, 2021

Location

2-38-1 Kanda Jimbocho, Chiyoda-ku, Tokyo

Land

Building

Property Right

FreeholdSize

733.73 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 600%, 80% / 500%

Property Right

Freehold

ZoningOffice, Parking

Structure

S/SRC B2F/8F

Total Floor Area

4,945.28 m2

Construction Date

May 25, 1989 (Extension: August 3, 1990)

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

3,200,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

3,280,000,000 yen
Tekken Corporation First-Class Registered Architects Office,Architect1

Shinkenchikugun Corporation (Extension)

1

Builder

Tekken Corporation, Fujiken Corporation (Extension)

Structural Strength Calculator1
Inspection Agency

1

Tekken Corporation First-Class Registered Architects Office, Shinkenchikugun
Corporation (Extension)
Building Official (Tokyo)

PML Assessor

6.97% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as of January 31, 2015)

Number of Tenants

8Monthly Rental Income

15,355 thousand yen

Deposit109,340 thousand yen

Leasable Space

3,090.65 m2

Leased Space

3,090.65 m2

Occupancy

100%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

155 million yen (4.9%）

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

32Special Items
1. Part of a granite encroaches a northwest and southwest road. No memorandum of understanding exists to rectify thesituation.
2. A few ventilation windows cannot be opened as they are fixed or because there are obstructions. An agreement existsthat the seller will rectify the situation at the seller’s expense.
3. According to the building engineering report, the ventilation on the eighth floor may be inadequate. An agreement existsthat the seller will rectify the situation at the seller’s expense.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building
was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

33

Appraisal Overview
Name

Ichigo Kudan Building

Appraisal Value

3,200,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeNote
Valuation determined via integrating a direct capitalization

3,190,000,000 yen

valuation and DCF valuation

3,280,000,000 yen
215,103,492 yen

Maximum Obtainable
Rental Income

225,234,912 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

10,131,420 yen

Based on mid- to long-term vacancy rate

Expenses

59,150,187 yen

Administrative andMaintenance Expenses

10,097,028 yen

Based on similar assets and past actual amounts

Utility Expenses

19,633,110 yen

Based on similar assets and past actual amounts

Repair Expenses

2,632,917 yen

Based on the average of the past 12 years of engineering
reports

PM Fee4,949,473 yen

Based on similar assets

Leasing BrokerageFees

1,471,859 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

19,471,400 yen

Based on FY2014 actual amounts

Insurance Premiums

249,090 yen

Based on the standard of similar assets and past actual
amounts

Other Expenses

645,310 yen

Consumable goods, etc.

Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

155,953,305 yen
2,344,836 yen

Based on 2.0% investment yield

10,496,167 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

147,801,974 yen

Cap Rate

4.5%

Value via DCF Method

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

3,160,000,000 yen

Discount Rate

4.3%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.7%

Based upon risk-adjusted NOI

Value via Cost Approach

2,730,000,000 yen

Land

83.7%

Building

16.3%
Notes

None
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

34

(9) Ichigo Higashi Gotanda Building(i) Location
Gotanda Station is accessible by a number of railway lines, including the JR
Yamanote Line, the Toei Subway Asakusa Line, and the Tokyu Ikegami Line. Accessto both major metropolitan areas and the Tokyo suburbs is convenient.
The area features large-scale office buildings, and steady demand from manyindustries can be expected, such as mid- to large-scale manufacturers, IT, andbusinesses requiring sales offices in the Tokyo Jonan area.
(ii) Features
The building is a 4-minute walk from Gotanda Station on the JR Yamanote Line in adeveloped commercial district with retail and office buildings.
Each floor is sub-dividable with a standard floor plate of 180 tsubo and a ceiling
2,500 mm high. The competitiveness of the building is relatively high compared toother buildings in the area due to its size and high specifications.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

35

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

TrusteeMizuho Trust & Banking Co., Ltd.

Period of Trust Contract

June 27, 2014 - June 30, 2024

Location

1-6-3 Higashi Gotanda, Shinagawa-ku, Tokyo

Land

Building

Property Right

FreeholdSize

1,016.16 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 700%

Property Right

Freehold (Sectional ownership of property 100%)

ZoningOffice, Retail, Warehouse, Parking

Structure

SRC/RC B2F/9F

Total Floor Area

7,072.68 m2

Construction Date

February 20, 1990

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

3,680,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

3,780,000,000 yen

Architect1

Nishimatsu Construction Co., Ltd. First-Class Registered Architects Office1

Builder

Nishimatsu Construction Co., Ltd. Tokyo Office1

Structural Strength Calculator

Nishimatsu Construction Co., Ltd. First-Class Registered Architects OfficeInspection Agency1

Building Official (Tokyo)

PML Assessor

6.59% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview (as of January 31, 2015)

Number of Tenants

15

Monthly Rental Income

17,203 thousand yen

Deposit

162,054 thousand yen

Leasable Space

4,548.10 m2

Leased Space

4,464.89 m2

Occupancy

98.2%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield) 2

182 million yen (5.0%）
Special Items

1. Part of a door to prevent trespass into the property encroaches the west-side neighbor. No memorandum of
understanding exists to rectify the situation.
2. Submission of the notification regarding the installment of a particular facility based on the Noise Regulation Act isrequired but has not been completed. An agreement exists that the seller will complete it at its own expense.
3. An agreement with the Shinagawa Ward stipulates that part of the property (110.89 m2) must be open for common use
as a walkway.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

36

1

The names of the architect, builder, structural strength calculator, and inspection agency are those of when the building
was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price. Amount less than a million is rounded off.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

37

Appraisal Overview
Name

Ichigo Higashi Gotanda Building

Appraisal Value

3,680,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeNote
Valuation determined via integrating a direct capitalization

3,680,000,000 yen

valuation and DCF valuation

3,780,000,000 yen
254,202,475 yen

Maximum Obtainable
Rental Income

269,146,340 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

14,943,865 yen

Based on mid- to long-term vacancy rate

Expenses

71,560,222 yen

Administrative andMaintenance Expenses

11,087,300 yen

Based on similar assets and past actual amounts

Utility Expenses

26,438,970 yen

Based on similar assets and past actual amounts

Repair Expenses

1,567,083 yen

Based on the average of the past 12 years of engineering
reports

PM Fee5,748,671 yen

Based on similar assets

Leasing BrokerageFees1,389,257 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

22,435,386 yen

Based on FY2014 actual amounts

Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

2,542,025 yen

Consumable goods, etc.

182,642,253 yen
3,230,537 yen

Based on 2.0% investment yield

11,833,167 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

174,039,623 yen

Cap Rate

4.6%

Value via DCF Method

Based on the standard of similar assets and past actual
amounts

351,530 yen

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

3,640,000,000 yen

Discount Rate

4.4%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.8%

Based upon risk-adjusted NOI

Value via Cost Approach

3,240,000,000 yen

Land

81.7%

Building

18.3%
Notes

None
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

38(10) Axior Mita(i) Location
The building is located in the Shiba/Mita area in Central Tokyo and is easy to access.
Tamachi Station on the JR Yamanote Line and JR Keihin Tohoku Line and Mita
Station on the Toei Asakusa Line and Toei Mita Line are the closest stations.
(ii) Features
The building is a 4-minute walk from Mita Station on the Toei Asakusa Line and a
6-minute walk from Tamachi Station on the JR Line. Each floor has a standard floor
plate of 70 tsubo and the ceiling is 2,600 mm high. Since other buildings in the area
are relatively old, the building is very competitively positioned.
Tenants of various industries currently occupy the building such as manufacturing
companies, IT firms, accounting firms, and game developers.

(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

39

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

TrusteeResona Bank, Limited.

Period of Trust Contract

September 30, 2013 - September 30, 2023

Location

3-1-17 Mita, Minato-ku, Tokyo

Land

Building

Property Right

Freehold (sectional ownership of property 80.47%)

Size

599.92 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 600%, 80%/500%

Property Right

Freehold (sectional ownership 80.26%)

ZoningOfficeStructure

RC 14F

Total Floor Area

3,459.46 m2

Construction Date

October 12, 2011

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Value

1,840,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

1,880,000,000 yen

Architect1

Anesis Co.,Ltd.

1

Builder

Mabuchi Co.,Ltd.
1

Structural Strength Calculator

Step Structural Design Ltd.

Inspection Agency1

Houseplus Architectural Inspection, Inc.

PML Assessor

1.82% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

10

Monthly Rental Income

7,757 thousand yen

Deposit

68,081 thousand yen

Leasable Space

2,369.82 m2

Leased Space

1,896.24 m2

Occupancy

80.0%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

82 million yen (4.6%）
Special Items

The building is in sectional ownership by 4 parties including the trustee; Acquired ownership is 80.26% (2,367.90 m2/2,950.14 m2).The sectional ownership of property is also 80.26%
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

40

Appraisal Overview
NameAxior Mita Building

Appraisal Value

1,840,000,000 yen

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Date

March 1, 2015
AmountAppraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses
Administrative andMaintenance Expenses

Note
Valuation determined via integrating a direct capitalization

1,840,000,000 yen

valuation and DCF valuation

1,880,000,000 yen
116,898,012 yen
Based on rental income, common area service income,parking lot income, and other income

123,050,538 yen
6,152,526 yen

Based on mid- to long-term vacancy rate

34,727,118 yen
85,314 yen

Based on similar assets and past actual amounts

Utility Expenses

6,114,136 yen

Based on similar assets and past actual amounts

Repair Expenses

750,000 yen

Based on engineering reports and similar assets

PM FeeLeasing Brokerage
Fees
Taxes
Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

1,679,311 yen

Based on the standard turnover rate with competition, pastactual amounts, and similar assets into account915,067 yen
12,307,500 yen

Based on FY2014 actual amounts
Based on the standard of similar assets and past actual
amounts

170,070 yen
12,705,720 yen

Consumable goods, etc.

82,170,894 yen
1,504,653 yen

Based on 2.0% investment yield

1,125,000 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

82,550,547 yen

Cap Rate

4.4%

Value via DCF Method

Based on contract rate and similar assets

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

1,820,000,000 yen

Discount Rate

4.5%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.6%

Based upon risk-adjusted NOI

Value via Cost Approach

1,850,000,000 yen

Land

71.4%

Building

28.6%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

41

(11) Ichigo Higashi Ikebukuro Building(i) Location
Ikebukuro is one of Tokyo’s most convenient main stations, serving both central
Tokyo and the suburbs, and is an area with high tenant demand for offices and retail.
The area will be more convenient once the planned relocation of the ward officeacross the street is completed, which allows for a major redevelopment of the area.
(ii) Features
This mid-size office building faces Meiji Dori and is a 6-minute walk from
Ikebukuro Station, one of Tokyo’s most convenient main stations. The standard floorarea is 160 tsubo and the ceiling is 2,550 mm high (of which 50mm is OA sub-floor).
The space is rectangular-shaped and is sub-dividable.
Currently, a sporting goods store occupies the first floor and the other floors areoccupied by various tenants such as those from the IT industry.
(iii) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

42

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Sumitomo Mitsui Trust Bank

Period of Trust Contract

March 20, 2002 - September 29, 2016

Location

1-34-5 Higashi Ikebukuro, Toshima-ku, Tokyo

Land

Building

Property Right

FreeholdSize

772.77 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 800%, 80% / 700%

Property Right

Freehold

ZoningOfficeStructure

SRC B1F/9F

Total Floor Area

6,468.08 m2

Construction Date

October 14, 1980

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Value

4,710,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

4,850,000,000 yen

Architect1

MHS Planners, Architects& Engineers

1

Builder

Nishimatsu Construction Co., Ltd.
1

Structural Strength Calculator

MHS Planners, Architects& Engineers

Inspection Agency1

Building Official (Tokyo)

PML Assessor

5.89% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

13

Monthly Rental Income

20,467 thousand yen

Deposit200,703 thousand yen

Leasable Space

4,553.90 m2

Leased Space

4,210.76 m2

Occupancy

92.5%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)2

226 million yen (5.0%)
Special Items

1. A bearing block over the sewage encroaches the northeast neighbor. A memorandum of understanding exists which
agrees to rectify the situation when it is reconfigured in the future.
2. A part of the TV antenna cable encroaches the northeast neighbor. A memorandum of understanding exists which agrees
to remove the antenna cable if it is required to based on the discussion between the two parties.
3. A part of the gate encroaches the northeast neighbor. A memorandum of understanding exists which agrees to remove
the gate if it is required to based on the discussion between the two parties. The gate will be removed and recovered at
the expense of the party requiring the removal.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

43

1

The names of the architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

44

Appraisal Overview
Name

Ichigo Higashi Ikebukuro Building

Appraisal Value

4,710,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

March 1, 2015

Appraisal Value
Value by Direct Capitalization
MethodIncomeAmountNote

4,710,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

4,850,000,000 yen
300,755,000 yen

Maximum Obtainable
Rental Income

315,909,120 yen

Based on mid- to long- term rental income, common area
service income, parking lot income, and other income

Vacancy Loss

15,154,120 yen

Based on mid- to long-term vacancy rate

Expenses

74,242,326 yen

Administrative andMaintenance Expenses

11,299,600 yen

Based on similar assets and past actual amounts

Utility Expenses

28,249,104 yen

Based on similar assets and past actual amounts

Repair Expenses

2,886,167 yen

Based on the average of the past 12 years of engineering
reports

PM Fee7,024,516 yen

Based on similar assets

Leasing Brokerage
Fees1,923,265 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

19,553,984 yen

Based on FY2014 actual amounts

Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

298,140 yen
3,007,550 yen

Consumable goods, etc.

226,512,674 yen
4,554,940 yen

Based on 2.0% investment yield

7,935,333 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

223,132,281 yen

Cap Rate

4.6%

Value via DCF Method

Based on the estimate and standard of similar assets

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

4,650,000,000 yen

Discount Rate

4.4%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.8%

Based upon risk-adjusted NOI

Value via Cost Approach

3,780,000,000 yen

Land

93.0%

Building

7.0%
Notes

None
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

45

(12) Koriyama Big-i(iv) Location
Koriyama City is the second largest city in the Tohoku Region after Sendai City interms of population and economic scale. It is 80 minutes from Tokyo on the JR
Tohoku Shinkansen, and it is also convenient by car as the Tohoku Expressway andthe Ban-etsu Expressway cross in Koriyama. It is increasingly becoming a transport
center for Eastern Japan.
The building is connected to Koriyama Station with a pedestrian deck, and the area isa highly concentrated and busy commercial district with retail and offices, as
Koriyama is the center of the second largest economic zone of the Tohoku region.
(v) Features
The building is a retail/office building built as part of the Koriyama Station
redevelopment plan. Ichigo REIT has ownership of the office section that occupies
the fifteenth to the nineteenth floors.
There is steady tenant demand from businesses in need of a regional center. The
building has strong competitiveness as a landmark in the Koriyama area.
(vi) Property Photos and Location

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

46

Asset Overview
Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Period of Trust Contract

March 28, 2014 - March 31, 2024

Location

2-11-1 Ekimae, Koriyama City, Fukushima

Land

Building

Property Right

Freehold (sectional ownership of land 10.61%)

Size5,207.37 m2

ZoningCommercial

Coverage Ratio / Floor
Area Ratio

80% / 800%

Property Right

Freehold (sectional ownership 10.87%)

ZoningOffice, Retail, Warehouse, Parking

Structure

S B1F/27F

Total Floor Area

51,698.58 m2

Construction Date

March 12, 2001

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Value

1,710,000,000 yen

Appraisal Date

March 1, 2015

Value by Direct Capitalization Method

1,740,000,000 yen

Architect1

Research Institute of Architecture Tokyo Office1

Builder

Joint Venture of Taisei Corporation and Maeda Construction
1

Structural Strength Calculator

Research Institute of Architecture Tokyo OfficeInspection Agency1

Building Official (Koriyama City)

PML Assessor

1.8% (Sompo Japan Nipponkoa Risk Management Inc.)

CollateralCollateralized
Rent Overview ( as of January 31, 2015)

Number of Tenants

13

Monthly Rental Income

14,987 thousand yen

Deposit131,960 thousand yen

Leasable Space

3,433.05 m2

Leased Space

3,310.08 m2

Occupancy

96.4%

Property Management Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)

2

109 million yen (6.6%)
Special Items

1. The boundary of the property from the neighbor has not been confirmed, but proceedings will be carried out.
2. The building is in sectional ownership by 18 parties including the trustee. Acquired ownership is 10.66% (4,365 m2/40,959.00 m2) and sectional ownership of land is 10.61%.
1
The names of the architect, builder, structural strength calculator, and inspection agency are those of when
the building was built.
2
NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.
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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

47

Appraisal Overview
Name

Koriyama Big-i (Office Section)

Appraisal Value

1,710,000,000 yen

Appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Appraisal Date

March 1, 2015

Appraisal Value
Value by Direct Capitalization
MethodIncomeAmountNote

1,710,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

1,740,000,000 yen
199,627,866 yen

Maximum Obtainable
Rental Income

210,120,701 yen

Based on rental income, common area service income,parking lot income, and other income

Vacancy Loss

10,492,835 yen

Based on mid- to long-term vacancy rate

Expenses

89,776,733 yen

Administrative andMaintenance Expenses

5,355,589 yen

Based on similar assets and past actual amounts

Utility Expenses

17,591,051 yen

Based on similar assets and past actual amounts

Repair Expenses

7,425,000 yen

Based on the average of the past 12 years of engineering
reports

PM Fee5,209,134 yen

Based on similar assets

Leasing BrokerageFees1,295,990 yen

Based on the expected turnover rate and tenant acquisition
costs for similar assets

Taxes

13,368,600 yen

Based on FY2014 actual amounts

Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investmentof Deposits Received
Capital Expenditure

38,626,863 yen
109,851,133 yen
2,841,346 yen

Based on 2.0% investment yield

16,875,000 yen

Based on the average of the past 12 years of engineering
reports

Net Profit

95,817,479 yen

Cap Rate

5.5%

Value via DCF Method

Based on the standard of similar assets and past actual
amounts
Based on 2015 budget for common area service fee of Big-i
management association

904,506 yen

Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

1,690,000,000 yen

Discount Rate

5.6%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into account

Terminal Cap Rate

5.7%

Based upon risk-adjusted NOI

Value via Cost Approach

1,700,000,000 yen

Land

29.4%

Building

70.6%
Notes

None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

48

2. Asset Seller Profiles(1) Ichigo Jingumae Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic GK
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.
(2) Ichigo Shibuya Dogenzaka Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMKThe Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.
(3) Ichigo Hiroo Building
Name

Domestic TMK

Relationship with the Ichigo
REIT or Asset Manager

The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.
(4) Ichigo Sasazuka Building
Name

Domestic TMK

Relationship with the Ichigo
REIT or Asset Manager

The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trustand Investment Corporation Law(Note) The seller has not consented to disclosure.
(5) Ichigo Nihonbashi East Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMKThe Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

49

(6) Shuwa Dai 2 Sakurabashi Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMKThe Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.
(7) Ichigo Shinkawa Building
Name

Domestic TMK

Relationship with the Ichigo
REIT or Asset Manager

The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trustand Investment Corporation Law(Note) The seller has not consented to disclosure.
(8) Ichigo Kudan Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMKThe Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.
(9) Ichigo Higashi Gotanda Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic TMKThe Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

50

(10) Axior Mita
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of PreviousYear
1

Mita Holdings GK1
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
August 8, 2013
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law
The seller did not consent to disclosure
The seller did not consent to disclosure

Mita Holdings GK (“Mita”) is not a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law. Nonetheless, theacquisition process has followed the internal rules of IRE for the following reasons:First, Ichigo Group Holdings Co. Ltd., the 100 % shareholder of Ichigo Real Estate
Investment Advisors Co., Ltd. (Ichigo REIT’s asset manager), is a related party
according to the internal rules of Ichigo REIT since it holds more than half of the equity
in Mita. Second, Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, is providing asset
management advisory services. Further, Ichigo REIT has obtained a second opinion
regarding the property’s appraisal and confirmed its propriety.

(11) Ichigo Higashi Ikebukuro Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic Limited Company
The Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note) The seller has not consented to disclosure.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

51

(12) Koriyama Big-i
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
Year

Koriyama Holdings GK1
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin Star Holding
Manager: Daisuke Ogiwara
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 4, 2014
Ippan Shadan Hojin Star Holding
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law security
The seller did not consent to disclosure
The seller did not consent to disclosure

1 Koriyama Holdings GK (“Koriyama”) is not a related party as defined in the

Enforcement Ordinance of the Investment Trust and Investment Corporation Law.
Nonetheless, the acquisition process has followed the internal rules of IRE for thefollowing reasons. First, Ichigo Group Holdings Co. Ltd., the 100 % shareholder of
Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo REIT’s asset manager), is arelated party according to the internal rules of Ichigo REIT since it holds more than halfof the equity in Koriyama. Second, Ichigo Estate Co., Ltd., a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has obtained asecond opinion regarding the property’s appraisal and confirmed its propriety.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

52

3. Ownership History(1) Axior Mita
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Mita Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

Omitted as the holding period
exceeds 1 year
September 30, 2013――

(2) Koriyama Building (Office Section)
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Koriyama Holdings GK
Related Party as defined in theinternal rules of IRE
Investment

Previous Owner
Unrelated party――

Omitted as the holding period
exceeds 1 year
March 18, 2014――

5. Broker Profile(1) Ichigo Higashi Ikebukuro Building
Name

Mitsubishi UFJ Trust and Banking Corporation

Address

1-4-5 Marunouchi, Chiyoda-ku, Tokyo

Representative

Tatsuo Wakabayashi, President
Trust assets business, retail banking, real estate
brokerage, Stock transfer agency, registeredfinancial institutional services
324,279 million yen (As of March 1, 2015)

Principal Business
CapitalEstablished Date

Relationship with Ichigo REIT or
IRE

Brokerage Fee

March 10, 1927
The broker does not have any capital, personnel, or
business relationship of note with Ichigo
REIT/IRE. In addition, the seller is not aninterested party as defined in the Enforcement
Ordinance of the Investment Trust and Investment
Corporation Law or the internal regulations of theAsset Management Company.
The broker did not give consent to disclosure of thefee.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

53

C. Asset Sale
1. Asset Overview(1) Z-01 Falcon Shinsaibashi Building
Asset Name

Z-01

Legal Form of Asset

Trust beneficiary interest in real estate (juekiken)

Location

1-15-15 Higashi Shinsaibashi, Chuo-ku, Osaka City, Osaka

Use

Hotel, Retail

Size

Land
Building

Structure

RC/S B1F/11F

Construction Date

September 6, 2002

Property Right

Freehold

Expected Book Value

3,109,416,516 yen (As of April 30, 2015)

Sale Price
Difference between Sale Price andBook Value
Appraisal Value

2,810,000,000 yen

Appraiser
Appraisal Date
Tenant Details
Number of Tenants

Daiwa Real Estate Appraisal Co., Ltd.
May 8, 2015 (Expected)

1

1,276.87m2
6,169.33m2-299,416,516 yen
2,810,000,000 yen (As of October 31, 2014)

1 (as of March 31, 2015）

Monthly Rent1

14,292 thousand yen (As of March 31, 2015)

Tenant Security Deposits1

169,050 thousand yen (As of March 31, 2015)

Leasable Space

5,760.79m2 (As of March 31, 2015)

Leased Space

5,028.45m2 (As of March 31, 2015)

Occupancy

Note

Falcon Shinsaibashi Building

April
2013

October
2013

April
2014

October2014

As ofMarch 31,
2015

100%

100%

100%

87.3%

87.3%

None

The monthly rent and tenant security deposits are rounded off to the nearest thousand yen.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

54

2. Buyer Profile
Name
Address

CapitalEstablishment Date
Net Assets

Shinsaibashi Jisho GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin IES2Manager: Kwang Yeol Kim
1. The acquisition, holding, and sale of trust beneficiaryinterest (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 26, 2010
The seller did not consent to disclosure

Total Assets

The seller did not consent to disclosure

Equity Holder

Ippan Shadan Hojin IES2The Seller does not have any capital, personnel, or
business relationship and is not a related party as
defined in the Enforcement Ordinance of theInvestment Trust and Investment Corporation Law
security

Representative

Principal Businesses

Relationship with the Ichigo
REIT or Asset Manager1

1 Shinsaibashi Jisho GK (“Shinsaibashi”) is not a related party as defined in the

Enforcement Ordinance of the Investment Trust and Investment Corporation Law.
Nonetheless, the acquisition process has followed the internal rules of IRE for thefollowing reasons. First, Ichigo Group Holdings Co. Ltd., the 100 % shareholder of
Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo REIT’s asset manager), is arelated party according to the internal rules of Ichigo REIT since it holds more than halfof the equity in Koriyama. Second, Ichigo Estate Co., Ltd., a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has obtained asecond opinion regarding the property’s appraisal and confirmed its propriety.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

55

3. Broker Profiles
N/A
4. Settlement Method
Lump sum payment at time of sale
5. Transfer Schedule
Decision Date

April 9, 2015

Contract Date

April 9, 2015

Settlement Date

May 8, 2015 (Expected)

Transfer Date

May 8, 2015 (Expected)

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

56

Appraisal Overview
Name

Falcon Shinsaibashi Building

Appraisal Value

2,810,000,000 yen

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

October 31, 2014

Appraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses

AmountNote

2,810,000,000 yen

Valuation determined via integrating a direct capitalization
valuation and DCF valuation

2,820,000,000 yen
243,092,529 yen
247,372,144 yen

Based on the stabilized forecast

4,279,615 yen

Based on stabilized vacancy

87,526,633 yen

Administrative andMaintenance Expenses

12,924,000 yen

Based on similar assets and past actual amounts

Utility Expenses

42,869,000 yen

Based on similar assets and past actual amounts

Repair Expenses

5,088,000 yen

Based on the average of repair renewal expense in the past 12
years of engineering reports

PM Fee3,118,882 yen

Based on similar assets

Leasing Brokerage
Fees
Taxes
Insurance Premiums

19,446,000 yen

Based on FY2014 actual amounts

276,967 yen

Other Expenses

3,016,000 yen

Net Operating Income(NOI)

155,565,896 yen

Income on Investmentof Deposits Received

2,854,367 yen

Capital Expenditure

11,871,000 yen

Net Profit

146,549,263 yen

Cap Rate

5.2%

Value via DCF Method

Based on 1.25 months’ worth of rental income as tenantacquisition costs

787,784 yen

Based on cost estimate
Based on past actual amounts

Based on 2.0% investment yield derived from past actual
yield taking both the investment and financing perspective
into accountBased on the average of repair renewal expense in the past 12
years of engineering reports
Based on transactions of similar assets and comprehensive
assessment of the asset’s location, its individual
characteristics, property right, etc.

2,810,000,000 yen

Discount Rate

5.0%

Terminal Cap Rate

5.4%

Value via Cost Approach

2,260,000,000 yen

Land

65.4%

Building

34.6%

Based on transactions of similar assets and the yields offinancial assets with the asset’s individual characteristics
taken into accountBased on the asset’s marketability at the timing of the end of
the cap rate analysis period

Notes
None

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

57

D. Future Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revisions for the April 2015
and October 2015 Fiscal Periods.”

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

58Reference: Today’s Acquisitions and Sale Portfolio Outcome

Significant Growth in Central Tokyo Office Portfolio-JPY3B (1 hotel)+JPY44B(12 office)Portfolio Size
JPY 123B

Central Tokyo Assets+ JPY 42.4B(65 assets)(26% of Post-Transaction Portfolio)

March 31, 2015

May 8, 2015

May 7, 2015

Portfolio Size
JPY164B(76 assets)

Post-Transaction

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

59Reference 2: Post-Acquisition PortfolioNo.

1

Property

Area

Acquisition
Price2% of(mm yen) Portfolio3

O-02 Ichigo Nishisando Building

Central Tokyo

3,254

2.0%

O-03 Ichigo Mita Building

Central Tokyo

2,740

1.7%

O-04 Ichigo Nanpeidai Building

Central Tokyo

1,920

1.2%

O-05 Ichigo Hanzomon Building

Central Tokyo

1,550

0.9%

O-06 Ichigo Hijirizaka Building

Central Tokyo

1,200

0.7%

O-07 Ichigo Shibuya Kamiyamacho Building

Central Tokyo

1,505

0.9%

O-08 Ichigo Akasaka 5 Chome Building

Central Tokyo

735

0.4%

O-09 Ichigo Shibakoen Building

Central Tokyo

1,100

0.7%

O-10 Ichigo Ebisu-Nishi Building

Central Tokyo

1,917

1.2%

O-11 Ichigo Ginza 612 Building

Central Tokyo

1,773

1.1%

O-12 Ichigo Uchikanda Building

Central Tokyo

1,140

0.7%

O-14 Ichigo Yotsuya 4 Chome Building

Central Tokyo

550

0.3%

O-15 Ichigo Tameike Building

Central Tokyo

580

0.4%

O-16 Ichigo Jimbocho Building

Central Tokyo

1,820

1.1%

O-17 Ichigo Hakozaki Building

Central Tokyo

1,150

0.7%

O-18 Ichigo Kudan 2 Chome Building

Central Tokyo

763

0.5%

O-19 Ichigo Kudan 3 Chome Building

Central Tokyo

844

0.5%

O-20 Ichigo Gotanda Building

Central Tokyo

5,060

3.1%

O-21 Ichigo Shin-Yokohama Building

Tokyo Metropolitan Area

1,816

1.1%

O-22 Ichigo Minami-Ikebukuro Building

Tokyo Metropolitan Area

1,460

0.9%

O-23 Ichigo Nakano North Building

Tokyo Metropolitan Area

764

0.5%

O-24 Ichigo Eitai Building

Tokyo Metropolitan Area

1,490

0.9%

O-25 Ichigo Yokosuka Building

Tokyo Metropolitan Area

971

0.6%

O-26 Ichigo Ikejiri Building

Tokyo Metropolitan Area

2,030

1.2%

O-27 Route Ikebukuro Building

Tokyo Metropolitan Area

639

0.4%

O-28 Ichigo Nishi-Gotanda Building
O-29 Ichigo Kichijoji Building

Central Tokyo
Tokyo Metropolitan Area

765
2,160

0.5%
1.3%

O-33 Ichigo Meieki Building

Four Major Regional Cities

837

0.5%

O-34 Ichigo Sakae Building

Four Major Regional Cities

4,705

2.9%

O-37 Ichigo Marunouchi Building

Four Major Regional Cities

6,710

4.1%

O-38 Ichigo Toyamaeki-Nishi Building

Other Regional Cities

1,650

1.0%

O-39 Ichigo Mirai-Shinkin Building

Other Regional Cities

1,158

0.7%

O-40 Ichigo Saga Building

Other Regional Cities

659

0.4%

O-42 Ichigo Takamatsu Building

Other Regional Cities

3,010

1.8%

O-44 Akita Sanno 21 Building

Other Regional Cities

560

0.3%

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

60

No.

Area1

Property

Acquisition
Price2% of(mm yen) Portfolio3

O-46 Ichigo Kanda-Nishikicho Building

Central Tokyo

2,130

1.3%

O-47 Ichigo Akiharaba North Building
O-48 Ichigo Sakaisuji Honmachi Building
O-49 Ichigo Kanda Ogawamachi Building

Central Tokyo
Four Major Regional Cities
Central Tokyo

5,500
1,940
2,210

3.4%
1.2%
1.3%

O-50 Ichigo Hatchobori Building

Central Tokyo

1,905

1.2%

O-51 Ebisu Green GlassCentral Tokyo

5,900

3.6%

O-52 Ichigo Omori Building

Central Tokyo

3,850

2.3%

O-53 Ichigo Takadanobaba Building

Central Tokyo

1,580

1.0%

O-54 Ichigo Omiya Building

Tokyo Metropolitan Area

3,430

2.1%

O-55 Ichigo Sagamihara Building

Tokyo Metropolitan Area

1,174

0.7%

O-56 Ichigo Ofuna Building

Tokyo Metropolitan Area

2,000

1.2%

O-57 Ichigo Sendai East Building

Other Regional Cities

1,840

1.1%

O-58 Ichigo Kumamoto Building

Other Regional Cities

1,450

0.9%

O-59 Ichigo Jingumae Building

Central Tokyo

7,200

4.4%

O-60 Ichigo Shibuya Dogenzaka Building

Central Tokyo

3,650

2.2%

O-61 Ichigo Hiroo Building

Central Tokyo

3,960

2.4%

O-62 Ichigo Saswazuka Building

Central Tokyo

4,780

2.9%

O-63 Ichigo Higashi Nihonbashi Building

Central Tokyo

4,700

2.9%

O-64 Shuwa Dai 2 Building

Central Tokyo

2,500

1.5%

O-65 Ichigo Shinkawa Building

Central Tokyo

2,360

1.4%

O-66 Ichigo Kudan Building

Central Tokyo

3,190

1.9%

O-67 Ichigo Higashi Gotanda Building

Central Tokyo

3,660

2.2%

O-68 Axior Mita

Central Tokyo

1,800

1.1%

O-69 Ichigo Higashi Ikebukuro Building

Central Tokyo

4,570

2.8%

O-70 Koriyama Big-i (Office Section)

Other Regional Cities

1,660

1.0%

Z-02 Fiesta Shibuya

Subtotal - Office (60 Properties)
Central Tokyo

139,924
1,970

85.4%
1.2%

Z-03 Burg Omori

Tokyo Metropolitan Area

3,218

2.0%

Z-04 Pagoda Asakusa

Tokyo Metropolitan Area

1,640

1.0%

Z-05 Regalo Building

Tokyo Metropolitan Area

1,310

0.8%

Z-06 Ichigo Yokohama-Nishiguchi Building

Tokyo Metropolitan Area

903

0.6%

Z-07 El Centro Sapporo

Four Major Regional Cities

558

0.3%

Z-08 Daimyo Balcony

Four Major Regional Cities

638

0.4%

Z-09 Konami Sports Club Izumi Fuchu
Ichigo Shibuya Bunkamura-Dori
Z-10
Building
Twicere Yokohama Isogo (Retail
Z-11
Section)

Other Regional Cities

1,210

0.7%

Central Tokyo

2,400

1.5%

Tokyo Metropolitan Area

1,620

1.0%

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

61

No.

Area1

Property

Acquisition
Price2% of(mm yen) Portfolio3Z-12 Lions Square Kawaguchi
Ichigo Shin-Yokohama Arena-Dori
Z-13
Building
Z-14 Ichigo Kamata Building

Tokyo Metropolitan Area

2,430

1.5%

Tokyo Metropolitan Area

1,700

1.0%

Tokyo Metropolitan Area

1,400

0.9%

R-04 Bureau Takanawadai

Central Tokyo

1,360

0.8%

R-06 B-Site Hamamatsucho

Central Tokyo

701

0.4%

R-09 Ichigo Serviced Apartments Ginza

Central Tokyo

946

0.6%

24,004
163,92814.6%
100.0%

Subtotal - Others (16 Properties)
Total (76 Properties)
1“Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards.
“Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above), Kanagawa, Chiba,
and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka, Nagoya, Fukuoka, andSapporo.

2

Acquisition Price is either the actual acquisition price (excluding consumption tax) or theacquisition price (excluding consumption tax) as described in the sales and purchase agreementof the trust beneficiary interest, with the exception of 43 assets (O-02 to O-44 and Z-02 toZ-08) which are listed with their appraised value as of October 31, 2011 reflecting acquisition
via the REIT merger.

3% of Portfolio is the Acquisition Price as a percentage of the Total Acquisition Price androunded to the nearest second decimal place.

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 acquisitions and sale of trust beneficiary interest in realestate by Ichigo 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.

62