Ichigo Preserves and Improves Real Estate

August 8, 2016
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/english
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

Offering Price for New Share Issuance
Ichigo Hotel REIT has determined the offering price for the new share issuance andunderwriter over-allotment secondary share offering (“Greenshoe”) resolved at its board
meeting on July 22, 2016.
1. Issuance of New Shares through Public Offering(1) Issue price (offer price)(2) Total issue price (total offer price)(3) Paid-in amount (issue amount)(4) Total paid-in amount (total issue amount)(5) Subscription period(6) Payment date(7) Delivery date

154,537 yen per share
17,895,384,600 yen
149,068 yen per share
17,262,074,400 yen
August 9, 2016 to August 10, 2016
August 16, 2016
August 17, 2016

The shares will be underwritten in full by the underwriters at the paid-in amount (issueamount) and offered as a public offering at the issue price (offer price).
2. Over-Allotment Secondary Share Offering by Underwriter (“Greenshoe”)(1) Number of shares to be offered(2) Offer price(3) Total offer price(4) Subscription period(5) Delivery date

5,800 shares
154,537 yen per share
896,314,600 yen
August 9, 2016 to August 10, 2016
August 17, 2016

Disclaimer: This translation is for informational purposes 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 offering price for new share issuance by Ichigo HotelREIT, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

13. New Share Allotment to Underwriter to Replace Shares Offered in Over-Allotment
Secondary Share Offering (“Greenshoe”)(1) Paid-in proceeds(2) Total paid-in proceeds(3) Subscription date
(4) Payment date

149,068 yen per share
864,594,400 yen (maximum)
September 12, 2016
September 13, 2016

If there are any shares which are not subscribed by the subscription deadline describedin (3), the issuance of such shares will be cancelled.
Reference Information
1. Offering Price Calculation
(1)
(2)
(3)

Calculation dateCalculation date closing share price
Discount

August 8, 2016
158,500 yen
2.5%

2. Syndicate Cover Transaction Period
August 11, 2016 to September 8, 2016
3. Use of Proceeds
Ichigo Hotel REIT plans to use the net proceeds from the public offering (17,262,074,400yen) to acquire the assets specified in the July 22, 2016 release “Acquisition of Ten HotelAssets.” The proceeds from the underwriter new share allotment (maximum 864,594,400yen) will be used for loan repayments and future asset acquisitions. Any remaining funds
will be kept as cash-on-hand in the form of bank deposits.

Disclaimer: This translation is for informational purposes 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 offering price for new share issuance by Ichigo HotelREIT, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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