Ichigo Preserves and Improves Real Estate

July 22, 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 & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: +81-3-3502-4892

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

1. Issuance of New Shares through Public Offering(1) Number of shares to be offered:

115,800 shares(2) Paid-in amount (issue amount):

The amount will be determined at a Board of
Directors meeting held between August 8,
2016 and August 12, 2016 (the “Pricing
Date”).

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

To be determined(4) Offering method:

The shares will be offered as a public
offering and underwritten by SMBC Nikko
Securities Inc. and Mizuho Securities Co.,
Ltd. (“Joint Lead Managers”) together with
Nomura Securities Co., Ltd. and SBI
Securities Co., Ltd (“Underwriters”
collectively with Joint Lead Managers). The
issue price of the public offering will becalculated by multiplying the closing priceof Ichigo Hotel REIT’s shares on the Tokyo
Stock Exchange (“TSE”) on the Pricing
Date (or the closing price on the day
preceding the Pricing Date in the event there
is no closing price) by a factor of 0.90~1.00(rounded off to the nearest one yen), andwill be determined in consideration ofdemand and other factors.

(5) Underwriting agreement:

The Underwriters will pay Ichigo Hotel
REIT the total paid-in amount on the“Payment date” below. The difference
between the issue price total and the paid-in

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance

1

total shall be the Underwriters’ proceeds.
Ichigo Hotel REIT will pay no commission
to the Underwriters.
(6) Subscription period:

August 9, 2016 and August 10, 2016.
Subject to demand and other factors, thesubscription period may be postponed inwhich case the latest subscription period will
be August 15, 2016 to August 16, 2016.

(7) Subscription units:

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

A date between August 16, 2016 and August19, 2016, which shall be five business days
after the Pricing Date.

(9) Delivery date:

The business day following the Payment Date.

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

SMBC Nikko Securities Inc.

(2) Number of shares to be offered:

5,800 sharesThis is the maximum number of shares that
may be issued through the over-allotment
secondary offering. Depending on demandand other factors, there may be cases where
this number is reduced or the secondaryoffering itself is not held at all. The numberof shares to be offered through thesecondary offering will be determined at a
Board of Directors meeting on the Pricing
Date.

(3) Offer price:

To be determined (The offer price will be
determined on the Pricing Date and shall be
the same as the issue price for the public
offering.)(4) Total offer price:

To be determined(5) Offering method:

SMBC Nikko Securities Inc. will offer theshares (maximum: 5,800 shares) borrowed
from the shareholders of Ichigo Inc.,
depending on demand and other factors.

(6) Subscription period:

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

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous2

(7) Subscription units:

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

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

5,800 shares(2) Allottee and number of shares
to be issued to the allottee:

SMBC Nikko Securities Inc. 5,800 shares(3) Paid-in amount (issue amount):

To be determined (The paid-in amount will
be determined on the Pricing Date at theBoard of Directors meeting and will be sameas the paid-in amount for the public
offering.)(4) Total paid-in amount (total issue amount):

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

September 12, 2016(6) Subscription units:

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

September 13, 2016(8) The paid-in amount and other items necessary for the underwriter new share allotment
will be determined at a future Board of Directors meeting. Amendments prior to thedetermination will be delegated to the Statutory Executive Officers.
(9) If there are no subscriptions for all or a part of the shares on or before the subscription
period described in (5), the issuance of such shares will be canceled.
(10) If the public offering is suspended, the issuance of new shares by way of underwriter new
share allotment will also be suspended.
(11) Each of the aforementioned items will be subject to the effectiveness of procedures inaccordance with the Financial Instruments and Exchange Act of Japan.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous3

Reference Information
1. Details of the Over-Allotment Secondary Offering (“Greenshoe”)
Taking into account demand and other factors, SMBC Nikko Securities Inc. (Lead Manager)
may implement a secondary offering of shares (up to a maximum of 5,800 shares) borrowed
from Ichigo Inc.’s shareholders. Depending on demand as well as other factors, the number may
decrease or the secondary offering through over-allotment itself may not be held at all.
In order for SMBC Nikko Securities Inc. to acquire the shares needed to return the borrowed
shares, Ichigo Hotel REIT’s Board of Directors has resolved to issue 5,800 new shares to theunderwriter, with SMBC Nikko Securities Inc. as the allottee. The payment date is designated as
September 13, 2016.
In order to return the borrowed shares used in the over-allotment secondary offering(“Greenshoe”), SMBC Nikko Securities Inc. may also purchase shares up to the number in thesecondary offering (over-allotment) in the market at the TSE (the “syndicate cover transaction”)
from the day following the close of the subscription period until September 8, 2016 (the“syndicate cover transaction period”). All of the shares purchased by SMBC Nikko Securities
Inc. through the syndicate cover transaction will be used to return the borrowed shares. At its
own discretion, SMBC Nikko Securities Inc. may choose not to conduct the syndicate covertransaction or choose to end the syndicate cover transaction with a total of shares that is smaller
than the number offered through the secondary offering (over-allotment).
Moreover, SMBC Nikko Securities Inc. may conduct stabilizing transactions in relation to the
public offering and the secondary offering (over-allotment). The shares purchased through suchstabilizing transactions may be used, in whole or in part, to return the borrowed shares.
SMBC Nikko Securities Inc. intends to agree to the underwriter new share allotment for thefollowing number of shares: the shares in the over-allotment secondary offering (“Greenshoe”)
minus the shares purchased by SMBC Nikko Securities Inc. through the stabilizing transactions
and the syndicated cover transaction. As a result, there may be cases in which there will be no
subscription either in whole or in part to the shares offered by the underwriter new shareallotment and, accordingly, the final number of shares issued by way of the underwriter new
share allotment will decrease due to forfeiture of rights or such issuance itself will not take placeat all.
Whether or not the secondary offering through over-allotment will be conducted as well as thenumber of shares to be offered will be decided on the Pricing Date. In case there is no secondaryoffering through over-allotment, SMBC Nikko Securities Inc. will not borrow the shares fromthe shareholders. Subsequently, there will be no subscription by the underwriter to the shares
offered in the underwriter new share allotment and, accordingly, the shares shall not be issued in
the underwriter new share allotment due to forfeiture of rights. Further, there will be no
syndicate cover transaction at the TSE.
SMBC Nikko Securities Inc. will conduct these aforementioned transactions in accordance with
consultations with Mizuho Securities Co., Ltd.

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous42. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present:
Increase in shares from public offering:
Total number of shares outstanding after public offering:
Increase in shares from the underwriter new share allotment:
Total number of shares after the underwriter new share allotment:
1

138,500 shares
115,800 shares
254,300 shares
5,800 shares1
260,100 shares1

Assumes that SMBC Nikko Securities Inc. subscribes to all the shares issued in theunderwriter new share allotment and that all such shares are issued.

3. Purpose of New Issuance
By taking full advantage of its sponsor Ichigo’s deep value-add capabilities and executing uponIchigo Hotel REIT’s growth-driving action plans, Ichigo Hotel REIT is committed tomaximizing shareholder value for Ichigo hotel REIT shareholders.1
As announced in today’s release “Acquisition of Ten Hotel Assets,” with today’s ten hotelacquisitions Ichigo Hotel REIT is more than doubling its portfolio size from JPY 20.4 billion to
JPY 47.6 billion.2 The acquisitions will be financed by the public-offering net proceeds, bankborrowing, and cash-on-hand. The growth in Ichigo Hotel REIT’s market capitalization andshares outstanding via this public offering is expected to significantly improve Ichigo Hotel
REIT’s share liquidity.
Of the ten hotels, five have variable rent leases with the hotel operators (in which Ichigo Hotel
REIT shareholders share in the upside/downside of higher/lower hotel rates) and five are fixed
rent leases. The forecast average NOI yield of the acquired assets is 5.5% and the averagepost-depreciation NOI yield is 4.3%.3, 4
Ichigo Hotel REIT believes that today’s acquisitions will contribute both to Ichigo Hotel REIT’s
earnings stability via geographic and asset diversification and its ongoing earnings growth. The
acquisitions of these ten stay-only hotels5 will also support the generation of core earnings
stability for Ichigo Hotel REIT shareholders via fixed rent leases, while providing earnings
upside via variable rent leases at hotels benefiting from overseas tourist demand and rising hotel
rates in Tokyo, Osaka, Hokkaido, and Okinawa.
Ichigo Hotel REIT will continue to work to maximize shareholder value via the execution of its
external and organic growth strategies and by leveraging Ichigo Group’s strengths.6
1

Ichigo Hotel REIT’s action plans merely represent future plans, and their actual
implementation is not necessarily guaranteed. Moreover, the action plans are subject tochange.

2

The total acquisition price of the assets is the sum of the amounts set forth in the contract foreach trust beneficiary interest in real estate. It does not include consumption tax or otherexpenses related to the acquisition (brokerage fees, taxes and public charges).

3

The average appraisal NOI (net operating income) is calculated as total appraisal NOI (asstated in the real estate appraisal reports) divided by the total acquisition price of the assets.
Although the average appraisal NOI yield is calculated by Ichigo Real Estate Investment
Advisors in accordance with the real estate appraisal reports, this calculation is not directly
taken from the real estate appraisal reports and may differ from any such calculation in thereports and the actual post-acquisition NOI yield.

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous

5

4

Average post-depreciation NOI (net operating income) yield is calculated by dividing the sumof the appraisal NOI and depreciation by the total acquisition price of the assets. Depreciation
is an estimated value calculated by Ichigo Real Estate Investment Advisors using thestraight-line method. Although the average post-depreciation NOI yield is calculated by Ichigo
Real Estate Investment Advisors in accordance with the real estate appraisal reports, thiscalculation is not directly taken from the real estate appraisal reports and may differ from any
such calculation in the reports and the actual post-acquisition NOI yield.

5

Stay-only hotels are located near train stations, airports, business centers, major thoroughfares,
shopping centers, and other areas of high customer traffic. These hotels service travelers
primarily as places to stay at very attractive rates, without extraneous banquet facilities, etc.

6

Ichigo Group is comprised of Ichigo Inc. and its consolidated subsidiaries (including the asset
management company that manages Ichigo Hotel REIT, Ichigo Real Estate Investment
Advisors).

Ichigo Hotel REIT Growth Strategy Roadmap
Stage I

Stage II

Continuous Dividend Growth via External Growth, Organic Growth, and Strong Financial Base

External
Growth• Construct a diversified portfolio to pursue both income
stability and earnings growth• Acquire prime-location full-service hotels and resort hotels in
addition to stay-only hotels• Increase portfolio size and generate scale efficiencies via
acquisitions of newly built hotels in addition to value-add ofexisting hotels• Quickly achieve JPY100B total asset size by taking fulladvantage of Ichigo’s sponsor support• Invest primarily in stay-only hotels• Acquisition of conversion-feasible assets and lodging
facilities such as serviced apartments• Asset acquisitions via SPCs

Organic
Growth••Improve operational efficiency by monitoring operations and providing advice to partner hotel operators
Carry out value-add capex to drive higher rents1

Financing• Minimize expenses via collaboration with operators• Further increase earnings via more favorable lease terms,
rebranding, etc.

• Maintain a strong lender base
• Control LTV• Manage interest rate risk
• Prepare to acquire credit rating• Prepare to enter global REIT indices• Acquire credit rating• Diversify financing• Continue to control LTV and manage interest rate risk
• Enter global REIT indices

Lay Foundation for Growth via Increased
Portfolio Scale
1

Pursue Portfolio Diversification,
Stability, and Growth

Ichigo Hotel REIT seeks to be strategic and cost-effective in its capex (capital expenditures), and its
capex is thus generally expected to be less than or equal to depreciation in each period.

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous

6

New Share Offering and Asset Acquisition Objectives
Quickly Achieve Portfolio Scale by Taking Full Advantage of Ichigo’s
Sponsor Support

1■ Grow portfolio size 2.3X from JPY 20B at IPO to JPY 48B■ Increase market capitalization and improve share liquidity via public offering of newsharesIncrease Portfolio Quality■ Secure stable cash flows via geographic and asset diversification

2■ Generate core earnings stability with fixed rent leases, while driving earnings upsidewith variable rent leases at hotels benefitting from global tourist demand and risinghotel rates such as in Tokyo, Osaka, Hokkaido, and Okinawa

Execute Growth Strategy Leveraging Ichigo Group’s Strengths

3■ Increase asset profitability via value-add capex, drawing upon Ichigo’s extensive realestate value-add capabilities■ Leverage Ichigo Group’s proprietary sourcing network to generate value-accretive
portfolio growth

4. Amount to be Procured & Use of Proceeds and Timing(1) Amount to be procured (net proceeds): 16,747,000,000 yen (maximum)
This amount represents the sum of 15,949,000,000 yen in net proceeds Ichigo Hotel REIT
will receive from the public offering and the maximum amount of 798,000,000 yen
Ichigo Hotel REIT will receive from the underwriter new share allotment, estimatedbased on the closing price of Ichigo Hotel REIT shares in regular trading at the TSE on
July 14, 2016.
(2) Use of proceeds and timing
Ichigo Hotel REIT plans to use the net proceeds from the public offering to acquire theassets specified in today’s release “Acquisition of 10 Hotel Assets.” The proceeds fromthe underwriter new share allotment will be used to fund miscellaneous expenses
incidental to the acquisitions. Any remaining funds will be kept as cash-on-hand in theform of bank deposits and used for future asset acquisitions and loan repayments.
Note 1. Each of the aforementioned proceeds is calculated based on the closing price ofregular trading at the TSE on July 14, 2016.
Note 2. The procured funds will be kept at financial institutions until disbursement.
5. Designated Allocation to Counterparties
N/A

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous76. Earnings Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revisions for the January 2017
Fiscal Period and Earnings and Dividend for the July 2017 Fiscal Period.”
7. Financial Results for the Past Three Fiscal Periods and Equity Financing History(1) Financial results for the past three fiscal periods1
January 2016 (1st Fiscal Period)2
Net Income per Share3

1,352 yen

Dividend per Share

471 yenPayout Ratio

4

99.9%

Net Assets per Share

102,608 yen

1Ichigo Hotel REIT was established on July 22, 2015. There is no data on financial results
prior to that time.
2
Ichigo Hotel REIT’s fiscal periods are February – July and August – January. Ichigo Hotel
REIT’s first fiscal period ran from the day the REIT was founded on July 22, 2015 andlasted for 194 days to January 31, 2016. The REIT’s actual operating timeframe during thefirst period was 63 days from November 30, 2015 to January 31, 2016.
3
Net income per share = Net income/weighted average shares for the number of days
(48,260 shares). With November 30, 2015 as the beginning of the period, net income pershare is 479 yen based on the weighted average shares being 136,230.
4
Payout Ratio is rounded off to the nearest whole number.
Payout Ratio = Total dividend (excluding dividend in excess of earnings)/Net Income×100(2) Recent share price(i) Share price in the last three fiscal periods1
January 2016 (1st Fiscal Period)
2

109,200 yen

2142,000 yen

2

109,200 yen

Closing Price

136,700 yen

Opening Price
Highest Price
Lowest Price
1

Ichigo Hotel REIT was listed on the TSE REIT Market on November 30, 2015. There is nodata on the share price prior to that time.
2
The opening price, highest price, and lowest price are based on the closing price of theshares in regular trading at the TSE.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous

8

(ii) Share price in the last six months(yen)
Feb 2016

Mar 2016

Apr 2016

May 2016

June 2016

July 2016

Opening Price

137,500

135,200

178,900

173,900

195,000

174,800

Highest Price

137,500

177,600

186,200

199,000

195,000

174,800

Lowest Price

117,300

131,300

154,700

173,900

170,500

147,000

Closing Price

132,800

177,600

177,500

199,000

179,900

149,300

1

The opening price, the highest price, and the lowest price are based upon the closing price ofthe shares in regular trading at the TSE.
2
The share price for July 2016 represents that as of July 21, 2016.
(iii) Share price on the day previous to issuance resolution
July 21, 2016
Opening Price

148,000 yen

Highest Price

152,400 yen

Lowest Price

148,000 yen

Closing Price

149,300 yen(3) Equity financing conducted in the past three fiscal periods
Public Offering
Issuance Date
Amount Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Intended use of proceeds at the time of
the issue
Scheduled timing of use of proceeds at
the time of the issue
Current status

November 27, 2015
13,181,736,000 yen (Estimated net proceeds)
102,184 yen
3,000 shares
129,000 shares
132,000 shares
Asset acquisition and loan repayment
November 2015 onward
Completed use of proceeds per above timing

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous

9Underwriter New Share Allotment
Issuance Date
Amount Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Allottee
Intended use of proceeds at the time of
the issue
Scheduled timing of use of proceeds at
the time of the issue
Current status

December 22, 2015
664,196,000 yen (Estimated net proceeds)
102,184 yen
132,000 shares
6,500 shares
138,500 shares
SMBC Nikko Securities Inc.
Loan repayment or cash-on-hand for future loan
repayment
December 2015 onward
Use of proceeds per above pending

8. Restrictions on Sale and Additional Issuance of Shares (Lock-Up)(1) Ichigo Inc. has agreed with the Joint Lead Managers that it will not sell, transfer, pledge
as collateral, or lend to any other party or otherwise dispose of the shares it owns during
the period starting from the pricing date to a date 180 days from the delivery date,
without prior written consent from the Joint Lead Managers (excluding Ichigo Hotel
REIT lending shares to the underwriter in support of the over-allotment secondaryoffering). The Joint Lead Managers retain the right to terminate a part or all of theaforementioned agreement under its own discretion during the restriction period thereof
or to shorten the restriction period thereof.
(2) Ichigo Trust Pte. Ltd. has agreed with the Joint Lead Managers that it will not sell,transfer, pledge as collateral, or lend to any other party or otherwise dispose of the sharesit owns during the period starting from the pricing date to a date 45 days from thedelivery date, without prior written consent from the Joint Lead Managers (excluding
Ichigo Hotel REIT lending shares to the underwriter in support of the over-allotment
secondary offering). The Joint Lead Managers retain the right to terminate a part or all of
the aforementioned agreement under its own discretion during the restriction period
thereof or to shorten the restriction period thereof.
(3) Ichigo Hotel REIT has agreed with the Joint Lead Managers not to engage in the issuanceof the shares and certain other transactions without the prior written consent of the Joint
Lead Managers during the period starting from the pricing date to the date 90 days fromthe delivery date (excluding public offerings, underwriter new share allotment, issuanceof shares via stock-splits, and certain other exceptions). The Joint Lead Managers retain
the right to terminate a part or all of the aforementioned agreement under its own
discretion during the restriction period thereof or to shorten the restriction period thereof.

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 public disclosure regarding the issuance of new shares and secondary share offering by Ichigo Hotel REIT
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
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous

10