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November 11, 2015
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, 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 & Statutory Executive Officer
Tel: +81-3-3502-4892

Preliminary Pricing Terms of New Share Issuance
Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”) hereby announces thepreliminary pricing terms for the issuance of new shares for its initial public offering (IPO) andover-allotment secondary share offering to the underwriter resolved at its board meeting on
October 26, 2015.
Preliminary pricing terms: Between 100,000 and 106,000 yen per share

Reference
1. Number of shares to be offered and sold through secondary offering(1) Number of shares to be offered:

129,000 shares(2) Number of shares to be sold throughover-allotment secondary share offering:

6,500 shares
These are the maximum number of sharesthat may be issued through theover-allotment secondary offering.
Depending on demand and other factors,
there may be cases where this number isreduced or the secondary offering itself is
not held at all. The number of shares to beoffered through the secondary offering will
be determined at the Board of Directors
meeting on the Pricing Date.

2. Book building period:

November 12, 2015 to November 18, 2015

3. Pricing date:November 19, 2015

4. Subscription period:

November 20, 2015 to November 26, 2015

5. Payment date:November 27, 2015

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 preliminary pricing terms of new share issuance offering
by Ichigo Hotel REIT, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuance
Property acquisitions and part of miscellaneous1

6. Delivery date:November 30, 2015

7. Reason for determining indicative price range: The preliminary pricing terms have been
determined in a comprehensive manner
taking into account the assets to be acquiredby Ichigo Hotel REIT, other information
pertaining Ichigo Hotel REIT, pricing input
from institutional investors presumed to behighly capable of pricing Ichigo Hotel REIT
shares, and other factors.
8. The aforementioned items will be subject to procedures in accordance with the Financial
Instruments and Exchange Act of Japan.

For further details, please refer to the press release “Issuance of New Shares and Secondary
Share Offering” dated October 26, 2015.

* Distribution of this material: the Kabuto Club, the press club of the Ministry of Land,
Infrastructure, Transport, and Tourism, and the press club for construction industry
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

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 preliminary pricing terms of new share issuance by Ichigo
Hotel REIT, 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.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time ofissuanceProperty acquisitions and part of miscellaneous2