Creating peace of mind through honest and committed management.

November 19, 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

Earnings and Dividend Forecast Revisions for the January 2016,July 2016, and January 2017 Fiscal PeriodsIchigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”) is revising its earnings anddividend forecasts for the January 2016, July 2016, and January 2017 fiscal periods from theNovember 11, 2015 release “Earnings and Dividend Forecast Revisions for the January 2016,
July 2016, and January 2017 Fiscal Periods.”
I. Reason for the Earnings and Dividend Forecast Revisions
Ichigo Hotel REIT today has determined the issue price for the new share and secondary shareoffering approved by Ichigo REIT’s Board of Directors on October 26, 2015. Ichigo Hotel
REIT has revised its earnings and dividend forecast to reflect the actual issue price.
(1) Issue Price Used to Calculate Previous Forecast
Between 100,000 yen and 106,000 yen per share(2) Actual Issue Price
106,000 yen per share

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 earnings and dividend forecast revisions for the January 2016,July 2016, and January 2017 fiscal periods by Ichigo Hotel REIT, and has not been prepared for the purpose of solicitation of investment. We caution investors torefer to Ichigo Hotel REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1II. Earnings and Dividend Forecast Revisions
Previous Forecast (from November 11, 2015)
Dividendper Share1(yen)Dividend inExcess ofEarnings perShare(yen)Operating
Revenue(million yen)

Operating
Profit(million yen)

RecurringProfit(million yen)

Net
Income(million yen)

178

74

32 - 34

31 - 33

227 - 2420701

411 - 412

320 - 324

319 - 323

2,304 - 2,3360687

397 - 398

305 - 309

304 - 308

2,197 - 2,2300

Operating
Revenue(million yen)

Operating
Profit(million yen)

Recurring
Profit(million yen)

Net
Income(million yen)

178

74

34

33

2420

701

411

324

323

2,3360

687

397

309

308

2,230

0

January 2016
(First Period)
July 2016(Second Period)
January 2017
(Third Period)

Revised Forecast

January 2016
(First Period)
July 2016(Second Period)
January 2017
(Third Period)
1

Dividendper Share1(yen)Dividend in
Excess ofEarnings perShare(yen)Dividend per Share does not include dividend in excess of earnings per share.

Due to the determination of the share issue price and the below adjustments to the forecast
assumptions, the operating profit, recurring profit, net income, and dividend per share forecasts
announced on November 11, 2015 have been revised as above.
Non-Operating Expenses:

Interest expenses and other borrowing-related expenses of 28
million yen, revised from 28 million to 30 million yen, areanticipated in the January 2016 period; 68 million yen,revised from 68 million to 73 million yen in the July 2016
period; and 68 million yen, revised from 68 million to 73
million yen in the January 2017 period.

Borrowings:

Ichigo Hotel REIT in November 2015 expects to borrow
8,500 million yen, revised from 8,500 million to 9,200
million yen, from Qualified Institutional Investors (i.e.,banks) as prescribed in Article 2(3)(i) of Financial Securities
and Exchange Act as well as in Article 67-15 of Act on
Special Measures concerning Taxation.

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 earnings and dividend forecast revisions for the January
2016, July 2016, and January 2017 fiscal periods 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 of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

2(Reference)Forecast number of shares outstanding at the end of each fiscal period and forecast
net income per share respectively:January 2016
July 2016
January 2017

138,500 shares (no revision)
138,500 shares (no revision)
138,500 shares (no revision)(Note 1)

Ichigo Hotel REIT’s fiscal periods are February – July and August – January.
Ichigo Hotel REIT’s first period runs from the day the REIT was founded on July22, 2015 to January 31, 2016. The REIT’s actual operating timeframe during thefirst period is November 30, 2015, the day of the asset acquisitions, to January 31,2016.

(Note 2)

The forecasts presented above for the January 2016, July 2016, and January 2017
fiscal periods are based on certain preconditions set out as of today. Thepreconditions are subject to change due to such factors as tenant turnover, propertychanges, unexpected maintenance and repair costs and other expenses, fluctuationsin interest rates, and the issuance of additional shares. The actual operating revenue,operating profit, recurring profit, net income, and dividend per share (excluding thedividend in excess of earnings per share) may vary due to changes in circumstances.
These forecasts should not be construed as a guarantee of such performance orresults.

(Note 3)

Ichigo Hotel REIT will make a forecast revision should there be a substantial
discrepancy between the forecast and actual operating results.

(Note 4)

Ichigo Hotel REIT will list its shares on the Tokyo Stock Exchange (“TSE”) on
November 30, 2015.

(Note 5)Fractions are rounded off to the nearest full unit.

* 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 earnings and dividend forecast revisions for the January
2016, July 2016, and January 2017 fiscal periods 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 of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

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