Ichigo Preserves and Improves Real Estate

September 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 Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

Determination of Number of New Shares to be Issued to Underwriter
to Replace Shares Offered in Over-Allotment Secondary Share Offering
SMBC Nikko Securities, the allottee of the new share allotment to the underwriter thatwas held in tandem with the public offering and over-allotment secondary share offering(“Greenshoe”) approved by Ichigo Hotel REIT’s Board of Directors on July 22, 2016,
has decided to acquire a portion of new Ichigo Hotel REIT shares, as follows.
(1) Number of shares to be issued to allottee:(2) Allottee:(3) Total paid-in amount (total issue amount):(4) Subscription date:(5) Payment date:

3,284 shares(Maximum number of shares
resolved to be offered: 5,800 shares)
SMBC Nikko Securities Inc.
489,539,312 yen(149,068 yen per share)
September 12, 2016
September 13, 2016

Reference Information
1. The new share allotment to the underwriter was approved in tandem with the public
offering and over-allotment secondary share offering by Ichigo Hotel REIT’s Boardof Directors on July 22, 2016. For details, please refer to the releases “Issuance ofNew Shares and Secondary Share Offering” on July 22, 2016 and “Offering Price for
New Share Issuance” on August 8, 2016.
2. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present:
Number of shares from the new share allotment to the underwriter:
Total number of shares after the new share allotment
to the underwriter:

254,300 shares
3,284 shares
257,584 shares

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 determination of number of new shares to be issued tounderwriter for over-allotment secondary share offering, and has not been prepared for the purpose of solicitation of investment.

3. Use of Proceeds
The proceeds of 489,539,312 yen from the new share allotment will be used to repay
the borrowings for the acquisition of assets announced in the August 17, 2016 release“Acquisition of Ten Hotel Assets,” and for future asset acquisitions. All proceeds will
be held at a financial institution until disbursement.
4. Earnings and Dividend Forecasts for the January 2017 and July 2017 Fiscal Periods
The forecasts are currently unchanged.

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 issuance of new shares through underwriter third-party
allotment, and has not been prepared for the purpose of solicitation of investment.

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