Creating peace of mind through honest and committed management.

September 28, 2015
REIT Issuer
Ichigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, 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: 03-3502-4891

De-Collateralization of All Ichigo Office REIT Loans
Ichigo Office REIT signed an agreement today with its lenders for the lenders to release all ofIchigo Office REIT’s loan collateral back to Ichigo Office REIT.
As a consequence, all of Ichigo Office REIT’s loans will become de-collateralized on
September 30, 2015.
I. Details of the De-Collateralization
A. Overview
Ichigo Office REIT reached an agreement today with its lenders to release all collateralpledges, with full consent from all lenders.
B. Effective Date
September 30, 2015
C. Assets Subject to De-Collateralization
Real estate and the trust beneficiary interests in real estate listed in “Reference: Assets to beDe-Collateralized,” as well as all other related assets such as property insurance claims.
II. Total Borrowings Subject to De-Collateralization
JPY 80,565 million
III. Post-De-Collateralization Financing Activity
Ichigo Office REIT’s de-collateralization of all of its loans is expected to lower its borrowing
costs, improve its credit rating, and allow it to close quickly on high-quality assets even undertight acquisition deadlines in support of its growth strategy for shareholders.

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 release of loan non-collateralization by Ichigo Office REIT Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Office REIT's prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1IV. Future Outlook
The impact of the de-collateralization on Ichigo Office REIT’s current period earnings isminimal. Therefore, there is no revision to Ichigo Office REIT’s earnings and dividend
forecast as announced on June 16, 2015.

Website of Ichigo Office REIT*: www.ichigo-office.co.jp/english*The website URL has changed as a result of the name change to Ichigo Office REIT on September
5, 2015.

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 the public announcement of loan non-collateralization by Ichigo Office REIT Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Office REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2Reference: Assets to be De-Collateralized

No.

Area1

Property

Asset TypeAppraisal
Value2(mm yen)

O-02 Ichigo Nishisando Building

Central Tokyo

O-03 Ichigo Mita Building

Central Tokyo

Trustbeneficiaryinterest inreal estate(“TBI”)TBI

O-04 Ichigo Nanpeidai Building

Central Tokyo

TBI

1,970

O-05 Ichigo Hanzomon Building

Central TokyoTBI

1,630

O-06 Ichigo Hijirizaka Building

Central TokyoTBI

1,280

O-07 Ichigo Shibuya Kamiyamacho Building

Central Tokyo

Real Estate

1,693

O-08 Ichigo Akasaka 5 Chome Building

Central Tokyo

Real Estate751

O-09 Ichigo Shibakoen Building

Central Tokyo

Real Estate

1,060

O-10 Ichigo Ebisu Nishi Building

Central Tokyo

Real Estate

1,986

O-11 Ichigo Ginza 612 Building

Central Tokyo

TBI

1,896

O-12 Ichigo Uchikanda Building

Central Tokyo

Real Estate

1,070

O-14 Ichigo Yotsuya 4 Chome Building

Central Tokyo

TBI

559

O-15 Ichigo Tameike Building

Central Tokyo

Real Estate588

O-16 Ichigo Jimbocho Building

Central TokyoTBI

2,050

O-17 Ichigo Hakozaki Building

Central Tokyo

TBI

1,010

O-18 Ichigo Kudan 2 Chome Building

Central Tokyo

TBI

846

O-19 Ichigo Kudan 3 Chome Building

Central Tokyo

TBI

795

O-20 Ichigo Gotanda Building

Central Tokyo

TBI

5,450

O-21 Ichigo Shin Yokohama Building

Tokyo Metropolitan Area

TBI

1,735

O-22 Ichigo Minami Ikebukuro Building

Tokyo Metropolitan Area

TBI

1,490

O-23 Ichigo Nakano North Building

Tokyo Metropolitan AreaTBI

830

O-24 Ichigo Eitai Building

Tokyo Metropolitan Area

Real Estate

1,150

O-25 Ichigo Yokosuka Building

Tokyo Metropolitan Area

Real Estate936

O-26 Ichigo Ikejiri Building

Tokyo Metropolitan Area

Real Estate

2,010

O-27 Route Ikebukuro Building

Tokyo Metropolitan Area

Real Estate673

O-28 Ichigo Nishi Gotanda Building
O-29 Ichigo Kichijoji Building

Central Tokyo
Tokyo Metropolitan Area

TBI
TBI

804
2,290

O-33 Ichigo Meieki Building

Four Major Regional Cities

TBI

718

O-34 Ichigo Sakae Building

Four Major Regional Cities

Real Estate

5,043

O-37 Ichigo Marunouchi Building

Four Major Regional Cities

Real Estate

6,830

O-38 Ichigo Toyamaeki Nishi Building

Other Regional Cities

TBI

1,700

O-39 Ichigo Mirai Shinkin Building

Other Regional Cities

TBI

1,220

2,620

2,882

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 the public announcement of loan non-collateralization by Ichigo Office REIT Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Office REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3No.

Area1

Property

Asset TypeAppraisal
Value2(mm yen)

O-40 Ichigo Saga Building

Other Regional Cities

TBI

677

O-42 Ichigo Takamatsu Building

Other Regional Cities

TBI

3,100

O-44 Akita Sanno 21 Building

Other Regional Cities

Real Estate

O-46 Ichigo Kanda Nishikicho Building

Central TokyoTBI

2,440

O-47 Ichigo Akihabara North Building
O-48 Ichigo Sakaisuji Honmachi Building
O-49 Ichigo Kanda Ogawamachi Building

Central Tokyo
Four Major Regional Cities
Central Tokyo

TBI
TBI
TBI

6,090
2,160
2,280

O-50 Ichigo Hatchobori Building

Central Tokyo

TBI

2,330

O-51 Ebisu Green GlassCentral Tokyo

TBI

6,080

O-52 Ichigo Omori Building

Central Tokyo

TBI

4,010

O-53 Ichigo Takadanobaba Building

Central Tokyo

TBI

1,640

O-54 Ichigo Omiya Building

Tokyo Metropolitan Area

TBI

3,550

O-55 Ichigo Sagamihara Building

Tokyo Metropolitan Area

TBI

1,210

O-56 Ichigo Ofuna Building

Tokyo Metropolitan Area

TBI

2,110O-57 Ichigo Sendai East Building

Other Regional Cities

TBI

1,910

O-58 Ichigo Kumamoto Building

Other Regional Cities

TBI

1,460

O-59 Ichigo Jingumae Building

Central Tokyo

TBI

7,220

O-60 Ichigo Shibuya Dogenzaka Building

Central Tokyo

TBI

3,720

O-61 Ichigo Hiroo Building

Central Tokyo

TBI

4,010

O-62 Ichigo Sasazuka Building

Central Tokyo

TBI

4,840

O-63 Ichigo Nihonbashi East Building

Central Tokyo

TBI

4,850

O-64 Shuwa Dai 2 Sakurabashi Building

Central Tokyo

TBI

2,600

O-65 Ichigo Shinkawa Building

Central Tokyo

TBI

2,480

O-66 Ichigo Kudan BuildingCentral Tokyo

TBI

3,200

O-67 Ichigo Higashi Gotanda Building

Central Tokyo

TBI

3,680

O-68 Axior Mita

Central Tokyo

TBI

1,840

O-69 Ichigo Higashi Ikebukuro Building

Tokyo Metropolitan Area

TBI

4,710

O-70 Koriyama Big-i (Office Section)

Other Regional Cities

TBI

1,710

Subtotal - Office (60 Properties)
R-04 Bureau Takanawadai
R-06 B-SITE Hamamatsucho
R-09 Ichigo Serviced Apartments Ginza
Z-02 Fiesta Shibuya

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo

TBI
TBI
TBI
Real EstateZ-03 Burg Omori

Tokyo Metropolitan Area

TBI

2,951

Z-04 Pagoda Asakusa

Tokyo Metropolitan Area

TBI

1,740

Z-05 Regalo Building

Tokyo Metropolitan Area

TBI

1,420

Z-06 Ichigo Yokohama Nishiguchi Building

Tokyo Metropolitan Area

TBI

942

573

144,045
1,060
588
832
2,010

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 the public announcement of loan non-collateralization by Ichigo Office REIT Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Office REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

4Area1

Asset TypeAppraisal
Value2(mm yen)Z-07 El Centro Sapporo

Four Major Regional Cities

Real Estate538

Z-08 Daimyo Balcony

Four Major Regional Cities

Real Estate623

Z-09 Konami Sports Club Izumi Fuchu
Ichigo Shibuya Bunkamura Dori
Z-10
Building
Twicere Yokohama Isogo (RetailZ-11
Section)Z-12 Lions Square Kawaguchi
Ichigo Shin Yokohama Arena DoriZ-13
Building
Z-14 Ichigo Kamata Building

Other Regional Cities

TBI

1,340

Central Tokyo

TBI

2,800

Tokyo Metropolitan Area

TBI

1,800

Tokyo Metropolitan Area

TBI

2,530

Tokyo Metropolitan Area

TBI

1,760

Tokyo Metropolitan Area

TBI

1,430

No.

Property

Subtotal - Other (16 Properties)
Total (76 Properties)

24,364
168,409

1“Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards.
“Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above), Kanagawa, Chiba,
and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka, Nagoya, Fukuoka, andSapporo.
2Appraisal value is of April 30, 2015.

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 the public announcement of loan non-collateralization by Ichigo Office REIT Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Office REIT’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

5