Creating peace of mind through honest and committed management.

May 9, 2013
REIT Issuer
Ichigo Real Estate 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: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Acquisition of Portfolio Assets (Ichigo Akihabara North Building, Ichigo Sakaisuji
Honmachi Building, and Konami Sports Club Izumi Fuchu)

Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has decided to acquire thefollowing assets.
1. Acquisition Summary
No.
Asset Name
Asset Type
Ownership
Acquisition
Price (Note1)
SellerContract Date
Closing Date(expected)
Financing

O-47

O-48

Z-09

Ichigo Akihabara North

Ichigo Sakaisuji

Konami Sports Club

Building

Honmachi Building

Izumi Fuchu

OfficeOfficeOther (Retail)

Trust beneficiary rights

Trust beneficiary rights

Trust beneficiary rights

in real estate (juekiken)

in real estate (juekiken)

in real estate (juekiken)

5,500,000,000 yen

1,940,000,000 yen

1,210,000,000 yen

Suehirocho Holdings GK

Kansai Holdings GK

Ginza Holdings GK

May 9, 2013

May 9, 2013

May 9, 2013

June 3, 2013

June 3, 2013

June 3, 2013

Proceeds from issuance of new investment units, borrowing, and cash on hand

Method (Note 2)
Settlement
Method(expected)
Lump-sum payment at the time of transfer(Note 1) Acquisition Price is exclusive of expenses incidental to the acquisition, such as
property tax, city planning tax, and consumption tax.
(Note 2) For details on the issuance of new investment units, please refer to today’s release“Issuance of New Investment Units and Secondary Offering of Investment Units.”
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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of1

2. Acquisition Rationale
As part of Stage II of its Growth Strategy to grow its dividend for its unitholders, Ichigo REIT
has sought to acquire high-quality assets via a public offering and new debt financing.
The acquisition will be financed by the issuance of new investment units, bank borrowing,
including from the Japanese megabanks, and cash on hand. (The details of the borrowing will beannounced as soon as they become available.)
To facilitate the acquisition, Ichigo Group, the sponsor of Ichigo REIT, provided Ichigo REIT
with a broad range of support, including asset warehousing, financing, and the management of abridge fund.
The acquisition consists of two prime location office buildings and one retail asset—all withexpected stable cash flows. The acquisition thus allows Ichigo REIT to further drive economies
of scale for its unitholders via cost reductions and improved borrowing terms and improve theprofitability of Ichigo REIT’s portfolio to further increase the dividend. It also strengthens
Ichigo REIT’s financial position, which could allow it to lower its LTV in the future. The assets
also lower the portfolio’s average building age and enhance geographic diversification.
The assets have the following characteristics:(1) Ichigo Akihabara North Building(i) Location
The property is located in Akihabara, where office buildings have become
increasingly concentrated via large-scale redevelopment projects. Owing to central
Tokyo location, Ichigo believes there is stable demand for properties in this area.
(ii) Asset Characteristics
The property benefits from especially convenient train and subway access, including
a 1-minute walk from both Suehirocho Station on the Tokyo Metro Ginza Line andwalking distance from Akihabara Station on the JR Yamanote Line, JR Keihin
Tohoku Line, JR Sobu Line, Tokyo Metro Hibiya Line, and the Tsukuba Express
Line.
The property stands out in the market for having a large and well-configured 250
tsubo floor plate while a majority of the surrounding buildings are smaller-sizedproperties.
In addition, the property is leased to a major Tokyo Stock Exchange-listed company
with a fixed-term lease contract.
(2) Ichigo Sakaisuji Honmachi Building(i) Location
The property is located in the Sakaisuji Honmachi area of Osaka, which has aconcentration of financial institutions and buildings owned and leased by large
corporations. As a central business district, Ichigo believes there is strong demand forthe properties in this area from a wide variety of tenants.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of2

(ii) Asset Characteristics
The property benefits from especially convenient subway access, including a 1minute walk from Sakaisuji Honmachi Station on the Osaka Municipal Subway
Chuo Line and the Sakaisuji Line, and walking distance from Honmachi Station on
the Osaka Municipal Subway Midosuji Line.
Each floor of this property is a large, well-configured and sub-dividable with a 120
tsubo floor plate. This property also features eco-friendly enhancements including
fourteen individual air conditioning systems per floor, lighting sensors, and Low-E
double-glazed glass.
(3) Konami Sports Club Izumi Fuchu(i) Location
The property is located in the Senboku area, which is a bedroom community serving
Central Osaka. Senboku is in the Izumi Fuchu area, which has a demographically
young, growing population.
(ii) Asset Characteristics
The property is a full-spectrum sports facility located in a retail building and a
3-minute walk from Izumi Fuchu Station on the JR Hanwa Line. The area has highgrowth potential owing to continuous redevelopment near the station.
In addition, the tenant, Konami Sports & Life, is the largest fitness gym operator inJapan, and has a fixed, long-term contract.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of3

3. Property Overview(1) Ichigo Akihabara North Building
Asset Overview
Trust beneficiary rights in real estate(juekiken)
Mizuho Trust & Banking Co., Ltd.

Asset Type
Trustee
Period of TrustContract
LocationLand

Building

Appraisal Overview

Value

Daiwa Real EstateAppraisal Co., Ltd.
5,630,000,000 yen

March 30, 2011 – March 31, 2021

Date

March 1, 2013

6-15-12, Sotokanda, Chiyoda-ku, Tokyo

Value by Direct Capitalization
MethodAppraiser

Income5,680,000,000 yen

Property Right

Freehold

402,851,052 yen

Size

1,134.47 sqm

Obtainable Rent Income

363,027,840 yen

ZoningCommercial

Other Income

40,884,012 yen

Coverage Ratio /Floor Area Ratio

100% / 700% (Note 4)

Amount Equivalent to Losson Vacant Space

1,060,800 yen

Property Right

Freehold

Expenses

ZoningOfficeStructure

S/RC

Total Floor Area

8,289.89 sqm

Construction
Date

May 20, 1997, renovated on May 9,
2002
Fuji Electric Architects andEngineering Inc. (New construction
and renovation)
SHIMIZU CORPORATION (NewConstruction), SHIMIZUCORPORATION & KAJIMACORPORATION (Renovation)
Fuji Electric Architects andEngineering Inc. (New construction
and renovation)
Building Official (Chiyoda-ku)
7.48 % (Sompo Japan Nipponkoa
Risk Management Inc.)
CollateralizedArchitect

Builder

Structural Strength Calculator
Inspection Agency
PML (Assessor)
Collateral

B1F/8F

Rent Overview (as of March 31, 2013)

102,250,711 yen

Administrative andMaintenance Expenses

28,285,066 yen

Taxes

38,375,823 yen

Other Expenses

35,589,822 yen

Net Operating Income (NOI)

300,600,341 yen

Gain on Investment of
Deposits

5,931,026 yen

Capital Expenditure

11,265,833 yen

Net Profit

295,265,534 yen

Cap Rate

5.2 %Value by DCF method

5,610,000,000 yen

Discount Rate

5.0 %Terminal Cap Rate

5.4 %Number of Tenants

1

Major Tenant

Fuji Electric Co., Ltd.

Monthly Rental Income(Note 5)Land

78.9 %

Deposit(Note 5)

Property

21.1 %

Leasable Space

6,250.53 sqm

Leased Space

6,250.53 sqm

Occupancy

100 %Property Management
Company (expected)
Master Lease Company(expected)
Assumed NOI (NOI yield)(Note 6)

Value by Cost Approach

5,530,000,000 yen

To be determined
To be determined
315 million yen (5.7 %)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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of4

Special Items(Note 1) A part of the exterior wall of the property crosses the border toward its neighbor to the southeast. A memorandum of
understanding exists which agrees to rectify the status of encroachment when the exterior wall is rebuilt in the future.
(Note 2) Part of a granite rock and a door installed in the property crosses the border toward the neighbor to the north. A memorandum of
understanding exists which agrees to rectify the status of encroachment when the rock is relocated in the future.
(Note 4) The zoning authorities allowed the coverage ratio to be increased to 100% owing to the building’s
fire-resistant structure located in a fire prevention zone.
(Note 5) The lessor has not provided consent for disclosure of Monthly Rental Income and the Deposit.
(Note 6) Annualized by dividing the actual figures of the past six months (from September 2012 to February2013) with the number of operating days, and multiplying by 365.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of5

(2) Ichigo Sakaisuji Honmachi Building
Asset Overview

Appraisal Overview

Asset Type

Trust beneficiary rights in real estate(juekiken)

Appraiser

TrusteeResona Bank, Limited.

Value

2,000,000,000 yen

Period of TrustContract

March 1, 2013 – February 28, 2023

Date

March 1, 2013

Location

1-6-16, Honmachi, Chuo-ku, Osaka-shi,
Osaka

Value by Direct Capitalization
MethodLand

Building

Daiwa Real EstateAppraisal Co., Ltd.

Income2,000,000,000 yen
176,472,692 yen

Property Right

FreeholdSize

734.15 sqm

Obtainable Rent Income

164,446,560 yen

ZoningCommercial

Other Income

21,533,326 yen

Coverage Ratio /Floor Area Ratio

80% / 800%

Amount Equivalent to Losson Vacant Space

9,507,194 yen

Property Right

Freehold

ZoningOffice, car park

Administrative andMaintenance Expenses

23,511,705 yen

Structure

S

Taxes

20,097,900 yen

Total Floor Area

5,456.84 sqm

Other Expenses

23,990,192 yen

Construction Date

March 6, 2009

Net Operating Income (NOI)

Nomura Real Estate Development
Co., Ltd.
Nomura Construction IndustrialCo., Ltd.
Nomura Real Estate Development
Co., Ltd.

Gain on Investment of
Deposits

2,642,617 yen

Capital Expenditure

3,629,417 yen

The Building Center of Japan

Value by DCF method

Architect
Builder
Structural Strength Calculator
Inspection Agency

Expenses

B1F/10F

Cap Rate

12.40 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of March 31, 2013)

67,599,797 yen

108,872,895 yen

107,886,095 yen
5.4 %2,000,000,000 yen

Discount Rate

5.2 %Terminal Cap Rate

5.6 %Number of Tenants

13

Monthly Rental Income

14,054 thousand yen

Deposit126,222 thousand yen

Land50.2 %

Leasable Space

3,729.29 sqm

Property

49.8 %

Leased Space

3,729.29 sqm

Occupancy

100 %Property Management Company(expected)
Master Lease Company(expected)
Assumed NOI (NOI yield)(Note 7)

Value by Cost Approach

2,320,000,000 yen

To be determined
To be determined
123 million yen (6.4 %)Special Items

None(Note 7) Annualized by dividing the actual figures of the past six months (from September 2012 toFebruary 2013) with the number of operating days, and multiplying by 365.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of6

(3) Konami Sports Club Izumi Fuchu
Asset Overview

Appraisal Overview

Asset Type

Trust beneficiary rights in real estate(juekiken)

Appraiser

Daiwa Real EstateAppraisal Co., Ltd.

TrusteeResona Bank, Limited.

Value

1,250,000,000 yen

Period of TrustContract

March 26, 2012 – March 27, 2023

Date

March 1, 2013

Location

1-20-1, Fuchucho, Izumi-shi, Osaka

Value by Direct Capitalization
Method1,250,000,000 yen

Property Right

Sectional Ownership (Land ratio
15.15 %)

Size

6,853.90 ㎡

Obtainable Rent Income

ZoningCommercial

Other Income

0 yen

Coverage Ratio /Floor Area Ratio

80 % / 400 %Amount Equivalent to Losson Vacant Space

0 yen

Property Right

Sectional Ownership (43.53 %)Zoning

Sports Center, Machine Room

Administrative andMaintenance Expenses

4,846,800 yen

Structure

SRC

Taxes

12,145,900 yen

Total Floor Area

10,885.80 sqm

Other Expenses

29,885,460 yen

Construction Date

January 28, 2011

Net Operating Income (NOI)

Architect

Nishimatsu Construction Co., Ltd.

Gain on Investment of
Deposits

Builder

Nishimatsu Construction Co., Ltd.

Capital Expenditure

Structural Strength Calculator

Nishimatsu Construction Co., Ltd.

Net Profit

79,751,840 yen

Inspection Agency

JAPAN ERI CO.,LTD.

Cap Rate

6.4 %

Land

Building

IncomeExpenses

B1F/6F13.82 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of March 31, 2013)

126,000,000 yen
126,000,000 yen

46,878,160 yen

79,121,840 yen
630,000 yen
0 yen

1,250,000,000 yen

Discount Rate

6.2 %Terminal Cap Rate

6.6 %Number of Tenants

1

Major Tenant

Konami Sports & Life Co., Ltd.

Monthly Rental Income(Note 8)Land

27.0 %

Deposit(Note 8)Property

73.0 %

Leasable Space

3,733.68 sqm

Leased Space

3,733.68 sqm

Occupancy

100 %Property Management Company(expected)

To be determined

Master Lease Company(expected)

To be determined

Assumed NOI (NOI yield)(Note 9)78 million yen (6.5 %)Value by Cost Approach

1,190,000,000 yen

Special Items
The asset is a sectional ownership of 43.53 % of the total building (3,733.68 sqm / 8,576.49 sqm). In addition, there are three buildings on
the same lot. The sectional ownership for the land is 15.15 % of the total area. The number of owners in this building is thirteen.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of7

(Note 8) The lessor has not provided consent for disclosure of Monthly Rental Income and the Deposit.
(Note 9) Annualized by dividing the actual figures of the past six months (from September 2012 to February2013) with the number of operating days, and multiplying by 365.

4. Seller Profile(1) Ichigo Akihabara North Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Suehirocho Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin High Stage
Manager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
March 11, 2011
Ippan Shadan Hojin High StageThe Seller does not have any capital, personnel or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 10)(Note 10) Suehirocho Holdings GK is not a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law.
Nonetheless, the acquisition process has followed the internal rules of IRE forthe following reasons: First, Ichigo Group Holdings Co. Ltd., the 100 %shareholder of Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo
REIT’s asset manager, “IRE”), is a related party as defined in accordance with
the internal rules of IRE and holds more than half of the equity in Suehirocho
Holdings GK. Second, Ichigo Estate Co., Ltd., a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law, is providing asset management advisory services. In addition, Ichigo
REIT has obtained a second opinion regarding the property’s appraisal andconfirmed its propriety.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of8

(2) Ichigo Sakaisuji Honmachi Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Kansai Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin High Stage
Manager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 30, 2013
Ippan Shadan Hojin High StageThe Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 11)(Note 11) Kansai Holdings GK is not a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law.
Nonetheless, the acquisition process has followed the internal rules of IRE forthe following reasons: First, Ichigo Group Holdings Co. Ltd., the 100 %shareholder of Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo
REIT’s asset manager, “IRE”), is a related party as defined in accordance with
the internal rules of IRE and holds more than half of the equity in Kansai
Holdings GK. Second, Ichigo Estate Co., Ltd., a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law, is providing asset management advisory services. In addition, Ichigo
REIT has obtained a second opinion regarding the property’s appraisal andconfirmed its propriety.
(3) Konami Sports Club Izumi Fuchu
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Ginza Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin VSLManager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 25, 2013
Ippan Shadan Hojin VSL
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 12)(Note 12) Ginza Holdings GK is not a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law.
Nonetheless, the acquisition process has followed the internal rules of IRE for
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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of9the following reasons: First, Ichigo Group Holdings Co. Ltd., the 100 %shareholder of Ichigo Real Estate Investment Advisors Co., Ltd. (Ichigo
REIT’s asset manager, “IRE”), is a related party as defined in accordancewith the internal rules of IRE and holds more than half of the equity in Ginza
Holdings GK. Second, Ichigo Estate Co., Ltd., a related party as defined in
the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law, is providing asset management advisory services. In
addition, Ichigo REIT has obtained a second opinion regarding the property’s
appraisal and confirmed its propriety.
5. Ownership Overview(1) Ichigo Akihabara North Building
Overview
Name
Relationship with
Party having
Particular Vested
Interest
Acquisition
Background,
Reasons
Acquisition Price
Acquisition Date

Current Owner (Seller)
Suehirocho Holdings GK

Previous Owner
Party with no particularinterest

Related Party as defined in theinternal rules of IRE―

For investment purpose―

Omitted due to the holding
period exceeding 1 year
March 30, 2011――(2) Ichigo Sakaisuji Honmachi Building
Overview
Name
Relationship with
Party having
Particular Vested
Interest
Acquisition
Background,
Reasons
Acquisition Price
Acquisition Date

Current Owner (Seller)
Kansai Holdings GK

Previous Owner
Party with no particularinterest

Related Party as defined in theinternal rules of IRE―

For investment purpose―

1,860 million yen(excluding acquisition costs
and consumption tax)
March 1, 2013――

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of10

(3) Konami Sports Club Izumi Fuchu
Overview
Name
Relationship with
Party having
Particular Vested
Interest
Acquisition
Background,
Reasons
Acquisition Price
Acquisition Date

Current Owner (Seller)
Ginza Holdings GK

Previous Owner
Party with no particularinterest

Related Party as defined in theinternal rules of IRE―

For investment purpose―

1,044 million yen(excluding acquisition costs
and consumption tax)
March 28, 2013――

6. Broker Profile
N/A
7. Future Outlook
Please refer to today’s release “Revision of Earnings and Dividend Forecast for the April 2013
Fiscal Period and Earnings and Dividend Forecast for the October 2013 Fiscal Period.”

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of11

Property Photos and Location Map(1) Ichigo Akihabara North Building(2) Ichigo Sakaisuji Honmachi Building

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of12

(3) Konami Sports Club Izumi Fuchu

Portfolio Reference Information
1. Post-Acquisition Portfolio Summary

Occupancy
Average Building Age(as of June 3, 2013)
Diversification by Area
(Tokyo Metropolitan
Area/Other Areas) (Note 14)(as of June 3, 2013)

BeforeAcquisition (A)95.2 % (Note 13)

After
Acquisition (B)95.3%

Difference
(B-A)
+0.1%

21.3 years

20.5 years- 0.8 years

75.2% / 24.8%

74.3% / 25.7%-0.9% /+0.9%(Note 13) Flash Data as of March 31, 2013.
(Note 14) “Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.”“Other Areas” refers to “Four Major Regional Cities” and “Other Regional Cities.”

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of13

2. Post-Acquisition Portfolio Assets
No.

Property

Area

O-01
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-13
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-25
O-26
O-27
O-28
O-29
O-30
O-33
O-34
O-35
O-37
O-38
O-39
O-40
O-42
O-44
O-46

COI Shinbashi Building
COI Nishisando Building
MTC Building
COI Nanpeidai Building
Joware Hanzomon
COI Hijirizaka Building
COI Shibuya Kamiyamacho Building
COI Akasaka 5 Chome Building
COI Shibazonobashi Building
COI Ebisu Nishi Building
COI Ginza 612
COI Uchikanda Building
COI Kudan-Minami Building
COI Yotsuya 4 Chome Building
COI Akasaka Tameike Building
DSM Jimbocho Building
DSM Nihonbashi Kakigaracho Building
COI Kudan 2 Chome Building
COI Kudan 3 Chome Building
COI Gotanda Building
Benex S-2
COI Minami-Ikebukuro Building
Technos Nakano Building
COI Eitai Building
COI Yokosuka Bayside Building
Chitose Building
Route Ikebukuro Building
Nishi-Gotanda Access
TK Kichijoji Building
Ibaraki Kowa Building
COI Mei-Eki Building
COI Nagoya Plaza Building
COI Sendai Chuo Building
CRD Marunouchi
Toyamaeki Nishi Building
Daihyaku Mirai-Shinkin Building
Kearney Place Saga
COI Takamatsu Building
Akita Sanno 21 Building
M’s SQUARE

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Other Regional Cities
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Four Major Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Central Tokyo

Acquisition
% of
Price
Portfolio(mm yen)(Note(Note 15)
16)
6,110
5.4%
3,254
2.9%
2,740
2.4%
1,920
1.7%
1,550
1.4%
1,200
1.1%
1,505
1.3%
735
0.7%
1,100
1.0%
1,917
1.7%
1,773
1.6%
1,140
1.0%
387
0.3%
550
0.5%
580
0.5%
1,820
1.6%
1,150
1.0%
763
0.7%
844
0.7%
5,060
4.5%
1,816
1.6%
1,460
1.3%
764
0.7%
1,490
1.3%
971
0.9%
2,030
1.8%
639
0.6%
765
0.7%
2,160
1.9%
604
0.5%
837
0.7%
4,705
4.2%
510
0.5%
6,710
5.9%
1,650
1.5%
1,100
1.0%
659
0.6%
3,010
2.7%
560
0.5%
2,130
1.9%

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of

14

O-47
O-48

Ichigo Akihabara North Building
Ichigo Sakaisuji Honmachi Building

R-01
R-02
R-03
R-04
R-05
R-06
R-07
R-08
R-09
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18

ForeCity Roppongi
ForeCity Azabujuban
ForeCity Azabujuban No.2
Bureau Takanawadai
ForeCity Shirokanedai
B-Site Hamamatsucho
ForeCity Akihabara
Suite One Court
B-site Ginza East
ForeCity Sasazuka
Gran Presso Kawadacho
ForeCity Sakurashinmachi
ForeCity Shinkamada
ForeCity Nakaochiai
ForeCity Tomigaya
ForeCity Ryogoku
ForeCity Toyosu
ForeCity Nishihonmachi

Z-01
Z-02
Z-03
Z-04
Z-05
Z-06
Z-07
Z-08

Falcon Shinsaibashi Building
Fiesta Shibuya
Burc Omori
Pagoda Asakusa
Regalo Building
Lespoir 296
El Centro Sapporo
Daimyo Balcony

Z-09

Konami Sports Club Izumi Fuchu

Central Tokyo
Four Major Regional Cities

5,500
1,940

4.9%
1.7%

Subtotal - Office (42 Properties)
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Subtotal - Residence (18 Properties)
Four Major Regional Cities
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Four Major Regional Cities

78,108
1,730
1,140
1,250
1,360
824
701
2,520
786
946
1,050
592
932
1,040
435
1,341
1,080
1,349
927
20,005
3,410
1,970
3,218
1,640
1,310
903
558
638

69.1%
1.5%
1.0%
1.1%
1.2%
0.7%
0.6%
2.2%
0.7%
0.8%
0.9%
0.5%
0.8%
0.9%
0.4%
1.2%
1.0%
1.2%
0.8%
17.7%
3.0%
1.7%
2.8%
1.5%
1.2%
0.8%
0.5%
0.6%

Other Regional Cities
Subtotal - Others (9 Properties)
Total

1,210
14,857112,9701.1%
13.2%
100.0%(Note 15) Acquisition Price is normally either the actual acquisition price (excluding
consumption tax) or the acquisition price (excluding consumption tax) as describedin the sales and purchase agreement of trust beneficiary interest. Nonetheless, 39
assets from O-01to O-44 and 7 assets from Z-02 to Z-08 are listed with the appraisal
value as of October 31, 2011 to reflect acquisition via a REIT merger at that time.
(Note 16) % of Portfolio is the Acquisition Price as a percentage of the Total Acquisition Priceand rounded to the nearest second decimal place.

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 acquisition of portfolio assets by Ichigo 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 andnotice 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 of15