Creating peace of mind through honest and committed management.

December 17, 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

Determination of Number of New Shares Issued
through Underwriter Third-Party Allotment
Ichigo Hotel REIT announces that SMBC Nikko Securities, the allottee of the underwriter
third-party allotment (“Greenshoe”) that was held in tandem with the share offering approved byIchigo Hotel REIT’s Board of Directors on October 26, 2015, has decided to exercise its
Greenshoe option and acquire new Ichigo Hotel REIT shares as follows.
Underwriter Third-Party Allotment (Greenshoe)(1) Number of shares to be issued to allottee(2) Third-party allottee(3) Total paid-in amount (total issue amount)(4) Subscription date(5) Payment date

6,500 shares
SMBC Nikko Securities Inc.
664,196,000 yen (102,184 yen per share)
December 21, 2015
December 22, 2015

Reference Information
1. The underwriter third-party allotment (Greenshoe) was approved in tandem with the public
offering and secondary share offering by Ichigo Hotel REIT’s Board of Directors on October
26, 2015. For details, please refer to the releases “Issuance of New Shares and Secondary
Share Offering” on October 26, 2015 and “Issue Price for New Share Issuance” on November
19, 2015.
2. Change in Number of Shares Outstanding
Total number of shares outstanding at present
Number of shares from the Underwriter Third-Party Allotment
Total number of shares after the Underwriter Third-Party Allotment

132,000 shares
6,500 shares
138,500 shares

3. Use of Proceeds
The proceeds of 664,196,000 yen from the underwriter third-party allotment will be used torepay the borrowings for the asset acquisitions announced in the November 30, 2015 release“Asset Acquisitions” and for future asset acquisitions.

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 issuance of new shares through underwriter third-party
allotment, 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 ofissuance
Property acquisitions and part of miscellaneous1

* 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.

Ichigo Hotel REIT Website: www.ichigo-hotel.co.jp/english

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 issue price for new share issuance by Ichigo Hotel REIT, andhas 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 and responsibility.

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