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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

Issue Price for New Share Issuance
Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”) has determined the issue
price for the issuance of new shares for its initial public offering (IPO) and over-allotment
secondary share offering to the underwriter resolved at its board meeting on October 26, 2015.

1. Issuance of New Shares through Public Offering (General Offering)(1) Number of shares to be offered(2) Issue price (offer price)(3) Total issue price (total offer price)(4) Paid-in amount (issue amount)(5) Total paid-in amount (total issue amount)(6) Subscription period(7) Payment date(8) Delivery date

129,000 shares
106,000 yen per share
13,674,000,000 yen
102,184 yen per share
13,181,736,000 yen
November 20, 2015 to November 26, 2015
November 27, 2015
November 30, 2015

The shares will be underwritten in full by the underwriters at the paid-in amount (issue amount)
and offered as a public offering at the issue price (offer price).
2. Secondary Share Offering (Over-Allotment Option)(1) Number of shares to be offered(2) Offer price(3) Total offer price(4) Subscription period(5) Delivery date

6,500 shares
106,000 yen per share
689,000,000 yen
November 20, 2015 to November 26, 2015
November 30, 2015

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.

13. New Shares to be Offered to the Underwriter by Way of Third-Party Allotment(1) Paid-in amount (issue amount)(2) Total paid-in amount (total issue amount)(3) Subscription period (subscription date)(4) Payment date

102,184 yen per share
664,196,000 yen
December 21, 2015
December 22, 2015

If there are any shares which are not subscribed by the subscription deadline described in (3),the issuance of such shares will be cancelled.
4. Calculation of Issue Price
The issue price has been determined through a book building process focused on institutional
investors and based on the preliminary pricing terms of between 100,000 and 106,000 yen per
share.
The book building process resulted in (i) total market demand exceeding the number of shares
being offered; (ii) a large number of investors indicating that they wanted to participate in theoffering; and (iii) most investors showing demand at the upper limit of the preliminary pricing
terms.
The issue price has been fixed at 106,000 yen based on the above book building results andtaking into account the current market environment and the risk of price volatility until thelisting date.
The paid-in amount per share after underwriter fees and listing costs is 102,184 yen.
The over-allotment secondary offering price and paid-in amount per share have been fixed at
106,000 yen and 102,184 yen, respectively, the same levels as the public offering.

* 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 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.

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