Creating peace of mind through honest and committed management.

October 26, 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

Notice of Approval to List Shareson the Tokyo Stock Exchange REIT Market
Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”) hereby announces that it has
today obtained approval from the Tokyo Stock Exchange (“TSE”) to list its shares on the TSE
REIT Market.
Ichigo Hotel REIT was established on July 22, 2015 pursuant to the Act on Investment Trusts
and Investment Corporations (Act No. 198 of 1951, including subsequent amendments)(“Investment Trust Act”). Its assets are managed by Ichigo Real Estate Investment Advisors Co.,
Ltd. (“IRE”) as an asset management company under the Investment Trust Act in accordancewith the objectives and policies of asset management prescribed in the Investment Trust Act andin the Articles of Incorporation of Ichigo Hotel REIT.
Ichigo Hotel REIT is a J-REIT that invests in hotel assets, making maximum use of Ichigo’svalue-add capabilities.1,2 Ichigo Hotel REIT will deploy Ichigo’s deep real estate expertise toincrease asset profitability via, for example, the strategic and effective use of value-add capex.3
Ichigo Hotel REIT also expects to pro-actively pursue portfolio growth and economies of scale
for shareholders by deploying the Ichigo’s robust sourcing capabilities.4
Backed by the expansion of inbound tourism, Ichigo Hotel REIT focuses on Japanese hotel
assets. In pursuit of stable growth for its shareholders, Ichigo Hotel REIT is initially targetingstay-only hotels, a hotel type that offers return stability and defensive characteristics ineconomic downturns.5 Over time, Ichigo Hotel REIT expects to grow its hotel portfolio bydeploying the Ichigo’s robust sourcing and support capabilities, thereby diversifying locations,types, and contractual terms and creating a hotel portfolio that offers both return stability andgrowth potential. After building a robust operating platform in stay-only hotels, in the future
Ichigo Hotel REIT expects to seek further growth and solidify its J-REIT market position as apure hotel REIT via potential acquisitions of resort and full-service hotels. 6, 7
By listing on the TSE REIT market, Ichigo Hotel REIT will obtain the means to raise capitaland execute its growth strategy for shareholders, taking advantage of external growth
opportunities in hotels and Ichigo’s deep value-add capabilities and management know-how.

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 approval to list shares by Ichigo Hotel REIT, and has notbeen prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments thereto, ifany, 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1

Hotel assets are defined as:i) real estate mainly used as lodging facilities and related facilities for running a hotel businessprescribed in the Hotel Business Law;ii) residential or lodging facilities equipped with furniture and well-maintained to serve their
purposes, or residential or lodging facilities and related facilities where reception service isavailable to tenants or users;iii) a group of real estate assets acquired by Ichigo Hotel REIT on the condition that it shallacquire or hold relevant real estate set forth in i) or ii) above and the asset group operated as a
totality fulfills this standard.

2Ichigo here refers to Ichigo Inc. (2337) and its consolidated subsidiaries (including IRE).

3

In general, Ichigo Hotel REIT’s capex (capital expenditures) are expected to be less than orequal to the total amount of depreciation in each period. Also, it seeks to be effective, strategic,accurate, and cost-effective in its capex.

4

Sourcing capabilities are comprehensive capabilities, including the ability to collectinformation on assets that are possible targets of investment and the ability to negotiate for theacquisition of target investment assets.

5

Stay-only hotels are hotels specialized in lodging with a limited or minimum amount of related
facilities. Stay-only hotels are located near train stations, airports, tourist sites, business andcommercial districts, and other key transport infrastructure such as major train stations andhighway interchanges.

6

Resort hotels are relatively spacious lodging facilities with a variety of related facilities
including restaurants, banquet halls, conference and meeting areas, and sports facilities that arelocated near tourist sites, scenic points, and leisure facilities.

7

Full-service hotels are hotels offering a full line of services comprised of related facilities suchas restaurants, banquet halls, conference and meeting areas in addition to lodging facilities thatare located near train stations, airports, tourist sites, business and commercial districts, majorcities, government designated cities, and major cities and suburbs of prefectural capitals.

* 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 the approval to list shares by Ichigo Hotel REIT, and has notbeen prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments thereto, ifany, 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 ofissuance2