Creating peace of mind through honest and committed management.

September 7, 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, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

New Ichigo Office REIT Growth Strategy Roadmap
Ichigo Office REIT decided at its 9th Shareholder Meeting on September 5, 2015 to transition
from a multi-asset REIT to a specialized office REIT. To this effect, Ichigo Office REIT has
renewed its Growth Strategy Roadmap.
1. Rationale
Ichigo Office REIT has positioned the April 2015 and October 2015 periods as Stage IV
Increase Size & Scale in its multi-year growth strategy. Specifically, it is working toincrease dividends and maximize shareholder value through strategically focusing its
portfolio on mid-size offices, an asset class that offers both stability of returns and upside
potential.
In light of its transition to a specialized office REIT, Ichigo Office REIT has set new
Mid-Term Targets and updated its Growth Strategy Roadmap.
2. Mid-Term Targets

Target Dividend per Share: 2,000 yen per period (semi-annual)
Target Total Assets:
230 billion yen
Target Credit Rating:A (Stable)(Note) The above Mid-Term Targets are merely targets. They are not tied to the REIT’s
earnings forecast and are not guaranteed.

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 New Ichigo Office REIT Growth Strategy Roadmap by Ichigo
Office REIT 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 and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

13. Growth Strategy Roadmap
StageⅠ/Ⅱ/Ⅲ/ⅣStage VIStage V
Specialized Office REIT

Multi‐Asset REIT

2015/10

2016/42017/4

2016/102017/10Grow Office PortfolioGoals

Lay Foundation for Sustainable
Dividend Growth

Stable Dividend Growth

Mid-Term Targets

Targets

Dividend per Share 1,670 yen (Forecast)
Total Assets

JPY 164B (August 31, 2015)

Credit Rating

A- (Stable)

2,000 yen
JPY 230B
A (Stable)■ Organic Growth Strategy■ Organic Growth Strategy

Achieve continuous NOI growth and strengthen
Ichigo Office brand・ Raise rents, especially in Central Tokyo wheresupply-demand balance is tight・ Increase rental-related income
・ Support branding and sense of Ichigo quality atassets, e.g., prominent Ichigo signage
・ Maintain highest standard of quality in servicing
tenants via Ichigo Property Management Standard

Drive growth with strong Ichigo Office brandestablished at 100 asset portfolio
・Increase status of Ichigo assets via strong Ichigo
Office brand・Develop original services for Ichigo tenants
・Drive higher rents within and outside of Tokyo・Maximum return on controlled CAPEX

Target: Increase rents by >2.0% p.a.

Action Plan

■ External Growth Strategy
Increase portfolio size and scale and be smart inportfolio restructuring・ Consider acquiring 13 assets where havepreferential acquisition rights
・ Sell assets with limited potential■ Financing Strategy
Improve credit rating & borrowing terms
・Improve credit rating from A- (Stable)
・Improve borrowing terms (cost/tenor/diversity)
・Acquire bank commitment line
・Deploy negative goodwill to increase dividends
・Prepare to enter global REIT indices■ External Growth Strategy
Aim for asset size of JPY230B
・Enhance acquisition pipeline via diversified
sourcing route・Use Ichigo sponsor support and diverse funding
capability to close quickly under deadline■ Financing Strategy
Improve credit rating and diversify funding・Achieve an A (Stable) credit rating
・ Consider issuance of REIT bonds and broadeningof lender base・ Use financial strength and commitment line togrow acquisition capacity
・Further improve borrowing terms
・Enter global REIT indices

4. OtherIchigo Office REIT is holding a briefing on its growth strategy for investors and analysts
today. Please refer to the briefing materials, “Ichigo Office REIT Growth Strategy,” fordetails.
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 public announcement regarding New Ichigo Office REIT Growth Strategy Roadmap by Ichigo
Office REIT 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 and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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