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

Revision of Earnings and Dividend Forecast for the April 2013 Fiscal Period andEarnings and Dividend Forecast for the October 2013 Fiscal Period

Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has amended its earnings anddividend forecast for the April 2013 fiscal period and hereby announces its earnings anddividend forecast for the October 2013 fiscal period.

1. Revision of Earnings and Dividend Forecast for the April 2013 Fiscal Period
Operating
Revenue(million yen)

Operating
Income(million yen)

Ordinary
Income(million yen)

Net
Income(million yen)

Dividendper Unit(yen)

4,124

1,983

432

432

1,420

4,125

1,985

398

397

1,430

+1+2-34-35+10Change+0.0%

+0.1%

-7.9%

-8.1%

+0.7%

Reference:
Actual for theOctober 2012 Fiscal
Period

4,320

1,866

663-526

1,387

Previous
Announced
Forecast (A)Current
Amended
Forecast (B)Change (B-A)(Note1) Expected number of investment units outstanding as of the end of April 2013 fiscal
period: 842,823 units*The forecasts presented above are based on current assumptions. The actual operating
revenue, operating income, ordinary income, net income, and dividend per unit mayvary due to changes in circumstances. These forecasts should not be construed as aguarantee of such performance or results.

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 revision of earnings and dividend forecast for the April
2013 fiscal period and the earnings and dividend forecast for the October 2013 fiscal period, 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 theirown decision and responsibility.

12. Reasons for the April 2013 Forecast Revision
Although Ichigo REIT does not expect a significant change to either its earnings or dividend
forecast for the April 2013 fiscal period , Ichigo REIT has decided to amend its forecast toinclude one-off costs incidental to refinancing the Gibraltar Life Insurance loan announced inthe March 14, 2013 release “Notice of Refinancing and Repayment of Existing Loan.”With this refinancing, Ichigo REIT incurred financing costs of 37 million yen. A dividend
reserve reversal of 771 million was expected as announced in “Revision of Earnings andDividend Forecast for the Fiscal Period Ending April 2013” on January 29, 2013. However, theactual loan terms were better than initially forecasted, and Ichigo REIT is reflecting this byraising its forecast dividend per unit by 10 yen to 1,430 yen. The dividend amount for the April
2013 period is thus forecast to be 1,207 million yen, which is this period’s undistributed
earnings of 397 million yen plus a dividend reserve reversal of 809 million yen to offset theone-off costs for the above-mentioned refinancing.

3. Earnings and Dividend Forecast for the October 2013 Fiscal Period
OperatingOperating

Ordinary

Net

Dividend

Revenue

IncomeIncomeIncomeper Unit

(million yen)(million yen)(million yen)(million yen)

(yen)

4,391

2,095

1,309

1,309

1,490

4,125

1,985

398

397

1,430

October 2013 Fiscal
Period(Note 2)
(Reference)
April 2013 Fiscal
Period (Note 3)(Note 2) Regarding the dividend forecast for the October 2013 fiscal period, a dividend reserve
reversal of 97 million yen is expected (described in below Section 4).
(Note 3) Regarding the dividend forecast for the April 2013 fiscal period, a dividend reserve
reversal of 809 million yen is expected (described above in Section 2).
*Expected number of investment units outstanding as of the end of the fiscal period:
941,823 units
This number of units represents the sum of 842,823 investment units issued andoutstanding as of today, plus 90,000 investment units to be issued via a public offeringand a maximum of 9,000 investment units to be issued from a third-party allotment(should the over-allotment option be exercised) as resolved at today’s Board ofDirectors meeting. For details, please refer to today’s release “New Investment Unitsand Secondary Offering of Investment Units.”*The forecasts presented above are based on certain preconditions. The actual operating
revenue, operating income, ordinary income, net income, and dividend per unit mayvary due to changes in circumstances. These forecasts should not be construed as aguarantee of such performance or results.

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 revision of earnings and dividend forecast for the April
2013 fiscal period and the earnings and dividend forecast for the October 2013 fiscal period, 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 theirown decision and responsibility.

24. Reasons for Forecast Disclosure
Ichigo REIT has decided to acquire three assets through a public offering as announced intoday’s releases “Issuance of New Investment Units and Secondary Offering of Investment
Units” and “Acquisition of Portfolio Assets (Ichigo Akihabara North Building, Ichigo Sakaisuji
Honmachi Building, and Konami Sports Club Izumi Fuchu).” These acquisitions will also be
financed by borrowing from banks, including the Japanese megabanks, and by cash on hand.
Ichigo is announcing its earnings and dividend forecasts for the October 2013 fiscal period intandem with these acquisitions’ projected impact on earnings.
Regarding the dividend forecast for the October 2013 fiscal period, a dividend reserve reversalof 97 million yen is expected to reflect the acquisitions’ annualized rental income contribution(their monthly rental income is 30 million yen) and exclude the impact of one-off investment
unit issuance costs.

(Note) The forecasts presented above are current figures based on certain preconditions.
Accordingly, the actual operating revenue, operating income, ordinary income, netincome, and dividend per unit may vary due to changes in circumstances. Ichigo REIT
does not plan on making any dividend distribution in excess of earnings per unit orretained earnings.

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 revision of earnings and dividend forecast for the April
2013 fiscal period and the earnings and dividend forecast for the October 2013 fiscal period, 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 theirown decision and responsibility.

3Preconditions for the October 2013 Earnings Forecast
Item
PeriodPortfolio Assets

Number ofInvestment Units

Preconditions
The October 2013 Fiscal Period: May 1, 2013 – October 31, 2013 (184 days)
 66 properties as of April 30, 2013. In addition, Ichigo REIT expects to acquire three assets
as announced in today’s release “Acquisition of Portfolio Assets (Ichigo Akihabara North
Building, Ichigo Sakaisuji Honmachi Building, and Konami Sports Club Izumi Fuchu).” Itassumes there will be no additional acquisitions or sales before the end of October 2013.
 The total number of portfolio assets may change due to acquisitions or sales.
 941,823 units: the sum of 842,823 investment units issued and outstanding as of April 30,
2013, plus 90,000 investment units to be issued from a public offering and a maximum of
9,000 investment units to be issued from a third-party allotment (should the over-allotment
option be exercised). It assumes there will be no additional unit issuance before the end of
October 2013.

Operating Revenue Rent revenue is calculated conservatively based on lease contracts that are in effect as ofApril 30, 2013 while taking into consideration such factors as historical rents, thecompetitiveness of the properties, and market conditions.

OperatingExpenses

 Among rental activity expenses, Ichigo REIT’s principal operating expenses, those expenses
other than depreciation are calculated based on historical data while taking into
consideration variable expenses.
 The anticipated amount of property tax and city planning tax is 317 million yen for theOctober 2013 period. The prorated property tax and city planning tax related to theseacquisitions will be included in the acquisition cost and shall be excluded from operating
expenses.
 The amount for building maintenance and repair expenses is estimated to be 99 million yen
for the October 2013 period. However, expenses for each period could differ significantly
from these estimated amounts for reasons including the variability of maintenance andrepair expenses, costs due to unexpected building damage, etc.
 Service provider expenses including property management fees, etc., are estimated to be 405
million yen for the October 2013 period.
 Depreciation has been calculated using the straight-line method. Depreciation is calculated
by including the depreciation for future additional capital expenditures in the amortization
amount. Depreciation of 564 million yen has been anticipated for the October 2013 period.
 Actual operating expenses may differ significantly from assumptions due to unforeseeable
factors.

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 revision of earnings and dividend forecast for the April
2013 fiscal period and the earnings and dividend forecast for the October 2013 fiscal period, 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 theirown decision and responsibility.

4Non-operating
Expenses Interest expenses of 550 million yen are anticipated for the October 2013 period.
 Borrowing-related expenses of 208 million yen are anticipated for the October 2013 period.
 Expenses related to the new issuance of investment units of 30 million yen are anticipatedfor the October 2013 period.

Borrowings

 Ichigo REIT’s balance of loans payable stands at 56,458 million yen as of April 30, 2013.
 Regarding the acquisition, in addition to the issuance of investment units resolved at today’s
Board of Directors meeting, Ichigo anticipates new borrowing of 3,700 million yen.

Dividend per Unit Dividends per unit are based on the assumption that distribution will comply with thedividend distribution policy stipulated in Ichigo REIT’s Articles of Incorporation.
 Dividend for the October 2013 period is assumed to be 1,406 million yen, which is the total
amount of retained earnings of 1,309 million yen plus a dividend reserve reversal of 97
million yen.
 The amount of the dividend per unit is subject to change due to such factors tenant turnover,other changes in properties, the occurrence of unexpected maintenance and repair costs andother expenses, fluctuations in interest rates, and the issuance of additional investment units.

Dividend in Excessof Earnings perUnit

 Ichigo REIT does not plan on making any dividend distribution in excess of earnings perunit or retained earnings.

Other The performance forecasts are based on the assumption that revisions impacting the forecast
figures above will not be made to laws and ordinances, the tax system, accounting standards,
listing rules, rules of the Investment Trusts Association, Japan, etc.
 The performance forecasts are based on the assumption that there will be no unexpectedmaterial change in general economic trends, real estate market conditions, etc.

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 revision of earnings and dividend forecast for the April
2013 fiscal period and the earnings and dividend forecast for the October 2013 fiscal period, 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 theirown decision and responsibility.

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