Building a richer future together

May 9, 2016
REIT Issuer
Ichigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
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: 03-3502-4891

Issuance of New Shares and Secondary Share Offering
The Board of Directors of Ichigo Office REIT Investment Corporation (“Ichigo Office REIT”)
decided today to issue new shares via a public offering and conduct an over-allotment secondary
share offering (“Greenshoe”) with the underwriters in support of this new share issuance.

1. Issuance of New Shares through Public Offering(1) Number of shares to be offered:

110,166 shares(2) Paid-in amount (issue amount):

The amount will be determined at a Board of
Directors meeting held between May 16,
2016 and May 19, 2016 (the “Pricing
Date”).

(3) Total paid-in amount (total issue amount):

To be determined(4) Offering method:

The shares will be offered as a public
offering and underwritten in full by SMBC
Nikko Securities Inc. (“Lead Manager”) as
well as by Mizuho Securities Co., Ltd.,
Mitsubishi UFJ Morgan Stanley Securities
Co., Ltd., and Daiwa Securities Co. Ltd.
(“Underwriters” collectively with Lead
Manager). The issue price of the public
offering will be calculated by multiplying
the closing price of Ichigo Office REIT’s
shares on the Tokyo Stock Exchange(“TSE”) on the Pricing Date (or the closing
date on the day preceding the Pricing Datein the event there is no closing price) by afactor of 0.90~1.00 (rounded down to thenearest one yen), and will be determined inconsideration of demand and other 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 public disclosure regarding the issuance of new shares and secondary share offering 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(5) Underwriting agreement:

The Underwriters will pay Ichigo Office
REIT the total paid-in amount on the“Payment date” below. The difference
between the issue price total and the paid-in
total shall be the Underwriters’ proceeds.
Ichigo Office REIT will pay no commission
to the Underwriters.

(6) Subscription period:

May 17, 2016 and May 18, 2016.
Subject to demand and other factors, thesubscription period may be postponed inwhich case the latest subscription period willbe May 20, 2016 to May 23, 2016.

(7) Subscription units:

One share or more in single share multiples(8) Payment date:

A date between May 23, 2016 and May 26,
2016, which shall be five business days after
the Pricing Date.

(9) Delivery date:

The business day following the Payment Date.

(10) The issue price, the paid-in amount, and other necessary items relating to the issuance of
new shares will be decided at a future Board of Directors meeting. Amendments prior to
the determination will be delegated to the Statutory Executive Officers.
(11) The aforementioned items will be subject to the effectiveness of the procedures inaccordance with the Financial Instruments and Exchange Act of Japan.
2. Over-Allotment Secondary Share Offering by Underwriter (“Greenshoe”)(1) Seller:

SMBC Nikko Securities Inc.

(2) Number of shares to be offered:

5,798 sharesThis is the maximum number of shares that
may be issued through the over-allotment
secondary offering. Depending on demandand other factors, there may be cases where
this number is reduced or the secondaryoffering itself is not held at all. The numberof shares to be offered through thesecondary offering will be determined on the
Pricing Date.

(3) Offer price:

The offer price will be determined on the
Pricing Date and shall be the same as theissue price for the public offering.

(4) Total offer price:

To be determined

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

2(5) Offering method:

SMBC Nikko Securities Inc. will offer theshares (maximum: 5,798 shares) borrowed
from the shareholders of Ichigo Office REIT,
depending on demand and other factors.

(6) Subscription period:

Same as the subscription period for the
public offering as described in section 1 (6).

(7) Subscription units:

One share or more in single share multiples(8) Delivery date:Same as the delivery date for the public
offering as described in section 1 (9).

(9) The offer price and other items necessary for the Over-Allotment will be determined at afuture Board of Directors meeting. Amendments prior to the determination will bedelegated to the Statutory Executive Officers.
(10) Each of the aforementioned items shall be subject to the effectiveness of the proceduresin accordance with the Financial Instruments and Exchange Act of Japan.
3. New Share Allotment to Underwriter to Replace Shares Offered in Over-Allotment
Secondary Share Offering (“Greenshoe”)(1) Number of shares to be offered:

5,798 shares(2) Allottee and number of shares
to be issued to the allottee:

SMBC Nikko Securities Inc.

(3) Paid-in amount (issue amount):

The paid-in amount will be determined on
the Pricing Date at the Board of Directors
meeting and will be same as the paid-in
amount for the public offering.

(4) Total paid-in amount (total issue amount):

To be determined(5) Subscription period (Subscription date):

June 21, 2016(6) Subscription units:

One share or more in single share multiples(7) Payment date:June 22, 2016

5,798 shares(8) The paid-in amount and other items necessary for the underwriter new share allotment
will be determined at a future Board of Directors meeting. Amendments prior to thedetermination will be delegated to the Statutory Executive Officers.
(9) If there are no subscriptions for all or a part of the shares on or before the subscription
period described in (5), the issuance of such shares will be canceled.
(10) If the public offering is suspended, the issuance of new shares by way of underwriter new
share allotment will also be suspended.
(11) Each of the aforementioned items will be subject to the effectiveness of procedures inaccordance with the Financial Instruments and Exchange Act of Japan.

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

3Reference Information
1. Details of the Over-Allotment Secondary Offering (“Greenshoe”)
Taking into account investor demand and other factors, SMBC Nikko Securities Inc. may
implement a secondary offering of shares (up to a maximum of 5,798 shares) borrowed from
Ichigo Office REIT shareholders. The number of shares may decrease or the secondary offering
through over-allotment itself may not be held at all.
In order for SMBC Nikko Securities Inc. to acquire the shares needed to return the borrowed
shares, Ichigo Office REIT’s Board of Directors has resolved to issue 5,798 new shares to theunderwriter, with SMBC Nikko Securities Inc. as the allottee and the payment date designatedas June 22, 2016.
In order to return the borrowed shares used in the over-allotment secondary offering(“Greenshoe”), SMBC Nikko Securities Inc. may also purchase shares up to the number in thesecondary offering (over-allotment) in the market at the TSE (the “syndicate cover transaction”)
from the day following the close of the subscription period to June 17, 2016 (the “syndicate
cover transaction period”). All of the shares purchased by SMBC Nikko Securities Inc. throughthe syndicate cover transaction will be used to return the borrowed shares. At its own discretion,
SMBC Nikko Securities Inc. may choose not to conduct the syndicate cover transaction or
choose to end the syndicate cover transaction with a total of shares that is smaller than thenumber offered through the secondary offering (over-allotment).
Moreover, SMBC Nikko Securities Inc. may conduct stabilizing transactions with relation to the
public offering and the secondary offering (over-allotment). The shares purchased through suchstabilizing transactions may be used, in whole or in part, to return the borrowed shares.
SMBC Nikko Securities Inc. intends to agree to the underwriter new share allotment for thefollowing number of shares: the shares in the over-allotment secondary offering (“Greenshoe”)
minus the shares purchased by SMBC Nikko Securities Inc. through the stabilizing transactions
and the syndicated cover transaction. As a result, there may be cases in which there will be no
subscription either in whole or in part to the shares offered by the underwriter new shareallotment and, accordingly, the final number of shares issued by way of the underwriter new
share allotment will decrease due to forfeiture of rights or such issuance itself will not take placeat all.
Whether or not the secondary offering through over-allotment will be conducted as well as thenumber of shares to be offered will be decided on the Pricing Date. In case there is no secondaryoffering through over-allotment, SMBC Nikko Securities Inc. will not borrow the shares fromthe shareholders. Subsequently, there will be no subscription by the underwriter to the shares
offered in the underwriter new share allotment and, accordingly, the shares shall not be issued in
the underwriter new share allotment due to forfeiture of rights. Further, there will be no
syndicate cover transaction at the TSE.

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

42. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present: 1,416,323 shares
Increase in shares from public offering: 110,166 shares
Total number of shares outstanding after public offering: 1,526,489 shares
Increase in shares from the underwriter new share allotment: 5,798 shares1
Total number of shares after the underwriter new share allotment: 1,532,287 shares1
1

Assumes that SMBC Nikko Securities Inc. subscribes to all the shares issued in theunderwriter new share allotment and that all such shares are issued.

3. Purpose of New Issuance
Ichigo Office REIT continues to execute on its plan to grow earnings and dividends on behalfof its shareholders. Strategically restructuring its portfolio to focus on high-demand,
well-located mid-size offices, thus far in 2016 Ichigo Office REIT has sold four assets inlower-quality locations, taking advantage of a strong market environment to generate capitalgains, and acquired thirteen assets of higher quality, including eight assets acquired today.1,2
Ichigo Office REIT will continue to execute on this strategy of increasing asset quality andselling assets with limited upside in order to drive portfolio NOI and further dividend growth.
As announced in today’s release “Acquisition of Eight Office Assets,” an acquisition that isaccretive to Ichigo Office REIT shareholders, Ichigo Office REIT is acquiring eight prime
location office assets in Central Tokyo, Nagoya, and Osaka, areas where rents are rising andthere is ongoing economic growth potential.3
Ichigo Office REIT is also working to lower its interest costs and improve the terms andconditions of its borrowings, taking maximum advantage of the current low interest rateenvironment. Today’s acquisition will be financed by funds from the public offering, Japanese
megabank and other bank borrowings, and cash-on-hand.4
1

Increase Portfolio
Quality, Size, andScale to Drive NOI
and Dividend2

Increase Asset
Profitability toFurther Drive NOI
and Dividend

3

Further Strengthen
Financial Base

Sell low-upside assets into a strong market and recycle the capital toacquire higher-quality, higher-return assets
Drive ongoing NOI and dividend growth by focusing portfolio on
Central Tokyo and four major regional cities (Osaka, Nagoya,Fukuoka, and Sapporo) with rising rents and continued economic
growth potential

Increase asset-level profitability and asset value by fully using Ichigo’s
deep expertise in leasing and value-add of mid-size office buildings



Refinance to reduce borrowing costs and improve borrowing terms,
taking advantage of the current low interest rate environment
Retain asset sale profits in the dividend reserve and deploy to stabilize
and increase future dividends1“Mid-size offices” are office buildings with leasable space of 1,000 m2 to 10,000 m2.
For details, please see today’s release “Acquisition of Eight Office Assets.”
3“Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards.
2

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

54Specific details of the borrowings will be announced as soon as they are determined.

4. Amount to be Procured & Use of Proceeds and Timing(1) Amount to be procured (net proceeds):

9,265,000,000 yen (maximum)

This amount represents the sum of 8,802,000,000 yen in net proceeds Ichigo Office REIT
will receive from the public offering and the maximum amount of 463,000,000 yen
Ichigo Office REIT will receive from the underwriter new share allotment, estimatedbased on the closing price of Ichigo Office REIT shares in regular trading at the TSE on
April 26, 2016.
(2) Use of proceeds and timing
Ichigo Office REIT plans to use the net proceeds from the public offering (8,802,000,000yen) to acquire the assets specified in today’s release “Acquisition of Eight Office Assets.”
The proceeds from the underwriter new share allotment (maximum 463,000,000 yen) will
be used to fund miscellaneous expenses incidental to the acquisitions. Any remaining
funds will be kept as cash-on-hand in the form of bank deposits and used for future asset
acquisitions and loan repayments.
5. Designated Allocation to Counterparties
N/A
6. Earnings Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revisions for the April 2016,
October 2016, and April 2017 Fiscal Periods.”
7. Financial Results for the Past Three Fiscal Periods and Equity Financing History(1) Financial results for the past three fiscal periods
October 2014
Net Income per ShareDividend per Share
Payout Ratio2
Net Assets per Share

April 2015

October 2015

1,373 yen

634 yen

1,310 yen

1

1,547 yen

1

1,603 yen

1,706 yen1

112.6%1

257.1%1

130.3%1

59,531 yen

60,657 yen

65,843 yen

1

To offset one-off items and more fully reflect Ichigo Office REIT’s operating earnings, 177
million yen in the October 2014 fiscal period, 1,107 million yen in the April 2015 fiscal
period, and 562 million yen in the October 2015 fiscal period were distributed from dividend
reserves.
2
Payout Ratio = Total dividend / Net Income×100

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

6(2) Recent share price(i) Share price in the last three fiscal periods(yen)
October 2014

April 2015

October 2015

Opening Price

62,00083,90089,600Highest Price

85,700101,000

90,900

Lowest Price

61,30079,50077,700

Closing Price

83,70089,80083,600(Note) The opening price, highest price, and lowest price are based on the closing price ofthe shares in regular trading at the TSE.
(ii) Share price in the last six months(yen)
Dec 2015

Jan 2016

Feb 2016

Mar 2016

Apr 2016

May 2016

Opening Price

87,90085,80089,30085,60085,70081,900Highest Price

88,20088,90089,30087,70088,40082,700

Lowest Price

83,20077,70076,10083,80083,40081,900

Closing Price

86,80088,90084,40086,90083,40082,7001

The opening price, the highest price, and the lowest price are based upon the closing price ofthe shares in regular trading at the TSE.

2

The share price for May 2016 is as of May 6, 2016.

(iii) Share price on the day previous to issuance resolution(yen)
May 6, 2016
Opening Price

81,900Highest Price

83,500

Lowest Price

81,900

Closing Price

82,700Disclaimer: 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 public disclosure regarding the issuance of new shares and secondary share offering 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.

7(3) Equity financing conducted in the past three fiscal periods
Public Offering
Issuance Date
Amount Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Intended use of proceeds at the time of
the issue
Scheduled timing of use of proceeds at
the time of the issue
Current status

May 1, 2015
23,418,366,400 yen (Estimated net proceeds)
86,192 yen
1,130,323shares
271,700 shares
1,402,023 shares
Asset acquisition and loan repayment
April 2015 onward
Completed use of proceeds per above timing

Underwriter New Share Allotment
Issuance Date
Amount Procured
Paid-in Amount (Issue Amount)
Number of shares issued and outstanding
before the offering
Number of shares issued in the offering
Number of shares issued and outstanding
after the offering
Allottee
Intended use of proceeds at the time of
the issue
Scheduled timing of use of proceeds at
the time of the issue
Current status

May 27, 2015
1,232,545,600 yen (Estimated net proceeds)
86,192 yen
1,402,023 shares
14,300 shares
1,416,323 shares
SMBC Nikko Securities Inc.
Loan repayment or cash-on-hand for future loan
repayment
May 2015 onward
Completed use of proceeds per above timing

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

88. Restrictions on Sale and Additional Issuance of Shares (Lock-Up)(1) Ichigo Asset Management, Ltd., Ichigo Trust Pte. Ltd., and Ichigo Real Estate Investment
Advisors Co., Ltd. who hold shares amounting to 1 share, 342,890 shares, and 1,400
shares, respectively, have agreed with the Lead Manager that they will not sell, transfer,pledge as collateral, or lend to any other party or otherwise dispose of the shares theyown during the period starting from the pricing date to a date 45 days from the delivery
date, without prior written consent from the Lead Manager (excluding Ichigo Trust Pte.
Ltd. lending shares to the underwriter in support of the over-allotment secondaryoffering).
(2) Ichigo Office REIT has agreed with the Lead Manager not to engage in the issuance ofthe shares and certain other transactions without the prior written consent of the Lead
Manager during the period starting from the pricing date to the date 90 days from thedelivery date (excluding the public offerings, the underwriter new share allotment, theissuance of shares via stock-split, and certain other exceptions).
(3) For either (1) or (2) above, the Lead Manager retains the right to terminate a part or all of
the aforementioned agreement under its own discretion during the restriction period
thereof or to shorten the restriction period thereof.

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 public disclosure regarding the issuance of new shares and secondary share offering 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.

9