Creating peace of mind through honest and committed management.

[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 25, 2014
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

Earnings and Dividend Forecast for the October 2014 Fiscal Period

Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its earnings anddividend forecast for the October 2014 fiscal period.
1. October 2014 Earnings and Dividend Forecast

October 2014 Forecast(Note 1)
Reference: April 2014
Forecast (Note 2)

Operating
Profit(million yen)

OperatingProfit(million yen)

Recurring
Profit(million yen)

Net Profit(million yen)

Dividendper Share(yen)

4,531

2,112

1,483

1,482

1,530

4,590

2,205

1,300

1,299

1,530

(Note1) Dividend per Share for the October 2014 fiscal period assumes the distribution of Net
Profit plus a dividend reserve reversal of 90 million yen.
(Note 2) Dividend per Share for the April 2014 fiscal period assumes the distribution of Net
Profit plus a dividend reserve reversal of 272 million yen.
*Expected number of shares outstanding as of the end of October 2014 fiscal period:
1,026,323 shares(Note) The forecasts presented above are current figures based on certain preconditions.
Accordingly, the actual operating revenue, operating income, ordinary income, net
income, and dividend per share may vary due to changes in circumstances. Ichigo REIT
does not plan on making any dividend distribution in excess of earnings per share orretained earnings.

12. BackgroundAs disclosed in the releases “Issuance of New Shares and Secondary Share Offering” and“Asset Acquisitions and Sale” on November 15, 2013, Ichigo REIT has decided to sell the COI
Shinbashi Building, with the sale expected to complete at the end of April 2014. Upon sale, 6billion yen of the proceeds will be used to repay the existing loan on the building. In addition,
capital gains on the sale of 52 million yen will be distributed in the October 2014 fiscal period.
For the October 2014 fiscal period, Ichigo REIT thus forecasts a total dividend of 1,573 million
yen.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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Preconditions for the October 2014 Earnings Forecast
Item

Preconditions

PeriodOctober 2014 Fiscal Period: May 1, 2014 – October 31, 2014 (184 days)

Portfolio Assets

 71 properties, reflecting the sale of the COI Shinbashi Building as announced in release“Asset Acquisitions and Sale” on November 15, 2013. The forecast assumes there will be noadditional acquisitions or sales before the end of October 2014.
 The total number of portfolio assets may change due to acquisitions or sales.

Number ofShares The forecast assumes there will be no additional new issuance to the total number of shares
outstanding as of March 31, 2013 (1,026,323 shares) before the end of October 2014.

Operating Revenue Rent revenue is calculated conservatively based on lease contracts that are in effect as ofMarch 31, 2014 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 and 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 345 million yen for theOctober 2014 period.
 The amount for building maintenance and repair expenses is estimated to be 83 million yen
for the October 2014 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 425
million yen for the October 2014 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 600 million yen has been anticipated for the October 2014 period.
 Actual operating expenses may differ significantly from assumptions due to unforeseeable
factors.

Non-operating
Expenses Interest expenses of 479 million yen are anticipated for the October 2014 period.
 Borrowing-related expenses of 152 million yen are anticipated for the October 2014 period.

Borrowings

 Ichigo REIT’s balance of loans payable stands at 62,818 million yen as of March 31, 2014.
 Regarding the sale of COI Shinbashi Building, Ichigo anticipates loan repayment of 6,000
million yen.

Dividend per Share Dividends per share 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 2014 period is assumed to be 1,573 million yen, which is the total
amount of retained earnings of 1,482 million yen plus a dividend reserve reversal of 90
million yen.
 The dividend per share amount is subject to change due to such factors as tenant turnover,property changes, unexpected maintenance and repair costs and other expenses, fluctuationsin interest rates, and the issuance of additional shares.

Dividend in Excessof Earnings per
Share Ichigo REIT does not plan on making any dividend distribution in excess of earnings per
share 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.
 Performance forecasts are based on the assumption that there will be no unexpected materialchange in general economic trends, real estate market conditions, etc.

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