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.

November 30, 2011
For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Revision of Dividend Forecasts for the Fiscal Period Ending October 2011
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today amended its dividend forecast for theTwelfth Fiscal Period (May 1, 2011 – October 31, 2011) previously announced on June 15, 2011. It also
amended the merger dividend forecast for the Eleventh Fiscal Period (May 1, 2011 – October 31, 2011)
for the pre-merger Ichigo Real Estate Investment Corporation previously announced on June 14, 2011.
1. (1) Amendment to Dividend Forecast for the Twelfth Fiscal Period (May 1, 2011 – October 31, 2011)of Ichigo REIT (former FC Residential Investment Corporation)
Dividend per Unit (before split)(Yen)
Previous
Announced
Forecast (A)Current
Amended
Forecast (B)Change (B-A)+1,290Change+21.8%

5,910

7,200

*Number of investment units outstanding at the end of the Twelfth Fiscal Period (ending October 31,2011): 32,700 units (before split)(Note) The figures above are forecasts as of the date of this release. The actual dividend per unit may
differ significantly, and there is no guarantee of the payment of the forecast dividend per unit.

(2) Reason for the Forecast Change
While rental income was in line with the plan, the dividend is expected to increase due to one-time
income arising from a tenant exit.
2. (1) Amendment to Merger Dividend Forecast for the Eleventh Fiscal Period (May 1, 2011 – October31, 2011) of pre-merger Ichigo Real Estate Investment Corporation
Merger Dividend per Unit
(before split)(Yen)
Previous
Announced
Forecast (A)Current
Amended
Forecast (B)Change (B-A)
Change2,500

2,700+200+8.0%*Number of investment units outstanding at the end of the Eleventh Fiscal Period (ending October 31,2011): 204,641 units (before split)**The pre-merger Ichigo Real Estate Investment Corporation is not able to pay a normal dividend for
the Eleventh Fiscal Period due to having been absorbed via merger with the former FC Residential
Investment Corporation. Therefore, on behalf of the pre-merger Ichigo Real Estate Investment
Corporation, Ichigo REIT will pay a “merger dividend” corresponding to the dividend for theoperating period of the pre-merger Ichigo Real Estate Investment Corporation ending October 31,2011.
(Note) The figures above are forecasts as of the date of this release. The actual merger dividend perunit may differ significantly, and there is no guarantee of the payment of the forecast merger
dividend per unit.
(2) Reason for the Forecast Change
While some merger-related costs will be booked in this period, rental income for the Eleventh Fiscal
Period is higher than the initial forecast due to new tenancy contracts primarily in the Tokyo
metropolitan area exceeding the plan. Thus, the merger dividend is expected to be higher than thepreviously announced forecast.

This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

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