January 22, 2008

For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Masayoshi Takahashi: Executive Officer(Securities Code: 8980)
The LCP REIT Advisors Co., Ltd.
Shunji Miyazaki: President and CEO
Inquiries:
Yuji Kubo
Director and CFO
TEL: +81-3-3272-7311

Notice Concerning Change of Master Lease and Property Management Company
Announcement is hereby made that LCP Investment Corporation (the “Investment Corporation”) will, asof February 1, change its master lease companies (“ML company”) and property management companies(“PM company”) as follows:

1. Outlines of the change
ML and PM companies will, as of February 1, 2008, be changed as the following, in terms of 6 properties outof all 46 properties owned by the Investment Corporation.
Use

Property
NumberResidential

R-1

Residential

R-7

Residential

R-20

Residential

R-21

Residential

R-22

Residential

R-31

Property NameCity House Tokyo
Shinbashi

Current ML and PMCompany
R.A. Asset Management Inc.

Casa Eremitaggio

Alphahomes Co., Ltd.

Lexington Square

Arrow Building Management

KitahorieCo., Ltd.

Lexington Square

Arrow Building Management

ShinmachiCo., Ltd.

Luna CourtTsukamoto

New ML and PM Company

Tokyu Livable, Inc.
(Please refer to the exhibit for
more information.)

Soken Co., Ltd.

Park Habio Shinjuku

Mitsubishi Real EstateGyoen（*）

Services Co., Ltd.

（*）The property name of Park Habio Shinjuku Gyoen is scheduled to be changed on February 1, 2008. For more information, please refer tothe “Notice Concerning Change of Property Name” issued as of today.

2. Rationale for the change
The Investment Corporation revised the ML and PM companies in order to develop and maintain portfolio
values of the aforementioned properties, in accordance with its fundamental policy aiming at steady value

growth of the properties through the mid-and-long term outlook.
3. Transactions with Stakeholders etc
As of January 22, the aforementioned new ML and PM companies do not fall under the category of asponsor-related party (*) under self-regulation by the Asset Management Company, which is a measure
to avoid conflicts of interest concerning asset management of the Investment Corporation.
(*) Sponsor-related party means: (a) party or person who falls under the category of Related Parties, etc. defined by the Law concerning
Investment Trusts and Investment Corporations, (b) all shareholders of the asset management company, and (c) special purpose
companies which entrust its asset management to a party or a person falling under the category of (b) above, invest in or makes
silent partnership contributions in.

* This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press club for theMinistry of Land, Infrastructure and Transport and to the press club for specialty construction newspapers at the Ministry ofLand, Infrastructure and Transport.
* Website of the Investment Corporation: http://www.lcp-reit.co.jp* This English language notice is a translation of the Japanese language notice issued on the same day and was prepared solely
for the convenience of and reference by, overseas investors. LCP Investment Corporation makes no warranties as to its
accuracy or completeness.

Exhibit
Business Name
Address of Home Office
Representative
CapitalBusiness Activities

Tokyu Livable, Inc.
1-9-5, Dogenzaka, Shibuya-ku, Tokyo
Representative Director: Yasuo Sodeyama
1,396.3 million yen
Real estate broker, dealer
Property management