May 23, 2006
For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg,
1-5-3 Nihon-bashi,Chuo-ku, Tokyo
Shunji Miyazaki: Executive Officer(Securities Code: 8980)
Inquiries:
The LCP REIT Advisors Co.,Ltd
CFO

Yuji Kubo

TEL: +81-3-3272-7311

Forecasts of Performancefor the Period Ending August, 2006 and the Period Ending February, 2007
The forecasts (estimated figures) of the investment performance of LCP Investment Corporation(hereinafter referred to as the “Investment Corporation”) for the period ending August 2006 (fromSeptember 20, 2005 to August 31, 2006) and the period 28 February 2007 (from September 1, 2006
to February 28, 2007) are as follows

Period ending August2006

OperatingOrdinary

revenueprofit

Million yen

Million yen

935

Net profit

Dividends

per

Excess profit

unit

Distribution per unit

Million yen

Yen

Yen

351

339

5,549

Million yen

Million yen

Million yen

Yen

1,710

751

750

12,287−(First period)
Period ending February
2007

Yen−

(Second period)[Reference]
Fiscal year ending

Forecasted number of investment units outstanding:August 2006:

61,100Fiscal year ending

Forecasted number of investment units outstanding:

February 2007:

61,100（Note）(Note)

Forecasted net income per unit
5,549 yen
Forecasted net income per unit
12,287 yen(Notes) Forecasted number of investment units outstanding is calculated under the precondition mentioned to the column”Issue ofInvestment Unit”of Appendix.

[Notes]
1. The scheduled borrowing amount from the qualified institutional investors of approximately¥22,235 million, which was a precondition and assumption underlying forecasts described in the“Borrowing” column of the appendix of the press release titled “Revision of Forecasts ofFinancial Results for the Fiscal Periods ending August 31, 2006 and February 28, 2007” isamended to ¥22,700 million. As to Non-operating expenses described in the column of“Non-operating expenses” of the said appendix, the estimated amount for the period ending
August 31, 2006 is amended from ¥220 million to ¥221 million. With respect to the interest
expenses, the estimated amount for the periods ending August 31, 2006 and February 28, 2007
are amended from ¥94 million to ¥95 million and from ¥170 million to ¥171 million,respectively. There is no amendment concerning net profit and dividends per unit for the periods
ending August 31, 2006 and February 28, 2007.
2. The forecast figures above are the current figures calculated under the preconditions included in
precondition mentioned to Appendix, and the actual operating revenue, net profit and dividend
per unit are subject to change due to factors such as the acquisition or sale of assets, changes in
the real estate and financial market, and changes in the environment surrounding the Investment
Corporation. In addition, these forecasts do not guarantee the amount of the dividend.
3. When it is anticipated that there will be differences in the forecast figures above that are greaterthan a certain degree, the forecast figures may be revised.
4. In the Investment Corporation, the period ending August 2006 (the first period) will be from
September 20, 2005 to August 31, 2006 and the period ending February 2007 (the secondperiod) will be September 1, 2006 to February 28, 2007. Business terms thereafter will be fromMarch 1 to August 31 and September 1 to February end in the following year in each year.
5. The forecast figures are rounded off.

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

[Appendix]
Precondition for Forecast of Performancefor the Period Ending August 2006 and the Period Ending February 2007
ItemPrecondition
・ The Investment Corporation plans to acquire real estate (3 properties) and trust
beneficiary rights for 30 properties (hereinafter referred to as “initial assets foracquisition”) using the proceeds from the issuance of investment units being offered

Assets undermanagement

this time and borrowing.
・ The forecast of investment performance is based on the assumption that obtaining theinitial assets for acquisition will be completed promptly on the day after the payment
date ( May 22, 2006) for the investment units being offered this time and that there will
be no changes (acquisitions of a new property, sales of acquired property, etc.) in theportfolio until February 28, 2007 ( end of the second period). In practice, however,forecasts for investment performance are subject to revision due to changes in the assets
under management.
・ The actual investment period for the period ending August 2006 (the first period) iscalculated to be 101 days.
・ Income from the leases of the properties is calculated based on the lease contracts
related to the assets to be acquired which are effective as of January 31, 2006, while
taking into consideration factors such as competitiveness of properties and market

OperatingRevenueconditions.
・ Rent level is calculated taking into consideration factors such as real estate market
conditions and competitive properties located in adjoining areas.
・ Operating revenues are estimated on the basis there are no rental income arrears andnonpayment.
・ Among the expenses for the properties leasing, which are the principal operating
expenses, those other than depreciation and asset management fees are calculated basedon the historical data in the documents as of January 31, 2006 provided by current

Operatingowners of initial assets for acquisition, while taking variable expenses intoexpenses

consideration.
・ Although property tax and city planning tax are generally settled at the time property is
acquired in the trading of real estate on a pro-rata basis with the former owner inaccordance with the length of ownership period, the Investment Corporation includes
the amount corresponding to the settlement in the acquisition costs.

The amountcorresponding to the settlement property tax and city planning tax for the initial assets
for acquisition, which is to be included in the acquisition costs, is about 90 million yen.

・ The amount estimated to be required for building repair expenses for each businessperiod is included. However repair expenses could differ significantly from estimatedamounts due to various reasons.

Repair expenses may arise from damage caused byOperating

unexpected factors and the amounts generally tend to differ from year to year, andexpenses

difficult to forecast.
・ Depreciation expenses are calculated using the straight line method, including ancillary
expenses and additional future capital expenditure (167 million yen for the period
ending August, 2006, the first period, and 305 million yen for the period ending
February, 2007, the second period)・ Non-operating expenses are expected to be 221 million yen for the period ending
August 2006 (first period) and 178 million yen for the period ending February 2007(second period).

For the period ending August 2006 (first period), the Investment

Non-operating

Corporation anticipates temporary expenses related to the listing and public offering ofexpenses

the investment units to total 119 million yen.
・ Interest expenses totaling 95 million yen and 171 million yen are expected for theperiod ending August 2006 (first period) and the period ending February 2007 (secondperiod), respectively.
・ The Investment Corporation anticipates that the one-time expenses related toExtraordinary

postponement of the investment units listing would be approximately 10 million yen.

Loss

Other expenses caused by the postponement, such as appraisal fees related to theproperties, amounting to approximately 14 million yen, are recognized in the acquisition
costs of the properties.
・ The Investment Corporation intends to obtain loans of approximately ¥22,700 million
from the qualified institutional investors defined in article 2.3-1 of the Securities andBorrowing

Exchange Law of Japan.
・ The Investment Corporation assumes that there will be no changes in debt amount andthe interest rates up to and including the end of the second fiscal period ending
February 2007.
・The Investment Corporation assumes that it will issue a total of 60,800 new investment
units, comprised of, in addition to the 300 units expected as of April 20, 2006, newIssue ofunits through a public offering (59,000 units) based on a resolution of the Board ofInvestment unit

Officer’s meeting held on April 20, 2006, and new units issued by way of a third-party
allotment (up to 1,800 units) in connection with the offering by way of anover-allotment. It is also assumed that no additional units will be issued until the endof the second fiscal period. (February end, 2007)

Dividendper unit

・ Cash distributions per unit are calculated according to the Investment Corporation’s
distribution policy outlined in its Articles of Incorporation.
・ Cash distributions per unit may vary due to various factors, including the changes inDividendrent income caused by the tenant replacements and unplanned repairs.

per unit
Excess profit
Distribution

・ The Investment Corporation does not currently plan any distributions in excess of net
income per unit.

per unit
・ The Investment Corporation assumes that there will be no amendments in legislation,taxation, Japanese GAAP, listing requirements and Investment Trusts AssociationOthers

regulations, which affect the above forecasts.
・ The Investment Corporation assumes that there will be no material changes in general
economic conditions and real estate markets.