For Translation Purposes Only
July 28, 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 Amendment to Corporate Rules (Investment Guideline)of the Asset Management Company
The LCP REIT Advisors Co., Ltd. (the “Asset Management Company”) , the asset management company of LCP
Investment Corporation (the “Investment Corporation”), has announced that it decided to amend the investment
guideline, its corporate rules, at the board of directors meeting held on July 28, 2008.
1. Outline of Change in Corporate Guideline
Since the investment units of the Investment Corporation got listed on the REIT section of the Tokyo Stock
Exchange in May, 2006, the Asset Management Company has been conducting asset management of theproperties held by the Investment Corporation, as a “diversified REIT which mainly invests in residential andsenior properties, and partly invests in other properties”. Despite of the stable rent income, however, residential
properties have been losing the market liquidity and the financing availability for property acquisitions has
continuously declined, mainly due to the impact of sub-prime lending problem.
In terms of senior properties, meanwhile, though a great deal of future demand may be anticipated, there are somecases where the investors and the financial institutions do not have enough understanding for those properties dueto the short history of this kind of properties as investment target.
Given the various factors, the unit price of the Investment Corporation has been weakened, in response to severemarket appreciation. The Asset Management Company has been taking this situation seriously and considering
fundamental measures to improve the current situation.
As a result, the Asset Management Company decided to amend its investment guideline, concluding that morevalue-added asset management can be carried out by changing its investment policy from a “diversified REIT
which mainly invests in residential and senior properties, and partly invests in other properties to diversify its
portfolio” to a “diversified REIT which mainly invests in office and residential properties, and partly invests inother properties to diversify its portfolio”. The aims are primarily to construct flexible portfolio which enables therebalancing and the expansion, as a result of allocation of office properties which are deemed to have relatively
high market liquidity as one of the main investment targets of the Investment Corporation.
As stated in the press release “Notice concerning Partial Amendment of the Articles of Incorporation and Electionof Officers” on July 16, 2008, the Investment Corporation has proposed to change a part of its corporate rules at
the general meeting of unitholders scheduled to be held on August 8, 2008 and the Asset Management Company
today decided to change its investment guideline as stated below, subject to approval of unit holders’ meeting .
The major change in the investment guideline is as follows.

<Change in Investment Target and Investment Ratio>
Before Amendment
Use
Percentage
Main Investment
TargetOther Investment
TargetAfter Amendment
Use
Percentage

Residential Properties

From 35% to75%

Office Properties

Less than70%

Senior Properties

Less than 35%

Residential Properties

Less than
70%

Less than 50%

Other Properties(Commercial, hotel,
senior or otherproperties)

Less than30%

Other Properties(Office, commercial,
distribution, hotel orother properties)

Accordingly, office properties will be allocated as one of the main investment targets as well as residential
properties, and senior properties will be allocated in other properties for portfolio diversification.
Also, the Asset Management Company decided to discontinue “LCP style investment”, a part of theinvestment policy of the Asset Management Company which has been applied for the properties devoted to the
purposes except for residential properties , for the purpose that enhance risk diversification by property use orarea. Given the market conditions in these days and the operating results of the properties, it is possible toforesee properties with stable income without applying the LCP style investment, and also it may principally
prevent the Asset Management Company from flexible property acquisition where a certain secured approach
for income can be found.
Yet, the Asset Management Company will continue to exploit the know-how and expertise learned through
LCP style investment for its asset management, which aims to secure stable income on a mid-and-long termbasis.
2.Date of Amendment
August 8, 2008 (subject to approval of the unitholders’ meeting of the Investment Corporation to be held on
the same date.)
3.Details of Amendment
For the details of the amendment, please refer to the attached “Details of Amendment to Investment
Guideline”.
4.Future Policy
If the amendment of the corporate rule is approved at the general unitholders’ meeting on August 8, 2008, theinvestment guideline will also be amended as above. The Asset Management Company will continue to havediscussion with its partners including pipe-line support companies or support companies and strive to increase
the opportunity for the acquisition of office, quality residential or other properties to promptly realize thetransition to a “diversified REIT which mainly invests in office and residential properties and partly invests inother properties to diversify its portfolio”.

* This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press club for the
Ministry 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>

Details of Amendment to Investment guideline (The amended part is underlined.)

Before Amendment

After Amendment

Chapter 1 Asset Management
1. Fundamental policy (No change)
2. Policy on portfolio establishment(No change)(A) Policy on investment target selection
The Investment Corporation shall mainly invest inreal estate related assets consisting of or backed byresidential properties, senior residential properties
or senior accommodation properties. The
Investment Corporation shall also make diversified
investments in real estate related assets consistingof, or backed by, real estate used for other purposes(“other properties”), such as office properties,
commercial facilities, distribution facilities, hotels
etc. (Article 27, Paragraphs 2 of the Articles of theIncorporation) Also, on the investment guideline,“residential properties” shall mean properties used
for residences and “senior properties” used for pay
nursing homes or senior residences out of
residential facilities or accommodation facilities for
elderly. Pay nursing homes and senior residential
properties shall be prescribed in “(C) Diversified
investment per use B. Senior Properties”. Also, theterm “senior residential properties” in theinvestment guideline shall include senioraccommodation properties.

Chapter 1 Asset Management
1. Fundamental policy (Omitted)
2. Policy on portfolio establishment(Omitted)(A) Policy on investment target selection
The Investment Corporation shall mainly invest inreal estate related assets consisting of or backed byresidential properties or office properties. The
Investment Corporation shall also makediversified investments in real estate related assets
consisting of, or backed by, real estate used for
purposes other than offices or residence. Realestate used for purposes other than offices orresidences shall mean real estate used for suchusages as commercial facilities, hotels and housing
or accommodation facilities for elderly people(Article 27, Paragraphs 2 of the Articles of theIncorporation). On the investment guideline,“residential properties” shall mean properties used
for residences, “senior properties” used for pay
nursing homes or senior residential properties outof residential facilities or accommodation facilities
for elderly, and “other properties” used for
purposes other than offices or residences.

By conducting diversified investment as above, theInvestment Corporation shall aim to establish a
portfolio which diversifies risks arising out of
respective property use (diversified portfolio). (Theinvestment ratio per property use is stated in thefollowing “(C) Diversified investment D.
Investment ratio per use”.)
As prescribed in “(C) Diversified investment peruse”, since the leasing demand and rent market ofresidential properties are relatively stable and thetenant credibility risks can be diversified with thesmall-sized tenants, stable investment on a
mid-and-long term basis can be conducted.
In terms of senior properties and other properties,
on the other hand, “LCP style investment” shall bein principle applied to achieve stable rent revenue
and reduce building management costs. By making
diverse investment in properties other than general
residential properties, investment risks can bediversified. (The details of LCP style investment
shall be described in “(B) LCP style investment”.)
The following figure shows the policy of selectionsof our investment target stated above.

By mainly investing in residential and officeproperties and partly investing in other properties
to diversify the portfolio, the Investment
Corporation shall aim to establish and expand a
portfolio which diversifies risks arising out of
respective property use (diversified portfolio).
(The investment ratio per use is stated in thefollowing “(B) Diversified investment D.
Investment ratio per use.)
As prescribed in “(B) Diversified investment peruse” stated below, office properties with highliquidity are considered to contribute to portfolio
expansion and flexible portfolio rebalance.
Though leasing demands for office properties are
susceptible to the influence of economic trends, it
is considered that the income fluctuation risks canbe reduced and the stable income can be achieved
on a mid-and-long term basis by diversifying
tenants, examining tenants’ credibility, contracting
tenancy agreements such as long-term agreements
or fixed-rent master lease agreements etc. Also,
since the leasing demand and rent market ofresidential properties are relatively stable and thetenant credibility risks can be diversified with thesmall-sized tenants, stable investment on a
mid-and-long term basis can be conducted.
The following figure shows our investment targets
stated above.

<Concept of Investment Target><Concept of Investment Target>
Application of LCP style (Note 2)
Residential

SeniorOther

Properties（R）

Properties

Properties（O）

Compact（S）

OfficeSpacious

Commercial(Note 1)

Distribution
Hotel etc

OfficeBuilding(O)

Residential
Property(R)

Compact
Spacious(Note)

Other
Property(T)
Commercial
Hotel
Senior etc(Note 1) “Compact” in the above figure shall mean
the units with the rentable area of less than
35 square meters and “Spacious” with therentable area of more than 35 square
meters.
（Note 2) The properties which do not match LCP
style investment may also be acquired
when the rent increase can be anticipatedgiven the economic environment and thestatus of the real estate market.

(Note) “Compact” in the above figure shall mean
the units with the rentable area of lessthan 35 square meters and “Spacious”
with the rentable area of more than 35
square meters.

Through the collaboration with pipe-line
support companies located nationwide whichhave experience in property development,
selling and brokerage and stable propertytransaction network, the Investment Corporation
will make diverse investment with the aim to
conduct stable asset management by
diversifying risks per area. (The investment
ratio per area is stated in “(D) Diversified
investment per area”.)

Through the collaboration with pipe-line
support companies located nationwide whichhave experience in property development,
selling and brokerage and stable propertytransaction network, the Investment Corporation
will make diverse investment with the aim to
conduct stable asset management by
diversifying risks per area. (The investment
ratio per area is stated in “(C) Diversified
investment per area”.)

Through diversifying risks by making diverse
investment per use or area and supplementing
the investment by applying LCP styleinvestment depending on the property’s use, theInvestment Corporation shall aim to realize its
fundamental investment policy to achieve
steady fund growth and stable income throughmid-and-long term outlook.

Through diversifying risks by making diverse
investment per use or area and supplementing
the investment by applying LCP style depending
the property’s use, the Investment Corporation
shall aim to realize its fundamental investment
policy to achieve steady fund growth and stable
income through mid-and-long term outlook.

(B) LCP style investment
A. Details of LCP style investment“LCP style investment” shall mean the investment
style applying at least one of the four long-term stableasset management methods developed by The LCPGroup L.P. (“US LCP”), the major shareholder of theAsset Management Company, and Lexington
Corporate Properties Trust (“LXP”) by exploiting net
lease or master lease etc.
Category
Details ofAgreement
Type ofAgreement

Investment Method(i) Net lease(ii) Long-term agreement (note)(iii) Fixed-rent master lease(iv) Bulk lease(Note) The long-term agreement shall mean the agreement withmore than ten years of contract periods in principle,
Hereinafter, the same shall apply.

[Deleted][Deleted]

(i) Net lease“Net lease” shall mean the lease agreement throughwhich not only rents but a partial or full amount of
the fixed-asset tax, insurance, maintenance fee andproperty management costs such as CAPEX shallsubstantially be owed by the tenant. By concluding
this agreement, costs and burdens caused byproperty management may be outsourced oreliminated. Net lease shall mainly be applied tocommercial facilities or distribution facilities.
Lessors who conclude a long-term net leaseagreement may estimate leasing revenues in a easy
and accurate manner and reduce investment risks.
On the other hand, tenants who conclude theagreement may conduct need-based building
management and reduce total costs including BM
fees in a easier manner compared to the case where
BM fees are included in the rent on the leasing
condition. Hence, lessors may take an advantage
when seeking for tenants.
Given the above rationale, the Investment
Corporation shall in principle apply a long-term
agreement in the case of net lease to secure stable
cash-flow.
(ii) Long-term agreement (an agreement with a
special provision on prohibition of cancellation ora periodic tenancy agreement)
Long-term tenancy agreements with a provision onprohibition of cancellation or periodic tenancy
agreements (agreements concerning periodic
tenancy prescribed in Article 38 of the Land
Tenancy Law (Article No. 90 of 1991 including thelater revisions, hereinafter the “Land TenancyLaw”)) is considered to have fewer risks
concerning tenant rollover or rent decline
compared to general tenancy agreements.
“Long-term agreement” in the case of LCP styleinvestment shall mean the agreement with morethan 10 years of contract periods in principle.
(iii) Fixed-rent master lease“Master lease” shall mean the tenancy agreement
for the entire building with the aim to sublease theunits to the third party. This type of lease shall be
generally applied to commercial facilities or officeproperties.. Out of this agreement method, theagreement under which lessees pay fixed rents
regardless of the property’s occupancy status iscalled “fixed-rent master lease”. Though provisions
on rent revisions with economic fluctuation,commodity price hike or other environmental
changes may be added in the agreement, fixed-rent
master lease helps lessors reduce vacancy risks orrisks of occupancy rate decline and stabilize rent
income, compared to the case where lessors
directly leases properties to end-tenants.

(iv) Bulk lease“Bulk lease” shall mean the bulk tenancy
agreement of the whole building which does not
involve subleasing. This type of lease shallgenerally be applied to headquarter buildings etc.
Like fixed-rent master lease agreements, bulk leasehelps lessors reduce vacancy risks or risks ofoccupancy rate decline and stabilize rent income,compared to the case where multiple tenants rent
the property.

B. Know-how sharing with LCP Group
Based on the “Information Advisory Agreement”
concluded as of November 1, 2005 with The LCPGroup L.P. (“US LCP”), the Asset Management
Company shall receive expertise, know-how andadvice regarding LCP style investment. The AssetManagement Company shall also receive know-how,expertise and advice regarding LCP style investment
from Mr. Robert Roskind, who serves as thecompany’s part-time director, managing partner of
US LCP and vice chairman of the trustee committeeof LXP. Through the agreement and personnel
network with US LCP, the Asset Management
Company shall exploit the operation know-how
developed by US LCP and LXP for the asset
management of the Investment Corporation.

C. Criteria of tenant selection
From risk diversification perspective, the property
lease for a single tenant such as bulk lease or
fixed-rent master lease is generally considered tohave higher risks than the property lease for multiple
tenants. In order to minimize such risks, thefollowing conditions shall be reviewed in the case of
selecting tenants for the property where LCP styleinvestment such as bulk lease or fixed-rent master
lease are applied: 1. the case where the property has
particular importance for the tenant and there are lessrollover risks, such as when the tenant’s head officeor the facility crucial for the business strategy islocated, 2. the case it is confirmed that the tenant’s
credibility meets a certain level as a result of tenant
selection based on in the following criteria.
<Crucial criteria for tenant selection>
Quantitative
items
Quantitative
items
OthersFinancial status,
Capital composition
Company history,
Business infrastructure, Market status
Credit rating, Stock price(C) Diversified investment per use(B) Diversified investment per use
A. Office properties(i) Features of office properties
Office properties have a larger market and higher
liquidity compared to properties for other uses.
Therefore, it is considered to contribute to portfolio
expansion or flexible portfolio rebalances. On theother hand, since its leasing demand is susceptible
to the impact of the economic trend, the rent
income may be volatile with the fluctuation ofrents or vacant rates. Yet, it is considered to bepossible to hedge income fluctuation risks andsecure stable income through diversifying tenants,
reviewing tenant’s credibility and contractingtenancy
agreements
includinglong-term
agreements or fixed-rent master lease agreements.
Also, asset value of office properties per building
is relatively higher than that of residential
properties, so it is considered to be possible toimprove the investment efficiency through cutting
costs by reviewing acquisition costs andmanagement costs for the invested amount.
(ii) Investment policy
The targeted investment areas shall be the central
part of the three major metropolitan areas in Japan(Tokyo,Osaka
andNagoya)orconveniently-located business areas in other major
cities. Out of properties in the above areas, theAsset Management Company shall invest inproperties with high leasing demand in the future,taking comprehensive factors into considerationsuch as proficiency, building size, specification of
construction and facilities, quake resistance,
attribution of tenants or peripheral environment.

A. Residential properties(i) Features of residential properties
The main investment targets of the Investment
Corporation shall be residential properties andsenior properties. Generally, leasing periods ofaccommodation properties are relatively short at two
years. Yet, because individuals account for most of
the tenants and there are a large number of thepotential tenants, residential properties are
considered to be less susceptible to the fluctuation of
economic trends and the leasing demand and rents tobe relatively stable compared to properties for otheruse. Therefore, residential properties are considered
to be suitable for mid-and-long term stable
investment.
Also, as residential properties have manysmall-sized tenants, credit risks of tenants may be
reduced because the impact of credit events caused
by a tenant has less effect to the total asset
management of the Investment Corporation.
(ii) Classification of residential type
(No change)

B. Senior properties
Out of accommodation facilities for elderly,
investment shall be made in senior properties as theinvestment targets.
“Senior properties” shall mean the properties withfollowing features.
(No change)(i) Targeted senior properties
Investment shall be made in either pay nursing

B. Residential properties(i) Features of residential properties
Leasing periods of residential properties are
relatively short at two years. Yet, because
individuals account for a large percentage of thetenants and there are a large number of potential
tenants, residential properties are considered to beless susceptible to the fluctuation of economic trends
and the leasing demand and rents to be relatively
stable compared to properties used for otherpurposes. Therefore, residential properties are
considered to be suitable for mid-and-long term
stable investment.
Also, as residential properties have manysmall-sized tenants, credit risks of tenants may be
reduced because the impact of credit events caused
by a tenant has less effect to the total asset
management of the Investment Corporation.
(ii) Classification of residential type
(Omitted)(Prescribed in C.(iii) below)homes or senior residences (senior properties) in
principle. The definition and features of the seniorproperties are prescribed below.
(No change)
The following senior residential properties otherthan the aforementioned properties shall not be
included in the investment target in principle:
senior day-service centers, senior temporary
accommodation facilities, senior nursing homes,
special senior nursing homes, reasonable nursing
homes, senior welfare centers and other seniorwelfare facilities such as senior care support
centers under the Elderly Welfare Law, seniorhealth facilities, so-called Group Homes under theCare and Health Law (Act No.123 of 1997,
including the later revisions), so-called Silver
Housing under the Public Housing Law (ActNo.193 of 1951, including the later revisions),
senior quality residential properties under the
Senior Housing Law etc.
(ii) Management policy of senior properties
Regarding management of senior properties, theAsset Management Company shall exploit theknow-how of ZECS, which has experience insenior property management and is the parent
company of ZECS Principal Investment, theshareholder of the Asset Management Company, toconduct an efficient management. Also, given the
publicity and sociality of senior property
management, in order to improve the management
stability, the Asset Management Company shall in
principle set back-up operators which lease andoperate senior properties on behalf of theproperty’s operator in the case where credit eventsoccur such as rent payment delinquency for acertain period or bankruptcy. By setting theback-up operator, the tenants shall be given morestable service.
C. Other properties
Investment shall be made in properties other thanresidential or senior properties (office properties,
commercial facilities, distribution facilities, hotels
or properties for other use) to diversify risks forthe decline of leasing demands or stagnation ofrent markets in terms of residential or seniorproperties. Meanwhile, the operation of otherproperties may be susceptible to market
fluctuation, because most of the tenants arecorporations and their numbers are relatively
small. Concerning the acquisition of otherproperties, LCP style investment shall be appliedin principle to secure stable cash-flow. Yet, in thecase where rent increase of the property can be
expected based on the economic environment andreal estate market condition, the property may be
acquired even if it does not suit LCP styleinvestment. Concerning other properties

C. Other properties
Concerning
otherproperties(commercial
facilities, hotels, senior properties etc.),
investment shall be made, taking the features
including risk factors etc into consideration. The
investment targets shall be determined inaccordance with the following investment
policies for each use. (However, as the following
policies are only examples, investment may also
be made in properties used for the purposes
other than the following.)(commercial
facilities,
hotels,seniorproperties etc.), investment shall be made,taking the features including risk factors
etc into consideration. The investment
targets shall be determined in accordancewith the following investment policies foreach use. (However, as the following policies
are only examples, investment may also bemade in properties used for the purposes
other than the following.)(i) Office building
In order to minimize tenant rollover risks,
investment targets shall be determined inaccordance with the following criteria in principle:
1. The property has particular importance for thetenant and there are less rollover risks, such as when
the tenant’s head office or the facility crucial for thebusiness strategy is located. 2. Legal relationshipwith tenants is secured by periodic tenancy
agreements etc. 3. It is possible to conclude
fixed-rent master lease agreements.
(i) Commercial facility
Investment targets shall be conveniently-locatedversatile complex facilities in surrounding
metropolitan areas or general merchandise stores insuburbs, taking the peripheral market condition
into consideration. In principle, the investment
shall be made in properties with a long-term
tenancy agreement with a special provision which
prohibits the agreement cancellation for more than
10 years or a periodic tenancy agreement.

(i) Commercial facility
Investment targets shall be conveniently-locatedversatile complex facilities in surrounding
metropolitan areas or general merchandise stores insuburbs, taking the peripheral market condition
into consideration.

(iii) Distribution facility
Investment shall be made in properties with along-term tenancy agreement with a special
provision which prohibits the agreement
cancellation for more than 10 years or a periodic
tenancy agreement in principle, taking theaccessibility to consumption and production areas,high ways, ports or airports into consideration.
(iv) Hotel
Investment shall be made only in the properties
which enable to conclude a long-term tenancy
agreement with a special provision which prohibits
the agreement cancellation for more than ten (10)years or a periodic tenancy agreement and avoid
risks arising from hotel managements andoperations. Also, the experience, performance andcredibility of the hotel management company shallbe taken into consideration.

(ii) Hotel
The investment target shall be determined, taking
the experience, performance and credibility of thehotel management company into consideration.

(iii) Senior properties
Out of residential and accommodation facilities for
elderly, the Asset Management Company shallinvest in senior properties as its investment target.
“Senior properties” shall mean the properties withfollowing features.
(Omitted)

a. Targeted senior properties
Investment shall be made in either pay nursing
homes or senior residences (senior properties) in
principle, out of residential or accommodation
facilities for elderly. The definition and featuresof the senior properties are prescribed below.
(Omitted)
The following senior residential or
accommodation properties other than the
aforementioned properties shall not be included in
the investment target in principle, unless theproperties are considered to be an outstanding
investment target: senior day-service centers,senior temporary accommodation facilities, seniornursing homes, special reasonable nursing homes,
senior welfare centers and other senior welfare
facilities such as senior care support centers under
the Elderly Welfare Law, senior health facilities
and so-called Group Home under the Care and
Health Law (Act No. 123 of 1997, including thelater revisions), so-called Silver Housing under
the Public Housing Law (Act No, 193, including
the later revisions, senior quality residential
properties under the Senior Housing Law.
b. Management policy of senior properties
Regarding management of senior properties, theAsset Management Company shall exploit theknow-how of the company which has experience insenior property management to conduct an efficientmanagement. Also, given the publicity andsociality of senior property management, in orderto improve the management stability, the AssetManagement Company shall in principle set
back-up operators which lease and operate seniorproperties on behalf of the property’s operator in
the case where credit events occur such as rent
payment delinquency for a certain period orbankruptcy. By setting the back-up operator, thetenants shall be given more stable service.

D. Investment ratio per use
Given the above perspective, the Investment
Corporation shall conduct its asset management basedon the investment ratio on the following chart,
concerning the investment ratio per use of properties
suitable for steady fund growth and stable income
earning.
In the case of acquiring properties which contribute tosound portfolio growth and stable income earning andare necessary to establish the portfolio, the investment
ratio may temporarily differ from the ratio on thefollowing list.

D. Investment ratio per use
Given the above perspective, the Investment
Corporation shall conduct its asset management basedon the investment ratio on the following chart,
concerning the investment ratio per use of properties
suitable for steady fund growth and stable income
earning.
In the case of acquiring properties which contribute tosound portfolio growth and stable income earning andare necessary to establish the portfolio, the investment
ratio may temporarily differ from the ratio on thefollowing list.

<Investment ratio per use>

<Investment ratio per use>
Use of real estate related
assetsResidential properties (R)Senior properties (S)Otherproperties(Officeproperties,
commercial
facilities,
distribution
facilities, hotels etc) (O)Investment Ratio(Based on acquisition prices)
From 35% to 75％
Less than 35％
Less than 50%

Use of real estate related
assets
Office properties (O)Residential properties (R)Other properties (commercial
facilities,
hotels,seniorproperties etc) (T)Investment Ratio(Based on acquisition prices)
Less than 70％
Less than 70％
Less than 30%(D)Diversified investment per area
(No change)(C) Diversified investment per area
(Omitted)

3. Growth strategy(No change)

3. Growth strategy(Omitted)(A) External growth
A. Collaboration with pipe-line support companies(No change)(A) External growth
A. Collaboration with pipe-line support companies(Omitted)

B. Collaboration with support companies(No change)(B) Internal Growth(No change)

B. Collaboration with support companies(Omitted)(B) Internal Growth(Omitted)

A. Income maintenance and growth(No change)

A. Income maintenance and growth(Omitted)

B. Management and operation cost cuts
The Investment Corporation shall aim to cut
management and operation costs by conducting thefollowing measures.

B. Management and operation cost cuts
The Investment Corporation shall aim to cut
management and operation costs by conducting thefollowing measures.

(i) (No change)(ii) Strive to introduce net lease agreements to minimize
costs on property management and operation.

(i) (Omitted)[Deleted](iii) Introduce property management system which aims
to efficiently manage information reported by anumber of property management companies
located nationwide to streamline asset operationand management.

(ii) Exploit property management system which aims toefficiently manage information reported by anumber of property management companies
located nationwide to streamline asset operationand management.

C. Efficient operation of property managementbusiness(No change)

C. Efficient operation of property managementbusiness(Omitted)(C) Information advisory from LCP GroupIn accordance with the “Information Advisory
Agreement” executed on November 1, 2005 with The
LCP Group L.P. (the “US LCP”), a major shareholderof the Asset Management Company, the AssetManagement Company shall receive from US LCP
advice concerning the real estate market in the US,
know-how concerning stable real estate investment
on a long-term basis through exploiting net leaseagreements and other expertise. The company shallalso receive expertise and information on the real

estate market in the US and stable real estate
investment and operation on a long-term basis etc.
from Mr. Robert Roskind, serving as the company’s
part-time director, managing partner of the US LCP
and chairman of the trustee committee of Lexington
Realty Trust (“LXP”). Through these agreements andpersonnel network with US LCP, the AssetManagement Company shall exploit the operation
know-how, which US LCP and LXP haveaccumulated in the US, for the asset management of
the Investment Corporation.
4. Investment attitude(No change)

4. Investment attitude(Omitted)

5. Investment policy(No change)

5. Investment policy(Omitted)(A) Acquisition criteria(No change)(A) Acquisition criteria(Omitted)

A. Size(Residential properties and senior properties)
The investment property shall in principle have the area
per occupant of more than 500 square meters. Yet, there
shall be no criterion with divided owned properties.

A. Size(Office building and other properties (other than seniorproperties))
Property acquisitions shall be determined for each
property, taking the size and investment value etc. into
consideration.

(Other properties)
Property acquisitions shall be determined for each
property, taking the size and investment value etc. into
consideration.

(Residential properties and other properties (seniorproperties))
The investment property shall in principle have the area
per occupant of more than 500 square meters. Yet, there
shall be no criterion with divided owned properties.

B. Amount of investment capital(i) Lower limit of investment capital(No change)(ii) Upper limit of investment capital(No change)
C. Equipment and facility(Residential properties, senior properties)
Property acquisitions shall be determined for each
property, taking the locality and future possible change
after acquisition into consideration. The properties shallhave a certain level of specifications for the following
facilities: number of units, layout, interior, height ofceiling, security equipment, air conditioning equipment,
broadcast reception equipment, internet equipment,water supply and drainage equipment, elevating
equipment, car parking lots, bicycle parking lots,
entrance and other common facilities.
(Others)
Property acquisitions shall be determined for each
property, taking the locality and future possible change
after acquisition into consideration. The properties shallB. Amount of investment capital(i) Lower limit of investment capital(Omitted)(ii) Upper limit of investment capital(Omitted)

C. Equipment and facility(Office properties, other properties (except for seniorproperties))
Property acquisitions shall be determined for each
property, taking the locality and future possible change
after acquisition into consideration. The properties shallhave a certain level of specifications for the following
facilities: the shape of leasing floors, layout, division offloors, height of ceiling, electricity bulk, airconditioning equipment, floor weight, lighting intensity,
OA floor, security equipment, broadcast reception
equipment, water supply and drainage equipment,elevating equipment, car parking lots, bicycle parking
lots and other common facilities.
(Residential
properties))

properties,

otherproperties(seniorhave a certain level of specifications for the following
facilities: the shape of leasing floors, layout, division offloors, height of ceiling, electricity bulk, airconditioning equipment, floor weight, lighting intensity,
OA floor, security equipment, broadcast reception
equipment, water supply and drainage equipment,elevating equipment, car parking lots, bicycle parking
lots and other common facilities.

Property acquisitions shall be determined for each
property, taking the locality and future possible change
after acquisition into consideration. The properties shallhave a certain level of specifications for the following
facilities: number of units, layout, interior, height ofceiling, security equipment, air conditioning equipment,
broadcast reception equipment, internet equipment,water supply and drainage equipment, elevating
equipment, car parking lots, bicycle parking lots,
entrance and other common facilities.

D. Earthquake resistance(No change)

D. Earthquake resistance(Omitted)

E. Environment, geology etc(No change)

E. Environment, geology etc(Omitted)

F. Age of buildings(No change)

F. Age of buildings(Omitted)

G. Investment in properties which have not operated(No change)

G. Investment in properties which have not operated(Omitted)

H. Investment in properties under development(No change)

H. Investment in properties under development(Omitted)

I. Right-related(No change)

I. Right-related(Omitted)(B) Due diligence of investment properties(No change)(B) Due diligence of investment properties(Omitted)(C) Investment period(No change)(C) Investment period(Omitted)(D) Property operation and management policy(No change)(D) Property operation and management policy(Omitted)(E) Insurance policy(No change)(E) Insurance policy(Omitted)(F) Disposition policy(No change)(F) Disposition policy(Omitted)

6. Financial policy(No change)

6. Financial policy(Omitted)

7. Disclosure policy(No change)

7. Disclosure policy(Omitted)

Chapter 2 Others(No change)

Chapter 2 Others(Omitted)

Additional Clause(No change)

Additional Clause(Omitted)
Amended on August 8, 2008