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.

January 29, 2015
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

Change of Property Management Companies
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has decided to appoint new
property management (PM) companies for the following assets.
1. Reason for Changes
Ichigo REIT is working to ensure the thorough implementation of tailored property management
services that reflect Ichigo Ichie, the ancient Japanese spirit of hospitality and service rooted inthe Japanese tea ceremony. As part of this effort, Ichigo REIT has negotiated with PMs toincrease the quality of their property management services as well as to cut costs, and has
decided the following changes. The new PMs were selected based on careful consideration ofnot only economic aspects such as fees, but also the full breadth of their capabilities andexperience.

12. Details of Changesa) Change of Property Management Companies
Asset Name

New (PM)

Former (PM)Ichigo Nishisando Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Mita Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES CorporationIchigo Hanzomon Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Hijirizaka Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Shibakoen Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Uchikanda Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Hakozaki Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Gotanda Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Minami-Ikebukuro Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Ichigo Nakano North Building

BEST・PROPERTYCORPORATIONXYMAX PROPERTIES Corporation

Ichigo Eitai Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Route Ikebukuro Building
Ichigo Kichijoji Building
Ichigo Toyamaeki-Nishi Building
Ichigo Mirai-Shinkin Building
Ichigo Saga Building
Ichigo Akihabara North Building
Ichigo Sakaisuji Honmachi Building

Shimizu Comprehensive
Development
BEST・PROPERTYCORPORATIONThe Dai-ichi Building Co., Ltd.
XYMAX PROPERTIES KYUSHUCorporation
XYMAX PROPERTIES KYUSHUCorporation
Shimizu Comprehensive
Development
XYMAX PROPERTIES KANSAICorporation

XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation
XYMAX PROPERTIES Corporation

Ichigo Kanda Ogawamachi Building

The Dai-ichi Building Co., Ltd.

XYMAX PROPERTIES Corporation

Konami Sports Club Izumi Fuchu

XYMAX PROPERTIES KANSAICorporation

XYMAX PROPERTIES Corporation

Space Trust Co., LTD.

XYMAX PROPERTIES Corporation

Daikyo Realdo Incorporated

XYMAX PROPERTIES Corporation

Ichigo Shibuya Bunkamura-DoriBuilding
Twicere Yokohama Isogo(Retail Section)2b) Profile of the Property Management Companies
NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

The Dai-ichi Building Co., Ltd.
2-4-12, Kyobashi, Chuo-ku, Tokyo
Takahiro Inaba, Representative Director
900 million yen (as of January 1, 2015)
1. Leasing
2. Consignment of real estate management and lease
3. Real estate brokerage
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.
BEST・PROPERTY CORPORATION
1-16-13, Minamisenba, Chuo-ku, Osaka
Ryusei Kajiyama, Representative Director
50 million yen (as of March 31, 2014)
1. Property management services and consignment
2. Intermediary for tenants
3. Construction management services
4. Intermediary in sale transactions
5. Due diligence services
The PM does not have any capital, personnel, or businessrelationship of note with Ichigo REIT or its assetmanagement company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.
Shimizu Comprehensive Development
2-13-11, Kyobashi, Chuo-ku, Tokyo
Kimio Handa, Representative Director
3,000 million yen (as of January 20, 2015)
1. Real estate sales, brokerage, lease, and management
2. Construction, sales, lease, and management of buildingssuch as residence, land development and sales
3. Environmental improvements and development works
for city/area development, related research, planning,
design, supervision, and management
4. Arrangement of credit guarantees related to real estate
sales transactions
5. Real estate-related consulting services
6. Planning, supervision and contract work of building
construction and civil engineering projects
7. Non-life insurance agency
8. Real estate-related security service and Type 1 freight
forwarding business based on the Freight Forwarding
Business Law
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.
3NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
CompanyXYMAX PROPERTIES KYUSHU Corporation
1-7-22, Hakataekimae, Hakata-ku, Fukuoka-City, Fukuoka
Naoki Shirakawa, Representative Director
100 million yen (as of January 1, 2015)
1. Consignment of real estate (office buildings and retailfacilities)-related management operation
2. Comprehensive management and maintenance service ofbuildings and related equipments
3. Purchase and sales of real estate, lease, management,brokerage, consulting, and appraisal.
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.
XYMAX PROPERTIES KANSAI Corporation
1-11-4, Umeda, Kita-ku, Osaka City, Osaka
Seizi Yung, Representative Director
100 million yen (as of January 1, 2015)
1. Purchase and sale of real estate, lease, management,
brokerage, consulting, and appraisal.
2. Consignment of real estate (office buildings and retailfacilities)-related management operation
3. Comprehensive management and maintenance service ofbuildings and related equipments
4. Sales of goods related to building management, related
agent service and brokerage
5. Security service
6. Planning, contract work, construction, design,supervision and consulting of building construction
projects
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.

4NameAddress
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

Name
Address
Representative
CapitalPrincipal Businesses

Relationship with Ichigo
REIT or Asset Management
Company

Space Trust Co., LTD.
8-8-5, Ginza, Chuo-ku, Tokyo
Jin Hirayama, Representative Director
100 million yen (as of July 31, 2014)
1.Consulting service for lease planning
2. Planning, supervision, and construction of building
construction projects
3. Real-estate brokerage
4. Comprehensive management of lease buildings
5. Lease building management
6. Condominium management and related services
7. Real estate investment advisory business
8. Real estate specific joint enterprise business
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.
Daikyo Realdo Incorporated
ORIX Sendagaya Building, 4-19-18, Sendagaya,
Shibuya-ku, Tokyo
Kazuhiko Kaise, Representative Director
1,413 million yen (as of April 1, 2014)
1. Real estate sales, brokerage, lease, and management
2. Consignment of real estate management, lease, and sales
3. Real estate-related survey, research, and consulting
service
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset
management company. In addition, the PM is not aninterested party of Ichigo REIT or its asset managementcompany.

3. Effective Date of Change
February 1, 2015 (expected)
4. Future Outlook
The impact of these changes to Ichigo REIT’s earnings forecast for the fiscal period ending
April 2015 announced on December 18, 2014 in “Financial Report for the Fiscal Period Ending
October 2014” is minimal and therefore the forecast is unchanged.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english5