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.

April 19, 2012

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
Inquiries: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891
Change in Organization and Corporate Directors
in accordance with Merger of Asset Management Company

Ichigo REIT Management Co., Ltd. (“IRM”), the asset manager of Ichigo Real Estate Investment
Corporation (“Ichigo REIT”), decided today to merge with Ichigo Real Estate Investment Advisors Co.,
Ltd. (“IRE”) (the “Merger”) and executed a memorandum of understanding concerning the merger.
Details are as follows.
1. Organization Change
In the new asset management company, the organization will be changed as follows.
New Organizational Chart (effective July 1, 2012)
Company’s
Shareholders’ Meeting
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

Investment Management
Committee （separately for
Private Equity Funds / J-REIT）

Chairman
Audit

President
Compliance

Risk & Compliance Committee

Acquisition & Sales

Acquisition & Sales 1
Acquisition & Sales 2

Asset Management
Asset Management 1
Asset Management 2
Portfolio Management
Property Management
Osaka Branch

FinanceFinance （J-REIT /Private Equity Fund）
Accounting （J-REIT /Private Equity Fund）

Administration

Business Planning
Risk Management

(Reference: Organizational Chart before Change)
Company’sShareholders’ Meeting
Corporate Auditor
Board of Directors
Investment
ManagementCommittee

Risk Management/Compliance Committee

PresidentInternal Audit

Investment ManagementAsset
Investment

Asset
Management

Portfolio
Management

Administration

Finance(Finance/Accounting)Business
Planning

Compliance
Officer

2. Corporate Directors and Statutory Executive Officer Changes (effective July 1, 2012)
In accordance with the Merger, the new asset management company will change its corporate directors
and statutory executive officers as follows.
(1) Directors

Scott Callon
Kenji Iwasaki

New Position at the New AssetManagement Company
DirectorDirectorMinoru Ishihara

DirectorKatsu Fujita
Tetsuya Fujita
Maki Kumagai
Noriko Kawate

External Director
External Director
External Director
External Director

Name(2) Statutory Executive Officers
New Position at the New AssetNameManagement Company
Chairman & Statutory Executive
Kenji Iwasaki
Officer (Overall CompanyManagement)
President & Representative
Wataru Orii
Statutory Executive Officer(Overall Company Management)
Executive Vice President &Takumi Naito
Representative Statutory Executive
Officer (Asset Management)
Executive Vice President &Kazuya Sahashi
Representative Statutory Executive
Officer (Business Development)

Current Position(as of April 19, 2012)
N/A
N/A(IRE) Senior Executive Managing
Director (Administration)
N/A
N/A
N/A
N/A

Current Position at IRE/IRM(as of April 19, 2012)
N/A(IRM) President & Representative
Director (Overall CompanyManagement)(IRE) President & Representative
Director (Overall Company
Management)
N/AMinoru Ishihara

Kenji Shibasaki

Masaya Hiruta
ShinichiFukasawa
Kenichi Nagao
Xu Zhijun
Kenji Goto
Masanori Kubota

Executive Vice President &Statutory Executive Officer(Administration)
Senior Executive Managing
Director & Statutory Executive
Officer (Finance)
Executive Managing Director &Statutory Executive Officer(Property Management)
Senior Statutory Executive Officer(Business Development)
Senior Statutory Executive Officer(Business Development)
Statutory Executive Officer(Business Development)
Statutory Executive Officer(Business Development)
Statutory Executive Officer(Finance)(IRE) Senior Executive Managing
Director (Administration)(IRE) Executive Vice President &Representative Director (StructuredFinance)(IRM) Senior Executive Managing
Director (Administration, Business
Planning and Compliance)(IRE) Director (Real EstateManagement)
N/A
N/A
N/A
(IRM) Director (Finance)

All necessary reporting procedures, etc. for this matter will be conducted in accordance with theprovisions of the Financial Instruments and Exchange Law, the Building Lots and Buildings Transaction
Business Law and other applicable laws and regulations.

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/english