For Translation Purposes Only
December 11, 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 Credit Rating Change
LCP Investment Corporation (the “Investment Corporation”) today announced that it received theannouncement from Rating and Investment Information, Inc. (“R&I”) on December 11, 2008 that the creditrating of the Investment Corporation was changed as follows.
1． Details of the Change(Before the change）
IssuerType of Credit Rating
R&I
Issuer Credit Rating

Credit Rating
BBB

Credit Rating Outlook
Negative(After the change)
IssuerR&I

Credit RatingBB+

Credit Rating Outlook
Negative

Type of Credit Rating
Issuer Credit Rating

For more information regarding the above credit rating such as its definition, please contact R&I directly or visit its
website below.
[Reference]
R&I Website: http://www.r-i.co.jp/
2． Perspective of the Investment Corporation and the asset management company
According to the announcement of R&I, the rationale for the above rating change was as follows:（1） A lack of a definite main bank and little ties with mega banks and trust banks（2） Slightly high ratios of interest-bearing debt and short-term debt
（3） Large decline of the salability of residential properties（4） 7 billion yen loans in total which will mature from January to March, 2009
The following is the perspective of the Investment Corporation and the asset management company
concerning the above rationale.
The Investment Corporation refinanced individual credit loans from major banks in September and October,2008 and has maintained a close relationship with financial institutions. Also, it has already commenced toprepare for the refinancing of loans which will mature from January to March, 2009.
The Investment Corporation believes that the large decline of the salability of residential properties ismaking an impact not only on the Investment Corporation but also on the entire real estate finance market.
The Investment Corporation will continue to strive to increase the financial health of the company byconducting portfolio re-balancing and property sale, aiming at future asset downsizing.
3. Future Plans of the Investment CorporationThe Investment Corporation got the credit rating since it planned to increase long-term fixed interest rateloans by issuing investment corporation funds in the future. As of today, however, the Investment

Corporation has not issued any investment corporation bond. Furthermore, it understands that the current
financial market environment does not allow it to issue the investment corporation bond any time soon.
Given the above factors, the Investment Corporation is now reviewing the necessity to maintain the creditrating.
4. Effect on the Investment Status
There will be no change in the outlook of the investment status for the period ending February, 2009 (fromSeptember 1, 2008 to February 28, 2009) due to the above matter.
* 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 of Land, 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 theconvenience of and reference by, overseas investors. LCP Investment Corporation makes no warranties as to its accuracy or completeness.