March 13, 2007
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)

LCP REIT Advisors Co., Ltd.
Nihon-bashi Nishikawa Bldg.,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: CEO

Inquiries:
LCP REIT Advisors Co., Ltd.
Yuji Kubo: CFO
TEL: +81-3-3272-7311

Notice concerning Amendment ofManagement Guidelines of Asset Management Company
LCP Investment Corporation (the “Investment Corporation”) has announced that LCP REITAdvisors Co., Ltd., which is the asset manager of the Investment Corporation (the “AssetManagement Company”), has resolved to amend its management guidelines, which are the internal
rules of the Investment Corporation, at the Meeting of the Board of Directors held on March 13,
2007, as follows.

1. Amended Part of Management Guidelines(i) Uprate of Investment Ratio by Category concerning Residential Properties
The upper limit of the investment ratio by category concerning residential properties isamended from below 65% to below 75% as follows.
<Investment Ratio by Category>Use of Real Estate-related Assets
Residential Properties (R)Senior Properties(S)

Investment Ratio (Based on Acquisition Price)
Not less than 35% and Below 75%
Below 35%

Note: This document is a public announcement regarding the amendment of the management
guidelines of the Asset Management Company and has not been prepared as an inducement or
invitation for investment. We caution readers to undertake investment decisions at their own
examination and responsibility.

Others (Office, Retail, Logistic Facilities and Hotel, etc.)

Below 50%(O)＊The underlined part shows the amendment.

(ii) Clarification of Selection Policy of Targeted Investment Properties
To clarify that, taking the economic environment and real estate market trends, etc. intoconsideration, in case where it is judged that the rent is expected to increase regarding seniorand other properties, such properties may still be acquired even if such acquisition does not
apply to LCP Style (*), the management guidelines are amended as follows.

(*) “LCP Style” means a long-term and stable asset management method by using a net lease or master lease, whichLCP Group L.P. (the main shareholder of the Asset Management Company) and LXP have developed.

LCP

Style shall adopt at least one of the following four methods: (i) net-lease, (ii) long-term contract, (iii) fixed-rent
master lease or (iv) block rental.
LXP: US REIT listed on the New York Stock Exchange, which LCP Group L.P. participated in the establishment of.

<Figure of Targeted Investment Properties>
Apply to LCP Style (*2)

Other Properties
ResidentialSenior(O)Properties (R)Properties

OfficeCompact(S)RetailSpacious

Logistic Facilities(*1)

Hotel, etc.

(*1) Regarding the above Figure, “Compact” means a dwelling unit whose rentable floor area per unit35 m2.

is less than“Spacious” means a dwelling unit whose rentable floor area per unit is 35 m2 or more.

(*2) Taking the economic environment and real estate market trends, etc. into consideration, in case where it isjudged that the rent is expected to increase, such properties may still be acquired even if such acquisition does
not apply to LCP Style.
(*) The underlined part shows the amendment.

The amended management guidelines shall take effect as of March 13, 2007.
Note: This document is a public announcement regarding the amendment of the managementguidelines of the Asset Management Company and has not been prepared as an inducement orinvitation for investment. We caution readers to undertake investment decisions at their own
examination and responsibility.

2. Reasons for Amendment(i) Uprate of Investment Ratio by Category concerning Residential Properties
As announced in the “Notice concerning the Business Cooperation with GE Real Estate” as oftoday, the Asset Management Company intends to expand the investment opportunities ofresidential properties through the cooperation based on the Business Cooperation Agreement
concluded with GE Real Estate Corporation, Japan on March 13, 2007 and manage assets stablyin mid- to long-term.

For this reason, the upper limit of the investment ratio by category

concerning residential properties is raised.

(ii) Clarification of Selection Policy of Targeted Investment Properties
In principle, the condition of acquisition was that senior and other properties shall apply to LCPStyle.

Since the amendment of the management guidelines, such condition of acquisition has

not been changed.

However, the criteria for the exceptional case where an acquisition ofproperty does not apply to LCP Style were not clarified, therefore we amend the management
guidelines in order to clarify such criteria.

The acquisition of New Edobashi Building andShuwa Gotanda Building (both are office buildings), the decision of which was announced in the“Notice concerning Acquisition of Assets” as of today, does not apply to LCP Style, however,such acquisition was determined in accordance with the criteria shown above.

* 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 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 the convenience of, and reference by, overseas investors. LCP Investment Corporation makes
no warranties as to its accuracy or completeness.

Note: This document is a public announcement regarding the amendment of the management
guidelines of the Asset Management Company and has not been prepared as an inducement orinvitation for investment. We caution readers to undertake investment decisions at their ownexamination and responsibility.