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.

September 26, 2012
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 in Master Lease and Property Management Companies
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided today to change its master
lease companies (“ML”) and property management companies (“PM”) per the below.
1. Summary of the Change
Ichigo REIT has changed its ML and PM with respect to the following portfolio assets,
effective October 1, 2012.
(1) Change of PM
Property
MTC Building
COI Hijirizaka Building
COI Uchikanda Building
COI Minam-Ikebukuro Building
Chitose Building
Route Ikebukuro Building
Nishi-Gotanda Access
COI Akasaka 5 Chome Building
Technos Nakano Building
COI Yokosuka Bayside Building

Before Change (PM)MS Building Support
Co., Ltd.

After Change (PM)XYMAX AXIS
Corporation

ITOCHU Urban
Community Ltd.
MS Building Support
Co., Ltd.

COI Shibuya Kamiyamacho Building
COI Mei-Eki Building
COI Nagoya Plaza Building
Lespoir 296

ITOCHU Urban
Community Ltd.

Pagoda Asakusa

SANKO OFFICEMANAGEMENT CO.,LTD.

THE DAI-ICHI
BUILDING CO., LTD.

Space Trust Co., Ltd.

(2) Change of ML/PM

PropertyForeCity Roppongi
ForeCity Azabujuban No.2
ForeCity ShirokanedaiGran Presso Kawadacho
ForeCity Sakurashinmachi
ForeCity Shinkamata

Before Change(ML/PM)
Mitsubishi Real Estate
Services Co., Ltd.
Mitsubishi Real Estate
Services Co., Ltd.

After Change (ML/PM)
BEST・PROPERTYCORPORATIONHASEKO LIVENET, Inc.

2. Reason for Change
Following its merger with the former Ichigo Real Estate Investment Corporation on November
1, 2011, Ichigo REIT has pursued strategies to further its growth as a comprehensive J-REIT
while securing stable and steady profitability. Ichigo REIT has declared the period until
October 2012 as “Stage I” of this growth strategy, with the aim of creating a foundation forgrowth by improving asset management efficiencies and strengthening its leasing capabilities.
Ichigo REIT asset management endeavors to implement a hands-on approach to property
management via executing a bottom-up strategy. In order to implement and maintain Ichigo’s
standards, Ichigo REIT is consolidating outsourcing companies in order to increase the qualityof property management with respect to the asset portfolio as well as to reduce costs.
These ML/PM changes for the 21 properties are a part of the above-mentioned strategy. Ichigo
REIT has selected the new ML/PMs carefully after reviewing a number of alternative ML/PMs.
Ichigo REIT will continue consolidating ML/PMs based on asset-type and regional-based
capabilities in order to increase the quality and efficiency of property management services
over the long term.
3. Profile of the New ML/PMs
Name
Address
Representative
CapitalXYMAX AXIS Corporation
1-13-10, Tsukiji, Chuo-ku, Tokyo
Hideo Karashima, President & Representative Director
300 million yen (as of August 31, 2012)
1. Operation and Management of Office Buildings andData Center Buildings, etc.
2. Sales and Intermediary for Tenants of Office Buildings
Principal Businesses
3. Agency and Representative Services for Management
4. Business Planning and Consulting for Office Buildings
5. Design Planning and Consulting for New Construction
and Renovation, etc. of Office Buildings
There is no capital, personnel or business relationship
Relationship with Ichigo REIT or between the New ML/PM and Ichigo REIT or its asset
Asset Management Companymanager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.

2NameAddress
Representative
CapitalTHE DAI-ICHI BUILDING CO., LTD.
2-4-12, Kyobashi, Chuo-ku, Tokyo
Akira Kakutani, President
900 million yen (as of August 31, 2012)
1. Real Estate Rental Business
2. Real Estate Management and Entrustment of Rental
Principal Businesses
Business
3. Real Estate Intermediary, etc.
There is no capital, personnel or business relationship
Relationship with Ichigo REIT or between the New ML/PM and Ichigo REIT or its asset
Asset Management Companymanager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.
NameAddress
RepresentativeCapitalSpace Trust Co., Ltd.
8-8-5, Ginza, Chuo-ku, Tokyo
Jin Hirayama, President & Representative Director
100 million yen (as of August 31, 2012)
1. Planning Consulting for Rental Buildings
2. Architectural Planning, Supervision and Construction
3. Real Estate Intermediary Business4. Comprehensive Operational Management of Rental
Principal Businesses
Buildings
5. Management of Rental Buildings
6. Operational Management for Residential Buildings
7. Investment Advisory for General Real Estate
8. Real Estate Syndication Business
There is no capital, personnel or business relationship
Relationship with Ichigo REIT or between the New ML/PM and Ichigo REIT or its asset
Asset Management Company
manager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.

Name
Address
Representative
CapitalPrincipal Businesses

Relationship with Ichigo REIT or
Asset Management Company

BEST・PROPERTY CORPORATION
1-16-13, Minamisenba, Chuo-ku, Osaka
Ryusei Kajiyama, President
50 million yen (as of August 31, 2012)
1. Property Management Services, Supervision of Property
Management Services
2. Intermediary for Tenants
3. Construction Management Services
4. Intermediary in Sale Transactions
5. Due Diligence Services
There is no capital, personnel and business relationshipbetween the New ML/PM and Ichigo REIT or its asset
manager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.

3

Name
Address
Representative
CapitalHASEKO LIVENET, Inc.
2-31-19, Shiba, Minato-ku, Tokyo
Hiroshi Kinoshita, President
1,000 million yen (as of August 31, 2012)
1. Property Leasing Management Services and Consulting
2. Intermediary, Agency, and Brokerage in Property
Principal Businesses
Transactions, (Sales and Leasing)
3. Provision of Real Estate Information Services
There is no capital, personnel or business relationship
Relationship with Ichigo REIT or between the New ML/PM and Ichigo REIT or its asset
Asset Management Company
manager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english

4