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.

October 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 Property Management Companies andTermination of Master Lease Contract
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided today to change property
management companies (“PM”) and to change the termination date of its master lease contract(“ML Contract”) with the master lease company (“ML”) per the following:
1. Summary of the Change
Ichigo REIT will change its PM with respect to the following portfolio assets, effective
November 1, 2012.
(1) Change of PMProperty
COI Shinbashi Building
COI Nishisando Building
Joware Hanzomon
COI Gotanda Building
COI Eitai Building
COI Yotsuya 4 Chome Building
COI Akasaka Tameike Building
DSM Jimbocho Building
DSM Nihonbashi Kakigaracho Building
TK Kichijoji Building
Daimyo Balcony

Before Change

After Change

SANKO OFFICEMANAGEMENT CO.,LTD.
Space Trust Co., Ltd.
CBRE K.K.
Nomura Building
Management Co., Ltd.

XYMAX AXIS
CorporationSANKO OFFICECOI Nanpeidai Building
BENEX S-2

MANAGEMENT CO.,COI Kudan-Minami Building

Space Trust Co., Ltd.

COI Kudan 2 Chome BuildingCOI Kudan 3 Chome Building
CRD Marunouchi
COI Takamatsu Building

LTD.

CBRE K.K.

THE DAI-ICHI
BUILDING CO., LTD.

PROPERTY
PARTNERS CO., LTD.
URBAN REC CORP.

(2) Reason for the Change
Ichigo REIT has declared the period until October 2012 as “Stage I” of its growth strategy,
which aims to create a foundation for growth by improving asset management efficiencies andstrengthening its leasing capabilities.
Ichigo REIT asset management endeavors to implement a hands-on approach to property
management via a bottom-up strategy. In order to implement and maintain Ichigo’s standards,Ichigo REIT is consolidating outsourcing companies in order to increase the quality ofproperty management with respect to its asset portfolio as well as to reduce costs.
These PM changes for the 18 enumerated properties are a part of the above-mentioned strategy,
following Ichigo REIT’s ML and PM changes for 21 properties as announced in “Change inMaster Lease and Property Management Companies” on September 26, 2012. Ichigo REIT has
selected the new PMs carefully after reviewing a number of alternatives. Ichigo REIT willcontinue to increase the quality and efficiency of property management services over the longterm.
(3) Profile of the New PMs
NameAddress
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,
Data 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,
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 Company
manager. Also, the New ML/PM is not a related party ofIchigo REIT or its asset manager.

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Name
Address
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 BusinessesBusiness
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.

2. Termination of ML Contract
The ML Contract with XYMAX AXIS Corporation for M’s SQUARE, an Ichigo REIT asset,
was initially scheduled to be terminated on March 31, 2013, as announced in “Acquisition ofPortfolio Asset (M’s SQUARE)” on August 29, 2012. However, after discussion, XYMAXAXIS Corporation and Ichigo REIT agreed to terminate the contract on October 31, 2012.

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

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