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.

July 2, 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 Organization and Corporate Directors and Key Employees
in accordance with Merger of Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd. (merged with the former Ichigo Real Estate
Investment Advisors Co., Ltd. (“former IRE”) and changed its company name from the former
Ichigo REIT Management Co., Ltd. (“former IRM”) as of July 1, 2012, “IRE”), the asset
manager of Ichigo Real Estate Investment Corporation (“Ichigo REIT”), has changed its
Corporate Directors and Key Employees, per the below.
1. Change of Directors (As of July 1, 2012)(1) Corporate Directors
Please refer to “Change in Organization and Corporate Directors in accordance with Mergerof Asset Management Company” dated April 19, 2012(2) Statutory Executive Officers
NameKenji Iwasaki

Wataru Orii

Takumi Naito

Kazuya Sahashi

New Position
Chairman & Statutory Executive
Officer (Overall CompanyManagement)
President & Representative
Statutory Executive Officer(Overall Company Management)
Executive Vice President &Representative Statutory Executive
Officer (Asset Management)
Executive Vice President &Representative Statutory Executive
Officer (Acquisition & Sales)

Former Position
N/A(former IRM) President &Representative Director (OverallCompany Management)(former IRE) President &Representative Director (OverallCompany Management)
N/AMinoru Ishihara

Kenji Shibasaki

Masaya Hiruta
ShinichiFukasawa
Kenichi Nagao
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(Acquisition & Sales)
Senior Statutory Executive Officer(Acquisition & Sales)
Statutory Executive Officer(Acquisition & Sales)
Statutory Executive Officer(Finance, Accounting)(former IRE) Senior Executive
Managing Director (Administration)(former IRE) Executive Vice President& Representative Director (StructuredFinance)(former IRM) Senior Executive
Managing Director (Administration,Business Planning and Compliance)(former IRE) Director (Real EstateManagement)
N/A
N/A(former IRM) Director (Finance)

2. Key Employees (As of July 1, 2012)
NameShinichiFukasawa
Kenichi Nagao
Shinji Tsuchiya

New PositionHead of Acquisition & Sales 1
Head of Acquisition & Sales 2
Acquisition & Sales 1, Acquisition& Sales 2

Masaaki Yajima

Head of Asset Management 1

Shigeo Sawahata

Head of Asset Management 2

Junichi Kawanishi

Head of Compliance, Compliance
Officer

Former Position(former IRE) Head of Investment
Management
N/A(former IRM) Head of Asset
Investment(former IRE) Head of Investment
Management(former IRM) Head of AssetManagement(former IRM) Compliance Officer

All necessary reporting procedures with respect to the above changes will be conducted inaccordance with the provisions of the Financial Instruments and Exchange Law, the Building
Lots and Buildings Transaction Business Law, and other applicable laws and regulations.
*The career history of each new appointee is below. (Senior Executive Managing Director &Statutory Executive Officer and above only)This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to thepress club for 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

2TitleName
April 1992
May 2001

May 2004

May 2005
May 2007
Director,Chairman &Statutory
Executive
OfficerKenji Iwasaki

October 2008
November 2008
May 2009

November 2011

July 2012

April 1990
November 1998

President &Representative
Statutory
Executive Officer

Wataru Orii

June 2001
December 2005
February 2009
August 2010
September 2010
January 2011

July 2012

3Career Summary
Joined Fujita Corporation
Joined Asset Managers Co., Ltd.
(presently, Ichigo Group Holdings Co.,Ltd.) (“IGH”)
Director, General Manager of FundBusiness Division, Merchant Banking
Group
Representative Director and Vice
President
Director, Chairman of Nominating
Committee and Chairman ofCompensation Committee
President & Representative Statutory
Executive Officer (current)
Vice Chairman of Compliance Committee(current)
Director (current), Member of Nominating
Committee and Member of Compensation
Committee
Chairman of Nominating Committee, andChairman of Compensation Committee(current)
Director, Chairman & Statutory Executive
Officer, IRE (current)
External Director, Ichigo Global CapitalCo., Ltd. (current)
Joined TOKYU LAND CORPORATION
Joined Pacific Management Limited(presently, Pacific Holdings Limited)
Director, Investment & Planning Division
Director, Sales Division
President & CEO
Corporate Adviser, IGH
Senior Managing Director & Statutory
Executive Officer, Strategic Sales
Executive Vice President & Statutory
Executive Officer, (BusinessDevelopment)
President & Representative Director,
former IRM
President & Representative Statutory
Executive Officer, IRE (current)April 1988
September 1995
Executive Vice
President &Representative
Statutory
ExecutiveOfficer(AssetManagement)

Takumi Naito

August 2001
April 2002
April 2010
May 2010
September 2010
July 2012

April 1991
January 2004
December 2004
May 2007
March 2008
Executive Vice
President &Representative
Statutory
ExecutiveOfficer(Acquisition &Sales)

October 2008Kazuya
SahashiMay 2009

September 2009
May 2011

July 2012

4

Joined Sumitomo Realty & Development
Co., Ltd.
Joined McDonald’s Company (Japan),Ltd.
Joined CREED Corporation
Joined Morgan Stanley Capital K.K.
Joined IGH
Director (Real Estate Investment
Management), former IRE
President & Representative Director.
former IRE
Executive Vice President &Representative Statutory Executive
Officer, IRE (current)
Joined Kanematsu Corporation
Joined IGH
Head of Corporate Management Division
Senior Statutory Executive Officer andCPO
Representative Statutory Executive
Officer and CFO
Chief Financial Officer & Representative
Statutory Executive Officer
Executive Vice President & Statutory
Executive Officer (Finance, Advisory &International)
President & Representative Director,
former IRE
Executive Vice President & Statutory
Executive Officer (Finance, StrategicInvestment & International), IGH
Executive Vice President &Representative Statutory Executive
Officer, IRE (current)April 1990
October 2005
May 2007
March 2008

October 2008

November 2008
May 2009

October 2009
November 2009
Director,
Executive Vice
President &Statutory
Executive Officer(Administration)

May 2010
Minoru Ishihara
October 2010

January 2011

April 2011

May 2011
November 2011

May 2012
July 2012

5

Joined Hazama Corporation
Joined Creed Corporation
Joined IGH as Head of Human Resourcesand General Administration Department
Executive Officer and Head of Human
Resources and General Administration
department
Chief Administrative Officer & Statutory
Executive Officer and Head of Business
Management
Director, former IRE
Director (current) Senior Managing
Director & Statutory Executive Officer(Administration) and Member ofCompliance Committee of IGH (current)
Senior Managing Director(Administration), former IRE
President & Representative Director,
Asset Logistics Co., Ltd. (currently IchigoMarché Co., Ltd.)
Director, Senior Executive Managing
Director & Statutory Executive Officer(Administration), IGH
President & Representative Director ofIchigo Solutions Co., Ltd. (presently,Ichigo Estate Co., Ltd.)
Senior Executive Managing Director &Statutory Executive Officer, IGH
Senior Managing Director(Administration), former IRM
President & Representative Director,
Miyako City Co., Ltd. (current)
Member of Compliance Committee, IGH(current)
Senior Managing Director(Administration), former IRE
Executive Vice President & Statutory
Executive Officer (Administration), IGH(current)
Chairman, Asset Managers (Taiwan) Co.,
Ltd. (current)
Executive Vice President & Statutory
Executive Officer, IRE (current)
Director, Ichigo Global Capital Co., Ltd.
(current)

Senior Executive
ManagingDirector &Statutory
Executive Officer(Finance)

April 1994
November 1994
April 2001
May 2006

Kenji Shibasaki

March 2008
March 2009
September 2009
July 2012

6

Joined Yamato Co., Ltd.
Joined First Credit Corporation
Joined IGH
Statutory Executive Officer (StructuredFinance)
Senior Managing Director
Senior Managing Director of Structured
Finance Devision, former IRE
Executive Vice President &Representative Director, former IRE
Senior Executive Managing Director &Statutory Executive Officer (Finance),IRE (current)