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 25, 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

Amendment of Management Guidelines of Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company ofIchigo Real Estate Investment Corporation (“Ichigo REIT”), has amended its Management
Guidelines, effective today, as follows.
1. Details and Reason for Change
IRE has decided to amend the definition of PML in its Management Guidelines based on achange of seismic appraiser for the Ichigo REIT portfolio.
2. Effective Date of Change
July 25, 2012

Details of the amendment to the Management Guidelines are as follows:

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

Amendment to the Management Guidelines of IRE – Old versus NewOld

New

Attachments

Attachments[4. Basic Specifications of Investment-Eligible[4. Basic Specifications of Investment-Eligible

Property]
ItemStandard
Location(Description Omitted)
Building Age(Description Omitted)
Legal(Description Omitted)
Compliance
Earthquake
Resistance(Description Omitted)
Performance
Earthquake
PML (Probable(Description Omitted)
Maximum Loss)
Standard forAsbestos (Description Omitted)Asbestos, PCB
PCB(Description Omitted)
and OtherHarmful
Other(Description Omitted)
Substances
Soil(Description Omitted)
Contamination(Note 1) (Description Omitted)(Note 2) (Description Omitted)(Note 3) "PML" refers to the probable maximum loss inthe event of an earthquake. PML may be calculated forindividual properties or for the portfolio as a whole.
While there is no strict definition of PML (valuation
methods differ depending on the institution conducting
the survey), in these Guidelines, however, PML is foundby calculating the probable maximum damage (ratio ofcost of restoration of damage and the total restoration
price (replacement cost)) to an individual property witha 90 percent confidence level from the occurrence of anearthquake of a magnitude (reoccurring once every 475years) having a 10% probability of occurring during any
50 year period. Furthermore, portfolio PML is theprobable maximum damage to any individual property
or multiple properties in the portfolio, whereconsidering the properties in the portfolio as a whole,and any correlative damages, the probable maximum
damage (ratio of cost of restoration of damage to theproperties and the total restoration price of all damagedbuildings (replacement cost)) to the properties is with a90 percent confidence level from the occurrence of anearthquake of a magnitude (reoccurring once every 475years) having a 10% probability of occurring during any
50 year period (scenario earthquake).

Property]
ItemStandardLocation(No Change)
Building Age(No Change)
Legal(No Change)
Compliance
Earthquake
Resistance(No Change)
Performance
Earthquake PML(Probable(No Change)
Maximum Loss)
Standard forAsbestos(No Change)
Asbestos, PCB
PCB(No Change)
and OtherHarmfulOther(No Change)
Substances
Soil(No Change)
Contamination(Note 1) (No Change)(Note 2) (No Change)(Note 3) "PML" refers to the probable maximum loss inthe event of an earthquake. PML may be calculated forindividual properties or for the portfolio as a whole.
While there is no strict definition of PML (valuation
methods differ depending on the institution conducting
the survey), in these Guidelines, however, PML is foundby calculating the probable damage from the largest
foreseeable earthquake (a major earthquake of a size
seen once every 475 years, having a 10% probability ofoccurring during any 50 year period) during theexpected period of use (50 years, the useful lifetime
ordinarily assigned to buildings). The figure represents
the ratio of projected expenses for restoration of damage
to the replacement cost.

2