May 12, 2016
IREP Co., Ltd.
Shunsuke Konno, Representative Director & President, CEO
2-11-1, Nagatacho, Chiyoda-ku, Tokyo Japan
Securities Code: 2132
(Second Section of Tokyo Stock Exchange)
Inquiries: Atsushi Nagai, Director & CFO
Phone: +81-33596-8700

TSE Announces that Common Shares of IREP Co., Ltd. Will Be Designated as an Issue in a
Grace Period for Ceasing to Be a Substantial Surviving Company Due to a Merger, etc.

As announced on May 11, 2016, D.A.Consortium Inc. (hereinafter referred to as “DAC”) and IREP Co.,
Ltd. (hereinafter referred to as “IREP”) agreed on the establishment of a joint holding company,
D.A.Consortium Holdings Inc., (hereinafter referred to as “Joint Holding Company”). Shares of Joint
Holding Company will be listed on the Standard Section 2 of the TSE on October 3, 2016, the effective
date of the Share Transfer through a so-called technical listing according to Article 208(3) of the Securities
Listing Regulations of the Tokyo Stock Exchange (“TSE”).
Following the announcement of the Share Transfer on May 11, 2016, the TSE announced that commonshares of IREP would be designated as an issue in a grace period, due to IREP ceasing to be a
substantial surviving company due to a merger, etc. from the effective date (October 3, 2016) inaccordance with Article 314.4 of the Securities Listing Regulations.
During the grace period, listing of shares of Joint Holding Company will be maintained. If Joint Holding
Company meets the standard for the new listing within three years, starting from the listing date, October 3,
2016, through March 31, 2020, the grace period related to the delisting will be removed. Furthermore, ifwithin the three-year grace period, Joint Holding Company is unable to meet the listing standard of theRule 802 Legend
This exchange offer or business combination is made for the securities of a foreign company. The offer is subject todisclosure requirements of a foreign country that are different from those of the United States. Financial statements
included in the document, if any, have been prepared in accordance with foreign accounting standards that may not
be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities
laws, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of
a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court forviolations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject
themselves to a U.S. court's judgment.
You should be aware that the issuer may purchase securities otherwise than under the exchange offer, such as in open
market or privately negotiated purchases.

TSE, there is a possibility that shares of Joint Holding Company will be listed on the JASDAQ Securities
Exchange.
Joint Holding Company plans to go through the initial listing examination by the TSE to become eligible
for listing. Prior to the effective date of the Share Transfer, DAC, which is now listed on the JASDAQ, aims
to meet the relevant standards, so we will enhance efforts to be qualified to be able to avoid the grace
period.