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.

November 25, 2011
For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiko Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Change in Director at Asset Management Company
Ichigo REIT Management Co., Ltd. (the “Asset Management Company”), to which Ichigo Real Estate
Investment Corporation (“Ichigo REIT”) entrusts its asset management operations, approved at its
general shareholder meeting yesterday the following director change.
1. Director Change (effective December 1, 2011)
Before Change
Yonezo Fukuoka
Corporate Auditor

After Change
Hiroshi Shimazu
Corporate Auditor*The career history of the new appointee is below.
2. Reason for Change
Yonezo Fukuoka, the current Corporate Auditor, is resigning in order to dedicate himself to his role as
the Executive Statutory Officer (Compliance) of Ichigo Group Holdings Co, Ltd.

All necessary reporting procedures, etc. with respect to this action will be conducted in accordance withthe provisions of the Financial Instruments and Exchange Law, the Building Lots and Buildings
Transaction Business Law, and other applicable laws and regulations.

<Career History of Hiroshi Shimazu＞
Title
Corporate Auditor

NameHiroshi Shimazu

Career Summary
April 1974
April 2001
April 2003

July 2005July 2008

December 2008

October 2009

November 2009
November 2009

March 2010
January 2011
December 2011

Joined Nippon Steel Corporation
Seconded to Nippon Steel City Produce, Inc.
Seconded to NS Insurance Service Co., Ltd.
(currently Nippon Steel Insurance Service,Inc.) as Director and General Manager ofAdministration Division
Seconded to Urban Security Co., Ltd., as
Director and General Manager of General
Affairs
Joined Asset Managers Holdings Co., Ltd.
(currently Ichigo Group Holdings Co., Ltd.)as Head of Compliance
Joined Asset Investment Advisors Co., Ltd.
(currently Ichigo Real Estate Advisors Co.,Ltd.) as Compliance Officer and Head ofRisk Management
Appointed Head of Internal Audit, AssetManagers Holdings Co., Ltd. (currentlyIchigo Group Holdings Co., Ltd.) (current)
Appointed Corporate Auditor of Miyako City
Co., Ltd. (current)
Appointed Corporate Auditor of AssetLogistics Co., Ltd. (currently Ichigo MarchéCo., Ltd.) (current)
Appointed Corporate Auditor of Takara
Building Maintenance Co., Ltd. (current)
Appointed Corporate Auditor of Ichigo EstateCo., Ltd. (current)
Appointed Corporate Auditor of Ichigo REITManagement Co., Ltd. (scheduled)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/eng
Please note that this disclosure was originally released in Japanese on November 24, 2011.