August 24, 2009
To All Concerned Parties
Name of REIT Issuer:
TGR Investment Inc.
Naoki Shibatsuji, Executive Director
23-3, Ichibancho, Chiyoda-ku, Tokyo, Japan(Securities Code: 8963)
URL: http://www.tgr-inv.co.jp/eng/
Asset Management Company:GrowthREIT Advisors, Ltd.
Naoki Shibatsuji, CEOContact: Eiji Takizawa, CFO(Tel. +81-3-3238-5341)

Notice Concerning Partial Revision of Asset Management Services AgreementTGR Investment Inc. (TGR) announces its decision, made on August 14, 2009, to revise the AssetManagement Services Agreement concluded with GrowthREIT Advisors, Ltd., the asset managementcompany to which TGR entrusts the management of its assets (hereinafter referred to as the “AssetManagement Company”) on January 24, 2002.
The following matter is subject to approval being passed at the unitholders’ meeting of TGR scheduled for
September 25, 2009.
1. Reasons for Revision
Impacted by turmoil in global financial markets, the Japanese economy has worsened
significantly and its future still remains uncertain. Given the marked changes in real estate andfinancial markets, TGR sees stabilization of its financial management base as an important task.
Based on this thinking, TGR has endeavored to reduce its interest-bearing liabilities by repaying
borrowings when selling its properties, while approaching new property acquisitions with acautious stance.
Recently, TGR received a request from the Asset Management Company with regard to setting
a minimum limit for management fees and changing the standards for payment of disposition
fees. Presently, management fees are linked to the amount of TGR’s total assets. However,
TGR’s asset size is on a declining trend. The Asset Management Company has continued toreceive a remuneration that is lower than the amount needed to continue conducting
management for TGR, despite having taken extensive measures to reduce expenses, including
reductions in capital investment and personnel costs. The Asset Management Company has
made the request because such a situation, if it becomes permanent, may pose an impediment
to the continuity of asset management services. The request has been made based on aresolution at a meeting of the Asset Management Company’s Board of Directors held on August
14, 2009. This matter does not constitute a transaction with related parties as defined in theLaw Concerning Investment Trusts and Investment Corporations, and there is no problem in theAsset Management Company’s deliberation and resolution procedures.
By setting the minimum limit, the asset management fees payable by TGR are expected to1

increase by approximately 2 million yen per month, calculated on the basis of the amount of its
total assets as at the end of the fiscal period ended June 2009. Nevertheless, TGR has
decided to accept the request from the Asset Management Company on the condition that theunitholders’ meeting approves it. This is because TGR has judged that, from a medium- tolong-term perspective, it can expect the level of services provided by the Asset Management
Company to improve further.
TGR believes that winning trust from the market by accepting the request and continuously
taking a variety of measures to stabilize the financial management base will lead to securing its“growth potential” – that is, acquiring new properties, improving asset values and increasing
profits per investment unit – over a medium to long term.
Furthermore, seriously taking this matter as well as the results of the Financial Summary for the13th Fiscal Period separately announced today, TGR resolved at a meeting of its Board ofDirectors held today that the amount of the Executive Director’s monthly compensation will be
reduced by 40% for the time being, starting with the payment for September 2009.
2. Content of Revision
Revisions are as indicated below.
(Underlined are revised sections.)
Before Revision

Proposed Revision

Article 7
Remuneration from the Investment Corporation shall bemanagement fees, acquisition fees and disposition
fees, and the specific amount, method of calculationand payment dates shall be as follows.
(1) Management fees
The end-of-month amount of the Investment
Corporations total assets under management shall be
multiplied by the rates indicated below in accordancewith the amount. The calculated figures shall betotaled and then divided by 12. The obtained value(rounded down to the nearest yen) shall be themaximum limit of the monthly remuneration, and shallbe paid for every quarter that ends on the last day ofeach of March, June, September and December, within
two months after the last day of the relevant quarter.

Article 7
Remuneration from the Investment Corporation shall be
management fees, acquisition fees and disposition
fees, and the specific amount, method of calculationand payment dates shall be as follows.
(1) Management fees
The end-of-month amount of the Investment
Corporations total assets under management shall be
multiplied by the rates indicated below in accordancewith the amount. The calculated figures shall betotaled and then divided by 12. Either the obtained
value (rounded down to the nearest yen) or 18.5 million
yen in cash, whichever is higher, shall be paid asmonthly remuneration for every quarter that ends on
the last day of each of March, June, September andDecember. Amounts equivalent to three months’
worth shall be paid within two months after the last dayof the relevant quarter.

0.43% for the portion that is 50 billion yen or less
0.33% for the portion that is 100 billion yen or

0.43% for the portion that is 50 billion yen or lessless, but not 50 billion yen or less
0.23% for the portion exceeding 100 billion yen

0.33% for the portion that is 100 billion yen or
less, but not 50 billion yen or less
0.23% for the portion exceeding 100 billion yen(2) Acquisition fee(No revision made)(2) Acquisition fee(Omitted)(3) Disposition fee
When the Investment Corporation sells asset
management targets – properties, beneficiary interests
in trust or other properties that back its assets – throughthe brokerage of the Asset Management Company, the(3) Disposition fee
When the Investment Corporation sells asset
management targets – properties, beneficiary interests
in trust or other properties that back its assets – theInvestment Corporation shall pay the amount2

Before Revision
Investment Corporation shall pay the amountequivalent to up to 0.5% of the sale proceeds(excluding the amount equivalent to consumption taxes
on the building) within three months after the end of themonth to which the relevant asset’s sale date belongs.
(4) Payment method, etc.
(Omitted)

3. Schedule of Revision
August 14, 2009
August 14, 2009
September 25, 2009

Proposed Revisionequivalent to up to 0.5% of the sale proceeds(excluding the amount equivalent to consumption taxes
on the building) within three months after the end of themonth to which the relevant asset’s sale date belongs.
(4) Payment method, etc.
(No revision made)Resolution by the Board of Directors of the Asset Management
Company (Note 1)
Resolution by the Board of Directors of TGR (Note 1)
Unitholders’ meeting (planned) (Note 2)(Note 1) Because Naoki Shibatsuji concurrently holds the position of Executive Director of TGR andCEO of the Asset Management Company, he will represent both of the entities for the agenda
concerning this matter and, as such, constitutes a party having particular vested interest.
Accordingly, he does not participate in the resolutions by the Board of Directors of TGR or by
the Board of Directors of the Asset Management Company.
(Note 2) Subject to the revisions of TGR’s Articles of Incorporation.
4. Future OutlookNo change is being made to the outlook performance for the fiscal period ending December 2009 (July 1,2009 to December 31, 2009) since the impact of this matter is expected to have minimal impact on saidperformance.

Note: This English language notice is a translation of the Japanese language notice on TGR’s website
released on August 14, 2009 and was prepared solely for the convenience of, and reference by,
non-Japanese investors. No warranties or assurance are given for its accuracy or completeness of thisEnglish translation.

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