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.

February 25, 2013
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

Changes in Corporate Directors and Key Personnel
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company ofIchigo Real Estate Investment Corporation (“Ichigo REIT”), decided today on the followingchanges to corporate directors and key personnel.
1. Corporate Directors (subject to shareholder meeting approval, May 2013)
As a Japanese firm that operates with a board committee structure, two thirds of Ichigo’s board
members are independent external directors in order to strengthen corporate governance.
NameScott CallonKenji Iwasaki
Minoru Ishihara
Katsu Fujita
Tetsuya Fujita
Maki Kumagai
Noriko Kawate
Daisuke Kotegawa(New)
Lee Fitzgerald(New)

New Position

Current Position

DirectorDirector
Director
Independent External Director
Independent External Director
Independent External Director
Independent External Director(as of February 25, 2013)
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged
Unchanged

Independent External Director

N/A

Independent External Director

N/A

Note: Director Candidates Scott Callon and Lee Fitzgerald will receive no compensation from IRE.

1

Profile of New Candidates for Corporate Directors

NameDaisuke Kotegawa

Date of Birth

May 3, 1951

Career Summary
April 1975
June 1996
June 1998
July 2003
July 2005
July 2006
July 2007
February 2011
May 2011
May 2012

Joined the Ministry of Finance (MOF)
Director, Securities Business Division, Securities Bureau, MOF
Director, Coordination Division, Supervisory Department, Financial
Services Agency (FSA)
Deputy Director-General, Minister's Secretariat, MOF
Director-General, Kanto Regional Finance Bureau, MOF
Deputy Director-General, Finance Bureau, MOF
Executive Director for Japan, International Monetary Fund (IMF)
Research Director, The Canon Institute for Global Studies (Current)
External Director, PARCO CO., LTD. (Current)
Director, SEKIDO Co., Ltd. (Current)

Name

Lee Fitzgerald

Date of Birth

July 17, 1975

Career Summary
September 1998
September 2000
April 2002
June 2007

Enterprise Ireland, Irish Government Export and Trade Development
Agency, JapanXIAM
PolarLake Limited
Partner, Ichigo Asset Management International, Pte. Ltd. (Current)22. Statutory Executive Officers (effective March 1, 2013)

Kenji Iwasaki

Wataru Orii

Takumi Naito
Minoru Ishihara
Kenji Shibasaki
ShinichiFukasawa
Takayoshi Hiiro*(New)Kenji GotoMasanori Kubota

Current Position(as of February 25, 2013)

New Position

Name

Chairman & Statutory Executive
Officer (Overall CompanyManagement)
President & Representative
Statutory Executive Officer(Overall Company Management,Sales & Acquisitions)Executive Vice President &Representative Statutory Executive
Officer (Asset Management)
Executive Vice President &Statutory Executive Officer
Senior Executive Managing
Director & Statutory Executive
Officer (Finance)
Senior Statutory Executive Officer(Sales & Acquisitions)
Senior Statutory Executive Officer(Sales & Acquisitions)
Statutory Executive Officer(Sales & Acquisitions)
Statutory Executive Officer(Sales & Acquisitions)

Unchanged

President & Representative Director(Overall Company Management)

Unchanged
Executive Vice President & Statutory
Executive Officer (Administration)
Unchanged
Senior Statutory Executive Officer(Sales & Acquisitions 1)
N/A
Statutory Executive Officer (Sales &Acquisitions 2)
Unchanged* Effective April 1, 2013
Note: Effective March 1, 2013, Kazuya Sahashi, Executive Vice President & Representative
Statutory Executive Officer, will become an Advisor to Ichigo Group Holdings Co., Ltd.
(“IGH”). Masaya Hiruta, Executive Managing Director & Statutory Executive Officer will
become a Director of Takara Building Maintenance Co., Ltd. Kenichi Nagao, Senior
Statutory Executive Officer, will become an IGH Statutory Executive Officer.

3. Key Personnel (effective March 1, 2013)Name

New Position

Tetsuya Takeda

Sales & Acquisitions

Masaaki Yajima

Deputy Head of Asset Management
Head of Administration (BusinessPlanning, Risk Management)
Head of Compliance

Hiroto Tajitsu
Junichi Kawanishi

Current Position(as of February 25, 2013)
Sales & Acquisitions, Head ofPortfolio Management
Head of Asset Management 1
Head of Business Planning & BusinessManagement
Unchanged

Note: Shigeo Sawahata will transfer to IGH Real Estate Services.
These changes in organization, corporate directors, and key personnel 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.

3

IRE Organizational Chart
Before Change
Company’s
Shareholders’ Meeting
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

Investment Management
Committee （separately for
Private Equity Funds / J-REIT）

Chairman
Audit

President
Compliance

Risk & Compliance Committee

Sales & Acquisitions

Asset Management

Sales & Acquisitions 1
Sales & Acquisitions 2

Asset Management 1
Asset Management 2
Portfolio Management
Property Management
Osaka Branch

After Change

Finance

Administration

Finance (J-REIT/
Private Equity Funds)
Accounting (J-REIT/
Private Equity Funds)

Business Planning
Risk Management(effective March 1, 2013)

Company’s
Shareholders’ Meeting
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

Investment Management
Committee （separately for
Private Equity Funds / J-REIT）

Chairman
Audit

President
Compliance

Risk & Compliance Committee

Sales & Acquisitions
Sales & Acquisitions

Finance

Asset Management

Finance
Accounting (J-REIT/Private Equity Funds)

Asset Management(Third-Party/Principal/REIT)
Osaka BranchWebsite of Ichigo REIT: www.ichigo-reit.co.jp/english

4Administration
Business Planning
Risk Management