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 24, 2015
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, Key Personnel, and Organization
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, key personnel, and organization.
1. Statutory Executive Officers (effective March 1, 2015)
Name

New Position

Current Position(as of February 24, 2015)

Chairman & Statutory Executive
Kenji IwasakiOfficer (Overall Company
UnchangedManagement)
President & Representative Statutory President & Representative Statutory
Wataru Orii
Executive Officer (Overall Company Executive Officer (Overall CompanyManagement)
Management, Sales & Acquisitions)Executive Vice President &Executive Vice President &Takumi Naito
Representative Statutory Executive
Representative Statutory Executive
Officer (Private Fund)
Officer (Asset Management)
Senior Executive Managing Director
Kenji Shibasaki& Statutory Executive Officer
Unchanged(Finance)
Senior Statutory Executive Officer
Senior Statutory Executive Officer
Shinichi Fukasawa(REIT)(Sales & Acquisitions)
Statutory Executive Officer
Masanori Kubota
Unchanged(Finance, Accounting)Statutory Executive Officer
Head of Sales & Acquisitions
Mitsutaka Shimada(Acquisitions & Sales)
Statutory Executive Officer (OsakaAkihiko Tsukasa
Branch), Osaka Branch General
Osaka Branch General Manager
Manager(Note) While ending his Statutory Executive Officer role as Executive Vice President, Minoru
Ishihara will remain a Corporate Director to provide oversight with respect to strategy andbusiness execution.
12. Key Personnel (effective March 1, 2015)
NameCurrent Position(as of February 24, 2015)
Unchanged

New Position

Yuji Kamo

Head of Sales Planning
Head of Private Fund Portfolio
Management
Compliance Officer

Takashi Ohigawa
Junichi Kawanishi

Head of Asset Management
Unchanged(Note) Effective March 1, 2015, Tetsuya Takeda will become Head of REIT Portfolio
Management and Yuichi Jikimoto will also become Head of Private Fund Portfolio
Management.
3. Organization (effective March 1, 2015)
IRE provides asset management services primarily to Ichigo REIT but also to private funds. Inorder to focus and strengthen its asset management capabilities, IRE is organizing its asset
management function into separate REIT and Private Fund groups.
IRE Organization 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

Acquisitions & Sales
Sales Planning
Acquisitions & Sales

Finance

Asset Management
Asset Management
Osaka Branch

Finance
Accounting
Portfolio Management

Administration
Business Planning
Risk Management

After Change (effective March 1, 2015)
Company’s
Shareholders’ Meeting
Nominating
Committee

Audit CommitteeBoard of Directors

Compensation
Committee

Investment Committee（separate forREIT / Private Fund）

Chairman
Audit

President
Compliance

Risk & Compliance Committee

Private Fund

Portfolio Management

Portfolio Management

2Finance

Administration

Finance
Accounting

Business Planning
Risk Management

SpecialProjects

Planning
Execution

REIT

Osaka Branch

Acquisitions & Sales

These changes in organization, statutory executive officers, and key personnel will be
conducted in accordance with the provisions of the Financial Instruments and Exchange Law,
the Building Lots and Buildings Transaction Business Law, and other applicable laws andregulations.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english3