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.

July 14, 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: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

Changes in Statutory Executive Officers, Key Personnel,and Organization of the Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company ofIchigo Real Estate Investment Corporation (“Ichigo REIT”), decided on the following changes
to statutory executive officers, key personnel, and organization, effective today.
1. Statutory Executive Officers
NameShinichi Fukasawa

Hiroshi Iwai

New Position
Senior Statutory Executive Officer(Office REIT)
Head of Office REIT Division
Statutory Executive Officer(Hotel REIT)
Head of Hotel REIT Division

Current Position
Senior Statutory Executive Officer(REIT)
Head of REIT Division
Ichigo Estate Co., Ltd.
Director (Asset Management)

2. Key Personnel
Name
Norio Nagamine

New Position
Head of Office REIT AssetManagement

Current Position
Head of REIT Asset Management

3. Organization
To manage the Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”), IRE hasestablished a new Hotel REIT Division, comprised of the Hotel REIT Asset Management Groupand Hotel REIT Portfolio Management Group. The Hotel REIT Asset Management Group willbe dedicated to asset acquisitions and sales and hands-on management of the REIT’s assets,
while the Hotel REIT Portfolio Management Group will be in charge of portfolio management
and monitoring. IRE will also establish a new Investment Management Committee, the REIT’s
top decisionmaking body, for Ichigo Hotel REIT, and eliminate the Special Projects Division
which was in charge of planning Ichigo Hotel REIT.
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In addition, what was previously the REIT Division has become the Office REIT Division,
comprised of the Office REIT Asset Management Group and Office REIT Portfolio
Management Group. Ichigo REIT’s Investment Management Committee (J-REIT) has beenrenamed the Investment Management Committee (Office REIT). No other changes in thepersonnel structure of the Office REIT Division have been made besides the aforementioned insections 1 and 2.
For details of the background and objective of these organizational changes, please refer totoday’s announcement “Ichigo Hotel J-REIT Establishment and Filing of Notification for
Change in Operational Procedures.”
IRE Organization Chart
Before Change
AGM
Nominating
Committee

Audit Committee

Board of Directors

CompensationCommittee

Investment Committee（separate forREIT / Private Fund）

Chairman
AuditPresident
Compliance

Risk & Compliance Committee

Private Fund

Portfolio Management

Portfolio Management

Finance

Administration

Finance
Accounting

Business Planning
Risk Management

SpecialProjects

Planning
Execution

REIT

Osaka Branch

Acquisitions & Sales

After Change (effective July 14, 2015)

AGM
Nominating
Committee
Audit Committee

Board of Directors

Compensation
Committee
Investment Committee（separate forOffice REIT / Hotel REIT/ Private Fund）

Chairman
Audit

President
Compliance

Risk & Compliance Committee

Acquisitions & Sales

Hotel REIT

Private Fund

Asset Management
Portfolio Management

Asset Management
Portfolio Management

Portfolio Management

Finance
Osaka Branch

PlanningExecution

Office REIT

Finance
Accounting

Administration
Business Planning
Risk Management

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