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.

May 1, 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 OfficerInquiries: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

Update on Asset Acquisitions and Sale
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has appointed property management(“PM”) and master lease (“ML”) companies for the following assets announced in the April 9,2015 release “Asset Acquisitions and Sale.” In addition, Ichigo REIT has agreed upon the term oftrust for one asset.
1. Summary(a) Change of Property Management Companies and Master Lease Companies
The companies were selected for the full breadth of their capability and experience withrespect to asset type and location, in full consideration of economic terms such as pricing.
AssetPM

Ichigo Jingumae Building

Ken Corporation Ltd.

Ichigo Shibuya Dogenzaka
Building

Shimizu Comprehensive
Development Corporation
The Dai-ichi Building Co.,Ltd
Shimizu Comprehensive
Development Corporation

Ichigo Hiroo Building
Ichigo Sasazuka Building
Ichigo Nihonbashi East
Building
Shuwa Dai 2 Sakurabashi
Building
Ichigo Shinkawa Building

N/A
N/A
Ichigo REIT
N/A

Kyodo Shisetsu Co., Ltd.

N/A

Kyodo Shisetsu Co., Ltd.

N/A

Kyodo Shisetsu Co., Ltd.

Ichigo REITIchigo Higashi Gotanda
Building

The Dai-ichi Building Co.,
LtdThe Dai-ichi Building Co.,
LtdAxior Mita

Ken Corporation Ltd.

Ichigo Kudan Building

ML1

N/A
Ichigo REIT
Ichigo REIT

AssetPMML

Ichigo Higashi Ikebukuro
Building
Koriyama Big-i (Officesection)

Shimizu Comprehensive
Development Corporation
Taisei-Yuraku Real EstateCo., Ltd.

N/A
N/A(b) Term of Trust
Asset

Term of Trust

Ichigo Higashi Ikebukuro Building

March 20, 2002 – May 31, 2025

Note: The trust agreement has been renewed to extend the term from September 29, 2016 toMay 31, 2015.
2. Profiles of the Property Management Companies
NameKen Corporation Ltd.

Address

1-2-7 Nishi Azabu, Minato-ku, Tokyo

Representative

Shigeru Sato, President & Representative Director

CapitalRelationship withIchigo REIT orAsset Management
Company

513 million yen (as of April 1, 2015)
1. Real estate sales, lease, brokerage, and appraisal
2. Planning, design, supervision and contract work of building
construction projects
3.Acquisition, operation, and management of real estate
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset managementcompany. In addition, the PM is not an interested party of Ichigo
REIT or its asset management company.

Name

Kyodo Shisetsu Co., Ltd.

Address

1-9-12 Nihonbashi Muromachi, Chuo-ku, Tokyo

Representative

Akihiko Komatsu, Representative Director

Capital

60 million yen (as of April 1, 2015)
1. Lease and management of lease assets
2. Real estate sales, brokerage, and appraisal
3. Parking lot management
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset managementcompany. In addition, the PM is not an interested party of Ichigo
REIT or its asset management company.

Principal Business

Principal Business
Relationship withIchigo REIT orAsset ManagementCompany2

Name

Taisei-Yuraku Real Estate Co., Ltd.

Address

3-13-1 Kyobashi, Chuo-ku, Tokyo

Representative

Takashi Hayashi, President & Representative Director

Capital10,000 million yen (as of April 1, 2015)
1. Real estate sales, brokerage, maintenance, management, appraisal,and related consulting services; Management and consulting ofreal estate investment
2. Owning, lease, maintenance, operation, and consulting of hotels,
sports facilities, recreational facilities, retail facilities, offices,medical facilities, and educational facilities
The PM does not have any capital, personnel, or business
relationship of note with Ichigo REIT or its asset managementcompany. In addition, the PM is not an interested party of Ichigo
REIT or its asset management company.

Principal Business

Relationship withIchigo REIT orAsset Management
Company
3. Future Outlook

There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings and Dividend Forecast Revisions for the April 2015 and October 2015 Fiscal Periods”
on April 9, 2015.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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