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.

January 29, 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

Change in Master Lease and Property Management Company

Ichigo Real Estate Investment Corporation ("Ichigo REIT") has changed a master lease company ("ML") and property management company ("PM") per the following:
1. Reason for the Change
As part of its internal growth strategy, Ichigo REIT has been actively improving its asset management efficiency, strengthening its leasing capabilities, and implementing a bottom-up, hands-on approach to property management. Accordingly, Ichigo REIT has consolidated outsourcing companies, enabling it to both reduce costs and increase the quality of its property management.
Ichigo REIT has decided to change one ML and PM in line with this strategy.
2. Summary of the Change
Ichigo REIT will change its ML and PM with respect to the following portfolio asset, effective
January 31, 2013.

Property

Before Change (ML/PM)

After Change (ML/PM)

ForeCity Azabujuban

ITOCHU Urban Community Ltd.

HASEKO LIVENET, Inc.

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3. Profile of the New ML/PM

Name

HASEKO LIVENET, Inc.

Address

2-31-19, Shiba, Minato-ku, Tokyo

4. Future Outlook
This change in ML and PM will have a minimal impact on the operational outlook for Ichigo
REIT.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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