Ichigo Preserves and Improves Real Estate[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 23, 2018
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

Changes in Officers and Organization ofAsset Management Company
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo Hotel, decided
today on the following changes to its officers and organization, effective March 1, 2018.
Statutory Executive Officers
New Position
Chairman & Statutory Executive
Officer (Overall Company
Scott Callon
Management)
President & Representative Statutory
Executive Officer (Overall Company
Wataru Orii
Management, Acquisitions & Sales)
Head of Acquisitions & Sales Division
Executive Vice President & Statutory
Takeyuki Yoshimatsu
Executive Officer
Senior Executive Managing Director& Statutory Executive Officer (PrivateFunds)
Kenji Shibasaki
Head of Private Funds Division
Head of Portfolio Management
Executive Managing Director &Shinichi Fukasawa
Statutory Executive Officer(Office REIT)
Senior Statutory Executive Officer
Takayoshi Hiiro(Green Infrastructure)
Masanori Kubota
Statutory Executive Officer (Finance)
Statutory Executive Officer(Administration)
Hiroto Tajitsu
Head of Administration Division
Head of Business Planning

Current Position

NameHiroshi Iwai

Statutory Executive Officer(Hotel REIT)
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UnchangedUnchanged–Unchanged

Unchanged
Unchanged
Unchanged
Statutory Executive Officer(Administration)
Head of Administration Division
Head of Business Planning, Risk
Management
Unchanged

Corporate Reorganization
Within the Administration Division, the Business Planning team will absorb and carryout the Risk Management function.
IIA Organization Chart
Before Change
AGM
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

ChairmanInternal Audit

President

Risk & Compliance Committee

ComplianceInv estment Committee(Office REIT)

Inv estment Committee(Hotel REIT)

Inv estment Committee(Green Infrastructure)

Inv estment Committee(Priv ate Funds)

Acquisitions & Sales

Office REIT

Hotel REIT

Green Infrastructure

Private Funds

Finance

Administration

Acquisitions & Sales

Asset Management
Portfolio Management

Portfolio Management

Finance
Accounting

Business Planning
Risk Management
IRAsset & Portfolio
Management

Asset & Portfolio
Management

After Change (effective March 1, 2018)
AGM
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

ChairmanInternal Audit

President

Risk & Compliance Committee

ComplianceInv estment Committee(Office REIT)

Inv estment Committee(Hotel REIT)

Inv estment Committee(Green Infrastructure)

Inv estment Committee(Priv ate Funds)

Acquisitions & Sales

Office REIT

Hotel REIT

Green Infrastructure

Private Funds

Finance

Administration

Acquisitions & Sales

Asset Management
Portfolio Management

Portfolio Management

Finance
Accounting

Business Planning
IR

Asset & Portfolio
Management

Asset & Portfolio
Management

These changes in officers and organization will be conducted in accordance with theprovisions of the Financial Instruments and Exchange Law, the Building Lots andBuildings Transaction Business Law, and other applicable laws and regulations.

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