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 23, 2016
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/english
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: +81-3-3502-4892

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 Hotel REIT, decided today on the following changes to statutory executive officers, key
personnel, and organization.
1. Statutory Executive Officers (effective March 1, 2016)
Name
Wataru Orii

Takumi Naito

Kenji Shibasaki

Shinichi Fukasawa
Takayoshi Hiiro
Masanori Kubota

Mitsutaka Shimada

Hiroto Tajitsu

Current Position(as of February 23, 2016)

New Position
President & Representative Statutory
Executive Officer (Overall CompanyManagement)
Executive Vice President &Representative Statutory ExecutiveOfficer (Private Fund)
Senior Executive Managing Director& Statutory Executive Officer(Finance)
Executive Managing Director &Statutory Executive Officer (OfficeREIT)
Senior Statutory Executive Officer(Special Projects)
Statutory Executive Officer(Finance, Accounting)Statutory Executive Officer(Acquisitions & Sales)Group Head of Acquisition & Sales,Head of Execution, Head of Planning
Statutory Executive Officer(Business Administration)
1

Unchanged

Unchanged

Unchanged
Senior Statutory Executive Officer(Office REIT)―

Unchanged
Statutory Executive Officer(Acquisitions & Sales)Group Head of Acquisition & Sales,
Head of Execution
Unchanged

Name

New Position

Current Position(as of February 23, 2016)

Statutory Executive Officer (HotelUnchangedREIT)(Note) While ending his role as Chairman, Kenji Iwasaki will remain a Corporate Director toprovide oversight with respect to strategy and business execution. Akihiko Tsukasa will
become Statutory Executive Officer (Osaka Branch) of Ichigo Inc.
Hiroshi Iwai

2. Key Personnel
Effective March 1, 2016
NameYuji Kamo

New Position―Current Position
Head of Planning, Acquisitions & Sales

Yuji Kamo will become Director (Investment Planning) of Ichigo Estate Co., Ltd. Statutory
Executive Officer Mitsutaka Shimada will concurrently serve as the new Head of Planning inthe Acquisitions and Sales Group.

Effective April 1, 2016
Name

New Position

Current Position
Head of Portfolio Management, Private
Takashi Ohigawa―FundTakashi Ohigawa will become Director of Ichigo Estate Co., Ltd. on March 1, 2016.

2

3. Organization
Effective March 1, 2016, IRE will establish a Special Projects team for new public offerings andabolish the Osaka Branch.

IRE Organization Chart
Before Change

AGM
Nominating
Committee
Audit Committee

Board of Directors

Compensation
Committee

ChairmanInvestment Committee（separate for
Office REIT / Hotel REIT/ Private Fund）

Internal
AuditAudit

President
Compliance

Risk & Compliance Committee

Acquisitions & Sales

Hotel REIT

Private Fund

Asset Management
Portfolio Management

Asset Management
Portfolio Management

Portfolio Management

Finance
Osaka BranchPlanning
ExecutionOffice REIT

Finance
Accounting

AdministrationBusiness Planning
Risk Management

After Change (effective March 1, 2016)

AGM
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

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

ChairmanInternal Audit

President
Compliance

Risk & Compliance Committee

Acquisitions & Sales

Hotel REIT

Private Fund

Asset Management
Portfolio Management

Asset Management
Portfolio Management

Portfolio Management

Finance

Administration

Finance
Accounting

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.

3SpecialProjects

Planning
Execution

Office REIT