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.

June 14, 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, made on the following changes to its statutory executive officers, key
personnel, and organization, effective today.
1. Statutory Executive Officers and Key Personnel
NameTakayoshi Hiiro

New Position
Senior Statutory Executive Officer(Green Infrastructure)
Head of Green Infrastructure

Current Position

Senior Statutory Executive Officer(Special Projects)

2. Organization
IRE has established a new Green Infrastructure Division responsible for asset acquisitions andsales, asset management, portfolio management and monitoring, and investor relations for theIchigo Green Infrastructure Fund which IRE expects to list on the Tokyo Stock Exchange’s
Infrastructure Fund Market. IRE will also establish a new Investment Committee as the top
decision making body for the Ichigo Green Infrastructure Fund. The Green Infrastructure
Division replaces the Special Projects Division which had heretofore been in charge of planning
the Ichigo Green Infrastructure Fund.
For details on the Ichigo Green Infrastructure Fund, please refer to today’s announcement“Establishment of Ichigo Green Infrastructure Fund.”

1IRE Organization Chart
Before Change

AGM
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

Investment Committee(separate for Office REIT/
Hotel REIT/Private Funds)

ChairmanInternal Audit

President
Compliance

Risk & Compliance Committee

Acquisitions & Sales

Hotel REIT

Private Funds

Asset Management
Portfolio Management

Asset Management
Portfolio Management

Portfolio Management

Finance

Administration

Finance
AccountingBusiness Planning
Risk Management

SpecialProjects

Planning
Execution

Office REIT

After Change
AGM
Nominating
Committee

Audit Committee

Board of Directors

Compensation
Committee

Investment Committee(separate for Office REIT/Hotel REIT/
Green Infrastructure/Private Funds)

ChairmanInternal Audit

President
Compliance

Risk & Compliance Committee

Acquisitions & Sales
Planning
Execution

Office REIT

Hotel REIT

Asset Management
Portfolio Management

Asset Management
Portfolio Management

Green Infrastructure
Asset & Portfolio
Management

Private Funds
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.

2