Make The World
More Sustainable[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.

March 28, 2023
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Eriko Ishii, Executive Director
www.ichigo-hotel.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-3502-4892

Cancellation of Issuance of New Shares and Secondary Share Offering,
New Loan, and Acquisition of Five Hotel Assets
Ichigo Hotel has decided to cancel the issuance of new shares via public offering
announced in the March 16, 2023 release “Issuance of New Shares and Secondary ShareOffering” and the pricing for the issuance new shares announced in the March 27, 2023
release “Pricing for Issuance of New Shares”.
Ichigo Hotel is also cancelling the borrowing of funds described in the release “NewLoan,” as well as the asset acquisition described in the release “Acquisition of Five HotelAssets,” both announced on March 16, 2023.
Details
Ichigo Hotel’s Board of Directors decided to issue new shares through a public offering,and had determined the pricing for the issuance of new shares for the purpose of acquiring
five hotels through Ichigo’s sponsor support.
However, Ichigo Hotel discovered a miscalculation in the rents received during theJanuary 2023 fiscal period after the pricing was determined. There were certain months
where the rents received were double-counted, so the announced earnings for the fiscal
period were larger than the actual amount. The exact impact is under investigation, butthe January 2023 dividends are expected to fall by approximately 100 yen per share.
Because the earnings results for the January 2023 fiscal period were important disclosurematerial for the issuance of new shares and secondary share offering, Ichigo Hotel’sBoard of Directors has decided to cancel the share issuance.
Ichigo Hotel also decided to cancel the borrowing of funds as described in the release“New Loan” and the acquisition of the five hotels as described in the release “Acquisitionof Five Hotel Assets”, both announced on March 16, 2023.
Ichigo Hotel is urgently recalculating the results for the January 2023 fiscal periodpreviously announced in “January 2023 Fiscal Period Earnings” released on March 16,2023.
Ichigo Hotel is also recalculating the forecasts for the July 2023 and January 2024 fiscal
periods included in “January 2023 Fiscal Period Earnings” mentioned above, as well as1

the “January 2023 Fiscal Period Earnings Results Versus Forecast and Earnings ForecastRevision for the July 2023 Fiscal Period”, both announced on March16, 2023, and willpromptly disclose the details caused by the cancellation of the issuance of new sharesthrough public offering, new loans, and the acquisition of the five hotel assets.
(Reference)
Announcements Released on March 16, 2023
“January 2023 Fiscal Period Earnings”“Issuance of New Shares and Secondary Share Offering”“Acquisition of Five Hotel Assets”“New Loan”“January 2023 Fiscal Period Earnings Results Versus Forecast and Earnings Forecast
Revision for the July 2023 Fiscal Period”
Announcement Released on March 27, 2023
“Pricing for Issuance of New Shares”

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