Building a richer future together[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.

April 19, 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 Corporate Directors
The Nominating Committee and the Board of Directors of Ichigo Real Estate Investment
Advisors Co., Ltd. (“IRE”), the asset management company of Ichigo Hotel REIT Investment
Corporation (“Ichigo Hotel REIT”), decided today on the following changes to corporate
directors.
Corporate Directors (subject to shareholder meeting approval, May 29, 2016)
To support strong corporate governance, the majority of IRE’s board members are
independent external directors.

Wataru Orii

Director

Current Position(as of April 19, 2016)
Unchanged

Minoru Ishihara

Director

Unchanged

Katsu Fujita

Independent External Director―Sohsuke Takahashi

Independent External Director―Shintaro Horinouchi

Independent External Director―New Position

Name(Note) Shintaro Horinouchi will receive no compensation from IRE.
Current directors Scott Callon and Kenji Iwasaki and current independent external directors
Tetsuya Fujita, Maki Kumagai, Noriko Kawate, Kenichiro Yoshida, and Yukio Suzuki will
resign upon the expiration of their terms of office.

1Profile of New Candidates for Corporate DirectorName(Date of Birth)

Career HistoryApril 1968
June 1995
June 1997
June 2002
October 2007

Katsu Fujita(June 30, 1944)

May 2008

November 2008

July 2012

May 2015

Joined The Long-Term Credit Bank of Japan, Limited(now Shinsei Bank, Limited)
Director & General Manager of Information Systems
Group, The Long-Term Credit Bank of Japan, Limited
Executive Director & Head of Finance Department,Ishihara Sangyo Kaisha, Ltd.
Senior Executive Director & Head of Business
Planning Department, Ishihara Sangyo Kaisha, Ltd.
Member of Conciliation of Civil Affairs, Tokyo
District Court (current)External Director, Chairman of Nominating
Committee, Chairman of Compensation Committee,
Asset Managers Co., Ltd. (now Ichigo, Inc.)
External Director, Chairman of Audit Committee,
Member of Nominating Committee, Member ofCompensation Committee, Chairman of Compliance
Committee, Asset Managers Co., Ltd.
External Director, Chairman of Audit Committee,
Member of Nomination Committee, Member ofCompensation Committee, Ichigo Real Estate
Investment Advisors Co., Ltd.
Senior Advisor, Ichigo Group Holdings Co., Ltd. (nowIchigo, Inc.) (current)Name(Date of Birth)

Career History
October 20044
May 2005
May 2007

Sohsuke Takahashi(August 23, 1978)

May 2010
August 2010
April 2011
August 2011
January 2012
January 2013
July 2015
September 2015

Admitted to Daini Tokyo Bar Association
Joined Atsumi Law Office (now Atsumi & Sakai)
Loaned to Mitsubishi UFJ Securities Co., Ltd. (nowMitsubishi UFJ Morgan Stanley securities Co., Ltd.)
Admitted to Tokyo Bar Association
Midosuji Legal Profession Corporation
Graduated from University of Michigan Law School(LL.M)
Visiting Scholar, University of Michigan Law School
Butzel Long, a law firm in Detroit, Michigan (trainee)
Admitted to The State Bar of California
External Auditor, JQ Co., Ltd.
Partner, Midosuji Legal Profession Corporation
Kaname Partners (current)
External Director, JQ Co., Ltd. (current)Name(Date of Birth)
Shintaro Horinouchi(December 17, 1980)

Career HistoryApril 2005
September 2007
October 2010
March 2013

Joined Nomura Research Institute, Ltd.
Goldman Sachs Japan Co., Ltd.
Innovation Network Corporation of Japan
Partner, Ichigo Asset Management, Ltd. (current)

2

These changes in corporate directors will be conducted in accordance with the provisions of theFinancial Instruments and Exchange Law, the Building Lots and Buildings Transaction Business
Law, and other applicable laws and regulations.

3