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.

April 19, 2017
IssuerIchigo 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 Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

Changes in Directors and Key Personnel
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo HotelREIT, decided today on the following changes in directors and key personnel.
1. Directors (subject to shareholder approval, May 28, 2017)
To support strong corporate governance, the majority of IIA’s board members areindependent directors.

Wataru Orii
Minoru Ishihara

Director
Director

Current Position(as of April 19, 2017)
Unchanged
Unchanged

Katsu Fujita

Independent Director

Unchanged

Sohsuke Takahashi

Independent Director

Unchanged

Noriyuki Kobayashi (New)

Independent Director–Name

New Position

Profile of New Candidate for Independent DirectorName(Date of Birth)

NoriyukiKobayashi(October 24,1971)

Career History
October 1995
January 2004
April 2004
September 2006
December 2008
January 2010
January 2011
January 2014
January 2015
January 2017

Joined Kanzawa Certified Public Accountants Office
Joined AGS Consulting Co., Ltd.
Joined Beqone Solution. Inc.
Returned to AGS Consulting Co., Ltd.
Partner, AGS Certified Tax Co. (current)
Division Director of Third Division, AGS Consulting Co., Ltd.
Manager of Nagoya Branch, AGS Consulting Co., Ltd.
Division Director of M&A Division, AGS Consulting Co., Ltd.
Deputy Division Director of M&A Division & Division
Director of Sixth Division, AGS Consulting Co., Ltd.
Head of Corporate Advisory Division, AGS Consulting Co.,
Ltd. (current)
12. Statutory Executive Officers and Key Personnel (from May 1, 2017)
New Position

Current Position(as of April 19, 2017)

Wataru Orii

President & Representative Statutory
Executive Officer (Overall Company
Management, Acquisitions & Sales)

President & Representative Statutory
Executive Officer (Overall Company
Management)

Kenji Shibasaki

Senior Executive Managing Director& Statutory Executive Officer(Private Funds)
Head of Private Funds Division
Head of Portfolio Management

Unchanged

Name

Shinichi Fukasawa
Takayoshi Hiiro
Masanori Kubota
Mitsutaka Shimada
Hiroto Tajitsu
Hiroshi Iwai

Executive Managing Director &Statutory Executive Officer (OfficeREIT)
Senior Statutory Executive Officer(Green Infrastructure)
Statutory Executive Officer (Finance)
Head of Finance Division
Statutory Executive Officer
Head of Planning
Head of Execution
Statutory Executive Officer (BusinessAdministration)
Statutory Executive Officer (HotelREIT)

Unchanged
Unchanged
Unchanged
Statutory Executive Officer(Acquisitions & Sales)
Unchanged
Unchanged

Notes: President Wataru Orii will also assume the role of Head of Acquisitions and Sales
Division on May 1, 2017.
Mitsutaka Shimada will step down upon the expiration of his term of office on
May 28, 2017.

These changes in 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.

2