January 4, 2023
To All Concerned Parties
Real Estate Investment Trust Securities Issuer
1-1-21 Toranomon, Minato-ku, Tokyo
marimo Regional Revitalization REIT, Inc.
Representative: Takashi Kitagata, Executive Director(Securities Code: 3470)
Asset Manager
Marimo Asset Management Co., Ltd.
Representative: Takashi Kitagata, CEOContact:
Katsuhiro Shimada, Financial Management Officer
TEL: +81-3-6205-4755
Notice Concerning Partial Amendments to the Management Guidelines of the Asset Manager
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) hereby announces that Marimo Asset Management Co.,
Ltd. (the “Asset Manager”), to which marimo REIT entrusts management of its assets, decided today to make partial
amendments to its management guidelines as described below.
1. Purpose and Background of the Amendment
marimo REIT invests in attractive residential, retail, hotel, office, logistics, and parking properties in regional areas tobuild a diversified portfolio seeking diversification in terms of region and asset type, oriented toward securing both“relatively high investment yield” and “stable earnings” and steady growth of assets under management.
In principle, the Asset Manager revises its management guidelines once a year based on the market trends, legal
system, and economic conditions. Thus far, it has invested mainly in residences and retail facilities as well as in hotels,offices, logistics facilities, and parking properties based on the portfolio management standards. This time around, it
will partially revise the management guidelines to clarify marimo REIT’s portfolio management standards by setting
specific investment ratios by asset type (based on acquisition price) for marimo REIT’s main investment targets:“Residences and retail facilities (acquisition ratio by asset type: 70% or more)” and “Hotels, offices, logistics facilities,
and parking properties (acquisition ratio by asset type: 30% or less).”
The details of the major amendments are as shown in the table below. The amended parts are underlined.

12. Details of Major Amendments
Before amendment

After amendment

Articles 1-3 (Omitted)

Articles 1-3 (No amendment)(Basic Policy)
Article 4. marimo REIT aims to secure “profitability”
and “stability” by investing in residences,
retail facilities, hotels, offices, logistics
facilities, and parking properties, centering on
regional areas (as defined in Article 5), to build
a diversified portfolio seeking diversificationin terms of region and asset type with
contribution to “regional revitalization” as abasic principle. In addition, marimo REIT isoriented toward steady growth of assets
under management seeking diversification interms of region and asset type throughexternal growth utilizing the support from
Marimo Co., Ltd, ReBITA Inc. and regional
financial institutions, and aims to enhanceunitholder value over the medium to longterm through management including
distribution of cash in excess of earnings(refund of investments in capital) according to
the situation.

(Basic Policy)
Article 4. marimo REIT aims to secure “profitability”
and “stability” by investing in residences,
retail facilities, hotels, offices, logistics
facilities, and parking properties, centering on
regional areas (as defined in Article 5), to build
a diversified portfolio seeking diversificationin terms of region and asset type with
contribution to “regional revitalization” as abasic principle. In addition, marimo REIT isoriented toward steady growth of assets
under management seeking diversification interms of region and asset type throughexternal growth utilizing the support from
Marimo Co., Ltd, general businesscorporations engaged in real estate business,
etc. and regional financial institutions, andaims to enhance unitholder value over themedium to long term through management
including distribution of cash in excess ofearnings (refund of investments in capital)
according to the situation.

2-3 (Omitted)

2-3 (No amendment)(Portfolio Management Standards)
Article 5. The portfolio management standards shall be
as below. A complete picture of each of themanagement standards shall be as shown in
Attachment “① Investment Criteria Matrix.”(1) Asset type(Portfolio Management Standards)
Article 5. The portfolio management standards shall be
as below. A complete picture of each of themanagement standards shall be as shown in
Attachment “① Investment Criteria Matrix.”(1) Asset type and investment ratio by asset type(based on acquisition price)
Invest mainly in residences and retail facilities as wellas in hotels, offices, logistics facilities, and parking
properties.
The specific investment ratio by asset type (based onacquisition price) shall be as follows.
① Residence and retail facilities: 70% or more
② Hotel, office, logistics facilities, and parking
properties: 30% or less

Invest mainly in residences and retail facilities as wellas in hotels, offices, logistics facilities, and parking
properties.

(2)-(5) (Omitted)(2)-(5) (No amendment)

Articles 6-37 (Omitted)

Articles 6-37 (No amendment)2

Before amendment
Supplementary Provision
Established
Revised
Revised
Revised
Revised
Revised
Revised

1. February 1, 2016
2. April 19, 2016
3. May 16, 2016
4. June 27, 2016
5. July 27, 2018
6. August 29, 2019
7. September 28, 2021
8. January 4, 2023

Established
Revised
Revised
Revised
Revised
Revised
Revised
RevisedAttachment

Attachment
marimo REIT
① “Investment Criteria Matrix”

Parking

OfficeAsset type (Note 1)
30% or less

Hotel

Retail

70% or more

Residential

Investment areaclassification

Parking

Logistics

OfficeHotel

RetailAsset type (Note 1)

Residential

Investment areaclassification

Investment
ratio

marimo REIT
① “Investment Criteria Matrix”

Logistics

1. February 1, 2016
2. April 19, 2016
3. May 16, 2016
4. June 27, 2016
5. July 27, 2018
6. August 29, 2019
7. September 28, 2021

After amendment
Supplementary Provision

3. Date of the Amendment
January 4, 2023
4. Outlook for Operating Forecasts
The Amendment will have no impact on the operating forecasts.
5. OtherA securities registration statement containing the above details is scheduled to be submitted to the DirectorGeneral of the Kanto Local Finance Bureau on January 4, 2023.

*Website of marimo REIT: https://www.marimo-reit.co.jp/en/3