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.

September 8, 2022
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, 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

Proposed Amendments to Articles of Incorporation andElection of Directors
Ichigo Hotel’s Board of Directors has decided to submit the following amendments toits Articles of Incorporation (AOI) and Director candidates for approval at its
Shareholder Meeting scheduled on October 22, 2022.
1. Proposed Amendments to the AOI
a. Pursuant to Article 1 of the Supplementary Provisions to the Act Partially Amending
the Companies Act regarding the new system for the electronic provision of Shareholder
Meeting materials, and Article 10, Clause 9 of the Act on Arrangement of Relevant Acts
Incidental to Enforcement of the Act Partially Amending the Companies Act, effective
September 1, 2022, Ichigo Hotel is proposing to stipulate electronic provision measures
for the contents of Shareholder Meeting reference materials, etc. and limit the scope ofitems to be included in documents to be provided to shareholders that have requested
paper copies, and amend the relevant parts of its AOI (Article 9, Clauses 5 and 6).
b. Pursuant to revisions made to ASBJ Standard No. 30 (Accounting Standard for Fair
Value Measurement), ASBJ Standard No. 10 (Accounting Standard for FinancialInstruments), and any related new or revised accounting standards and implementation
guidelines pertaining to the asset valuation of securities and rights associated with
derivative transactions, Ichigo Hotel is proposing to amend the relevant parts of its AOI(Article 34, Clause 1, Items 6 and 8).
(Amended areas underlined)
Current
Article 9 Convocation

After Amendment
Article 9 Convocation

1–4 (omitted)

1–4 (no change)(NEW)

5. Upon convening a shareholder meeting, theInvestment Corporation shall use electronic
provision measures to provide the contents ofShareholder Meeting reference materials, etc.
1Current

After Amendment(NEW)

6. Of the items provided electronically, theInvestment Corporation may omit all or partof the items set forth in the Ordinance of theCabinet Office from documents to be sent toshareholders that have requested paper copies
on or before the record date for entitlement tovoting rights.

Article 34 Asset Valuation Method, Standards, Article 34 Asset Valuation Method, Standards,
and Reference Dateand Reference Date
1. (omitted)

1. (no change)(1) – (5) (omitted)(1) – (5) (no change)(6) Securities Prescribed in Article 31, Clause
4, Item 4
Securities for which a market price isavailable are valued based on such market
price. If no market price is available,securities will be valued based on areasonably calculated price.

(6) Securities Prescribed in Article 31, Clause
4, Item 4
Held-to-maturity bonds are valued basedon acquisition price and other securities
are valued based on market price. If nomarket price is available, securities will bevalued based on acquisition price.

(7) (omitted)(7) (no change)(8) Rights Associated with Derivative
Transactions Prescribed in Article 31,
Clause 4, Item 7(8) Rights Associated with Derivative
Transactions Prescribed in Article 31,
Clause 4, Item 7(i) Rights and obligations arising fromtransactions of derivatives listed on afinancial instruments exchange
Derivative value is based on the pricecalculated using the final price on thefinancial instruments exchange (i.e.,
closing price. If there is no closing
price, the indicative price, i.e., thelowest publicly available ask or highest
publicly available bid, or the mid-priceof the two prices if both are available).
If there is no final price on the sameday, derivative value is based on theprice calculated using the most recent
final price.
(ii) Rights and obligations arising fromtransactions of derivatives not traded on afinancial instruments exchange
Derivative value is based on the pricecalculated using a reasonable method
in line with market price. If it isdifficult to calculate a fair value, thevalue will be based on the transaction
price.

(i) Rights and obligations arising fromderivative transactions
The net derivative value will be valued atmarket price.

2(deleted)Current

After Amendment(iii) Notwithstanding (i) and (ii) above, hedge
accounting is applied to derivatives thatmeet hedge accounting requirements
under the accounting standards and othergenerally accepted corporate accounting
practices for financial instruments, andspecial accounting treatment is applied toderivatives that meet special accounting
treatment requirements under theaccounting standards for financial
instruments.

(ii) Notwithstanding (i) above, hedge
accounting is applied to derivatives thatmeet hedge accounting requirements
under the accounting standards and othergenerally accepted corporate accounting
practices for financial instruments, andspecial accounting treatment is applied toderivatives that meet special accounting
treatment requirements for interest rate
swaps under the accounting standards andpractical guidelines for financialinstruments.

(9) – (10) (omitted)(9) – (10) (no change)32. Nomination and Election of Directors
Due to the expiration of the Directors’ current terms of office as of the end of theShareholder Meeting scheduled on October 22, 2022, Ichigo Hotel’s Board of Directors
is proposing the election of a new Executive Director, Eriko Ishii, and the re-election ofSupervisory Directors Masaru Iida and Satoko Suzuki.
To ensure the minimum number of Directors as required by law, Ichigo Hotel’s Boardof Directors is also proposing the election of a new Reserve Executive Director and a
new Reserve Supervisory Director.
Candidate Profiles
Title

Name
(Date of Birth)

Career Summary, Positions, Responsibilities, and Important
Concurrent Positions

October 2004
December 2007

August 2010
October 2010
February 2011
April 2016
July 2016
ExecutiveDirector(Candidate)
NEWJune 2018
Eriko Ishii(January 3, 1981)

December 2018
January 2019
May 2019
June 2019
July 2019
March 2021

October 2021
February 2022

4

Qualified as Attorney at Law
Mori Hamada & Matsumoto LPC
Seconded to Planning andCoordination Bureau, Corporate
Accounting and Disclosure Division,
Financial Services Agency
LL.M. degree, Columbia Law School
Seconded to Legal Department, Itochu
Europe PLC (London)
Admitted as lawyer in New York
Visiting Lecturer, Keio University Law
School (current)
Partner, Shin Saiwai Law Office(current)
External Director, Sophia Holdings
Co., Ltd. (current)
External Corporate Auditor, Smart
Drive Inc. (current)
External Corporate Auditor,
FUNDINNO, Inc. (current)
Supervisory Director, Canadian Solar
Infrastructure Fund, Inc. (current)
External Corporate Auditor, Almado
Inc. (current)
External Corporate Auditor, LIFE
CREATE Co., Ltd. (current)
External Corporate Auditor, TamronCo., Ltd. (current)
Audit Committee Member, Sun* Inc.
(current)
External Corporate Auditor, SYNQA
Co., Ltd. (current)
Supervisory Director, Advance Private
Investment Corporation (current)TitleName(Date of Birth)

Career Summary, Positions, Responsibilities, and Important
Concurrent Positions

April 1989
May 1993
April 2001
April 2008
December 2009
January 2010
June 2011
Supervisory
Director(Candidate)

Masaru Iida
(February 15, 1967)

July 2011
May 2013
March 2015
July 2015
August 2015
June 2016
February 2019
June 2019
April 2020
October 1996
August 2005
September 2010

Supervisory
Director(Candidate)

Satoko Suzuki(November 22, 1973)

September 2012
July 2015
June 2019
June 2022

5

Joined The Sumitomo Bank, Limited(Now Sumitomo Mitsui BankingCorporation)
LL.M. degree, University ofPennsylvania Law School
Vice President Planning Dept.
Treasury Unit, Sumitomo Mitsui
Banking Corporation
J.D., Hitotsubashi University Schoolof Law
Qualified as Attorney at Law
Joined Masuda & Partners Law Office
External Corporate Auditor, DeNACo., Ltd.
Founded Iida Business Law Office(current)
External Director, Stats Investment
Management Co., Ltd.
External Corporate Auditor, Archaea
Energy Co., Ltd.
Supervisory Director, Ichigo Hotel(current)
Corporate Auditor, Nishi-Tokyo
Recycle Center Co., Ltd. (current)
External Corporate Auditor, Medicare
Life Insurance Co., Ltd. (current)
Auditor, Stats Investment Management
Co., Ltd.
External Corporate Auditor,
ExaWizards Inc. (current)
External Director, Archaea EnergyCo., Ltd. (current)Joined Tohmatsu & Co.
(Now Deloitte Touche Tohmatsu LLC)
Representative, Suzuki Satoko CPA
Office (current)
Auditor, Machizukuri Information
Center Kanagawa, NPO (current)
Director, NPO Accounting & Tax
Professional Network, NPO
Supervisory Director, Ichigo Hotel(current)
External Director, BULL-DOG
SAUCE CO., LTD. (current)
External Director, UBE Corporation(current)TitleName(Date of Birth)

Career Summary, Positions, Responsibilities, and Important
Concurrent Positions

April 1977
April 1984
April 1987
September 1989
Reserve
ExecutiveDirector(Candidate)

May 1994
Hiromi Yamaguchi(March 6, 1954)

April 1996
January 2000

January 2005
July 2007
October 2008
July 2015

ReserveSupervisory
Director(Candidate)
NEW

April 2010
August 2013
Takao Sakuma(May 4, 1987)

August 2016
July 2019
August 2021

Tokyu Hotels International
Corporation (Now Pan Pacific Hotelsand Resorts)
Section Head of Operations &Development Division, Tokyu Hotels
International Corporation
Seconded to Pan Pacific Properties
Ltd. as Controller, Administration &Finance
Vice President & Financial Controller,
Alpha U.S.A. Inc.
Assistant Controller, Sapporo Westin
Hotel Tokyo
Director of Finance, Pan Pacific
Yokohama
Assistant General Manager, Finance,People Innovation/Education, andFacilities Development &Maintenance, Pan Pacific Yokohama
Head of Accounting & Finance,
Mandarin Oriental Tokyo K.K.
Director, Archon Hospitality K.K.
(Now Abilitas Hospitality Co., Ltd.)
Chief Operating Officer, Archon
Hospitality K.K.
Representative Director, Hospitality
Directions Co., Ltd. (current)
KPMG AZSA LLC Financial Services
Qualified as Certified Public
Accountant
KPMG US New York Office Financial
ServicesManager, KPMG AZSA LLC
Financial Services
Senior Manager, Global Solutions
Consulting Co., Ltd. (current)

Note: None of the Director candidates are related parties of Ichigo Hotel or its asset
management company nor do they own Ichigo Hotel shares.

63. Schedule
September 8, 2022
September 30, 2022
October 22, 2022

Board of Directors resolution
Shareholder meeting materials publication (expected)
Shareholder meeting (expected)

7