March 30, 2021
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 Notification of Modification of Business Rules and Relevant
Organizational Changes and Change of Important Employees at Asset Management Company
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 at its Board of Directors’
meeting held today to notify the Financial Services Agency of a modification of its business rules pertaining tocommencement of a discretionary investment business in accordance with the Financial Instruments and Exchange Act
in order to engage in discretionary investment as a new business as well as to make relevant changes to its organizationand important employees.
1. Purpose
With the commencement of a discretionary investment business, the Asset Manager will be allowed to manage
private funds which mainly invest in real estate, etc. (“the private funds”) in addition to asset management formarimo REIT.
The Asset Manager believes that conducting such management of private funds and engaging in multiple businesses
will diversify its asset management functions and contribute to building a stable management base and improving
its skills in asset management as the asset management company of marimo REIT.
2. Notification of Modification of Business Rules Pertaining to Commencement of Discretionary Investment Business
The Asset Manager resolved to notify the Financial Services Agency of a modification of its business rules today inorder to commence a discretionary investment business.
In addition, the Asset Manager plans to join the Japan Investment Advisers Association upon commencement of thediscretionary investment business.
3. Organizational Changes, Etc.
The Asset Manager will newly establish the Fund Management Department as the department in charge of thediscretionary investment business. The Fund Management Department will be engaged in businesses related tomanagement and control of the assets under management of private funds.
For reference, management and control of the assets owned by marimo REIT will be conducted by the Investment
Department and the Asset Management Department of the Asset Manager as before. There will be no change injurisdiction or authority of the Investment Department and the Asset Management Department due to thecommencement of the discretionary investment business.
Please refer to Attachment 1 for the current organizational chart and the new organizational chart after the change.

14. Management System for Conflicts of Interest
Because there is a possibility of competition between marimo REIT and the private funds, for both of which the AssetManager is entrusted with management, over investment targets, the Asset Manager plans to prevent conflicts ofinterest between the two parties by establishing a rule regarding priority in property acquisitions concerning marimo
REIT and the private funds, and this will be disclosed promptly once decided. However, although the rules have yetto be established, the Asset Manager intends to give priority to marimo REIT in principle.
5. Change of Important Employees
Title
Asset Management Department
and Fund Management
Department Manager(Note)

Name

ChangeMasakatsu Mizukura

New appointment

Masakatsu Mizukura has served as the Asset Management Department Manager responsible for asset management services of marimo REIT since
September 1, 2019. Please refer to Attachment 2 for his career summary.

5. Future Outlook
There will be no change to the management status forecasts of marimo REIT due to the commencement of thediscretionary investment business.

With regard to this matter, necessary procedures such as filing of notification will be performed in accordance with
the Financial Instruments and Exchange Act, Building Lots and Buildings Transaction Business Act, and other relevantlaws and regulations.

*Website of marimo REIT: https://www.marimo-reit.co.jp/en/2

[Attachment 1]<Organizational Chart of the Asset Manager>
Current Organizational Chart
General Meeting ofShareholders
AuditorBoard of Directors
Investment Management
Committee

Compliance Committee
Compliance Officer

CEOCompliance Office

Investment
Department

Asset Management
Department

Financial Management
Department

New Organizational Chart
General Meeting ofShareholders
AuditorBoard of Directors
Investment Management
Committee

Compliance Committee

Compliance Officer

CEOCompliance Office

Investment Department

Asset Management
Department

Financial Management
Department

3

Fund Management
Department

[Attachment 2]
Career Summary of the New Fund Management Department Manager
Title
Asset Management
Department andFund ManagementDepartment
ManagerName
Masakatsu
Mizukura

Main Career Summary
Joined OSG Corporation Co., Ltd.
Joined Watami Food Service Co., Ltd. (currently Watami Co.,Ltd.) (Section Manager of Restaurant Business Division)
Joined Sonic Corporation
Joined Leopalace21 Corporation
Joined Marimo Co., Ltd.
Marimo Co., Ltd. (Asset Management Team, Investment
Management Business Department, Planning and DevelopmentDivision)
Seconded to Marimo Asset Management Co., Ltd. (SectionManager, Asset Management Department)
Marimo Asset Management Co., Ltd. (Asset ManagementDepartment Manager)
Marimo Asset Management Co., Ltd. (Asset Management
Department and Fund Management Department Manager)

April 1996
April 1998
July 2004
October 2005
February 2006
May 2015

August 2015
September 2019
March 2021

4