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.

October 10, 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

Amendment to Management Guidelines of Asset Management Company(Share Buybacks and Cancellations)
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo Hotel
REIT, decided today to partially amend its Management Guidelines.
1. Amendment Rationale
Since its listing on the Tokyo Stock Exchange in November 2015, Ichigo Hotel REIT
has worked to maximize shareholder value by growing its portfolio and carrying out
value-add capex to increase the value of its hotels, generating higher rents from hoteloperators and growing Ichigo Hotel REIT’s earnings and dividend.
While continuing to execute this growth strategy for shareholders, in the context of thecurrent J-REIT market environment and share prices, Ichigo Hotel REIT believes thatshare buybacks can also be an effective method to grow long-term shareholder value.
IIA is therefore amending its management guidelines to allow for share buybacks andcancellations pursuant to Article 8, Paragraph 2 of Ichigo Hotel REIT’s Articles ofIncorporation. Given that this amendment constitutes a change to its financing policy,IIA will also make the required reporting to the Kanto Finance Bureau.
On the basis of this Management Guidelines amendment, Ichigo Hotel REIT decided
today to conduct a share buyback pursuant to Article 80-5 of the Act on Investment
Trusts and Investment Corporations (“Investment Trust Act”). Upon a comprehensive
assessment of its current share price, its financial standing and cash at hand, and market
conditions, Ichigo Hotel REIT has determined that a share buyback will maximize
shareholder value by increasing per-share NAV, EPS, and its dividend.
For details, please refer to today’s releases “Share Buyback” and “Share Buyback(Supplementary Disclosure).”1

2. Effective Date of Amendment
October 10, 2017
3. Amendment Details(Amendments are underlined)

Before Amendment

After Amendment

Article 13 Financing Policy
1. (unchanged)
2. (unchanged)
3. (unchanged)
4. (unchanged)
5. (new)

Article 13 Financing Policy
1. (unchanged)
2. (unchanged)
3. (unchanged)
4. (unchanged)
5. Share buybacks and cancellations
shall be conducted pursuant to thebelow policy:(1) Share buybacks and cancellations
shall be conducted as part of afinancing and capital policy that seeks
to raise capital efficiency andstrengthen shareholder returns.
(2) Share buyback and cancellation
decisions shall be considered from theperspective of growing long-term
shareholder value, giving due
attention to market conditions andIchigo Hotel REIT’s financialstanding.

4. Share Buyback and Cancellation Procedures
Ichigo Hotel REIT will determine details of buybacks (number of shares, total amount,buyback period, and buyback method) at its board meetings and pursuant to provisionsof the Investment Trust Act. For details of today’s buyback announcement, please refer
to today’s releases “Share Buyback” and “Share Buyback (Supplementary Disclosure).”Ichigo Hotel REIT will disclose the details of buyback results upon completion.
Please note that any decision to buy back shares will only be made upon confirming theabsence of any material non-public information as defined in Article 167, Paragraph 2,
Item 9 through 14 of the Financial Instruments and Exchange Act.
Ichigo Hotel REIT will cancel all acquired shares via buybacks by board meeting
resolution and pursuant to provisions of the Investment Trust Act.
5. Earnings Outlook
These amendments have no impact on Ichigo Hotel REIT’s earnings.

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