We, Japan Hotel REIT Advisors Co., Ltd. (“JHRA”), are independent asset management company specialized in investment and management of hotel assets. Japan Hotel REIT Investment Corporation ("Japan Hotel REIT" (Securities Code: 8985)), who entrust its management to JHRA, was formed by the merger of Nippon Hotel Fund Investment Corporation and Japan Hotel and Resort, Inc. in April 2012. Now, Japan Hotel REIT has grown to become Japan's largest REIT specializing in hotel properties in terms of total assets.

Asset management of hotel assets requires expertise and know-how specific to hotel assets, that is hotel operation, in addition to those required for ordinary rental properties. Moreover, collaboration with various parties including hotel operators is essential for asset management of hotel assets. We see it as our mission to provide attractive investment opportunity with hotel assets and contribute to local communities and society through investment and management of hotel assets. To achieve it, we will make the best use of our know-how, network, relationship of trust and other intangible resources that we have built and accumulated to date.

Demands for overseas travel expand globally particularly from people in Asian countries, and the Japanese government has implemented and continue implementing various kinds of policies aiming to become a tourism-oriented nation. The hotel and tourism industries are regarded as one of the industries that have the highest potential to grow in Japan, given expected mid-to-long term growth potential of inbound visitors to Japan. Under such favorable business environment, through investment and management of hotel assets we will make our best effort to contribute to the growth of hotel industry, and further enhance credibility and trust from our stakeholders. Your continued support will be greatly appreciated.

Hisashi Furukawa Representative Director and President Japan Hotel REIT Advisors Co., Ltd.

Hisashi FurukawaRepresentative Director and President

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