Polaris Holdings Co., Ltd. appointed Takahiro Tsujikawa as a President and Director and Takashi Handa as CFO and Director as follows. Mr. Takahiro Tsujikawa will be newly appointed as a Presidentof Polaris Holdings. Mr. Tsujikawa brings a wealth of knowledge from over 20 years in specialized real estate investment activities.

Mr. Tsujikawa has worked at various leading firms including Japan Hotel REIT Advisors Co., Ltd., where he Department Head and responsible for the acquisition of new hotel assets including select-service, full-service and resort hotels. Mr. Tsujikawa played a key role in the firm's large expansion in its asset under management. Previous to joining Polaris, Mr. Tsujikawa was a Senior Managing Director and Head of the Tokyo office at JLL Hotels & Hospitality Group where he led a wide-range of business activities including investment sales, advisory, asset management and other related activities.

In February 2023, Mr. Tsujikawa joined the Company as an Adviser. Polaris Holdings will be able to utilize his strong relationships with hotel owners and operators as well as domestic and global investors to continue Polaris' aggressive growth trajectory. Mr. Takashi Handa spent 15 years as a senior accounting and audit professional at Arthur Andersen (Currently KPMG AZSA LLC) where he had considerable domestic and overseas experience focused audit & assurance as well as M&A advisory service including cross-border transactions.

After leaving Arthur Anderson, Mr. Handa joined Morgan Stanley Capital K.K. as Controller responsible for accounting and tax matters for real estate fund investments as well as working in the CFO role at several Morgan Stanley portfolio companies. In 2011, Mr. Handa established his own professional practice which quickly grew into a leading advisory and M&A advisory firm providing services to real estate funds and renewable energy related companies. Mr. Handa has extensive experience serving as a board member and director of several publicly listed companies in Japan.

Since June 2019, Mr. Handa has been an Independent Director of Polaris, serving as Audit Supervisory Board Member and has provided significant professional advice to Polaris management while engaged in conducting the audit for the Company Directors. Apr. 2000 Ken Corporation Ltd. Mar.

2006 K.K. daVinci Advisors, Analyst Apr. 2007 K.K. Panorama Hospitality, Manager Jan. 2009 Secured Capital Investment Management K.K. (Currently PAG Investment Management K.K.), Vice President Takahiro Jul.

2012 Japan Hotel REIT Advisors Inc. Jun. 25, 1977 Asset Management Division, Acquisition Department, Senior Manager Tsujikawa Mar. 2015 The said company, General Manager Feb.

2020 Jones Lang LaSalle K.K. Hotels & Hospitality Group, Managing Director Apr. 2020 The said company, Executive Officer and Head of Hotels & Hospitality Group Feb. 2023 Polaris, Adviser (Current) Oct.

1990 Arthur Andersen (Currently KPMG AZSA LLC) May 1996 Registered as a CPA May 2005 Morgan Stanley Capital K.K., Vice President May 2011 White Bear International Audit & Co. (Currently Mazars Audit Corporation), Founder and Representative Partner Jun. 2014 Zuken Inc., Corporate Auditor (Current) Takashi Handa Feb.

9, 1967 May 2017 Canadian Solar Infrastructure Fund, Supervisory Officer (Current) Dec. 2017 Mazars FAS, Founder and Representative Director Jun. 2019 Polaris, External Director and Audit Supervisory Board Member (Current) Apr.

2021 G.K. Tokyo Prime Accounting Officer, Founder and Representative Partner (Current) Takahiro Tsujikawa; Takashi Handa; Atsuo Umeki & Satoshi Hosono redesiganted from Adviser Independent Director and a member of Audit and Supervisory Committee President, Head of Real Estate Department Director, COO, CFO and Head of Financial and Corporate Planning Department to Director, President Director, CFO; Head of Financial and Corporate Planning Department; Director, Vice Chairma and Head of Real Esta Department; resigned respectively effective June 2023.