#1一期一会| ICHIGO Ichigo Hotel (3463) Ichigo Hotel January 2021 Fiscal Period Corporate Presentation Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. March 17, 2021 Ichigo ESG www.ichigo-hotel.co.jp/en#2We would like to express our deepest condolences to all those affected by the M7.3 earthquake off the coast of Fukushima in February and by the Covid pandemic globally, and our wishes for the earliest and fullest possible recovery. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 2#3Make The World 一期一会 More Sustainable ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#4World-Class Excellence 一期一会 ICHIGO Ichigo's 一期一会 ICHIGO Hiromi Miyake Ichigo ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#5NISSAN STADIUM ■ J.LEAGUE TM ☐ Ichigo 一期一会 ICHIGO TOP PARTNER Ichigo-is a J.League Top Partner. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. OJ.LEAGUE#6一期一会| ICHIGO January 2021 Results ✓ January 2021 Highlights ✓ January 2021 Earnings Breakdown ✓ Ongoing Covid Impact ✓ Nationwide Covid Impact ✓ Monthly Operational Results Under Year of Covid ✓ Covid Impact on Hotel Demand ✓ Covid Response ✓ Sponsor Support Amid the Covid Pandemic ✓ Hotel Industry Support: Shareholder Hotel Discount Program ✓ Ichigo J.League Shareholder Program Sustainability as a Key Management Priority ✓ Sustainability Initiatives. ✓ Operator Change to Generate Higher Earnings ✓ Achieving Organic Rent Growth at Contract Renewals July 2021 and January 2022 Forecasts ✓ Market Environment & Forecast Assumptions ✓ Revision of July 2021 Fiscal Period Forecast (Announced in Sep 2020) ✓ July 2021 Forecast ✓ January 2022 Forecast Ichigo's Commitment to ESG ✓ Ichigo Sustainability Policy ✓ Ichigo ESG - Environmental ✓ Ichigo ESG - Social ✓ Ichigo ESG - Governance Appendices ✓ Portfolio Details ✓ Loan Details & Shareholder Composition ✓ Growth Roadmap, Sponsor, Shareholder Alignment O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. CO 6#7一期一会| ICHIGO January 2021 Results O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7#8一期一会| ICHIGO January 2021 Highlights Dividend +3.5% vs. Forecast Despite Ongoing Covid Impact Results Details JPY 209M Net Income . Recorded 4 months variable rent income RevPAR NOI Financing FFO +JPY 7M (+3.5%) vs. forecast JPY 2,335 (14 variable rent hotels) -JPY 236 (-9.2%) vs. forecast JPY 844M -JPY 11M (-1.3%) vs. forecast Issuance of First Investment Corporation Bond (JPY 500M) JPY 2,162 +JPY 33 (+1.6%) YOY • . • Occupancy: 53.4% (vs. 55.8% forecast) ADR: JPY 4,371 (vs. JPY 4,609 forecast) Operating revenue -JPY 1M vs. forecast Increase in repair expenses due to hotel rebranding • Subordinated bonds with sponsor Ichigo as allottee Strengthening financial base amid market uncertainty FFO up on lower AM fees (Shift to performance-based AM fee structure) JPY 823 Dividend +JPY 28 (+3.5%) vs. forecast JPY 129,503 • Effective cost control helped reduce expenses NAV -JPY 3,165 (-2.4%) vs. previous period • Total unrealized gains: JPY 1.4B FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to REIT Establishment + Amortization of Share Issuance Expenses + Loss on Disposal of Fixed Assets + Accrued Asset Disposal Costs +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding NAV = BPS + Unrealized Capital Gains per Share Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8#9January 2021 Earnings Breakdown (JPY million) Jan 2020 Actual Jan 2021 Actual (A) Forecast (B) vs. Forecast (A)-(B) Major Variation Factors (vs. Forecast) Operating Revenue 3,561 1,035 1,037 -1 Increase: +2 (Asagaya, Kurashiki) Variable Rent 564 18 -22 Decrease: -17 (Tenjin, Hommachi, Sapporo Ekimae, Kumamoto) Decrease due to disposition: -7 (Naha sold in Jan 2020) Fixed Rent 993 993 975 +18 Decrease: -8 (Shibuya, Okayama) Other (Gains on Sales, etc.) 2,003 45 43 -2 Other: Valie Hiroshima, Okayama Operating Expenses 1,226 626 618 +7 Decrease in other expenses: -6 (Shibuya) Repair & Maintenance 26 23 43 30 30 +13 Increase: +22 (Tenjin, Okayama, Shinsaibashi, Valie Hiroshima, Hommachi) Decrease: -8 (Yokohama, Shibuya, Kyoto, Hakozaki, Central International Airport, Shimonoseki) Depreciation 352 341 342 -1 Operating Profit 2,334 409 418 -9 Recurring Profit 2,132 210 203 +7 Non-Operating income: +2 Decrease in interest expenses: -10 Decrease in borrowing-related expenses: -3 Net Income 2,130 209 202 +7 +3.5% vs. forecast Dividend JPY 8,356 JPY 823 JPY 795 +JPY 28 -90.2% (-JPY 7,533) YOY due to fall-off of gains on sales FFO JPY 2,129 JPY 2,162 NOI 1,438 844 855 -10 Post-Depreciation NOI 1,086 503 512 -9 Capex 257 123 449 -325 Effective cost control Book Value 47,555 52,076 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9#10Ongoing Covid Impact Variable Rent Hotels (14 Hotels) * Room Revenue (JPY M) Total Revenue (JPY M) RevPAR (JPY) Occupancy ADR (JPY) Total Portfolio (20 Hotels) Aug 1, 2019 Aug 1, 2020 Change YOY - Jan 31, 2020 - Jan 31, 2021 2,538 791 -1,746 -68.8% 2,853 907 -1,946 -68.2% 6,166 2,335 -3,831 -62.1% 84.4% 53.4% -31.0% -36.7% 7,302 4,371 -2,932 -40.1% Aug 1, 2019 Aug 1, 2020 Change YOY - Jan 31, 2020 - Jan 31, 2021 Room Revenue (JPY M) 3,645 1,273 -2,372 -65.1% Total Revenue (JPY M) 3,990 1,402 -2,587 -64.9% RevPAR (JPY) 6,136 2,478 -3,658 -59.6% Occupancy 83.8% 51.2% -32.6% -38.9% ADR (JPY) 7,322 4,840 -2,482 -33.9% Excludes HOTEL EMIT SHIBUYA, Grandpark-Inn Yokohama, and Washington Hotel Plaza Shimonoseki Eki Nishi. Operating results before acquisition are based on data provided by previous owner. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10#11Nationwide Covid Impact YOY by Region (Aug 2020 – Jan 2021) RevPAR Occupancy ADR 20 Hotels (excludes Grandpark-Inn Yokohama, HOTEL EMIT SHIBUYA, and Washington Hotel Plaza Shimonoseki Eki Nishi) Total Hokkaido Portfolio Tokyo Tokai/ Chubu Kyoto Osaka Kobe Chugoku/ Shikoku Kyushu -13% -19% -19% -12% -24% -30% -34% -39% -38% -41% -45% -46% -46% -48% -48% -49% -53% -53% -57% -60% -62% -57% -62% -63% -80% -85% -91% (JPY) RevPAR 3,326 3,590 2,290 1,383 441 3,190 2,387 2,294 No. Hotels 3 2 4 1 2 1 5 2 % of Total Portfolio Rental 8% 10% 29% 3% 11% 5% 17% 4% Income 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 11#128,000 Monthly Operational Results Under Year of Covid -29% 6,000 RevPAR (left axis, JPY) YOY (right axis) 0% -25% -52% 4,899 4,000 -58% -57% -59% -58% -50% -61% -70% -68% 3,292 -77% -80% 2,000 2,481 -85% 2,353 2,568 2,683 -75% 2,077 2,220 2,054 1,378 1,511 1,031 0 -100% Feb 2020 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2021 100% 0% -14% 1 Occupancy (left axis) 80% 60% -41% YOY (right axis) -28% -20% -33% -36% -41% -43% -44% -47% -40% -61% -63% -60% -71% 40% 73.8% 62.4% 50.9% 50.3% 52.3% 56.3% 48.5% 46.3% 44.2% -80% 20% 31.9% 34.6% 24.3% -100% 0% Feb 2020 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2021 一期一会| ICHIGO State of emergency declared for 7 prefectures State of emergency lifted Ban on travel between prefectures Start of Go To Travel campaign lifted State of emergency extended to rest of Japan Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Tokyo added to Go To Travel campaign Go To Travel campaign suspended in Osaka/Sapporo Go To Travel campaign suspended State of emergency declared for 4 prefectures State of emergency extended to 11 prefectures 12#13一期一会| ICHIGO Covid Impact on Hotel Demand Hotel Reservations and Ichigo Hotel RevPAR (vs. previous year) 0% Business Hotels Full-Service Hotels Resort Hotels Japanese Inns Number of Guests Ichigo Hotel RevPAR Feb 2020 Mar Apr May -20% -40% -60% -80% -100% Jun Jul Aug Sep Oct Nov Dec Jan 2021 * Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers" - Ichigo Hotel performance correlated to overall hotel industry demand Largest negative impact was in May 2020 (first state of emergency) October and November 2020 saw a recovery in demand owing to the Go To Travel campaign Second state of emergency in Jan 2021 saw less of an impact than the first one in April 2020 Impact on business hotels limited compared to other hotel types Strong uplift in non-business hotels due to Go To Travel tourism subsidy program Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13#14Covid Response Safety Measures and Services for Guests - - - Hand sanitizers, periodic disinfections, and mandatory mask-wearing for employees Confirming guest and staff health Offering remote work options Temporarily Closed Hotels during January 2021 Fiscal Period Hotel Dates Closed Chisun Inn Osaka Hommachi Grandpark-Inn Yokohama Nest Hotel Osaka Shinsaibashi April 17, 2020- June 30, 2021 November 1, 2020 - February 28, 2021 Current Status Scheduled to reopen and rebrand under new operator, Hakata Hotels Rebranded and reopened as Capsule Plus Yokohama Nest Hotel Sapporo Odori January 13, 2021 - March 31, 2021 January 17, 2021 - February 7, 2021 Scheduled to reopen Reopened Asset Management Company Safety Measures - - Remote work from March 2020 Social distancing at office via flextime and limiting office utilization to 30% 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14#15Sponsor Support Amid the Covid Pandemic Investment Corporation Bond Issuance (JPY 500 million) - Allottee: Ichigo (100%) ✓ Demonstrating commitment and support as sponsor - Objective: To further strengthen Ichigo Hotel's financial base amid an uncertain market environment Hakata Hotels (Ichigo's wholly-owned subsidiary) - - - - I - A hotel operator with Al expertise that operates 13 hotels across Japan, with many located in the Hakata (Fukuoka) area Offers competitive rates and strong collaboration Will become the operator of Chisun Inn Osaka Hommachi (to be rebranded as The OneFive Osaka Sakaisuji) in July 2021 (Recently became the operator of Okayama and Fukuoka Tenjin hotels) Selected as operator among multiple candidates due to better lease terms Helps to avoid absence of a hotel operator under Covid uncertainty 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15#16一期一会| ICHIGO Hotel Industry Support: Shareholder Hotel Discount Program Program Established to Express Gratitude to Ichigo Hotel Shareholders and to Support the Hotel Industry Impacted by Covid Special Discount Rates (including hotels not owned by Ichigo Hotel) Minacia Co., Ltd. Hotel Wing International ✓ Special rate 10% lower than rates on hotel website ✓ 36 Hotel Wing International Hotels located across Japan, from Hokkaido in the north to Kagoshima in the south. New hotels scheduled for opening are Kyoto Sanjo (March 2021) and Hida Takayama (April 2021). HOTEL WING Select INTERNATIONAL 浅草购形 Choice Hotels Greens Co., Ltd. ✓ Premium rates set at each hotel ✓ 66 Comfort brand hotels located across Japan, from Hokkaido to Okinawa Green Hotels ✓ Member-only fixed rates set at each hotel ✓ A diverse brand of 32 hotels mainly in Mie and Aichi prefectures and the Hokuriku region O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 16#17Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan - - First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and listed solar power producer that it manages, in its shareholder program (67,000 shareholders total) First company to offer shareholders free tickets to every J.League game at every J.League club Ichigo is deepening its partnership with the J.League and working to further Ichigo's mission of promoting local community development. JOIN and ENJOY みんなで Jリーグを応援しよう!! いちご]リーグ 株主・投資主優待 Events & Gifts - - 一期一会 J.LEAGUE ICHIGO TOP PARTNER OJ.LEAGUE - Ichigo Kids J.League Events ✓ Escort players onto field ✓ High-fives with players ✓ Other programs J.League Merchandise ✓ Autographed jerseys from all J.League clubs ✓ Ichigo original J.League towels ✓ Autographed official match balls J.League Online Events Ichigo J.League Shareholder Program Website Landing Page 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 17#18一期一会| ICHIGO Sustainability as a Key Management Priority O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 18#19Sustainability Initiatives Minimizing Environmental Impact of Ichigo Hotel-Owned Assets GRESB Real Estate Assessment - - Preparing to participate in assessment Applying for various environmental certifications GRES B Shifting to Renewable Energy Ichigo RE Target: Sourcing 100% Renewable Electricity Across Its Operations by 2040 - - In line with sponsor Ichigo joining RE100, Ichigo Hotel will shift to using renewable electricity across its operations Target: source 100% of electricity needs across Ichigo Hotel-owned assets from renewable energy CLIMATE CDP RE100 GROUP 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19#20一期一会| ICHIGO Operator Change to Generate Higher Earnings Chisun Inn Osaka Hommachi - - I - Hotel operator change from third-party operator to Ichigo-owned Hakata Hotels Scheduled to rebrand and reopen as The OneFive Osaka Sakaisuji in July 2021 Deploying Ichigo's PROPERA, an Al-based hotel revenue management system, to drive higher earnings & customer satisfaction (PROPERA operating track record: Earnings +10-40%) Hakata Hotels Hakata Hotels Inc. 3-13-1 Haruyoshi, Chuo-ku, Fukuoka Name Address Representative Establishment Date March 2019 Minoru Ishihara, Representative Director & Chairman Takanobu Kitazaki, Representative Director & President CHISUN Paid-In Capital Relationship to Ichigo Hotel/IIA JPY 10 million (100% Ichigo group subsidiary) Consolidated subsidiary of Ichigo Investment Advisor's parent company, Ichigo (Hakata Hotels is a related party as defined in the Ordinance of the Investment Trust and Investment Corporation Law and IIA's internal rules) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20#21一期一会| ICHIGO Plan Actual Achieving Organic Rent Growth at Contract Renewals Timing Hotel Name Lease Terms Changes Jun 2017 Chisun Inn Osaka Hommachi Variable+Fixed Rent Renewal at • Increased fixed rent Higher Rent Increased variable rent Mar 2019 Hotel Wing International Kobe Shin || Variable+Fixed Nagata Ekimae • Increased fixed rent Rebranding Rent Added variable rent Jun 2019 Nest Hotel (4 Hotels) Sep 2019 Valie Hotel Hiroshima Variable+Fixed Rent Variable+Fixed Rent Renewal at Higher Rent Rebranding • Increased fixed rent Rebrand and reopen Variable+Fixed Jun 2020 Smile Hotel Tokyo Asagaya Rent Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Fixed → Variable+Fixed Rent • Added variable rent .• Increased fixed rent Lease Expiry Increased variable rent • Rebranding Operator change to Hakata Hotels Increased fixed rent & added variable rent Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Variable+Fixed Rent Operator change to Hakata Hotels Rebranding Revised variable rent clause Feb 2021 Capsule Plus Yokohama (formerly Grandpark-Inn Yokohama) Fixed → Variable Rent Rebranding Added GOP-linked variable rent Feb 2021 Chisun Inn Osaka Hommachi Variable+Fixed Rent Rebranding • Operator change to Hakata Hotels Revised variable rent clause 2021 2 Hotels Variable+Fixed Rent • Lease Expiry Operator to be selected from among multiple candidates, including the current operator O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21#22一期一会| ICHIGO July 2021 and January 2022 Forecasts O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22 22#23一期一会| ICHIGO Market Environment & Forecast Assumptions Hotel Market Remains Uncertain - Hotel demand is forecast to gradually recover on the back of vaccine rollout, but will likely take up to one year to significantly recover Occupancy and ADR Forecasts for 14 Variable Hotels - Forecasting Occupancy at -20~-40% & ADR at -35--50% vs. 2019 (Pre-Covid) levels July 2021 Forecast January 2022 Forecast Occupancy 57.8% ADR JPY 4,737 68.1% JPY 4,988 (Reference) July 2019 Actual* January 2020 Actual* Occupancy ADR 89.7% JPY 8,668 85.4% JPY 7,760 * Actual data of 13 hotels for July 2019 fiscal period and 12 hotels for January 2020 fiscal period O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23#24Revision of July 2021 Fiscal Period Forecast (Announced in Sep 2020) - - - Operating revenue -0.4%, DPS -23.0% vs. previous forecast Recorded Covid-related reserve on the back of requests for rent forgiveness/deferral Will carefully respond to rent forgiveness/deferral requests and work to minimize forecast impact Previous Forecast vs. Revised Forecast (DPS-basis, JPY) 一期一会| ICHIGO -30 +11 -165 881 Decrease in Operating Revenue -JPY 18 -19 Covid-related Reserve -JPY 148 Decrease in Interest Expense and Increase in Borrowing-related Expenses 678 Previous Forecast (Sep 14, 2020) Variable Rent Fixed Rent Operating Expenses Non-Operating Expenses Revised Forecast (Mar 17, 2021) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 24 24#25July 2021 Forecast Dividend JPY 678, +1.2% YOY (JPY million) July 2020 July 2021 Previous Actual (A) Forecast July 2021 Revised Forecast (B) (B) - (A) Major Factors for Variation (Sep 2020) Operating Revenue 953 1,041 1,037 +84 Variable Rent -25 53 46 +71 Increase due to nonoccurrence of adjustments of variable rent +36 Increase in variable rent +45 (Hiroshima, Matsuyama, Kumamoto, Yokohama) Decrease in variable rent -10 (Asagaya, Tenjin, Kurashiki) Fixed Rent 935 944 947 +11 Full-year contribution of Shibuya and Shimonoseki +35 Increase in fixed rent +61 (Asagaya, Okayama, Nagoya) Other (Gains on Sales, etc.) 42 43 44 +1 Decrease in fixed rent -85 (Yokohama, Hommachi, Tenjin) Operating Expenses 581 618 660 Repair & Maintenance 21 21 26 6929 +78 Increase in fixed asset taxes +12 (Shibuya, Shimonoseki, Kumamoto) Covid-related reserve +37.8 28 +7 Depreciation 336 343 346 Operating Profit 371 423 376 Recurring Profit 171 225 173 Increase +13 (Yokohama, Kurashiki, Asagaya, Shinsaibashi, Shimonoseki) Decrease -5 (Tenjin, Valie Hiroshima, Central International Airport, Sapporo Odori) +9 Increase: Okayama, Shimonoseki, Valie Hiroshima +5 Engineering report costs +3, Environmental certification costs +2 Borrowing-related expenses +15, Interest expenses -8 +2 Completion of amortization of expenses related to REIT establishment -5, Decrease in non-operating income -2 Net Income 170 224 172 +2 Dividend JPY 670 JPY 881 JPY 678 +JPY 8 -23.0% (-JPY 203) vs. previous forecast +1.2% (+JPY 8) YOY ΝΟΙ 787 859 813 +26 Post-Depreciation NOI 450 516 467 +16 Capex 128 707 463 +335 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25 25#26January 2022 Forecast Dividend JPY 719, -12.6% YOY Operating Revenue Variable Rent January 2021 Actual (A) January 2022 Forecast (B) (B) - (A) 1,035 1,058 +23 -3 81 Major Factors for Variation (JPY million) Increase in variable rent +80 (Yokohama, Kumamoto, Nagoya, Matsuyama, Kurashiki, +85 Valie Hiroshima) Decrease in variable rent -2 (Asagaya, Tenjin) Fixed Rent 993 932 -61 Increase in fixed rent +61 (Okayama, Tenjin, Shibuya) Decrease in fixed rent -122 (Nagoya, Yokohama, Hommachi, Valie Hiroshima) Other (Gains on Sales, etc.) 45 44 -1 Operating Expenses 626 663 +36 Covid-related reserve Repair & Maintenance Increase +12 (Nagoya, Sapporo Odori, Asagaya) 43 33 -10 Depreciation 341 347 Decrease -23 (Tenjin, Shinsaibashi, Okayama, Valie Hiroshima) +5 Increase: Okayama, Tenjin, Kumamoto, Kurashiki, Asagaya, Valie Hiroshima Operating Profit Engineering report costs +3 409 395 -13 Environmental certification costs +1 Recurring Profit 210 184 -26 Net Income 209 183 -26 Dividend JPY 823 JPY 719 -JPY 104 -12.6% YOY ΝΟΙ 844 833 -11 Post-Depreciation NOI 503 486 -17 Capex 123 345 +221 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 26#27Ichigo's Commitment to ESG Ichigo ESG 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27#28一期一会| ICHIGO Ichigo Sustainability Policy Harmony with the Environment Ichigo actively monitors and minimizes the environmental impact of its business operations. Energy Conservation, CO2 Reduction, and Recycling Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy consumption, extending the useful life of assets, actively recycling, reducing waste production and water consumption, and implementing green procurement measures. Regulatory and Environmental Compliance Ichigo complies with all environmental laws and regulations and Ichigo's own independently- established environmental rules. Ichigo also carefully monitors and complies with all applicable. changes in laws and regulations. Training and Awareness Ichigo promotes understanding of its Sustainability Policy and works to increase sustainability awareness among all Ichigo employees. Sustainability Performance Communication and Disclosure Ichigo communicates its Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28#29Ichigo ESG - Environmental Contributing to a Low-Carbon World Clean Energy Annual Power Generation 158,586,005 kWh Equivalent to annual energy consumption of 52,862 households The Federation of Electric Power Companies of Japan Annual energy consumption per - household 3,000kWh Annual CO2 Reduction 104,666,758 kg Equivalent to annual CO2 emission of 45,507 cars Ministry of Environment Annual CO2 emission per car c. 2,300kg (Jul 2019-Jun 2020 Actuals - Ichigo & Ichigo Green) Sponsor Ichigo Joins RE100 Ichigo RE100 Target: Source 100% of Electricity Needs Across Its Operations from Renewable Energy by 2040 RE100 CLIMATE CDP GROUP Ichigo ESG Environmental Sustainable Real Estate Preserve & Improve Real Estate to End Wasteful Demolition ― Lengthen useful life of real estate - Shrink environmental footprint by reducing wasteful demolition & consumption of raw materials, energy, & human talent in construction Lowest Wasteful Impact Demolition Highest Efficiency Environmental Productive Use of Idle Land for Clean Energy Ichigo will not build power plants that require the Sustainability For a Better World clearing of wooded land or the altering of the landscape in a way that increases the risk of floods, landslides, or other water-related disasters, or that face opposition from local communities. Sustainable Real Estate - Environmental Certifications (Ichigo Office 8975) CASBEE GRESB S Ebisu Green Glass Ichigo Sakaisuji Honmachi Building Ichigo Sendai East Building A Rank Rank Ichigo Kanda Nishikicho Building Ichigo Ikenohata Building Ichigo Mirai Shinkin Building Ichigo Takamatsu Building Ichigo Marunouchi Building Win Gotanda Building 2 Other Certifications BELS (Building-housing Energy- efficiency Labeling System), DBJ Green Building O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. GRES B 2020 Green Star (Highest Ranking) 4 years in a row 一期一会| ICHIGO 29 29#30一期一会| ICHIGO - - Ichigo ESG - Social Supporting Local Communities Ichigo's Boutique Hotel THE KNOT A place where visitors, communities, and the old and the new can come together Miyako City, Nanbu Wholesale Market Foster community interactions - J.League Top Partner Promote community development, revitalize local economies, and renovate & upgrade stadiums TSUBASA+ AR Smartphone Game Promote Japanese culture and community links - Smart Agriculture Ichigo ESG 8 Social - Working with Tenants Conduct tenant surveys to understand needs to implement effective value-add - Exclusive investor for Oshii Mamoru's new anime VLADLOVE to promote Japan's anime culture and build synergies with Ichigo's retail asset AKIBA CULTURES ZONE Support tenant sales channel expansion and sales growth - Operate self-storage and laundromats to support livelihood Make The World More Sustainable HR & Internal Start-Ups - Ichigo University for employees Taught by subject matter experts - Ichigo Sustainable Lab Promotion of R&D and internal start-ups - Support for Employees 100% return rate for employees who take maternity/paternity leave - Women in Leadership 24% of management positions held by Women Sports & Arts Support National & World-Class Athletes Support University of Miyazaki's Program for Children with Cancer - Support community-based - soccer clubs Support artists with disabilities Weightlifting Athlete Hiromi Miyake ICHIG O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. - - Disaster Response Typhoon disaster preventative measures Rapid damage assessment Rapid disaster response On-site inspections and measures to prevent secondary disasters, preserve asset value, and supply essential items to local communities Neighborhood watch Street cleaning and snow shoveling 30 60#31• • . Ichigo ESG - Governance Best Practice Governance REIT Monitors Asset Management Company All Ichigo Hotel Directors are Independent Directors Active dialogue and effective internal controls via Board discussions led by REIT Executive Director Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants) Asset Management Company (AMC) Best Practice Majority of AMC Directors (3 of 5) are Independent Directors Independent asset management teams within AMC ensures best-practice execution on behalf of Ichigo Hotel Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters Ensure objectivity by including third-party, independent lawyers and accountants in the Investment Committee and Risk & Compliance Committee Ichigo ESG 8 Governance First J-REIT No Fixed Fee, Performance Fee-Only Structure ✓ Performance-linked fee structure to support shareholder value creation ✓ Pro-active, dynamic management of Ichigo Hotel assets on behalf of shareholders Ichigo Hotel (3463) and Ichigo Office (8975) are the only J-REITS (out of 61) that both have an Asset Management Company (AMC) board that has a majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REIT Independence of the Investment Corporation from AMC 30 of 61 J-REITS have AMC Presidents serving as Executive Director of the REIT Ichigo Hotel: All Directors are Independent Independent Directors at AMC Only 4 Asset Management Companies have any Independent Directors Ichigo Investment Advisors: 3 of 5 Directors are Independent 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. * Based on information as of December 31, 2020 31#32Appendix: Portfolio Details 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32 32#33一期一会| ICHIGO Hotel Map Tokyo C-1 Kanto C-3 C-4 B-1 Sen& CAPS Hokkaido A-1 EX E 7. D Hokuriku/Tokai A-2 A-3 D-1 D-2 D-3 D-4 Smile Hotel Tokyo Asagaya Hotel Livemax Nihombashi- Hakozaki HOTEL EMIT SHIBUYA Grandpark-Inn Yokohama * Nest Hotel Sapporo Ekimae Nest Hotel Sapporo Odori Comfort Hotel Kushiro Comfort Hotel Hamamatsu Hotel Wing International Nagoya Kinki (Kyoto/Osaka/Kobe) E-1 E-3 Chugoku/Shikoku F-1 Kyushu F-2 F-3 G-1 G-3 Comfort Hotel Central International Airport ▸ Sapporo A-1 A-2 Variable Rent Fixed Rent Comfort Hotel Suzuka • Kushiro A-3 Smile Hotel Kyoto Shijo Chisun Inn Osaka Hommachi The OneFive Okayama Nest Hotel Matsuyama Urbain Hiroshima Executive The OneFive Tenjin F-4 F-5 F-6 . E-4 E-5 . boo on Nest Hotel Kumamoto ► Nagoya D-2 ▸ Kyoto E-1 ►Osaka E-3 E-5 ►Kurashiki F-4 Court Hotel Kurashiki Valie Hotel Hiroshima Washington Hotel Plaza Shimonoseki Hotel Wing International Kobe Shin Nagata Ekimae Nest Hotel Osaka Shinsaibashi ►Shimonoseki F-6 Eki Nishi ► Fukuoka Matsuyama G-1 * Rebranded and Reopened as Capsule Plus Yokohama in March 2021 F-2 Kumamoto G-3 23 Hotels JPY 51.9B Tokyo C-1 C-3 C-4 Yokohama B-1 Hamamatsu D-1 Aichi D-3 ►Suzuka D-4 ▸ Kobe E-4 ▸ Okayama F-1 Hiroshima F-3 F-5 (January 2021 rent-basis) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 33#34一期一会| ICHIGO Portfolio Growth Acquisitions IPO (Nov 30, 2015) IPO Acquisitions 9 hotels JPY 20.4B (Appraisal NOI Yield 5.9%) Jan 2017 Fiscal Period 10 hotels JPY 27.2B July 2017 through Jan 2021 Fiscal Periods PO Acquisitions July 2017 1 hotel JPY 1.4B Jan 2018 1 hotel JPY 1.8B Jan 2019 1 hotel JPY 1.7B (Appraisal NOI Yield 6.9%) July 2019 2 hotels JPY 3.7B (Appraisal NOI Yield Jan 2020 July 2020 Jan 2021 None 2 hotels JPY 4.7B None 6.9%) (Appraisal NOI Yield 4.9%) (Appraisal NOI Yield 5.5%) (Appraisal NOI Yield 5.0%) (Appraisal NOI Yield 6.3%) S&CANAL PO 1 Hotel Sales None None None None JPY 2.7B Gains on Sale JPY 0.69B None 2 Hotels JPY 9.7B Gains on Sale None None JPY 1.94B Portfolio Size 9 Hotels JPY 20.4B (January 2016 end) 19 Hotels JPY 47.6B 20 Hotels 21 Hotels JPY 49.1B JPY 50.9B 21 Hotels JPY 50.7B 23 Hotels JPY 54.4B 21 Hotels JPY 47.1B 23 Hotels 23 Hotels JPY 51.9B JPY 51.9B| IPO January 31, 2021 Yokohama Kobe Nagoya 2.9% 5.1% 2.9% Nagoya 13.1% Kobe Osaka 7.3% 8.0% Location Kyushu 6.8% Hokkaido 17.7% Tokai 7.6% Kyoto 39.6% Acquisition price-basis Geographic Diversification Increases Earnings Stability Steady Portfolio Growth via Acquisitions O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Kyushu 6.9% Osaka 17.8% Hokkaido 7.5% Kyoto 8.6% Chugoku/ Tokyo Shikoku 17.3% 17.2% Tokai 13.8% 34#35Portfolio Lease Details Operator Diversification Driving Earnings Stability Lease Terms Form of Contract Fixed Rent Variable Rent Fixed Rent Lease Yes - Fixed + Variable Rent Lease Lease Yes Yes Fixed Portion of Revenue Upside (as of Jan 31, 2021) Total Rental Income (Jan 2021 Actual) Number of Hotels Total Acquisition Price Hotels JPY 426M (43.1%) 8 Hotels JPY 13.19B (25.4%) Comfort Hotel Kushiro Comfort Hotel Hamamatsu Comfort Hotel Central International Airport Comfort Hotel Suzuka Grandpark-Inn Yokohama Hotel Livemax Nihombashi- Hakozaki Urbain Hiroshima Executive Washington Hotel Plaza Shimonoseki Eki Nishi JPY 147M (14.9%) 3 Hotels JPY 5.79B (11.2%) Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae Chisun Inn Osaka Hommachi Fixed Portion of Hotel GOP JPY 415M (42.0%) 12 Hotels JPY 32.94B (63.4%) Nest Hotel Sapporo Ekimae Nest Hotel Sapporo Odori Nest Hotel Osaka Shinsaibashi Nest Hotel Matsuyama Nest Hotel Kumamoto Smile Hotel Tokyo Asagaya Smile Hotel Kyoto Shijo Valie Hotel Hiroshima The OneFive Fukuoka Tenjin Court Hotel Kurashiki HOTEL EMIT SHIBUYA The OneFive Okayama - JPY 989M (100%) 23 Hotels JPY 51.91B (100%) The Court 5.7%. Hakata Hotels 8.4% Operator Mix Hospitality Operations Greens 24.3% 9.7% Minacia 10.9% Other 22.8% Nest Hotel Japan 18.2% Fixed Rent: Greens, Hospitality Solutions, Other (Livemax, etc.) 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 55 35#36一期一会| ICHIGO Individual Hotel Summary Jan 2021 Appraisal Leasable Acquisition Book Value Hotel No. Hotel Name Lease Terms Location Area (m²) Price (JPY M) (JPY M) Value (A) (JPY M) Cap Rate (as of Jan 31, 2021) Unrealized Gains (JPY M) (%) (B) - (A) (B) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori Variable + Fixed Rent Sapporo 5,734.93 2,160 2,115 2,520 5.1 +404 A-3 Comfort Hotel Kushiro B-1 Grandpark-Inn Yokohama C-1 Smile Hotel Tokyo Asagaya C-3 Hotel Livemax Nihombashi-Hakozaki C-4 HOTEL EMIT SHIBUYA D-1 Comfort Hotel Hamamatsu D-2 Hotel Wing International Nagoya Variable + Fixed Rent Fixed Rent Fixed Rent Sapporo 5,638.78 1,450 1,463 1,770 5.0 +306 Kushiro, Hokkaido 3,180.58 300 287 421 5.5 +133 Yokohama 1,183.26 1,490 1,496 1,310 4.8 -186 Variable Fixed Rent Tokyo 2,721.70 3,910 3,936 4,140 4.3 +203 Fixed Rent Variable + Fixed Rent Tokyo 853.00 1,360 1,296 1,400 4.6 +103 Tokyo 1,470.52 3,700 3,816 3,950 3.6 +133 Fixed Rent Hamamatsu, Shizuoka 4,173.92 1,550 1,428 1,750 5.2 +321 Variable + Fixed Rent Nagoya 5,255.66 2,670 2,698 2,580 4.7 -118 D-3 Comfort Hotel Central International Airport D-4 Comfort Hotel Suzuka Fixed Rent Fixed Rent Tokoname, Aichi 11,599.63 5,308 5,296 5,730 4.1 +433 Suzuka, Mie 2,186.65 300 274 378 5.0 +103 Hotel E-1 Smile Hotel Kyoto Shijo Variable Fixed Rent Kyoto 4,891.84 4,480 4,521 3,570 4.5 -951 E-3 Chisun Inn Osaka Hommachi Variable + Fixed Rent Osaka 3,690.00 1,630 1,717 1,300 4.7 -417 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 4,540.90 1,490 1,399 1,810 4.7 +410 E-5 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Osaka 8,057.26 7,600 7,604 5,730 4.4 -1,874 F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama F-3 Urbain Hiroshima Executive Variable + Fixed Rent Variable + Fixed Rent Okayama Matsuyama, Ehime 5,543.70 1,200 1,203 1,800 5.7 +596 6,671.94 1,610 1,618 1,950 5.6 +331 F-4 Court Hotel Kurashiki F-5 Valie Hotel Hiroshima Fixed Rent Variable Fixed Rent Variable + Fixed Rent Hiroshima 2,756.20 1,800 1,811 2,060 5.3 +248 Kurashiki, Okayama 3,964.19 1,725 1,780 1,990 5.1 +209 Hiroshima 4,332.50 1,500 1,585 1,650 5.0 +64 F-6 Washington Hotel Plaza Shimonoseki Eki Nishi G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Fixed Rent Variable Fixed Rent Variable Fixed Rent Shimonoseki, Yamaguchi 5,709.35 1,080 1,098 1,170 4.9 +71 Fukuoka Kumamoto 1,910.94 1,380 1,448 2,190 4.3 +741 6,404.36 2,220 2,177 2,330 5.4 +152 Total (23 Hotels) 102,471.81 51,913 52,076 53,499 5.0 +1,422 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 36#37一期一会| ICHIGO January 2021 Fiscal Period Individual Hotel Operating Results (year-on-year) Hotel No. Hotel Name Lease Terms Location No. of Guest Rooms RevPAR (JPY) A-1 004 Nest Hotel Sapporo Ekimae A-2 008 Nest Hotel Sapporo Odori Variable + Fixed Rent Variable + Fixed Rent Sapporo Sapporo 162 121 A-3 018 Comfort Hotel Kushiro Fixed Rent Kushiro, Hokkaido C-1 012 Smile Hotel Tokyo Asagaya C-4 025 HOTEL EMIT SHIBUYA D-1 006 Comfort Hotel Hamamatsu Variable + Fixed Rent Variable + Fixed Rent Fixed Rent Tokyo Tokyo 112 72 3,415 (-61.8%) 2,871 (-69.4%) 126 3,648 (-23.9%) 4,179 (-51.8%) 4,278 84.0 (-13.9%) 93.7 January 2021 (August 2020 - January 2021) Occupancy (%) ADR (JPY) 81.2 (-16.1%) 4,206 (-54.5%) 125.7 (-61.5%) 66.1 (-27.9%) 4,347 (-57.5%) 73.8 (-68.1%) 70.0 (-12.2%) 5,215 (-13.3%) 89.6 (-23.2%) 4,975 (-44.0%) 89.2 (-51.6%) 4,568 Revenue (JPY M) 56.9 Hamamatsu, Shizuoka 196 2,111 (-53.2%) 42.5 (-44.1%) D-2 003 Hotel Wing International Nagoya Variable + Fixed Rent Nagoya 224 1,390 (-74.0%) 31.1 (-63.8%) D-3 011 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 346 2,873 (-63.8%) D-4 019 Comfort Hotel Suzuka Fixed Rent Suzuka, Mie 105 E-1 001 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto 144 2,623 (-40.2%) 1,383 (-79.7%) 4,963 (-16.2%) 4,468 (-28.0%) 37.2 (-56.7%) 7,726 (-16.5%) 51.7 (-31.1%) 5,073 (-13.2%) 51.2 (-40.2%) 36.4 (-62.5%) 3,801 (-45.7%) 37.8 (-80.5%) 76.1 (-53.2%) 64.1 (-73.4%) 189.3 (-64.1%) E-3 005 Chisun Inn Osaka Hommachi Variable + Fixed Rent Osaka 130 E-4 007 Hotel Wing International Kobe Shin Nagata Ekimae E-5 010 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Kobe 133 3,190 Variable + Fixed Rent Osaka 302 441 F-1 017 The OneFive Okayama F-2 015 Nest Hotel Matsuyama Variable + Fixed Rent Variable + Fixed Rent Okayama 208 (-48.2%) (-92.1%) 2,117 (-59.8%) Matsuyama, Ehime 190 F-3 021 Urbain Hiroshima Executive Fixed Rent Hiroshima 171 F-4 022 Court Hotel Kurashiki F-5 024 Valie Hotel Hiroshima G-1 009 The OneFive Fukuoka Tenjin G-3 023 Nest Hotel Kumamoto Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Kurashiki, Okayama Hiroshima Fukuoka 2,984 (-45.0%) 2,851 (-54.3%) 107 2,503 (-66.6%) 171 1,327 Kumamoto 77 2,007 (-76.1%) 201 2,399 (-52.7%) 30.9 61.9 (-34.7%) 63.5 (-19.7%) 45.5 (-41.3%) 7,003 (-11.7%) 88.2 (-47.4%) 11.5 (-85.2%) 3,821 (-46.6%) 18.8 (-94.4%) 69.7 (-19.1%) 3,035 (-50.3%) 69.3 (-67.0%) 63.4 (-26.9%) 4,703 (-24.8%) 125.6 (-53.3%) 42.7 (-51.5%) 6,669 (-5.7%) 68.3 (-65.2%) 34.8 (-60.8%) 7,199 (-14.7%) 50.9 (-70.8%) 4,297 32.6 3,244 (-63.4%) 32.9 (-74.3%) 3,779 (-41.1%) 98.7 (-53.7%) Other 461 Variable Rent Hotels Fixed Rent Hotels Total 53.4 (-36.7%) 46.9 (-43.1%) 2,354 2,335 (-62.1%) 1,405 2,755 (-54.6%) 5,876 (-20.3%) 494.4 (-56.5%) 3,759 2,533 (-59.5%) 52.2 (-32.4%) 4,855 (-34.3%) 1,369.4 (-65.0%) 4,371 (-40.1%) 907.7 (-68.2%) *Operating Results data for Hotel Livemax Nihombashi-Hakozaki, Grandpark-Inn Yokohama, and Washington Hotel Plaza Shimonoseki Eki Nishi are consolidated under Other, because the hotel operators did not provide consent to disclose hotel-specific data. Fixed Rent Hotels and Total include Hotel Livemax Nihombashi-Hakozaki's operating results. Operating results for Valie Hotel Hiroshima before rebranding and reopening are unavailable because the operators did not provide consent to disclose. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 37#38Individual Hotel Financials (JPY thousand) A-1 A-2 A-3 C-1 C-4 D-1 D-3 D-4 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-2 G-3 Nest Total Nest Hotel Hotel Sapporo Sapporo Ekimae Odori Comfort Hotel Kushiro Smile Hotel Tokyo Asagaya HOTEL Comfort EMIT Hotel SHIBUYA Hamamatsu Comfort Hotel Central International Airport Comfort Hotel Suzuka Smile Hotel Kyoto Shijo Chisun Inn Nest Hotel Osaka Osaka Hommachi Shinsaibashi The One Five Okayama Nest Hotel Matsuyama Court Hotel Kurashiki The Valie Hotel One Five Nest Hotel Nest Hotel Hiroshima Fukuoka Naha Other Kumamoto Tenjin (A) Rental Income 1,035,576 32,493 26,184 18,419 60,974 39,476 55,361 151,441 15,442 34,644 39,604 65,588 35,597 35,821 33,472 23,731 8,666 -7,479 28,295 337,838 Fixed Rent 993,875 32,392 26,083 18,419 59,282 39,476 55,361 151,441 15,442 34,644 39,600 65,487 34,984 35,717 33,013 23,131 8,226 27,348 293,820 Variable Rent -3,942 Other Rent 45,643 101 101 ☐ 1,691 4 101 613 104 459 ☐ 600 440 -7,479 946 (B) Rental Expenses 190,955 8,704 10,190 6,837 10,752 1,147 4,430 14,304 2,869 6,917 7,693 21,713 15,185 6,227 5,962 8,762 13,341 Outsourcing Fees 17,487 600 600 900 2,520 600 600 570 540 600 1,016 1,200 600 720 600 720 600 Insurance 3,195 174 186 92 92 98 968 898 68 110 312 53 151 110 271 159 221 117 148 Repair 43,455 2,238 552 1,414 3,954 120 1,016 298 89 Expenses 99 Taxes 108,182 5,233 8,387 4,020 3,772 64 64 765 2,475 5,306 9,467 926 548 3,204 8,868 2,432 12,716 1,779 5,040 3,324 14,495 3,854 3,915 4,266 4,253 3,377 44,018 51 51 6,574 39,289 [ 1 I 780 3,720 203 651 474 1,735 5557 51 4,670 22,589 Other 18,634 458 463 410 407 359 271 406 406 359 765 440 440 1,104 444 431 436 430 445 10,593 Expenses ΝΟΙ (C) 844,620 23,789 15,993 11,582 50,221 38,329 50,931 137,137 12,573 27,727 31,911 43,874 20,411 29,594 27,510 14,968 -4,674 -7,531 21,720 298,549 (A) - (B) (D) Depreciation 341,139 16,044 16,515 5,407 26,866 7,566 14,696 34,862 4,165 16,395 7,378 34,397 15,131 17,895 10,374 20,731 8,731 19,150 64,830 Net Rental Income 503,481 7,744 -521 (C) - (D) 6,175 23,355 30,762 36,235 102,275 8,407 11,332 24,532 9,477 5,279 11,698 17,136 -5,762 -13,405 -7,531 2,570 233,719 Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Grandpark-Inn Yokohama, Urbain Hiroshima Executive, and Washington Hotel Plaza Shimonoseki Eki Nishi as well as retail income of Chisun Inn Osaka Hommachi, Smile Hotel Tokyo Asagaya and Nest Hotel Kumamoto are included in Other, as the operators did not provide consent to disclose the data. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 38#39一期一会| ICHIGO Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent Jan 2020 Jul 2020 (JPY thousand) Jan 2021 Rent Ratio Rent Ratio Rent Ratio Fixed Rent 1,032,448 63.9% 963,173 1,023,281 Rent Fixed Rent from Operators 993,479 61.5% 935,606 993,875 Other (Rent from Retail Tenants) 38,969 2.4% 27,566 29,405 Variable Rent 564,434 34.9% -25,467 -3,942 Other (Utility Income) 19,104 1.2% 15,371 16,238 Total 1,615,986 100% 937,705 100% 1,035,576 100% Operating Results (Feb 2020 - Jan 2021) RevPAR (right axis) ADR (right axis) 80% Occupancy (left axis) (JPY) 8,000 60% 40% 20% 6,000 4,000 2,000 0% 0 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 39#40一期一会| ICHIGO Variable Rent Hotel Details A-1 Nest Hotel Sapporo Ekimae Location Sapporo 5-minute walk from Sapporo Station on Access Sapporo City Metro Namboku Line Nest Hotel Japan Operator Corporation Guest Rooms 162 Acquisition JPY 2.16B Price 0% Feb 2020 May 2020 -། RevPAR Occupancy (right) (right) (left) (JPY) 10,000 8,000 6,000 4,000 2,000 0 Aug 2020 Nov 2020 60% 40% 20% 100% 80% Operating Results (Feb 2020 - Jan 2021) ADR A-2 Nest Hotel Sapporo Odori Location Sapporo 4-minute walk from Operating Results (Feb 2020 - Jan 2021) 100% ADR (right) RevPAR (right) Occupancy (left) (JPY) 12,500 Odori Station on Access Sapporo City Metro 80% 10,000 Namboku Line 60% 7,500 Nest Hotel Japan Operator Corporation 40% 5,000 Guest Rooms 121 20% 2,500 Acquisition JPY 1.45B 0% 0 Price Feb 2020 May 2020 Aug 2020 Nov 2020 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 40#41一期一会| ICHIGO Variable Rent Hotel Details C-1 Smile Hotel Tokyo Asagaya Location Suginami-ku, Tokyo Access 1-minute walk from Asagaya Station on JR Chuo/Sobu Line K.K. Hospitality Operator Operations Guest Rooms 112 Acquisition JPY 3.91B Price C-4 HOTEL EMIT SHIBUYA Shibuya-ku, Tokyo Location Access 6-minute walk from Shibuya Station on JR, Tokyu, Keio, and Tokyo Metro Lines Hakata Hotels Inc. Operator Shidax Daishinto Human Services Inc. Guest Rooms 72 Acquisition JPY 3.7B Price Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 80% 60% 8,000 6,000 40% 20% 4,000 2,000 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 20% 0% االسلا 6,000 4,000 2,000 0 Feb 2020 May 2020 Aug 2020 Nov 2020 60% EMIT Cafe EMT Cafe EMI Cafe 40% O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 41#42一期一会| ICHIGO Variable Rent Hotel Details D-2 Hotel Wing International Nagoya Location Access Nagoya 2-minute walk from Marunouchi Station on both Nagoya Subway Network Sakuradori Line and Tsurumai Line Minacia Co., Ltd. Operator Guest Rooms Acquisition Price 224 JPY 2.67B E-1 Smile Hotel Kyoto Shijo Location Access Kyoto 5-minute walk from Shijo Station on Kyoto City Subway Karasuma Line and Karasuma Station on Hankyu Kyoto Main Line K.K. Hospitality Operations Operator Guest Rooms 144 Acquisition JPY 4.48B Price 02- Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 20% H 3,000 1,500 0% Feb 2020 0 May 2020 Aug 2020 Nov 2020 100% 80% 60% 40% Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 7,500 6,000 4,500 3,000 20% 1,500 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42#43一期一会| ICHIGO Variable Rent Hotel Details E-3 Chisun Inn Osaka Hommachi Location Osaka 5-minute walk from Sakaisuji-Hommachi Access Station on Osaka Municipal Subway Chuo Line SHR Hotel Lease Co., Operator Ltd. Guest Rooms 130 Acquisition Price JPY 1.63B E-4 Hotel Wing International Kobe Shin Nagata Ekimae Location Kobe Access 2-minute walk from Shin Nagata Station on JR Kobe Line and JR Sanyo Honsen Line Operator Minacia Co., Ltd. Guest Rooms 133 Acquisition JPY 1.49B Price Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% 2,000 CHISUN 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) 100% (JPY) 10,000 80% 8,000 60% 6,000 HOTELWING 40% NITINATIONAL 4,000 20% 2,000 0% Feb 2020 0 May 2020 Aug 2020 Nov 2020 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43#44Variable Rent Hotel Details E-5 Nest Hotel Osaka Shinsaibashi Location Access Osaka 1-minute walk from Nagahoribashi Station on Osaka Municipal Subway Sakaisuji Line Nest Hotel Japan Corporation Operator Guest Rooms 302 Acquisition JPY 7.60B Price hestHOTEL Operating Results (Feb 2020 - Jan 2021) 100% ADR (right) RevPAR Occupancy (right) (left) (JPY) 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 F-1 The OneFive Okayama Location Okayama 15-minute walk from Okayama Station on Access Sanyo Shinkansen, Sanyo Main Line, Uno Line Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 12,500 80% 10,000 60% 7,500 Operator Greens Co., Ltd. 40% 5,000 Guest Rooms 208 20% 2,500 Acquisition 0% JPY 1.20B 0 Price Feb 2020 May 2020 Aug 2020 Nov 2020 * Changed operator and changed hotel name to The OneFive Okayama. Rebranded and reopened in October 2020. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44#45一期一会| ICHIGO Variable Rent Hotel Details F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime 25-minute drive from Matsuyama Airport, 3-minute walk from Access Operator Guest Rooms Acquisition Price B Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 4,500 3,000 1,500 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 Katsuyamacho Station on lyo Railway Jonan Line nest HOTEL 60% 40% Nest Hotel Japan 20% Corporation 190 JPY 1.61B F-4 Court Hotel Kurashiki Location Kurashiki, Okayama Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 15,000 8-minute walk from Access JR Sanyo Main Line Kurashiki Station on 80% 12,000 60% 9,000 Operator The Court Co., Ltd. 40% 6,000 Guest Rooms 107 20% 3,000 Acquisition JPY 1.73B Price 0% Feb 2020 May 2020 Aug 2020 Nov 2020 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 45#46Variable Rent Hotel Details F-5 Valie Hotel Hiroshima Location Hiroshima Access 3-minute walk from Jogakuin-mae Station on Hiroden Tram Line Operator The Court Co., Ltd. Guest Rooms 171 Acquisition Price JPY 1.5B С СО ПОГ Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 80% 60% 40% 20% 0% IN Feb 2020 7,500 6,000 4,500 3,000 1,500 0 May 2020 Aug 2020 Nov 2020 G-1 The OneFive Fukuoka Tenjin Location Fukuoka 6-minute walk from Tenjin Station on Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) Access Fukuoka City Subway Kuko Line Operator The Court Co., Ltd. Guest Rooms 77 100% 80% 60% 40% 20% 10,000 8,000 6,000 4,000 Acquisition JPY 1.38B 0% bath 2,000 0 Price Feb 2020 May 2020 Aug 2020 Nov 2020 * Changed operator and changed hotel name to The OneFive Fukuoka Tenjin. Rebranded and reopened in October 2020. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46#47Variable Rent Hotel Details G-3 Nest Hotel Kumamoto Location Kumamoto 2-minute walk from Nishikarashimacho Access Station on Kumamoto City Tram Line Nest Hotel Japan Operator Corporation Guest Rooms 201 Acquisition JPY 2.22B Price BEEEEE Operating Results (Feb 2020 - Jan 2021) 100% ADR (right) RevPAR Occupancy (right) (left) (JPY) 7,500 80% 6,000 60% 4,500 40% 3,000 HOOCHOTEL nestнOTEL 20% 1,500 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47#48Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro Location Access Kushiro, Hokkaido 2-minute walk from Kushiro Station on JR Nemuro Main Line Operator Greens Co., Ltd. Guest Rooms 126 Acquisition JPY 300M Price B-1 Grandpark-Inn Yokohama Location Access Yokohama 6-minute walk from Yokohama Station on JR Line, private railways, and subway MiddleWood Co., Ltd. SPA & CAPSULE HOTEL GGRANDPARK-INN YOKOHAMA カプセル グランパーク・イン Operator Guest Rooms Acquisition Price 175 JPY 1.49B * Scheduled to change operator to be rebranded and reopened as Capsule Plus Yokohama in March 2021. C-3 Hotel Livemax Nihombashi-Hakozaki Location Access Chuo-ku, Tokyo 3-minute walk from Suitengumae Station on Tokyo Metro Hanzomon Line Operator Live Max Inc. Guest Rooms 48 Acquisition JPY 1.36B Price HOTEL LIVEMAX D-1 Comfort Hotel Hamamatsu Location Access Hamamatsu, Shizuoka 2-minute walk from Hamamatsu Station on JR Tokaido Main Line, Tokaido Shinkansen Greens Co., Ltd. Operator Guest Rooms 196 Acquisition Price JPY 1.55B 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 48#49Fixed Rent Hotel Details D-3 Comfort Hotel Central International Airport Location Access Tokoname, Aichi 5-minute walk from Central International Airport, 3-minute walk from Central International Airport Station on Meitetsu Airport Line D-4 Comfort Hotel Suzuka Location Suzuka, Mie 3-minute walk from Access Shirako Station on Kintetsu Nagoya Line Operator Greens Co., Ltd. Guest Rooms 346 Acquisition Price JPY 5.31B Operator Greens Co., Ltd. Guest Rooms 105 Acquisition Price JPY 300M コンフォートホテル鹿 F-3 Urbain Hiroshima Executive Location Access Operator Hiroshima 6-minute walk from Hiroshima Station on JR Sanyo Shinkansen and Sanyo Main Line Yuki Corporation Guest Rooms 171 Acquisition JPY 1.80B Price F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Location Access Operator Guest Rooms Acquisition Price Shimonoseki, Yamaguchi 3-minute walk from Shimonoseki Station on JR Sanyo Main Line Washington Hotel Corp. 238 JPY 1.08B 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 49#50Appendix: Loan Details & Shareholder Composition 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50#51Stable Financial Base Outstanding Loan Balance Jan 31, 2019 Jul 31, 2019 Jan 31, 2020 Jul 31, 2020 Jan 31, 2021 Amount JPY 21.75B JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B Long-Term Loan Ratio 100% 100% 100% 93.1% 72.5% Fixed Rate Ratio 80.7% 83.5% 83.5% 91.4% 70.7% Average Interest Rate 0.91% 0.86% 0.88% 0.87% 0.82% Average Remaining Maturity 3.2 years 3.0 years 2.5 years 2.5 years 2.3年 38.8% 43.0% 41.5% 43.6% 43.3% LTV (Total Assets Basis) *The above does not include investment corporation bonds. Distribution of Loan Maturities (JPY M) 8,000 7,000 6,000 4,000 2,000 4,500 4,500 3,000 2,220 Fixed Rate Floating Rate Bonds 2,500 500 2,000 1,800 450 0 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Jan 2027 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51#52一期一会| ICHIGO Loan Details Amount (as of January 31, 2021) Loan Lender (JPY million) Floating/ Fixed Interest Rate Borrowing Date Maturity (%) Term Loan 4 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.90750% August 17, 2016 February 28, 2023 Lender Composition Term Loan 5 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.98500% August 17, 2016 August 31, 2023 Fukuoka 3% Aozora 1% Bond 2% Term Loan 7 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 1,800 Fixed 0.78750% August 1, 2017 January 31, 2023 Nishi-Nippon City 4% Term Loan 9 SMBC, Mizuho, Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 29, 2024 Resona 10% Term Loan 10 SMBC, Mizuho, Shinsei, Resona, Nishi-Nippon City 2,220 Fixed 0.75450% April 25, 2019 April 30, 2024 Shinsei 12% SMBC 38% Term Loan 11 SMBC, Mizuho, Shinsei, Resona, Aozora 1,500 Fixed 0.73575% July 19, 2019 November 29, 2024 Mizuho 30% Term Loan 12 SMBC 450 Variable 0.52909% February 28, 2020 February 28, 2022 Term Loan 13 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 2,000 Fixed 0.65600% February 28, 2020 February 27, 2026 Fixed vs. Floating Term Loan 15 SMBC, Mizuho, Shinsei, Resona Total Borrowings Issue Date Name First Unsecured Investment Corporation Bond November 25, 2020 (Callable bonds subordinated and limited to qualified institutional investors) Total Interest-Bearing Liabilities 7,000 Variable 0.52909% November 30, 2020 November 29, 2021 25,470 Average 0.76% Average Remaining Loan Term 2.3 years Variable 28.7% Issue Amount (JPY million) Interest Rate Redemption Date Issuance Period 500 25,970 2.00% April 30, 2026 5.4 years Fixed* 71.3% Average 0.78% Average Remaining Loan Term 2.3 years Includes interest fixed via swaps 52 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#53Shareholder Composition Major Shareholders (as of January 31, 2021) Name No. of Share Shares By Number of Shares Held Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals 25,161 34,316 38,334 1 The Master Trust Bank of Japan, Trust Account (9.9%) (13.5%) 23,412 9.2% (15.0%) 16,953 (6.6%) 16,244 15,430 (6.4%) (6.1%) Custody Bank of Japan, Ltd., 2 22,115 8.7% 65,558 Trust Account 91,029 (35.7%) (25.7%) 75,764 (29.7%) 3 Ichigo Trust Pte. Ltd. 10,908 4.3% Nomura Trust & Banking Co., Ltd. 4 10,400 4.1% Investment Trust Account 5 Ichigo Inc. (Sponsor) 6,500 2.5% 121,831 138,856 (54.5%) (47.8%) 125,446 (49.2%) 6 Banshu Shinkin Bank 4,900 1.9% Jan 2020 Custody Bank of Japan, Ltd., (Outstanding Shares) (254,974 shares) Jul 2020 (254,974 shares) Jan 2021 (254,974 shares) 7 4,670 1.8% Securities Investment Trust Account By Number of Shareholders 8 Individual Shareholder 3,140 1.2% Jan 31, 2020 Shareholders Jul 31, 2020 Jan 31, 2021 Shareholders Shareholders 9 Morgan Stanley MUFG Securities 3,098 1.2% Domestic Individuals 17,201 Domestic Financial Institutions 56 18,688 38 Share 16,985 97.6% 36 0.2% DFA INTERNATIONAL REAL ESTATE 10 2,990 1.2% City banks, trust banks 6 4 4 SECURITIES PORTFOLIO Regional banks 3 ― Total 92,133 36.1% Other (including securities companies) Non-Financial Domestic Corporations Foreign Corporations & Individuals 47 34 32 0.2% 248 248 232 1.3% 99 124 144 0.8% Total 17,604 19,098 17,397 100% 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53#54Appendix: Growth Roadmap, Sponsor, Shareholder Alignment 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54#55Ongoing Actions to Drive Increased Shareholder Value Portfolio Growth & Diversification Drive Earnings Growth & Stability Organic Growth Current Environment . • • • Both Japanese and inbound demand has dropped significantly due to Covid, generating ongoing impact on the hotel market Supply is exceeding demand in some areas in Japan due to excessive number of new hotel openings Financial strength of hotel operators needs to be closely monitored to verify their rent-paying ability No new growth driver is currently expected Actions • . • Proactively execute value-add capex tailored to each hotel Sell hotels with limited growth potential Increase earnings by revising fixed rent and variable rent terms at lease renewal • Grow with sponsor support (Hakata Hotels/PROPERA) External Growth Current Environment . Sales and acquisitions limited due to market uncertainty Market recovery is expected after vaccine & treatment regimes become available Competition for quality assets is expected to intensify Actions • Continue to grow portfolio of lodging-focused hotels, a hotel type with stable earnings High underlying land values reflect Ichigo Hotel's high location attractiveness and value Ichigo Hotel's focus on major regional cities with convenient public transport access and revenue upside from local events further reinforces earnings stability Geographic diversification and centrally-located hotels with stable demand also support high earnings stability Dividend Growth 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 59 55#56一期一会| ICHIGO Other Financing Organic Growth External Growth Growth Strategy Roadmap Flexibly Responding to Market Environment Stage I Continuous Dividend Growth via External Growth, Organic Growth, and Strong Financial Base Stage II Construct a diversified portfolio to pursue both income . Drive higher earnings via economies of scale from increased asset size • • • Invest primarily in lodging-focused hotels Acquisition of conversion-feasible assets and lodging facilities such as serviced apartments • Asset acquisitions via SPCs • Asset acquisitions using low-cost borrowing capacity (LTV) stability and earnings growth Maximize dividend and earnings via unrealized gains via asset acquisitions and sales • Acquire prime-location full-service hotels and resort hotels in addition to lodging-focused hotels Increase portfolio size and generate scale efficiencies via acquisitions of newly built hotels in addition to value-add of existing hotels Enhance operational efficiency by monitoring operations and providing advice to partner hotel operators Increase rents and earnings through value-add capex • Minimize expenses via collaboration with operators Increase earnings via more favorable lease terms, rebranding, etc. . • Maintain a strong lender base • Appropriate LTV • Manage interest rate risk • Prepare to acquire credit rating • Shift to no fixed fee, performance fee-only structure Conduct share buybacks to increase dividend and maintain appropriate share price • Examine opportunities for large-scale renovations and rebranding to increase earnings Further increase earnings via more favorable lease terms, rebranding, etc. . Acquire credit rating • Diversify financing Continue to control LTV and manage interest rate risk Prepare to enter global REIT indices Conduct share buybacks to increase dividend and maintain appropriate share price Promote responsiveness to disasters (Respond to ESG requirements) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 56 99#57一期一会| ICHIGO Ichigo Hotel's Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy - - - - Ichigo Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282) TSE First Section, JPX-Nikkei 400 Member Deeply committed to CSR and Sustainability Japan's first zero-carbon listed real estate company (TSE First Section 2337) Ichigo Preserves and Asset Management Ichigo Investment Advisors Improves Real Estate 一期一会 | ICHIGO ICHIG Hiromi Miyake (Weightlifting) The word "Ichigo" comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning "One lifetime, one encounter." The phrase was first used by a 16th century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony for every guest, because that particular moment will only exist once and must be fully lived and realized. Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong long-term relationships to support the success of our clients, shareholders, and all stakeholders. J.LEAGUE いちご ICHIGO TOP PARTNER OJ.LEAGUE Ichigo Hotel (3463) Ichigo Green (9282) Ichigo Office (8975) Miyako City Ichigo Estate Ichigo Owners Centro Sustainable Real Estate Ichigo Land Shinchiku Storage Plus Ichigo Real Estate Services Fukuoka Ichigo Animation Ichigo Marché Hakata Hotels Clean Energy Ichigo ECO Energy O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 57#58一期一会| ICHIGO Synergies Between Ichigo Hotel and Sponsor - Strengthen acquisitions through leveraging Ichigo's sourcing network - - Buy Increase asset value through Ichigo's real estate value-add capabilities Drive higher returns for Ichigo Hotel shareholders 一期一会| ICHIGO Ichigo Hotel (3463) Buy Sponsor: Ichigo (2337) Value-Add Make The World Hotel 一期一会| Sell ICHIGO More Sustainable Long-Term Asset Management Role (Grow Earnings for Shareholders) Value-add capex On-going renovation and equipment renewal Increase hotel attractiveness & competitiveness Hard Value-Add (Increase Asset Value) Rectify building code issues Seismic and safety reinforcement Large-scale structural and equipment renewal Grow earnings via collaboration with hotel operators Change hotel operator/brand Grow earnings via rebranding and improving lease terms Soft Improve lease terms Improve hotel operations Grow earnings via smart cost control Sell Sell Third-Party Investors O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Buy 58#59一期一会| ICHIGO - - Hakata Hotels & PROPERA Hakata Hotels, a consolidated subsidiary of Ichigo, is a hotel operator operating 13 hotels across Japan with many located in the Hakata (Fukuoka) area Hakata Hotels is deploying PROPERA, an Al-based revenue management system developed by Ichigo, to maximize earnings and increase guest satisfaction. Name Address Representatives Paid-In Capital Establishment Date Main Business Operating Hotels (No. of rooms in parentheses) Hakata Hotels Inc. 3-13-1 Haruyoshi, Chuo-ku, Fukuoka Minoru Ishihara, Representative Director & Chairman Takanobu Kitazaki, Representative Director & President JPY 10 million (100% shareholding by Centro Co. Ltd., a 100% Ichigo subsidiary) March 2019 • Development, operation, lease, and management of retail buildings, hotels and restaurants •Lease and management of real estate • Design and construction of buildings and interior designs ⚫Consulting services related to retail buildings, retail facilities, and restaurants Tokyo: HOTEL EMIT SHIBUYA (72), MusBee Tokyo Hamamatsucho (29), The OneFive Tokyo Kanda (50) Kyoto: The One Five Kyoto Shijo (146) Osaka: The OneFive Osaka Midosuji (136) Okayama: The OneFive Okayama (208) Fukuoka: The OneFive Villa Fukuoka (50), Plaza Hotel Tenjin (205), Plaza Hotel Premiere (170), Hotel Il Palazzo (62), The OneFive Marine Fukuoka (103), The OneFive Terrace Fukuoka (82), The OneFive Fukuoka Tenjin (77) PROPERA Al-based revenue management system developed by Ichigo • Increases guest satisfaction • Operating track record of increasing earnings by 10-40% III HAKATA HOTELS • • Starting third-party sales Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 59#60Portfolio Growth Opportunity via Ichigo Sponsor Support 20 Hotels (JPY 64B) in Ichigo Sponsor Pipeline as of November 30, 2020 Lodging-focused hotels across Japan - Locations: Major cities such as Hokkaido, Tokyo, Yokohama, Osaka, and Fukuoka Fukuoka Fukuoka Hiroshima Hokkaido Tokyo Yokohama 一期一会| Osaka ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 60 60#61一期一会| ICHIGO Ichigo Hotel Overview Ichigo Hotel Name Securities Code Address Executive Director Fiscal Periods Ichigo Hotel REIT Investment Corporation 3463 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo Osamu Miyashita January (August 1 - January 31) and July (February 1 - July 31) Asset Management Company Name President Registration & Membership Ichigo Investment Advisors Co., Ltd. Hiroshi Iwai Financial Instruments Dealer License (Investment Management Services, Investment Advisory & Agency Services, and Type II Financial Instruments Services) Minister of Finance, Kanto Financial Bureau #318 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 61#62Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel ). These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Hotel with respect to financial condition and future results. These statements are based on certain assumptions founded on currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking statements. In creating these materials, Ichigo Hotel and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any such information. The content of these materials is also subject to revision or retraction without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. Contact: Ichigo Hotel IR Desk (3463) Make The World TEL: +81-3-3502-4892 Ichigo ESG 一期一会| More Sustainable ICHIGO E-mail: [email protected] www.ichigo-hotel.co.jp/en Ichigo is Japan's first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 62