#1一期一会| ICHIGO Ichigo Hotel (3463) Ichigo Hotel July 2022 Fiscal Period Corporate Presentation Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. September 14, 2022 Ichigo ESG Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. www.ichigo-hotel.co.jp/en#2We would like to express our deepest condolences to all those affected by the global Covid pandemic and by the war and humanitarian crisis in Ukraine, along with our heartfelt wish for the immediate cessation of hostilities in Ukraine and the earliest and fullest possible recovery for all. Take care, be safe. 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 Ichigo's 一期一会 Hiromi Miyake Ichigo ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#5GO REDS GO ( BOD Ichigo is a J.League Top Partner 16:04 ↓ J.LEAGUE TM 一期一会 ICHIGO TOP PARTNER Ichigo POLUS TABIT HERE WE 明治安田生命 リポビタン OJ.LEAGUE O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Bed Diamonds, You're The Best 埼玉りそな銀行 Coca-Cola#6一期一会| ICHIGO July 2022 Results ✓ July 2022 Highlights ✓ July 2022 Earnings Breakdown ✓ YOY Increases in Revenue, RevPAR, Occupancy, & ADR ✓ RevPAR Increase YOY in All Regions. ✓ Full Recovery in Occupancy to Pre-Covid Level ✓ Ichigo Hotel Portfolio Occupancy Exceeds Market Recovery ✓ Increasing Stability via Contract Renewals & Rebranding ✓ External Growth: Strengthened Portfolio via Hotel Acquisition ✓ Shareholder Program (1) Shareholder Discount Program ✓ Shareholder Program (2) Ichigo J.League Shareholder Program Sustainability as a Key Management Priority ✓ Sustainability Initiatives. ✓ Market Environment & Forecast Assumptions ✓ January 2023 Forecast July 2023 Forecast Ichigo's Commitment to ESG ✓ Climate Positive: CO2 Reduction > Emissions ✓ Ichigo Sustainability Policy ✓ RE100 by 2025 On Track ✓ Full ESG Transparency & Disclosure ✓ Ichigo ESG - Environmental ✓ Ichigo ESG - Social ✓ Ichigo ESG - Governance Appendices ✓ Portfolio Details ✓ Loan Details & Shareholder Composition ✓ Growth Roadmap, Sponsor, Shareholder Alignment Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. CO 6#7一期一会| ICHIGO July 2022 Results O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7#8一期一会| ICHIGO July 2022 Highlights Asset Acquisition Net Income RevPAR NOI FFO Results Comfort Hotel Nagano (Acquisition Price JPY 670M) JPY 361M +JPY 50M (+16.2%) vs. revised forecast JPY 4,348 (15 variable rent hotels) +JPY 377 (+9.3%) vs. revised forecast JPY 1,052M +JPY 63M (+6.4%) vs. revised forecast JPY 2,853 +JPY 435 (+18.0%) YOY • • Details Expected to capture both business and leisure demand Acquired with cash-on-hand • +JPY 93M (+34.5% YOY) • • • +JPY 148M (+69.5%) vs. initial forecast announced on Mar 2022 Occupancy: 84.7% (vs. 78.1% forecast) ADR: JPY 5,132 (vs. JPY 5,084 forecast) Increase in variable rent • +JPY 185M, +21.3% vs. initial forecast announced on Mar 2022 • JPY 1,418 Dividend NAV +JPY 198 (+16.2%) vs. revised forecast JPY 129,964 +JPY 1,195 (+0.9%) vs. previous period • FFO up on NOI increase • Operating Revenue increase driving Dividend increase +JPY 580, +69.2% vs. initial forecast announced on Mar 2022 • Total unrealized gains: JPY 1.5B 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#9July 2022 Earnings Breakdown (JPY million) VS. Jul 2021 Actual Jul 2022 Actual (A) Forecast (B) (Jul 2022) Forecast Forecast (A) - (B) Major Variation Factors (vs. Forecast) (Mar 2022) Operating Revenue 1,117 1,248 1,197 +51 1,069 Variable Rent 126 302 243 +59 122 Increase in variable rent +62 (Nagoya, Sapporo Ekimae, Valie Hiroshima, Sapporo Odori, Kumamoto, Asagaya, Matsuyama, Yokohama) Fixed Rent 947 900 908 -8 902 Decrease in fixed rent (Okayama) Other (Gains on Sales, etc.) 44 45 44 +1 45 Operating Expenses 652 681 681 647 Repair & Maintenance 46 46 38 49 49 -11 44 Decrease due to unused reserve Depreciation 347 364 360 +4 351 Operating Profit 465 566 515 +51 421 Recurring Profit 269 362 312 +50 214 Net Income 268 361 311 +50 213 Dividend JPY 1,055 JPY 1,418 JPY 1,220 +JPY 198 JPY 838 +16.2% vs. Revised forecast announced on Jul 2022 +69.2% vs. Initial forecast announced on Mar 2022 +34.4% YOY (+JPY 363) FFO ΝΟΙ Post-Depreciation NOI Capex Book Value 一期一会| JPY 2,418 JPY 2,853 912 1,052 989 +63 867 565 687 628 +59 515 335 199 283 -84 283 Decrease due to shift in renovation schedule 52,064 52,445 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9#10一期一会| ICHIGO YOY Increases in Revenue, RevPAR, Occupancy, & ADR Variable Rent Hotels (15 Hotels) Feb 1, 2021 Feb 1, 2022 Change YOY - Jul 31, 2021 - - Jul 31, 2022 Feb 1, 2019 - Jul 31, 2019 Room Revenue (JPY M) 1,008 1,852 +844 +83.7% 2,583 Total Revenue (JPY M) 1,140 1,988 +848 +74.4% 2,902 RevPAR (JPY) 2,865 4,348 +1,483 +51.8% 7,104 Occupancy 65.4% 84.7% +19.3% +29.6% 86.4% ADR (JPY) 4,381 5,132 +751 +17.1% 8,218 Total Portfolio (21 Hotels) Feb 1, 2021 Feb 1, 2022 Feb 1, 2019 Change YOY - Jul 31, 2021 - - Jul 31, 2022 - Jul 31, 2019 Room Revenue (JPY M) 1,456 2,520 +1,064 +73.1% 3,722 Total Revenue (JPY M) 1,598 2,672 +1,074 +67.2% 4,069 RevPAR (JPY) 2,740 4,162 +1,422 +51.9% 6,853 Occupancy 58.3% 77.8% +19.4% +33.3% 86.2% ADR (JPY) 4,696 5,351 +655 +13.9% 7,946 Feb 1, 2019 Jul 31, 2019 data excludes HOTEL EMIT SHIBUYA acquired on February 25, 2020. Data excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi. Change and YOY calculations exclude Comfort Hotel Nagano acquired on May 31, 2022. Operating results before acquisition are based on data provided by previous owner. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10#11一期一会| ICHIGO RevPAR Increase YOY in All Regions YOY by Region (Feb 2022- July 2022) 21 Hotels (excludes Capsule Plus Yokohama, Washington Hotel Plaza Shimonoseki Eki Nishi, and Comfort Hotel Nagano) RevPAR Occupancy ADR Total Hokkaido Portfolio Tokyo Tokai/ Chubu Kyoto Osaka Kobe Chugokul Shikoku Kyushu +632% +614% +65% +53% +33% +36% +22% +15% +41% +37% +3% +88% +113% +161% بحبال +95% +64% +53% +29%+20% +7% +8% -3% +67% +22% +13% +42% +37% (JPY) RevPAR 5,024 5,709 4,398 2,262 2,360 4,696 4,059 4,704 No. Hotels 3 3 4 1 2 1 5 2 % of Total Portfolio Rental 9% 13% 23% 3% 6% 4% 27% 11% Income O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 11#12一期一会| ICHIGO Full Recovery in Occupancy to Pre-Covid Level Variable Rent Hotels (Jan 2020 - July 2022) RevPAR Occupancy 84.4% ADR 7,302 6,166 50.4% 5,020 2,531 68.8% 65.4% 54.9% 2,408 84.7% 5,132 4,383 4,381 4,522 4,348 3,112 2,865 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 (JPY) No. Hotels 14 15 15 15 15 15 RevPAR 6,166 2,531 2,408 2,865 3,112 4,348 Occupancy 84.4% 50.4% 54.9% 65.4% 68.8% 84.7% ADR 7,302 5,020 4,383 4,381 4,522 5,132 Excludes Capsule Plus Yokohama O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 12#13- - - Ichigo Hotel Portfolio Occupancy Exceeds Market Recovery Hotel demand recovery continues Ongoing recovery expected due to government lifting Covid-related restrictions and expanding inbound travel Covid impact on business hotels was minimal compared to other hotel types Ichigo Hotel Occupancy (vs. 2019) and Hotel Reservations 一期一会| ICHIGO +40% -Ichigo Hotel Occupancy - Business Hotels --Full-Service Hotels Resort Hotels -Japanese Inns Number of Guests ། +20% 0% -20% -40% -60% -80% -100% Jan Feb Mar Apr 2020 May June Jul Aug Sept Oct Nov Dec Jan 2021 Feb Mar Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 2022 * Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers" Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13#14一期一会| ICHIGO Increasing Stability via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Lease Renewal • Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Fixed → Variable+Fixed Rent Rebranding • Changes Increased fixed rent Revised variable rent Operator change to Hakata Hotels Increased fixed rent & added variable rent Variable+Fixed Rent Rebranding Operator change to Hakata Hotels • Revised variable rent Feb 2021 Capsule Plus Yokohama (formerly Grandpark-Inn Yokohama) Fixed → Variable Rent Rebranding Added GOP-linked variable rent Aug 2021 Hotel Wing International Nagoya Variable+Fixed Rent Lease Renewal • Decreased fixed rent Revised variable rent Sep 2021 The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Variable+Fixed Rent . Rebranding • • Operator change to Hakata Hotels Revised variable rent Feb 2022 The OneFive Garden Kurashiki (formerly Court Hotel Kurashiki) Variable+Fixed Rent Rebranding • • Operator change to Hakata Hotels Dec 2022 Comfort Hotel Nagano Fixed Rent Lease Termination • Currently in selection process from multiple operator candidates O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14#15一期一会| ICHIGO External Growth Strengthened Portfolio via Hotel Acquisition (1) Comfort Hotel Nagano (Acquisition Price JPY 670M, Acquired on May 31, 2022) • • A lodging-focused hotel located in Nagano City, one of the major cities in the Kanto Koshinetsu Area Acquired using proceeds from a Jan 2020 hotel sale & cash-on-hand • Pre-Covid level occupancy & ADR contributing to portfolio earnings stability • Hotel operator change scheduled upon current contract-end in Dec 2022 to drive increased income 11 Former Hokkoku Kaido Highway Nagano Dentetsu Railway 34 Comfort Hotel Nagano Tokyu Department Store Nagano Odori ㅁㅁ JR Shinetsu Line Nagano Station O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Shinano Railway JR Hokuriku Shinkansen 34 15#16一期一会| ICHIGO External Growth Strengthened Portfolio via Hotel Acquisition (2) • Hotel Sunshine Utsunomiya (Acquisition Price JPY 2.2B, Acquired on Sep 20, 2022) • • A lodging-focused hotel located in Utsunomiya City of Tochigi Prefecture, the largest city in the North Kanto area Stable business demand from one of Japan's largest industrial parks & corporate research institutes in the area Acquired using proceeds from Jan 2020 hotel sale & cash-on-hand A retail complex with a convention hall to be completed on the eastern side of Utsunomiya Station by Nov 2022; Light Rail Transit, a next-generation streetcar system, to start operations in Aug 2023 Fixed-rent lease hotel acquisition to drive portfolio earnings stability * LRT Operation starts in Aug 2023 Utsunomiya Station JR Tohoku Main Line/ Nikko Line JR Tohoku/ Yamagata/ Akita Shinkansen JR Tohoku Honsen Utsunomiya Terrace LRT Station Shinonome Dori 64 Utsunomiya Hospital Kinu Street LRT Station Light Rail Transit (LRT) * Hotel Sunshine Utsunomiya Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 16#17Shareholder Program (1) Shareholder 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 12% lower than rates on hotel website ✓ 39 Hotel Wing International Hotels located across Japan, from Hokkaido to Kagoshima K.K. Hospitality Operations Smile Hotels ✓ Special rate 10% lower than rates on hotel website ✓ 68 Smile Hotel and Hotel Emisia brand hotels located across Japan, from Hokkaido to Okinawa HOTEL WING INTERNATIONAL minacia 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. hp hospitality operations hotel management Smile Hotel 17#18一期一会| ICHIGO Shareholder Program (2) Ichigo 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 YieldCo that it manages, in its shareholder program (70,000 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 JLEAGUE <-10-1 ICHIGO TOP PARTNER ©J.LEAGUE Ichigo J.League Shareholder Program Website Landing Page O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 18#19一期一会| ICHIGO Sustainability as a Key Management Priority O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19#20Sustainability Initiatives (1) Minimizing Environmental Impact of Ichigo Hotel-Owned Assets Environmental Certifications - HOTEL EMIT SHIBUYA (BELS 4 Stars) Joined GRESB Real Estate Assessment in 2021 BELS Building Housing Energy-efficiency Labeling System エネルギー - Awarded 2 Stars in GRESB rating - Won Green Star designation GRESB 国士に基づく (BRERIN ★✰✰✰✰ 2021 Energy efficiency assessments for 2 hotels to be conducted Energy Efficiency Improvements - Conducting planning and research to reduce energy consumption via installing LED lights and water-saving systems across all hotels Disclosure of Energy Consumption Levels and Energy Reduction Targets - Aiming to disclose energy consumption levels and energy reduction targets on the Ichigo Hotel website by January 2023 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20 20#21Sustainability Initiatives (2) Shift to Renewable Energy - - Began sourcing renewable energy at 9 hotels as of July 2022 fiscal period 15 remaining hotels to be transitioned sequentially Renewable Energy Transition Completed Court Hotel Suzuka HOTEL EMIT SHIBUYA Nest Hotel Sapporo Ekimae Nest Hotel Sapporo Odori The OneFive Fukuoka Tenjin The OneFive Okayama Capsule Plus Yokohama The OneFive Osaka Sakaisuji Smile Hotel Kyoto Shijo 一期一会| ICHIGO RE100 °CLIMATE RE100 GROUP CDP A global initiative bringing together businesses committed to 100% renewable electricity, including solar, wind, hydro, and biomass energy, and accelerating the change towards a zero-carbon society. Ichigo (2337), Ichigo Hotel's sponsor, joined RE100 in February 2021 and set a target to source 100% renewable electricity across its operations, including Ichigo Hotel (3463) and Ichigo Office (8975), by 2025. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21 24#22Market Environment & Forecast Assumptions Hotel Market Continues Recovery Occupancy and ADR Forecasts for 15 Variable Hotels - Forecasting Occupancy at -10~-20%, ADR at -30--40%, and RevPAR -40%~ -50% vs. 2019 (Pre-Covid) levels July 2019 Actual July 2020 Actual July 2021 Actual July 2022 Actual July 2023 Forecast YOY Occupancy 86.2% 49.9% 65.4% 84.7% 77.9% -8.1% ADR JPY 8,475 JPY 5,102 JPY 4,381 JPY 5,132 JPY 6,409 +24.9% RevPAR JPY 7,307 JPY 2,544 JPY 2,865 JPY 4,348 JPY 4,990 +14.8% January 2019 January 2020 January 2021 January 2022 January 2023 YOY Actual Actual Actual Actual Forecast Occupancy 92.0% 84.3% 54.9% 68.8% 76.8% +11.6% ADR JPY 8,242 RevPAR JPY 7,586 JPY 7,428 JPY 6,259 JPY 4,383 JPY 4,522 JPY 5,505 +21.7% JPY 2,408 JPY 3,112 JPY 4,226 +35.8% * Data of 11 hotels for January 2019 fiscal period, 12 hotels for July 2019 fiscal period, 13 hotels for January 2020 fiscal period, 14 hotels for July 2020 fiscal period, and 15 hotels for January 2021 fiscal period and onward 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22 22#23January 2023 Forecast Dividend JPY 1,106, -17.8% YOY ✓ Decrease in Dividend YOY due to fall-off of previous period's extraordinary gain, despite YOY NOI increase Jan 2023 Previous Jan 2022 Actual (A) Forecast (Mar 2022) Jul 2023 Revised Forecast (B) (B) - (A) Operating Revenue 1,125 1,093 1,205 +80 (JPY million) Major Factors for Variation Variable Rent 147 135 180 Increase in variable rent +117 (Kumamoto, Sapporo Ekimae, Yokohama, Nagoya, Matsuyama, Sapporo Odori, Kurashiki, Asagaya) +33 Decrease in variable rent -84 (Valie Hiroshima)*Due to termination of contract leasing all rooms Increase in fixed rent +73 (Utsunomiya, Nagano, Fukuoka, Osaka Sakaisuji) Decrease in fixed rent -32 (Kurashiki, Nagoya) Fixed Rent 933 912 974 +41 Other (Gains on Sales, etc.) 44 45 50 50 +6 Operating Expenses 653 642 690 +37 Increase in property tax +8, Management outsourcing fee +2 AM fee +9, Administration fees -6 Repair & Maintenance 34 35 42 +8 Depreciation 355 351 371 +16 Operating Profit 472 451 514 +42 Recurring Profit 274 219 283 +9 Net Income 342 218 282 Borrowing-related expenses/Interest expenses +26 Fall-off of non-operating income -7 -60 Fall-off of extraordinary gains -69 -17.8% YOY Dividend JPY 1,345 JPY 858 JPY 1,106 -JPY 239 +28.9% (+JPY 248) vs. previous forecast ΝΟΙ 938 901 998 +60 Post-Depreciation NOI 583 550 627 +44 一期一会| Capex 206 456 513 +307 Change in hotel operator (Nagano) Equipment upgrades (Valie Hiroshima, Kurashiki, Osaka Sakaisuji) ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23#24July 2023 Forecast Dividend JPY 1,380, -2.7% YOY ✓ YOY NOI increase; Conservative forecast of non-operating expenses Jul 2022 Actual (A) Jul 2023 Forecast (B) (B) - (A) (JPY million) Major Factors for Variation Operating Revenue 1,248 1,326 +78 Increase in variable rent +164 (Sapporo Ekimae, Sapporo Odori, Matsuyama, Yokohama, Osaka Sakaisuji, Nagano) Variable Rent 302 305 +3 Decrease in variable rent -161 (Valie Hiroshima, Kumamoto, Nagoya) *Due to termination of contracts leasing all rooms Fixed Rent 900 972 +72 Increase in fixed rent +76 (Utsunomiya, Kurashiki, Osaka Sakaisuji) Decrease in fixed rent -4 (Nagano, Okayama) Other (Gains on Sales, etc.) 45 48 +3 Operating Expenses 681 723 +42 Property tax +9, Management outsourcing fee +6 AM fee +2, SG&A expenses +4 Repair & Maintenance 38 44 +6 Depreciation 364 378 +14 Operating Profit 566 603 +37 Borrowing-related expenses/Interest expenses +45 Recurring Profit 362 352 -10 Fall-off of non-operating income -1 Net Income 361 351 -10 Dividend JPY 1,418 JPY 1,380 -JPY 38 -2.7% YOY ΝΟΙ 1,052 1,110 +58 Post-Depreciation NOI 687 732 +45 Guest room renovations (Kurashiki), Capex 199 670 +471 Equipment upgrades (Sapporo Ekimae, Kumamoto, Matsuyama) 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 24 24#25Ichigo'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. 25#26一期一会| 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. 26#27Climate Positive: CO2 Reduction > Emissions Ichigo's Clean Energy Growth Addressing Critical Environmental Issues CO2 Reduction vs. CO2 Emissions Total Ichigo Power Plant CO2 Reduction Total Ichigo CO2 Emissions (Scope1+2) 97,215 75,890 137,848 115,884 (tons) 2.5X CO2 Reduction VS. CO2 Emissions 59,235 54,802 |一期一会| ICHIGO Pre-Covid FY20/2 FY21/2 Joined RE100 FY22/2 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Further Reduction of CO2 Emissions: Increasing Renewables Increasing Energy Efficiency LED lighting, HVAC upgrades (c. 1.5% p.a. reduction) 27#28一期一会| ICHIGO RE100 by 2025 On Track Ichigo RE100 Progress FY23/2 Forecast RE100 Transition Impact CO2 Reduction 35,815 tons 47.2% Renewable Energy Ratio 60.4% (+7.2pts vs. FY22/2 Q4), % Reduction CO2 Emissions of Cars X 15,572 As of FY23/2 Q1 (May 31, 2022) Includes all Ichigo, Ichigo Hotel (3463), and Ichigo Office (8975) assets Note: % Reduction = Amount of CO2 reduction vs. 75,890 tons (FY20/2 actual) Annual CO2 emission per car c. 2,300kg (Ministry of Environment) RE100 °CLIMATE GROUP CDP O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28#29Ichigo ESG - Environmental Sustainability-Driven & Climate Positive Effective Use of Existing Real Estate Preserve & Improve Real Estate to End Wasteful Demolition Ichigo's Sustainable Real Estate business has a proven track record of preserving and improving existing real estate. Ichigo will build on this long-standing commitment to sustainability by developing new technologies to extend the lives of buildings and other social infrastructure 100 years and beyond. Ichigo's Sustainable Real Estate Preserve & Create Value Sustainable Increase Quality of Real Estate Tenant Services Increase Renovate & = Tenant Satisfaction Repair Improve aesthetics and comfort Seismic reinforcements Regulatory compliance Increase energy efficiency Towards a Net Zero Carbon Society Community-Based, Productive Use of Idle Land for Clean Energy Ichigo will not build power plants that require the 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. Annual Power Production 217,758,958 kWh Equivalent to annual energy consumption of 72,586 households Annual CO2 Reduction 124,281,000 kg Equivalent to annual CO2 emission of 54,035 cars * July 2021 June 2022 Actuals J-REIT Initiatives Pro-Active Environmental Certifications Ichigo ESG ∞ Environmental By obtaining certifications such as GRESB, CASBEE, BELS, and DBJ Green Building, Ichigo is demonstrating our long-standing commitment to sustainability via initiatives that benefit investors, tenants, clients, and other stakeholders. Ichigo Hotel (3463) Certifications HOTEL EMIT SHIBUYA (BELS, 4 stars) GRESB (Since 2021) • Received Green Star. Evaluated for ESG, management, & performance Transition to Renewable Energy Completed at 9 hotels To be transitioned sequentially at other hotels Ichigo Office (8975) Certifications • 20 (19 assets) 33.3% of total leasable office area GRESB (Since 2016) • Received Green Star for 5 years in a row. Evaluated for ESG, management, & performance Transition to Renewable Energy Completed at all 74 assets by April 2022 (excludes partially-owned assets) (as of August 31, 2022) 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29#30Ichigo ESG - Social Contributing to a Sustainable Society Contributing to Regional Revitalization Ichigo works to revitalize local communities and promote regional economic development. Ichigo's model of preserving and improving existing real estate creates jobs and supports businesses, and our clean energy plants also support their host communities by providing new and sustainable sources of income. THE KNOT TOKYO Shinjuku Hotel / Tokyo https://hotel-the- knot.jp/tokyoshinjuku/en Ichigo University Ichigo established Ichigo University in May 2013 to support employees' continuing education and personal growth. Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience. Average Annual Number of Courses: 30 Ichigo University Classes 温暖化に歯止めをかける! 2020年10月、日本政府は、 「2050年までに、温室効果ガスの排出を全体としてゼロにする。 2050年カーボンニュートラル、炭素社会の実現を目指す」 ことを宣言 続いて、2021年4月、日本政府は、 として、50%に向けてする Sports Initiatives Ichigo ESG 8 Social As a top partner of the J.League professional soccer league, we support the league's mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, and track and field. (ジアム ICHIGO ORBEN ORBENE 一期一会| ICHIGO Miyako City Retail Asset / Miyazaki www.miyakocity.com ことを宣言 気候変動の取組みには、 求められる。 のためのシナリオが Online In-Person O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Chisato Kiyoyama (Track and Field) ICHIG Hiromi Miyake (Weightlifting) Ichigo Sports Site (Japanese only) www.ichigo.gr.jp/ichigosports 30 50#31Ichigo ESG - Governance Global Best Practice Governance Ichigo ESG 8 No Fixed Fee, Performance Fee- Only Structure ✓ Shifted to performance- linked fee structure to support shareholder value creation on February 1, 2019 ✓ Pro-active, dynamic management of Ichigo Hotel assets on behalf of shareholders 一期一会| 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 Governance Independent asset management team & best practice execution on behalf of Ichigo Hotel REIT within AMC 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 and Risk & Compliance Committees Only 3 J-REITS (out of 61), including Ichigo Hotel (3463) and Ichigo Office (8975), have both 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 27 of 61 J-REITs have AMC Presidents serving as Executive Director of the REIT All Ichigo Hotel Directors are Independent Independent Directors at AMC Only 3 Asset Management Companies have any Independent Directors 3 of 5 Ichigo Investment Advisors' Directors are Independent Based on research as of August 31, 2022 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 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#33C-1 Tokyo Hotel Map Kanto/Koshinetsu C-3 C-4 B-1 Hokkaido Hokuriku/Tokai B-2 A-1 • A-2 A-3 D-1 D-2 D-3 D-4 Smile Hotel Tokyo Asagaya Hotel Livemax Nihombashi- Hakozaki HOTEL EMIT SHIBUYA Capsule Plus Comfort Hotel Yokohama Nagano Nest Hotel Nest Hotel Sapporo Ekimae 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 Comfort Hotel Suzuka ► Sapporo A-1 A-2 » Kushiro A-3 Variable Rent Fixed Rent Smile Hotel Kyoto Shijo The OneFive Osaka Sakaisuji The OneFive Okayama Nest Hotel Matsuyama Urbain Hiroshima Executive The OneFive Fukuoka Tenjin Nest Hotel Kumamoto E-4 E-5 F-4 F-5 F-6 Hotel Wing International Kobe Shin Nagata Ekimae Nest Hotel Osaka Shinsaibashi B-3 一期一会| ICHIGO Hotel Sunshine Utsunomiya January 2023 Hotel Acquisition (Scheduled) The OneFive Garden Kurashiki ►Nagano B-2 ►Nagoya D-2 ▸ Kyoto E-1 ►Osaka E-3 E-5 ►Kurashiki F-4 Valie Hotel Hiroshima Washington Hotel Plaza Shimonoseki Eki Nishi ► Shimonoseki F-6 ► Fukuoka Matsuyama G-1 F-2 Kumamoto 24 Hotels JPY 52.5B 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 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (July 2022 rent-basis) 33#34Portfolio Growth IPO (Nov 30, 2015) IPO Acquisitions 9 Hotels JPY 20.4B January 2017 through July 2022 Fiscal Periods Jan 2017 Jul 2017 Jan 2018 10 Hotels (Appraisal NOI Yield JPY 27.2B (5.5%) 1 Hotel JPY 1.4 B (5.0%) 1 Hotel JPY 1.8 B (6.3%) Jan 2019 1 Hotel JPY 1.7B (6.9%) July 2019 2 Hotels JPY 3.7B (6.9%) Jan 2020 None July 2020 2 Hotels JPY 4.7B (4.9%) Jan 2021- Jan 2022 None Acquisitions 5.9%) Sales Portfolio Size None 9 Hotels JPY 20.4B (January 2016 end) IPO Nagoya Kobe Osaka 7.3% 8.0% 13.1% Location Kyushu 6.8% Hokkaido 17.7% 一期一会| ICHIGO Tokai 7.6% Jul 2022 1 Hotel JPY 0.6B (6.5%) 1 Hotel JPY 2.7B 2 Hotels JPY 9.7B None None None Gains on Sale JPY 0.69B Gains on Sale JPY 1.94B 19 Hotels 20 Hotels 21 Hotels 21 Hotels 23 Hotels 21 Hotels JPY 47.6B JPY 49.1B JPY 50.9B | JPY 50.7B | JPY 54.4B JPY 47.1B 23 Hotels JPY 51.9B 24 Hotels JPY 52.5B July 31, 2022 Kanto/Koshinetsu Kobe 4.1% 2.8% Kyoto 39.6% Geographic Diversification Increases Earnings Stability Steady Portfolio Growth via Acquisitions O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Nagoya 5.1% Osaka Kyushu 17.6% 6.8% Hokkaido Kyoto 8.5% 7.4% Tokyo Chugoku/ Shikoku 17.1% 17.0% Tokai 13.6% 34#35Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of July 31, 2022) Total Lease Terms Fixed Rent Fixed + Variable Rent Variable Rent Form of Contract Lease Fixed Rent Yes Lease Yes Lease Lease Yes Variable Rent Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP Excess Above Fixed Portion of Hotel GOP JPY 690M (57.4%) 13 Hotels Not Available1 Rental Income (July 2022 Actual) Number of Hotels Total Acquisition Price Hotels • JPY 392M (32.6%) 8 Hotels JPY 12.37B (23.5%) . Comfort Hotel Kushiro • • Comfort Hotel Hamamatsu O Comfort Hotel Central International Airport • Comfort Hotel Suzuka • Hotel Livemax Nihombashi- Hakozaki • Urbain Hiroshima Executive . • Washington Hotel Plaza Shimonoseki Eki Nishi • Comfort Hotel Nagano² JPY 101M (8.4%) 2 Hotels JPY 4.16B (7.9%) Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae JPY 34.57B (65.7%) 1 Hotel JPY 1.49B (2.8%) • Nest Hotel Sapporo Ekimae Capsule Plus Yokohama • 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 • The OneFive Garden Kurashiki ⚫ HOTEL EMIT SHIBUYA •The OneFive Okayama • The OneFive Osaka Sakaisuji JPY 1,203M (100%) 24 Hotels JPY 52.58B (100%) 一期一会| ICHIGO 1 Operator did not provide consent to disclose information 2 Comfort Hotel Nagano was acquired on May 31, 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 35 55#36一期一会| ICHIGO Individual Hotel Summary (as of July 31, 2022) Hotel No. Hotel Name Lease Terms Location Leasable Area Acquisition Book Value Jul 2022 Appraisal Unrealized Value (m²) Price (JPY M) (JPY M) Cap Rate Gains (JPY M) (JPY M) (A) (%) (B) - (A) (B) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori A-3 Comfort Hotel Kushiro B-1 Capsule Plus Yokohama B-2 Comfort Hotel Nagano C-1 Smile Hotel Tokyo Asagaya Variable Fixed Rent Sapporo 5,734.93 2,160 2,133 2,590 5.1 +456 Variable + Fixed Rent Sapporo 5,638.78 1,450 1,445 1,820 5.0 +374 Fixed Rent Kushiro, Hokkaido 3,180.58 300 284 365 5.5 +80 Variable Rent Yokohama 1,183.26 1,490 1,556 1,270 4.8 -286 Fixed Rent Nagano 1,921.45 670 692 701 4.9 +8 Variable + Fixed Rent Tokyo 2,721.70 3,910 3,870 4,360 4.3 +489 C-3 Hotel Livemax Nihombashi-Hakozaki C-4 HOTEL EMIT SHIBUYA D-1 Comfort Hotel Hamamatsu D-2 Hotel Wing International Nagoya Fixed Rent Variable + Fixed Rent Fixed Rent Tokyo 853.00 1,360 1,269 1,380 4.6 +110 Tokyo 1,470.52 3,700 3,795 3,960 3.6 +164 Hamamatsu, Shizuoka 4,173.92 1,550 1,395 1,750 5.2 +354 Variable + Fixed Rent Nagoya 5,255.66 2,670 2,691 2,150 4.7 -541 D-3 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 11,599.63 5,308 5,204 5,790 4.1 +585 Hotel E-1 D-4 Comfort Hotel Suzuka Smile Hotel Kyoto Shijo Fixed Rent Suzuka, Mie 2,186.65 300 263 359 5.0 +95 Variable Fixed Rent Kyoto 4,891.84 4,480 4,502 3,570 4.5 -932 E-3 The OneFive Osaka Sakaisuji Variable Fixed Rent Osaka 3,568.32 1,630 1,754 1,220 4.8 -534 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable Fixed Rent Kobe 4,540.90 1,490 1,375 1,810 4.7 +434 E-5 Nest Hotel Osaka Shinsaibashi F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama F-3 Urbain Hiroshima Executive F-4 The OneFive Garden Kurashiki F-5 Valie Hotel Hiroshima Variable + Fixed Rent Variable + Fixed Rent Variable Fixed Rent Fixed Rent Variable Fixed Rent Variable + Fixed Rent Osaka 8,057.26 7,600 7,539 5,480 4.4 -2,059 Okayama 5,543.70 1,200 1,195 1,760 5.7 +564 Matsuyama, Ehime 6,671.94 1,610 1,624 1,970 5.6 +345 Hiroshima 2,756.20 1,800 1,780 2,030 5.3 +249 Kurashiki, Okayama 3,964.19 1,725 1,811 2,240 5.2 +428 Hiroshima 4,332.50 1,500 1,538 1,670 5.0 +131 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 1,066 1,180 4.9 +113 Fukuoka Kumamoto 1,910.94 1,380 1,446 2,230 4.3 +783 6,404.36 2,220 2,207 2,330 5.4 +122 Total (24 Hotels) 104,271.58 52,583 52,445 53,985 4.7 +1,539 Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 36#37一期一会| ICHIGO July 2022 Fiscal Period Individual Hotel Operating Results (year-on-year) Hotel No. Hotel Name Lease Terms Location No. of Guest Rooms RevPAR (JPY) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori A-3 Comfort Hotel Kushiro Variable + Fixed Rent Variable + Fixed Rent Fixed Rent Sapporo 162 5,156 (+55.3%) Sapporo 121 Kushiro, Hokkaido (+41.5%) 76.8% (+22.8%) B-2 Comfort Hotel Nagano Fixed Rent C-1 Smile Hotel Tokyo Asagaya C-4 HOTEL EMIT SHIBUYA Variable + Fixed Rent Variable + Fixed Rent Nagano Tokyo Tokyo D-1 Comfort Hotel Hamamatsu Fixed Rent Hamamatsu, Shizuoka 196 D-2 Hotel Wing International Nagoya Variable + Fixed Rent D-3 Comfort Hotel Central International Airport Fixed Rent D-4 Comfort Hotel Suzuka Fixed Rent Nagoya Tokoname, Aichi Suzuka, Mie 224 E-1 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto E-3 The OneFive Osaka Sakaisuji Variable + Fixed Rent Osaka E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 133 E-5 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Osaka 302 F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama Variable + Fixed Rent Variable + Fixed Rent Okayama 208 Matsuyama, Ehime F-3 Urbain Hiroshima Executive Fixed Rent Hiroshima F-4 The OneFive Garden Kurashiki F-5 Valie Hotel Hiroshima G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Kurashiki, Okayama 107 Hiroshima Fukuoka Kumamoto 201 July 2022 (February 2022 - July 2022) Occupancy (%) ADR (JPY) 94.2% (+7.7%) 5,473 (+44.2%) 183.3 (+46.9%) 5,355 (+114.6%) 95.2% (+45.7%) 5,625 (+47.3%) 139.3 (+108.5%) 126 4,536 5,909 (+15.2%) 109.8 (+42.1%) 76 6,467 94.3% 6,860 30.2 112 6,496 (+36.4%) 96.9% (+0.5%) 6,703 (+35.7%) 133.5 (+34.5%) 72 6,289 (+51.3%) 99.0% (+4.9%) 6,353 (+44.2%) 82.0 (+51.0%) 3,675 (+48.6%) 68.3% (+34.8%) 5,379 (+10.3%) 130.4 (+48.6%) 5,455 (+255.4%) 100% (+149.9%) 5,455 (+42.2%) 221.2 (+217.0%) 346 4,190 (+55.3%) 56.1% (+45.1%) 7,465 (+7.0%) 270.3 (+55.9%) 105 4,174 (+61.8%) 73.8% (+42.6%) 5,655 (+13.5%) (+61.0%) 144 2,262 (+161.0%) 60.0% (+113.3%) 3,769 (+22.4%) 64.5 (+168.3%) 130 2,651 96.2% 2,755 4,696 (+64.2%) 63.4% (+53.1%) 7,413 2,235 (+575.7%) 61.6% (+526.3%) 3,627 3,536 (+49.6%) 97.8% (+9.1%) 3,618 190 3,747 (+62.3%) 76.8% (+41.4%) 4,881 171 2,144 (+32.7%) 39.7% (+71.4%) 5,400 3,192 (+61.8%) 44.3% (+29.5%) 7,209 171 7,500 (+3.3%) 100% (+3.6%) 7,500 77 3,932 (+61.4%) 93.6% (+3.5%) 4,200 5,000 (+107.5%) 100% (+55.0%) 5,000 Revenue (JPY M) 80.0 62.9 (+7.2%) 121.4 (+56.7%) (+7.9%) 134.4 (+960.0%) (+37.1%) 138.7 (+50.0%) (+14.8%) 162.3 (+64.6%) (-22.6%) 66.4 (+24.9%) 68.4 (-0.2%) 233.5 (+55.9%) 60.6 (+33.9%) 182.6 (+32.7%) (+43.4%) (-0.3%) (+52.6%) (+85.1%) Other 455 Variable Rent Hotels Fixed Rent Hotels Total 2,523 4,348 (+51.8%) 84.7% (+29.6%) 1,306 3,721 (+49.1%) 61.3% (+37.7%) 3,829 4,162 (+51.9%) 77.8% (+33.3%) 5,351 5,132 6,066 (+17.1%) 1,988.8 (+8.3%) 683.4 (+49.3%) (+13.9%) 2,672.1 (+67.2%) (+74.4%) * * Year-on-year comparisons for Comfort Hotel Nagano are excluded because the hotel was acquired during July 2022 Fiscal Period on May 31, 2022. Operating Results data for Hotel Livemax Nihombashi-Hakozaki, Capsule Plus 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. 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-3 Nest Total Hotel Nest Hotel Ekimae Sapporo Sapporo Odori Comfort Smile Hotel Hotel Tokyo Kushiro Asagaya HOTEL Comfort EMIT Hotel SHIBUYA Hamamatsu Comfort Hotel Central International Smile The The The Comfort Hotel Suzuka Nest Hotel Hotel One Five Airport Kyoto Shijo Osaka Sakaisuji The Osaka OneFive Shinsaibashi Okayama Nest Hotel Matsuyama One Five Valie Hotel One Five Garden Hiroshima Kurashiki Fukuoka Nest Hotel Kumamoto Other Tenjin (A) Rental Income 1,248,372 52,654 32,684 18,419 67,615 47,568 55,361 151,441 15,442 30,744 1,848 66,291 62,161 47,534 2,249 151,382 34,056 94,427 316,487 Fixed Rent 900,497 31,129 27,072 18,419 61,603 47,568 55,361 151,441 15,442 30,744 1,454 66,291 62,161 36,323 994 17,934 34,056 25,134 217,364 Variable Rent 302,719 21,525 5,612 Other Rent 45,155 6,011 394 - I I I 11,210 1,255 132,848 600 69,293 54,567 44,555 (B) Rental Expenses 195,795 8,824 10,846 5,730 9,572 8,828 3,813 15,008 4,081 6,386 6,499 18,885 7,041 6,855 16,639 9,139 5,433 6,839 45,370 Outsourcing Fees 17,721 600 600 900 2,393 700 600 570 540 600 1,015 1,200 600 720 600 720 700 780 3,882 Insurance 3,726 198 201 105 117 72 2 128 374 54 64 170 125 316 187 262 129 172 69 236 792 Repair 38.651 2,560 1,403 290 2,995 2,793 430 1,053 1,336 231 1,294 2,331 1,923 1,065 10,865 3,721 511 608 3,236 Expenses Taxes 117,781 5,047 8,215 4,023 3,656 4,803 2,384 12,552 1,730 5,025 3,397 14,627 3,891 4,378 4,110 4,157 3,485 4,804 27,489 Other 17,914 418 426 411 409 460 270 458 458 410 359 666 410 437 427 933 367 667 410 9,969 Expenses ΝΟΙ (C) 1,052,577 43,830 21,837 12,689 58,042 38,739 51,548 136,433 11,361 24,358 -4,650 47,405 55,120 40,679 -14,389 142,242 28,622 87,588 271,116 (A) - (B) (D) Depreciation 364,915 15,728 18,078 5,820 26,361 7,784 15,058 34,998 4,166 17,156 9,552 35,953 16,879 19,036 12,560 21,368 8,554 22,148 73,707 Net Rental Income 687,662 28,102 3,759 6,868 31,680 30,954 36,490 101,434 7,195 7,202 -14,203 11,452 38,241 21,642 -26,950 120,874 20,068 65,439 197,409 (C) (D) * Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, Urbain Hiroshima Executive, Washington Hotel Plaza Shimonoseki Eki Nishi, and Comfort Hotel Nagano as well as retail income of The OneFive Osaka Sakaisuji, 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. 88 38#39Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2021 Jan 2022 Jul 2022 Rent Ratio Rent Ratio Rent Ratio Fixed 976,196 87.3% 962,540 85.5% 929,692 74.5% Rent Fixed Rent from Operators 947,031 84.7% 933,355 82.9% 900,497 72.1% Other (Rent from Retail Tenants) 29,164 2.6% 29,184 2.6% 29,194 2.3% Variable Rent 126,577 11.3% 147,812 13.1% 302,719 24.2% Other (Utility Income) 15,184 1.4% 15,466 1.4% 15,960 1.3% Total 1,117,958 100% 1,125,819 100% 1,248,372 100% Operating Results (Aug 2021 - Jul 2022) RevPAR (right axis) ADR (right axis) 80% Occupancy (left axis) (JPY) 8,000 60% 40% 20% 6,000 4,000 2,000 0% 0 一期一会| Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2022 ICHIGO 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 A-2 Nest Hotel Sapporo Odori Location Sapporo Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 80% 60% 8,000 6,000 40% 4,000 2,000 20% 0% Aug 2021 0 Nov 2021 Feb 2022 May 2022 Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 4-minute walk from Odori Station on Access Sapporo City Metro 80% 8,000 Namboku Line 60% 6,000 Operator Guest Rooms 121 Acquisition JPY 1.45B Price Nest Hotel Japan Corporation 40% 4,000 20% 2,000 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 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 B-1 Capsule Plus Yokohama Yokohama, Kanagawa Location 6-minute walk from Access Yokohama Station on JR/ Subway Line Operator nine hours Inc. Guest Rooms 169 Acquisition JPY 1.49B Price C-1 Smile Hotel Tokyo Asagaya Location Access Suginami-ku, Tokyo 1-minute walk from Asagaya Station on JR Chuo/Sobu Line Operator K.K. Hospitality Operations Guest Rooms 112 Acquisition JPY 3.91B Price capsule+ The hotel operator did not give consent to disclose data. Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) 100% 80% Occupancy (left) (JPY) 10,000 8,000 60% 6,000 40% 4,000 20% 2,000 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 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 C-4 HOTEL EMIT SHIBUYA Location Shibuya-ku, Tokyo 6-minute walk from Shibuya Station on JR, Access Tokyu, Keio, and Tokyo Metro Lines Operator Hakata Hotels Inc. Guest Rooms 72 Acquisition Price JPY 3.7B D-2 Hotel Wing International Nagoya Location Access Operator Nagoya 2-minute walk from Marunouchi Station on both Nagoya Subway Network Sakuradori Line and Tsurumai Line Minacia Co., Ltd. Guest Rooms 224 Acquisition JPY 2.67B Price 02- Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 10,000 8,000 60% 6,000 58 40% 4,000 20% 2,000 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 10,000 8,000 6,000 40% 4,000 2,000 20% 0% Aug 2021 0 Nov 2021 Feb 2022 May 2022 * Aichi Prefecture has temporarily leased all rooms of Hotel Wing International Nagoya starting on January 28, 2022. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42#43Variable Rent Hotel Details 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 Operator Operations Guest Rooms 144 Acquisition Price JPY 4.48B E-3 The OneFive Osaka Sakaisuji Location Osaka 5-minute walk from Sakaisuji-Hommachi Station on Osaka Access Municipal Subway Chuo Line Operator Hakata Hotels Inc. Guest Rooms 130 Acquisition Price JPY 1.63B Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 40% 20% 0% Aug 2021 7,500 6,000 4,500 3,000 1,500 Nov 2021 0 Feb 2022 May 2022 * Closed in December 2020. Changed operator and rebranded and reopened as The OneFive Osaka Sakaisuji in September 2021. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43#44Variable Rent Hotel Details E-4 Hotel Wing International Kobe Shin Nagata Ekimae Location Access Kobe 2-minute walk from Shin Nagata Station on JR Kobe Line and JR Sanyo Honsen Line 一期一会| ICHIGO Operator Minacia Co., Ltd. Guest Rooms 133 Acquisition JPY 1.49B Price E-5 Nest Hotel Osaka Shinsaibashi Location Osaka Access Operator 1-minute walk from Nagahoribashi Station on Osaka Municipal Subway Sakaisuji Line Nest Hotel Japan Corporation Guest Rooms 302 Acquisition JPY 7.60B Price BestHOTEL Operating Results (Aug 2021 - Jul 2022) ADR RevPAR (right) (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% 2,000 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 O 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-1 The OneFive Okayama Location Okayama Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 6,000 4,500 40% 20% 0% Aug 2021 Nov 2021 Feb 2022 May 2022 THE 3,000 1,500 15-minute walk from Okayama Station on Access Sanyo Shinkansen, 80% Sanyo Main Line, Uno Line 60% Operator Hakata Hotels Inc. Guest Rooms 208 Acquisition JPY 1.20B Price F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime Access Operator 25-minute drive from Matsuyama Airport, 3-minute walk from Katsuyamacho Station on lyo Railway Jonan Line Nest Hotel Japan Corporation Guest Rooms Acquisition Price 190 JPY 1.61B Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 7,500 100% " 6,000 80% nest HOTEL 4,500 60% 3,000 40% 1,500 20% 0 0% Aug 2021 Nov 2021 Feb 2022 May 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 45#46Variable Rent Hotel Details F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama 8-minute walk from Access Kurashiki Station on JR Sanyo Main Line 80% 60% Operator Hakata Hotels Inc. 40% Guest Rooms 107 20% Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) 100% 10,000 8,000 6,000 4,000 2,000 Acquisition Price 0% JPY 1.73B 0 Aug 2021 Nov 2021 Feb 2022 May 2022 * Closed in December 2021. Changed operator and rebranded and reopened as The OneFive Garden Kurashiki in February 2022. F-5 Valie Hotel Hiroshima Occupancy (left) (JPY) Location Hiroshima Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 Access 3-minute walk from Jogakuin-mae Station on Hiroden Tram Line 80% 8,000 60% 6,000 Operator The Court Co., Ltd. 40% 4,000 Guest Rooms 171 20% 2,000 Acquisition Price JPY 1.50B 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 * Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46#47Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR Occupancy (right) (left) 100% 7,500 (JPY) 6-minute walk from Tenjin Station on Access 80% 6,000 Fukuoka City Subway Kuko Line 60% 4,500 Operator Hakata Hotels Inc. 40% 3,000 Guest Rooms 77 20% 1,500 Acquisition JPY 1.38B 0% 0 Price Aug 2021 Nov 2021 Feb 2022 May 2022 G-3 Nest Hotel Kumamoto Location Kumamoto 2-minute walk from Nishikarashimacho 一期一会| ICHIGO Access Station on Kumamoto City Tram Line Nest Hotel Japan Operator Corporation Guest Rooms 201 Acquisition JPY 2.22B Price BEEEEE Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 nestнOTEL 20% 1,500 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47#48Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro 一期一会| ICHIGO Location Kushiro, Hokkaido 2-minute walk from Access Kushiro Station on JR Operator Nemuro Main Line Greens Co., Ltd. Guest Rooms 126 Acquisition JPY 300M Price C-3 Hotel Livemax Nihombashi-Hakozaki Location Access Chuo-ku, Tokyo 3-minute walk from Suitengumae Station on Tokyo Metro UP B-2 Comfort Hotel Nagano Location Nagano Access 3-minute walk from Nagano Station on JR Hokuriku Shinkansen Operator Guest Rooms Acquisition Price Greens Co., Ltd. 76 JPY 670M 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. Hanzomon Line Operator Live Max Inc. Guest Rooms 48 Acquisition JPY 1.36B Price HOTEL LIVEMAX Operator Guest Rooms Acquisition Price 196 JPY 1.55B 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 Tokoname, Aichi Access D-4 Comfort Hotel Suzuka Location Suzuka, Mie 5-minute walk from Central International Airport, 3-minute walk from Central International Airport Station on Meitetsu Airport Line Greens Co., Ltd. 3-minute walk from Access Shirako Station on Kintetsu Nagoya Line Operator Guest Rooms Acquisition Price Greens Co., Ltd. 105 JPY 300M 059-387-1818 Operator Guest Rooms 346 Acquisition JPY 5.31B Price F-3 Urbain Hiroshima Executive Location Access Hiroshima 6-minute walk from Hiroshima Station on JR Sanyo Shinkansen and Sanyo Main Line Yuki Corporation Operator 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 50#51Stable Financial Base Outstanding Loan Balance Jul 31, 2020 Jan 31, 2021 Jul 31, 2021 Jan 31, 2022 Jul 31, 2022 Amount Long-Term Loan Ratio Fixed Rate Ratio JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B 93.1% 72.5% 72.5% 72.5% 70.7% 91.4% 70.7% 70.7% 70.7% 70.7% Average Interest Rate 0.87% 0.82% 0.75% 0.77% 0.77% Average Remaining Maturity 2.5 years 2.3 years 1.8 years 1.6 years 1.1 years LTV (Total Assets Basis) 43.6% 43.3% 43.2% 42.9% 42.9% * *The above does not include investment corporation bonds. Distribution of Loan Maturities (JPY M) 10,000 8,800 8,000 7,000 6,000 4,000 2,000 1,800 4,950 450 4,500 4,500 3,000 2,220 2,500 500 2,000 ■ Fixed Rate ■ Floating Rate Bonds 370 0 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Jan 2027 Jul 2027 Jan 2028 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51#52Loan Details Amount Loan Lender (JPY million) Floating/ Fixed Interest Rate (%) Borrowing Date Maturity (as of July 31, 2022) Term Loan 4 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.90750% August 17, 2016 February 28, 2023 Term Loan 5 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.98500% August 17, 2016 August 31, 2023 Lender Composition Term Loan 7 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 1,800 Fixed 0.78750% August 1, 2017 January 31, 2023 Fukuoka 3% Aozora 1% Bonds 3% Term Loan 9 SMBC, Mizuho, Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 29, 2024 Nishi-Nippon City 4% Term Loan 10 SMBC, Mizuho, Shinsei, Resona, Nishi-Nippon City 2,220 Fixed 0.75450% April 25, 2019 April 30, 2024 Resona 10% SMBC 37% Shinsei Term Loan 11 SMBC, Mizuho, Shinsei, Resona, Aozora 1,500 Fixed 0.73575% July 19, 2019 November 29, 2024 12% Term Loan 13 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 2,000 Fixed 0.65600% February 28, 2020 February 27, 2026 Mizuho 30% Term Loan 16 SMBC, Mizuho, Shinsei, Resona 7,000 Variable 0.56727% November 30, 2021 November 30, 2022 Term Loan 17 SMBC 450 Variable 0.56727% February 28, 2022 February 28, 2023 Average 0.77% Average Remaining Loan Term 1.1 years Fixed vs. Floating Interest Rate Redemption Date Issuance Period 2.00% April 30, 2026 5.4 years Total Borrowings 25,470 Issue Date Name Issue Amount (JPY million) First Unsecured Investment Corporation Bond November 25, 2020 (Callable bonds subordinated and limited to qualified institutional investors) 500 Second Unsecured Investment Corporation September 30, 2021 Bond (Callable bonds subordinated and limited to qualified institutional investors) 370 Total Bonds 一期一会| ICHIGO Total Interest-Bearing Liabilities Variable 28.3% 2.00% March 31, 2027 5.5 years 870 Average 2.00% 26,340 Average 0.81% Average Remaining Loan Term 1.2 years O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Fixed* 71.7% * Includes interest fixed via swaps 52#53Shareholder Composition Major Shareholders (as of July 31, 2022) Name The Master Trust Bank of Japan, 1 No. Of Shares Share 34,906 13.7% By Number of Shares Held Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals 36,820 (14.4%) 44,388 (17.4%) 42,114 (16.5%) Trust Account 16,260 Custody Bank of Japan, Ltd., 16,609 14,900 2 32,857 12.9% (6.4%) (6.5%) (5.8%) Trust Account 81,103 Nomura Trust & Banking Co., Ltd., (31.8%) 3 11,718 4.6% 77,482 (30.4%) 87,909 (34.5%) Investment Trust Account 4 Ichigo Trust Pte. Ltd. 10,908 4.3% BNP PARIBAS SECURITIES SERVICES 5 LUXEMBOURG/JASDEC/SECURITIES- 9,243 3.6% AIFM 6 Ichigo Inc. (Sponsor) 6,500 2.5% 120,791 (47.4%) 116,495 (45.7%) 110,051 (43.2%) Jul 2021 7 Individual Shareholder 3,270 1.3% (Outstanding Shares) (254,974 shares) DFA INTERNATIONAL REAL ESTATE By Number of Shareholders 8 2,996 1.2% SECURITIES PORTFOLIO Jan 2022 (254,974 shares) Jul 2022 (254,974 shares) 9 Individual Shareholder 2,590 1.0% Domestic Individuals 10 INTERACTIVE BROKERS LLC 1,875 0.7% Domestic Financial Institutions City banks, trust banks Regional banks Jul 31, 2021 Jan 31, 2022 Jul 31, 2022 Shareholders Shareholders Shareholders Share 16,178 35 15,456 34 15,075 97.5% 34 0.2% 4 4 4 Total 116,863 45.8% Other (including securities companies Non-Financial Domestic Corporations Foreign Corporations & Individuals Total 31 30 30 0.2% 226 222 212 1.4% 154 155 146 0.9% 16,593 15,867 15,467 100% 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 ongoing 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 Ichigo Hotel's Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy - - - Ichigo Manages Ichigo Hotel (3463), Ichigo Office (8975), and Ichigo Green (9282) Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies and expertise ■ J.LEAGUE 一期一会 TOP PARTNER Deeply committed to CSR and Sustainability (TSE Prime 2337) Ichigo Preserves and Asset Management Ichigo Investment Advisors Improves Real Estate 一期一会 | ICHIGO ICHIGO いちご ICHIG ©J.LEAGUE Hiromi Miyake (Weightlifting) Ichigo Green (9282) Ichigo Office (8975) Ichigo Hotel (3463) Miyako City Ichigo Estate Japanese proverb, Ichigo Ichie, literally meaning The word "Ichigo" comes from the ancient "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 Sustainable Real Estate Ichigo Owners Centro Ichigo Land Shinchiku Storage Plus Ichigo Real Estate Services Fukuoka Ichigo Animation Ichigo Marché Hakata Hotels long-term relationships to support the success of our clients, shareholders, and all stakeholders. Clean Energy Ichigo ECO Energy Other Ichigo Si O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 99 56#57Synergies Between Ichigo Hotel and Sponsor - Strengthen acquisitions through leveraging Ichigo's sourcing network - - Increase asset value through Ichigo's real estate value-add capabilities Drive higher returns for Ichigo Hotel shareholders Buy Ichigo Hotel (3463) Buy Sponsor: Ichigo (2337) Buy Hotel 一期一会| Value-Add Make The World Sell ICHIGO More Sustainable |一期一会| ICHIGO Long-Term Asset Management Role (Grow Earnings for Shareholders) Value-add capex On-going renovation and equipment renewal Increase hotel attractiveness & competitiveness Hard Grow earnings via collaboration with hotel operators Sell Grow earnings via rebranding and improving lease terms Grow earnings via smart cost control Soft Value-Add (Increase Asset Value) Rectify building code issues Seismic and safety reinforcement ■Large-scale structural and equipment renewal ■ Change hotel operator/brand Improve lease terms Improve hotel operations Provide operations support (e.g., Hakata Hotels) Third-Party Investors 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Sell 57#58一期一会| ICHIGO Strong Sponsor Support Changed Hotel Operator to Ichigo-owned Hakata Hotels - - Veteran hotel operator with expertise in Al revenue management (PROPERA) - operates 13 hotels with focus on the Hakata (Fukuoka) area Maintained high occupancy, substantially outperforming other hotels (Hotels using PROPERA achieved 87.4% occupancy during the July 2022 fiscal period) Became the operator of Court Hotel Kurashiki (rebranded as The OneFive Garden Kurashiki) in February 2022 - already the operator of the Okayama, Fukuoka Tenjin, and Osaka Sakaisuji hotels - Selected as operator among multiple candidates due to offering superior terms Prevented loss of a hotel operator amidst Covid Hotels Operated by Hakata Hotels Kyushu (Fukuoka City) The OneFive Villa Fukuoka The OneFive Terrace Fukuoka PLAZA HOTEL Chugoku Kansai Tokyo Hokkaido (Sapporo City) Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 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 (Number 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 Hokkaido: THE KNOT SAPPORO (140) Tokyo: HOTEL EMIT SHIBUYA (72) Kyoto: The OneFive Kyoto Shijo (146) Osaka: The One Five Osaka Sakaisuji (130) Okayama: The OneFive Okayama (208), The OneFive Garden Kurashiki (107) Fukuoka: The OneFive Villa Fukuoka (50), Plaza Hotel Tenjin (205), Plaza Hotel Premiere (170), Hotel II Palazzo (62), The OneFive Marine Fukuoka (103), The OneFive Terrace Fukuoka (82), The OneFive Fukuoka Tenjin (77) PROPERA • Increases guest satisfaction • Operating track record of increasing earnings by 10-40% • Starting third-party sales O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. HAKATA HOTELS 59#60Portfolio Growth Opportunity via Ichigo Sponsor Support 20 Hotels (JPY 62B) in Ichigo Sponsor Pipeline as of May 31, 2022 - Lodging-focused hotels across Japan Locations: Major cities such as Hokkaido, Tokyo, Yokohama, Osaka, and Fukuoka Fukuoka Fukuoka Hiroshima Hokkaido Tokyo Yokohama Osaka 一期一会| 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