#1一期一会| ICHIGO Ichigo Hotel (3463) Ichigo Hotel July 2021 Fiscal Period Corporate Presentation Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. September 14, 2021 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 across the world affected by the Covid pandemic, and our wishes for the earliest and fullest. possible recovery. 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's 一期一会 ICHIGO Hiromi Miyake Ichigo ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#5MOTO Ichigo is a J.League Top Partner ↓ J.LEAGUE TM ☐ Ichigo 一期一会 ICHIGO TOP PARTNER カップスープ tot 本人に、いいエネルギーを Stball KNGHE AM 事 MARUTONE ぼし銀行 INPEX 11 OJ.LEAGUE ひとまちに O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. AJINOMOTO STADI ひとに健康を#6一期一会| ICHIGO July 2021 Results ✓ July 2021 Highlights July 2021 Earnings Breakdown ✓ July 2021 Operating Results Up YOY ✓ Hotel Demand Recovering ✓ Monthly Operating Results Under Covid ✓ Relatively Small Decrease in Ichigo Hotel RevPAR vs. 2019 ✓ Driving Stability via Contract Renewals and Rebranding ✓ Sponsor Support Driving Stability ✓ Covid Response ✓ Shareholder Program (1) Shareholder Hotel Discount Program ✓ Shareholder Program (2) Ichigo J.League Shareholder Program Sustainability as a Key Management Priority ✓ Sustainability Initiatives ✓ Market Environment & Forecast Assumptions ✓ January 2022 Forecast ✓ July 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 July 2021 Results O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7#8一期一会| ICHIGO July 2021 Highlights Net Income and Dividend Exceeded Forecast Announced in June 2021 Results Details JPY 268M Net Income +JPY 35M (+15.2%) vs. forecast Recorded variable rent at Valie Hotel Hiroshima RevPAR JPY 2,815 (14 variable rent hotels) +JPY 156 (+5.9%) vs. forecast . JPY 912M NOI +JPY 31M (+3.6%) vs. forecast Occupancy: 64.3% (vs. 59.0% forecast) ADR: JPY 4,380 (vs. JPY 4,507 forecast) • Operating Revenue +JPY 5M vs. forecast • Decrease in Operating Expenses due to unused Covid- related reserve JPY 2,418 FFO +JPY 409 (+20.4%) YOY • FFO up on NOI increase Dividend JPY 1,055 . • Operating Revenue increase driving Dividend increase +JPY 140 (+15.3%) vs. forecast NAV JPY 129,007 • Total unrealized gains: JPY 1.2B -JPY 496 (-0.4%) vs. previous period 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#9一期一会| ICHIGO July 2021 Earnings Breakdown (JPY million) Jul 2020 Actual Jul 2021 Actual (A) Forecast (B) (Jun 2021) vs. Forecast (A) - (B) Major Variation Factors (vs. Forecast) Operating Revenue 953 1,117 1,112 +5 Increase in variable rent +9 (Valie Hiroshima) Variable Rent -25 126 121 +5 Decrease in variable rent -4 (Kumamoto, Yokohama) Fixed Rent 935 947 947 Other (Gains on Sales, etc.) 42 44 44 Operating Expenses 581 652 675 -23 Increase in property tax +7, Decrease in Covid-related reserve -35 Increase in AM fee +6, Decrease in administration fees -4 Repair & Maintenance 21 46 45 +1 Depreciation 336 347 345 +2 Operating Profit 371 465 437 +28 Non-operating income +1 Recurring Profit Net Income Dividend FFO ΝΟΙ Post-Depreciation NOI Capex Book Value 171 269 234 +35 Decrease in borrowing-related expenses -3 170 268 233 +35 +15.3% vs. forecast JPY 670 JPY 1,055 JPY 915 +JPY 140 +57.5% YOY (+JPY 385) JPY 2,009 JPY 2,418 787 912 881 +31 450 565 536 +29 128 335 361 -26 Decrease due to effective cost controls and rescheduling renovations 52,294 52,064 Decrease in interest expenses -3 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9#10July 2021 Operating Results Up YOY * Variable Rent Hotels (14 Hotels) Feb 1, 2020 Feb 1, 2021 Feb 1, 2019 Change YOY - Jul 31, 2020 - Jul 31, 2021 - Jul 31, 2019 Room Revenue (JPY M) 792 954 +162 +20.5% 2,583 Total Revenue (JPY M) 902 1,086 +184 +20.4% 2,902 RevPAR (JPY) 2,493 2,815 +322 +12.9% 7,104 Occupancy 48.8% 64.3% +15.5% +31.7% 86.4% ADR (JPY) 5,110 4,380 -730 -14.3% 8,218 Total Portfolio (20 Hotels) Feb 1, 2020 Feb 1, 2021 Feb 1, 2019 Change YOY - Jul 31, 2020 - Jul 31, 2021 - Jul 31, 2019 Room Revenue (JPY M) 1,149 1,402 +253 +22.0% 3,722 Total Revenue (JPY M) 1,269 1,543 +274 +21.6% 4,069 RevPAR (JPY) 2,323 2,705 +381 +16.4% 6,853 Occupancy 44.2% 57.4% +13.3% +30.0% 86.2% ADR (JPY) 5,258 4,708 -550 -10.5% 7,946 Excludes HOTEL EMIT SHIBUYA, Capsule Plus Yokohama (formerly 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 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10#11一期一会| ICHIGO Hotel Demand Recovering YOY by Region (Feb 2021 - July 2021) 21 Hotels (excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi) RevPAR Occupancy ADR Total Hokkaido Portfolio Tokyo Tokai/ Chubu Kyoto Osaka Kobe Chugoku/ Shikoku Kyushu +50% +37% +29% +28% +16% -10% +14% +19% +10% +4% -20% -4% -13% -30% -43% -53% -56% -67% +31% +33% +21% +26% +9% +6% +7% -28% -75% (JPY) RevPAR 3,047 4,048 2,334 867 331 2,860 2,451 2,417 No. Hotels 3 3 4 1 2 1 5 2 % of Total Portfolio Rental 7% 14% 26% 3% 6% 4% 32% 4% Income O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 11#12Monthly Operating Results Under Covid RevPAR 5,000 (JPY) 4,530 4,495 4,000 RevPAR (left axis, JPY) State of Emergency YOY (right axis) Go To Travel Campaign 150% +122% +102% 3,000 3,292 2,592 2,482 2,000 2,306 2,270 100% +72% +58% 3,035 50% 3,156 2,760 +32% 2,220 2,377 2,489 2,291 0% 2,054 2,001 -17% 1,445 -50% 1,000 -34% -39% 1,175 1,031 -49% -56% -56% -57% -55% -63% -77% -69% -67% -83% -84% -100% 0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2021 2020 Occupancy 100% Occupancy (left axis) YOY (right axis) State of Go To Travel Campaign Emergency 150% +121% 100% 80% 79.1% 72.2% 60% +80% +65% 67.0% 50% 64.2% 62.4% 55.6% 55.2% 56.2% +46% 51.0% 50.4% 52.5% 53.1% 53.7% 48.5% +26% 0% 40% 45.8% 44.2% -7% 34.0% -18% 29.5% -24% 20% -34% -28% -50% 24.3% -36% -44% -43% -42% -44% -47% -62% -66% -71% -100% 0% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2021 Feb Mar Apr May Jun Jul 2020 Major Events Mar 2020 State of emergency Jun 2020 Ban on travel between prefectures lifted Oct 2020 Tokyo added to Go To Travel campaign Dec 2020 Restrictions on entry from overseas Feb 2021 Vaccine rollout begins with healthcare workers Apr 2021 Vaccine rollout expanded to the elderly Jul 2021 Tokyo Olympics Excludes Washington Hotel Plaza Shimonoseki Eki Nishi because the operator did not provide consent to disclose information O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. * 一期一会| ICHIGO 12#13Relatively Small Decrease in Ichigo Hotel RevPAR vs. 2019 Ichigo Hotel RevPAR (vs. 2019) and Hotel Reservations Jan 2020 +40% --Business Hotels --Full-Service Hotels Resort Hotels Japanese Inns -Number of Guests Ichigo Hotel RevPAR +20% 0% -20% -40% -60% -80% -100% Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan 2021 Feb Mar Apr May Jun - - * © Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers" Demand temporarily recovered due to the Go To Travel campaign in October and November 2020 After January 2021, demand gradually recovered on back of the vaccine rollout, but slowed due to an increase in case numbers and additional state of emergencies Business hotel RevPAR decrease vs. 2019 was minimal compared to other hotel types Decrease in Ichigo Hotel RevPAR better than business hotels after February 2021 Hotel market is expected to recover due to Japan's vaccination rate reaching c. 60% 一期一会| * Ichigo Hotel RevPAR is that for variable rent hotels ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13#14一期一会| ICHIGO Plan Actual Driving Stability via Contract Renewals and Rebranding Timing Hotel Name Lease Terms Changes Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Increased fixed rent Lease Expiry Increased variable rent Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Fixed → Variable+Fixed 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 Rebranding Operator change to Hakata Hotels . Revised variable rent clause 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 • Decreased fixed rent Lease Expiry • Increased 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 clause 2021 1 Hotel 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. 14#15Sponsor Support Driving Stability Hakata Hotels (Ichigo's wholly-owned subsidiary) - I I - - - A hotel operator with expertise in Al revenue management systems (PROPERA) that operates 12 hotels across Japan, with a focus in the Hakata (Fukuoka) area ✓ Maintained high occupancy despite occupancy decrease at other hotels (Hotels using PROPERA achieved 90% occupancy during the July 2021 fiscal period) Offers competitive rates and strong collaboration Became the operator of Chisun Inn Osaka Hommachi (rebranded as The OneFive Osaka Sakaisuji) in September 2021, following on from becoming the operator of the Okayama and Fukuoka Tenjin hotels. Selected as operator among multiple candidates due to better overall terms Helps to avoid absence of a hotel operator under Covid uncertainty Investment Corporation Bond Issuance (JPY 500 million, November 2020) Allottee: Ichigo (100%) - - ✓ Demonstrates strong commitment and support from the sponsor Objective: To further strengthen Ichigo Hotel's financial base amid an uncertain market environment 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15#16Covid Response Safety Measures and Services for Guests - - - - Installed self-check-in terminals Offering remote work options (strengthened Wi-Fi networks to accommodate remote work demand) Provision of hand sanitizers, periodic disinfections, and mandatory mask- wearing for employees Confirming guest and staff health Temporarily Closed Hotels during the July 2021 Fiscal Period Hotel Dates Closed The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Apr 17, 2020- Aug 31, 2021 Capsule Plus Yokohama Nov 1, 2020- (formerly Grandpark-Inn Yokohama) Feb 28, 2021 Jan 13, 2021. Mar 31, 2021 Nest Hotel Osaka Shinsaibashi Apr 18, 2021 - Aug 5, 2021 - Jan 17, 2021 Feb 7, 2021 Current Status Selected Hakata Hotels as new operator, replacing previous operator whose lease contract ended on Dec 31, 2020 Rebranded and reopened as The OneFive Osaka Sakaisuji Rebranded and reopened as Capsule Plus Yokohama Reopened Nest Hotel Sapporo Odori Reopened 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 16#17Shareholder Program (1) 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 ✓ 39 Hotel Wing International Hotels located across Japan, from Hokkaido to Kagoshima Greens Co., Ltd. Choice Hotels Premium rates set at each hotel ✓ 71 Comfort brand hotels located across Japan, from Hokkaido to Okinawa HOTEL WING | Select INTERNATIONAL淡欢购形 Greens Hotels ✓ Available at member-only fixed rates set at each hotel ✓ A diverse brand of 28 hotels mainly in Mie and Aichi prefectures and the Hokuriku region 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. O 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 listed solar power producer that it manages, in its shareholder program (65,000 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 Events & Gifts - Ichigo Kids J.League Events ✓ Escort players onto field ✓ High-fives with players ✓ AJINOMOTO STADIUM 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 一期一会 ILEAGUE ICHIGO TOP PARTNER ©J.LEAGUE ひとまちに 明治安田生命 安田化 ひとに健康を、ま Ichigo J.League Shareholder Program Website Landing Page Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 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 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. Minimizing Environmental Impact of Ichigo Hotel-Owned Assets Environmental Certifications - HOTEL EMIT SHIBUYA (BELS 4 Stars) - Joined GRESB Real Estate Assessment in 2021 GRES B Shifting to Renewable Energy Ichigo RE100 Target: Sourcing 100% Renewable Electricity Across Its Operations by 2025 - - - 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 Transition starting from the January 2022 fiscal period °CLIMATE RE100 GROUP CDP 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20 20#21Market Environment & Forecast Assumptions Hotel Market Remains Uncertain - Full-scale recovery is expected to take time despite gradual hotel demand recovery on the back of Covid vaccine rollout (57.6% complete for first-time vaccination as of Sep 1st) Occupancy and ADR Forecasts for 15 Variable Hotels - Forecasting Occupancy at -20~-30% & ADR at -40--50% vs. 2019 (Pre-Covid) levels 一期一会| ICHIGO Occupancy ADR Occupancy ADR January 2021 Actual January 2022 Forecast YOY 53.4% 63.9% +19.7% JPY 4,371 JPY 4,548 +4.0% July 2021 Actual July 2022 Forecast YOY 64.3% 71.4% +11.0% JPY 4,380 JPY 5,152 +17.6% January 2019 (Reference) 92.1% JPY 8,488 July 2019 (Reference) 86.2% JPY 8,475 * Data of 10 hotels for January 2019 fiscal period, 12 hotels for July 2019 fiscal period, 14 hotels for January 2021 & July 2021 fiscal periods, and 15 hotels for January 2022 & July 2022 fiscal periods Continuing with JPY 37M Expense Reserve for Covid-Related Hotel Operator Support and/or Potential Rent Reductions for January 2022 Fiscal Period Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21#22January 2022 Forecast Dividend JPY 724, -12.0% YOY Operating Revenue Variable Rent Jan 2021 Actual (A) Jan 2022 Previous Jan 2022 Forecast Revised Forecast (B) (B) - (A) (Mar 2021) 1,035 1,058 1,007 -28 -3 81 30 Major Factors for Variation (JPY million) January 2021: Rent from sold asset (Naha) +7 Increase in variable rent +29 (Valie Hiroshima, Kumamoto, Yokohama) +33 Decrease in variable rent -3 (Asagaya, Fukuoka, Kurashiki) Fixed Rent 993 932 933 -60 Increase in fixed rent +61 (Okayama, Fukuoka, Shibuya) Decrease in fixed rent -121 (Nagoya, Osaka Sakaisuji, Yokohama, Kurashiki) Other (Gains on Sales, etc.) 45 44 44 -1 Operating Expenses 626 663 670 Increase in property tax +10 (Shibuya, Shimonoseki, Matsuyama), Covid- +44 related reserve +37 Repair & Maintenance 43 33 33 36 -7 Depreciation 341 347 351 +10 Decrease in AM fee -6 Increase in repair expenses +15 (Yokohama, Kurashiki, Asagaya, Shinsaibashi, Shimonoseki) Decrease in repair expenses -22 (Fukuoka, Nest Osaka, Okayama, Valie Hiroshima) Increase in Depreciation: Okayama, Yokohama, Urbain Hiroshima, Shimonoseki, Kumamoto Operating Profit 409 395 336 -73 Recurring Profit 210 184 111 -99 Net Income 209 183 184 -12.0% YOY Dividend JPY 823 JPY 719 JPY 724 -JPY 99 Borrowing-related expenses +24 Fall-off of non-operating income -2 -25 Extraordinary gains +74 (legal settlement) +0.7% (+ JPY 5) vs. previous forecast ΝΟΙ 844 833 777 -67 Post-Depreciation NOI 503 486 425 -78 Capex 123 345 388 +265 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22 22#23July 2022 Forecast Dividend JPY 666, -36.9% YOY Jul 2021 Actual (A) Jul 2022 (B) - (A) Forecast (B) Major Factors for Variation (JPY million) Operating Revenue 1,117 1,024 -93 Variable Rent 126 79 Increase in variable rent +77 (Kumamoto, Matsuyama, Sapporo Ekimae, Kurashiki, -47 Nagoya) Decrease in variable rent -124 (Valie Hiroshima) Increase in fixed rent +29 (Okayama, Fukuoka) Fixed Rent 947 902 -45 Decrease in fixed rent -74 (Nagoya, Kurashiki, Osaka Sakaisuji) Other (Gains on Sales, etc.) 44 43 -1 Operating Expenses 652 629 Repair & Maintenance 46 46 34 Depreciation 347 351 -23 Decrease in AM fee -17, Other expenses +2 Increase in repair expenses +10 (Kyoto, Central International Airport, Asagaya, -12 | Shimonoseki) Decrease in repair expenses -22 (Osaka Sakaisuji, Matsuyama, Yokohama, Kurashiki) +4 Increase in Depreciation: Fukuoka, Okayama, Yokohama Operating Profit 465 395 -70 Borrowing-related expenses +18, Interest expenses +9 Recurring Profit 269 170 -99 Fall-off of non-operating income -2 Net Income 268 169 -99 Dividend JPY 1,055 JPY 666 -JPY 389 -36.9% YOY NOI 912 832 -80 Post-Depreciation NOI 565 481 -84 Capex 335 546 +211 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23#24Ichigo'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. 24#25Ichigo 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. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25 25#26一期一会| ICHIGO Ichigo ESG - Environmental Contributing to a Low-Carbon World Clean Energy Annual Power Generation 186,921,674kWh Equivalent to annual energy consumption of 62,307 households The Federation of Electric Power Companies of Japan - Annual energy consumption per household 3,000kWh Annual CO2 Reduction 123,368,301kg Equivalent to annual CO2 emission of 53,638 cars Ministry of Environment Annual CO2 emission per car c. 2,300kg ~ (Jul 2020 Jun 2021 Actuals - Ichigo & Ichigo Green) Sponsor Ichigo Joins RE100 Ichigo RE100 Target: Source 100% of Electricity Needs Across Its Operations From Renewable Energy by 2025 (Including Ichigo Office and Ichigo Hotel Assets) RE100 Ichigo Hotel (3463) CLIMATE GROUP CDP Ichigo ESG 8 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 Sustainability Ichigo will not build power plants that require the 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. Ichigo Hotel (3463) & Ichigo Office (8975) Initiatives - Environmental Certifications HOTEL EMIT SHIBUYA (BELS 4 Stars) - GRESB Joined in 2021 - Sourcing Renewable Energy Transition starting from the January 2022 fiscal period Ichigo Office (8975) - – Environmental Certifications 15 certifications (14 assets), 25.1% of total leasable area - GRESB (since 2016) Green Star (Highest Ranking) 4 years in a row – Sourcing Renewable Energy Transition to 100% renewable energy at all assets by April 2022 (excluding partially-owned and co-owned assets) Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. GRES B 2020 26 26#27一期一会| 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 32% 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 - - 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 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27#28• • . 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 With 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 62) 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 28 of 62 J-REITS have AMC Presidents serving as Executive Director of the REIT Ichigo Hotel: All Directors are Independent Independent Directors at AMC Only 3 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 August 31, 2021 28#29一期一会| ICHIGO Appendix: Portfolio Details O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29 29#30Hotel 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 Capsule Plus 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 Chisun Inn Smile Hotel Kyoto Shijo The OneFive Okayama Nest Hotel Matsuyama Urbain Hiroshima Executive The OneFive Tenjin Osaka Hommachi* F-4 F-5 F-6 . E-4 E-5 . boo on Nest Hotel Kumamoto Comfort Hotel Central International Airport ► Sapporo A-1 A-2 Variable Rent Fixed Rent Comfort Hotel Suzuka • Kushiro A-3 ► Nagoya D-2 ▸ Kyoto E-1 ►Osaka E-3 E-5 ►Kurashiki F-4 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 (July 2021 rent-basis) 30 Court Hotel Kurashiki Valie Hotel Hiroshima Hotel Wing International Kobe Shin Nagata Ekimae Nest Hotel Osaka Shinsaibashi Washington Hotel Plaza Shimonoseki Eki Nishi ►Shimonoseki F-6 ► Fukuoka Matsuyama G-1 * Rebranded and reopened as The OneFive Osaka Sakaisuji in September 2021 F-2 Kumamoto G-3 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#31一期一会| ICHIGO Portfolio Growth IPO (Nov 30, 2015) Jan 2017 Fiscal Period July 2017 through July 2021 Fiscal Periods IPO Acquisitions 9 hotels JPY 20.4B PO Acquisitions 10 hotels JPY 27.2B (Appraisal Acquisitions NOI Yield 5.9%) (Appraisal NOI Yield 5.5%) (Appraisal NOI Yield 5.0%) 1 hotel JPY 1.8B (Appraisal NOI Yield 6.3%) (Appraisal NOI Yield 6.9%) July 2017 1 hotel JPY 1.4B Jan 2018 Jan 2019 1 hotel JPY 1.7B July 2019 2 hotels JPY 3.7B (Appraisal NOI Yield Jan 2020 July 2020 Jan 2021 None 2 hotels JPY 4.7B July 2021 (Appraisal NOI Yield None 6.9%) 4.9%) S&CANLA 1 Hotel Sales None None None None JPY 2.7B Gains on Sale JPY 0.69B 2 Hotels JPY 9.7B None None None Gains on Sale 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 IPO 23 Hotels 23 Hotels JPY 51.9B |JPY 51.9B July 31, 2021 Yokohama Kobe Nagoya 2.9% 5.1% 2.9% Location Nagoya 13.1% Kyushu Kobe Osaka 7.3% 8.0% 6.8% Hokkaido 17.7% Tokai 7.6% Kyoto 39.6% Geographic Diversification Increases Earnings Stability Steady Portfolio Growth via Acquisitions Acquisition price-basis O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Kyushu 6.9% Osaka 17.8% Hokkaido Kyoto 7.5% 8.6% Chugoku/ Tokyo Shikoku 17.3% 17.2% Tokai 13.8% 31#32Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of July 31, 2021) Total JPY 1,073M (100%) 23 Hotels JPY 51.91B (100%) Lease Terms Fixed Rent Form of Contract Lease Fixed Rent Yes Variable Rent Rental Income (July 2021 Actual) Number of Hotels Total Acquisition Price JPY 385M (35.9%) 7 Hotels JPY 11.70B (22.5%) . Comfort Hotel Kushiro • • Comfort Hotel Hamamatsu • O Comfort Hotel Central International Airport • Comfort Hotel Suzuka • Hotel Livemax Nihombashi- Hakozaki • Urbain Hiroshima Executive Hotels • Washington Hotel Plaza Shimonoseki Eki Nishi Fixed Portion of Revenue Upside Fixed + Variable Rent Variable Rent Lease Yes Lease Lease Yes Fixed Portion of Hotel GOP Excess Above Fixed Portion of Hotel GOP Not Available² 1 Hotel JPY 1.49B (2.9%) JPY 108M (10.1%) 2 Hotels JPY 4.16B (8.0%) Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae JPY 580M (54.0%) 13 Hotels JPY 34.57B (66.6%) • 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 ⚫ Court Hotel Kurashiki ⚫ HOTEL EMIT SHIBUYA The OneFive Okayama • Chisun Inn Osaka Hommachi¹ 1 2 Changed operator, and rebranded and reopened as The OneFive Osaka Sakaisuji in September 2021 Operator did not provide consent to disclose information 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32 32#33一期一会| ICHIGO Individual Hotel Summary Leasable Acquisition Book Value Jul 2021 Appraisal Hotel No. Value Hotel Name Lease Terms Location Area (m²) Price (JPY M) (JPY M) (as of July 31, 2021) Unrealized Cap Rate Gains (JPY M) (JPY M) (A) (B) (%) (B) - (A) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori Variable + Fixed Rent Sapporo 5,734.93 2,160 2,112 2,590 5.1 +477 A-3 Comfort Hotel Kushiro B-1 Capsule Plus Yokohama C-1 Smile Hotel Tokyo Asagaya Variable + Fixed Rent Fixed Rent Fixed Rent Sapporo 5,638.78 1,450 1,470 1,830 5.0 +359 Kushiro, Hokkaido 3,180.58 300 288 421 5.5 +132 Yokohama 1,183.26 1,490 1,561 1,310 4.8 -251 Variable + Fixed Rent Tokyo 2,721.70 3,910 3,915 4,240 4.3 +324 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 1,287 1,400 4.6 +112 Tokyo 1,470.52 3,700 3,809 3,960 3.6 +150 Hamamatsu, Shizuoka 4,173.92 1,550 1,419 1,750 5.2 +330 Variable + Fixed Rent Nagoya 5,255.66 2,670 2,689 2,470 4.8 -219 D-3 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 11,599.63 5,308 5,265 5,790 4.1 +524 D-4 Comfort Hotel Suzuka Fixed Rent Suzuka, Mie 2,186.65 300 271 359 5.0 +87 Hotel E-1 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto 4,891.84 4,480 4,519 3,570 4.5 -949 E-3 Chisun Inn Osaka Hommachi Variable + Fixed Rent Osaka 3,690.00 1,630 1,758 1,200 4.9 -558 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 4,540.90 1,490 1,388 1,810 4.7 +421 E-5 Nest Hotel Osaka Shinsaibashi F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama F-3 Urbain Hiroshima Executive Variable + Fixed Rent Variable Fixed Rent Variable Fixed Rent Osaka 8,057.26 7,600 7,583 5,460 4.4 -2,123 Okayama 5,543.70 1,200 1,208 1,800 5.7 +591 Matsuyama, Ehime 6,671.94 1,610 1,617 1,970 5.6 +352 F-4 Court Hotel Kurashiki F-5 Valie Hotel Hiroshima Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Hiroshima 2,756.20 1,800 1,805 2,060 5.3 +254 Kurashiki, Okayama 3,964.19 1,725 1,798 2,000 5.1 +201 Hiroshima 4,332.50 1,500 1,566 1,660 5.0 +93 F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Fixed Rent Shimonoseki, Yamaguchi 5,709.35 1,080 1,098 1,180 4.9 +81 G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Variable Fixed Rent Variable + Fixed Rent Fukuoka Kumamoto 1,910.94 1,380 1,455 2,200 4.3 +744 6,404.36 2,220 2,173 2,330 5.4 +156 Total (23 Hotels) 102,471.81 51,913 52,064 53,360 4.7 +1,295 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 33 33#34July 2021 Fiscal Period Individual Hotel Operating Results (year-on-year) Hotel Hotel Name Lease Terms Location No. Of Guest No. Rooms A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori Variable + Fixed Rent Variable Fixed Rent Sapporo 162 3,319 Sapporo 121 2,495 A-3 Comfort Hotel Kushiro C-1 Smile Hotel Tokyo Asagaya C-4 HOTEL EMIT SHIBUYA Fixed Rent Variable + Fixed Rent Variable Fixed Rent Kushiro, Hokkaido 126 3,205 Tokyo 112 4,761 Tokyo 72 4,157 94.4% July 2021 (February 2021 - July 2021) RevPAR (JPY) Occupancy (%) ADR (JPY) (+9.1%) 87.5% (+48.7%) 3,795 (-30.2%) 65.3% (+3.2%) 3,820 (+45.6%) 62.5% (+29.7%) 5,129 (+10.4%) 96.4% (+25.5%) 4,939 4,405 Revenue (JPY M) (-26.6%) 124.8 (+18.4%) (-32.3%) 66.8 (-24.6%) (+12.2%) 77.3 (+42.0%) (-12.0%) 99.3 (+9.3%) 54.3 D-1 Comfort Hotel Hamamatsu Fixed Rent Hamamatsu, Shizuoka 196 2,473 (+26.5%) 50.7% (+29.5%) 4,879 D-2 Hotel Wing International Nagoya Variable + Fixed Rent Nagoya 224 1,535 D-3 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 346 2,699 D-4 Comfort Hotel Suzuka E-1 Smile Hotel Kyoto Shijo Fixed Rent Variable + Fixed Rent Suzuka, Mie 105 Kyoto E-3 Chisun Inn Osaka Hommachi Variable Fixed Rent Osaka 144 130 2,580 867 (-16.7%) 40.0% (+26.2%) 3,836 (+28.8%) 38.7% (+52.6%) 6,977 (+45.7%) 51.8% (+35.2%) 4,983 (-67.0%) 28.1% (-52.6%) 3,079 (-2.3%) 87.7 (-34.0%) 69.8 (-15.6%) 173.4 (+25.8%) (+11.5%) (+26.2%) (+7.8%) 49.7 (+44.9%) (-30.5%) 24.0 (-42.5%) E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe E-5 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Osaka 133 2,860 302 331 F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama Variable + Fixed Rent Variable + Fixed Rent Okayama 208 Matsuyama, Ehime 190 F-3 Urbain Hiroshima Executive F-4 Court Hotel Kurashiki F-5 Valie Hotel Hiroshima G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Fixed Rent Variable + Fixed Rent Variable Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Hiroshima 171 Kurashiki, Okayama 107 2,364 2,308 1,616 1,974 Hiroshima 171 7,261 Fukuoka Kumamoto 77 201 2,436 2,409 (+31.5%) 41.4% (+21.0%) 6,913 (-74.1%) 9.8% (-52.5%) 3,362 (-2.6%) 89.6% (+64.2%) 2,638 (-9.4%) 54.3% (+5.0%) 4,252 (-11.1%) 23.2% (-32.1%) 6,977 (-28.9%) 34.2% (-33.6%) 5,770 (+228.4%) 96.6% (+78.2%) 7,519 (-41.1%) 90.4% (+30.4%) 2,694 (+26.9%) 64.5% (+47.1%) 3,735 (+8.7%) (-45.5%) (-40.6%) 92.5 (-13.7%) 98.6 (+31.0%) 50.0 (+7.0%) 47.7 (+84.3%) 234.2 77.4 (+32.4%) 12.7 (-70.4%) (-5.6%) (-10.1%) (+43.2%) (+505.1%) (-54.8%) 39.7 (+11.7%) (-13.8%) 98.7 (+19.6%) Other 455 Variable Rent Hotels Fixed Rent Hotels Total 2,523 2,815 1,230 2,496 3,753 2,705 (+12.9%) 64.3% (+31.7%) 4,380 (+23.7%) 44.6% (+24.1%) 5,602 (+16.4%) 57.4% (+30.0%) 4,708 (-14.3%) 1,086.1 (+20.4%) (-0.3%) 457.6 (+24.5%) (-10.5%) 1,543.7 (+21.6%) 一期一会| ICHIGO * 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. 34#35Individual 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 Nest Hotel Hotel Sapporo Sapporo Ekimae Odori Comfort Comfort Smile Hotel HOTEL Hotel Tokyo EMIT Hotel Kushiro Asagaya SHIBUYA Hamamatsu Comfort Hotel Central International Comfort Hotel Suzuka Airport Smile Hotel Kyoto Shijo Chisun Inn Nest Hotel Osaka Hommachi The Osaka One Five Shinsaibashi Okayama Nest Hotel Matsuyama Court Hotel Kurashiki Valie Hotel Hiroshima The One Five Nest Hotel Fukuoka Kumamoto Other Tenjin (A) Rental Income 1,117,958 31,129 27,072 18,419 61,603 47,568 55,361 151,441 15,442 30,744 2,828 66,291 61,227 36,323 31,665 145,079 14,062 25,134 296,561 Fixed Rent 947,031 31,129 27,072 18,419 61,603 47,568 55,361 151,441 15,442 30,744 2,828 66,291 61,227 36,323 31,665 17,934 14,062 25,134 252,780 Variable Rent 126,577 Other Rent 44,348 126,545 600 32 43,748 (B) Rental Expenses 204,982 9,218 10,948 5,464 9,197 6,201 3,641 14,061 4,114 7,467 15,309 17,612 7,035 10,451 9,074 6,391 6,370 8,324 54,095 Outsourcing Fees 19,234 600 600 900 2,442 600 600 570 540 600 2,831 1,200 600 720 600 720 600 790 3,720 Insurance 3,286 177 190 95 99 70 70 114 323 55 151 113 279 167 227 118 151 63 63 210 674 Repair 46,520 3,062 1,601 48 2,578 507 268 111 1,374 1,451 8,815 1,633 2,097 4,678 3,907 1,080 1,987 2,218 9,097 Expenses Taxes 115,462 4,953 8,127 4,009 3,665 4,653 2,387 12,600 1,733 4,905 3,161 14,088 3,732 4,397 4,083 4,071 3,355 4,691 26,843 Other Expenses 20,478 424 429 411 410 369 271 455 411 359 386 411 438 429 363 369 364 411 13,759 ΝΟΙ (C) 912,975 21,910 16,123 12,955 52,405 41,366 51,719 137,380 11,328 23,276 -12,481 48,678 54,192 25,871 22,591 138,687 7,692 16,810 242,465 (A) - (B) (D) Depreciation 347,112 16,030 17,287 5,426 26,773 7,699 14,744 34,905 4,145 16,559 7,818 34,332 15,771 18,135 11,248 21,057 8,065 19,455 67,654 Net Rental Income 565,863 5,880 -1,163 7,528 25,632 33,666 36,975 102,474 7,182 6,717 -20,299 14,346 38,420 7,736 11,342 117,630 -373 -2,644 174,811 (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, 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. 55 35#36一期一会 ICHIGO Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2020 Jan 2021 Jul 2021 Rent Ratio Rent Ratio Rent Ratio Fixed Rent 963,173 1,023,281 976,195 87.3% Rent Fixed Rent from Operators 935,606 993,875 947,031 84.7% Other (Rent from Retail Tenants) 27,566 29,405 29,164 2.6% Variable Rent -25,467 -3,942 126,577 11.3% Other (Utility Income) 15,371 16,238 15,184 1.4% Total 937,705 100% 1,035,576 100% 1,117,958 100% Operating Results (Aug 2020 - Jul 2021) 80% 60% 40% 20% RevPAR (right axis) ADR (right axis) -Occupancy (left axis) (JPY) 8,000 6,000 4,000 2,000 0% 0 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 36#37一期一会| 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 Access Sapporo 4-minute walk from Odori Station on Sapporo City Metro Namboku Line Nest Hotel Japan Corporation Operator Guest Rooms 121 Acquisition JPY 1.45B Price Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 37#38一期一会| 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 capsule+ Price Changed operator and changed hotel name to Capsule Plus Yokohama in March 2021. C-1 Smile Hotel Tokyo Asagaya Location Suginami-ku, Tokyo 1-minute walk from Access Asagaya Station on JR Chuo/Sobu Line K.K. Hospitality Operator Operations Guest Rooms 112 Acquisition JPY 3.91B Price The hotel operator did not give consent to disclose data. Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 38 88#39一期一会| 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 Guest Rooms Acquisition Price Nagoya 2-minute walk from Marunouchi Station on both Nagoya Subway Network Sakuradori Line and Tsurumai Line Minacia Co., Ltd. 224 JPY 2.67B Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 EMIT Cafe EMIT Cafe EMT Cafe 40% 3,000 20% 1,500 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 39#40Variable 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 Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 E-3 Chisun Inn Osaka Hommachi Location Access Osaka 5-minute walk from Sakaisuji-Hommachi Station on Osaka Municipal Subway Chuo Line SHR Hotel Lease Co., Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 Operator Ltd. 40% 4,000 Guest Rooms 130 20% 2,000 Acquisition Price JPY 1.63B 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 * Changed operator and changed hotel name to The OneFive Osaka Sakaisuji on September 1, 2021. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 40#41Variable 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 Operator Minacia Co., Ltd. Guest Rooms 133 Acquisition JPY 1.49B Price E-5 Nest Hotel Osaka Shinsaibashi Location Osaka 一期一会| ICHIGO 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 ESCHOTEL Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% H 2,000 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 Operating Results (Aug 2020 - Jul 2021) 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 2020 Nov 2020 Feb 2021 May 2021 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 F-1 The OneFive Okayama Location Okayama 15-minute walk from Okayama Station on Access Sanyo Shinkansen, Sanyo Main Line, Uno Line Operator Hakata Hotels Inc. Guest Rooms 208 Acquisition JPY 1.20B Price F-2 Nest Hotel Matsuyama Location Access Operator Matsuyama, Ehime 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 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 20% 0% HHT 1,500 0 Aug 2020 Nov 2020 Feb 2021 May 2021 Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) 100% 9 80% nest HOTEL 60% 40% 20% (JPY) 7,500 6,000 4,500 3,000 1,500 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42#43Variable Rent Hotel Details F-4 Court Hotel Kurashiki Location Kurashiki, Okayama Access 8-minute walk from Kurashiki Station on JR Sanyo Main Line 60% Operator The Court Co., Ltd. 40% Guest Rooms 107 20% Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 10,000 8,000 6,000 4,000 2,000 Acquisition JPY 1.73B 0% 0 Price Aug 2020 Nov 2020 Feb 2021 May 2021 F-5 Valie Hotel Hiroshima Location Hiroshima 一期一会| ICHIGO Access 3-minute walk from Jogakuin-mae Station on Hiroden Tram Line Operator The Court Co., Ltd. Guest Rooms 171 Acquisition JPY 1.50B Price COOOOO Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% 2,000 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43#44Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 6-minute walk from Tenjin Station on Access 100% 7,500 Fukuoka City Subway Kuko Line 80% 6,000 60% 4,500 Operator Hakata Hotels Inc. 40% 3,000 Guest Rooms 77 20% 1,500 Acquisition JPY 1.38B 0% 0 Price Aug 2020 Nov 2020 Feb 2021 May 2021 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 EEEEEE Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 40% 7,500 6,000 4,500 3,000 nestнOTEL 20% 1,500 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44#45Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro Location Kushiro, Hokkaido 一期一会| ICHIGO Access Operator 2-minute walk from Kushiro Station on JR Nemuro Main Line Greens Co., Ltd. Guest Rooms 126 Acquisition JPY 300M Price D-1 Comfort Hotel Hamamatsu Location Access Hamamatsu, Shizuoka 2-minute walk from Hamamatsu Station on JR Tokaido Main Line, Tokaido Shinkansen Operator Greens Co., Ltd. Guest Rooms 196 Acquisition JPY 1.55B Price பபபப் C-3 Hotel Livemax Nihombashi-Hakozaki Location Access Chuo-ku, Tokyo 3-minute walk from Suitengumae Station on Tokyo Metro Hanzomon Line Live Max Inc. Operator Guest Rooms Acquisition Price 48 JPY 1.36B HOTEL LIVEMAX D-3 Comfort Hotel Central International Airport Location Access Operator Tokoname, Aichi 5-minute walk from Central International Airport, 3-minute walk from Central International Airport Station on Meitetsu Airport Line Greens Co., Ltd. Guest Rooms Acquisition Price O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 346 JPY 5.31B 45#46一期一会| ICHIGO Fixed Rent Hotel Details 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 105 Acquisition Price JPY 300M mo59-387-1818 F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Location Access Shimonoseki, Yamaguchi 3-minute walk from Shimonoseki Station on JR Sanyo Main Line Washington Hotel Corp. Operator Guest Rooms 238 Acquisition JPY 1.08B 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 Price JPY 1.80B O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46#47Appendix: Loan Details & Shareholder Composition 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47#48Stable Financial Base Outstanding Loan Balance Jul 31, 2019 Jan 31, 2020 Jul 31, 2020 Jan 31, 2021 Jul 31, 2021 Amount Long-Term Loan Ratio Fixed Rate Ratio JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B 100% 100% 93.1% 72.5% 70.7% 83.5% 83.5% 91.4% 70.7% 70.7% Average Interest Rate 0.86% 0.88% 0.87% 0.82% 0.75% Average Remaining Maturity 3.0 years 2.5 years 2.5 years 2.3 years 1.8 years LTV (Total Assets Basis) 43.0% 41.5% 43.6% 43.3% 43.2% * *The above does not include investment corporation bonds. Distribution of Loan Maturities (JPY M) 8,000 7,000 6,000 4,000 2,000 1,800 450 4,500 4,500 3,000 2,220 2,500 500 2,000 Fixed Rate Floating Rate Bonds 0 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Jan 2027 Jul 2027 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 48#49一期一会| ICHIGO Loan Details (as of July 31, 2021) Amount 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 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% Fukuoka 3% Aozora 1% Bond 2% 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 Term Loan 15 SMBC, Mizuho, Shinsei, Resona 7,000 Variable 0.50727% Fixed vs. Floating November 30, 2020 November 29, 2021 Total Borrowings 25,470 Average 0.75% Average Remaining Loan Term 1.8 years Issue Date Name Issue Amount (JPY million) Interest Rate Redemption Date Issuance Period First Unsecured Investment Corporation Bond November 25, 2020 (Callable bonds subordinated and limited to qualified institutional investors) Variable 28.7% 500 2.00% April 30, 2026 5.4 years Fixed* 71.3% Total Interest-Bearing Liabilities 25,970 Average 0.78% Average Remaining Loan Term 1.9 years O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Includes interest fixed via swaps 49#50Shareholder Composition Major Shareholders (as of July 31, 2021) By Number of Shares Held No. Of Name Share Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals Shares Custody Bank of Japan, Ltd., 1 24,741 9.7% Trust Account 34,316 (13.5%) 38,334 36,820 (15.0%) (14.4%) 16,244 The Master Trust Bank of Japan, 15,430 16,260 2 24,629 9.7% (6.4%) (6.1%) (6.4%) Trust Account 65,558 75,764 (25.7%) 3 Ichigo Trust Pte. Ltd. 10,908 4.3% (29.7%) 81,103 (31.8%) Nomura Trust & Banking Co., Ltd., 4 9,417 3.7% Investment Trust Account 138,856 5 Ichigo Inc. (Sponsor) 6,500 2.5% (54.5%) 125,446 (49.2%) 120,791 (47.4%) Custody Bank of Japan, Ltd., 6 4,933 1.9% Securities Investment Trust Account Jul 2020 7 Banshu Shinkin Bank 4,900 1.9% (Outstanding Shares) (254,974 shares) Jan 2021 (254,974 shares) Jul 2021 (254,974 shares) BNP PARIBAS SECURITIES SERVICES By Number of Shareholders 8 4,352 1.7% LUXEMBOURG/JASDEC/SECURITIES-AIFM 9 Individual Shareholder 3,140 1.2% Jul 31, 2020 Jan 31, 2021 Jul 31, 2021 Shareholders Shareholders | Shareholders Share Domestic Individuals DFA INTERNATIONAL REAL ESTATE Domestic Financial Institutions 18,688 38 16,985 16,178 97.5% 36 35 0.2% 10 3,112 1.2% SECURITIES PORTFOLIO City banks, trust banks 4 4 4 Regional banks Total 96,632 37.9% Other (including securities companies) Non-Financial Domestic Corporations 34 32 31 0.2% 248 232 226 1.4% Foreign Corporations & Individuals 124 144 154 0.9% Total 19,098 17,397 16,593 100% 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50 50#51Appendix: Growth Roadmap, Sponsor, Shareholder Alignment 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51#52Ongoing 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. 52#53一期一会| 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 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 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Conduct share buybacks to increase dividend and maintain appropriate share price • Promote responsiveness to disasters (Respond to ESG requirements) 53#54Ichigo Hotel's Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282) - - - - Ichigo 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 Improves Real Estate 一期一会 | ICHIGO Asset Management Ichigo Investment Advisors Ichigo Hotel (3463) Ichigo Green (9282) Ichigo Office (8975) Miyako City Ichigo Estate Ichigo Owners Centro Ichigo Land Shinchiku Storage Plus Ichigo Real Estate Services Fukuoka Ichigo Animation Ichigo Marché Hakata Hotels Clean Energy Ichigo ECO Energy 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. Sustainable Real Estate 一期一会| ICHIGO J.LEAGUE いちご ICHIGO TOP PARTNER OJ.LEAGUE O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54 ......#55一期一会| ICHIGO Synergies 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 |一期一会| ICHIGO Ichigo Hotel (3463) Buy Sponsor: Ichigo (2337) Buy Hotel 一期一会| Value-Add Make The World Sell ICHIGO More Sustainable Long-Term Asset Management Role (Grow Earnings for Shareholders) Value-add capex On-going renovation and equipment renewal Hard Increase hotel attractiveness & competitiveness Grow earnings via collaboration with hotel operators Value-Add (Increase Asset Value) Rectify building code issues Seismic and safety reinforcement Large-scale structural and equipment renewal 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 Third-Party Investors Sell O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Sell 55 55#56一期一会| ICHIGO - - Hakata Hotels & PROPERA Hakata Hotels, a consolidated subsidiary of Ichigo, is a hotel operator operating 12 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 Tokyo: HOTEL EMIT SHIBUYA (72), MusBee Tokyo Hamamatsucho (29) Kyoto: The OneFive Kyoto Shijo (146) Osaka: The OneFive Osaka Sakaisuji (130) 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% • Starting third-party sales. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. HAKATA HOTELS 56#57Portfolio Growth Opportunity via Ichigo Sponsor Support 20 Hotels (JPY 64B) in Ichigo Sponsor Pipeline as of May 31, 2021 - 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. 57#58一期一会| 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. 58#59Disclaimer 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. 59 59