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Investor Presentaiton

July 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
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