Investor Presentaiton

一期一会| ICHIGO Covid Impact on Hotel Demand Hotel Reservations and Ichigo Hotel RevPAR (vs. previous year) 0% Business Hotels Full-Service Hotels Resort Hotels Japanese Inns Number of Guests Ichigo Hotel RevPAR Feb 2020 Mar Apr May -20% -40% -60% -80% -100% Jun Jul Aug Sep Oct Nov Dec Jan 2021 * Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers" - Ichigo Hotel performance correlated to overall hotel industry demand Largest negative impact was in May 2020 (first state of emergency) October and November 2020 saw a recovery in demand owing to the Go To Travel campaign Second state of emergency in Jan 2021 saw less of an impact than the first one in April 2020 Impact on business hotels limited compared to other hotel types Strong uplift in non-business hotels due to Go To Travel tourism subsidy program Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13

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