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Investor Presentaiton

Relatively 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
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