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Investor Presentaiton

Monthly 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
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