Investor Presentaiton

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

View entire presentation