Investor Presentaiton

Ongoing Actions to Drive Increased Shareholder Value Portfolio Growth & Diversification Drive Earnings Growth & Stability Organic Growth Current Environment . • • • Both Japanese and inbound demand has dropped significantly due to Covid, generating ongoing impact on the hotel market Supply is exceeding demand in some areas in Japan due to excessive number of new hotel openings Financial strength of hotel operators needs to be closely monitored to verify their rent-paying ability No new growth driver is currently expected Actions • . • Proactively execute value-add capex tailored to each hotel Sell hotels with limited growth potential Increase earnings by revising fixed rent and variable rent terms at lease renewal • Grow with sponsor support (Hakata Hotels/PROPERA) External Growth Current Environment • • Sales and acquisitions limited due to ongoing market uncertainty Market recovery is expected after vaccine & treatment regimes become available Competition for quality assets is expected to intensify Actions • Continue to grow portfolio of lodging-focused hotels, a hotel type with stable earnings High underlying land values reflect Ichigo Hotel's high location attractiveness and value Ichigo Hotel's focus on major regional cities with convenient public transport access and revenue upside from local events further reinforces earnings stability Geographic diversification and centrally-located hotels with stable demand also support high earnings stability Dividend Growth 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 59 55

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