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Investor Presentaiton

Shareholder Composition Major Shareholders (as of July 31, 2021) By Number of Shares Held No. Of Name Share Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals Shares Custody Bank of Japan, Ltd., 1 24,741 9.7% Trust Account 34,316 (13.5%) 38,334 36,820 (15.0%) (14.4%) 16,244 The Master Trust Bank of Japan, 15,430 16,260 2 24,629 9.7% (6.4%) (6.1%) (6.4%) Trust Account 65,558 75,764 (25.7%) 3 Ichigo Trust Pte. Ltd. 10,908 4.3% (29.7%) 81,103 (31.8%) Nomura Trust & Banking Co., Ltd., 4 9,417 3.7% Investment Trust Account 138,856 5 Ichigo Inc. (Sponsor) 6,500 2.5% (54.5%) 125,446 (49.2%) 120,791 (47.4%) Custody Bank of Japan, Ltd., 6 4,933 1.9% Securities Investment Trust Account Jul 2020 7 Banshu Shinkin Bank 4,900 1.9% (Outstanding Shares) (254,974 shares) Jan 2021 (254,974 shares) Jul 2021 (254,974 shares) BNP PARIBAS SECURITIES SERVICES By Number of Shareholders 8 4,352 1.7% LUXEMBOURG/JASDEC/SECURITIES-AIFM 9 Individual Shareholder 3,140 1.2% Jul 31, 2020 Jan 31, 2021 Jul 31, 2021 Shareholders Shareholders | Shareholders Share Domestic Individuals DFA INTERNATIONAL REAL ESTATE Domestic Financial Institutions 18,688 38 16,985 16,178 97.5% 36 35 0.2% 10 3,112 1.2% SECURITIES PORTFOLIO City banks, trust banks 4 4 4 Regional banks Total 96,632 37.9% Other (including securities companies) Non-Financial Domestic Corporations 34 32 31 0.2% 248 232 226 1.4% Foreign Corporations & Individuals 124 144 154 0.9% Total 19,098 17,397 16,593 100% 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50 50
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