Investor Presentaiton

一期一会| ICHIGO January 2021 Highlights Dividend +3.5% vs. Forecast Despite Ongoing Covid Impact Results Details JPY 209M Net Income . Recorded 4 months variable rent income RevPAR NOI Financing FFO +JPY 7M (+3.5%) vs. forecast JPY 2,335 (14 variable rent hotels) -JPY 236 (-9.2%) vs. forecast JPY 844M -JPY 11M (-1.3%) vs. forecast Issuance of First Investment Corporation Bond (JPY 500M) JPY 2,162 +JPY 33 (+1.6%) YOY • . • Occupancy: 53.4% (vs. 55.8% forecast) ADR: JPY 4,371 (vs. JPY 4,609 forecast) Operating revenue -JPY 1M vs. forecast Increase in repair expenses due to hotel rebranding • Subordinated bonds with sponsor Ichigo as allottee Strengthening financial base amid market uncertainty FFO up on lower AM fees (Shift to performance-based AM fee structure) JPY 823 Dividend +JPY 28 (+3.5%) vs. forecast JPY 129,503 • Effective cost control helped reduce expenses NAV -JPY 3,165 (-2.4%) vs. previous period • Total unrealized gains: JPY 1.4B FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to REIT Establishment + Amortization of Share Issuance Expenses + Loss on Disposal of Fixed Assets + Accrued Asset Disposal Costs +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding NAV = BPS + Unrealized Capital Gains per Share Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8

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