Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

July 27, 2021
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-3502-4892

Shareholder Hotel Discount Program Update
Ichigo Hotel today decided to continue its Shareholder Hotel Discount Program(“Shareholder Program”), which offers its shareholders special discounted rates whenstaying at hotels operated by specific operators.
1. Purpose
Ichigo Hotel launched the Shareholder Program to express its gratitude towards its
shareholders and to support the hotel industry challenged by the Covid pandemic.
2. Overview
Eligible Shareholders
All Ichigo Hotel shareholders on the shareholder registry as of July 31, 2021 are eligible
for the Shareholder Program. Details of the program will be included with the July 2021
Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report), scheduled to be sent toshareholders in late October.
Program Details
Special discounted rates will be offered to eligible shareholders when staying at the
below applicable hotels (including hotels not owned by Ichigo Hotel) during theapplicable period.
Hotel Wing International Hotels (Hotel Operator: Minacia Co., Ltd.) Special Discounted Rate: 10% discount on prices shown on the official hotel
website Hotel Locations: There are 39 Hotel Wing International Hotels located acrossJapan, from Hokkaido in the north to Kagoshima in the south.
New hotel openings: Tenza Hotel Hakata Station and Hotel Wing International
Takamatsu (both scheduled for October 2021)
 Applicable Period: From late October 2021 (starting on dividend payment date)until September 30, 20221

Hotel Wing
International Nagoya(Ichigo Hotel-Owned)

Hotel Wing International Kobe
Shin Nagata Ekimae(Ichigo Hotel-Owned)

Hotel Wing International
Select Asakusa Komagata

Hotel Wing International
Premium Kanazawa Ekimae

Choice Hotels1 franchise hotels (Hotel Operator: Greens Co., Ltd.) Special Discounted Rate: Premium rates set at each hotel
 Hotel Locations: There are 71 Comfort brand hotels (including Comfort Hotel,Comfort Inn, and Comfort Suites) located across Japan, from Hokkaido in thenorth to Okinawa in the south.
 Applicable Period: From late October 2021 (starting on dividend payment date)until September 30, 2022
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Choice Hotels International is a US company and one of the largest lodging
franchisors in the world.

Comfort Hotel Hamamatsu(Ichigo Hotel-Owned)

Comfort Hotel KobeSannomiya

Comfort Hotel CentralInternational Airport(Ichigo Hotel-Owned)

Comfort Hotel Narita

Green Hotels chain hotels (Hotel Operator: Greens Co., Ltd.) Special Discounted Rate: Member-only fixed rates set at each hotel
 Hotel Locations: From stay-only hotels to city hotels with banquet halls andrestaurants, Green Hotels offers a diverse brand of 28 hotels mainly in the Mieand Aichi prefectures and the Hokuriku region. With more than 60 years ofhotel operation experience, Green Hotels provides various services closely tiedto local communities.
 Applicable Period: From late October 2021 (starting on dividend payment date)until September 30, 2022

Hotel Econo Kanazawa Ekimae

Ise City Hotel

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HOTEL Meriken PortKobe Motomachi

Notes(1) Program details, including how to use the discount, will be enclosed together withthe July 2021 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report) to be sent inlate October 2021.
(2) As hotels may be temporarily closed due to Covid, please check each hotel’s website
for latest information.
(3) Some hotels may offer promotions with greater discounts depending on the timing
and conditions of the stay.
(4) Please check the cancellation policy of each hotel for details on cancellation charges.
(5) Please confirm the availability of the shareholder program discount with each hotel
prior to making reservations as there may be situations in which a hotel decides that thediscount is not available.
3. Program Operation Costs
Ichigo Hotel will bear the operational costs of the Shareholder Program (such as costs toprint and mail information to shareholders), but will not bear any costs associated withthe discounted rates.
4. Handling of Personal Information
Neither Ichigo Hotel nor its Asset Management Company, Ichigo Investment Advisors,plans to obtain personal information via the Shareholder Program.
5. OtherIchigo Hotel plans to continue the Shareholder Program for the January 2022 fiscal
period and subsequent fiscal periods. However, program details, such as applicable
hotels, may change based on discussions with hotel operators. Ichigo Hotel willpromptly disclose details should any change to the program be decided.
6. Earnings Outlook
Operational costs of the Shareholder Program are minimal and have no impact on
Ichigo Hotel’s July 2021 fiscal period earnings forecast announced in the June 28, 2021
release, “Earnings Forecast Revision for the July 2021 Fiscal Period,” or the January2022 fiscal period earnings forecast announced in the March 17, 2021 release, “January
2021 Fiscal Period Earnings.”

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