Ishin Hotels Group

A Dynamic Organization EXPERIENCED corporate and hotel operation SUCCESSFUL branding ( the 　hotels ) b , PROVEN turn–around capabilities EXPANDING — now 17 hotels with 4,323 rooms EXTENSIVE team — 1,500 members GROWING market recognition — 14th year of operation

Four Pillars of Success To be the premier hospitality company in Japan. (Management and Franchise partner) Vision To grow nationwide, as we turn-around and professionally manage a diversified hotel portfolio. Mission Team Effectiveness Guest Satisfaction Profitable Operations Quality Brand Management Core Values Culture Balancing our core values in order to fulfill (and exceed!) all our stakeholders’ expectations.

The Ishin Hotels Group Portfolio Our Own Brands Owned and operated 1,477 Franchise Owned and operated 548 Ownership / Lessor 1,192 Original Brands Owned and operated 1,106 Strategic Partnership Asset management only

Investment Structure Ishin Hotels Ishin Hotels Group Operating Management Agreements Operations 90% 10% Ishin Hotels Operating Companies / Team Ishin Hotels Group Grove managed funds

Cost Rationalization/ KPI F&B Support / Restructuring Turn-around Process Brand Management Human Resources Revenue Management Cost Rationalization/ KPI F&B Support / Restructuring Asset Management The six key steps in our turn-around and continuous value creation process

Organization CEO CFO MD/Hotel GM’s Hotel Controller Audit Committee Asset Management (6) Business Development (5) Technical Services (3) Portfolio Management (1) Human Resources (1) Finance (11) Internal Audit ・Disposition ・Acquisition ・Loan mgmt. ・Capital mgmt. ・Tenant mgmt. ・Maintenance ・Capex ・Renovations ・Project mgmt. ・Analyst ・Valuations ・IBP / FBP ・KPI ・Administration ・General affairs ・I-net ・Training ・Development ・Accounting ・Cash mgmt. ・Reporting ・Lender comm. ・FBP ・Marketing/ Sales ・Web ・Distribution ・Revenue Mgmt. ・PR Digital Media ・IBP MD/Hotel GM’s Hotel Controller IT is outsourced

Senior Management Team CEO Michael Nigitsch Austrian national 33 years of international hotel management experience 23 years with Hilton International in Europe, Africa and Asia (VP for Japan/Micronesia) 10 years with Ishin Hotels Group CFO Yasushi Kamei 23 years of experience in finance and accounting 6 years in real estate investment industry Previously VP in Carlyle LLC Joined Ishin Hotels Group in April 2011

Senior Management Team Vice President, Technical Services Kenji Matsuo Over 20 years of experience in the construction business Experience in domestic contractor / project management and in America and Canada with Caesar Park Hotels & Resorts, New York Joined Ishin Hotels Group in September 2005 replace photo Executive Director, Asset Management Tetsuya Hashiramoto Over 15 years of experience in real estate investment / financing / securitization CEO of Mellow Partnership Limited Founder and Managing Partner of Himori Hashiramoto with ¥136 billion of real estate transactions over 5 years Co-founder of Capital Advisors Joined Ishin Hotels Group in May 2011 Vice President, Sales & Marketing Annette MacAndrew Over 20 years of experience in sales & marketing (MBA) Strong track record in e- / channel / web marketing and revenue management Experience in various mid-range, regional hotel groups Joined Ishin Hotels Group in January 2009

Corporate) IT platform Corporate Design Learning and Development Platform Operational Infrastructure Integrated (PMS / Corporate) IT platform

Corporate Design Corporate B(alance) S(core) C(ard) philosophy Audits Corporate Social Responsibility

How We Add Value Revenue management and distribution expertise Web and social media expertise Fully integrated business planning, processing and reporting KPIs, manuals, standard policies Human resources coaching and “change management” Technical service support Expense management paired with tactical / strategic performance enhancement Attractive and flexible management contract terms

At Ishin, we imagine what is possible and work to achieve it. Thank you and please visit us any time on “www.ishinhotels.com”