#1一期一会| ICHIGO Ichigo Hotel (3463) Ichigo Hotel July 2023 Fiscal Period Corporate Presentation Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. September 14, 2023 Ichigo ESG www.ichigo-hotel.co.jp/en#2Make The World 一期一会 More Sustainable ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#3World-Class Excellence 一期一会 ICHIGO Ichigo's 一期一会 ICHIGO Hiromi Miyake Ichigo ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#4TAIRER TOYOTA TOYOTA 49MARNAS A STADIUM 不二腐 BRITISH PUB BOOBY'S フロムワン サビール ASIASATY MAN BRAY 3 DENSO CENSO Ichigo J.LEAGUE トインステルス Ichigo is a J.League Top Partner J.LEAGUE 一期一会 ICHIGO TOP PARTNER Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#5一期一会| ICHIGO July 2023 Results ✓ July 2023 Highlights ✓ July 2023 Earnings Breakdown ✓ Hotel Operating Results: Significant YOY Increases in Revenue, RevPAR, Occupancy, ADR ✓ Hotel Operating Results: RevPAR Growth in All Regions via ADR Increase ✓ Organic Growth: Driving Earnings Growth ✓ Sustainability Initiatives ✓ Shareholder Program: Shareholder Discount Program ✓ Shareholder Program: Ichigo J.League Shareholder Program Sustainability as a Key Management Priority ✓ August 2023 Initiatives: Asset Acquisitions via Sponsor Support ✓ August 2023 Initiatives: Third-Party Share Allotment ✓ August 2023 Initiatives: Significance of Initiatives ✓ August 2023 Initiatives: Driving Dividend Growth ✓ August 2023 Initiatives: Increased Geographical Diversification & Portfolio Stability ✓ August 2023 Initiatives: Ichigo's THE KNOT Hotel Brand ✓ Organic Growth: Driving Value via Ichigo's Hotel Branding ✓ External Growth: Portfolio Growth Opportunity via Ichigo Sponsor Support Earnings Forecasts ✓ January 2024/July 2024 Forecast Assumptions ✓ January 2024 Forecast ✓ July 2024 Forecast ✓ July 2024 Dividend Ichigo's Commitment to ESG ✓ Ichigo Sustainability Policy ✓ Ichigo Climate Positive: CO2 Reduction > Emissions ✓ On Track Toward Achieving 2025 RE100 Target ✓ Ichigo ESG - Environmental ✓ Ichigo ESG - Social ✓ Ichigo ESG - Governance Appendices ✓ Portfolio Details ✓ Loan Details & Shareholder Composition ✓ Sponsor, Shareholder Alignment Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. LO 5#6July 2023 Results 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. CO 6#7一期一会| ICHIGO July 2023 Highlights JPY 721M Net Income Results +JPY 360M (+99.7%) YOY RevPAR JPY 6,948 (16 variable rent hotels) +JPY 2,547 (+57.9%) YOY • NOI FFO JPY 1,589M +JPY 536M (+51.0%) YOY JPY 4,382 +JPY 1,529 (+53.6%) YOY . Details • Up on government travel subsidy program, robust inbound demand growth • • • • +JPY 320M (+79.7%) vs. initial forecast (Mar 2023) • -JPY 2M (-0.4%) vs. revised forecast (July 2023) Occupancy: 83.1% (+0.7% vs. 82.4% initial forecast) • ADR: JPY 8,359 (+44.3% vs. JPY 5,791 initial forecast) Increase in variable rent on back of hotel demand recovery +JPY 407M (+34.5%) vs. initial forecast +JPY 0.9M (+0.1%) vs. revised forecast • FFO up on NOI increase JPY 2,831 Dividend NAV +JPY 1,413 (+99.6%) YOY JPY 136,875 +JPY 4,608 (+3.5%) vs. previous period • Operating Revenue increase driving Dividend increase +JPY 1,225 (+79.6%) vs. initial forecast • -JPY 10 (-0.4%) vs. revised forecast Total unrealized gains: JPY 3.3B (+JPY 1.3B vs. previous period, +2.4%) 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 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7#8July 2023 Earnings Breakdown (JPY million) Jul 2022 Actual Jul 2023 Initial Forecast VS. (Reference) Actual (A) (Mar 2023) Initial Forecast (B) (A) - (B) Revised Forecast (Jul 2023) Major Variation Factors (vs. Initial Forecast) Operating Revenue 1,248 1,796 1,400 +395 1,796 Variable Rent 302 756 385 +371 768 Increase in variable rent +392 (Nest Osaka Shinsaibashi, Shibuya, Asagaya, Sapporo Ekimae, Osaka Sakaisuji, Fukuoka Tenjin, Okayama, Kumamoto, Kyoto, Nagano, Sapporo Odori) Decrease in variable rent -21 (Matsuyama, Kurashiki) Fixed Rent 900 992 972 +19 981 Increase in fixed rent (Valie Hiroshima, Kurashiki) Other (Gains on Sales, etc.) 45 47 42 +5 47 Increase in Other (Asagaya: Retail rent, renewal fee, and utility income) Operating Expenses 681 862 744 +118 863 AM fee +128, Administrative expenses -7, Utility expenses +2, Other +1 Repair & Maintenance 38 31 46 -14 33 Unused reserve for repair expenses Depreciation 364 387 378 +8 387 Operating Profit 566 933 655 +277 933 Recurring Profit 362 722 402 +320 725 Interest expenses -27, Borrowing-related expenses -20, Amortization of share issuance expenses +6 Net Income 361 721 401 +320 724 Dividend JPY 1,418 JPY 2,831 JPY 1,576 +JPY 1,255 JPY 2,841 +79.6% vs. previous forecast announced on Mar 2023 -0.4% vs. revised forecast announced on Jul 2023 +99.6% YOY (+JPY 1,413) FFO JPY 2,853 JPY 4,382 NOI 1,052 1,589 1,182 +407 1,588 Post-Depreciation NOI 687 1,201 803 +398 1,201 Capex 199 551 +749 -197 Decrease due to renovations not conducted at hotels leased as Covid facilities Book Value 52,445 54,704 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8#9Hotel Operating Results Significant YOY Increases in Revenue, RevPAR, Occupancy, ADR Variable Rent Hotels (16 Hotels) Feb 1, 2022 - Jul 31, 2022 Feb 1, 2023 - Jul 31, 2023 Feb 1, 2019 Change YOY - Jul 31, 2019 Room Revenue (JPY M) 1,936 3,020 +1,084 +56.0% 2,903 Total Revenue (JPY M) 2,018 3,223 +1,205 +59.7% 3,062 RevPAR (JPY) 4,401 6,948 +2,547 +57.9% 7,111 Occupancy 84.9% 83.1% -1.8% -2.1% 86.6% ADR (JPY) 5,183 8,359 +3,176 +61.3% 8,214 Total Portfolio (23 Hotels) Feb 1, 2022 Feb 1, 2023 Feb 1, 2019 Change YOY - Jul 31, 2022 - Jul 31, 2023 - Jul 31, 2019 Room Revenue (JPY M) 2,820 4,201 +1,381 +49.0% 4,194 Total Revenue (JPY M) 2,919 4,467 +1,548 +53.0% 4,408 RevPAR (JPY) 4,350 6,532 +2,182 +50.2% 6,799 Occupancy 78.8% 80.1% +1.3% +1.7% 85.8% ADR (JPY) 5,523 8,153 +2,630 +47.6% 7,922 一期一会| ICHIGO Data comparisons for all periods use data of 16 hotels currently owned by Ichigo Hotel except the July 2019 fiscal period, which uses data of 15 hotels excluding Valie Hotel Hiroshima, for which data could not be obtained. Data excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi. Operating results before acquisition are based on data provided by previous owner. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9#10Hotel Operating Results RevPAR Growth in All Regions via ADR Increase YOY by Region (Feb 2023 - Jul 2023) Total Portfolio RevPAR Hokkaido Occupancy Kanto/ Koshinetsu 23 Hotels (excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi) ADR Tokyo Tokai/ Chubu Kyoto Osaka +171% +135% +137% +120%+120% +110% Kobe Chugoku/ Shikoku Kyushu +50% +48% +85% +81% +35% +35% +29% +24% +57% +19% +22% +14% +14% +12% +13% +2% +2% 0% +9% -3% -7% -18%-12% -14% (JPY) RevPAR 9,281 5,751 12,565 5,227 5,327 6,399 6,065 5,490 6,337 Occupancy 90.9% 94.0% 81.6% 70.3% 67.2% 82.4% 71.6% 81.7% 84.6% No. Hotels % of Total Portfolio Rental 3 2 3 4 1 2 1 5 2 13% 5% 17% 15% 3% 12% 3% 19% 8% Income 一期一会| ICHIGO Hotel Wing International Nagoya, Nest Hotel Kumamoto, Valie Hotel Hiroshima, and Hotel Sunshine Utsunomiya were negatively impacted from April 2023 by the end of leasing all rooms to local governments. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10#11Organic Growth Driving Earnings Growth (1) Smile Hotel Nagano (Former Comfort Hotel Nagano) Rebranded & Reopened in March 2023 - Changed operator to K.K. Hospitality Operations Driving earnings growth via change to variable-rent contract ✓ Conducted renovations as part of rebranding ✓ Capture both business and leisure demand ✓ Combination of market recovery and variable rent resulting in revenue equivalent to last year's earned due to special Zenkoji Temple event ✓ Rental income +80% vs. before rebranding (March - July 2023 5-month actual results) ✓ Appraisal Value +1.8% vs. previous period. 一期一会| ICHIGO Smile Hotel ㅁ ㅁ DO DO ㅁㅁ ח п F O Π ח 000 ㅁㅁㅁ п - Sande Lotel O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 11#12Organic Growth Driving Earnings Growth (2) The OneFive Garden Kurashiki Reopened in March 2023 - Conducted renovations in anticipation of hotel demand recovery ✓ Aiming for high value-add hotel via enhanced operator services ✓ Ramp up efforts to capture leisure demand driven by Kurahashiki Bikan Historical Quarter, located near the hotel ✓ Adding hotel value & driving demand via addition of smoking area and laundry machines ✓ Post-renovation occupancy 90.0% (+40% YOY), ADR JPY 8,291 (+14% YOY) YOY Comparison (July 2022 - July 2023) The Onefive Garden Karahd I RevPAR ADR 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Occupancy (JPY) 90.0% 8,291 50.2% 7,464 7,297 3,662 July 2022 Actual July 2023 Actual 12#13一期一会| ICHIGO Sustainability Initiatives Minimizing Environmental Impact of Ichigo Hotel-Owned Assets Completed renewable energy transition at 9 hotels as of July 31, 2023 - - - - Targeting renewable energy transition for all hotels by January 2024 Renewable energy at transitioned hotels: 4,136,516kWh (Feb 2023 actual) CO2 Reduction: 1,824 tons (calculated as 0.441kg CO2 per kWh) Procurement of Non-Fossil Certificate Tracking to Achieve RE100 Target (TBD) Energy Efficiency Improvements - Promoting energy consumption reduction via inspections & installing LED lights and water-saving systems across all hotels No. Of Water-Saving No. Of LED Lights % Hotels Systems Hotels 100% 3 Installed 20 >50% 11 Not Installed 2 25% - 50% 4 TBC 3 <25% 2 Total 25 TBC 5 Total 25 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13#14Shareholder Program Shareholder Discount Program Program Established to Express Gratitude to Ichigo Hotel Shareholders and Accelerate Hotel Industry Growth Special Discount Rates (including hotels not owned by Ichigo Hotel) Minacia Co., Ltd. Hotel Wing International ✓ Special rate 12% lower than rates on hotel website ✓ 41 Hotel Wing International Hotels located across Japan, from Hokkaido to Kagoshima HOTEL WING INTERNATIONAL S K.K. Hospitality Operations Smile Hotels ✓ Special rate 10% lower than rates on hotel website 75 Smile Hotel and Hotel Emisia brand hotels located across Japan, from Hokkaido to Okinawa Greens Co., Ltd. Choice Hotels ✓ Special rate 10% or 13% lower than rates on hotel website ✓ 73 Comfort Hotel brand hotels located across Japan, from Hokkaido to Okinawa 1 ホテル スマイルホテ Smile Hotel 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14#15Shareholder Program Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan First Japanese company to include not just its own shareholders, but also the shareholders of the REITS and solar power producer that it manages, in its shareholder program (76,000 shareholders total) First company to offer shareholders free tickets to every J.League game at every J.League club Ichigo is deepening its partnership with the J.League and working to further Ichigo's mission of promoting local community developments. JOIN and ENJOY J.League 30th Anniversary Event (May 14, 2023) Invited shareholders to participate in opening ceremony as flag bearers and watch a special match みんなで Jリーグを応援しよう!! いちごJリーグ 株主・投資主優待 一期一会 ILLAGUE ICHIGO TOP PARTNER ©J.LEAGUE SOAISIN KONAMI Ichigo J.League Shareholder Program Website Landing Page 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15#16一期一会| ICHIGO Sustainability as a Key Management Priority O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 16#17一期一会| ICHIGO August 2023 Initiatives Asset Acquisitions via Sponsor Support Acquired Assets: 5 Hotels/JPY 15B Hotel Comfort Hotel Osaka Shinsaibashi (Ichigo Shinsaibashi Building) HOTEL THE KNOT YOKOHAMA Quintessa Hotel Ise Shima Quintessa Hotel Ogaki THE KNOT SAPPORO Acquisition Date August 25, 2023 Acquisition Price 3,700 4,800 610 1,070 4,900 (JPY M) Appraisal value 3,900 5,610 644 1,150 5,300 (JPY M) Appraisal 4.7% 5.7% 11.9% 10.0% 5.0% NOI Yield Lease Terms No. Of Guest 214 145 Variable + Fixed 150 140 Rooms Operator Greens Co., Ltd. K.K. Hospitality Operations Core Global Management Co., Ltd. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 98 Core Global Management Co., Ltd. OneFive Hotels Inc. 17#18一期一会| ICHIGO August 2023 Initiatives - - Third-Party Share Allotment Best Approach to Minimize Share Price Impact & Share Dilution & Maximize New Share Proceeds on Behalf of Ichigo Hotel Shareholders Issuing shares at previous day's closing price - no Ichigo Hotel share price impact Issuing shares at no discount (unlike J-REIT public offerings, which almost always require a discount) - No public offering costs Overview of New Share Issuance No. Of Shares Being Offered Issue Price Total Issue Amount Offering Method Allottees & Number of Shares 72,515 shares JPY 111,700 per share JPY 8,099,925,500 Third-Party Allotment Ichigo Trust Ichigo 59,087 shares 13,428 shares O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 18#19一期一会| ICHIGO August 2023 Initiatives Significance of Initiatives Leveraging Sponsor Support to Drive Growth & Participate in Japan's Accelerating Hotel Market Recovery Forecast (July 2023) JPY 2,134 Revised Forecast JPY 2,246 (+5.2%) Dividend Growth · Increasing January 2024 Dividend Increased Portfolio Scale • Increased Portfolio Stability & Earnings Upside Strong Sponsor Support • • Acquiring Assets with NOI upside (5 Assets, JPY 15B) ✓ Portfolio scale increasing to 30 hotels, JPY 69.8B AUM (Acquisition price basis) Increased Portfolio Stability via Geographic Diversification & Ability to Capture Both Leisure & Business Demand Acquiring HOTEL THE KNOT YOKOHAMA & THE KNOT SAPPORO ✓ Ichigo boutique hotels that offer more refined guest services & therefore command higher daily rates Acquiring 5 Hotels Initially Scheduled for Acquisition in March 2023 at Same Acquisition Prices, despite Growth in NOI & Appraisal Value since March Initiatives collectively refers to the hotel acquisition, third-party share issuance, and loan detailed in "Issuance of New Shares via Third-Party Allotment," "Acquisition of Five Hotel Assets," "New Loan for Acquisition of Hotel Assets," "Earnings Forecast Revision for the January 2024 Fiscal Period" announced on August 16, 2023. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19#20August 2023 Initiatives Driving Dividend Growth - - — Impact of Acquisition on Jan 2024 Dividend: +JPY 112 (+5.2%) Jan 2023 Period Had One-Off Rental Income due to Leases to Local Governments during Covid – Excluding These One-Offs, Jan 2024 Dividend +76.4% YOY Expecting Further Growth on Lifting of Chinese Ban on Group Tours Dividend Actual Results & Forecast (JPY) 一期一会| ICHIGO J 2,240 Impact from Local I Government Leases | 967 1,273 +5.2% 2,246 2,134 +67.6%, +76.4% January 2023 (Actual) January 2024 (Forecast Announced in July 2023) January 2024 (Revised Forecast) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20 20#21August 2023 Initiatives Increased Geographical Diversification & Portfolio Stability As of July 31, 2023 Acquired Hotels As of August 25, 2023 No. Of Hotels 25 5 30 Acquisition Price JPY 54.7B JPY 15.0B Appraisal Value JPY 58.0B JPY 16.6B JPY 69.8B JPY 74.6 Total No. Of Rooms 3,989 ΝΟΙ JPY 1,589M Nagoya Kobe Kyushu 4.9% 2.7% 747 JPY 383M (Jan 2024 forecast) 4,736 JPY 1,813M (Jan 2024 forecast) NagoyaKobe 3.8% 2.1% 6.6% Hokkaido Osaka 16.8% Kyushu 5.2% Osaka 18.5% 7.1% Increased Geographical Hokkaido Geographic Diversification Kanto Koshinetsu Tokyo 16.4% Diversification 12.5% Tokyo 8.0% Kyoto 8.2% Chugoku- Kanto Koshinetsu 13.3% 12.8% Chugoku Shikoku Shikoku Kyoto Tokai 13.1% 16.3% 6.4% Tokai 12.8% 12.7% 一期一会| ICHIGO Note: Geographical Diversification is on an acquisition price basis Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21 24#22August 2023 Initiatives Ichigo's THE KNOT Hotel Brand (1) Acquired 2 Ichigo Boutique Hotels "THE KNOT" HOTEL THE KNOT YOKOHAMA 一期一会| ICHIGO C KNOT MAKE YOURSELVES AT HOME THE KNOT SAPPORO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. R2 22 22#23一期一会| ICHIGO August 2023 Initiatives Ichigo's THE KNOT Hotel Brand (2) Restaurant & Bar at THE KNOT SMOKE DOOR Grill Restaurant Maximizing Potential of Ingredients THE KNOT YOKOHAMA LES BOIS THE KNOT SAPPORO Lounge THEKNOT ORO Ichigo promotes the revitalization of communities and aims to expand THE KNOT hotel lineup. The hotels are rooted in and promote local communities. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23#24Organic Growth Driving Value via Ichigo's Hotel Branding THE KNOT Boutique Hotels - - Attracting locals in addition to hotel guests Fostering ties with local communities, promoting culture, & creating comfortable spaces THE KNOT The OneFive: Hotel Brand Focused on Omotenashi (Japan's Tradition of Hospitality & Service) via Offering of Selected Food - - Seasonal menus featuring local foods Known for welcome afternoon tea and sweets boxes 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. OneFive Hotels 24#25一期一会| ICHIGO External Growth Portfolio Growth Opportunity via Ichigo Sponsor Support Sponsor Owns 13 Hotels Across Japan, Mainly Lodging-Focused Hotels Sponsor-Owned Hotels By Area Kanto Koshinetsu Tokyo Chugoku/ Shikoku SERIC Area No. Of Hotels Book Value at Acquisition (JPY M) Kanto Koshienetsu 2 5,331 Tokyo 2 8,211 Yokohama Utsunomiya, Tochigi Shinjuku Hiroshima Kinki 1 5,322 Kyushu Chugoku/ 1 3,962 Shikoku Kyushu 7 23,940 Total 13 46,767 The OneFive Villa Fukuoka PLAZA HOTEL As of May 31, 2023 (excludes hotels acquired on August 25, 2023) Fukuoka Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25#26一期一会| ICHIGO Earnings Forecasts O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 26#27January 2024/July 2024 Forecast Assumptions Assuming 30 Currently-Owned Hotels & No Rebranding/Re-tenanting Not Assuming Inbound Tourism Increase or Group Tourism Demand From China Assuming Drop Out of Demand From Japanese Government's Domestic Travel Subsidy Program (Reference) January 2023 Actual January 2024 Forecast Difference YOY Change January 2020 Actual Occupancy 87.1% ADR (JPY) RevPAR JPY 7,186 84.6% JPY 8,217 -2.5% -2.9% 84.1% +JPY 1,031 +14.3% JPY 7,664 JPY 6,259 JPY 6,952 +JPY 693 +11.1% JPY 6,447 Occupancy ADR RevPAR (Reference) July 2023 Actual July 2024 Forecast Difference YOY Change July 2019 Actual 83.7% 85.5% +1.8% +2.1% 86.1% JPY 8,957 JPY 7,498 JPY 8,805 -JPY 152 -1.7% JPY 8,298 JPY 7,525 +JPY 27 +0.4% JPY 7,143 * Data of 21 hotels for all fiscal periods except the July 2019 fiscal period, which reflects data for 19 hotels excluding Valie Hotel Hiroshima & THE KNOT SAPPORO 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27#28January 2024 Forecast No Change From Forecast Announced on August 16, 2023 (JPY million) Jan 2023 Actual (A) Jan 2024 Revised Forecast (B) vs. Forecast (B) - (A) Major Factors for Variation Operating Revenue 1,537 2,094 +557 Increase in variable rent +421 (5 acquired hotels, Kurashiki, Nest Osaka Shinsaibashi, Matsuyama, Sapporo Odori, Nagano, Fukuoka Tenjin, Sapporo Ekimae, Kyoto, Okayama) Variable Rent 487 752 +265 Decrease in variable rent -156 (Valie Hiroshima, Kumamoto, Nagoya) *Due to termination of contracts leasing all rooms Fixed Rent 998 1,224 +226 Increase in fixed rent +235 (5 acquired hotels, Kurashiki, Utsunomiya, Osaka Sakaisuji) Decrease in fixed rent -9 (Nagano) Other (Gains on Sales, etc.) 51 117 +66 Retail rent: 3 acquired hotels +47, Utsunomiya +2, Kumamoto -4 Utility income +15, Other income +5 AM fee +48, Administrative expenses +6, Utility expenses +15 Operating Expenses 755 1,007 +252 Fixed asset tax +10, Insurance/Management outsourcing fees, trust fees +18 Repair & Maintenance 21 75 +54 Depreciation 373 473 +100 Operating Profit 781 1,086 +305 Recurring Profit 572 736 Interest expenses +81, Borrowing-related expenses +55 +164 Amortization of share issuance expenses +5, Amortization of bond issuance expenses - 1 Net Income 571 735 +164 +0.3% YOY Dividend JPY 2,240 JPY 2,246 +JPY 6 ±0 vs. previous forecast +JPY 112 impact from acquisition of 5 hotels NOI 1,353 1,813 +460 Post-Depreciation NOI 980 1,339 +359 Capex 194 457 +263 Increase due to value-add capex for 5 acquired hotels No. Of Shares Outstanding 254,974 327,489 +72,515 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28#29July 2024 Forecast Assuming End of Contract for Leasing Rooms to Local Governments & Drop Out of Demand From Government Travel Subsidy Program Dividend +JPY 137 Due to Acquisition of 5 Hotels (JPY million) Jul 2023 Actual (A) Jul 2024 Forecast (B) vs. Forecast (B) - (A) Major Factors for Variation Operating Revenue 1,796 2,372 Variable Rent 756 967 Fixed Rent 992 1,265 +576 Increase in variable rent +273 (5 acquired hotels, Kurashiki, Nagoya, Okayama, +211 Matsuyama) Decrease in variable rent -62 (Valie Hiroshima, Kumamoto) *End of leasing all rooms +273 Increase in fixed rent +273 (5 acquired hotels, Kurashiki, Nagano) Retail rent (3 acquired hotels) +67 Other (Gains on Sales, etc.) 47 139 +92 Utility income +17, Other income +7 Operating Expenses 862 1,142 +280 AM fee +51, Administrative expenses +21, Fixed asset tax +48 Insurance/Management outsourcing fees, trust fees +21, Utility expenses +15 Repair & Maintenance 31 60 +29 Depreciation 387 481 +94 Operating Profit 933 1,229 +296 Recurring Profit 722 894 Interest expenses +114, Borrowing-related expenses +12 +172 Amortization of share issuance expenses +5, Amortization of bond issuance expenses -7, Non-operating income -1 Net Income 721 893 +172 -3.6% YOY Dividend JPY 2,831 JPY 2,728 -JPY 103 +JPY 137 impact from acquisition of 5 hotels ΝΟΙ 1,589 2,052 +463 Post-Depreciation NOI 1,201 1,570 +369 Capex 551 541 -10 No. Of Shares Outstanding 254,974 327,489 +72,515 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29 29#30一期一会| ICHIGO July 2024 Dividend Conservative Forecast of Hotel Demand Growth Due to Drop Out of Demand From Japanese Government Travel Subsidy Program. Conservative Forecast of Rental Expenses & Non-Operating Expenses Impact of 5 Newly Acquired Hotels on Dividend: +JPY 137 (+5.29%) Dividend +8 1 2,831 -77⇓ +18 -190 +1371 2,728 25 existing hotels 5 new hotels July 31, 2023 ΝΟΙ Depreciation SG&A Expenses Non-Operating Asset Acquisition Expenses Impact July 31, 2024 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (JPY) 30#31Ichigo's Commitment to ESG Ichigo ESG 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 31#32一期一会| ICHIGO Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to Low-Carbon Society Ichigo seeks to contribute to a low-carbon society and address climate change by lowering its energy consumption and greenhouse gas emissions, using renewable energy, and improving the resilience of its assets. Regulatory and Environmental Compliance Ichigo complies with all environmental laws and regulations and Ichigo's own independently-established environmental rules. Ichigo also carefully monitors and complies with all applicable changes in laws and regulations. Training, Awareness, and Cooperation With Stakeholders Ichigo works to increase sustainability awareness via company training sessions, and promotes understanding of its Sustainability Policy among all Ichigo employees and tenant employees working at its assets. Ichigo also works with stakeholders to promote understanding of its Sustainability Policy and implement sustainability initiatives. Sustainability Performance Communication and Disclosure Ichigo communicates this Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis. Sustainable Procurement Ichigo implements sustainable procurement measures, including the use of environmentally-friendly construction methods and materials, actively installing energy and resource efficient equipment, and the inclusion of sustainability initiatives as a selection criteria for business partners. Building a Diverse, Inclusive Organization Ichigo respects human rights and works to build a diverse organization where employees work with respect for each other and realize their full potential regardless of race, beliefs, religion, skin color, nationality, age, gender, sexual orientation, gender identity, disabilities, and social status. Ichigo also provides a healthy, comfortable work environment that focuses on employee performance and well-being, and drives organizational growth. Biodiversity and Ecosystem Preservation Ichigo contributes to the preservation of biodiversity and ecosystems via the addition of greenery to the interiors and exteriors of its assets, primarily using native plants. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32#33Ichigo Climate Positive: CO2 Reduction > Emissions Ongoing Ichigo Clean Energy Production Growth & Renewable Energy Transition & Carbon Offsets CO2 Reduction vs. CO2 Emissions Total Ichigo Power Plant CO2 Reduction¹ Total Ichigo CO2 Emissions (Scope 1+2) Impact of Reduction Measures -250 (tons) 一期一会| ICHIGO 83,412 75,425 75,808 59,445 CO2 Emissions Reduction Measures Ongoing Initiatives Switch to Renewable Energy 28,900 tons Decreased Energy Consumption 870 tons New Initiatives Non-Fossil Certificate Tracking for Ichigo Power 26,000 Plants 4,700 tons -7,070 95,478 98,647 -34,470 54,803 FY20/2 CO2 Reduction Base Year FY21/2 Start RE100 FY22/2 FY23/2 1 Calculated using each EPCO's adjusted CO2 emission factor disclosed by the Ministry of Environment as a fixed constant for each period O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 333 33#34On Track Toward Achieving 2025 RE100 Target Ichigo RE100 Progress FY24/2 Target 85% FY25/2 Target FY23/2 Renewable Energy Transition Impact 100% CO2 Reduction 35,000 tons p.a. Renewable Energy Ratio (as of May 31, 2023) Renewable 71% Energy Switch 49% CO2 Emissions of Cars × 15,200 cars p.a. 22% Non-Fossil Certificate Tracking for Ichigo Power Plants 一期一会| ICHIGO Includes all Ichigo, Ichigo Hotel (3463), and Ichigo Office (8975) assets RE100 °CLIMATE GROUP CDP O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 34#35Ichigo ESG - Environmental Sustainability-Driven & Climate Positive Effective Use of Existing Real Estate Preserve & Improve Real Estate to End Wasteful Demolition Ichigo's Sustainable Real Estate business has a proven track record of preserving and improving existing real estate. Ichigo will build on this long-standing commitment to sustainability by developing new technologies to extend the lives of buildings and other social infrastructure 100 years and beyond. Ichigo's Sustainable Real Estate Preserve & Create Value Sustainable Increase Quality of Real Estate Tenant Services Renovate & Repair Increase = Tenant Satisfaction Improve aesthetics and comfort Seismic reinforcements Regulatory compliance Increase energy efficiency Towards a Net Zero Carbon Society Community-Based, Productive Use of Idle Land for Clean Energy Ichigo will not build power plants that require the clearing of wooded land or the altering of the landscape in a way that increases the risk of floods, landslides, or other water-related disasters, or that face opposition from local communities. Annual Power Production 222,927,029 kWh Equivalent to annual Energy consumption of 51,600 households Annual CO2 Reduction 98,647,576 kg Equivalent to annual CO2 emission of 43,000 cars J-REIT Initiatives Pro-Active Environmental Certifications Ichigo ESG ∞ Environmental By obtaining certifications such as GRESB, CASBEE, BELS, and DBJ Green Building, Ichigo is demonstrating our long-standing commitment to sustainability via initiatives that benefit investors, tenants, clients, and other stakeholders. Ichigo Hotel (3463) Certifications • The OneFive Tokyo Shibuya (BELS, 4 stars) GRESB (Since 2021) • Received Green Star for 2 years in a row. Evaluated for ESG, management, & performance Transition to Renewable Energy * Mar 2022 Feb 2023 Actuals Completed at 9 hotels To be transitioned sequentially at other hotels Ichigo Office (8975) Certifications • 22 (19 assets) 32.0% of total leasable office area GRESB (Since 2016) • Received Green Star for 6 years in a row. Evaluated for ESG, management, & performance Transition to Renewable Energy Completed at all 74 assets by April 2023 (excludes partially-owned assets) 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (as of July 31, 2023) 35#36Ichigo ESG - Social Contributing to a Sustainable Society Contributing to Regional Revitalization Ichigo works to revitalize local communities and promote regional economic development. Ichigo's model of preserving and improving existing real estate creates jobs and supports businesses, and our clean energy plants also support their host communities by providing new and sustainable sources of income. THE KNOT TOKYO Shinjuku Hotel / Tokyo https://hotel-the- knot.jp/tokyoshinjuku/en Ichigo University Ichigo established Ichigo University in May 2013 to support employees' continuing education and personal growth. Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience. Average Annual Number of Courses: 30 Ichigo University Classes 温暖化に歯止めをかける! 2020年10月、日本政府は、 「2050年までに、温室効果ガスの排出を全体としてゼロにする。 2000年カーボンニュートラル、炭素社会の実現を目指す」 ことを宣言 続いて、2021年4月、日本政府は、 として向けてする Sports Initiatives Ichigo ESG 8 Social As a top partner of the J.League professional soccer league, we support the league's mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, and track and field. Miyako City ORBEN ORBENE Retail Asset / Miyazaki 一期一会| ICHIGO www.miyakocity.com ことを宣言 気候変動の取組みには、 求められる。 のためのシナリオが Online In-Person O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. ICHIG Hiromi Miyake (Weightlifting) Certified as a Sports Yell Chisato Kiyoyama (Track and Field) SPORTS Company & Tokyo Metropolitan YELL Government Sports TOKYO 東京都スポーツ推進企業 COMPANY 2023 2022 E Promotion Company for 6th year in a row Ichigo Sports Site (Japanese only) www.ichigo.gr.jp/ichigosports 36#37Ichigo ESG - Governance Global Best Practice Governance Ichigo ESG 8 No Fixed Fee, Performance Fee- Only Structure ✓ Shifted to performance- linked fee structure to support shareholder value creation on February 1, 2019 ✓ Pro-active, dynamic management of Ichigo Hotel assets on behalf of shareholders 一期一会| Best Practice Governance REIT ✓ Monitors Asset Management Company • All Ichigo Hotel Directors are Independent Directors Active dialogue and effective internal controls via Board discussions led by REIT Executive Director Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants) Asset Management Company (AMC) ✓ Best Practice • • • • Majority of AMC Directors (2 of 4) are Independent Directors Governance Independent asset management team & best practice execution on behalf of Ichigo Hotel REIT within AMC Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters Ensure objectivity by including third-party, independent lawyers and accountants in the Investment and Risk & Compliance Committees Only 2 J-REITS (out of 60), including Ichigo Hotel (3463) and Ichigo Office (8975), have both an Asset Management Company (AMC) board that has a majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REIT Independence of the Investment Corporation From AMC 24 of 60 J-REITs have AMC Presidents serving as Executive Director of the REIT All Ichigo Hotel Directors are Independent Independent Directors at AMC Only 5 Asset Management Companies have any Independent Directors 2 of 4 Ichigo Investment Advisors' Directors are Independent *Based on research as of August 31, 2023 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 37#38Appendix: Portfolio Details 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 88 38#39Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of July 31, 2023) Total JPY 1,748M (100%) 25 Hotels JPY 54.78B Lease Terms Fixed Rent Fixed + Variable Rent Variable Rent Form of Contract Lease Lease Lease Lease Fixed Rent Yes Yes Yes Variable Rent Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP Excess Above Fixed Portion of Hotel GOP Not Available1 1 Hotel JPY 1.49B (2.7%) Rental Income (Jul 2023 Actual) Number of Hotels Total Acquisition Price Hotels . . • • JPY 473M (27.1%) 8 Hotels JPY 13.90B (25.4%) Comfort Hotel Kushiro Comfort Hotel Hamamatsu Comfort Hotel Central International Airport • Comfort Hotel Suzuka • Hotel Livemax Nihombashi- Hakozaki • Urbain Hiroshima Executive . • Washington Hotel Plaza Shimonoseki Eki Nishi Hotel Sunshine Utsunomiya JPY 88M (5.1%) 2 Hotels JPY 4.16B (7.6%) • Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae JPY 1,143M (65.4%) 14 Hotels JPY 35.24B (64.3%) • Nest Hotel Sapporo Ekimae • Nest Hotel Sapporo Odori ⚫ Nest Hotel Osaka Shinsaibashi ⚫Nest Hotel Matsuyama • Nest Hotel Kumamoto • Smile Hotel Tokyo Asagaya • Smile Hotel Kyoto Shijo • Smile Hotel Nagano • Valie Hotel Hiroshima • The OneFive Fukuoka Tenjin • The OneFive Garden Kurashiki •The OneFive Tokyo Shibuya •The OneFive Okayama •The OneFive Osaka . Capsule Plus Yokohama Sakaisuji 1 一期一会| Operator did not provide consent to disclose information ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (100%) T 39#40Individual Hotel Summary (as of July 31, 2023) Jul 2023 Appraisal Unrealized Leasable Area Hotel No. Hotel Name Lease Terms Location (m²) Acquisition Price (JPY M) Book Value Value Gains (JPY M) (A) (JPY M) Cap Rate (%) (JPY M) (B) (B) - (A) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori A-3 Comfort Hotel Kushiro B-1 Capsule Plus Yokohama B-2 Smile Hotel Nagano Variable + Fixed Rent Variable Fixed Rent Fixed Rent Variable Rent Variable + Fixed Rent Sapporo 5,734.93 2,160 2,139 2,590 5.1 +450 Sapporo 5,638.78 1,450 1,415 1,820 5.0 +404 Kushiro, Hokkaido 3,180.58 300 272 365 5.5 +92 Yokohama 1,183.26 1,490 1,549 1,330 4.7 -219 Nagano 1,921.45 670 728 717 4.9 -11 B-3 Hotel Sunshine Utsunomiya Fixed Rent Utsunomiya, Tochigi 5,267.16 2,200 2,264 2,420 4.9 +155 C-1 Smile Hotel Tokyo Asagaya Variable + Fixed Rent Tokyo 2,721.70 3,910 3,833 4,640 4.3 +806 C-3 Hotel Livemax Nihombashi-Hakozaki Fixed Rent Tokyo 853.00 1,360 1,251 1,380 4.6 +128 C-4 The OneFive Tokyo Shibuya Variable + Fixed Rent Tokyo 1,470.52 3,700 3,786 4,240 3.4 +453 D-1 Comfort Hotel Hamamatsu Fixed Rent Hamamatsu, Shizuoka 4,173.92 1,550 1,371 1,780 5.1 +408 D-2 Hotel Wing International Nagoya Variable + Fixed Rent Nagoya 5,255.66 2,670 2,683 2,150 4.7 -533 D-3 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 11,599.63 5,308 5,156 5,800 4.1 +643 Hotel D-4 Comfort Hotel Suzuka Fixed Rent Suzuka, Mie 2,186.65 300 282 354 5.1 +71 E-1 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto 4,891.84 4,480 4,501 3,690 4.4 -811 E-3 The OneFive Osaka Sakaisuji Variable + Fixed Rent Osaka 3,568.32 1,630 1,744 1,230 4.8 -514 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 4,540.90 1,490 1,361 1,870 4.6 +508 E-5 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Osaka 8,057.26 7,600 7,484 5,650 4.4 -1,834 F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama Variable + Fixed Rent Variable Fixed Rent Okayama 5,543.70 1,200 1,180 1,900 5.7 +719 Matsuyama, Ehime 6,671.94 1,610 1,632 2,030 5.6 +397 F-3 Urbain Hiroshima Executive Fixed Rent Hiroshima 2,756.20 1,800 1,751 1,990 5.4 +238 F-4 The OneFive Garden Kurashiki F-5 Valie Hotel Hiroshima Variable + Fixed Rent Variable + Fixed Rent Kurashiki, Okayama 3,964.19 1,725 2,137 2,430 4.9 +292 Hiroshima 4,332.50 1,500 1,533 1,740 4.8 +206 F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Fixed Rent Shimonoseki, Yamaguchi 5,709.35 1,080 1,036 1,220 4.8 +183 G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Variable + Fixed Rent Variable + Fixed Rent Fukuoka Kumamoto 1,910.94 1,380 1,437 2,230 4.2 +792 6,404.36 2,220 2,166 2,440 5.2 +273 Total (25 Hotels) 109,538.74 54,783 54,704 58,006 4.6 +3,301 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 40#41一期一会| ICHIGO July 2023 Fiscal Period Individual Hotel Operating Results (year-on-year) Hotel No. A-1 Nest Hotel Sapporo Ekimae Hotel Name Lease Terms Location No. of Guest Rooms A-2 Nest Hotel Sapporo Odori A-3 Comfort Hotel Kushiro B-2 Smile Hotel Nagano B-3 Hotel Sunshine Utsunomiya C-1 Smile Hotel Tokyo Asagaya Variable + Fixed Rent Variable + Fixed Rent Fixed Rent Variable Fixed Rent Sapporo 162 10,861 Sapporo Kushiro, Hokkaido Nagano C-4 The OneFive Tokyo Shibuya Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Utsunomiya, Tochigi RevPAR (JPY) (+110.7%) 121 10,217 (+90.8%) 126 6,352 (+40.1%) 76 6,651 160 5,389 July 2023 (February 2023 - July 2023) Occupancy (%) ADR (JPY) Revenue (JPY M) 95.0% 86.2% 90.2% (+0.8%) 11,432 (+108.9%) 373.4 (+103.7%) (-9.4%) 11,847 (+110.6%) (+17.5%) 7,045 245.8 (+76.5%) (-) 98.0% (-) (-) 6,787 (+19.2%) 151.2 (+37.7%) 80.9 (-) Tokyo Tokyo D-1 Comfort Hotel Hamamatsu Fixed Rent Hamamatsu, Shizuoka D-2 Hotel Wing International Nagoya Variable + Fixed Rent D-3 Comfort Hotel Central International Airport D-4 Comfort Hotel Suzuka Fixed Rent Fixed Rent Nagoya Tokoname, Aichi Suzuka, Mie 224 105 E-1 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto E-3 The OneFive Osaka Sakaisuji Variable Fixed Rent Osaka E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 133 E-5 Nest Hotel Osaka Shinsaibashi F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Osaka Okayama Matsuyama, Ehime F-3 Urbain Hiroshima Executive F-4 The OneFive Garden Kurashiki F-5 Valie Hotel Hiroshima G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Variable + Fixed Rent Hiroshima Kurashiki, Okayama Hiroshima Fukuoka Kumamoto 201 (-28.0%) 112 11,932 (+83.7%) 72 17,233 (+174.1%) 196 5,719 (+55.6%) 3,699 (-32.2%) 346 6,062 (+44.7%) 4,811 (+15.3%) 144 5,326 (+135.5%) 130 6,664 (+151.5%) 6,065 (+29.2%) 302 6,284 (+181.3%) 208 5,732 (+62.1%) 190 4,704 (+25.6%) 171 4,678 (+118.2%) 107 7,464 (+133.8%) 171 5,837 (-22.2%) 77 10,459 (+166.0%) 4,758 (-4.8%) 75.1% (-19.8%) 7,180 (-10.2%) 203.8 (-6.2%) 99.6% 98.8% (+2.8%) 11,976 (+78.7%) 243.9 (+82.7%) (-0.2%) 17,437 (+174.5%) 229.1 (+179.3%) 82.5% (+20.7%) 6,934 (+28.9%) 202.9 (+55.6%) 60.0% (-40.0%) 6,162 (+13.0%) 156.0 (-29.5%) 67.9% (+21.0%) 8,923 (+19.5%) 387.9 (+43.5%) 77.1% (+4.5%) 6,238 (+10.3%) 92.0 (+15.0%) 67.2% (+12.0%) 7,925 (+110.3%) 145.9 (+126.1%) 96.8% (+0.6%) 6,887 (+150.0%) 157.3 (+150.1%) 71.6% (+13.0%) 8,469 (+14.3%) 159.0 (+31.0%) 76.3% (+23.8%) 8,240 (+127.2%) 344.9 (+156.6%) 98.8% (+1.0%) 5,803 (+60.4%) 221.6 (+59.7%) 79.9% (+4.0%) 5,889 (+20.7%) 209.9 (+29.3%) 60.8% (+53.2%) 7,692 (+42.4%) (+118.2%) 90.0% (+103.3%) 8,291 (+15.0%) 131.7 (+92.6%) 79.5% (-20.5%) 7,339 (-2.1%) 191.3 (-18.1%) 97.8% (+4.5%) 10,693 (+154.7%) 152.9 (+152.1%) 79.5% (-20.5%) 5,986 (+19.7%) 179.6 (-1.7%) 144.8 Other 455 Variable Rent Hotels 2,523 6,949 (+57.9%) 1,466 5,664 (+33.5%) 3,989 6,532 (+50.2%) 83.1% (-2.1%) 8,359 (+61.3%) 3,223.2 (+59.6%) 73.8% (+12.2%) 7,670 (+19.0%) 1,243.9 (+38.1%) 80.1% (+1.7%) 8,153 (+47.6%) 4,467.1 (+53.0%) Fixed Rent Hotels Total Operating Results data for Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, and Washington Hotel Plaza Shimonoseki Eki Nishi are consolidated under Other, because the hotel operators did not provide consent to disclose hotel-specific data. Fixed Rent Hotels and Total include Hotel Livemax Nihombashi-Hakozaki's operating results. Pre-acquisition data for acquired hotels are based on data received from the previous owners. Smile Hotel Nagano is excluded from the above data because the hotel operators did not give consent to disclose hotel-specific data that would allow for year-on-year comparisons Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 41#42Individual Hotel Financials (JPY thousand) A-1 A-2 A-3 B-2 B-3 C-1 C-4 D-1 D-3 D-4 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-3 The Total Nest Hotel Nest Hotel Comfort Sapporo Sapporo Hotel Ekimae Odori Kushiro Smile Hotel Nagano Hotel Smile Hotel Sunshine Tokyo Utsunomiya Asagaya One Five Tokyo Shibuya Comfort Hotel Hamamatsu Comfort Hotel Central International Airport Comfort Hotel Suzuka Smile Hotel Kyoto Shijo The One Five Osaka Sakaisuji The Nest Hotel The Osaka One Five Shinsaibashi Okayama Nest Hotel Matsuyama One Five Garden Kurashiki Valie Hotel Hiroshima The One Five Fukuoka Nest Hotel Kumamoto Other Tenjin (A) Rental Income 1,796,545 130,126 81,202 18,419 29,952 64,263 141,555 119,676 55,361 151,441 15,442 50,930 56,555 149,401 90,503 62,634 24,375 92,392 73,977 70,579 317,751 Fixed Rent 992,218 31,129 27,072 18,419 3,677 57,799 61,603 47,568 55,361 151,441 15,442 30,744 11,425 66,291 62,161 36,323 10,646 29,137 34,056 25,134 216,780 Variable Rent 756,458 98,996 54,130 Other Rent 47,868 26,274 6,463 79,952 72,108 20,185 45,129 83,110 28,342 26,311 13,728 62,655 39,920 45,445 60,167 600 40,804 (B) Rental Expenses 207,031 8,079 9,985 5,435 12,928 6,389 10,351 8,403 3,426 14,748 3,456 6,528 6,741 18,904 6,580 6,615 9,076 10,858 4,948 7,574 45,995 Outsourcing Fees 18,923 600 600 900 480 780 2,798 600 600 570 540 600 915 1,200 600 720 600 720 600 780 3,720 Insurance 4,235 208 221 117 64 213 121 75 135 395 68 182 139 342 205 279 136 180 75 250 822 Repair 31,684 1,604 310 4,921 305 3,174 2,268 783 709 90 Expenses 90 1,718 1,216 1,577 847 3,855 5,283 190 1,149 1,680 Taxes 127,420 5,250 8,430 4,008 1,257 4,727 3,747 5,097 2,420 12,541 1,729 5,296 3,600 15,735 3,760 4,341 4,122 4,306 3,718 4,983 28,343 Other Expenses 24,768 415 424 409 6,205 363 510 362 270 458 410 359 367 410 437 427 362 367 365 410 11,429 (C NOI 1,589,514 122,046 71,216 12,983 17,023 57,874 131,203 111,272 51,935 136,693 11,986 44,401 49,813 130,497 83,923 56,019 15,299 81,534 69,028 63,005 271,756 ) (A)-(B) (D) Depreciation 387,515 17,219 18,012 5,840 6,905 4,555 22,941 8,075 15,646 35,692 4,471 17,641 10,550 35,854 17,696 20,323 21,576 22,537 8,905 22,251 70,815 Net Rental Income 1,201,998 104,827 53,204 7,143 10,117 53,318 108,262 103,197 36,289 101,000 7,514 26,759 39,263 94,642 66,226 35,695 -6,277 58,996 60,122 40,753 200,940 (C) - (D) * Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, Urbain Hiroshima Executive, and Washington Hotel Plaza Shimonoseki Eki Nishi, as well as retail income of The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, and Nest Hotel Kumamoto are included in Other, as the operators did not provide consent to disclose the data. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42#43RevPAR, ADR, & Occupancy Recovery On Track Hotel Earnings Recovering, RevPAR Exceeding Pre-Covid Levels Variable Rent Hotels (Jan 2020 - Jul 2023) RevPAR 84.8% ADR Occupancy 88.7% 84.9% 83.1% 69.4% 7,455 65.8% 51.2% 49.1% 6,325 6,948 6,674 5,917 5,183 5,080 4,447 4,435 4,579 4,401 2,919 3,178 2,602 2,184 8,359 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 (JPY) RevPAR 6,325 2,602 2,184 2,919 3,178 4,401 5,917 6,948 Occupancy 84.8% 51.2% 49.1% 65.8% 69.4% 84.9% 88.7% 83.1% ADR 7,455 5,080 4,447 4,435 4,579 5,183 6,674 8,359 一期一会| ICHIGO Data comparisons for all periods use data of hotels currently owned by Ichigo Hotel. Hotel Wing International Nagoya, Nest Hotel Kumamoto, & Hotel Sunshine Utsunomiya impacted from April 2023 by end of leasing all guest rooms to local governments. Pre-acquisition data for acquired hotels are based on data received from the previous owners. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43#44一期一会| ICHIGO Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2022 Jan 2023 Jul 2023 Rent Ratio Rent Ratio Rent Ratio Fixed 940,896 75.4% 1,029,850 67.0% 1,021,552 56.9% Rent Fixed Rent from Operators 911,701 73.0% 998,059 64.9% 992,218 55.2% Other (Rent from Retail Tenants) 29,194 2.3% 31,790 2.1% 29,333 1.6% Variable Rent 291,515 23.4% 487,291 31.7% 756,458 42.1% Other (Utility Income) 15,960 1.3% 20,059 1.3% 18,535 1.0% Total 1,248,372 100% 1,537,201 100% 1,796,545 100% Operating Results (Aug 2022 - Jul 2023) 100% 80% 60% 40% 20% RevPAR (right axis) ADR (right axis) Occupancy (left axis). (JPY) 10,000 8,000 6,000 4,000 2,000 0% Aug 2022 Sep 2022 0 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44#45一期一会| ICHIGO Variable Rent Hotel Details A-1 Nest Hotel Sapporo Ekimae Location Sapporo 5-minute walk from Sapporo Station on Access Sapporo City Metro Namboku Line Nest Hotel Japan Operator Corporation Guest Rooms 162 Acquisition JPY 2.16B Price A-2 Nest Hotel Sapporo Odori Location Access Sapporo 4-minute walk from Odori Station on Sapporo City Metro Namboku Line Operator Nest Hotel Japan Corporation Guest Rooms 121 Acquisition JPY 1.45B Price Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) 100% Occupancy (left) (JPY) 20,000 16,000 12,000 8,000 4,000 80% 60% 40% 20% السلام 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 20,000 16,000 12,000 40% 8,000 20% 4,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 45#46Variable Rent Hotel Details B-1 Capsule Plus Yokohama Location Yokohama, Kanagawa Access 6-minute walk from Yokohama Station on JR/ Subway Line Operator nine hours Inc. Guest Rooms 169 Acquisition JPY 1.49B Price capsule+ The hotel operator did not give consent to disclose data. Operator B-2 Smile Hotel Nagano Location Access Nagano 3-minute walk from Nagano Station on JR Hokuriku Shinkansen Line K.K. Hospitality Operations Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) Smile Hotel (JPY) 10,000 100% оооов DODO 8,000 80% 6,000 ㅁㅁ 60% 4,000 40% 2,000 Guest Rooms 76 20% Acquisition 0 0% JPY 670M Price Aug 2022 Nov 2022 Feb 2023 May 2023 * Closed for rebranding from December 12, 2022 to February 28, 2023. Reopened in March 2023. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46#47Variable Rent Hotel Details C-1 Smile Hotel Tokyo Asagaya Location Suginami-ku, Tokyo Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 20,000 16,000 0% muallim 12,000 8,000 4,000 0 Aug 2022 Nov 2022 Feb 2023 May 2023 1-minute walk from 100% Access Asagaya Station on JR 80% Chuo and Sobu Lines 60% K.K. Hospitality Operator Operations 40% 20% Guest Rooms 112 Acquisition Price JPY 3.9B C-4 The OneFive Tokyo Shibuya Location Access Shibuya-ku, Tokyo 6-minute walk from Shibuya Station on JR, Tokyu, Keio, and Tokyo Metro Lines Operator OneFive Hotels Inc. Guest Rooms 72 Acquisition JPY 3.7B Price Operating Results (Aug 2022 - Jul 2023) 100% 80% 60% 40% 20% ADR (right) RevPAR (right) Occupancy (left) (JPY) 25,000 20,000 15,000 10,000 5,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47#48一期一会| ICHIGO Variable Rent Hotel Details 224 D-2 Hotel Wing International Nagoya Location Access Operator Guest Rooms Nagoya 2-minute walk from Marunouchi Station on both Nagoya Subway Network Sakuradori Line and Tsurumai Line Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (ieft) (JPY) 100% 10,000 80% 60% 8,000 6,000 Minacia Co., Ltd. 40% 4,000 20% 2,000 Acquisition Price JPY 2.67B 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 * Aichi Prefecture has temporarily leased all rooms of Hotel Wing International until March 31, 2023. E-1 Smile Hotel Kyoto Shijo Location Access Kyoto 5-minute walk from Shijo Station on Kyoto City Subway Karasuma Line and Karasuma Station on Hankyu Kyoto Main Line K.K. Hospitality Operations Operator Guest Rooms 144 Acquisition JPY 4.48B Price Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 12,500 10,000 60% 7,500 40% 5,000 20% 2,500 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 48#49一期一会| ICHIGO Variable Rent Hotel Details E-3 The OneFive Osaka Sakaisuji Location Osaka 5-minute walk from Sakaisuji-Hommachi Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) Access Station on Osaka Municipal Subway Chuo Line 100% 80% 10,000 8,000 60% 6,000 Operator OneFive Hotels Inc. 40% 4,000 Guest Rooms 130 20% Acquisition Price JPY 1.63B H 2,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Location Kobe Access 2-minute walk from Shin Nagata Station on JR Kobe Line and JR Sanyo Honsen Line Minacia Co., Ltd. Operator Guest Rooms 133 Acquisition JPY 1.49B Price Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 60% 40% 20% MIMAN H 6,000 4,000 2,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 49#50Variable Rent Hotel Details E-5 Nest Hotel Osaka Shinsaibashi Location Access Osaka 1-minute walk from Nagahoribashi Station on Osaka Municipal Subway Sakaisuji Line Nest Hotel Japan Corporation Operator Guest Rooms 302 Acquisition JPY 7.60B Price F-1 The OneFive Okayama 一期一会| ICHIGO TheSCHOTEL Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% 2,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 Location Okayama Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) 15-minute walk from Okayama Station on (JPY) 100% 10,000 Access Sanyo Shinkansen, 80% 8,000 Sanyo Main Line, Uno Line 60% 6,000 Operator OneFive Hotels Inc. 40% 4,000 Guest Rooms 208 20% 2,000 Acquisition 0% JPY 1.20B 0 Price Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50#51一期一会| ICHIGO Variable Rent Hotel Details F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime 25-minute drive from Matsuyama Airport, 3-minute walk from Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR Occupancy (right) (left) (JPY) 7,500 " 100% 6,000 • 80% Access Katsuyamacho Station on lyo Railway Jonan Line nest HOTEL 4,500 60% 3,000 Nest Hotel Japan 40% Operator 1,500 Guest Rooms Acquisition Price Corporation 190 20% 0 0% JPY 1.61B Aug 2022 Nov 2022 Feb 2023 May 2023 F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama 8-minute walk from Access Kurashiki Station on JR Sanyo Main Line Operator OneFive Hotels Inc. Guest Rooms 107 Acquisition JPY 1.73B Price Closed for renovations during January and February 2023. Reopened in March 2023. Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 12,500 80% 10,000 60% 7,500 40% 5,000 20% 2,500 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51#52Variable Rent Hotel Details F-5 Valie Hotel Hiroshima Location Hiroshima Access 3-minute walk from Jogakuin-mae Station on Hiroden Tram Line 80% 60% Operator The Court Co., Ltd. 40% Guest Rooms 171 20% Operating Results (Aug 2022 - Jan 2023) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 8,000 6,000 4,000 2,000 Acquisition Price JPY 1.50B 0% Aug 2022 Nov 2022 Feb 2023 May 2023 * Hiroshima Prefecture temporarily leased all rooms of the Valie Hotel Hiroshima until March 31, 2023. G-1 The OneFive Fukuoka Tenjin Operating Results (Aug 2022 - Jan 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 12,500 10,000 7,500 5,000 20% 2,500 Location Fukuoka 6-minute walk from Tenjin Station on Access Fukuoka City Subway Kuko Line 100% 80% 60% Operator OneFive Hotels Inc. 40% Guest Rooms 77 Acquisition JPY 1.38B 0% Price 一期一会| ICHIGO 0 Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 52 52#53Variable Rent Hotel Details G-3 Nest Hotel Kumamoto Location Access Operator Kumamoto 2-minute walk from Nishikarashimacho Station on Kumamoto City Tram Line Nest Hotel Japan Corporation Guest Rooms 201 Acquisition Price JPY 2.22B DEEEE Operating Results (Aug 2022 - Jul 2023) ADR RevPAR Occupancy (right) (right) (left) (JPY) 100% 80% 10,000 8,000 60% 40% 6,000 4,000 nest HOTEL 20% 0% Aug 2022 2,000 0 Nov 2022 Feb 2023 May 2023 * Kumamoto Prefecture temporarily leased all rooms of the Nest Hotel Kumamoto until March 31, 2023. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53 33#54Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro 一期一会| ICHIGO Location Kushiro, Hokkaido 2-minute walk from Access Kushiro Station on JR Operator Nemuro Main Line Greens Co., Ltd. Guest Rooms 126 Acquisition JPY 300M Price P B-3 Hotel Sunshine Utsunomiya Location Access Operator Guest Rooms Acquisition Price Utsunomiya, Tochigi 5-minute walk from Utsunomiya Station on JR Tohoku Main Line, Tohoku Shinkansen GK S Hotel Operations Utsunomiya 160 JPY 2.2B C-3 Hotel Livemax Nihombashi-Hakozaki Location Access Chuo-ku, Tokyo 3-minute walk from Suitengumae Station on Tokyo Metro Hanzomon Line D-1 Comfort Hotel Hamamatsu Location Access Hamamatsu, Shizuoka 2-minute walk from Hamamatsu Station on JR Tokaido Main Line, Tokaido Shinkansen Operator Live Max Inc. Guest Rooms 48 Operator Guest Rooms Greens Co., Ltd. 196 Acquisition JPY 1.36B Price Acquisition Price JPY 1.55B HOTEL LIVEMAX O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54#55一期一会| ICHIGO Fixed Rent Hotel Details D-3 Comfort Hotel Central International Airport Location Access Tokoname, Aichi 5-minute walk from Central International Airport, 3-minute walk from Central International Airport Station on Meitetsu Airport Line Greens Co., Ltd. Operator Guest Rooms 346 Acquisition JPY 5.31B Price D-4 Comfort Hotel Suzuka Location Suzuka, Mie Access 3-minute walk from Shirako Station on Kintetsu Nagoya Line Operator Guest Rooms Acquisition Price Greens Co., Ltd. 105 JPY 300M F-3 Urbain Hiroshima Executive Location Access Operator Hiroshima 6-minute walk from Hiroshima Station on JR Sanyo Shinkansen and Sanyo Main Line Yuki Corporation Guest Rooms 171 Acquisition JPY 1.80B Price F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Location Access Operator Guest Rooms Acquisition Price Shimonoseki, Yamaguchi 3-minute walk from Shimonoseki Station on JR Sanyo Main Line Washington Hotel Corp. 238 JPY 1.08B O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 55 59#56一期一会| ICHIGO Appendix: Loan Details & Shareholder Composition O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 99 56#57Stable Financial Base Outstanding Loan Balance Jul 31, 2021 Jan 31, 2022 Jul 31, 2022 Jan 31, 2023 Jul 31, 2023 Aug 25, 2023 (Reference) Amount JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 32.47B Long-Term Loan Ratio 72.5% 72.5% 70.7% 63.7% 46.0% 57.7% Fixed Rate Ratio 70.7% 70.7% 70.7% 63.7% 46.0% 57.7% Average Interest Rate 0.75% 0.77% 0.77% 0.76% 0.70% 0.77% Average Remaining 1.8 years 1.6 years 1.1 years 1.0 years 0.7 years 1.1 years Maturity 43.2% 42.9% 42.9% 42.6% 43.1% LTV (Total Assets Basis) Distribution of Loan Maturities (JPY M) 15,000 13,300 12,000 8,800 9,000 6,000 7,170 4,950 4,500 3,000 3,000 2,220 0 Jan 2024 一期一会| ICHIGO Jul 2024 Jan 2025 Jul 2025 ■ Fixed Rate ■Floating Rate 7,000 2,000 Jan 2026 Jul 2026 Jan 2027 Jul 2027 57 Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.#58一期一会| ICHIGO Loan Details Amount Loan Lender (JPY M) Floating/ Fixed Interest Rate (%) Borrowing Date Maturity (as of August 25, 2023) Term Loan 5 SMBC, Mizuho, SBI Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.98500% August 17, 2016 August 31, 2023 Lender Composition Term Loan 9 SMBC, Mizuho, SBI Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 29, 2024 Term Loan 10 SMBC, Mizuho, SBI Shinsei, Resona, Nishi- Nippon City Fukuoka 3% Aozora 2% 2,220 Fixed 0.75450% April 25, 2019 April 30, 2024 Nishi-Nippon City 3% Term Loan 11 SMBC, Mizuho, SBI Shinsei, Resona, Aozora 1,500 Fixed 0.73575% July 19, 2019 November 29, 2024 Resona 10% Term Loan 13 SMBC, Mizuho, SBI Shinsei, Resona, Fukuoka, Nishi-Nippon City 2,000 Fixed 0.65600% February 28, 2020 February 27, 2026 Shinsei 12% SMBC 39% Term Loan 18 SMBC, Mizuho, SBI Shinsei, Resona 7,000 Variable 0.57000% November 30, 2022 November 30, 2023 Term Loan 19 SMBC, Mizuho, SBI Shinsei, Resona, Fukuoka, Nishi-Nippon City 1,800 Variable 0.57000% January 31, 2023 January 31, 2024 Mizuho 31% Term Loan 20 SMBC 450 Variable 0.57000% February 28, 2023 February 29, 2024 Term Loan 21 SMBC, Mizuho, SBI Shinsei, Resona, Fukuoka, Nishi-Nippoin City 4,500 Variable 0.57000% February 28, 2023 February 29, 2024 Fixed vs. Floating Term Loan 23 SMBC, Mizuho, SBI Shinsei, Resona, Aozora 7,000 Fixed 1.02900% August 25, 2023 August 25, 2026 Total Borrowings 32,470 Average 0.77% Average Remaining Loan Term 1.1 years O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Variable 42.3% Fixed* 57.7% * Includes interest fixed via swaps 58#59Shareholder Composition Major Shareholders (as of July 31, 2023) Name The Master Trust Bank of Japan, 1 No. Of Share Shares 47,862 18.8% By Number of Shares Held Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals 42,114 38,686 Trust Account (16.5%) (15.2%) 32,214 (12.6%) 16,789 Custody Bank of Japan, Ltd., 14,900 13,328 (6.6%) 2 36,092 14.2% Trust Account (5.8%) (5.2%) Nomura Trust & Banking Co., Ltd., 3 15,057 5.9% Investment Trust Account 87,909 (34.5%) 105,692 (41.5%) 110,312 (43.3%) 4 Ichigo Trust Pte. Ltd. 10,908 4.3% 5 Ichigo Inc. (Sponsor) 9,653 3.8% 110,051 (43.2%) 97,268 (38.1%) 95,659 (37.5%) 6 Morgan Stanley MUFG Securities Co., Ltd. 4,290 1.7% NOMURA PB NOMINEES LIMITED 7 4,002 1.6% Jul 2022 OMNIBUS-MARGIN (CASHPB) (Outstanding Shares) (254,974 shares) Jan 2023 (254,974 shares) Jul 2023 (254,974 shares) 8 MSCO CUSTOMER SECURITIES 3,689 1.4% By Number of Shareholders 9 Individual Shareholder 10 GOLDMAN SACHS INTERNATIONAL 一期一会| ICHIGO 3,151 1.2% Domestic Individuals 1,946 0.8% Domestic Financial Institutions City banks, trust banks 15,075 34 13,932 28 Jul 31, 2022 Jan 31, 2023 Jul 31, 2023 Shareholders Shareholders Shareholders Share 14,104 97.6% 32 0.2% 4 3 4 Total 136,650 53.6% Regional banks Other (including securities companies) Non-Financial Domestic Corporations Foreign Corporations & Individuals Total 30 25 28 0.2% 212 185 187 1.3% 146 146 132 0.9% 15,467 14,291 14,455 100% O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 59#60一期一会| ICHIGO Appendix: Sponsor, Shareholder Alignment O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 60#61一期一会| ICHIGO Environmental Certifications Environmental Certifications Minimizing Environmental Impact of Ichigo Hotel-Owned Assets - - The OneFive Tokyo Shibuya (BELS 4 Stars) Joined GRESB Real Estate Assessment in 2021 ✓ Awarded 2 Stars in GRESB rating ✓ Won Green Star designation for 2 consecutive years Energy efficiency assessments conducted at 1 hotel BELS 建築物省エネルギー性能表示制度 Building-Housing Energy-efficiency Labeling System 25%削减 この建物の 1-229-4 少ない 一次エネルギー AN 適合 20% 2,862 ホテルエミット渋谷 2021年3月17日交付 国土交通省告示に基づく第三者認証 (日本ERI株式会社) GRESB 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 61#62Increasing Stability Via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Changes Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Increased fixed rent Lease Renewal • Revised variable rent Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Fixed → Variable+Fixed Rent • Rebranding Operator change to OneFive Hotels Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Variable+Fixed Rent Rebranding • Increased fixed rent & added variable rent Operator change to OneFive Hotels Revised variable rent Feb 2021 Capsule Plus Yokohama (formerly Grandpark-Inn Yokohama) Fixed → Variable Rent Rebranding Added GOP-linked variable rent Aug 2021 Hotel Wing International Nagoya Variable+Fixed Rent Decreased fixed rent Lease Renewal • Revised variable rent Sep 2021 The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Variable+Fixed Rent • Rebranding • • Operator change to OneFive Hotels Revised variable rent Feb 2022 The OneFive Garden Kurashiki (formerly Court Hotel Kurashiki) Variable+Fixed Rent Rebranding • • Operator change to OneFive Hotels 一期一会| ICHIGO Smile Hotel Nagano Dec 2022 (formerly Comfort Hotel Nagano) Fixed → Variable+Fixed Rent Rebranding • Added variable rent O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 62 62#63Hotel Map Hokkaido A-1 Kanto/Koshinetsu Tokyo Hokuriku/Tokai A-2 A-3 B-1 B-2 B-3 C-1 C-3 C-4 a D-1 Nest Hotel Sapporo Ekimae Sapporo Odori Nest Hotel Comfort Hotel Kushiro Capsule Plus Yokohama Comfort Hotel Hotel Sunshine Nagano Utsunomiya Smile Hotel Tokyo Asagaya Hotel Livemax Nihombashi- Hakozaki Kinki (Kyoto/Osaka/Kobe) E-1 Chugoku/Shikoku E-3 F-1 The OneFive Tokyo Shibuya Kyushu F-2 F-3 G-1 G-3 LIS LIMU D-2 D-3 D-4 Comfort Hotel Hamamatsu Hotel Wing International Nagoya Comfort Hotel Central International Airport Comfort Hotel Suzuka ► Sapporo A-1 A-2 • Kushiro A-3 Variable Rent Fixed Rent Smile Hotel Kyoto Shijo The OneFive Osaka Sakaisuji The OneFive Okayama Nest Hotel Matsuyama Urbain Hiroshima Executive The OneFive Fukuoka Tenjin Nest Hotel Kumamoto E-4 E-5 F-4 F-5 F-6 Hotel Wing International Nest Hotel Osaka Kobe Shin Nagata Ekimae Shinsaibashi The OneFive Garden Kurashiki Valie Hotel Hiroshima 一期一会| Washington Hotel Plaza Shimonoseki Eki Nishi ►Nagano B-2 ►Nagoya D-2 ▸ Kyoto E-1 ►Osaka E-3 E-5 Kurashiki F-4 Shimonoseki F-6 25 Hotels JPY 54.7B ► Fukuoka Matsuyama G-1 F-2 Kumamoto Utsunomiya B-3 Tokyo C-1 C-3 C-4 Yokohama B-1 Hamamatsu D-1 Aichi D-3 ►Suzuka D-4 ▸ Kobe E-4 Okayama F-1 Hiroshima F-3 F-5 ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (July 2023 rent-basis) 63#64一期一会| ICHIGO Ichigo Hotel's Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy - - - Manages Ichigo Hotel (3463), Ichigo Office (8975), and Ichigo Green (9282) Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies and expertise Deeply committed to CSR and Sustainability J.LEAGUE <-10-1 ICHIGO いちご TOP PARTNER ICHIG Ichigo (TSE Prime 2337) Asset Management Ichigo Investment Advisors Ichigo Preserves and Improves Real Estate 一期一会 ©J.LEAGUE Hiromi Miyake (Weightlifting) Ichigo Hotel (3463) Ichigo Office (8975) Ichigo Green (9282) Centro Ichigo Estate ICHIGO Ichigo Owners Ichigo Animation The word "Ichigo" comes from the ancient "One lifetime, one encounter." The phrase was first used by a 16th century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony, because that particular moment will only exist once and must be fully lived and realized. Sustainable Japanese proverb, Ichigo Ichie, literally meaning Real Estate Ichigo Marche OneFive Hotels Miyako City Clean Energy Ichigo ECO Energy Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong Other Ichigo Si Collinear long-term relationships to support the success of our clients, shareholders, and all stakeholders. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 64#65Synergies Between Ichigo Hotel and Sponsor | - — - Buy Strengthen acquisitions through leveraging Ichigo's sourcing network Increase asset value through Ichigo's real estate value-add capabilities Drive higher returns for Ichigo Hotel shareholders Buy Sponsor: Ichigo (2337) Value-Add Ichigo Hotel (3463) Hotel 一期一会| Sell ICHIGO More Sustainable Make The World 一期一会 | ICHIGO Long-Term Asset Management Role (Grow Earnings for Shareholders) Value-add capex ■ On-going renovation and equipment renewal Increase hotel attractiveness & competitiveness Hard ■ Grow earnings via collaboration with hotel operators ■Grow earnings via rebranding and improving lease terms Grow earnings via optimal cost control Sell Soft Value-Add (Increase Asset Value) Rectify building code issues Seismic and safety reinforcement ■Large-scale structural and equipment renewal ■Change hotel operator/brand Improve lease terms Improve hotel operations ■ Provide operations support (e.g., OneFive Hotels) Third-Party Investors |一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Sell 99 65 Buy#66一期一会| ICHIGO Acquisitions Leveraging Sponsor Support (OneFive Hotels) - - Name Ichigo-Owned One Five Hotels Operates 14 Hotels With Focus on the Hakata (Fukuoka) Area ✓ Company name changed to OneFive Hotels on May 31, 2023 OneFive Hotels Deploys PROPERA, an Al-Based Revenue Management System Developed by Ichigo, to Maximize Earnings and Increase Guest Satisfaction Hotels Operated by Hakata Hotels Address Representatives OneFive Hotels Inc. 3-13-1 Haruyoshi, Chuo-ku, Fukuoka Minoru Ishihara, Representative Director & Chairman Takanobu Kitazaki, Representative Director & President Hokkaido THE KNOT SAPPORO Kanto The OneFive Tokyo Shibuya The OneFive Osaka Sakaisuji Chugoku Kansai The OneFive Kyoto Shijo Paid-In Capital Establishment Date JPY 100 million (Ichigo's 100% consolidated subsidiary) March 2019 Main Businesses About PROPERA Development, operation, lease, and management of retail buildings, hotels, and restaurants Leasing and management of real estate Design and construction of buildings and interior designs Consulting services related to retail buildings, retail facilities, and restaurants Other businesses relating to the above businesses • Al-based revenue management system developed by Ichigo Increasing guest satisfaction and maximizing earnings Started third-party sales The OneFive Garden Kurashiki HOTEL IL PALAZZO The OneFive Marine Fukuoka The OneFive Okayama Kyushu The OneFive Terrace Fukuoka THE KNOT HIROSHIMA PLAZA HOTEL Tenjin The OneFive Fukuoka Tenjin H The OneFive Villa Fukuoka Plaza Hotel Premier O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 66#67一期一会| ICHIGO Ichigo Hotel Overview Ichigo Hotel Name Ichigo Hotel REIT Investment Corporation 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo Securities Code 3463 Address Executive Director Eriko Ishii Fiscal Periods January (August 1 - January 31) and July (February 1 - July 31) Asset Management Company Name President Registration & Membership Ichigo Investment Advisors Co., Ltd. Hiroshi Iwai Financial Instruments Dealer License (Investment Management Services, Investment Advisory & Agency Services, and Type II Financial Instruments Services) Minister of Finance, Kanto Financial Bureau #318 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 67#68Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel). These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Hotel with respect to financial condition and future results. These statements are based on certain assumptions founded on currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking statements. In creating these materials, Ichigo Hotel and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any such information. The content of these materials is also subject to revision or retraction without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. Contact: Ichigo Hotel IR Desk (3463) Make The World TEL: +81-3-3502-4892 Ichigo ESG 一期一会| More Sustainable ICHIGO E-mail: [email protected] www.ichigo-hotel.co.jp/en Ichigo is Japan's first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 68