Investor Presentaiton

Portfolio Growth IPO (Nov 30, 2015) IPO Acquisitions 9 Hotels JPY 20.4B January 2017 through July 2022 Fiscal Periods Jan 2017 Jul 2017 Jan 2018 10 Hotels (Appraisal NOI Yield JPY 27.2B (5.5%) 1 Hotel JPY 1.4 B (5.0%) 1 Hotel JPY 1.8 B (6.3%) Jan 2019 1 Hotel JPY 1.7B (6.9%) July 2019 2 Hotels JPY 3.7B (6.9%) Jan 2020 None July 2020 2 Hotels JPY 4.7B (4.9%) Jan 2021- Jan 2022 None Acquisitions 5.9%) Sales Portfolio Size None 9 Hotels JPY 20.4B (January 2016 end) IPO Nagoya Kobe Osaka 7.3% 8.0% 13.1% Location Kyushu 6.8% Hokkaido 17.7% 一期一会| ICHIGO Tokai 7.6% Jul 2022 1 Hotel JPY 0.6B (6.5%) 1 Hotel JPY 2.7B 2 Hotels JPY 9.7B None None None Gains on Sale JPY 0.69B Gains on Sale JPY 1.94B 19 Hotels 20 Hotels 21 Hotels 21 Hotels 23 Hotels 21 Hotels JPY 47.6B JPY 49.1B JPY 50.9B | JPY 50.7B | JPY 54.4B JPY 47.1B 23 Hotels JPY 51.9B 24 Hotels JPY 52.5B July 31, 2022 Kanto/Koshinetsu Kobe 4.1% 2.8% Kyoto 39.6% Geographic Diversification Increases Earnings Stability Steady Portfolio Growth via Acquisitions O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Nagoya 5.1% Osaka Kyushu 17.6% 6.8% Hokkaido Kyoto 8.5% 7.4% Tokyo Chugoku/ Shikoku 17.1% 17.0% Tokai 13.6% 34

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