Investor Presentaiton

Loan Details Amount Loan Lender (JPY million) Floating/ Fixed Interest Rate (%) Borrowing Date Maturity (as of July 31, 2022) Term Loan 4 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.90750% August 17, 2016 February 28, 2023 Term Loan 5 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 4,500 Fixed 0.98500% August 17, 2016 August 31, 2023 Lender Composition Term Loan 7 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 1,800 Fixed 0.78750% August 1, 2017 January 31, 2023 Fukuoka 3% Aozora 1% Bonds 3% Term Loan 9 SMBC, Mizuho, Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 29, 2024 Nishi-Nippon City 4% Term Loan 10 SMBC, Mizuho, Shinsei, Resona, Nishi-Nippon City 2,220 Fixed 0.75450% April 25, 2019 April 30, 2024 Resona 10% SMBC 37% Shinsei Term Loan 11 SMBC, Mizuho, Shinsei, Resona, Aozora 1,500 Fixed 0.73575% July 19, 2019 November 29, 2024 12% Term Loan 13 SMBC, Mizuho, Shinsei, Resona, Fukuoka, Nishi-Nippon City 2,000 Fixed 0.65600% February 28, 2020 February 27, 2026 Mizuho 30% Term Loan 16 SMBC, Mizuho, Shinsei, Resona 7,000 Variable 0.56727% November 30, 2021 November 30, 2022 Term Loan 17 SMBC 450 Variable 0.56727% February 28, 2022 February 28, 2023 Average 0.77% Average Remaining Loan Term 1.1 years Fixed vs. Floating Interest Rate Redemption Date Issuance Period 2.00% April 30, 2026 5.4 years Total Borrowings 25,470 Issue Date Name Issue Amount (JPY million) First Unsecured Investment Corporation Bond November 25, 2020 (Callable bonds subordinated and limited to qualified institutional investors) 500 Second Unsecured Investment Corporation September 30, 2021 Bond (Callable bonds subordinated and limited to qualified institutional investors) 370 Total Bonds 一期一会| ICHIGO Total Interest-Bearing Liabilities Variable 28.3% 2.00% March 31, 2027 5.5 years 870 Average 2.00% 26,340 Average 0.81% Average Remaining Loan Term 1.2 years O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. Fixed* 71.7% * Includes interest fixed via swaps 52

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