Investor Presentaiton

July 2021 Operating Results Up YOY * Variable Rent Hotels (14 Hotels) Feb 1, 2020 Feb 1, 2021 Feb 1, 2019 Change YOY - Jul 31, 2020 - Jul 31, 2021 - Jul 31, 2019 Room Revenue (JPY M) 792 954 +162 +20.5% 2,583 Total Revenue (JPY M) 902 1,086 +184 +20.4% 2,902 RevPAR (JPY) 2,493 2,815 +322 +12.9% 7,104 Occupancy 48.8% 64.3% +15.5% +31.7% 86.4% ADR (JPY) 5,110 4,380 -730 -14.3% 8,218 Total Portfolio (20 Hotels) Feb 1, 2020 Feb 1, 2021 Feb 1, 2019 Change YOY - Jul 31, 2020 - Jul 31, 2021 - Jul 31, 2019 Room Revenue (JPY M) 1,149 1,402 +253 +22.0% 3,722 Total Revenue (JPY M) 1,269 1,543 +274 +21.6% 4,069 RevPAR (JPY) 2,323 2,705 +381 +16.4% 6,853 Occupancy 44.2% 57.4% +13.3% +30.0% 86.2% ADR (JPY) 5,258 4,708 -550 -10.5% 7,946 Excludes HOTEL EMIT SHIBUYA, Capsule Plus Yokohama (formerly Grandpark-Inn Yokohama) and Washington Hotel Plaza Shimonoseki Eki Nishi. Operating results before acquisition are based on data provided by previous owner. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10

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