Investor Presentaiton

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

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