Investor Presentaiton

一期一会| ICHIGO Plan Actual Driving Stability via Contract Renewals and Rebranding Timing Hotel Name Lease Terms Changes Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Increased fixed rent Lease Expiry Increased variable rent Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Fixed → Variable+Fixed Rent Rebranding • • Operator change to Hakata Hotels Increased fixed rent & added variable rent Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Variable+Fixed Rent Rebranding Operator change to Hakata Hotels . Revised variable rent clause 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 Expiry • Increased variable rent Sep 2021 The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Variable+Fixed Rent • Rebranding Operator change to Hakata Hotels • Revised variable rent clause 2021 1 Hotel Variable+Fixed Rent Lease Expiry Operator to be selected from among multiple candidates, including the current operator O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14

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