Investor Presentaiton

Increasing Stability Via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Changes Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Increased fixed rent Lease Renewal • Revised variable rent Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Fixed → Variable+Fixed Rent • Rebranding Operator change to OneFive Hotels Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Variable+Fixed Rent Rebranding • Increased fixed rent & added variable rent Operator change to OneFive Hotels Revised variable rent 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 Renewal • Revised variable rent Sep 2021 The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Variable+Fixed Rent • Rebranding • • Operator change to OneFive Hotels Revised variable rent Feb 2022 The OneFive Garden Kurashiki (formerly Court Hotel Kurashiki) Variable+Fixed Rent Rebranding • • Operator change to OneFive Hotels 一期一会| ICHIGO Smile Hotel Nagano Dec 2022 (formerly Comfort Hotel Nagano) Fixed → Variable+Fixed Rent Rebranding • Added variable rent O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 62 62

View entire presentation