Investor Presentaiton

一期一会| ICHIGO Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2022 Jan 2023 Jul 2023 Rent Ratio Rent Ratio Rent Ratio Fixed 940,896 75.4% 1,029,850 67.0% 1,021,552 56.9% Rent Fixed Rent from Operators 911,701 73.0% 998,059 64.9% 992,218 55.2% Other (Rent from Retail Tenants) 29,194 2.3% 31,790 2.1% 29,333 1.6% Variable Rent 291,515 23.4% 487,291 31.7% 756,458 42.1% Other (Utility Income) 15,960 1.3% 20,059 1.3% 18,535 1.0% Total 1,248,372 100% 1,537,201 100% 1,796,545 100% Operating Results (Aug 2022 - Jul 2023) 100% 80% 60% 40% 20% RevPAR (right axis) ADR (right axis) Occupancy (left axis). (JPY) 10,000 8,000 6,000 4,000 2,000 0% Aug 2022 Sep 2022 0 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44

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