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Investor Presentaiton

Shareholder Composition Major Shareholders (as of July 31, 2022) Name The Master Trust Bank of Japan, 1 No. Of Shares Share 34,906 13.7% By Number of Shares Held Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals 36,820 (14.4%) 44,388 (17.4%) 42,114 (16.5%) Trust Account 16,260 Custody Bank of Japan, Ltd., 16,609 14,900 2 32,857 12.9% (6.4%) (6.5%) (5.8%) Trust Account 81,103 Nomura Trust & Banking Co., Ltd., (31.8%) 3 11,718 4.6% 77,482 (30.4%) 87,909 (34.5%) Investment Trust Account 4 Ichigo Trust Pte. Ltd. 10,908 4.3% BNP PARIBAS SECURITIES SERVICES 5 LUXEMBOURG/JASDEC/SECURITIES- 9,243 3.6% AIFM 6 Ichigo Inc. (Sponsor) 6,500 2.5% 120,791 (47.4%) 116,495 (45.7%) 110,051 (43.2%) Jul 2021 7 Individual Shareholder 3,270 1.3% (Outstanding Shares) (254,974 shares) DFA INTERNATIONAL REAL ESTATE By Number of Shareholders 8 2,996 1.2% SECURITIES PORTFOLIO Jan 2022 (254,974 shares) Jul 2022 (254,974 shares) 9 Individual Shareholder 2,590 1.0% Domestic Individuals 10 INTERACTIVE BROKERS LLC 1,875 0.7% Domestic Financial Institutions City banks, trust banks Regional banks Jul 31, 2021 Jan 31, 2022 Jul 31, 2022 Shareholders Shareholders Shareholders Share 16,178 35 15,456 34 15,075 97.5% 34 0.2% 4 4 4 Total 116,863 45.8% Other (including securities companies Non-Financial Domestic Corporations Foreign Corporations & Individuals Total 31 30 30 0.2% 226 222 212 1.4% 154 155 146 0.9% 16,593 15,867 15,467 100% 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53
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