Investor Presentaiton

Market Environment & Forecast Assumptions Hotel Market Continues Recovery Occupancy and ADR Forecasts for 15 Variable Hotels - Forecasting Occupancy at -10~-20%, ADR at -30--40%, and RevPAR -40%~ -50% vs. 2019 (Pre-Covid) levels July 2019 Actual July 2020 Actual July 2021 Actual July 2022 Actual July 2023 Forecast YOY Occupancy 86.2% 49.9% 65.4% 84.7% 77.9% -8.1% ADR JPY 8,475 JPY 5,102 JPY 4,381 JPY 5,132 JPY 6,409 +24.9% RevPAR JPY 7,307 JPY 2,544 JPY 2,865 JPY 4,348 JPY 4,990 +14.8% January 2019 January 2020 January 2021 January 2022 January 2023 YOY Actual Actual Actual Actual Forecast Occupancy 92.0% 84.3% 54.9% 68.8% 76.8% +11.6% ADR JPY 8,242 RevPAR JPY 7,586 JPY 7,428 JPY 6,259 JPY 4,383 JPY 4,522 JPY 5,505 +21.7% JPY 2,408 JPY 3,112 JPY 4,226 +35.8% * Data of 11 hotels for January 2019 fiscal period, 12 hotels for July 2019 fiscal period, 13 hotels for January 2020 fiscal period, 14 hotels for July 2020 fiscal period, and 15 hotels for January 2021 fiscal period and onward 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22 22

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