Investor Presentaiton

January 2024/July 2024 Forecast Assumptions Assuming 30 Currently-Owned Hotels & No Rebranding/Re-tenanting Not Assuming Inbound Tourism Increase or Group Tourism Demand From China Assuming Drop Out of Demand From Japanese Government's Domestic Travel Subsidy Program (Reference) January 2023 Actual January 2024 Forecast Difference YOY Change January 2020 Actual Occupancy 87.1% ADR (JPY) RevPAR JPY 7,186 84.6% JPY 8,217 -2.5% -2.9% 84.1% +JPY 1,031 +14.3% JPY 7,664 JPY 6,259 JPY 6,952 +JPY 693 +11.1% JPY 6,447 Occupancy ADR RevPAR (Reference) July 2023 Actual July 2024 Forecast Difference YOY Change July 2019 Actual 83.7% 85.5% +1.8% +2.1% 86.1% JPY 8,957 JPY 7,498 JPY 8,805 -JPY 152 -1.7% JPY 8,298 JPY 7,525 +JPY 27 +0.4% JPY 7,143 * Data of 21 hotels for all fiscal periods except the July 2019 fiscal period, which reflects data for 19 hotels excluding Valie Hotel Hiroshima & THE KNOT SAPPORO 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27

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