Investor Presentaiton

- - - Ichigo Hotel Portfolio Occupancy Exceeds Market Recovery Hotel demand recovery continues Ongoing recovery expected due to government lifting Covid-related restrictions and expanding inbound travel Covid impact on business hotels was minimal compared to other hotel types Ichigo Hotel Occupancy (vs. 2019) and Hotel Reservations 一期一会| ICHIGO +40% -Ichigo Hotel Occupancy - Business Hotels --Full-Service Hotels Resort Hotels -Japanese Inns Number of Guests ། +20% 0% -20% -40% -60% -80% -100% Jan Feb Mar Apr 2020 May June Jul Aug Sept Oct Nov Dec Jan 2021 Feb Mar Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 2022 * Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers" Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13

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