Investor Presentaiton

一期一会| ICHIGO Variable Rent Hotel Details F-1 The OneFive Okayama Location Okayama Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 6,000 4,500 40% 20% 0% Aug 2021 Nov 2021 Feb 2022 May 2022 THE 3,000 1,500 15-minute walk from Okayama Station on Access Sanyo Shinkansen, 80% Sanyo Main Line, Uno Line 60% Operator Hakata Hotels Inc. Guest Rooms 208 Acquisition JPY 1.20B Price F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime Access Operator 25-minute drive from Matsuyama Airport, 3-minute walk from Katsuyamacho Station on lyo Railway Jonan Line Nest Hotel Japan Corporation Guest Rooms Acquisition Price 190 JPY 1.61B Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 7,500 100% " 6,000 80% nest HOTEL 4,500 60% 3,000 40% 1,500 20% 0 0% Aug 2021 Nov 2021 Feb 2022 May 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 45

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