Investor Presentaiton

Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of July 31, 2023) Total JPY 1,748M (100%) 25 Hotels JPY 54.78B Lease Terms Fixed Rent Fixed + Variable Rent Variable Rent Form of Contract Lease Lease Lease Lease Fixed Rent Yes Yes Yes Variable Rent Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP Excess Above Fixed Portion of Hotel GOP Not Available1 1 Hotel JPY 1.49B (2.7%) Rental Income (Jul 2023 Actual) Number of Hotels Total Acquisition Price Hotels . . • • JPY 473M (27.1%) 8 Hotels JPY 13.90B (25.4%) Comfort Hotel Kushiro Comfort Hotel Hamamatsu Comfort Hotel Central International Airport • Comfort Hotel Suzuka • Hotel Livemax Nihombashi- Hakozaki • Urbain Hiroshima Executive . • Washington Hotel Plaza Shimonoseki Eki Nishi Hotel Sunshine Utsunomiya JPY 88M (5.1%) 2 Hotels JPY 4.16B (7.6%) • Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae JPY 1,143M (65.4%) 14 Hotels JPY 35.24B (64.3%) • Nest Hotel Sapporo Ekimae • Nest Hotel Sapporo Odori ⚫ Nest Hotel Osaka Shinsaibashi ⚫Nest Hotel Matsuyama • Nest Hotel Kumamoto • Smile Hotel Tokyo Asagaya • Smile Hotel Kyoto Shijo • Smile Hotel Nagano • Valie Hotel Hiroshima • The OneFive Fukuoka Tenjin • The OneFive Garden Kurashiki •The OneFive Tokyo Shibuya •The OneFive Okayama •The OneFive Osaka . Capsule Plus Yokohama Sakaisuji 1 一期一会| Operator did not provide consent to disclose information ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. (100%) T 39

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