Investor Presentaiton

一期一会| ICHIGO Increasing Stability via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Jun 2020 Smile Hotel Tokyo Asagaya Variable+Fixed Rent • Lease Renewal • Oct 2020 The OneFive Okayama (formerly Comfort Hotel Okayama) Oct 2020 The OneFive Fukuoka Tenjin (formerly Valie Hotel Tenjin) Fixed → Variable+Fixed Rent Rebranding • Changes Increased fixed rent Revised variable rent Operator change to Hakata Hotels Increased fixed rent & added variable rent Variable+Fixed Rent Rebranding Operator change to Hakata Hotels • Revised variable rent Feb 2021 Capsule Plus Yokohama (formerly Grandpark-Inn Yokohama) Fixed → Variable Rent Rebranding Added GOP-linked variable rent Aug 2021 Hotel Wing International Nagoya Variable+Fixed Rent Lease Renewal • Decreased fixed rent Revised variable rent Sep 2021 The OneFive Osaka Sakaisuji (formerly Chisun Inn Osaka Hommachi) Variable+Fixed Rent . Rebranding • • Operator change to Hakata Hotels Revised variable rent Feb 2022 The OneFive Garden Kurashiki (formerly Court Hotel Kurashiki) Variable+Fixed Rent Rebranding • • Operator change to Hakata Hotels Dec 2022 Comfort Hotel Nagano Fixed Rent Lease Termination • Currently in selection process from multiple operator candidates O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14

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