Investor Presentaiton

January 2022 Forecast Dividend JPY 724, -12.0% YOY Operating Revenue Variable Rent Jan 2021 Actual (A) Jan 2022 Previous Jan 2022 Forecast Revised Forecast (B) (B) - (A) (Mar 2021) 1,035 1,058 1,007 -28 -3 81 30 Major Factors for Variation (JPY million) January 2021: Rent from sold asset (Naha) +7 Increase in variable rent +29 (Valie Hiroshima, Kumamoto, Yokohama) +33 Decrease in variable rent -3 (Asagaya, Fukuoka, Kurashiki) Fixed Rent 993 932 933 -60 Increase in fixed rent +61 (Okayama, Fukuoka, Shibuya) Decrease in fixed rent -121 (Nagoya, Osaka Sakaisuji, Yokohama, Kurashiki) Other (Gains on Sales, etc.) 45 44 44 -1 Operating Expenses 626 663 670 Increase in property tax +10 (Shibuya, Shimonoseki, Matsuyama), Covid- +44 related reserve +37 Repair & Maintenance 43 33 33 36 -7 Depreciation 341 347 351 +10 Decrease in AM fee -6 Increase in repair expenses +15 (Yokohama, Kurashiki, Asagaya, Shinsaibashi, Shimonoseki) Decrease in repair expenses -22 (Fukuoka, Nest Osaka, Okayama, Valie Hiroshima) Increase in Depreciation: Okayama, Yokohama, Urbain Hiroshima, Shimonoseki, Kumamoto Operating Profit 409 395 336 -73 Recurring Profit 210 184 111 -99 Net Income 209 183 184 -12.0% YOY Dividend JPY 823 JPY 719 JPY 724 -JPY 99 Borrowing-related expenses +24 Fall-off of non-operating income -2 -25 Extraordinary gains +74 (legal settlement) +0.7% (+ JPY 5) vs. previous forecast ΝΟΙ 844 833 777 -67 Post-Depreciation NOI 503 486 425 -78 Capex 123 345 388 +265 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22 22

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