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Individual Hotel Summary (as of July 31, 2023) Jul 2023 Appraisal Unrealized Leasable Area Hotel No. Hotel Name Lease Terms Location (m²) Acquisition Price (JPY M) Book Value Value Gains (JPY M) (A) (JPY M) Cap Rate (%) (JPY M) (B) (B) - (A) A-1 Nest Hotel Sapporo Ekimae A-2 Nest Hotel Sapporo Odori A-3 Comfort Hotel Kushiro B-1 Capsule Plus Yokohama B-2 Smile Hotel Nagano Variable + Fixed Rent Variable Fixed Rent Fixed Rent Variable Rent Variable + Fixed Rent Sapporo 5,734.93 2,160 2,139 2,590 5.1 +450 Sapporo 5,638.78 1,450 1,415 1,820 5.0 +404 Kushiro, Hokkaido 3,180.58 300 272 365 5.5 +92 Yokohama 1,183.26 1,490 1,549 1,330 4.7 -219 Nagano 1,921.45 670 728 717 4.9 -11 B-3 Hotel Sunshine Utsunomiya Fixed Rent Utsunomiya, Tochigi 5,267.16 2,200 2,264 2,420 4.9 +155 C-1 Smile Hotel Tokyo Asagaya Variable + Fixed Rent Tokyo 2,721.70 3,910 3,833 4,640 4.3 +806 C-3 Hotel Livemax Nihombashi-Hakozaki Fixed Rent Tokyo 853.00 1,360 1,251 1,380 4.6 +128 C-4 The OneFive Tokyo Shibuya Variable + Fixed Rent Tokyo 1,470.52 3,700 3,786 4,240 3.4 +453 D-1 Comfort Hotel Hamamatsu Fixed Rent Hamamatsu, Shizuoka 4,173.92 1,550 1,371 1,780 5.1 +408 D-2 Hotel Wing International Nagoya Variable + Fixed Rent Nagoya 5,255.66 2,670 2,683 2,150 4.7 -533 D-3 Comfort Hotel Central International Airport Fixed Rent Tokoname, Aichi 11,599.63 5,308 5,156 5,800 4.1 +643 Hotel D-4 Comfort Hotel Suzuka Fixed Rent Suzuka, Mie 2,186.65 300 282 354 5.1 +71 E-1 Smile Hotel Kyoto Shijo Variable + Fixed Rent Kyoto 4,891.84 4,480 4,501 3,690 4.4 -811 E-3 The OneFive Osaka Sakaisuji Variable + Fixed Rent Osaka 3,568.32 1,630 1,744 1,230 4.8 -514 E-4 Hotel Wing International Kobe Shin Nagata Ekimae Variable + Fixed Rent Kobe 4,540.90 1,490 1,361 1,870 4.6 +508 E-5 Nest Hotel Osaka Shinsaibashi Variable + Fixed Rent Osaka 8,057.26 7,600 7,484 5,650 4.4 -1,834 F-1 The OneFive Okayama F-2 Nest Hotel Matsuyama Variable + Fixed Rent Variable Fixed Rent Okayama 5,543.70 1,200 1,180 1,900 5.7 +719 Matsuyama, Ehime 6,671.94 1,610 1,632 2,030 5.6 +397 F-3 Urbain Hiroshima Executive Fixed Rent Hiroshima 2,756.20 1,800 1,751 1,990 5.4 +238 F-4 The OneFive Garden Kurashiki F-5 Valie Hotel Hiroshima Variable + Fixed Rent Variable + Fixed Rent Kurashiki, Okayama 3,964.19 1,725 2,137 2,430 4.9 +292 Hiroshima 4,332.50 1,500 1,533 1,740 4.8 +206 F-6 Washington Hotel Plaza Shimonoseki Eki Nishi Fixed Rent Shimonoseki, Yamaguchi 5,709.35 1,080 1,036 1,220 4.8 +183 G-1 The OneFive Fukuoka Tenjin G-3 Nest Hotel Kumamoto Variable + Fixed Rent Variable + Fixed Rent Fukuoka Kumamoto 1,910.94 1,380 1,437 2,230 4.2 +792 6,404.36 2,220 2,166 2,440 5.2 +273 Total (25 Hotels) 109,538.74 54,783 54,704 58,006 4.6 +3,301 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 40

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