Investor Presentaiton

August 2023 Initiatives Increased Geographical Diversification & Portfolio Stability As of July 31, 2023 Acquired Hotels As of August 25, 2023 No. Of Hotels 25 5 30 Acquisition Price JPY 54.7B JPY 15.0B Appraisal Value JPY 58.0B JPY 16.6B JPY 69.8B JPY 74.6 Total No. Of Rooms 3,989 ΝΟΙ JPY 1,589M Nagoya Kobe Kyushu 4.9% 2.7% 747 JPY 383M (Jan 2024 forecast) 4,736 JPY 1,813M (Jan 2024 forecast) NagoyaKobe 3.8% 2.1% 6.6% Hokkaido Osaka 16.8% Kyushu 5.2% Osaka 18.5% 7.1% Increased Geographical Hokkaido Geographic Diversification Kanto Koshinetsu Tokyo 16.4% Diversification 12.5% Tokyo 8.0% Kyoto 8.2% Chugoku- Kanto Koshinetsu 13.3% 12.8% Chugoku Shikoku Shikoku Kyoto Tokai 13.1% 16.3% 6.4% Tokai 12.8% 12.7% 一期一会| ICHIGO Note: Geographical Diversification is on an acquisition price basis Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21 24

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