Investor Presentaiton

July 2023 Earnings Breakdown (JPY million) Jul 2022 Actual Jul 2023 Initial Forecast VS. (Reference) Actual (A) (Mar 2023) Initial Forecast (B) (A) - (B) Revised Forecast (Jul 2023) Major Variation Factors (vs. Initial Forecast) Operating Revenue 1,248 1,796 1,400 +395 1,796 Variable Rent 302 756 385 +371 768 Increase in variable rent +392 (Nest Osaka Shinsaibashi, Shibuya, Asagaya, Sapporo Ekimae, Osaka Sakaisuji, Fukuoka Tenjin, Okayama, Kumamoto, Kyoto, Nagano, Sapporo Odori) Decrease in variable rent -21 (Matsuyama, Kurashiki) Fixed Rent 900 992 972 +19 981 Increase in fixed rent (Valie Hiroshima, Kurashiki) Other (Gains on Sales, etc.) 45 47 42 +5 47 Increase in Other (Asagaya: Retail rent, renewal fee, and utility income) Operating Expenses 681 862 744 +118 863 AM fee +128, Administrative expenses -7, Utility expenses +2, Other +1 Repair & Maintenance 38 31 46 -14 33 Unused reserve for repair expenses Depreciation 364 387 378 +8 387 Operating Profit 566 933 655 +277 933 Recurring Profit 362 722 402 +320 725 Interest expenses -27, Borrowing-related expenses -20, Amortization of share issuance expenses +6 Net Income 361 721 401 +320 724 Dividend JPY 1,418 JPY 2,831 JPY 1,576 +JPY 1,255 JPY 2,841 +79.6% vs. previous forecast announced on Mar 2023 -0.4% vs. revised forecast announced on Jul 2023 +99.6% YOY (+JPY 1,413) FFO JPY 2,853 JPY 4,382 NOI 1,052 1,589 1,182 +407 1,588 Post-Depreciation NOI 687 1,201 803 +398 1,201 Capex 199 551 +749 -197 Decrease due to renovations not conducted at hotels leased as Covid facilities Book Value 52,445 54,704 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8

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