Investor Presentaiton

Individual Hotel Financials (JPY thousand) A-1 A-2 A-3 B-2 B-3 C-1 C-4 D-1 D-3 D-4 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-3 The Total Nest Hotel Nest Hotel Comfort Sapporo Sapporo Hotel Ekimae Odori Kushiro Smile Hotel Nagano Hotel Smile Hotel Sunshine Tokyo Utsunomiya Asagaya One Five Tokyo Shibuya Comfort Hotel Hamamatsu Comfort Hotel Central International Airport Comfort Hotel Suzuka Smile Hotel Kyoto Shijo The One Five Osaka Sakaisuji The Nest Hotel The Osaka One Five Shinsaibashi Okayama Nest Hotel Matsuyama One Five Garden Kurashiki Valie Hotel Hiroshima The One Five Fukuoka Nest Hotel Kumamoto Other Tenjin (A) Rental Income 1,796,545 130,126 81,202 18,419 29,952 64,263 141,555 119,676 55,361 151,441 15,442 50,930 56,555 149,401 90,503 62,634 24,375 92,392 73,977 70,579 317,751 Fixed Rent 992,218 31,129 27,072 18,419 3,677 57,799 61,603 47,568 55,361 151,441 15,442 30,744 11,425 66,291 62,161 36,323 10,646 29,137 34,056 25,134 216,780 Variable Rent 756,458 98,996 54,130 Other Rent 47,868 26,274 6,463 79,952 72,108 20,185 45,129 83,110 28,342 26,311 13,728 62,655 39,920 45,445 60,167 600 40,804 (B) Rental Expenses 207,031 8,079 9,985 5,435 12,928 6,389 10,351 8,403 3,426 14,748 3,456 6,528 6,741 18,904 6,580 6,615 9,076 10,858 4,948 7,574 45,995 Outsourcing Fees 18,923 600 600 900 480 780 2,798 600 600 570 540 600 915 1,200 600 720 600 720 600 780 3,720 Insurance 4,235 208 221 117 64 213 121 75 135 395 68 182 139 342 205 279 136 180 75 250 822 Repair 31,684 1,604 310 4,921 305 3,174 2,268 783 709 90 Expenses 90 1,718 1,216 1,577 847 3,855 5,283 190 1,149 1,680 Taxes 127,420 5,250 8,430 4,008 1,257 4,727 3,747 5,097 2,420 12,541 1,729 5,296 3,600 15,735 3,760 4,341 4,122 4,306 3,718 4,983 28,343 Other Expenses 24,768 415 424 409 6,205 363 510 362 270 458 410 359 367 410 437 427 362 367 365 410 11,429 (C NOI 1,589,514 122,046 71,216 12,983 17,023 57,874 131,203 111,272 51,935 136,693 11,986 44,401 49,813 130,497 83,923 56,019 15,299 81,534 69,028 63,005 271,756 ) (A)-(B) (D) Depreciation 387,515 17,219 18,012 5,840 6,905 4,555 22,941 8,075 15,646 35,692 4,471 17,641 10,550 35,854 17,696 20,323 21,576 22,537 8,905 22,251 70,815 Net Rental Income 1,201,998 104,827 53,204 7,143 10,117 53,318 108,262 103,197 36,289 101,000 7,514 26,759 39,263 94,642 66,226 35,695 -6,277 58,996 60,122 40,753 200,940 (C) - (D) * Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, Urbain Hiroshima Executive, and Washington Hotel Plaza Shimonoseki Eki Nishi, as well as retail income of The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, and Nest Hotel Kumamoto are included in Other, as the operators did not provide consent to disclose the data. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42

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