Investor Presentaiton

August 2023 Initiatives Driving Dividend Growth - - — Impact of Acquisition on Jan 2024 Dividend: +JPY 112 (+5.2%) Jan 2023 Period Had One-Off Rental Income due to Leases to Local Governments during Covid – Excluding These One-Offs, Jan 2024 Dividend +76.4% YOY Expecting Further Growth on Lifting of Chinese Ban on Group Tours Dividend Actual Results & Forecast (JPY) 一期一会| ICHIGO J 2,240 Impact from Local I Government Leases | 967 1,273 +5.2% 2,246 2,134 +67.6%, +76.4% January 2023 (Actual) January 2024 (Forecast Announced in July 2023) January 2024 (Revised Forecast) O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20 20

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