Investor Presentaiton

Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of July 31, 2022) Total Lease Terms Fixed Rent Fixed + Variable Rent Variable Rent Form of Contract Lease Fixed Rent Yes Lease Yes Lease Lease Yes Variable Rent Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP Excess Above Fixed Portion of Hotel GOP JPY 690M (57.4%) 13 Hotels Not Available1 Rental Income (July 2022 Actual) Number of Hotels Total Acquisition Price Hotels • JPY 392M (32.6%) 8 Hotels JPY 12.37B (23.5%) . Comfort Hotel Kushiro • • Comfort Hotel Hamamatsu O Comfort Hotel Central International Airport • Comfort Hotel Suzuka • Hotel Livemax Nihombashi- Hakozaki • Urbain Hiroshima Executive . • Washington Hotel Plaza Shimonoseki Eki Nishi • Comfort Hotel Nagano² JPY 101M (8.4%) 2 Hotels JPY 4.16B (7.9%) Hotel Wing International Nagoya Hotel Wing International Kobe Shin Nagata Ekimae JPY 34.57B (65.7%) 1 Hotel JPY 1.49B (2.8%) • Nest Hotel Sapporo Ekimae Capsule Plus Yokohama • Nest Hotel Sapporo Odori • Nest Hotel Osaka Shinsaibashi • Nest Hotel Matsuyama • Nest Hotel Kumamoto • Smile Hotel Tokyo Asagaya • Smile Hotel Kyoto Shijo ⚫Valie Hotel Hiroshima • The OneFive Fukuoka Tenjin • The OneFive Garden Kurashiki ⚫ HOTEL EMIT SHIBUYA •The OneFive Okayama • The OneFive Osaka Sakaisuji JPY 1,203M (100%) 24 Hotels JPY 52.58B (100%) 一期一会| ICHIGO 1 Operator did not provide consent to disclose information 2 Comfort Hotel Nagano was acquired on May 31, 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 35 55

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