Investor Presentaiton

• • . Ichigo ESG - Governance Best Practice Governance REIT Monitors Asset Management Company All Ichigo Hotel Directors are Independent Directors Active dialogue and effective internal controls via Board discussions led by REIT Executive Director Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants) Asset Management Company (AMC) Best Practice Majority of AMC Directors (3 of 5) are Independent Directors Independent asset management teams within AMC ensures best-practice execution on behalf of Ichigo Hotel Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters Ensure objectivity by including third-party, independent lawyers and accountants in the Investment Committee and Risk & Compliance Committee Ichigo ESG 8 Governance First J-REIT With No Fixed Fee, Performance Fee-Only Structure ✓ Performance-linked fee structure to support shareholder value creation ✓ Pro-active, dynamic management of Ichigo Hotel assets on behalf of shareholders Ichigo Hotel (3463) and Ichigo Office (8975) are the only J-REITS (out of 62) that both have an Asset Management Company (AMC) board that has a majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REIT Independence of the Investment Corporation from AMC 28 of 62 J-REITS have AMC Presidents serving as Executive Director of the REIT Ichigo Hotel: All Directors are Independent Independent Directors at AMC Only 3 Asset Management Companies have any Independent Directors Ichigo Investment Advisors: 3 of 5 Directors are Independent 一期一会 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. * Based on information as of August 31, 2021 28

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