Investor Presentaiton

一期一会| ICHIGO July 2021 Highlights Net Income and Dividend Exceeded Forecast Announced in June 2021 Results Details JPY 268M Net Income +JPY 35M (+15.2%) vs. forecast Recorded variable rent at Valie Hotel Hiroshima RevPAR JPY 2,815 (14 variable rent hotels) +JPY 156 (+5.9%) vs. forecast . JPY 912M NOI +JPY 31M (+3.6%) vs. forecast Occupancy: 64.3% (vs. 59.0% forecast) ADR: JPY 4,380 (vs. JPY 4,507 forecast) • Operating Revenue +JPY 5M vs. forecast • Decrease in Operating Expenses due to unused Covid- related reserve JPY 2,418 FFO +JPY 409 (+20.4%) YOY • FFO up on NOI increase Dividend JPY 1,055 . • Operating Revenue increase driving Dividend increase +JPY 140 (+15.3%) vs. forecast NAV JPY 129,007 • Total unrealized gains: JPY 1.2B -JPY 496 (-0.4%) vs. previous period FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to REIT Establishment + Amortization of Share Issuance Expenses + Loss on Disposal of Fixed Assets + Accrued Asset Disposal Costs +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding NAV=BPS + Unrealized Capital Gains per Share Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8

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