Investor Presentaiton

一期一会| ICHIGO August 2023 Initiatives Significance of Initiatives Leveraging Sponsor Support to Drive Growth & Participate in Japan's Accelerating Hotel Market Recovery Forecast (July 2023) JPY 2,134 Revised Forecast JPY 2,246 (+5.2%) Dividend Growth · Increasing January 2024 Dividend Increased Portfolio Scale • Increased Portfolio Stability & Earnings Upside Strong Sponsor Support • • Acquiring Assets with NOI upside (5 Assets, JPY 15B) ✓ Portfolio scale increasing to 30 hotels, JPY 69.8B AUM (Acquisition price basis) Increased Portfolio Stability via Geographic Diversification & Ability to Capture Both Leisure & Business Demand Acquiring HOTEL THE KNOT YOKOHAMA & THE KNOT SAPPORO ✓ Ichigo boutique hotels that offer more refined guest services & therefore command higher daily rates Acquiring 5 Hotels Initially Scheduled for Acquisition in March 2023 at Same Acquisition Prices, despite Growth in NOI & Appraisal Value since March Initiatives collectively refers to the hotel acquisition, third-party share issuance, and loan detailed in "Issuance of New Shares via Third-Party Allotment," "Acquisition of Five Hotel Assets," "New Loan for Acquisition of Hotel Assets," "Earnings Forecast Revision for the January 2024 Fiscal Period" announced on August 16, 2023. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19

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