Investor Presentaiton

Individual Hotel Financials (JPY thousand) A-1 A-2 A-3 C-1 C-4 D-1 D-3 D-4 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-3 Nest Total Hotel Nest Hotel Ekimae Sapporo Sapporo Odori Comfort Smile Hotel Hotel Tokyo Kushiro Asagaya HOTEL Comfort EMIT Hotel SHIBUYA Hamamatsu Comfort Hotel Central International Smile The The The Comfort Hotel Suzuka Nest Hotel Hotel One Five Airport Kyoto Shijo Osaka Sakaisuji The Osaka OneFive Shinsaibashi Okayama Nest Hotel Matsuyama One Five Valie Hotel One Five Garden Hiroshima Kurashiki Fukuoka Nest Hotel Kumamoto Other Tenjin (A) Rental Income 1,248,372 52,654 32,684 18,419 67,615 47,568 55,361 151,441 15,442 30,744 1,848 66,291 62,161 47,534 2,249 151,382 34,056 94,427 316,487 Fixed Rent 900,497 31,129 27,072 18,419 61,603 47,568 55,361 151,441 15,442 30,744 1,454 66,291 62,161 36,323 994 17,934 34,056 25,134 217,364 Variable Rent 302,719 21,525 5,612 Other Rent 45,155 6,011 394 - I I I 11,210 1,255 132,848 600 69,293 54,567 44,555 (B) Rental Expenses 195,795 8,824 10,846 5,730 9,572 8,828 3,813 15,008 4,081 6,386 6,499 18,885 7,041 6,855 16,639 9,139 5,433 6,839 45,370 Outsourcing Fees 17,721 600 600 900 2,393 700 600 570 540 600 1,015 1,200 600 720 600 720 700 780 3,882 Insurance 3,726 198 201 105 117 72 2 128 374 54 64 170 125 316 187 262 129 172 69 236 792 Repair 38.651 2,560 1,403 290 2,995 2,793 430 1,053 1,336 231 1,294 2,331 1,923 1,065 10,865 3,721 511 608 3,236 Expenses Taxes 117,781 5,047 8,215 4,023 3,656 4,803 2,384 12,552 1,730 5,025 3,397 14,627 3,891 4,378 4,110 4,157 3,485 4,804 27,489 Other 17,914 418 426 411 409 460 270 458 458 410 359 666 410 437 427 933 367 667 410 9,969 Expenses ΝΟΙ (C) 1,052,577 43,830 21,837 12,689 58,042 38,739 51,548 136,433 11,361 24,358 -4,650 47,405 55,120 40,679 -14,389 142,242 28,622 87,588 271,116 (A) - (B) (D) Depreciation 364,915 15,728 18,078 5,820 26,361 7,784 15,058 34,998 4,166 17,156 9,552 35,953 16,879 19,036 12,560 21,368 8,554 22,148 73,707 Net Rental Income 687,662 28,102 3,759 6,868 31,680 30,954 36,490 101,434 7,195 7,202 -14,203 11,452 38,241 21,642 -26,950 120,874 20,068 65,439 197,409 (C) (D) * Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, Urbain Hiroshima Executive, Washington Hotel Plaza Shimonoseki Eki Nishi, and Comfort Hotel Nagano as well as retail income of The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, and Nest Hotel Kumamoto are included in Other, as the operators did not provide consent to disclose the data. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 88 38

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