Investor Presentaiton

January 2024 Forecast No Change From Forecast Announced on August 16, 2023 (JPY million) Jan 2023 Actual (A) Jan 2024 Revised Forecast (B) vs. Forecast (B) - (A) Major Factors for Variation Operating Revenue 1,537 2,094 +557 Increase in variable rent +421 (5 acquired hotels, Kurashiki, Nest Osaka Shinsaibashi, Matsuyama, Sapporo Odori, Nagano, Fukuoka Tenjin, Sapporo Ekimae, Kyoto, Okayama) Variable Rent 487 752 +265 Decrease in variable rent -156 (Valie Hiroshima, Kumamoto, Nagoya) *Due to termination of contracts leasing all rooms Fixed Rent 998 1,224 +226 Increase in fixed rent +235 (5 acquired hotels, Kurashiki, Utsunomiya, Osaka Sakaisuji) Decrease in fixed rent -9 (Nagano) Other (Gains on Sales, etc.) 51 117 +66 Retail rent: 3 acquired hotels +47, Utsunomiya +2, Kumamoto -4 Utility income +15, Other income +5 AM fee +48, Administrative expenses +6, Utility expenses +15 Operating Expenses 755 1,007 +252 Fixed asset tax +10, Insurance/Management outsourcing fees, trust fees +18 Repair & Maintenance 21 75 +54 Depreciation 373 473 +100 Operating Profit 781 1,086 +305 Recurring Profit 572 736 Interest expenses +81, Borrowing-related expenses +55 +164 Amortization of share issuance expenses +5, Amortization of bond issuance expenses - 1 Net Income 571 735 +164 +0.3% YOY Dividend JPY 2,240 JPY 2,246 +JPY 6 ±0 vs. previous forecast +JPY 112 impact from acquisition of 5 hotels NOI 1,353 1,813 +460 Post-Depreciation NOI 980 1,339 +359 Capex 194 457 +263 Increase due to value-add capex for 5 acquired hotels No. Of Shares Outstanding 254,974 327,489 +72,515 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28

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