Investor Presentaiton

一期一会| ICHIGO Full Recovery in Occupancy to Pre-Covid Level Variable Rent Hotels (Jan 2020 - July 2022) RevPAR Occupancy 84.4% ADR 7,302 6,166 50.4% 5,020 2,531 68.8% 65.4% 54.9% 2,408 84.7% 5,132 4,383 4,381 4,522 4,348 3,112 2,865 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 (JPY) No. Hotels 14 15 15 15 15 15 RevPAR 6,166 2,531 2,408 2,865 3,112 4,348 Occupancy 84.4% 50.4% 54.9% 65.4% 68.8% 84.7% ADR 7,302 5,020 4,383 4,381 4,522 5,132 Excludes Capsule Plus Yokohama O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 12

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