Investor Presentaiton

Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 6-minute walk from Tenjin Station on Access 100% 7,500 Fukuoka City Subway Kuko Line 80% 6,000 60% 4,500 Operator Hakata Hotels Inc. 40% 3,000 Guest Rooms 77 20% 1,500 Acquisition JPY 1.38B 0% 0 Price Aug 2020 Nov 2020 Feb 2021 May 2021 G-3 Nest Hotel Kumamoto Location Kumamoto 2-minute walk from Nishikarashimacho 一期一会| ICHIGO Access Station on Kumamoto City Tram Line Nest Hotel Japan Operator Corporation Guest Rooms 201 Acquisition JPY 2.22B Price EEEEEE Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 40% 7,500 6,000 4,500 3,000 nestнOTEL 20% 1,500 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44

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