Investor Presentaiton

一期一会| ICHIGO July 2022 Highlights Asset Acquisition Net Income RevPAR NOI FFO Results Comfort Hotel Nagano (Acquisition Price JPY 670M) JPY 361M +JPY 50M (+16.2%) vs. revised forecast JPY 4,348 (15 variable rent hotels) +JPY 377 (+9.3%) vs. revised forecast JPY 1,052M +JPY 63M (+6.4%) vs. revised forecast JPY 2,853 +JPY 435 (+18.0%) YOY • • Details Expected to capture both business and leisure demand Acquired with cash-on-hand • +JPY 93M (+34.5% YOY) • • • +JPY 148M (+69.5%) vs. initial forecast announced on Mar 2022 Occupancy: 84.7% (vs. 78.1% forecast) ADR: JPY 5,132 (vs. JPY 5,084 forecast) Increase in variable rent • +JPY 185M, +21.3% vs. initial forecast announced on Mar 2022 • JPY 1,418 Dividend NAV +JPY 198 (+16.2%) vs. revised forecast JPY 129,964 +JPY 1,195 (+0.9%) vs. previous period • FFO up on NOI increase • Operating Revenue increase driving Dividend increase +JPY 580, +69.2% vs. initial forecast announced on Mar 2022 • Total unrealized gains: JPY 1.5B FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to REIT Establishment + Amortization of Share Issuance Expenses + Loss on Disposal of Fixed Assets + Accrued Asset Disposal Costs +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding NAV = BPS + Unrealized Capital Gains per Share Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8

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