Investor Presentaiton

一期一会| ICHIGO YOY Increases in Revenue, RevPAR, Occupancy, & ADR Variable Rent Hotels (15 Hotels) Feb 1, 2021 Feb 1, 2022 Change YOY - Jul 31, 2021 - - Jul 31, 2022 Feb 1, 2019 - Jul 31, 2019 Room Revenue (JPY M) 1,008 1,852 +844 +83.7% 2,583 Total Revenue (JPY M) 1,140 1,988 +848 +74.4% 2,902 RevPAR (JPY) 2,865 4,348 +1,483 +51.8% 7,104 Occupancy 65.4% 84.7% +19.3% +29.6% 86.4% ADR (JPY) 4,381 5,132 +751 +17.1% 8,218 Total Portfolio (21 Hotels) Feb 1, 2021 Feb 1, 2022 Feb 1, 2019 Change YOY - Jul 31, 2021 - - Jul 31, 2022 - Jul 31, 2019 Room Revenue (JPY M) 1,456 2,520 +1,064 +73.1% 3,722 Total Revenue (JPY M) 1,598 2,672 +1,074 +67.2% 4,069 RevPAR (JPY) 2,740 4,162 +1,422 +51.9% 6,853 Occupancy 58.3% 77.8% +19.4% +33.3% 86.2% ADR (JPY) 4,696 5,351 +655 +13.9% 7,946 Feb 1, 2019 Jul 31, 2019 data excludes HOTEL EMIT SHIBUYA acquired on February 25, 2020. Data excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi. Change and YOY calculations exclude Comfort Hotel Nagano acquired on May 31, 2022. Operating results before acquisition are based on data provided by previous owner. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10

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