Investor Presentaiton

Ichigo ESG - Governance Global Best Practice Governance Ichigo ESG 8 No Fixed Fee, Performance Fee- Only Structure ✓ Shifted to performance- linked fee structure to support shareholder value creation on February 1, 2019 ✓ Pro-active, dynamic management of Ichigo Hotel assets on behalf of shareholders 一期一会| Best Practice Governance REIT ✓ Monitors Asset Management Company • All Ichigo Hotel Directors are Independent Directors Active dialogue and effective internal controls via Board discussions led by REIT Executive Director Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants) Asset Management Company (AMC) ✓ Best Practice • • • • Majority of AMC Directors (2 of 4) are Independent Directors Governance Independent asset management team & best practice execution on behalf of Ichigo Hotel REIT within AMC Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters Ensure objectivity by including third-party, independent lawyers and accountants in the Investment and Risk & Compliance Committees Only 2 J-REITS (out of 60), including Ichigo Hotel (3463) and Ichigo Office (8975), have both an Asset Management Company (AMC) board that has a majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REIT Independence of the Investment Corporation From AMC 24 of 60 J-REITs have AMC Presidents serving as Executive Director of the REIT All Ichigo Hotel Directors are Independent Independent Directors at AMC Only 5 Asset Management Companies have any Independent Directors 2 of 4 Ichigo Investment Advisors' Directors are Independent *Based on research as of August 31, 2023 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 37

View entire presentation