Ichigo Hotel (3463) Ichigo Hotel July 2022 Fiscal Period Corporate Presentation September 14, 2022 Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd.
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
We would like to express our deepest condolences to all those affected by the global Covid pandemic and by the war and humanitarian crisis in Ukraine, along with our heartfelt wish for the immediate cessation of hostilities in Ukraine and the earliest and fullest possible recovery for all. Take care, be safe.
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Make The World More Sustainable
July 2022 Results
✓ July 2022 Highlights ✓   July 2022 Earnings Breakdown ✓ YOY Increases in Revenue, RevPAR, Occupancy, & ADR ✓  RevPAR Increase YOY in All Regions ✓  Full Recovery in Occupancy to Pre-Covid Level ✓   Ichigo Hotel Portfolio Occupancy Exceeds Market Recovery ✓ Increasing Stability via Contract Renewals & Rebranding ✓  External Growth: Strengthened Portfolio via Hotel Acquisition ✓ Shareholder Program (1) Shareholder Discount Program ✓   Shareholder Program (2) Ichigo J.League Shareholder Program
Sustainability as a Key Management Priority
> Sustainability Initiatives Market Environment & Forecast Assumptions January 2023 Forecast July 2023 Forecast
Ichigo’s Commitment to ESG
✓ Climate Positive: CO2 Reduction > Emissions ✓ Ichigo Sustainability Policy ✓  RE100 by 2025 On Track ✓  Full ESG Transparency & Disclosure ✓   Ichigo ESG – Environmental ✓   Ichigo ESG – Social ✓  Ichigo ESG – Governance
Appendices
✓  Portfolio Details ✓  Loan Details & Shareholder Composition ✓   Growth Roadmap, Sponsor, Shareholder Alignment
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved. 7
+ 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.

Variable Rent Hotels (15 Hotels)
Total Portfolio (21 Hotels)
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.
YOY by Region (Feb 2022– July 2022) RevPAR ADR 21 Hotels (excludes Capsule Plus Yokohama, Washington Hotel Plaza Shimonoseki Eki Nishi, and Comfort Hotel Nagano)
Variable Rent Hotels (Jan 2020 – July 2022) RevPARタADR
Excludes Capsule Plus Yokohama
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

l Hotel demand recovery continues l Ongoing recovery expected due to government lifting Covid-related restrictions and expanding inbound travel l Covid impact on business hotels was minimal compared to other hotel types Ichigo Hotel Occupancy (vs. 2019) and Hotel Reservations +40% Business Hotels ● – Full-Service Hotels ● - Resort Hotels Number of Guests +20% -20% -40% Jan Feb Mar 2020 Apr -100% June Sept May June Nov Jan Mar May June Jul Jul Aug Oct Dec Feb Jan Feb 2022 2021 May * Calculated by Ichigo Investment Advisors based on Japan Tourism Agency (JTA) "Statistical Survey of Travelers"
Comfort Hotel Nagano (Acquisition Price JPY 670M, Acquired on May 31, 2022) •  A lodging-focused hotel located in Nagano City, one of the major cities in the Kanto Koshinetsu Area •   Acquired using proceeds from a Jan 2020 hotel sale & cash-on-hand •  Pre-Covid level occupancy & ADR contributing to portfolio earnings stability •  Hotel operator change scheduled upon current contract-end in Dec 2022 to drive increased income
Hotel Sunshine Utsunomiya (Acquisition Price JPY 2.2B, Acquired on Sep 20, 2022) •   A lodging-focused hotel located in Utsunomiya City of Tochigi Prefecture, the largest city in the North Kanto area . Stable business demand from one of Japan’s largest industrial parks & corporate research institutes in the area •   Acquired using proceeds from Jan 2020 hotel sale & cash-on-hand •  A retail complex with a convention hall to be completed on the eastern side of Utsunomiya Station by Nov 2022; Light Rail Transit, a next-generation streetcar system, to start operations in Aug 2023 •   Fixed-rent lease hotel acquisition to drive portfolio earnings stability
Program Established to Express Gratitude to Ichigo Hotel Shareholders and to Support the Hotel Industry Impacted by Covid Special Discount Rates (including hotels not owned by Ichigo Hotel) Minacia Co., Ltd. ◾ Hotel Wing International ✓ Special rate 12% lower than rates on hotel website ✓  39 Hotel Wing International Hotels located across Japan, from Hokkaido to Kagoshima K.K. Hospitality Operations ■ Smile Hotels ✓ Special rate 10% lower than rates on hotel website ✓  68 Smile Hotel and Hotel Emisia brand hotels located across Japan, from Hokkaido to Okinawa
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Represents Two Firsts for a Shareholder Program in Japan – First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and YieldCo that it manages, in its shareholder program (70,000 shareholders total) l First company to offer shareholders free tickets to every J.League game at every J.League club Ichigo is deepening its partnership with the J.League and working to further Ichigo’s mission of promoting local community development.
● Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Minimizing Environmental Impact of Ichigo Hotel-Owned Assets Environmental Certifications - HOTEL EMIT SHIBUYA (BELS 4 Stars) – Joined GRESB Real Estate Assessment in 2021 –   Awarded 2 Stars in GRESB rating –   Won Green Star designation l Energy efficiency assessments for 2 hotels to be conducted Energy Efficiency Improvements – Conducting planning and research to reduce energy consumption via installing LED lights and water-saving systems across all hotels Disclosure of Energy Consumption Levels and Energy Reduction Targets – Aiming to disclose energy consumption levels and energy reduction targets on the Ichigo Hotel website by January 2023
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Shift to Renewable Energy l Began sourcing renewable energy at 9 hotels as of July 2022 fiscal period 15 remaining hotels to be transitioned sequentially l Renewable Energy Transition Completed Court Hotel Suzuka HOTEL EMIT SHIBUYA Nest Hotel Sapporo Ekimae Nest Hotel Sapporo Odori The OneFive Fukuoka Tenjin The OneFive Okayama Capsule Plus Yokohama The OneFive Osaka Sakaisuji Smile Hotel Kyoto Shijo RE100 A global initiative bringing together businesses committed to 100% renewable electricity, including solar, wind, hydro, and biomass energy, and accelerating the change towards a zero-carbon society. Ichigo (2337), Ichigo Hotel's sponsor, joined RE100 in February 2021 and set a target to source 100% renewable electricity across its operations, including Ichigo Hotel (3463) and Ichigo Office (8975), by 2025.
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Hotel Market Continues Recovery Occupancy and ADR Forecasts for 15 Variable Hotels | Forecasting Occupancy at -10~-20%, ADR at -30~-40%, and RevPAR -40%~ -50% vs. 2019 (Pre-Covid) levels
* Data of 11 hotels for January 2019 fiscal period, 12 hotels for July 2019 fiscal period, 13 hotels for January 2020 fiscal period, 14 hotels for July 2020 fiscal period, and 15 hotels for January 2021 fiscal period and onward
Dividend JPY 1,106, -17.8% YOY ✓  Decrease in Dividend YOY due to fall-off of previous period's extraordinary gain, despite YOY NOI increase
Ichigo’s Commitment to ESG Ichigo © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Harmony with the Environment
Ichigo actively monitors and minimizes the environmental impact of its business operations. Energy Conservation, CO2 Reduction, and Recycling Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy consumption, extending the useful life of assets, actively recycling, reducing waste production and water consumption, and implementing green procurement measures.
Regulatory and Environmental Compliance
Ichigo complies with all environmental laws and regulations and Ichigo’s own independently- established environmental rules. Ichigo also carefully monitors and complies with all applicable changes in laws and regulations. Training and Awareness Ichigo promotes understanding of its Sustainability Policy and works to increase sustainability awareness among all Ichigo employees. Sustainability Performance Communication and Disclosure Ichigo communicates its Sustainability Policy and Ichigo’s sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis.
Ichigo’s Clean Energy Growth Addressing Critical Environmental Issues CO2 Reduction vs. CO2 Emissions (tons) Further Reduction of CO2 Emissions: Increasing Renewables Increasing Energy Efficiency LED lighting, HVAC upgrades (c. 1.5% p.a. reduction) © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Ichigo RE100 Progress As of FY23/2 Q1 (May 31, 2022) Includes all Ichigo, Ichigo Hotel (3463), and Ichigo Office (8975) assets FY23/2 Forecast RE100 Transition Impact CO2 Reduction 35,815 tons 47.2% % Reduction CO2 Emissions of Cars 15.572 Note: % Reduction = Amount of CO2 reduction  vs. 75,890 tons (FY20/2 actual) Annual CO2 emission per car c. 2,300kg (Ministry of Environment) © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Sustainability-Driven & Climate Positive
Effective Use of Existing Real Estate Preserve & Improve Real Estate
to End Wasteful Demolition
Ichigo's Sustainable Real Estate business has a proven track record of preserving and improving existing real estate. Ichigo will build on this long-standing commitment to sustainability by developing new technologies to extend the lives of buildings and other social infrastructure 100 years and beyond. lchigo’s Sustainable Real Estate Preserve & Create Value Improve aesthetics and comfort Seismic reinforcements Regulatory compliance Increase energy efficiency Towards a Net Zero Carbon Society Community-Based, Productive Use of Idle Land for Clean Energy Ichigo will not build power plants that require the clearing of wooded land or the altering of the landscape in a way that increases the risk of floods, landslides, or other water-related disasters, or that face opposition from local communities. Annual Power Production
217,758,958 kWh
Equivalent to annual energy consumption of 72,586 households Annual CO2 Reduction 124,281,000 kg Equivalent to annual CO2 emission of 54,035 cars * July 2021 – June 2022 Actuals J-REIT Initiatives Pro-Active Environmental Certifications Environmenta By obtaining certifications such as GRESB, CASBEE, BELS, and DBJ Green Building, Ichigo is demonstrating our long-standing commitment to sustainability via initiatives that benefit investors, tenants, clients, and other stakeholders.
performance Transition to Renewable Energy • Completed at 9 hotels • To be transitioned sequentially at other hotels management, & performance Transition to Renewable Energy • Completed at all 74 assets by April 2022 (excludes partially-owned assets) (as of August 31, 2022)

Contributing to a Sustainable Society
Contributing to Regional Revitalization
Ichigo works to revitalize local communities and promote regional economic development. Ichigo’s model of preserving and improving existing real estate creates jobs and supports businesses, and our clean energy plants also support their host communities by providing new and sustainable sources of income. THE KNOT TOKYO Shinjuku Hotel / Tokyo https://hotel-the- knot.jp/tokyoshinjuku/en Miyako City Retail Asset / Miyazaki www.miyakocity.com Ichigo University Ichigo established Ichigo University in May 2013 to support employees’ continuing education and personal growth. Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience. Average Annual Number of Courses: 30 Ichigo University Classes Sports Initiatives Social As a top partner of the J.League professional soccer league, we support the league’s mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, and track and field. Hiromi Miyake (Weightlifting) Ichigo Sports Site (Japanese only) www.ichigo.gr.jp/ichigosports

Global Best Practice Governance
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
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 (3 of 5) are Independent Directors •   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 3 J-REITS (out of 61), 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
➡ 27 of 61 J-REITs have AMC Presidents serving as Executive Director of the REIT All Ichigo Hotel Directors are Independent ➡ Only 3 Asset Management Companies have any
3 of 5 Ichigo Investment Advisors' Directors are Independent * Based on research as of August 31, 2022
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Acquisitions
Location Geographic Diversification Increases Earnings Stability Steady Portfolio Growth via Acquisitions
Operator Diversification Driving Earnings Stability
² Comfort Hotel Nagano was acquired on May 31, 2022 © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
* Operating Results data for Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, and Washingfon Hotel Plaza Shimonoseki Eki Nishi are consolidated under Other, because the hotel operators did not provide consent to disclose hotel-specific data. Fixed Rent Hotels and Total include Hotel Livemax Nihombashi-Hakozaki's operating results. © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Executive, Washington Hotel Plaza Shimonoseki Eki Nishi, and Comfort Hotel Nagaño as well as retail income of The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, and Ne Kumamoto are included in Other, as the operators did not provide consent to disclose the data.
Fixed/Variable Rent
Operating Results (Aug 2021 – Jul 2022) (JPY) 8,000 6,000 4,000 2,000
A-1 Nest Hotel Sapporo Ekimae

A-2 Nest Hotel Sapporo Odori

B-1 Capsule Plus Yokohama
The hotel operator did not give consent to disclose data.
C-1 Smile Hotel Tokyo Asagaya

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

C-4 HOTEL EMIT SHIBUYA

D-2 Hotel Wing International Nagoya

* Aichi Prefecture has temporarily leased all rooms of Hotel Wing International Nagoya starting on January 28, 2022.

E-1 Smile Hotel Kyoto Shijo

E-3 The OneFive Osaka Sakaisuji

* Closed in December 2020. Changed operator and rebranded and reopened as The OneFive Osaka Sakaisuji in September 2021. (JPY)
E-4 Hotel Wing International Kobe Shin Nagata Ekimae
E-5 Nest Hotel Osaka Shinsaibashi

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

F-1 The OneFive Okayama

F-2 Nest Hotel Matsuyama

F-4 The OneFive Garden Kurashiki

* Closed in December 2021. Changed operator and rebranded and reopened as The OneFive Garden Kurashiki in February 2022.

F-5 Valie Hotel Hiroshima
* Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021.

G-1 The OneFive Fukuoka Tenjin

G-3 Nest Hotel Kumamoto

A-3 Comfort Hotel Kushiro
B-2 Comfort Hotel Nagano

C-3 Hotel Livemax Nihombashi-Hakozaki

D-1 Comfort Hotel Hamamatsu

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

D-3 Comfort Hotel Central International Airport
D-4 Comfort Hotel Suzuka

F-3 Urbain Hiroshima Executive

F-6 Washington Hotel Plaza Shimonoseki Eki Nishi

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Outstanding Loan Balance

* The above does not include investment corporation bonds.
Distribution of Loan Maturities
(JPY M) ■ Fixed Rate ■ Floating Rate ■ Bonds
(as of July 31, 2022) Lender Composition City 4% Fixed vs. Floating * Includes interest fixed via swaps
Major Shareholders (as of July 31, 2022)
By Number of Shares Held

53 Appendix: Growth Roadmap, Sponsor, Shareholder Alignment © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Portfolio Growth & Diversification Drive Earnings Growth & Stability

Dividend Growth
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy Manages Ichigo Hotel (3463), Ichigo Office (8975), and Ichigo Green (9282) – – Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies and expertise Deeply committed to CSR and Sustainability – Ichigo (ISE Prime 2337) Ichigo Preserves and Improves Real Estate The word “Ichigo” comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning “One lifetime, one encounter.” The phrase was first used by a 16th century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony for every guest, because that particular moment will only exist once and must be fully lived and realized. Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong long-term relationships to support the success of our clients, shareholders, and all stakeholders.
Strengthen acquisitions through leveraging lchigo’s sourcing network l Increase asset value through Ichigo’s real estate value-add capabilities l Drive higher returns for Ichigo Hotel shareholders l Sponsor: Ichigo (2337) Buy
Sell Third-Party Investors Sell
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Changed Hotel Operator to Ichigo-owned Hakata Hotels – Veteran hotel operator with expertise in AI revenue management (PROPERA) – operates 13 hotels with focus on the Hakata (Fukuoka) area – Maintained high occupancy, substantially outperforming other hotels (Hotels using PROPERA achieved 87.4% occupancy during the July 2022 fiscal period) – Became the operator of Court Hotel Kurashiki (rebranded as The OneFive Garden Kurashiki) in February 2022 – already the operator of the Okayama, Fukuoka Tenjin, and Osaka Sakaisuji hotels –   Selected as operator among multiple candidates due to offering superior terms –   Prevented loss of a hotel operator amidst Covid Hotels Operated by Hakata Hotels

© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

–  Hakata Hotels, a consolidated subsidiary of Ichigo, is a hotel operator operating 13 hotels across Japan with many located in the Hakata (Fukuoka) area –  Hakata Hotels is deploying PROPERA, an Al-based revenue management system developed by Ichigo, to maximize earnings and increase guest satisfaction
PROPERA • Increases guest satisfaction • Operating track record of increasing earnings by 10-40% • Starting third-party sales HAKATA HOTELS © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
20 Hotels (JPY 62B) in Ichigo Sponsor Pipeline as of May 31, 2022 –  Lodging-focused hotels across Japan –  Locations: Major cities such as Hokkaido, Tokyo, Yokohama, Osaka, and Fukuoka
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

Ichigo Hotel

Asset Management Company

These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel ). These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Hotel with respect to financial condition and future results. These statements are based on certain assumptions founded on currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking statements. In creating these materials, Ichigo Hotel and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any such information. The content of these materials is also subject to revision or retraction without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. Make The World More Sustainable Contact: Ichigo Hotel  IR Desk (3463) TEL: +81-3-3502-4892 E-mail :  ir_hotel@ichigo.gr.jp www.ichigo-hotel.co.jp/en Ichigo is Japan's first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy.