Ichigo Hotel (3463) Ichigo Hotel January 2024 Fiscal Period Corporate Presentation March 15, 2024 Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd.
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We would like to express our deepest condolences to all those impacted by the January 1, 2024 earthquake in Ishikawa Prefecture, and our wishes for the earliest and fullest possible recovery for all.
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Make The World More Sustainable
January 2024 Results
> January 2024 Highlights > January 2024 Earnings Breakdown > Hotel Operating Results: Continued Hotel Earnings Growth > RevPAR, ADR, & Occupancy Growth On Track > Hotel Operating Results: Limited Impact From End of Govt Leases & Travel Subsidy > Growth Strategy: Driving Revenue via Rebranding & Rent Contract Changes ✓ Growth Strategy: Acquisition-Driven Growth Leveraging Sponsor Support > Environmental Initiatives: Sustainability Initiatives > Shareholder Program: Shareholder Discount Program > Shareholder Program: Ichigo J.League Shareholder Program
Sustainability as a Key Management Priority
> Driving Revenue via Contract Renewals & Re- tenanting ✓   Portfolio Growth Opportunity via Ichigo Sponsor Support
Earnings Forecasts
> July 2024 Forecast ✓ January 2025 Forecast
Ichigo’s Commitment to ESG
✓ Ichigo Sustainability Policy Ichigo Climate Positive: CO2 Reduction > > Emissions ✓   On Track Toward Achieving 2025 RE100 Target ✓   Ichigo ESG – Environmental ✓   Ichigo ESG – Social ✓   Ichigo ESG – Governance
Appendices
✓ Portfolio Details ✓   Loan Details & Shareholder Composition ✓   Sponsor, Portfolio Map, & Others
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Variable Rent Hotels (21 Hotels)

Total Portfolio (28 Hotels)

Data excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi. Operating results before acquisition are based on data provided by previous owner.
Exceeding Pre-Covid Levels & Re-entered Growth Trajectory Variable Rent Hotels: RevPAR, Occupancy, & ADR (Jan 2020 – Jan 2024)
Data comparisons for all periods use data of hotels currently owned by Ichigo Hotel. Hotel Wing International Nagoya, Nest Hotel Kumamoto, & Hotel Sunshine Utsunomiya impacted from April 2023 by end of leasing all guest rooms to local governments. Pre-acquisition data for acquired hotels are based on data received from the previous owners. 11
YOY by Region (Aug 2023 – Jan 2024) RevPAR ADR
26 Hotels (excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi) Kyushu +51% +35% Hotel Wing international Nagoya, Nest Hotel Kumamoto, Valie Hotel Hiroshima, and Hotel Sunshine Utsunomiya were leased out to local governments until March 2023. Pre- acquisition data for acquired hotels are based on data received from the previous owners.
Realizing Impact of Rebranding & Rent Contract Renewals Conducted During Covid – Capsule Plus Yokohama (rebranded during Jul 2021 fiscal period) ✓ Rebranded & changed to variable rent contract from fixed rent contract ✓ Jan 2024 rental income: +10.6% l Hotel Wing International Nagoya  (contract renewal during Jan 2022 fiscal period) ✓ Reduced fixed rent, increased variable rent ✓ Jan 2024 rental income: +12.4% – Smile Hotel Nagano (rebranded during Jan 2023 fiscal period) ✓ Rebranded & changed to fixed + variable rent contract from fixed rent contract ✓ 2X Rental income growth in Jan 2024 ✓ Achieved target Jan 2024 rent set during rebrand planning phase – The OneFive Garden Kurashiki (rebranded during Jul 2023 fiscal period) ✓ Rebranded & increased fixed rent ✓ Jul 2024/Jan 2025 fixed rent rental income +5.2% ✓ Jul 2025/Jan 2026 fixed rent rental income +18.2%
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l l > > New Share Issuance via Third Party Allotment (Incl. Sponsor) (Aug 2023) Acquired  5 hotels (JPY 15B), Increased Portfolio Size (30 Hotels, JPY 69.8B) Driving portfolio stability via acquisitions of high-quality hotels, geographic diversification Acquired HOTEL THE KNOT YOKOHAMA, THE KNOT SAPPORO -  Targeting higher room prices via sponsor-designed boutique hotels > Driving Dividend Growth -  Jul 2024: +JPY 81, Jan 2025: JPY +129 ✓ Driving NAV Growth -  Appraisal value as of Jan 31, 2024: +1.9% vs. Aug 2023 acquisition
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved. Sustainability Initiatives (1) Achieved 100% renewable energy transition at all hotels – Completed renewable energy transition at 9 hotels l Purchased non-fossil certificates for 21 other hotels (Dec 2023) l Ongoing discussions with tenants of the 21 hotels that purchased non-fossil certificates to transition to renewable energy Renewable Energy Transition (as of January 31, 2024) Annual Energy Transition/Carbon Offset Forecast CO2 Reduction c. 3,5 Calculated as 0.429kg CO2 per kWh Non-fossil certificates certify the environmental value of non-fossil electricity. FIT non-fossil certificates with tracking includes information on the power plant generating non-fossil electricity, including electricity type and plant location.
Minimizing Environmental Impact of Ichigo Hotel-Owned Assets l Participated in GRESB Real Estate Assessment since 2021 ✓ Awarded 2 Star GRESB rating ✓ Awarded Green Star designation 3 years in a row ✓ Awarded GRESB Public Disclosure A Level, up from last year’s B Level l 3 hotels received BELS in Jan 2024 (Total 4 hotels)
THE KNOT SAPPORO: CASBEE Sapporo (B-)
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Program Established to Express Gratitude to Ichigo Hotel Shareholders and Accelerate Hotel Industry Growth
Special Discount Rates (including hotels not owned by Ichigo Hotel)

Applicable Hotels •Hotel Wing International Nagoya •Hotel Wing International Kobe Shin Nagata Ekimae Applicable Hotels •Smile Hotel Kyoto Shijo •Smile Hotel Tokyo Asagaya •Smile Hotel Nagano •HOTEL THE KNOT YOKOHAMA Applicable Hotels •Comfort Hotel Hamamatsu •Comfort Hotel Central International Airport •Comfort Hotel Kushiro •Comfort Hotel Suzuka •Comfort Hotel Osaka Shinsaibashi (Ichigo Shinsaibashi Building)
© 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 solar power producer that it manages, in its shareholder program (82,000 shareholders total) – 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 developments. J.League 30th Anniversary Event (May 14, 2023) Invited shareholders to participate in opening ceremony as flag bearers and watch a special match
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© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
New Tenant at Comfort Hotel Osaka Shinsaibashi (Private Sauna) Leased up vacant space (304m², 92 tsubo) - – Rent +19% vs. previous tenant, higher than surrounding area due to competitive location − NOI +15.9% p.a. due to retail income increase Return of Tenant at Nest Hotel Kumamoto - Re-entered contract with operator of rental conference rooms Rent Contract Renewal at Smile Hotel Kyoto Shijo - Increasing fixed rent & driving stability Private Sauna (Comfort Hotel Osaka Shinsaibashi)
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Sponsor Owns 12 Hotels (JPY 46B) Across Japan Sponsor-Owned Hotels By Area Chugoku/
As of November 30, 2023 Kyushu
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© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
–  Dividend +JPY 92, +3.4% vs. Previous Forecast –  Driving Financial Stability: Financing Cost to Increase due to Lengthening Loan Maturity, Fixing Interest Rates
–  Operating Revenue +JPY 147M (Incl. Variable Rent JPY 67M) –  Renewal Renovations & Downtime Upon Contract-End at Some Hotels
Ichigo’s Commitment to ESG Ichigo © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Harmony With the Environment and Recycling
Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling.
Addressing Climate Change and Shift to Low-Carbon Society
Ichigo seeks to contribute to a low-carbon society and address climate change by lowering its energy consumption and greenhouse gas emissions, using renewable energy, and improving the resilience of its assets.
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, Awareness, and Cooperation With Stakeholders
lchigo works to increase sustainability awareness via company training sessions, and promotes understanding of its Sustainability Policy among all Ichigo employees and tenant employees working at its assets. Ichigo also works with stakeholders to promote understanding of its Sustainability Policy and implement sustainability initiatives.
Sustainability Performance Communication and Disclosure
Ichigo communicates this Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis.
Sustainable Procurement
Ichigo implements sustainable procurement measures, including the use of environmentally-friendly construction methods and materials, actively installing energy and resource efficient equipment, and the inclusion of sustainability initiatives as a selection criteria for business partners.
Building a Diverse, Inclusive Organization
Ichigo respects human rights and works to build a diverse organization where employees work with respect for each other and realize their full potential regardless of race, beliefs, religion, skin color, nationality, age, gender, sexual orientation, gender identity, disabilities, and social status. Ichigo also provides a healthy, comfortable work environment that focuses on employee performance and well-being, and drives organizational growth.
Biodiversity and Ecosystem Preservation
lchigo contributes to the preservation of biodiversity and ecosystems via the addition of greenery to the interiors and exteriors of its assets, primarily using native plants.
Ongoing Ichigo Clean Energy Production Growth & Renewable Energy Transition & Carbon Offsets CO2 Emissions Reduction Measures Ongoing Initiatives Switch to Renewable Energy 28,900 tons Decreased Energy Consumption 870 tons New Initiatives Non-Fossil Certificate Tracking for Ichigo Power Plants 4,700 tons 1 Calculated using each EPCO’s adjusted CO2 emission factor disclosed by the Ministry of Environment as a fixed constant for each period
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Ichigo Ranked No. 1 in Nikkei GX 500 Ranking for Information Disclosure & Emissions Management & Reduction Ichigo RE100 Progress 100% FY24/2 Renewable Energy Transition Impact 35.000 CO2 Reduction CO2 Emissions of Cars Includes all Ichigo, Ichigo Hotel, and Ichigo Office (8975) assets

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 = Tenant Satisfaction 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
222,927,029 kWh
Equivalent to annual Energy consumption of 51,600 households Annual CO2 Reduction 98,647,576 kg Equivalent to annual CO2 emission of 43,000 cars * Mar 2022 – Feb 2023 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 • Purchased non-fossil certificates for 21 hotels Evaluated for ESG, management, & performance Transition to Renewable Energy • Completed at all assets by April 2023 (excludes partially-owned assets) (as of February 29, 2024)

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, track and field, and tennis. Hiromi Miyake (Weightlifting) Certified as a Sports Yell Company & Tokyo Metropolita Government Sports Promotion Company for 7th year in a row Ichigo Sports Site (Japanese only) www.ichigo.gr.jp/ichigosports Chisato Kiyoyama (Track and Field)

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 (2 of 4) 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 58), 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
➡ 26 of 58 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
2 of 4 Ichigo Investment Advisors' Directors are Independent * Based on research as of February 29, 2024
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(as of January 31, 2024)
© Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
The Capsule Plus Yokohama and the Washington Hotel Plaza Shimonoseki Eki Nishi are excluded because the hotel operators did not give consent to disclose hotel- specific data. However, No. of Guest Rooms are included in the Variable Rent Hotels, Fixed Rent Hotels, and Total above. Data for the Hotel Livemax Nihombashi-Hakozaki are included in the Total and Fixed Rent Hotels data above, but not separately disclosed because the hotel operator did not provide consent to disclose hotel-specific data. Pre-acquisition data for the acquired hotels are based on data received from the previous owners.
The Capsule Plus Yokohama and the Washington Hotel Plaza Shimonoseki Eki Nishi are excluded because the hotel operators did not give consent to disclose hotel- specific data. However, No. of Guest Rooms are included in the Variable Rent Hotels, Fixed Rent Hotels, and Total above. Data for the Hotel Livemax Nihombashi-Hakozaki are included in the Total and Fixed Rent Hotels data above, but not separately disclosed because the hotel operator did not provide consent to disclose hotel-specific data. Pre-acquisition data for the acquired hotels are based on data received from the previous owners.
Hiroshima Executive, and Washington Hotel Plaza Shimonoseki Eki Nishi, as well as retail income at The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, Nest Hotel Kumamoto, Comfort Hotel Shinsaibashi, HOTEL THE KNOT YOKOHAMA, and THE KNOT SAPPORO are included in Other, as the operators did not provide consent to disclose the data. 37
* Rents for Hotel Wing International Nagoya, Hotel Wing International Kobe Shin Nagata Ekimae, Hotel Livemax Nihombashi-Hakozaki, Capsule Plus Yokohama, Urbain Hiroshima Executive, and Washington Hotel Plaza Shimonoseki Eki Nishi, as well as retail income at The OneFive Osaka Sakaisuji, Smile Hotel Tokyo Asagaya, Nest Hotel Kumamoto, Comfort Hotel Shinsaibashi, HOTEL THE KNOT YOKOHAMA, and THE KNOT SAPPORO are included in Other, as the operators did not provide consent to disclose the data. © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
Fixed/Variable Rent
Operating Results (Feb 2023 – Jan 2024) (JPY) 12,000
A-1 Nest Hotel Sapporo Ekimae

A-2 Nest Hotel Sapporo Odori

A-3 THE KNOT SAPPORO
* Acquired on August 25, 2023. Pre-acquisition data based on data received from previous owners.
B-1 Capsule Plus Yokohama

The hotel operator did not give consent to disclose data. © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.

B-2 Smile Hotel Nagano

* Closed for rebranding from December 12, 2022 to February 28, 2023. Reopened in March 2023.
B-4 HOTEL THE KNOT YOKOHAMA

* Acquired on August 25, 2023. Pre-acquisition data based on data received from previous owners.

C-1 Smile Hotel Tokyo Asagaya

C-4 The OneFive Tokyo Shibuya

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D-2 Hotel Wing International Nagoya

* Aichi Prefecture has temporarily leased all rooms of Hotel Wing International until March 31, 2023.

D-5 Quintessa Hotel Ise Shima

* Acquired on August 25, 2023. Operating results data before acquisition is based on data received from previous owner. © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
D-6 Quintessa Hotel Ogaki * Acquired on August 25, 2023. Operating results data before acquisition is based on data received from previous owner.
E-1 Smile Hotel Kyoto Shijo

E-3 The OneFive Osaka Sakaisuji
E-4 Hotel Wing International Kobe Shin Nagata Ekimae

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

E-5 Nest Hotel Osaka Shinsaibashi

E-6 Comfort Hotel Osaka Shinsaibashi (Ichigo Shinsaibashi Building)]
* Acquired on August 25, 2023. Operating results data before acquisition is based on data received from previous owner.

F-1 The OneFive Okayama

F-2 Nest Hotel Matsuyama

F-4 The OneFive Garden Kurashiki

* Closed for renovations during January and February 2023. Reopened in March 2023.
F-5 Valie Hotel Hiroshima

* Hiroshima Prefecture temporarily leased all rooms of the Valie Hotel Hiroshima until March 31, 2023.

G-1 The OneFive Fukuoka Tenjin

G-3 Nest Hotel Kumamoto

* Kumamoto Prefecture temporarily leased all rooms of the Nest Hotel Kumamoto until March 31, 2023.

A-3 Comfort Hotel Kushiro
B-3 Hotel Sunshine Utsunomiya

C-3 Hotel Livemax Nihombashi-Hakozaki

D-1 Comfort Hotel Hamamatsu

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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.

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Outstanding Loan Balance
Distribution of Loan Maturities ■ Fixed Rate ■ Floating Rate Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Jan 2027 Jul 2027 Jan 2028 Jul 2028 Jan 2029 Jul 2029 Jan 2030 © Ichigo Investment Advisors Co., Ltd.  Ichigo Hotel REIT Investment Corporation  All rights reserved.
(as of January 31, 2024) Lender Composition Fixed vs. Floating * Includes interest fixed via swaps
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© 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 lchigo (TSE Prime 2337) 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, 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.
l l l Strengthen acquisitions through leveraging lchigo’s sourcing network Increase asset value through Ichigo’s real estate value-add capabilities Drive higher returns for Ichigo Hotel shareholders
Buy Sell Third-Party Investors Sell
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l l Ichigo-Owned OneFive Hotels Operates 15 Hotels With Focus on the Hakata Area in Fukuoka Prefecture OneFive Hotels Deploys PROPERA, an Al-Based Revenue Management System Developed by Ichigo, to Maximize Earnings and Increase Guest Satisfaction
Hotels Operated by One Five Hotels

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: +81-3-4485-5232 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.