#1Nippon Accommodations Fund Nippon Accommodations Fund Inc. 34th Period Investor Presentation September 1, 2022 - February 28, 2023 A Mitsui Fudosan Accommodations Fund Management Co., Ltd. A April 19, 2023#2Summary of NAF N Nippon Accommodations Fund Seek to secure stable earnings and steadily grow assets under management from a medium- to long-term perspective with the aim of maximizing unitholder value Features 1. Investments in Accommodation Assets, Primarily “Rental Apartments" 2. Leveraging the Mitsui Fudosan Group's Value Chain Portfolio Summary Financial Summary Total Acquisition Price JPY 339.9 billion Total Interest-Bearing Debt JPY 168.5 billion No. of Investment Properties 134 LTV 51.5% Total Rentable Units 13,286 Long-Term Debt Ratio 98.8% Portfolio in Tokyo 23 Wards*1 88.5% Weighted-Average Interest Rate 0.48% Percentage of Duration of Long-Term Debt 4.7 years 83.4% Single and Compact Units*1 AA- R&I Focused Investment in Tokyo 23 Wards Credit Rating A+ S&P Primarily Single and Compact Units High Occupancy Rate*2 97.0% The Highest Credit Ratings Among Residential J-REITS ESG Summary GRESB 2 Stars*3/Green Star Acquired for 8 buildings 32.6% of portfolio certified *1 Percentage of portfolio in Tokyo 23 Wards is based on acquisition price for "Rental Apartments" only. Percentage of single and compact units is based on units for "Rental Apartments" only. *2 "Occupancy rate" is the average month-end occupancy rate during the 34th Period. *3 The results of GRESB assessment for 2022 is shown. *4 Green Building Certification percentage and the number of certified buildings is as of April 19, 2023. Certified percentage is calculated based on gross floor area. Green Building *4 Certification* (End of the 34th Period; as of February 28, 2023) 1#334th Period Summary Distribution per Unit ▶ 34th Period JPY 10,778 (JPY +268 from forecast*1) *1 The forecast distribution per unit for the 34th Period stated in the financial results report dated October 20, 2022, was JPY 10,510. Internal Growth ▸ Occupancy Rate Average Month-End Occupancy Rate 97.0% (+0.2 points from forecast*2) ► Rent Trends Rent Change at Tenant Turnover Rent Change at Renewal +3.5% +0.1% *2 The forecast average month-end occupancy rate during the 34th Period stated in the financial results report dated October 20, 2022, was 96.8 %. Nippon Accommodations Fund p.5 p.6 p.7 2 p.11 Financial Strategy Decrease in Financing Costs Weighted-Average Interest Rate 0.49% 0.48% p.16 p.17 Stable Financial Position Duration of Long-Term Debt 4.9 years → 4.7 years 2#4Contents Nippon Accommodations Fund Overview Financial Highlights 5 Trends in Apartment Rents Internal Growth / Historical Occupancy Rates 7 Internal Growth / Rent Trends at Tenant Turnover Internal Growth / Rent Trends at Renewal 10 88 Appendix (2): Business Environment Supply and Demand of Rental Apartments Tokyo 23 Wards 53 54 Tokyo: Trends in Population and Number of Households 55 Internal Growth / Rent Trends of Rental Apartments 11 Demand for Rental Apartments - Other Major Cities 56 External Growth Strategy 12 Supply of Rental Apartments Capital Expenditures 13 Regional Areas 57 40 Sustainability Initiatives 15 Financial Strategy and Credit Ratings 16 Appendix (3): Financial Details Unrealized Profit / Loss 18 Interest-Bearing Debt Forecasts (35th Period: March 2023 August 2023) (36th Period: September 2023 February 2024) Track Record of Distributions 19 Historical Operating Performance Balance Sheet and Income Statement 59 62 63 21 Features and Strategies Features and Strategies (1) Investment in Accommodation Assets 25 Features and Strategies (2) Appendix (4): Sustainability Initiatives Sustainability Initiatives Appendix (5): Others 65 Leveraging the Mitsui Fudosan Group_ 26 Structure of the REIT Appendix (1): Portfolio Unitholders Historical Unit Price Since IPO Disclaimer 1 72 73 71 75 Track Record of External Growth Rental Apartments Characteristics Tenant Characteristics Hospitality Facilities Owned Portfolio Map Portfolio List 29 30 31 32 33 34 Appraisal Value 39 Occupancy Rates 44 Historical Occupancy Rates Since IPO_ 49 Occupancy Rates by Area 50 Occupancy Rates by Category_ 51 3#5Overview Nippon Accommodations Fund#6Nippon Accommodations Financial Highlights (1) (34th Period: September 2022 - February 2023) Acce Fund Comparison with the 33rd Period 34th Period (Forecast) (Ended Feb. 28, 2023) 1 34th Period Comparison with Forecast *1 (Actual results) (Ended Feb. 28, 2023) (2) Change 2-1 Notes 33rd Period (Actual results) (Ended Aug. 31, 2022) Change Notes (JPY million) (JPY million) (JPY million) Total Revenues 12,265 12,344 +79 ■Revenues +79 12,434 -90 Revenues -90 Existing properties +79 Existing properties +17 Operating Gain on sale of Income 5,724 5,835 +110 5,726 +108 ■Operating expenses -31 property that occurred in the 33rd Period -107 Rental expenses -26 Net Income 5,291 5,426 +134 Real estate taxes +4 5,292 +134 Depreciation and ■Operating expenses -198 amortization -1 Rental expenses -137 Internal reserves Asset management fees Other expenses +11 107 -107 Real estate taxes -1 -19 Depreciation and amortization -55 Net Income per Unit *2 Distribution per Unit 10,510 yen 10,778 +268 Non-operating income +12 10,511 +267 Asset management fees +3 yen yen yen yen Other expenses -8 10,510 10,778 yen yen +268 yen ■Non-operating expenses Interest expense, etc. -11 -11 10,299 +479 Non-operating income +3 yen yen Units 503,472 503,472 Outstanding units units 503,472 units ■Non-operating expenses Interest expense, etc. -21 -21 Total Acquisition Price 339,966 339,966 AUM No. of 339,966 134 properties Investment properties 134 properties 134 properties Average Month- End Occupancy Rate 96.8 % 97.0 +0.2 % points LTV (At the end of the Period) 51.6 % 51.5 % -0.1 points 96.5 % +0.5 points 51.6 % -0.1 points *1 The forecast for the 34th Period are the figures announced in the financial results report (excluding LTV) dated October 20, 2022. *2 Calculated based on 503,472 units outstanding at the end of the period. *3 Acquisition-related expenses and property tax are not included. 50#7Nippon Accommodations Financial Highlights (2) (34th Period: September 2022 - February 2023) ☑Acces Factors in Change of Distribution per Unit (34th Period Actual vs. Forecast) Fund Factors in increase Factors in decrease (Unit: JPY) ▲ 22 Asset management fees +203 +87 Others Existing properties Insurance income (JPY +24) Decrease in interest expense, etc. (JPY +22) etc. Increase in income (JPY +157) 1 Rent, etc. JPY +48 10,510*1 2 Key money, etc. JPY +52 3 Other revenues Decrease in expenses 1 Tenant soliciting fees JPY +57 2 Utilities expenses (increased) 3 Other expenses (increased) (JPY +46) JPY +68 JPY -14 JPY -8 Forecast 96.8% Occupancy Rate*2 Actual 97.0% 34th Period Forecast (Ended Feb. 2023) *1 The forecast for the 34th Period are the figures announced in the financial results report dated October 10, 2022. *2 Occupancy rate is the average month-end occupancy rate during the period. 10,778 34th Period Actual results (Ended Feb. 2023) 6#8Internal Growth / Historical Occupancy Rates 27th Period 28th Period Mar. 2019 Feb. 2020 Average occupancy rate recovered to the 97% range for the first time in three years for a fiscal period ended February Change in Month-End Occupancy Rates for the Past Four Years N Nippon Accommodations Fund 98.5% 35th Period Mar. 2023 98.0% 97.4% 97.5% 29th Period 30th Period Mar. 2020 Feb. 2021 97.0% 97.1% 96.8% 96.8% 96.8% 96.8% 97.4% 97.0% 96.5% 96.5% 96.4% 96.2% 96.2% 96.5% 31st Period 32nd Period Mar. 2021 Feb. 2022 96.0% 33rd Period 34th Period 95.5% Mar. 2022 Feb. 2023 95.0% Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Period Average Occupancy Rate Since the Listing 100% 99% 97.6% 97.7% 97.7% 98% 97.1% 96.8% 96.8% 97.0% 97% 96.3% 96.4% 95.8% 96.1% 95.9% 96.1% 97.7% 96.4% 96.8% 95.6% 95.4% 97.3% 96% 96.7% 96.8% 96.4% 96.5% 96.2% 95% 95.9% 95.9% 95.4% 95.6% 95.7% 95.7% 95.7% 94% 94.3% 94.5% 93% 92% 2007 2008 2009 2010 2011 2012年 2013 2014 2015 2016 2017 2018 Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2020 2021 2022 2023 2019 End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Aug. Feb. Aug. Feb. Aug. 2nd 1 3rd 4th 5th 6th 8th 9th 10th 11th 12th 13rd 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd Feb. 34th 7th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period * Period average month-end occupancy rates indicate figures for the entire portfolio including hospitality facilities. *1 Period average month-end occupancy rate for the 2nd Period is a figure for the period after the listing (from August 31, 2006, to February 28, 2007). 7#9Internal Growth / Rent Trends at Tenant Turnover (1) Percentage change in rent at tenant turnover was +3.5% Change in Rent of Rental Apartments at Tenant Turnover A Nippon Accommodations Fund ■ Percentage of Rent Changed Units at Tenant Turnover 100% (JPY thousand) Tenant Turnover Total Rentable Units*1 No. of Units*1 Rent Increase 31st Period (Aug. 2021) 11,520 units 1,360 units 722 units 32nd Period (Feb. 2022) 11,520 units 1,240 units 537 units 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 90% 11,601 units 11,601 units 80% 43.3% 1,399 units 1,124 units 53.1% 51.0% 70% 60.3% 714 units 677 units 60% Rent Unchanged Rent Decrease 129 units 130 units 185 units 119 units 50% 10.5% 509 units 574 units 500 units 327 units 9.5% Monthly Rent Net Change 40% 13.2% 4,144 1,542 4,493 5,880 10.6% 7,784 30% Rent Increase 7,966 6,366 7,960 Average rate of increase: 6.9% 46.3% 20% 37.4% 35.8% -1,904 29.1% 10% Rent Decrease -3,821 -4,823 -3,467 Average rate of decrease: -4.7% 0% Percentage Change 2.0 % 0.8 % 2.1 % 3.5 % 31st Period (Aug. 2021) 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) * Continual renewal contracts under the periodic tenancy agreement are excluded from tenant turnover and counted as renewals. * Calculations above do not include figures for retail units and Hospitality Facilities. *1 "Total Rentable Units" and "No. of Units" of properties (co-ownership interest owned) are calculated by multiplying NAF's interest rate, rounded to the nearest specified unit. ■ Percentage Change in Rent at Tenant Turnover 8.0% 6.0% 4.0% 1.2% 2.3% 2.0% 0.9% 0.7% 0.5% 0.0% -2.0% -4.0% -2.4% -9.8% -6.0% -8.0% -9.3% -10.0% -2.8% -3.8% -3.5% -4.3% -6.2% Rent increase Rent unchanged Rent decrease 6.5% 7.0% 6.7% 5.8% 4.4% 3.5% 3.2% 0.1% 0.7% 1.0% 1.3% 1.9% 2.6% 3.5% 2.0% 2.1% 7.3% 7.1% 0.8% -1.3% -0.9% 4.4% 4.6% -0.8% 3.9% 3.3% 3.8% -0.3% -0.4% -1.2% -1.9% -2.5% -1.7% -1.1% -1.8% Percentage change in rent at Tenant Turnover Portion contributing to rent increase Portion contributing to rent decrease 2009 -8.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period Period Period Period Period Period. 31st 32nd 33rd 34th 8 2007 2008 End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 3rd 4th 5th 6th 7th 8th 9th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period 2nd#10Internal Growth Rent Trends at Tenant Turnover (2) Improved mainly in Tokyo Nippon Accommodations Fund Ratio of Rental Apartments by Area Percentage Change in Rent of Rental Apartments at Tenant Turnover by Area 10.0% Other Major Cities 8.2% --Tokyo CBD --Greater Tokyo -Excluding Tokyo CBD -Other Major Cities 7.0% 8.0% Greater Tokyo 7.7% 4.5% Tokyo CBD 6.0% 4.3% 30.8% 3.6% 4.0% 3.1% 4.3% Tokyo 23 Wards 2.6% 3.4% 2.6% excluding Tokyo CBD 57.7% 3.3% 2.0% 2.5% 6.8% Tokyo CBD 2.9% Greater Tokyo 2.6% Excluding Tokyo CBD 2.1% 0.3% 1.5% 0.0% 0.3% 0.1% 0.2% -0.9% -0.6% (As of the end of the 34th Period, acquisition price basis) -2.0% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. 29th Period Aug. 2020 -1.0% 30th Period Feb. 2021 -0.9% Other Major Cities 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. Single type units remain negative but recovering Ratio of Rental Apartments Percentage Change in Rent of Rental Apartments at Tenant Turnover by Category by Category Large 4.1% Family 12.5% 14.0% 12.0% -- Single --Family 10.0% 8.3% 7.9% 7.7% -- Compact <--Large 9.2% Large 8.0% 7.6% 7.1% 6.4% 8.7% 7.6% 6.0% 4.9% Family 4.1% Single 3.3% 4.0% 3.9% 41.9% 4.3% 3.8% Compact 2.0% 3.8% 2.4% 2.7% Compact 41.5% 0.0% 1.1% 0.1% -2.0% -0.9% Single -1.7% -4.0% -2.4% -6.0% (As of the end of the 34th Period, unit basis) * Calculations above do not include figures for retail units and Hospitality Facilities. *Please refer to page 30 for definition of respective category. 29th Period Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 -4.0% 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 9#11Rent Increase Rent Unchanged Rent Decrease 31st Period (Aug. 2021) 11,520 units 2,223 units 262 units 1,960 units 32nd Period (Feb. 2022) 11,520 units 1,700 units 80 units 1,618 units 33rd Period (Aug. 2022) 11,601 units 2,195 units 63 units 2,126 units Internal Growth / Rent Trends at Renewal N Nippon Accommodations Fund Percentage change in rent at renewal remained in the positive territory Change in Rent of Rental Apartments at Renewal Renewal Total Rentable Units*1 No. of Units*1 Percentage of Rent Changed Units at Renewal 4.7% 2.9% 3.5% (JPY thousand) 100% 34th Period (Feb. 2023) 11.8% 90% 11,601 units 80% 1,815 units 70% 64 units 60% 1,750 units 1 units 50% 2 unit 6 units 1 units 95.2% 96.8% 96.4% 88.2% Monthly Rent Net Change 1,009 402 226 288 40% 291 30% Rent Increase 1,016 408 287 Average rate of increase: 2.2% 20% -3 10% 0.1% 0.1% 0.3% Rent Decrease Percentage Change -6 0.3 % -6 0.1% -61 Average rate of decrease: -3.1% 0% 0.2% 0.1 % 0.1 % 31st Period (Aug. 2021) 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) Rent increase Rent unchanged Rent decrease * Continual renewal contracts under the periodic tenancy agreement are excluded from tenant turnover and counted as renewals. Calculations above do not include figures for retail units and Hospitality Facilities. * *1 "Total Rentable Units" and "No. of Units" of properties (co-ownership interest owned) are calculated by multiplying NAF's interest rate, rounded to the nearest specified unit. Percentage Change in Rent at Renewal 0.8% 0.6% 0.4% 0.1% 0.1% 0.2% -0.0% 0.0% 0.0% -0.2% -0.4% -0.6% -0.8% -1.0% -1.2% 0.6% 0.6% 0.5% 0.3% -0.0% 0.0% 0.0% 0.1% 0.2% 0.1% 0.2% 0.2% 0.3% 0.1% 0.1% 0.6% 0.6% 0.5% 0.2% 0.1% 0.3% 0.1% 0.1% -0.1% -0.2% -0.4% -1.0% -0.4% -0.4% 0.5% -0.6% -0.6% -0.5% -0.8% -0.9% -1.0% Percentage change in rent at renewal Portion contributing to rent increase Portion contributing to rent decrease 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 2021 2022 2023 Feb. 2019 End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of End of Feb. Aug. Feb. Aug. 2nd 3rd 4th 5th 6th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Feb Aug. Feb Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 10#12Internal Growth / Rent Trends of Rental Apartments Average Rent per Tsubo (JPY) 12,500 Average rent per tsubo has continued to rise Nippon Accommodations Fund 12,400 12,273 12,300 12,138 12,167 12,183 12,230 12,200 12,061 12,015 12,100 12,000 11,900 11,800 28th Period 29th Period Feb. 2020 Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 * Average rent per tsubo = Total rent at the end of each period / Total rentable area in tsubo (1 tsubo = approx. 3.3 m²). * Shown here is the change in average rent per tsubo for the 110 rental apartments rented of the properties owned from the 28th to the 34th Periods. Improved in all Areas Percentage Change in Average Rent per Tsubo by Area Ratio of Rental Apartments by Area Other Major Cities 7.0% Greater Tokyo 29th Period (Aug. 2020) 30th Period (Feb. 2021) 31st Period (Aug. 2021) 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 4.5% Tokyo CBD*1 +0.41% +0.57% +0.43% +0.17% +0.62% +0.54% Tokyo Tokyo CBD 30.8% 23 Wards Excluding +0.71% Tokyo CBD +0.63% +0.29% +0.15% +0.27% +0.24% Greater Tokyo +0.57% +0.23% +0.21% -0.08% +0.55% +0.43% Tokyo 23 Wards excluding Tokyo CBD 57.7% Other Major Cities -0.20% +0.05% -0.15% -0.08% -0.37% +0.04% Total +0.38% +0.63% +0.34% +0.13% +0.37% +0.33% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. (As of the end of the 34th Period, acquisition price basis) * of each period compared with the end of the immediately preceding period (six months before). Above percentages indicate approximate change in average rent per tsubo of the properties owned (excluding properties sold) at the end * Calculations above do not include figures for retail units and Hospitality Facilities. 11#13External Growth Strategy ■ Park Axis Series Development Status (Pipeline) Developed and leasing 3,823 units at 36 properties centering on Tokyo 23 Wards Tokyo 23 Wards Asset Classification of Rental Apartments Nippon Accommodations ☑Fund (As of the end of the 34th Period, acquisition price basis) Okawabata Apartment Park Cube Series 27.0% Other Major Cities 31 properties 3,159 units 2 properties 300 units Greater Tokyo Total 3 properties 364 units 36 properties 3,823 units Park Axis Series 60.9% Communities 9.6% Shibaura Island Air Tower 2.5% Developed by the Mitsui Fudosan Group Kita-ku Adachi-ku Itabashi-ku Developed by third parties Nerima-ku Katsushika-ku Toshima-ku Arakawa-ku Sumida-ku Nakano-ku Suginami-ku Bunkyo-ku Shinjuku-ku Taito-ku Chiyoda-ku Shibuya-ku Koto-ku Minato-ku Chuo-ku Setagaya-ku Meguro-ku Shinagawa-ku Edogawa-ku (Units) 20,000 Mitsui Fudosan Residential 18,000 Third party, etc. 16,000 NAF (including properties sold) 14,000 Investment mainly focused on rental apartments developed by the Mitsui Fudosan Group Supply Record of Park Axis by NAF (by Acquisition Subject) 18,311 17,178 16,211 15,407 14,904 13,53513,754 12,859 12,000 11,908 10,245 Ota-ku 10,000. 9,393 7,9947,994 8,410 8,000 7,053 5,852 6,000 Source: Prepared based on the material provided by Mitsui Fudosan Residential Co., Ltd. 7,847 3,842 4,000 *The above presents the status of Park Axis series development by Mitsui Fudosan Residential Co., Ltd., a developer, but does not represent NAF acquisition commitments as of the date of this document. LTV and Acquisition Capacity 2,153 5,923 6,086 6,965 7,468 7,548 7,847 7,847 4,681 6,815 7,468 7,548 7,783 7,847 2,000 5,923 2,797 5,355 1,772 0 2005 FY 2006 FY 2007 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY (Fiscal year of 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 completion) LTV 51.5% (Actual results at the end of the 34th Period) Source: Prepared based on the material provided by Mitsui Fudosan Residential Co., Ltd. Acquisition capacity*2 Approx. JPY 25 Billion (Assumption for the end of the 35th Period) Around 51.5% (Assumption for the end of the 35th Period) *2 Borrowing capacity up to 55% LTV 12#14Capital Expenditures (1) ■Ratio of Rental Apartments by Property Age Actual and Planned Capital Expenditures (JPY million) (As of the end of the 34th Period, acquisition price basis) 1,400 Percentage of Capital Expenditure to Depreciation Capital Expenditure for Other Properties Value-enhancement Investment for Private Areas at Okawabata Apartment Communities Other Capital Expenditure for Nippon Accommodations Fund 56.5% 1,200 Okawabata Apartment Communities Less than 5 years 2.8% 1,071 32.8% 1,000 31.3% 120 26.8% 24.7% 20 years or more 800 14.9% 17.0% 206 12.5% 632 633 10.8% 5-10 years 600 506 526 56 10.6% 120 86 400 296 337 54 215 99 256 43 41 192 745 52 200 101 31 88 361 397 414 15-20 years 49.1% 10-15 years 26.7% 156 195 224 260 Plan 29th Period 30th Period Aug. 2020 Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period 36th Period Feb. 2024 16.2 years Average property age ■Depreciation Projection (JPY million) Existing buildings, etc. New investment 2,000 15 44 1,000 1,967 1,919 1,852 Aug. 2023 * Figures for the 35th Period and 36th Period are estimates, and therefore are subject to change. They include accounting expenses. ► At Okawabata Apartment Communities, value-enhancement investment for private areas is to continue at around JPY 120 million/period. Also, outlay of around JPY 150 million/period is planned for equipment-related work over the next two years. ► At other properties, outlay of around JPY 750 million/period is planned for intensively carrying out work, such as large-scale repairs, patching up exterior walls and renewing automated parking, over the 36th Period through 39th Period. ▸ Future capital expenditures are expected to be around JPY 1,000 million/period over the 36th Period through 39th Period and JPY 850 million/period from the 40th Period onward. ■ Examples of Capital Expenditure Work Approx. 500 > Work to renovate rooftop, exterior walls, etc. Before After Approx. 1,300 Before After 0 34th Period 35th Period (Forecast) 36th Period (Forecast) * Figures from 35th Period onward are estimates, and therefore are subject to change. Around 2032 (Assumption) ► With depreciation newly arising with increasing capital expenditure and depreciation set to end for some existing portfolio assets, depreciation is projected to decrease overall going forward. Dormy Nishi Ogikubo 13#15Capital Expenditures (2) Effect of Value-enhancement investment in Private Area at Okawabata Apartment Communities ►Change in Rent at Tenant Turnover ➤ Details of Value-enhancement investment 29th Period 30th Period Aug. 2020 Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 (JPY thousand) No. of Units 32 units 40 units 34 units 34 units 41 units 28 units 33 units 27 units 29 units 39 units Rent Increase 948 804 881 1,162 1,295 7 units 6 units 5 units 15 units 9 units (Value-enhancement investment rooms) 417 343 352 787 550 34th Period Feb. 2023 33 units 33 units 1,597 9 units 845 SN-** 32.2 (3) 63 #3(2) 355.3 #23(1) $9.0 Rent Unchanged 3 units 3 units 0 units 1 unit 0 units 0 units <<Before>> 1 unit 4 units 7 units 4 units 2 units 0 units Rent Decreased -2.6 -58 -99 -92 -4 (After>> Monthly Rent Net Change 945 746 781 1,069 1,291 Percentage Change 9.4 % 6.6 % 7.8 % 10.4 % 10.7% 1,597 16.7 % A Newly installed storage in the hallway (Value-enhancement investment rooms) 23.2% 21.1 % 30.9% 17.0 % 24.7 % 33.8% ► Percentage Change in Rent at Tenant Turnover 40.0% 10 properties held by NAF located in Chuo Ward, Tokyo, excluding Okawabata Apartment Communities Units recently renovated among those at Okawabata Apartment Communities Other units at Okawabata Apartment Communities 30.0% 23.2% 21.1% 20.0% 30.9% Okawabata Apartment Communities are mostly comprised of family type units. 24.7% LAY'S LIN Nippon Accommodations Fund 24 Bed Room3 Bed Room2| [6.31] [5.3J] Bed Room1 [9.00] M クロージ 9 M 入 Living Dining [32.2J] 33.8% B Converted the closed kitchen into an open kitchen that is bright and spacious 17.0% ■Earning capacity improved due to value-enhancement investment KA D 下足人 2 D D Washroom designed with mosaic tiles E Wet areas with upgraded function and quality 9.3% 10.0% 10.7% C Changed the carpet flooring to wooden flooring 7.6% F Bedroom given interior refurbishment 4.1% 4.9% 5.0% 2.5% 6.4% 2.5% 2.0% 1.0% 2.8% 0.0% 29th Period Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 Effect of Renovation Previous rent JPY 530,000 New rent JPY 655,000 >>> Improved by JPY 125,000 (+24%) 14#16Sustainability Initiatives (1) E Launch of ESG Special website and Publication of ESG Report A special website summarizing the information on ESG was newly established on NAF's website. In addition, NAF decided to publish an ESG report once a year. For details, please refer to NAF's website. https://www.naf-r.jp/esg/index.html (Japanese website) *Now preparing English website. NAF's Approach to ESG 2030年に向けた における ベース) 201 20 $3-VEGFA> 道場パーズ0 E Targets for Environmental Performance ► Targets (Target year: 2030) CO2 emissions from energy use ► Results Changes in CO2 emissions from energy use Nippon Accommodations Fund (t) CO2 emissions (left axis) Intensity (right axis) (t/m2) Reduction of 6,000 5,038 4,958 0.06 50% compared with 4,509 4,183 -34.3% reduction (annual average -4.9%) the actual emissions in 4,000 3,297 0.0249 2015 0.0243 0.0203 2,646 3,356 3,542 0.04 0.0220 0.0163 (based on intensity) 2,000 0.0159 0.0157 0.0127 0.02 E GRESB Real Estate Assessment (2022) GRESB 2 Stars 2023 E New Acquisition of CASBEE Certification for Real Estate NAF newly acquired CASBEE Certification for Real Estate for Park Cube Meguro Tower and Park Axis Ochanomizu Stage. E Green Building Certifications (DBJ Green Building Certification and CASBEE Certification for Real Estate) ► Targets (Target year: 2030) Green Building certified floor area as a percentage of the entire portfolio 40% (based on gross floor area) Certification details No. of properties 8 properties S Services to Improve Convenience Mitsui's Residential LOOP Percentage of floor area certified 32.6% Residents can join a membership-based organization that offers one- stop residential-related services from the Mitsui Fudosan Group. (based on gross floor area) (As of April 19, 2023) いい日は、つくれる。 三井のすまい LOOP Life Membership Service 0 2015 ▸ Third-party guarantee Acquired a third-party guarantee report by Deloitte Tohmatsu Sustainability Co., Ltd. for environmental performance data (results for 2021), such as CO2 emissions from energy use. 2016 2017 2018 2019 2020 2021 2022 ► Installation of electricity meters In order to improve the coverage ratio for the energy consumed in private areas, installed an electricity meter to measure energy consumption at a total of 6 properties. E Installation of LED Lighting in Common Areas Systematically installing LED lighting promotes energy saving and reduction of CO2 emissions throughout our portfolio. Completed the installation of LED lighting at all rental apartments in the current fiscal period. Installation completed 117 properties In the 34th Period 3 properties 0 S Implementing Training for Officers and Employees Takes various measures to foster human resources having a high level of expertise, deep knowledge and ethical values. S Local Community Collaborating in local events We are actively cooperating with management association activities at Okawabata Apartment Communities and working to help develop the local community. Food truck Tanabata (Star Festival) event S Habitat Conservation: Sponsoring the "Karugamo Project" This project started as an initiative of the Minato Ward Bay Area Power Up Project, an organization of Minato Ward Shibaura-konan Regional City Office in which ward residents participate. We sponsor their activities to develop an environment that allows karugamo (spot-billed ducks) to rest, as they used to do, in artificial nests placed in the canal. Through these activities, we are making efforts to preserve the ecosystem and biodiversity. (Shibaura Island) 15#17Financial Strategy and Credit Ratings (1) Nippon Accommodations Fund Debt Overview 33rd Period 34th Period (JPY billion) (Ended August 31, 2022) (Ended February 28, 2023) Short-Term Loans Long-Term Loans (Variable-Rate) 3.0 7.0 2.0 Change -1.0 Short-Term Loans 1.2% 7.0 Long-Term Loans (Fixed-Rate) 151.5 151.5 Investment Corporation Bonds 8.0 8.0 - Total 169.5 168.5 -1.0 LTV 51.6% 51.5% -0.1 points Appraisal LTV 36.0% 35.2% -0.8 points Long-Term Debt Ratio 98.2% 98.8% +0.6 points Long-Term, Fixed-Rate Debt Ratio 94.1% 94.7% +0.6 points Weighted-Average Interest Rate 0.49% 0.48% -0.01 points Duration of Long-Term Debt 4.9 years 4.7 years -0.2 years Long-Term Debt Ratio 98.8% Long-Term, 94.7% Long-Term Loans (Fixed-Rate) 89.9% Fixed-Rate Debt Ratio Lender 27 financial institutions 27 financial institutions Long-Term Loans (Variable-Rate) 4.2% Investment Corporation Bonds 4.7% *Borrowings are classified according to lender contract. Commitment Line Rating Status Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank, Limited Mizuho Bank, Ltd. Rating and Investment Information, Inc. (R&I) Maximum amount of borrowing JPY 5.0 billion Maximum amount of borrowing JPY 5.0 billion Maximum amount of borrowing JPY 5.0 billion Issuer rating AA- Outlook Stable Agreement effective date August 1, 2016 Agreement termination date July 31, 2025 Agreement effective date August 1, 2016 Agreement termination date July 31, 2025 Agreement effective date October 9, 2018 Agreement termination date July 31, 2025 S&P Global Ratings Japan Inc. (S&P) Long-term Corporate Outlook A+ Stable 16#18Financial Strategy and Credit Ratings (2) Change in Period-End Weighted Average Interest Rate and Duration of Long-Term Debt 2.0% N Nippon Accommodations Fund -- Weighted average interest rate (left axis) Duration of long-term debt (right axis) 1.50% 1.46% 1.44% 1.38% 1.5% 1.28% 1.25% 1.24% 1.11% 1.09% 1.02% 0.95% 0.87% 0.85% 0.84% 1.0% 4.7 4.9 4.8 4.1 4.2 0.5% 3.1 3.4 3.3 3.4 3.4 4.3 4.3 2.7 2.8 2.7 (Years) 6 5 4.9 4.9 4.6 4.8 4.3 4.6 4.2 4.3 4.2 4.2 4.4 4.4 4 0.78% 0.76% 0.72% 0.67% 0.63% 0.61% 0.59% 0.57%0.55% 0.54% 0.52% 0.51% 0.49% 3 0.48% 2 1 0.0% 0 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 Long-Term Interest-Bearing Debt Maturity Ladder (JPY billion) 16 Long-term loans Investment Corporation Bonds Funded in the 34th Period (loans) 14 12 10 8.0 34th Period Maturities (Long-Term) Repayment total JPY 11.0 billion Average interest rate 0.72% Average maturity 7.7 years 34th Period Funding (Long-Term) 8 6 11.5 8.5 11.0 10.5 4 8.5 7.0 6.0 9.5 9.5 6.0 8.0 8.0 5.0 8.5 7.0 7.0 7.0 5.0 Funding total JPY 11.0 billion Average interest rate 0.56% Average maturity 5.7 years 2 2.0 2.0 2.0 2.0 3.0 2.0 1.0 1.0 0 35th 36th 37th 38th 39th 40th 41st 42nd 43rd Period Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2023 2024 2024 2025 2025 2026 2026 2027 2027 44th 45th 46th 47th 48th 49th 50th 51st 52nd 53rd 54th 55th 56th Period Period Period Period Period Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2028 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 57th 58th 59th 60th 61st 62nd 63rd Period Period Period Period Period Period Period Aug. Feb. Aug. Feb Aug. Feb. Aug. 2034 2035 2035 2036 2036 2037 2037 Average 0.65% 0.59% 1.12% 0.33% 0.48% 0.25% 0.29% 0.41% 0.32% 0.26% 0.36% 0.38% 0.49% 0.41% 0.49% 0.56% 0.52% 0.52% 0.52% 0.93% 0.71% - 0.68% interest rate * Average interest rate is a weighted average of the interest rates on long-term interest-bearing debt. * Average maturity is a weighted average of the maturities of long-term interest-bearing debt. 17#19Unrealized Profit / Loss Unrealized Profit / Loss and Unrealized Profit / Loss Ratio (JPY billion) Nippon Accommodations Fund 160 140 Unrealized Profit (left axis) -- Unrealized Profit / Loss Ratio (right axis) Unrealized Loss (left axis) 60% 49.1% 45.9% 41.8% 50% 120 39.3% 37.1% 34.2% 35.0% 40% 100 29.4% 26.4% 129.2 142.4 151.5 80 23.1% 122.0 19.4% 21.3% 30% 60 12.0% 13.9% 14.6% 16.3% 108.4 97.8 102.0 20% 9.0% 5.5% 75.2 84.5 3.0% 40 0.1% 34.3 39.3 65.5 60.3 55.4 -6.1% -5.6% -5.9% -4.8% -3.8% -3.1% -1.8% 10% 41.8 46.1 25.3 20 8.0 15.4 0% 0.3 0 -10% -11.0 -10.5 -10.9 -8.8 -7.2 -4.3 -20 10th 14th 2013 -10.6 8th 9th 11th 12th 13th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2010 2010 2011 2011 2012 2012 2013 2014 2014 2015 2015 2016 2016 2017 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th Period Period Period Period Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2017 2018 2018 2019 2019 2020 2020 2021 2022 2022 2023 -20% 2021 NAV per Unit✶1 (JPY thousand) 600 500 400 300 200 100 224 225 224 237 242 246 254 273 289 305 327 350 361 366 375 394 404 435 455 415 483 491 505 532 546 572 591 0 8th 9th 10th 11th Period Period Period Period Feb. Aug. Feb. Aug. Period 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2019 2019 2020 2020 2021 2021 2022 2022 2023 12th 13th 14th 15th 16th 17th 18th Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 *1 NAV (net asset value) per unit = (Net assets - Total distribution + Unrealized profit or loss) / Units outstanding Direct Capitalization Rate on Appraisal Value of Properties Owned at Period-End 5.4% 5.4% 5.4% 5.4% 5.3% 5.3% 5.2% 5.1% 4.9% 4.8% 4.7% 4.5% 4.5% 4.5% 4.4% 4.3% 4.3% 4.3% 4.2% 4.1% 4.0% 4.0% 3.9% 3.8% 7% 6% 5% 3.68% 3.78% 3.62% 4% 3% 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 18#20Forecasts (1) (35th Period: March 2023 - August 2023) (36th Period: September 2023 - February 2024) 34th Period (Actual) (Ended Feb. 28, 2023) 1 35th Period Comparison with the 34th Period (Forecast) (Ending Aug. 31, 2023) Change 2-1 Notes 36th Period (Forecast) (Ending Feb. 28, 2024) ③ Nippon Accommodations Fund Comparison with the 35th Period Change (3) - Notes (JPY million) (JPY million) (JPY million) Total Revenues 12,344 12,467 +122 Revenues +122 12,434 -32 ■Revenues -32 Existing properties +122 Existing properties -32 Operating Income 5,835 5,645 -190 5,832 +187 ■Operating expenses +313 ■Operating expenses -219 Rental expenses +296 Rental expenses -162 Net Income 5,426 5,201 -225 Real estate taxes +2 5,367 +166 Real estate taxes -0 Depreciation and Depreciation and amortization -32 amortization -38 Internal Asset management fees -5 - reserves Other expenses +52 Asset management fees Other expenses +7 -25 Net Income per Unit *1 10,778 yen 10,330 yen -448 yen ■Non-operating income -12 10,660 yen +330 ■Non-operating expenses +21 yen Distribution per Unit 10,778 yen Non-operating expenses +21 Interest expense, etc. Others +23 -2 10,330 -448 Interest expense, etc. +22 yen yen 10,660 yen +330 yen Others -0 Units 503,472 503,472 Outstanding units units 503,472 units Total Acquisition Price*2 339,966 339,966 339,966 AUM No. of 134 Investment properties properties 134 properties 134 properties Average Month- End Occupancy Rate 97.0 % 96.8 -0.2 97.0 % points % +0.2 points LTV (At the end of the Period) 51.5 % 51.5 51.5 % % *1 Calculated based on 503,472 units outstanding at the end of the period. *2 Acquisition-related expenses and property tax are not included. 19#21Forecasts (2) (35th Period: March 2023 - August 2023) (36th Period: September 2023 - February 2024) Nippon Accommodations Fund Factors in Change of Distribution per Unit (35th Period Forecast vs. 34th Period Actual) Factors in increase Factors in decrease (Unit: JPY) A285 +10 Existing properties Management fees ▲43 Interest expense, ▲ 130 etc. Others 10,778 ‣ Seasonal factors Actual Occupancy Increase in income Rate 97.0% Increase in expenses JPY +243 JPY -528 (Includes the JPY 76 increase in utilities expenses) Expected Occupancy Rate*1 96.8% 34th Period Actual results (Ended Feb. 2023) Factors in Change of Distribution per Unit (36th Period Forecast vs. 35th Period Forecast) 10,330 +334 Existing properties ▸ Seasonal factors Decrease in income Decrease in expenses ▲ 13 ▲47 +56 Management fees Interest expense, etc. Others JPY -64 JPY +398 35th Period Forecast (Ending Aug. 2023) *1 Occupancy rate is the average month-end occupancy rate during the period. Expected Occupancy Rate*1 97.0% 10,330 35th Period Forecast (Ending Aug. 2023) 10,660 36th Period Forecast (Ending Feb. 2024) 20#22Track Record of Distributions Achieved stable DPU while controlling LTV A Nippon Accommodations Fund Distribution per Unit (JPY) 2015 Public Offering 12,000 2020 Public Offering LTV (%) 60 53.5 53.2 50.6 50.2 50.4 50.1 50.2 50.0 50.1 50.4 51.0 50.8 51.5 51.7 51.4 51.6 51.5 50.2 11,000 10,778 50 10,660 10,485 (Forecast) 10,449 10,080 10,299 10,042 10,330 (Forecast) 10,035 10,108 10,000 Actual distribution per unit (left axis) Forecast distribution per unit (left axis) LTV (right axis) 9,179 9,161 9,706 40 40 9,000 8,428 8,497 8,130 7,984 8,036 8,000 7,672 7,688 7,000 Average Annual Growth DPU 3 years 2.4% 5 years 3.5% 10 years 4.5% 30 20 20 6,000 17th Period Aug. 18th 19th Period Period Feb. Aug. 2014 2015 2015 2016 20th 21st Period Period Feb. Aug. 2016 22nd 23rd 24th 25th 26th 27th 2017 Period Period Feb. Aug. 2017 Period Period Period Period Feb. 2018 Aug. 2018 Feb. 2019 Aug. 2019 28th Period Feb. 2020 29th Period Period Period Aug. Feb. Aug. 2020 2021 2021 30th 31st Feb. 2022 32nd 33rd 34th Period Period Period Aug. Feb. 2022 2023 35th 36th Period Aug. Period Feb. 2023 2024 * NAF implemented a two-for-one split of investment units with an effective date of March 1, 2014. Distribution per unit for the 16th Period and earlier are adjusted for this split (actual distribution divided in half, rounded down to the nearest yen). 10 10 0 21#23Empty#24Empty#25Features and Strategies Nippon Accommodations Fund#26Features and Strategies (1) Investment in Accommodation Assets Core Investment Strategy: Continuing Acquisition of Rental Apartments and Stable Operations Investment in Accommodation Assets Accommodation Assets (Real estate primarily used as residences and hotels) Nippon Accommodations Fund Proportion of Investment in Assets Rental Apartments Rental Apartments Portfolio share Rental Apartments Investment Areas Hospitality Facilities Dormitories, Corporate Housing Serviced Apartments Senior Residences Hotels Tokyo 23 Wards Portfolio share Over 90% (As of February 28, 2023: 94.9%) Tokyo 23 Wards Over 80% (As of February 28, 2023: 85.8%) Rental Apartments: Greater Tokyo*1, mainly the 23 wards of Tokyo, and Other Major Cities*2 Hospitality Facilities: Major cities throughout Japan and their suburbs *1 Tokyo, Kanagawa Prefecture, Chiba Prefecture, and Saitama Prefecture *2 Each of the urban areas of the cities of Sapporo, Sendai, Nagoya, Osaka, Kyoto, Kobe, Hiroshima, and Fukuoka 25#27Nippon Accommodations Fund Features and Strategies (2) Leveraging the Mitsui Fudosan Group Fully Leverage the Expertise and Support of the Companies That Comprise the Value Chain of Mitsui Fudosan Group's Residential Leasing Business Parent Company of REIT Management Company MITSUI FUDOSAN REIT Management MITSUI FUDOSAN ACCOMMODATIONS FUND MANAGEMENT Residential Building Maintenance MITSUI FUDOSAN RESIDENTIAL SERVICE いい日は、つくれる。 三井のすまい LOOP Life Membership Service Provide various housing and lifestyle services for continued strong customer relationships Operation & Planning/Development of Residential Leasing Business Provision of Property Information MITSUI FUDOSAN RESIDENTIAL Feedback to Planning/ Development Market Research/ Analysis Site Acquisition Comprehensive operating system conducted by the Mitsui Fudosan Group Management/ Operation Leasing Planning and Design Construction Management/ Supervision Provision of Property Information MITSUI FUDOSAN REALTY Tenant Brokerage RESIDENT FIRST Property Management MITSUI FUDOSAN RESIDENTIAL LEASE 26#28Empty#29Appendix (1) Portfolio Nippon Accommodations Fund#30Track Record of External Growth ■ AUM (Based on Acquisition Price) 2009 Public Offering 2011 Public Offering 2013 Public Offering 2015 Public Offering (JPY billion) Hospitality Facilities Park Cube Series Park Axis Series 300 200 Shibaura Island Air Tower Okawabata Apartment Communities 140.0 140.0 140.0 123.2 22.9 22.9 22.9 108.2 14.4 100 101.3 12.8 14.4 87.3 87.3 87.3 79.0 58.8 64.0 Nippon Accommodations Fund 2020 Public Offering 337.9 337.9 339.9 339.9 316.2 318.4 17.6 17.6 17.3 17.3 306.3 309.7 309.7 287.7 287.7 9.8 9.8 294.9 294.9 10.5 10.5 298.7 297.4 11.6 11.6 301.5 301.5 303.2 13.4 13.4 13.4 15.8 15.8 14.0 15.8 15.8 271.7 267.4 9.8 9.8 242.1 231.2 231.9 9.8 223.8 8.1 8.1 9.8 87.0 87.0 87.0 87.0 78.7 78.7 78.7 78.7 78.7 78.7 80.4 81.2 81.2 81.2 85.3 85.3 78.7 78.7 65.9 65.9 51.0 41.7 40.7 36.1 186.9 186.9 180.0 29.9 29.9 22.9 142.0 143.7 143.7 143.7 127.3 127.3 127.3 153.9 158.2 160.4 160.4 166.8 166.8 169.5 168.2 170.5 170.5 170.5 172.3 173.8 173.8 176.2 178.5 194.4 194.4 196.8 196.8 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 0 2nd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 27th 30th 31st 32nd 33rd 34th 3rd 26th 28th 29th (Feb. 07) (Aug. 07) (Feb. 08) (Aug. 08) (Feb. 09) (Aug. 09) (Feb. 10) (Aug. 10) (Feb. 11) (Aug. 11) (Feb. 12) (Aug. 12) (Feb. 13) (Aug. 13) (Feb. 14) (Aug. 14) (Feb. 15) (Aug. 15) (Feb. 16) (Aug. 16) (Feb. 17) (Aug. 17) (Feb. 18) (Aug. 18) (Feb. 19) (Aug. 19) (Feb. 20) (Aug. 20) (Feb. 21) (Aug. 21) (Feb. 22) (Aug. 22) (Feb. 23) Properties 27 30 34 37 44 44 44 61 63 63 63 83 87 88 90 105 108 112 112 116 116 119 118 121 121 122 124 126 126 128 129 134 134 134 134 29#31Rental Apartments Characteristics 1 Location Other Major Cities 7.0% Greater Tokyo 4.5% 3 Property Age 20 years or more 10.8% Tokyo CBD 30.8% Tokyo 23 wards: 88.5% * Tokyo CBD (Central Business District) includes Minato, Chuo and Chiyoda wards. 2 Category Tokyo 23 Wards excluding Tokyo CBD 57.7% Large 4.1% Average: 16.2 years (14.3 years excluding Okawabata) *The calculations are based on individual property age as of February 28, 2023. 4 Unit Area 15-20 years 49.1% 80 m² or more 4.6% Single and Compact Units: 83.4% *Calculation based on unit categories as of February 28, 2023. Family 12.5% Single 41.9% Compact 41.5% Nippon Accommodations Fund Less than 5 years 2.8% 5-10 years 10.6% 10-15 years 26.7% Average: 42.0 m² per Unit 60-80 m² 12.1% 50-60 m² 12.8% 40-50 m² 16.0% Less than 30 m² 35.1% 30-40 m² 19.4% <30m² ≥30 m² <40 m² ≥40 m² ≥50 m² ≥60 m² <50 m² <60 m² ≥70 m² ≥80 m² ≥90 m² ≥100 m² <70 m² <80 m² <90 m² <100 m² STUDIO 1BED S 2BED 3BED 4BED LL LLLF LLFL LLFF CCCF CCC SS CC L L 5 Monthly Rent per Unit L L L L Average: JPY 300,000-500,000 JPY 500,000 or more 3.7% JPY 200,000- 300,000 18.7% 0.6% Less than JPY 100,000 22.7% F LL F F F L JPY 157 thousand per Unit Studio: 1K, studio 1 Bed: 1DK, 1LDK, 1LDK + utility room JPY 150,000- JPY 100,000- 2 Bed: 2DK, 2LDK, 2LDK + utility room 3 Bed: 3DK, 3LDK, 3LDK + utility room 4 Bed: 4DK, 4LDK, 4LDK + utility room *Calculation based on total monthly rent (rent and common area fees) per unit as of February 28, 2023. 200,000 150,000 23.0% 31.3% * The data above are calculations for rental apartments owned as of February 28, 2023, and do not include Hospitality Facilities. *The calculations for graphs 1 and 3 are based on acquisition price. * The calculations for graphs 2, 4, and 5 are based on units, excluding retail units. 30#32Tenant Characteristics 1 Lessee Type 2 Age Corporate 40.4% Individual 59.6% 60 or older 8.4% 50-59 18.5% Under 30 21.0% 40-49 22.2% 30-39 29.9% 3 Number of Occupants 4 people 3.0% 3 people 6.0% 5 people or more 0.5% 2 people 24.3% 1 person 66.2% 4 Gender of Single Occupants Female 39.4% Male 60.6% * All data above are based on information provided by tenants at the point of contract. * The data above are calculations for rental apartments owned as of February 28, 2023, excluding retail units and hospitality facilities. Nippon Accommodations Fund 31#33Hospitality Facilities Owned Investment Target Hospitality Facilities Maximum of 10% Hospitality Facilities Portfolio Share (acquisition price basis) Nippon Accommodations Fund Dormitories, Serviced Apartments Corporate Housing Rental Apartments Over 90% ► Senior Residences Hotels Hospitality Facilities Maximum of 10% Hospitality Facilities Owned (As of the end of the 34th Period) Portfolio share 5.1% Hospitality Facilities with Stable Cash Flow Long-Term Lease Contracts 20 years or more 10-15 years 4.2% Fixed Rents Number of Properties 16 Acquisition price JPY 17.3 billion Highly Competent and Trustworthy Operators Kyoritsu Maintenance 14.9% Average remaining years 7.7 years Less than 5 years 33.1% 5-10 years 47.8% * Calculated based on acquisition price. * Calculated based on years remaining on lease contracts at each property as of February 28, 2023. Dormitories, Corporate Housing Operators J.S.B. Fixed rent ratio: 100% Senior Residence Operator Benesse Style Care Hotel Operator SHR Hotels 32#3477 78 76 74 66 Portfolio Map * * 30020 Nerima-ku Suginami-ku O Rental Apartments Hospitality Facilities Tokyo 23 Wards: 99 Properties Greater Tokyo: 13 Properties Other Major Cities: 22 Properties Itabashi-ku 81 Toshima-ku Kita-ku Adachi-ku Arakawa-ku Katsushika-ku Bunkyo-ku Taito Sumida-ku ku Nakano -ku Edogawa-ku Shinjuku-ku Chiyoda-ku Imperial Palace 60 5km Koto-ku 10km 134 Shibuya-ku 17 Minato-ku Chuo Setagaya-ku 118 NAF's portfolio consisted of 134 properties as of February 28, 2023. Circled numbers correspond to the property numbers on pages 34 to 38. Медико Shinagawa -ku Ota-ku Nippon Accommodations Fund 1 Okawabata Apartment Communities Okawabata Apartment Communities is located within the "Okawabata River City 21" area which was redeveloped as a project for the private and public sectors by Mitsui Fudosan in the latter half of the 1980's. River Point Tower Park Side Wings Residence creating new residential value in central Tokyo Located within a 2 km radius of Tokyo Station OAN Sta Chuo Ave. Showa Ave. JR Kefya Line Yurakucho Line Circular Met. Expy. utoshin Kyobashi JCT Higashi-ginza Sta Hibiya Line Yaesu Ave. Hatchobori Sta. Shintomicho Sta. Tsukiji Sta Harumi Avg. Route 9 Met. Expy. Strategic management maintaining competitiveness Park Side Wings 11-6, Tsukuda 1-chome, Chuo-ku, Tokyo, etc. 6-minute walk from Tsukishima Station on the Tokyo Metro Yurakucho Line and Toei Oedo Line Property name River Point Tower Location Fukuzumi Access Okawabata River City 21 Completion Scale: Okawabata Apartment Communities 2 km radius Tsukishima Sta. Oedo Line Sumida River Rentable units Layout Acquisition price March 1989 July 1988 40 stories above ground and 2 underground stories 14 stories above ground 390 1LDK-4LDK 154 2LDK-4LDK 30,816 million yen * Total of River Point Tower, Park Side Wings, Pier West and Okawabata Parking 33#35Portfolio List (1/5) Nippon Accommodations Fund No. Property Name Location Completion Acquisition Acquisition Price Portfolio Share Date¹ Date¹ (JPY mn)² (%) Rentable Area (m²) Rentable Units PML (Units)³ Single Compact Family Large Retail, etc. (%) River Point Tower 1.8 1 Okawabata Apartment Communities Park Side Wings 2.7 Chuo-ku, Tokyo 1989.03 2005.11 30,816 9.1 43,812.41 544 1 52 296 196 Pier West House Okawabata Parking 2.7 1.7 2 Park Axis Gakugei Daigaku 4 Park Axis Shibuya Jinnan Setagaya-ku, Tokyo Shibuya-ku, Tokyo 2004.10 2005.11 2005.08 2005.11 1,760 0.5 2,437.66 64 37 21 6 5.0 3,230 1.0 2,766.62 75 51 24 4.1 5 Park Axis Aoyama Kotto Dori Minato-ku, Tokyo 2005.08 2005.11 1,730 0.5 1,537.24 40 12 28 - - 4.5 6 Park Axis Kagurazaka Stage 7 Park Axis Shirokanedai 8 Park Axis Bunkyo Stage 9 Park Axis Tsukishima 10 Park Axis Otsuka 11 Park Axis Minami Azabu 13 Park Axis Nihonbashi Stage 14 Park Axis Hamamatsucho 15 Park Axis Hongo no Mori Shinjuku-ku, Tokyo 2004.08 2006.03 1,400 0.4 1,891.05 59 44 15 - 3.0 Minato-ku, Tokyo 2005.09 2006.04 5,140 1.5 4,704.44 99 29 39 26 5 4.2 Bunkyo-ku, Tokyo 2005.09 2006.04 4,440 1.3 6,078.93 154 80 70 4 3.6 Chuo-ku, Tokyo 2005.11 2006.04 930 0.3 1,383.99 30 - 30 - 3.2 Toshima-ku, Tokyo 2006.01 2006.04 1,655 0.5 2,606.37 52 - 39 13 - 2.4 Minato-ku, Tokyo 2003.02 2006.08 3,939 1.2 3,938.14 64 - 38 16 10 - 3.0 Chuo-ku, Tokyo 2004.08 2006.08 7,557 2.2 10,025.40 185 Minato-ku, Tokyo 2004.12 2006.08 2,025 0.6 2,426.45 80 Bunkyo-ku, Tokyo 2005.11 2006.08 2,910 0.9 3,317.94 87 16 Park Axis Tameike Sanno Minato-ku, Tokyo 2005.12 2006.08 2,860 0.8 2,710.69 70 17 Park Axis Roppongi Hinokicho Koen Minato-ku, Tokyo 2006.01 2006.08 2,170 0.6 2,054.46 46 66733 34 64 20 1 4.5 12 - 1 3.3 40 46 1 4.0 30 40 3.5 37 18 Park Axis Ochanomizu Stage Bunkyo-ku, Tokyo 2006.02 2006.08 9,710 2.9 12,025.25 324 178 136 69 5.8 1 3.9 19 Park Axis Okachimachi Taito-ku, Tokyo 2006.02 2006.08 1,070 0.3 1,621.73 42 11 31 - 4.0 20 Park Cube Hongo Bunkyo-ku, Tokyo 2005.08 2006.08 1,760 0.5 2,160.12 60 - 60 - 3.9 21 Park Cube Kanda Chiyoda-ku, Tokyo 2005.10 2006.08 2,454 0.7 3,194.59 95 64 25 4 22 Park Cube Ichigaya Shinjuku-ku, Tokyo 2005.10 2006.08 1,949 0.6 2,288.46 53 - 51 |2|2 2.4 - 2 2.9 23 Park Cube Asakusa Tawaramachi Taito-ku, Tokyo 2006.01 2006.08 2,508 0.7 4,012.68 76 6 46 24 Park Cube Ueno Taito-ku, Tokyo 2006.03 2006.08 2,233 0.7 3,041.61 91 29 Park Axis Meguro Honcho Meguro-ku, Tokyo 2006.07 2007.04 1,810 0.5 1,884.77 60 25 25 66 15 45 984 24 - 2.8 - 2.8 5.8 East 3.4 30 Park Axis Shin Itabashi Itabashi-ku, Tokyo 2007.02 2007.04 3,430 1.0 4,395.99 152 122 30 י West 3.3 31 Park Axis Akihabara Chiyoda-ku, Tokyo 2006.09 2007.09 1,200 0.4 1,346.07 41 18 32 Park Axis Toyocho Koto-ku, Tokyo 2007.03 2007.09 3,950 1.2 5,412.40 140 - 140 243 23 - 3.3 - 5.8 33 Park Axis Takinogawa 34 Park Axis Asakusabashi Kita-ku, Tokyo 2007.03 2007.09 1,820 0.5 2,924.75 49 - 43 Taito-ku, Tokyo 2007.07 2007.09 2,717 0.8 3,400.78 79 20 26 59 52 5 1 4.0 1 3.2 34#36Portfolio List (2/5) Nippon Accommodations Fund No. Property Name 38 Park Axis Nihonbashi Hamacho 39 Park Cube Yoyogi Tomigaya 41 Park Axis Monzen Nakacho 42 Park Cube Itabashi Honcho 43 Park Cube Gakugei Daigaku 44 Park Cube Oimachi 46 Park Axis Nishigahara 47 Park Axis Kinshicho 48 Park Axis Tatsumi Stage 51 Park Axis Kameido 52 Park Axis Honancho 53 Park Axis Itabashi 54 Park Axis Oshiage 55 Park Axis Takadanobaba 59 Park Axis Toyosu 60 Park Axis Hatchobori 61 Park Axis Itabashi Honcho 62 Park Axis Sumiyoshi 63 Park Cube Yotsuya Sanchome 64 Park Cube Hatchobori 68 Park Axis Kamata Ichibankan 70 Park Axis Taito Negishi 72 Park Axis Komagome 74 Park Axis Itabashi Honcho Nibankan Location Completion Acquisition Acquisition Price Portfolio Share Rentable Area Date¹ Date (JPY mn)² Rentable Units PML (%) (m²) Retail, (Units)³ Single Compact Family Large (%) etc. Chuo-ku, Tokyo 2006.07 2008.03 5,540 1.6 6,999.83 118 75 43 4.2 Shibuya-ku, Tokyo 2007.07 2008.03 1,975 0.6 1,929.10 38 1 36 - 1 5.8 Koto-ku, Tokyo 2007.02 2008.03 1,700 0.5 1,886.39 55 33 22 - - - 5.1 Itabashi-ku, Tokyo 2008.03 2008.03 4,170 1.2 5,317.07 166 125 40 - - 1 2.9 Meguro-ku, Tokyo 2008.03 2008.03 910 0.3 957.88 24 13 11 - 6.8 Shinagawa-ku, Tokyo 2008.03 2008.05 1,440 0.4 1,511.12 65 65 - - - 3.2 Kita-ku, Tokyo 2007.10 2009.11 840 0.2 1,435.83 46 38 8 - 2.4 Sumida-ku, Tokyo 2007.12 2009.11 1,448 0.4 2,288.13 65 13 52 - 4.2 Koto-ku, Tokyo 2008.01 2009.11 7,464 2.2 16,474.06 300 95 50 136 18 1 5.1 Koto-ku, Tokyo 2008.03 2009.11 2,359 0.7 3,986.78 118 40 40 78 - - 5.6 Nakano-ku, Tokyo 2008.07 2009.11 745 0.2 1,231.08 31 7 24 - - - 3.0 Kita-ku, Tokyo 2008.10 2009.11 1,448 0.4 2,567.96 64 8 51 5 5.3 Sumida-ku, Tokyo 2008.11 2009.11 1,193 0.4 2,121.29 58 36 21 - - 1 4.9 Toshima-ku, Tokyo 2008.11 2009.11 1,222 0.4 1,463.25 37 - 36 - - 1 2.7 Koto-ku, Tokyo 2008.03 2009.12 14,300 4.2 25,537.94 403 19 163 219 2 3.9 Chuo-ku, Tokyo 2009.03 2010.01 1,760 0.5 2,416.29 64 41 22 1 3.2 Itabashi-ku, Tokyo 2009.05 2010.01 987 0.3 2,048.31 66 55 11 4.0 Sumida-ku, Tokyo 2009.05 2010.01 1,006 0.3 1,785.72 60 42 18 - - 7.4 Shinjuku-ku, Tokyo 2009.02 2010.03 2,749 0.8 3,599.82 130 112 18 - - - 5.1 Chuo-ku, Tokyo 2009.03 2010.06 4,200 1.2 5,191.86 120 118 - 2 2.4 Ota-ku, Tokyo Taito-ku, Tokyo 2009.03 2011.03 1,069 0.3 1,721.28 63 52 11 - 6.7 2009.08 2011.03 672 0.2 1,283.13 40 28 Toshima-ku, Tokyo 2009.11 2011.03 1,389 0.4 1,979.51 40 3 Itabashi-ku, Tokyo 2010.01 2011.03 1,859 0.5 3,661.58 99 44 265 12 4.2 36 1 2.5 55 3.1 Air Tower 75 Shibaura Island Air Tower4 Minato-ku, Tokyo 2007.03 2011.04 7,905 2.3 17,646.33 272 47 103 83 1.9 63 57 2 Air Terrace 7.5 84 Park Cube Higashi Shinagawa Shinagawa-ku, Tokyo 2007.02 2011.08 6,060 1.8 10,636.67 201 - 137 23 41 - 3.5 86 Park Cube Sasazuka 88 Park Axis Higashi Jujo Shibuya-ku, Tokyo 2009.08 2011.09 2,200 0.6 2,416.00 93 75 16 1 1 3.4 Kita-ku, Tokyo 2007.02 2012.01 1,700 0.5 2,893.54 71 26 44 - 1 3.1 91 Park Cube Heiwadai 92 Park Cube Meguro Tower 93 Park Cube Nihonbashi Suitengu Nerima-ku, Tokyo 2007.06 2012.10 1,204 0.4 2,656.00 34 - 1 Meguro-ku, Tokyo 2008.02 2012.12 9,000 2.6 12,367.62 194 43 64 Chuo-ku, Tokyo 2005.05 2013.03 2,711 0.8 4,235.33 77 55 322 33 2.8 10 76 1 2.2 4.4 35#37Portfolio List (3/5) Nippon Accommodations Fund Rentable No. Property Name Location Completion Acquisition Acquisition Price Portfolio Share. Date¹ Date¹ (JPY mn)² (%) Rentable Area (m²) PML Units Retail, (Units)³ Single Compact Family Large (%) etc. 94 Park Cube Ginza East 95 Park Cube Kayabacho 96 Park Cube Honjo Azumabashi 97 Park Axis Kiyosumi Shirakawa 99 Park Axis Nishi Sugamo 100 Park Axis Ueno 101 Park Axis Akihabara East 103 Park Axis Kayabacho Chuo-ku, Tokyo 2005.06 2013.03 2,269 0.7 3,358.63 77 - Chuo-ku, Tokyo 2006.03 2013.03 1,105 0.3 1,695.06 28 77 18 - 3.0 9 1 3.2 Sumida-ku, Tokyo 2006.03 2013.03 1,252 0.4 2,241.63 45 9 36 - 4.6 Koto-ku, Tokyo 2008.03 2013.03 696 0.2 1,159.84 36 18 18 - - 3.7 98 Park Axis Asakusabashi Nichome Taito-ku, Tokyo 2011.12 2013.03 1,079 0.3 1,569.00 48 24 24 - - - 3.4 Kita-ku, Tokyo Taito-ku, Tokyo Taito-ku, Tokyo 2012.01 2013.03 1,439 0.4 2,326.32 56 14 42 - 3.9 2012.01 2013.03 1,389 0.4 1,992.29 59 31 28 3.3 2012.05 2013.03 1,369 0.4 1,890.20 58 38 20 3.8 Chuo-ku, Tokyo 2012.06 2013.03 1,809 0.5 2,355.07 72 37 35 3.0 104 Park Axis Kinshicho Shinsui Koen 105 Park Cube Kasuga Andozaka 106 Park Cube Kameido 108 Park Axis Shin Okachimachi East 110 Park Axis Nihonbashi Honcho 111 Park Cube Nishigahara Stage 112 Park Cube Atagoyama Tower 113 Park Axis Shibaura 114 Park Axis Asakusa Kuramae 115 Park Axis Kamata Station Gate 116 Park Axis Kinshicho Residence 117 Park Axis Oshiage Sumida Koen 120 Park Axis Magome Residence 121 Park Axis Higashi Ueno 122 Park Axis Higashi Koenji 125 Park Cube Shin Itabashi 126 Park Cube Nishi Shinjuku 129 Park Axis Oshiage Terrace 130 Park Axis Ikegami 132 Park Axis Akatsuka5 133 Park Cube Oimachi Residence 134 Park Axis Toyocho Shinsui Koen Sumida-ku, Tokyo Bunkyo-ku, Tokyo 2012.06 2005.10 2013.06 2013.04 1,369 0.4 2,085.62 60 32 28 7.5 2,670 0.8 3,581.09 68 13 Koto-ku, Tokyo 2007.08 2013.07 3,020 0.9 4,442.09 122 88 380 29 26 - 33 ידי 2.7 - 1 5.5 Taito-ku, Tokyo 2012.09 2013.09 1,299 0.4 1,847.01 49 23 26 - - 3.0 Chuo-ku, Tokyo 2013.02 2013.09 1,469 0.4 1,808.12 49 13 36 - 2.5 Kita-ku, Tokyo 2009.11 2014.03 4,110 1.2 19,693.35 358 - 229 111 17 1 2.5 Minato-ku, Tokyo 2007.01 2014.03 8,650 2.5 8,389.91 165 74 21 44 26 - 2.4 Minato-ku, Tokyo 2012.10 2014.04 1,045 0.3 1,273.60 42 30 12 - 5.2 Taito-ku, Tokyo 2013.05 2014.04 1,095 0.3 1,456.35 45 30 15 3.0 Ota-ku, Tokyo 2012.09 2015.04 4,144 1.2 4,582.72 158 123 34 1 3.2 Sumida-ku, Tokyo 2013.09 2015.04 1,251 0.4 1,793.33 56 34 22 - - 4.0 Sumida-ku, Tokyo 2014.01 2015.04 1,055 0.3 1,610.49 49 34 15 - 5.2 Ota-ku, Tokyo 2014.08 2016.04 1,450 0.4 1,621.94 55 40 15 - 9.6 Taito-ku, Tokyo 2015.01 2016.04 1,250 0.4 1,460.10 45 30 15 - - - 4.0 Suginami-ku, Tokyo 2015.02 2017.04 2,300 0.7 2,679.96 85 55 30 5.1 Itabashi-ku, Tokyo 2016.11 2018.03 1,700 0.5 1,930.12 71 70 - 1 2.9 Shinjuku-ku, Tokyo 2014.12 2018.09 2,400 0.7 1,809.56 58 48 9 1 3.4 Sumida-ku, Tokyo 2016.12 2019.03 2,610 0.8 2,498.08 80 48 32 - 6.6 Ota-ku, Tokyo 2015.03 2019.04 1,260 0.4 1,391.34 45 אן 24 21 - - 6.7 Itabashi-ku, Tokyo 2018.09 2020.03 2,420 0.7 2,403.67 88 73 13 - 2 3.2 Shinagawa-ku, Tokyo 2018.01 2020.07 5,807 1.7 4,271.17 171 131 39 1 4.0 Koto-ku, Tokyo 2014.08 2020.10 6,380 1.9 7.254.57 192 47 143 2 5.8 36#38Portfolio List (4/5) Nippon Accommodations Fund No. Property Name Location Completion Acquisition Date¹ Date¹ Acquisition Price Portfolio Share (JPY mn)² (%) Rentable Area Rentable Units PML (m²) (Units)³ Single Compact Family Large Retail, etc. (%) 137 Park Axis Kikukawa Station Gate Sumida-ku, Tokyo 2013.03 2021.06 3,200 0.9 3,411.32 107 69 38 - 5.7 138 Park Axis Kiba Canal West 139 Park Axis Kiba Canal East 140 Park Axis Kikukawa Koto-ku, Tokyo Koto-ku, Tokyo Sumida-ku, Tokyo 2018.10 2021.06 4,660 1.4 4,430.50 147 104 42 - 1 6.7 2020.02 2021.06 1,830 0.5 1,830.46 64 2014.06 2022.04 2,410 0.7 2,595.60 81 455 50 13 1 7.0 36 Tokyo 23 Wards Total 285,660 84.0 402,387.80 9,112 3,484 3,905 65 - 4.9 1,217 474 32 26 Park Cube Keio Hachioji II 40 Park Axis Nishi Funabashi 66 Park Axis Yokohama Idogaya 67 Park Axis Chiba Shinmachi 69 Park Axis Chiba 85 Park Cube Kita Matsudo 87 Park Cube Musashi Kosugi 102 Park Axis Yokohama Tanmachi Koen 109 Park Axis Yokohama Yamashitacho 135 Park Axis Ofuna Hachioji-shi, Tokyo 2005.08 2006.08 1,130 0.3 3,082.32 48 - 14 33 1 4.0 Funabashi-shi, Chiba 2007.09 2008.03 1,020 0.3 2,074.35 55 25 30 3.2 Minami-ku, Yokohama-shi, Kanagawa 2008.03 2011.03 1,419 0.4 2,706.59 100 96 3 - - 1 Chuo-ku, Chiba-shi, Chiba 2008.05 2011.03 1,679 0.5 3,318.15 84 66 11 - - -N 6.3 7 1.9 Chuo-ku, Chiba-shi, Chiba 2009.03 2011.03 970 0.3 2,270.32 91 91 - - 2.3 Matsudo-shi, Chiba 2009.02 2011.09 1,200 0.4 2,358.66 109 108 - - 1 1.6 Nakahara-ku, Kawasaki-shi, Kanagawa 2009.09 Kanagawa-ku, Yokohama-shi, Kanagawa 2012.06 2011.09 2,250 0.7 3,057.36 136 136 - - - 3.3 2013.03 1,119 0.3 1,682.46 63 45 18 - 4.1 Naka-ku, Yokohama-shi, Kanagawa 2012.10 Sakae-ku, Yokohama-shi, Kanagawa 2010.01 2013.09 1,539 0.5 2,325.92 71 47 23 - 1 8.2 2021.04 2,100 0.6 4,752.68 73 - 15 58 - 14.8 Greater Tokyo Total 14,426 4.2 27,628.81 830 614 114 91 . 11 27 Park Axis Meieki Minami 35 Park Axis Marunouchi 36 Park Axis Ropponmatsu 37 Park Axis Hakataeki Minami 45 Park Axis Naka Gofukumachi 49 Park Axis Shirakabe 50 Park Axis Sendai 56 Park Axis Hakata Minoshima 57 Park Axis Takamiya Higashi 65 Park Axis Shin Sapporo 73 Park Axis Utsubo Koen 107 Park Cube Kitahama 127 Park Axis Kanayama WEST Nakamura-ku, Nagoya-shi, Aichi 2006.02 2006.08 Naka-ku, Nagoya-shi, Aichi 2006.11 2007.09 Chuo-ku, Fukuoka-shi, Fukuoka 2007.03 2007.09 Hakata-ku, Fukuoka-shi, Fukuoka 2007.03 2007.09 Hakata-ku, Fukuoka-shi, Fukuoka 2007.08 2009.11. Higashi-ku, Nagoya-shi, Aichi 2008.02 Wakabayashi-ku, Sendai-shi, Miyagi 2008.03 2,440 0.7 5,565.13 169 114 46 1,920 0.6 3,821.75 99 56 42 1,515 0.4 3,473.67 112 55 626 9 3.7 1 2.9 56 - 1 2.5 1,890 0.6 4,668.29 177 176 - 1 3.0 742 0.2 2,707.88 112 112 - - - - 2.9 | 2009.11 1,547 0.5 4,735.89 86 6 45 35 3.0 2009.11 2,320 0.7 8,843.17 204 - 175 28 1 2.8 58 Park Axis Sapporo Shokubutsuen Mae Hakata-ku, Fukuoka-shi, Fukuoka 2008.12 2009.11 Minami-ku, Fukuoka-shi, Fukuoka 2009.03 2009.11 Chuo-ku, Sapporo-shi, Hokkaido 2008.02 2009.12 Atsubetsu-ku, Sapporo-shi, Hokkaido 2008.03 Nishi-ku, Osaka-shi, Osaka Chuo-ku, Osaka-shi, Osaka Naka-ku, Nagoya-shi, Aichi 960 0.3 3,461.85 112 34 78 - 2.7 605 0.2 2,289.21 70 16 54 5.1 1,650 0.5 7,845.01 146 133 13 1.1 2011.03 827 0.2 3,729.05 85 - 84 - 1 2.4 2010.01 2011.03 2007.01 2006.02 2018.09 2,399 0.7 4,952.45 133 92 41 - - 8.6 2013.07 1,970 0.6 4,683.33 138 97 41 - - 5.7 1,770 0.5 4,795.13 63 63 4.4 Other Major Cities Total Rental Apartments Total 22,555 322,641 6.6 94.9 65,571.81 1,706 758 795 495,588.42 11,648 4,856 4,814 1,456 148 1 4 475 47 37#39Portfolio List (5/5) Nippon Accommodations Fund No. Property Name Location Completion Acquisition Acquisition Price Portfolio Share Date¹ Date¹ (JPY mn)² Rentable Area Rentable Units PML (%) (m²) (Units)³ Single Compact Family Large Retail, etc. (%) 76 Dormy Ashiya Ashiya-shi, Hyogo 77 Dormy Kyoto Nijyo Nakagyo-ku, Kyoto-shi, Kyoto 78 Sundai Horikawa Ryo 81 Dormy Naka Itabashi 82 Philosophia Nishidai 83 Dormy Musashi Kosugi 89 Artis Sendai Kakyoin 90 Artis Sendai Kimachi Dori Kamigyo-ku, Kyoto-shi, Kyoto 2002.09 2011.03 2004.03 2011.03 2005.02 928 0.3 3,729.45 140 - 6.6 991 0.3 3,492.88 134 - 12.9 2011.03 916 0.3 2,793.71 113 - - - - - 8.8 80 Rikkyo University International Dormitory (RUID) Shiki Shiki-shi, Saitama 2010.01 2011.03 1,478 0.4 3,061.89 127 - 3.0 Itabashi-ku, Tokyo 2010.02 2011.03 1,041 0.3 2,439.17 106 - - 5.5 Itabashi-ku, Tokyo 2010.02 2011.03 1,249 0.4 2,969.25 121 - - 5.3 Nakahara-ku, Kawasaki-shi, Kanagawa 2010.03 2011.03 1,152 0.3 3,017.34 112 - 7.3 Aoba-ku, Sendai-shi, Miyagi 2008.12 2012.03 540 0.2 2,234.24 60 3.0 Aoba-ku, Sendai-shi, Miyagi 2010.03 2012.03 1,160 0.3 4,864.04 142 - 2.7 118 Medical Home Granda Sangen Jaya (Land with leasehold interest) Setagaya-ku, Tokyo 2015.03 735 0.2 - - - 119 Dormy Nishi Ogikubo Suginami-ku, Tokyo 1992.03 2016.03 1,100 0.3 1,616.52 71 - - - - 123 Granda Kanazawa Hakkei Kanazawa-ku, Yokohama-shi, Kanagawa 2012.06 2017.06 774 0.2 1,826.29 58 124 Dormy Kamisugi 128 Dormy Odawara 131 Chisun Hotel Hiroshima 136 Campus terrace Waseda Aoba-ku, Sendai-shi, Miyagi 1997.03 Miyagino-ku, Sendai-shi, Miyagi 1998.02 2019.01 Naka-ku, Hiroshima-shi, Hiroshima 1986.11 2019.05 Bunkyo-ku, Tokyo 2017.06 1,050 0.3 3,151.56 124 - 521 0.2 2,452.14 78 - 1,880 0.6 4,275.59 170 2020.01 2021.04 1,810 0.5 1,747.51 82 8.8 9.6 4.6 0.2 6.4 3.5 Hospitality Facilities Total 17,325 5.1 43,671.58 1,638 - Grand Total 339,966 100.0 539,260.00 13,286 4,856 4,814 1,456 475 47 2.5 As of February 28, 2023 1. Completion date and acquisition date in the case of multiple properties are the earliest dates of completion and acquisition, respectively, among relevant properties. 2. Acquisition price does not include acquisition-related expenses, property tax or consumption tax. 3. Calculation of rentable units in each category is based on categories as of February 28, 2023. The breakdown of classified units of each property may change in future due to change of floor plans, etc. 4. Rentable units and rentable area for Shibaura Island Air Tower are calculated by multiplying NAF's ownership (31%) by the property's total rentable units and total rentable area and rounding to the nearest unit and one-hundredth of a square meter, respectively. 5. Rentable units and rentable area for Park Axis Akatsuka are calculated by multiplying NAF's ownership (55%) by the property's total rentable units and total rentable area and rounding to the nearest unit and one-hundredth of a square meter, respectively. 6. Portfolio PML is the PML for all NAF's portfolio, 133 properties excluding Medical Home Granda Sangen Jaya (Land with leasehold interest). (Portfolio PML)6 38#40Appraisal Value Value (1/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name 1 Okawabata Apartment Communities Acquisition Price (JPY mn) Book Value (JPY mn) Appraisal Value (JPY mn) Appraisal Appraisal Profit/Loss Appraisal Appraisal Book Value Appraisal Value Appraisal Appraisal Profit/Loss Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) 30,816 32,194 33,500 3.4% 1,305 32,113 33,600 3.4% 1,486 2 Park Axis Gakugei Daigaku 1,760 1,459 2,430 3.3% 970 1,458 2,430 3.3% 971 4 Park Axis Shibuya Jinnan 3,230 2,845 3,980 3.2% 1,134 2,837 3,980 3.2% 1,142 - 5 Park Axis Aoyama Kotto Dori 1,730 1,518 2,240 3.2% 721 1,518 2,250 3.2% 731 Profit/Loss (JPY mn) 181 1 8 10 6 Park Axis Kagurazaka Stage 1,400 1,207 1,910 3.6% 702 1,203 1,960 3.5% 756 ▲ 0.1% 54 7 Park Axis Shirokanedai 5,140 4,548 6,800 3.4% 2,251 4,541 6,980 3.3% 2,438 ▲ 0.1% 187 8 Park Axis Bunkyo Stage 4,440 3,866 6,310 3.6% 2,443 3,855 6,460 3.5% 2,604 ▲ 0.1% 160 9 Park Axis Tsukishima 10 Park Axis Otsuka 930 784 1,450 3.4% 665 781 1,470 3.4% 688 23 1,655 1,408 2,240 3.7% 831 1,406 2,320 3.6% 913 ▲ 0.1% 82 11 Park Axis Minami Azabu 3,939 3,587 4,790 3.4% 1,202 3,578 4,800 3.4% 1,221 18 13 Park Axis Nihonbashi Stage 7,557 6,450 10,700 3.4% 4,249 6,432 11,000 3.3% 4,567 ▲ 0.1% 317 14 Park Axis Hamamatsucho 2,025 1,813 2,820 3.4% 1,006 1,808 2,810 3.4% 1,001 5 15 Park Axis Hongo no Mori 2,910 2,469 4,370 3.3% 1,900 2,460 4,410 3.3% 1,949 48 16 Park Axis Tameike Sanno 2,860 2,470 3,710 3.4% 1,239 2,462 3,800 3.3% 1,337 ▲ 0.1% 98 17 Park Axis Roppongi Hinokicho Koen 2,170 1,974 2,740 3.2% 765 1,968 2,740 3.2% 771 6 18 Park Axis Ochanomizu Stage 9,710 8,444 14,900 3.3% 6,455 8,421 14,900 3.3% 6,478 22 19 Park Axis Okachimachi 1,070 912 1,530 3.4% 617 908 1,570 3.4% 661 43 20 Park Cube Hongo 1,760 1,636 2,740 3.3% 1,103 1,631 2,760 3.3% 1,128 24 21 Park Cube Kanda 2,454 2,232 3,770 3.3% 1,537 2,230 3,790 3.3% 1,559 22 22 Park Cube Ichigaya 1,949 1,830 2,800 3.3% 969 1,826 2,860 3.3% 1,033 63 23 Park Cube Asakusa Tawaramachi 2,508 2,192 3,770 3.4% 1,577 2,184 3,840 3.4% 1,655 77 24 Park Cube Ueno 2,233 2,001 3,020 3.4% 1,018 1,996 3,040 3.4% 1,043 25 29 Park Axis Meguro Honcho 1,810 1,610 1,990 3.6% 379 1,601 2,050 3.5% 448 ▲ 0.1% 68 30 Park Axis Shin Itabashi 3,430 2,850 3,420 3.8% 569 2,829 3,530 3.7% 700 ▲ 0.1% 131 31 Park Axis Akihabara 1,200 1,043 1,480 3.6% 436 1,037 1,520 3.5% 482 ▲ 0.1% 45 32 Park Axis Toyocho 3,950 3.330 4,600 3.9% 1,269 3,308 4,700 3.8% 1,391 ▲ 0.1% 121 33 Park Axis Takinogawa 1,820 1,575 2,580 3.5% 1,004 1,566 2,620 3.5% 1,053 49 34 Park Axis Asakusabashi 2,717 2,340 3,900 3.7% 1,559 2,328 4,150 3.5% 1,821 ▲ 0.2% 261 38 Park Axis Nihonbashi Hamacho 5,540 4,752 7,400 3.4% 2,647 4,734 7,460 3.4% 2,725 78 39 Park Cube Yoyogi Tomigaya 1,975 1,745 2,200 3.5% 454 1,736 2,290 3.4% 553 ▲ 0.1% 99 39#41Appraisal Value (2/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name Acquisition Price (JPY mn) Book Value Appraisal Value Appraisal Appraisal Profit/Loss Book Value Appraisal Value Appraisal Appraisal Profit/Loss Appraisal (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Appraisal Cap Rate Profit/Loss (JPY mn) (JPY mn) (JPY mn) 41 Park Axis Monzen Nakacho 1,700 1,461 2,070 3.7% 608 1,454 2,080 3.6% 625 ▲ 0.1% 16 42 Park Cube Itabashi Honcho 4,170 3,642 4,820 3.4% 1,177 3,621 4,840 3.4% 1,218 40 43 Park Cube Gakugei Daigaku 910 819 974 3.3% 154 816 976 3.3% 159 4 44 Park Cube Oimachi 1,440 1,265 1,740 3.7% 474 1,258 1,760 3.6% 501 ▲0.1% 27 46 Park Axis Nishigahara 840 753 1,170 4.0% 416 748 1,200 3.9% 451 ▲ 0.1% 35 47 Park Axis Kinshicho 1,448 1,279 2,410 3.5% 1,130 1,270 2,420 3.5% 1,149 18 48 Park Axis Tatsumi Stage 7,464 6,432 12,300 4.0% 5,867 6,387 12,800 3.9% 6,412 ▲ 0.1% 544 51 Park Axis Kameido 2,359 2,022 3,260 4.0% 1,237 2,009 3,350 3.9% 1,340 ▲ 0.1% 103 52 Park Axis Honancho 745 664 1,040 3.8% 375 659 1,070 3.7% 410 ▲ 0.1% 35 53 Park Axis Itabashi 54 Park Axis Oshiage 55 Park Axis Takadanobaba 1,448 1,228 2,370 3.5% 1,141 1,218 2,380 3.5% 1,161 19 1,193 1,017 1,790 4.0% 772 1,010 1,840 3.9% 829 ▲ 0.1% 57 1,222 1,146 1,770 3.4% 623 1,142 1,780 3.4% 637 14 59 Park Axis Toyosu 14,300 11,781 22,700 3.8% 10,918 11,704 23,300 3.7% 11,595 ▲ 0.1% 677 60 Park Axis Hatchobori 1,760 1,546 2,740 3.7% 1,193 1,537 2,820 3.6% 1,282 ▲ 0.1% 89 61 Park Axis Itabashi Honcho 987 796 1,390 3.9% 593 789 1,420 3.8% 630 ▲ 0.1% 37 62 Park Axis Sumiyoshi 1,006 831 1,370 4.1% 538 824 1,400 4.0% 575 ▲ 0.1% 37 63 Park Cube Yotsuya Sanchome 2,749 2,423 4,180 3.5% 1,756 2,406 4,280 3.4% 1,873 ▲ 0.1% 117 64 Park Cube Hatchobori 4,200 3,875 6,300 3.6% 2,424 3,858 6,450 3.5% 2,591 ▲ 0.1% 166 68 Park Axis Kamata Ichibankan 1,069 958 1,460 3.8% 501 951 1,460 3.7% 508 ▲ 0.1% 6 70 Park Axis Taito Negishi 672 569 1,030 4.0% 460 564 1,060 3.9% 495 ▲ 0.1% 35 72 Park Axis Komagome 1,389 1,223 2,130 3.7% 906 1,215 2,190 3.6% 974 ▲ 0.1% 67 74 Park Axis Itabashi Honcho Nibankan 1,859 1,516 2,660 3.9% 1,143 1,502 2,740 3.8% 1,237 0.1% 93 75 Shibaura Island Air Tower¹ 7,905 6,363 11,200 4,836 6,331 11,300 4,968 132 84 Park Cube Higashi Shinagawa 6,060 5,373 8,360 3.9% 2,986 5,337 8,560 3.8% 3,222 ▲ 0.1% 235 86 Park Cube Sasazuka 2,200 2,036 2,990 3.4% 953 2,026 2,990 3.4% 963 9 88 Park Axis Higashi Jujo 1,700 1,605 2,570 3.5% 964 1,595 2,600 3.5% 1,004 40 91 Park Cube Heiwadai 1,204 1,086 1,620 4.0% 533 1,085 1,670 3.9% 584 ▲ 0.1% 51 92 Park Cube Meguro Tower 9,000 8,537 14,800 3.5% 6,262 8,527 15,200 3.4% 6,672 ▲ 0.1% 410 93 Park Cube Nihonbashi Suitengu 2,711 2,527 4,320 3.4% 1,792 2,524 4,380 3.4% 1,855 62 94 Park Cube Ginza East 2,269 2,108 3,330 3.4% 1,221 2,101 3,330 3.4% 1,228 7 40#42Appraisal Value (3/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name Acquisition Price (JPY mn) Appraisal Appraisal Appraisal Book Value Appraisal Value Appraisal Book Value Appraisal Value Appraisal Profit/Loss Profit/Loss (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Appraisal Cap Rate Profit/Loss (JPY mn) (JPY mn) (JPY mn) 95 Park Cube Kayabacho 1,105 1,068 1,800 3.4% 731 1,064 1,810 3.4% 745 13 96 Park Cube Honjo Azumabashi 1,252 1,177 2,050 3.5% 872 1,172 2,080 3.5% 907 ― 34 97 Park Axis Kiyosumi Shirakawa 696 656 1,040 3.5% 383 652 1,040 3.5% 387 3 98 Park Axis Asakusabashi Nichome 1,079 957 1,520 3.8% 562 950 1,570 3.7% 619 ▲ 0.1% 56 99 Park Axis Nishi Sugamo 1,439 1,313 2,030 3.8% 716 1,303 2,120 3.7% 816 ▲0.1% 99 100 Park Axis Ueno 1,389 1,245 2,000 3.8% 754 1,236 2,050 3.7% 813 ▲ 0.1% 58 101 Park Axis Akihabara East 1,369 1,230 1,860 3.8% 629 1,222 1,880 3.7% 657 ▲ 0.1% 28 103 Park Axis Kayabacho 1,809 1,607 2,510 3.7% 902 1,594 2,570 3.6% 975 ▲ 0.1% 72 104 Park Axis Kinshicho Shinsui Koen 1,369 1,233 1,840 3.9% 606 1,223 1,900 3.8% 676 ▲ 0.1% 69 105 Park Cube Kasuga Andozaka 2,670 2,506 4,020 3.4% 1,513 2,501 4,050 3.4% 1,548 34 106 Park Cube Kameido 3,020 2,807 4,170 3.5% 1,362 2,792 4,120 3.5% 1,327 ▲ 35 108 Park Axis Shin Okachimachi East 1,299 1,212 1,810 3.7% 597 1,205 1,810 3.7% 604 6 110 Park Axis Nihonbashi Honcho 1,469 1,375 2,320 3.4% 944 1,368 2,320 3.4% 951 7 111 Park Cube Nishigahara Stage³ 4,110 3,587 5,120 - 1,532 3,536 5,300 - 1,763 231 112 Park Cube Atagoyama Tower 8,650 8,403 11,400 3.2% 2,996 8,374 12,300 3.0% 3,925 ▲ 0.2% 929 113 Park Axis Shibaura 1,045 1,004 1,550 3.4% 545 999 1,510 3.5% 510 0.1% ▲ 34 114 Park Axis Asakusa Kuramae 1,095 1,045 1,570 3.4% 524 1,039 1,570 3.4% 530 5 115 Park Axis Kamata Station Gate 4,144 4,010 5,790 3.4% 1,779 3,992 5,630 3.5% 1,637 0.1% ▲ 141 116 Park Axis Kinshicho Residence 1,251 1,196 1,710 3.4% 513 1,189 1,710 3.4% 520 7 117 Park Axis Oshiage Sumida Koen 1,055 1,003 1,520 3.6% 516 996 1,520 3.6% 523 6 120 Park Axis Magome Residence 1,450 1,421 1,740 3.5% 318 1,414 1,830 3.3% 415 ▲ 0.2% 96 121 Park Axis Higashi Ueno 1,250 1,219 1,630 3.4% 410 1,213 1,680 3.2% 466 ▲ 0.2% 56 122 Park Axis Higashi Koenji 2,300 2,250 2,680 3.7% 429 2,235 2,750 3.6% 514 ▲ 0.1% 84 125 Park Cube Shin Itabashi 1,700 1,698 2,070 3.6% 371 1,688 2,080 3.6% 391 19 126 Park Cube Nishi Shinjuku 2,400 2,412 2,820 3.5% 407 2,404 2,820 3.5% 415 7 129 Park Axis Oshiage Terrace 2,610 2,625 3,130 3.4% 504 2,613 3,120 3.4% 506 2 130 Park Axis Ikegami 1,260 1,268 1,450 3.5% 181 1,262 1,570 3.3% 307 ▲ 0.2% 125 132 Park Axis Akatsuka² 2,420 2,465 2,680 3.7% 214 2,453 2,680 3.7% 226 11 133 Park Cube Oimachi Residence 5,807 5,967 6,660 3.4% 692 5,944 6,830 3.3% 885 ▲ 0.1% 192 134 Park Axis Toyocho Shinsui Koen 6,380 6,568 7,510 3.5% 941 6,539 7,950 3.3% 1,410 ▲ 0.2% 469 137 Park Axis Kikukawa Station Gate 3,200 3,289 3,610 3.6% 320 3,272 3,700 3.5% 427 ▲ 0.1% 107 138 Park Axis Kiba Canal West 4,660 4,804 5,170 3.6% 365 4,783 5,270 3.5% 486 ▲ 0.1% 120 139 Park Axis Kiba Canal East 1,830 1,895 2,050 3.6% 154 1,885 2,080 3.5% 194 ▲ 0.1% 39 140 Park Axis Kikukawa 2,410 2,485 2,760 3.6% 274 2,485 2,820 3.5% 334 ▲ 0.1% 60 41#43Appraisal Value (4/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Appraisal Book Value Appraisal Value Appraisal Book Value Appraisal Value Appraisal Appraisal (JPY mn) Profit/Loss Profit/Loss Profit/Loss (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 26 Park Cube Keio Hachioji II 1,130 936 1,550 4.1% 613 934 1,570 4.1% 635 22 40 Park Axis Nishi Funabashi 1,020 795 1,150 4.3% 354 786 1,180 4.2% 393 ▲ 0.1% 38 66 Park Axis Yokohama Idogaya 1,419 1,169 1,890 4.2% 720 1,157 1,900 4.1% 742 ▲ 0.1% 21 67 Park Axis Chiba Shinmachi 1,679 1,353 2,170 4.4% 816 1,340 2,220 4.3% 879 ▲ 0.1% 63 69 Park Axis Chiba 970 761 1,190 4.5% 428 752 1,220 4.4% 467 ▲ 0.1% 38 85 Park Cube Kita Matsudo 1,200 1,001 1,580 4.4% 578 990 1,590 4.4% 599 20 87 Park Cube Musashi Kosugi 2,250 1,926 3,240 3.8% 1,313 1,912 3,240 3.8% 1,327 13 102 Park Axis Yokohama Tanmachi Koen 1,119 991 1,530 4.1% 538 982 1,570 4.0% 587 ▲ 0.1% 48 109 Park Axis Yokohama Yamashitacho 1,539 1,398 2,090 3.9% 691 1,388 2,090 3.9% 701 10 135 Park Axis Ofuna 2,100 2,165 2,540 4.6% 374 2,159 2,540 4.6% 380 6 27 Park Axis Meieki Minami 2,440 1,887 2,570 4.4% 682 1,876 2,610 4.3% 733 ▲ 0.1% 50 35 Park Axis Marunouchi 1,920 1,521 1,790 4.3% 268 1,510 1,790 4.2% 279 ▲ 0.1% 10 36 Park Axis Ropponmatsu 1,515 1,213 1,580 3.9% 366 1,201 1,580 3.9% 378 11 37 Park Axis Hakataeki Minami 1,890 1,479 1,980 4.0% 500 1,465 1,980 4.0% 514 14 45 Park Axis Naka Gofukumachi 742 601 1,120 4.0% 518 593 1,120 4.0% 526 7 49 Park Axis Shirakabe 1,547 1,270 1,980 4.4% 709 1,259 2,000 4.3% 740 ▲ 0.1% 31 50 Park Axis Sendai 2,320 1,853 3,470 4.8% 1,616 1,853 3,520 4.7% 1,666 ▲ 0.1% 50 56 Park Axis Hakata Minoshima 960 713 1,200 4.6% 486 702 1,230 4.5% 527 ▲ 0.1% 40 57 Park Axis Takamiya Higashi 605 407 750 4.6% 342 398 765 4.5% 366 ▲ 0.1% 23 58 Park Axis Sapporo Shokubutsuen Mae 1,650 1,203 2,130 4.7% 926 1,184 2,190 4.6% 1,005 ▲ 0.1% 78 65 Park Axis Shin Sapporo 827 611 1,050 4.9% 438 600 1,080 4.8% 479 ▲ 0.1% 40 73 Park Axis Utsubo Koen 2,399 1,978 2,960 4.3% 981 1,959 2,900 4.2% 940 ▲ 0.1% 40 107 Park Cube Kitahama 1,970 1,760 2,260 4.3% 499 1,747 2,320 4.2% 572 ▲ 0.1% 72 127 Park Axis Kanayama WEST 1,770 1,810 2,070 4.1% 259 1,803 2,100 4.1% 296 36 76 Dormy Ashiya 928 769 1,390 4.7% 620 761 1,360 4.8% 598 0.1% ▲ 22 77 Dormy Kyoto Nijyo 991 795 1,470 4.5% 674 786 1,470 4.5% 683 9 78 Sundai Horikawa Ryo 916 803 1,400 4.5% 596 798 1,390 4.5% 591 4 80 Rikkyo University International Dormitory (RUID) Shiki 1,478 1,328 2,070 4.8% 741 1,318 2,070 4.8% 751 10 81 Dormy Naka Itabashi 1,041 929 1,540 4.2% 610 922 1,540 4.2% 617 7 82 Philosophia Nishidai 1,249 1,093 1,790 4.3% 696 1,083 1,790 4.3% 706 9 42#44Appraisal Value (5/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Book Value (JPY mn) (JPY mn) Appraisal Value (JPY mn) Appraisal Book Value Appraisal Value Appraisal Profit/Loss Profit/Loss Cap Rate (JPY mn) (JPY mn) Cap Rate Appraisal Cap Rate Appraisal Profit/Loss (JPY mn) (JPY mn) (JPY mn) 83 Dormy Musashi Kosugi 1,152 1,017 1,680 4.5% 662 1,008 1,680 4.5% 671 - 9 89 Artis Sendai Kakyoin 540 464 716 5.1% 251 458 732 5.0% 273 ▲ 0.1% 21 90 Artis Sendai Kimachi Dori 1,160 992 1,530 5.1% 537 992 1,600 5.0% 607 ▲ 0.1% 70 118 Medical Home Granda Sangen Jaya (Land with leasehold interest) 735 770 876 3.8% 105 770 899 3.7% 128 ▲0.1% 23 119 Dormy Nishi Ogikubo 1,100 1,136 1,220 4.3% 83 1,156 1,250 4.2% 93 ▲ 0.1% 9 123 Granda Kanazawa Hakkei 774 757 882 4.3% 124 751 882 4.3% 130 5 124 Dormy Kamisugi 1,050 1,104 1,200 4.9% 95 1,183 1,210 4.9% 26 ▲ 68 128 Dormy Odawara 521 567 662 6.0% 94 570 596 5.1% 25 ▲ 0.9% ▲ 69 131 Chisun Hotel Hiroshima 1,880 1,984 1,830 5.0% ▲ 154 1,983 1,850 5.0% ▲ 133 21 136 Campus terrace Waseda 1,810 1,865 2,010 3.8% 144 1,857 2,010 3.8% 152 7 Subtotal 339,966 310,204 452,650 142,445 308,835 460,410 151,574 9,129 Total 339,966 310,204 452,650 142,445 308,835 460,410 * Appraisal value and book value are as of the end of each period (33rd Period: August 31, 2022; 34th Period: February 28, 2023). 1. Appraisal value of Shibaura Island Air Tower: Equivalent of 31% ownership. Appraisal cap rate of Shibaura Island Air Tower: Not available because the asset is a building with term leasehold interest. 2. Appraisal value of Park Axis Akatsuka: Equivalent of 55% ownership. 3. Appraisal cap rate of Park Cube Nishigahara Stage was 4.1% for the 33rd period and 4.0% for the 34th period. (Discount rate based on the Inwood method of capitalization over a definite term) Reference: Appraisal Value Changes in the Properties Owned at the end of the previous period PoP Change in Appraisal Value Increase No Change 96 properties 29 properties Decrease 9 Total 134 properties properties 151,574 9,129 43#45No. Occupancy Rates (1/5) Nippon Accommodations Fund 34th Period 33rd Period Property Name Rentable Units (Units) Rentable 2023 2023 2022 2022 2022 2022 Area (m) Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 2022 Aug 31 2022 2022 2022 2022 2022 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Occupancy Rate 1 Okaw abata Apartment Communities 544 43,812.41 96.0% 95.5% 95.6% 95.4% 95.1% 94.2% 93.9% 93.9% 94.0% 94.8% 94.1% 95.1% 2 Park Axis Gakugei Daigaku 64 2,437.66 98.1% 98.1% 100.0% 98.8% 98.8% 96.3% 94.2% 96.9% 98.5% 98.1% 96.3% 96.3% 4 Park Axis Shibuya Jinnan 75 2,766.62 94.9% 95.0% 92.5% 92.5% 94.0% 95.2% 96.4% 96.1% 96.2% 94.9% 97.3% 95.8% 5 Park Axis Aoyama Kotto Dori 40 1,537.24 95.8% 91.3% 98.3% 96.5% 96.5% 96.5% 95.9% 95.9% 92.5% 93.3% 95.6% 98.2% 6 Park Axis Kagurazaka Stage 59 1,891.05 92.8% 93.5% 94.9% 97.6% 95.9% 100.0% 97.9% 97.9% 96.4% 96.4% 96.8% 95.9% 7 Park Axis Shirokanedai 99 4,704.44 100.0% 100.0% 100.0% 98.6% 98.7% 99.1% 97.6% 93.9% 96.8% 96.5% 94.1% 96.8% 8 Park Axis Bunkyo Stage 154 6,078.93 97.8% 94.7% 97.4% 98.3% 95.3% 97.7% 96.9% 98.2% 95.9% 95.6% 95.4% 97.6% 9 Park Axis Tsukishima 30 1,383.99 100.0% 97.1% 97.1% 100.0% 96.4% 96.4% 96.4% 96.8% 100.0% 100.0% 100.0% 100.0% 10 Park Axis Otsuka 52 2,606.37 97.7% 96.0% 92.9% 93.4% 95.7% 95.2% 94.6% 94.5% 100.0% 100.0% 96.7% 98.6% 11 Park Axis Minami Azabu 64 3,938.14 93.3% 96.9% 100.0% 100.0% 98.5% 98.5% 97.4% 94.3% 95.4% 95.4% 98.8% 96.9% 13 Park Axis Nihonbashi Stage 185 10,025.40 95.5% 97.4% 97.8% 96.5% 95.7% 96.3% 97.0% 96.2% 96.2% 96.7% 98.1% 98.8% 14 Park Axis Hamamatsucho 80 2,426.45 97.1% 97.1% 96.5% 92.2% 90.5% 95.9% 94.8% 95.0% 100.0% 97.9% 91.2% 93.2% 15 Park Axis Hongo no Mori 87 3,317.94 97.7% 96.1% 96.7% 97.0% 96.9% 97.5% 97.0% 96.5% 98.6% 98.6% 95.0% 95.2% 16 Park Axis Tameike Sanno 70 2,710.69 94.8% 95.8% 97.3% 98.4% 98.2% 100.0% 97.3% 97.3% 94.2% 98.0% 98.0% 97.1% 17 Park Axis Roppongi Hinokicho Koen 46 2,054.46 100.0% 93.4% 95.3% 98.1% 96.6% 98.5% 98.5% 98.5% 96.3% 95.5% 86.3% 86.5% 18 Park Axis Ochanomizu Stage 324 12,025.25 99.1% 98.3% 98.3% 97.3% 95.0% 95.3% 97.2% 97.9% 95.5% 96.2% 97.3% 98.3% 19 Park Axis Okachimachi 42 1,621.73 100.0% 100.0% 100.0% 100.0% 97.7% 100.0% 100.0% 100.0% 100.0% 98.5% 97.6% 97.6% 20 Park Cube Hongo 60 2,160.12 100.0% 98.3% 98.3% 98.3% 96.8% 96.8% 91.7% 95.1% 94.9% 93.3% 98.2% 96.6% 21 Park Cube Kanda 95 3,194.59 98.3% 96.2% 95.0% 95.2% 97.3% 97.3% 97.3% 98.0% 100.0% 98.1% 96.3% 96.1% 22 Park Cube Ichigaya 53 2,288.46 100.0% 98.6% 100.0% 97.7% 100.0% 100.0% 97.7% 100.0% 97.3% 98.7% 98.7% 93.7% 23 Park Cube Asakusa Taw aramachi 76 4,012.68 97.9% 95.1% 94.2% 99.3% 100.0% 98.4% 97.1% 98.8% 100.0% 98.6% 95.4% 97.1% 24 Park Cube Ueno 91 3,041.61 97.7% 98.9% 98.8% 98.8% 97.7% 94.5% 94.5% 91.4% 96.9% 97.8% 96.7% 96.7% 29 Park Axis Meguro Honcho 60 1,884.77 98.3% 100.0% 100.0% 98.2% 100.0% 95.1% 95.1% 98.3% 96.5% 96.5% 98.3% 98.6% 30 Park Axis Shin Itabashi 152 4,395.99 98.4% 96.8% 97.4% 95.9% 94.2% 96.4% 96.1% 97.9% 97.9% 93.7% 93.6% 97.9% 31 Park Axis Akihabara 41 1,346.07 100.0% 98.2% 100.0% 100.0% 95.3% 93.0% 97.8% 100.0% 90.8% 91.5% 93.3% 95.2% 32 Park Axis Toyocho 140 5,412.40 96.4% 96.4% 97.9% 99.3% 97.1% 97.1% 95.7% 95.7% 95.0% 95.0% 95.0% 98.6% 33 Park Axis Takinogaw a 49 2,924.75 96.4% 98.3% 94.7% 98.1% 96.4% 94.7% 94.7% 94.6% 98.3% 98.2% 96.4% 98.2% 34 Park Axis Asakusabashi 79 3,400.78 97.7% 97.7% 99.3% 100.0% 98.6% 94.0% 93.3% 95.9% 97.9% 98.4% 100.0% 97.3% 38 Park Axis Nihonbashi Hamacho 118 6,999.83 98.6% 97.8% 97.1% 96.5% 96.3% 97.0% 97.8% 97.4% 97.8% 95.8% 98.5% 94.9% 39 Park Cube Yoyogi Tomigaya 38 1,929.10 100.0% 100.0% 97.8% 97.1% 97.5% 97.5% 89.6% 96.7% 98.2% 98.2% 100.0% 97.1% 41 Park Axis Monzen Nakacho 55 1,886.39 100.0% 98.6% 97.2% 92.3% 92.1% 96.1% 96.1% 96.1% 98.7% 98.7% 94.0% 100.0% 44#46No. Occupancy Rates (2/5) Nippon Accommodations Fund 34th Period 33rd Period Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Occupancy Rate 42 Park Cube Itabashi Honcho 166 5,317.07 98.0% 98.8% 98.3% 97.1% 96.4% 96.0% 96.5% 97.1% 97.4% 98.0% 96.6% 98.3% 43 Park Cube Gakugei Daigaku 44 Park Cube Oimachi 24 957.88 94.8% 100.0% 100.0% 100.0% 100.0% 100.0% 95.2% 100.0% 95.2% 91.4% 96.2% 96.2% 65 1,511.12 98.6% 97.0% 95.7% 95.7% 98.6% 100.0% 98.4% 98.4% 98.2% 98.4% 96.8% 95.0% 46 Park Axis Nishigahara 46 1,435.83 92.7% 92.7% 94.5% 92.7% 96.3% 96.3% 98.1% 98.2% 98.2% 96.4% 96.4% 98.2% 47 Park Axis Kinshicho 65 2,288.13 98.6% 96.3% 97.4% 97.4% 98.5% 96.6% 95.1% 98.0% 96.6% 97.2% 96.8% 96.0% 48 Park Axis Tatsumi Stage 300 16,474.06 97.5% 97.5% 96.3% 98.5% 98.8% 97.5% 94.7% 96.5% 96.9% 96.2% 95.8% 97.0% 51 Park Axis Kameido 118 3,986.78 98.7% 96.9% 97.7% 97.0% 97.7% 97.6% 95.8% 98.1% 96.3% 99.3% 99.3% 95.9% 52 Park Axis Honancho 31 1,231.08 100.0% 96.5% 100.0% 100.0% 96.5% 100.0% 100.0% 100.0% 96.5% 100.0% 96.5% 96.5% 53 Park Axis Itabashi 54 Park Axis Oshiage 55 Park Axis Takadanobaba 64 2,567.96 98.0% 96.0% 92.7% 96.4% 100.0% 97.4% 97.3% 96.7% 93.1% 91.5% 97.4% 95.7% 58 2,121.29 98.6% 100.0% 100.0% 100.0% 98.1% 98.1% 98.6% 96.1% 94.2% 96.7% 94.2% 100.0% 37 1,463.25 100.0% 100.0% 100.0% 100.0% 97.7% 100.0% 95.0% 95.2% 95.2% 94.9% 94.7% 97.3% 59 Park Axis Toyosu 403 25,537.94 97.6% 96.7% 97.1% 98.2% 99.0% 98.2% 96.8% 96.2% 96.1% 95.1% 95.3% 96.6% 60 Park Axis Hatchobori 64 2,416.29 100.0% 97.6% 93.6% 96.8% 94.6% 95.7% 99.0% 100.0% 97.8% 100.0% 98.7% 97.6% 61 Park Axis Itabashi Honcho 66 2,048.31 93.2% 93.2% 93.7% 95.7% 94.2% 92.7% 95.7% 98.5% 96.4% 94.5% 91.8% 97.9% 62 Park Axis Sumiyoshi 60 1,785.72 100.0% 96.4% 97.3% 98.6% 97.3% 95.9% 94.5% 94.5% 90.2% 96.4% 96.4% 98.6% 63 Park Cube Yotsuya Sanchome 130 3,599.82 97.5% 97.1% 96.8% 95.7% 96.0% 95.2% 97.4% 97.9% 98.1% 94.7% 95.9% 98.9% 64 Park Cube Hatchobori 120 5,191.86 99.2% 96.3% 95.9% 95.2% 96.8% 96.0% 95.2% 98.4% 100.0% 99.2% 96.8% 97.6% 68 Park Axis Kamata Ichibankan 63 1,721.28 96.3% 96.3% 97.3% 98.6% 98.6% 95.9% 97.3% 98.6% 98.6% 97.3% 94.5% 98.6% 70 Park Axis Taito Negishi 40 1,283.13 96.1% 96.1% 100.0% 100.0% 98.0% 96.1% 100.0% 100.0% 96.1% 94.1% 98.0% 98.0% 72 Park Axis Komagome 40 1,979.51 95.3% 95.3% 93.3% 95.3% 90.0% 88.0% 90.6% 91.3% 91.3% 93.3% 98.0% 94.7% 74 Park Axis Itabashi Honcho Nibankan 99 3,661.58 96.1% 97.4% 95.5% 97.4% 93.3% 96.1% 94.8% 96.2% 97.4% 98.1% 95.5% 98.0% 75 Shibaura Island Air Tow er 272 17,646.33 97.4% 97.5% 97.6% 97.7% 97.2% 97.4% 98.0% 97.1% 96.9% 96.5% 96.9% 95.8% 84 Park Cube Higashi Shinagawa 201 10,636.67 97.9% 97.3% 96.4% 97.4% 96.0% 95.5% 93.9% 95.6% 95.6% 94.2% 94.7% 96.2% 86 Park Cube Sasazuka 88 Park Axis Higashi Jujo 93 2,416.00 98.3% 97.5% 97.5% 98.3% 97.5% 96.6% 97.5% 97.5% 97.3% 95.7% 100.0% 99.2% 71 2,893.54 100.0% 99.1% 99.1% 99.1% 97.4% 98.4% 98.4% 98.4% 95.7% 88.1% 92.5% 96.7% 91 Park Cube Heiw adai 34 2,656.00 96.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 96.8% 96.8% 100.0% 96.4% 96.4% 92 Park Cube Meguro Tower 194 12,367.62 95.8% 92.2% 91.9% 95.5% 95.4% 94.9% 93.9% 94.3% 97.4% 97.2% 94.9% 95.2% 93 Park Cube Nihonbashi Suitengu 77 4,235.33 93.9% 90.3% 94.4% 96.1% 95.7% 94.8% 91.8% 90.5% 90.0% 91.1% 90.7% 95.4% 94 Park Cube Ginza East 77 3,358.63 97.3% 96.1% 95.8% 94.6% 98.7% 97.2% 95.8% 94.0% 95.5% 96.1% 93.8% 96.3% 95 Park Cube Kayabacho 28 1,695.06 100.0% 96.8% 96.8% 100.0% 100.0% 96.0% 96.0% 100.0% 100.0% 96.8% 100.0% 96.0% 96 Park Cube Honjo Azumabashi 45 2,241.63 100.0% 97.6% 100.0% 100.0% 97.5% 97.5% 97.5% 97.5% 97.5% 100.0% 98.7% 93.8% 45#47Occupancy Rates (3/5) Nippon Accommodations Fund 34th Period 33rd Period No. Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2022 2022 Feb 28 Jan 31 Dec 31 Nov 30 2022 Oct 31. 2022 2022 2022 2022 2022 2022 2022 Sep 30 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Occupancy Rate 97 Park Axis Kiyosumi Shirakaw a 98 Park Axis Asakusabashi Nichome 99 Park Axis Nishi Sugamo 100 Park Axis Ueno 36 1,159.84 100.0% 97.3% 97.4% 95.1% 95.1% 97.7% 97.7% 92.9% 92.5% 95.2% 92.7% 100.0% 48 1,569.00 98.3% 96.7% 93.7% 96.7% 96.7% 96.4% 98.3% 93.3% 98.3% 96.4% 96.4% 98.3% 56 2,326.32 98.6% 98.6% 98.6% 100.0% 100.0% 100.0% 100.0% 97.7% 97.6% 97.6% 93.9% 98.8% 59 1,992.29 97.9% 100.0% 100.0% 94.2% 94.2% 92.9% 97.5% 97.5% 97.9% 94.6% 93.3% 95.8% 101 Park Axis Akihabara East 58 1,890.20 97.2% 96.5% 96.5% 95.1% 92.3% 97.2% 98.6% 97.9% 94.4% 94.4% 97.9% 96.5% 103 Park Axis Kayabacho 72 2,355.07 96.1% 95.6% 95.6% 95.6% 96.7% 100.0% 100.0% 95.6% 94.5% 92.7% 94.3% 97.8% 104 Park Axis Kinshicho Shinsui Koen 60 2,085.62 96.3% 95.1% 96.3% 96.0% 98.5% 98.1% 95.6% 94.2% 96.8% 97.5% 94.9% 100.0% 105 Park Cube Kasuga Andozaka 68 3,581.09 92.7% 96.1% 96.1% 96.5% 97.7% 98.8% 97.2% 97.2% 96.8% 98.4% 98.4% 96.6% 106 Park Cube Kameido 122 4,442.09 96.7% 99.4% 100.0% 98.5% 98.8% 97.1% 96.9% 98.1% 98.2% 94.2% 94.5% 96.2% 108 Park Axis Shin Okachimachi East 49 1,847.01 96.2% 96.2% 95.2% 97.6% 97.6% 96.2% 94.8% 98.6% 97.6% 100.0% 98.6% 97.3% 110 Park Axis Nihonbashi Honcho 49 1,808.12 97.4% 97.4% 98.4% 93.2% 90.9% 89.6% 89.6% 92.3% 98.4% 96.6% 92.8% 92.2% 111 Park Cube Nishigahara Stage 358 19,693.35 95.6% 97.4% 97.8% 97.9% 97.5% 97.4% 96.4% 97.5% 96.5% 95.5% 96.2% 97.5% 112 Park Cube Atagoyama Tower 165 8,389.91 98.4% 96.5% 96.0% 96.5% 96.2% 96.0% 97.8% 100.0% 99.4% 98.3% 98.0% 96.8% 113 Park Axis Shibaura 42 1,273.60 95.8% 95.8% 100.0% 100.0% 100.0% 100.0% 95.9% 98.0% 93.9% 91.0% 91.8% 91.8% 114 Park Axis Asakusa Kuramae 45 1,456.35 93.6% 94.8% 94.6% 96.3% 94.6% 94.6% 91.2% 100.0% 100.0% 92.7% 96.3% 98.3% 115 Park Axis Kamata Station Gate 158 4,582.72 95.2% 94.8% 95.7% 93.0% 93.5% 97.4% 97.9% 94.3% 93.3% 95.5% 94.5% 97.5% 116 Park Axis Kinshicho Residence 56 1,793.33 100.0% 97.1% 95.4% 96.8% 93.7% 98.3% 98.3% 98.6% 95.4% 93.1% 96.8% 98.3% 117 Park Axis Oshiage Sumida Koen 120 Park Axis Magome Residence 121 Park Axis Higashi Ueno 122 Park Axis Higashi Koenji 49 1,610.49 96.8% 95.1% 96.8% 96.8% 93.9% 89.4% 96.8% 95.1% 87.7% 90.7% 98.4% 100.0% 55 1,621.94 97.5% 97.5% 95.9% 94.9% 93.3% 96.8% 94.9% 94.9% 94.8% 98.3% 100.0% 100.0% 45 1,460.10 98.2% 100.0% 100.0% 98.2% 94.6% 92.8% 98.2% 94.0% 97.0% 97.0% 100.0% 94.0% 85 2,679.96 100.0% 98.0% 97.1% 94.0% 94.7% 97.9% 97.9% 97.3% 95.6% 96.7% 95.5% 98.1% 125 Park Cube Shin Itabashi 71 1,930.12 100.0% 100.0% 100.0% 100.0% 98.7% 100.0% 96.1% 93.4% 94.7% 97.4% 96.0% 94.7% 126 Park Cube Nishi Shinjuku 58 1,809.56 100.0% 98.6% 98.6% 98.6% 97.2% 97.2% 97.2% 92.8% 89.9% 85.8% 95.8% 92.5% 129 Park Axis Oshiage Terrace 80 2,498.08 99.0% 99.0% 98.0% 97.9% 96.6% 97.9% 97.9% 97.9% 95.6% 94.6% 97.9% 98.7% 130 Park Axis Ikegami 45 1,391.34 100.0% 98.2% 95.3% 88.9% 91.2% 92.8% 90.5% 88.7% 86.8% 79.8% 73.4% 95.8% 132 Park Axis Akatsuka 88 2,403.67 96.5% 94.1% 94.7% 96.0% 95.4% 95.4% 93.1% 94.8% 95.9% 95.9% 93.6% 96.9% 133 Park Cube Oimachi Residence 171 4,271.17 95.8% 96.3% 96.0% 97.7% 98.4% 98.8% 99.1% 95.3% 98.8% 97.0% 96.5% 97.9% 134 Park Axis Toyocho Shinsui Koen 192 7,254.57 98.6% 97.4% 97.6% 98.4% 99.5% 99.5% 96.8% 93.8% 93.9% 97.2% 96.6% 97.3% 137 Park Axis Kikukaw a Station Gate 107 3,411.32 97.0% 97.8% 99.2% 100.0% 97.8% 98.5% 99.3% 98.9% 99.3% 95.5% 97.0% 96.9% 138 Park Axis Kiba Canal West 147 4,430.50 98.3% 94.5% 91.2% 92.0% 93.5% 95.3% 97.1% 96.1% 98.2% 95.7% 96.5% 96.4% 139 Park Axis Kiba Canal East 64 1,830.46 96.9% 95.2% 95.2% 90.7% 89.3% 91.1% 90.7% 93.7% 93.5% 90.6% 92.6% 94.0% 46#48Occupancy Rates (4/5) Nippon Accommodations Fund 34th Period 33rd Period No. Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Occupancy Rate 140 Park Axis Kikukawa 81 2,595.60 95.6% 94.5% 94.6% 98.5% 98.4% 100.0% 97.4% 96.4% 99.0% 97.6% 97.6% Tokyo 23 Wards Total 9,112 402,387.80 97.2% 96.7% 96.8% 97.0% 96.6% 96.6% 96.1% 96.2% 96.3% 95.9% 95.8% 96.7% 26 Park Cube Keio Hachioji II 48 3,082.32 98.2% 94.1% 98.1% 96.2% 98.1% 100.0% 100.0% 97.7% 96.8% 94.6% 94.6% 89.1% 40 Park Axis Nishi Funabashi 55 2,074.35 98.7% 97.3% 96.0% 95.1% 97.4% 96.5% 97.3% 97.3% 96.2% 96.0% 97.7% 96.3% 66 Park Axis Yokohama Idogaya 100 2,706.59 100.0% 98.2% 97.2% 97.2% 96.2% 95.3% 95.3% 97.2% 96.3% 95.4% 99.1% 98.1% 67 Park Axis Chiba Shinmachi 84 3,318.15 94.3% 95.0% 95.8% 95.9% 95.8% 98.4% 95.8% 95.8% 96.6% 97.4% 97.4% 100.0% 69 Park Axis Chiba 91 2,270.32 96.7% 95.5% 95.5% 96.7% 96.7% 95.6% 91.3% 93.5% 96.8% 97.9% 94.5% 96.8% 85 Park Cube Kita Matsudo 109 2,358.66 94.9% 92.4% 94.9% 94.1% 94.9% 97.5% 98.3% 99.2% 96.6% 96.6% 95.8% 96.6% 87 Park Cube Musashi Kosugi 136 3,057.36 97.1% 100.0% 95.5% 97.0% 98.5% 97.8% 95.6% 94.8% 95.5% 94.1% 94.8% 94.9% 102 Park Axis Yokohama Tanmachi Koen 63 1,682.46 97.1% 92.2% 94.7% 96.6% 96.6% 97.1% 98.6% 93.8% 93.2% 93.2% 92.7% 96.6% 109 Park Axis Yokohama Yamashitacho 71 2,325.92 98.9% 97.8% 98.9% 98.9% 97.8% 95.6% 98.9% 97.6% 98.9% 96.7% 96.7% 98.9% 135 Park Axis Ofuna Greater Tokyo Total 27 Park Axis Meieki Minami 73 4,752.68 94.7% 98.7% 97.5% 97.1% 94.4% 100.0% 100.0% 100.0% 98.7% 96.1% 92.1% 93.7% 830 27,628.81 96.8% 96.4% 96.6% 96.5% 96.5% 97.7% 97.3% 97.0% 96.8% 95.9% 95.3% 95.8% 169 5,565.13 97.0% 96.3% 95.2% 94.8% 93.1% 91.6% 92.4% 92.5% 94.2% 95.9% 97.0% 98.7% 35 Park Axis Marunouchi 99 3,821.75 95.3% 90.0% 89.9% 87.8% 92.1% 94.7% 94.7% 93.2% 95.5% 96.8% 97.3% 93.6% 36 Park Axis Ropponmatsu 112 3,473.67 98.2% 98.2% 99.3% 99.3% 97.6% 97.6% 98.9% 97.7% 96.7% 94.9% 95.4% 98.9% 37 Park Axis Hakataeki Minami 177 4,668.29 100.0% 96.2% 96.9% 97.3% 98.5% 98.0% 99.0% 97.6% 96.3% 93.0% 94.8% 98.5% 45 Park Axis Naka Gofukumachi 112 2,707.88 100.0% 98.2% 98.2% 99.1% 100.0% 98.2% 98.2% 98.2% 97.3% 98.2% 98.2% 99.1% 49 Park Axis Shirakabe 86 4,735.89 94.1% 96.2% 95.0% 93.9% 89.7% 92.0% 92.3% 95.7% 96.5% 95.8% 97.4% 99.4% 50 Park Axis Sendai 204 8,843.17 98.0% 98.5% 98.6% 97.7% 96.4% 96.3% 96.2% 96.0% 97.6% 97.9% 97.2% 97.7% 56 Park Axis Hakata Minoshima 112 3,461.85 98.1% 92.2% 93.2% 95.1% 96.0% 96.1% 97.1% 96.2% 94.2% 96.2% 97.9% 100.0% 57 Park Axis Takamiya Higashi 70 2,289.21 98.7% 100.0% 97.8% 98.9% 97.4% 98.5% 96.9% 98.4% 91.4% 91.6% 93.1% 100.0% 58 Park Axis Sapporo Shokubutsuen Mae 146 7,845.01 96.7% 97.3% 98.6% 99.3% 98.6% 98.6% 98.0% 96.5% 95.2% 96.5% 96.5% 97.2% 65 Park Axis Shin Sapporo 85 3,729.05 94.5% 94.2% 96.3% 96.3% 97.5% 98.7% 98.7% 96.3% 96.3% 96.3% 92.9% 98.7% 73 Park Axis Utsubo Koen 133 4,952.45 87.0% 85.7% 83.9% 87.2% 87.4% 87.4% 87.7% 89.5% 89.4% 90.4% 96.8% 94.0% 107 Park Cube Kitahama 138 4,683.33 98.7% 98.7% 97.1% 95.1% 97.4% 97.8% 95.9% 95.6% 95.8% 97.8% 100.0% 99.2% 127 Park Axis Kanayama WEST 63 4,795.13 100.0% 94.8% 93.2% 98.3% 98.3% 95.2% 96.9% 93.5% 93.7% 90.8% 92.3% 96.6% Other Major Cities Total 1,706 65,571.81 96.7% 95.6% 95.4% 95.8% 95.6% 95.6% 95.7% 95.3% 95.2% 95.4% 96.4% 97.8% Rental Apartments Total 11,648 495,588.42 97.2% 96.5% 96.6% 96.8% 96.5% 96.5% 96.1% 96.1% 96.2% 95.9% 95.9% 96.8% 47#49Occupancy Rates (5/5) Nippon Accommodations Fund 34th Period 33rd Period No. Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2022 2022 Feb 28 Jan 31 Dec 31 Nov 30 2022 Oct 31 2022 2022 2022 2022 2022 2022 2022 Sep 30 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Occupancy Rate 76 Dormy Ashiya 140 3,729.45 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 77 Dormy Kyoto Nijyo 134 3,492.88 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 78 Sundai Horikaw a Ryo 113 2,793.71 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 79 Dormy Rakuhoku 100.0% 100.0% 100.0% 100.0% 80 Rikkyo University International Dormitory (RUID) Shiki 127 3,061.89 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 81 Dormy Naka Itabashi 106 2,439.17 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 82 Philosophia Nishidai 121 2,969.25 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83 Dormy Musashi Kosugi 112 3,017.34 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 89 Artis Sendai Kakyoin 60 2,234.24 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 90 Artis Sendai Kimachi Dori 142 4,864.04 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 118 Medical Home Granda Sangen Jaya (Land with leasehold interest) 119 Dormy Nishi Ogikubo 71 1,616.52 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 123 Granda Kanazaw a Hakkei 58 1,826.29 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 124 Dormy Kamisugi 124 3,151.56 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 128 Dormy Odaw ara 78 2,452.14 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 131 Chisun Hotel Hiroshima 170 4,275.59 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 136 Campus terrace Waseda 82 1,747.51 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Hospitality Facilities Total Grand Total 1,638 43,671.58 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 13,286 539,260.00 97.4% 96.8% 96.8% 97.1% 96.8% 96.8% 96.4% 96.5% 96.5% 96.2% 96.2% 97.0% Occupancy rate for rental apartments is calculated based on the floor area in the lease contract signed between the master lease company or the trust bank and tenants. Figures for Shibaura Island Air Tower are calculated by multiplying the total floor area by NAF's 31% ownership. Figures for Park Axis Akatsuka are calculated by multiplying the total floor area by NAF's 55% ownership. Occupancy rate for hospitality facilities is calculated based on the floor area in the lease contract signed between NAF and the operator. 48#50Historical Occupancy Rates Since IPO 100% Average month-end occupancy rate Total Rentable Units 99% 98% 97.1% 96.8% 97% 96% 95% 95.4% 94% 93% 92% 91% 90% 89% 88% 87% 86% 2,761 3,735 3,038 Nippon Accommodations Fund 97.6% 97.7% 97.7% 96.8% 96.4% 96.3% 95.8% 95.9% 96.1% 96.1% 95.6% 95.4% 97.0% 97.7% 96.8% 96.8% 96.5% 97.3% 96.2% 96.4% W 94.5% 94.3% 4,256 4,256 4,256 96.7% 96.4% 95.9% 95.9% 95.6% 95.7% 95.7% 95.7% 6,214 6,464 6,464 11,300 11,300 11,563 11,563 11,734 11,714 11,981 11,981 12,052 12,186 12,351 12,351 12,559 12,627 13,275 13,275 13,286 13,286 10,521 10,690 9,136 9,286 9,514 8,727 85% 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th (Feb. 07) (Aug. 07) (Feb. 08) (Aug. 08) (Feb. 09) (Aug. 09) (Feb. 10) (Aug. 10) (Feb. 11) (Aug. 11) (Feb. 12) (Aug. 12) (Feb. 13) (Aug. 13) (Feb. 14) (Aug. 14) (Feb. 15) (Aug. 15) (Feb. 16) (Aug. 16) (Feb. 17) (Aug. 17) (Feb. 18) (Aug. 18) (Feb. 19) (Aug. 19) (Feb. 20) (Aug. 20) (Feb. 21) (Aug. 21) (Feb. 22) (Aug. 22) (Feb. 23) * Average month-end occupancy rate is for the overall portfolio, including hospitality facilities. *1 The figure for average month-end occupancy rate during the 2nd Period in the graph and table above is for the post-IPO period from August 31, 2006, to February 28, 2007. 49#51Occupancy Rates by Area Month-end occupancy rate 100% Nippon Accommodations Fund 95% 90% Comparison by Area (As of February 28, 2023; acquisition price basis) Other Major Cities 7.0% Greater Tokyo 4.5% Tokyo 23 Wards 88.5% Tokyo 23 Wards Greater Tokyo Other Major Cities 85% Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. 2022 2023 Tokyo 23 Wards Greater Tokyo Other Major Cities 2021 96.6% 95.5% 95.6% 95.9% 95.3% 95.6% 96.0% 96.3% 96.9% 96.3% 96.2% 96.6% 96.7% 95.8% 95.9% 96.3% 96.2% 96.1% 96.6% 96.6% 97.0% 96.8% 96.7% 97.2% 97.7% 96.0% 96.2% 97.2% 96.7% 96.9% 97.4% 96.8% 96.6% 96.4% 96.8% 97.1% 95.8% 95.3% 95.9% 96.8% 97.0% 97.3% 97.7% 96.5% 96.5% 96.6% 96.4% 96.8% 96.9% 95.8% 95.8% 96.2% 95.9% 95.7% 96.3% 96.9% 96.6% 96.5% 97.2% 96.6% 97.8% 96.4% 95.4% 95.2% 95.3% 95.7% 95.6% 95.6% 95.8% 95.4% 95.6% 96.7% * The figures above are calculations for rental apartments owned at the end of each month, excluding hospitality facilities. 50#52Occupancy Rates by Category Nippon Accommodations Fund Month-end occupancy rate 100% 95% 90% Comparison by Category (As of February 28, 2023; acquisition price basis) Large 4.1% Family 12.5% Single 41.9% Compact 41.5% Single Compact Family Large 85% Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. 2021 Single Compact Family Large 2023 96.2% 95.0% 95.2% 95.8% 95.3% 95.2% 96.0% 96.1% 96.3% 95.9% 95.6% 95.9% 97.1% 95.8% 95.3% 96.0% 96.2% 96.0% 95.6% 95.3% 95.2% 95.2% 95.4% 96.6% 96.8% 95.5% 95.4% 95.5% 95.0% 95.3% 95.9% 96.5% 96.7% 96.6% 96.6% 97.1% 96.9% 96.2% 96.1% 95.8% 95.8% 96.0% 97.0% 97.1% 97.6% 96.9% 96.6% 97.4% 97.4% 96.5% 97.1% 97.0% 96.3% 96.9% 96.8% 97.1% 97.8% 96.8% 97.3% 97.0% 96.7% 95.3% 95.7% 96.6% 96.6% 96.6% 96.8% 96.6% 97.4% 97.6% 97.8% 97.7% 95.3% 94.8% 94.6% 95.8% 95.0% 95.4% 95.0% 94.4% 96.2% 95.1% 94.8% 94.8% 94.7% 95.2% 96.1% 96.3% 95.8% 94.9% 95.6% 96.0% 95.9% 95.4% 95.8% 96.0% 2022 * The figures above are calculations for rental apartments owned at the end of each month, excluding retail units and hospitality facilities. 51#53Appendix (2) Business Environment Nippon Accommodations Fund#54Trends in Apartment Rents Rent Fluctuation: Apartments/Offices Nippon Accommodations Fund 140.0 Index: 2005=100 130.0 • Apartment rent index Office rent index (Tokyo metropolitan area) (Tokyo metropolitan area) 120.0 110.0 100.0 100.2 100.5 100.4 100.0 98.4 90.0 96.9 96.6 96.3 96.3 96.4 96.7 97.1 97.4 97.6 97.9 98.0 98.1 98.6 80.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Japan Real Estate Institute *Prepared by Mitsui Fudosan Accommodations Fund Management based on the National Office and Apartment Rent Index Apartment Rent Index in Tokyo 23 Wards 114.3 114.1 114.6 -0.2.0-0-0-0 114.2 113.9 113.8 120.0 Index: 2009 Q1=100 110.0 106.6 103.2 102.2 104.2 100.0 100.9 111.1 97.9 100.0 98.8 96.2 95.1 95.0 90.0 80.0 Apartment rent index (Tokyo 23 wards) Q1 Q2 Q3 Q4Q1 Q2 Q3Q4Q1Q2Q3Q4Q1QZQ3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QZQ3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QZQ3Q4Q1Q2Q3Q4Q1QZQ3Q4 2009 2010 2011 2012 2013 3/24/01/201 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: At Home Co., Ltd. and Sumitomo Mitsui Trust Research Institute Co., Ltd. *Prepared by Mitsui Fudosan Accommodations Fund Management based on the Apartment Rent Index (general: 18 m²-100 m²) 53#55- Nippon Accommodations Supply and Demand of Rental Apartments — Tokyo 23 Wards Acce Back to In-migration in Tokyo 23 Wards (No. of people) 400,000 300,000 76,786 77,267 69,958 200,000 67,842 61,281 63,976 68,917 65,853 70,461 100,000 49,655 58,207 61,158 37,391 33,098 35,435 0 -100,000 N (No. of people) 90,000 60,000 19,887 30,000 INL Net in-migration of more than 930,000 people over the past 18 years 22,421 -7,983 0 -30,000 -200,000 -300,000 -60,000 In-migration (Left axis) Out-migration (Left axis) Net in-migration (Right axis) -400,000 -90,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Ministry of Internal Affairs and Communications Construction-Starts for Rental Apartments in Tokyo (Units) 60,000 49,929 50,000 46,747 40,000 31,314 30,000 20,000 10,000 37,001 Number of construction-starts continues to be lower than the peak. - The average of the past 18 years 41,787 36,925 34,280 31,428 31,372 27,894 27,834 28,749 29,277 25,346 25,240 24,152 21,359 21,736 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2020 2015 2016 2017 2018 2019 2021 2022 Source: Ministry of Land, Infrastructure, Transport and Tourism (SRC and RC) 54#56Nippon Accommodations Tokyo: Trends in Population and Number of Households Acce Tokyo's population and number of households are increasing ■ Population Projections for Japan, Tokyo, and Tokyo 23 Wards ■ Household Projections for Tokyo by Type of Household (Million people) (Million people) (Thousand households) 160 40 8,000 7,054 7,107 7,097 6,922 7,019 140 35 7,000 127.77 128.06 6,691 275 268 261 255 289 127.10 125.33 314 122.54 580 597 605 603 549 119.13 115.22 506 120 30 6,000 110.92 100 80 1,611 1,593 1,557 1,606 1,517 25 5,000 1,568 20 4,000 1,188 1,220 1,244 1,261 1,271 1,139 60 60 13.73 13.52 13.85 13.85 13.88 13.76 13.16 15 3,000 12.58 40 40 10 2,000 8.95 9.27 9.49 9.63 9.72 9.76 9.77 3,165 3,290 3,367 3,406 3,412 3,374 8.49 20 20 5 1,000 0 0 0 2005 2010 2015 2020 2025 2030 2035 2040 2015 2020 2025 2030 2035 2040 One-person households Couple-only households Japan (Left Axis) Tokyo (Right Axis) Tokyo 23 Wards (Right Axis) One-parent-and-child(ren) households Source: Ministry of Internal Affairs and Communications, National Institute of Population and Social Security Research Couple-and-child(ren) households Other households Source: National Institute of Population and Social Security Research 55#57Nippon Accommodations Demand for Rental Apartments - Other Major Cities Ne Sapporo (No. of people) Population Change Sendai Fund In-migration (Left axis) Nagoya (No. of people) 140,000 (No. of people) (No. of people) (No. of people) Out-migration (Left axis) 140,000 14,000 140,000 14,000 120,000 10,399 12,000 120,000 12,000 Net in-migration (Right axis) 10,254 10,088 9,137 9,386 9,676 9,284 100,000 8,779 10,000 100,000 10,000 8,173, 80,000 9,108 8,977 8,000 80,000 8,000 6,633 8,363 7,930 5,493 60,000 6,000 60,000 4,772 6,000 $3,499 40,000 5,288 | 4,000 40,000 2,280 2,349 3,196 4,000 1,170 1,230 1,724 20,000 2,971 - 2,000 20,000 3,088 2,000 1,192 0 0 0 010 966 0 -107 -20,000 -2,000 -20,000 391 -2,000 -40,000 -4,000 -40,000 -4,000 -60,000 -80,000 -100,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -6,000 -60,000 -6,000 -8,000 -80,000 -10,000 -100,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -8,000 -10,000 2019 2020 2021 2022 5,950 Ο ... 4,874 4,441 120,000 100,000 80,000 7,276 60,000 5,140 5,280 4,069 40,000 20,000 5,229 3,998 • 0 -256 1,679 -20,000 -40,000 -60,000 -80,000 -100,000 Osaka (No. of people) (No. of people) 14,000 200,000 20,000 (No. of people) Fukuoka (No. of people) 140,000 (No. of people) 14,000 17,363 12,000 180,000 18,000 11,129 120,000 12,000 16,000 10,165 160,000 16,000 9,712 10,000 13,796 100,000 140,000 14,000 9,221 8,880 8,678 8,186 8,753 • 10,000 11,662 11,379 6,753 | 8,000 120,000 12,000 80,000 8,000 8,471 8,578 8,032 5,389 7,458 6,000 100,000 8,777 8,729 10,691 6,607 4,000 80,000 7,073 9,474 9,252 O-O 4,340 7,742 4,096 60,000 7,064 7,162 10,000 60,000 8,000 6,000 6,000 OMINO 2,000 5,820 40,000 4,985 20,000 4,000 4,895 2,000 40,000 4,000 0 0 0 20,000 2,000 -2,000 0 0 -20,000 -2,000 -4,000 -20,000 -2,000 -40,000 -4,000 -40,000 -4,000 -6,000 -60,000 -6,000 -60,000 -8,000 -80,000 -10,000 -100,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -6,000 -8,000 -80,000 -8,000 -10,000 100,000 2022 2008 2009 2010 2011 2012 2013 2014 2015 Source: Ministry of Internal Affairs and Communications 2016 2017 2018 2019 2020 2021 -10,000 2022 56 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022#580 Aichi Prefecture (Units) 30,000 Hokkaido (Units) 30,000 - Supply of Rental Apartments — Regional Areas Construction-Starts for Rental Apartments A Nippon Accommodations Fund 25,000 Miyagi Prefecture (Units) 30,000 25,000 20,000 20,000 15,000 11,203 12,134 12,021 11,717 15,000 10,211 10,000 8,743 9,650 9,820 9,233 9,635 8,597 9,258 8,885 10,000 7,822 5,772 5,000 5,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 Osaka Prefecture 2017 2018 2019 2020 2021 2022 (Units) 30,000 0 1,213 1,761 1,110 1,561 648 2008 2009 5,008 3,140 3,509 2,239 1,655 1,909 2,066 1,615 1,638 1,138 2010 2012 2013 2013 2014 2014 2015 2015 2016 2017 8107 2019 2020 25,000 25,000 25,000 20,000 15,000 20,000 17,325 15,000 19,784 20,000 16,037 16,874 15,428 15,049 15,458 15,000 12,203 14,856 13,921 13,618 12,784 11,609 13,132 11,068 10,000 8,047 7,888 8,027 10,000 9,280 10,000 9,034 6,455 7,039 7,443 8,268 6,280 6,989 7,859 7,357 6,208 6,875 5,000 6,163 6,718 5,959 5,000 5,000 2008 2009 2010 2011 2012 5,251 2012 2013 2014 2014 2015 2016 2017 2018 это 2019 2020 2021 2022 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2008 (Units) 30,000 2021 2022 Fukuoka Prefecture 2009 2010 2011 2012 12,951 11,436 10,785 12,106 10,306 10,337 11,016 13,078 10,305 10,848 10,196 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Ministry of Land, Infrastructure, Transport and Tourism (SRC and RC) 57#59Appendix (3) Financial Details Nippon Accommodations Fund#60Interest-Bearing Debt Nippon Accommodations Fund Balance Issue date of Interest rate Date of maturity Loan period Repayment method Use of funds Short-term loans Lender Sumitomo Mitsui Trust Bank, Limited Total short-term loans (JPY mn) 2,000 0.11955% loans 2023.02.28 2023.05.31 3 month BulletPayment *1 Notes Unsecured Unguaranteed Pari Passu *2 2,000 1,500 0.18682% *4 2016.07.29 2029.07.31 13.0 years 2,000 0.16000% 2019.05.31 2023.05.31 4.0 years 4,500 0.18000% 2020.02.28 2024.02.29 4.0 years Sumitomo Mitsui Banking Corporation 1,000 0.26000% 3,000 0.21000% 2,000 0.30000% 2020.02.28 2021.05.28 2021.11.30 2026.02.27 6.0 years 2025.05.28 4.0 years 2027.11.30 6.0 years 2,000 0.33000% 2022.08.15 2026.07.31 4.0 years 2,000 0.46200% 2022.09.30 2026.09.30 4.0 years Sumitomo Mitsui Trust Bank, Limited NIPPON LIFE INSURANCE COMPANY Long-term loans Development Bank of Japan Inc. The Hachijuni Bank, Ltd. Mizuho Bank, Ltd. The Chugoku Bank, Limited 1,500 0.10182% *4 2017.08.14 1,000 0.14182% *4 2017.08.14 2,000 0.22000% 2020.09.30 3,000 0.98750% 2,000 0.25000% 2021.06.28 1,000 0.50000% 1,000 0.53000% 2,000 0.65000% 2,000 0.80000% 2022.11.30 3,000 1.05400% 2013.04.11 2,500 1.32900% 2013.08.06 2,500 1.39800% 2,500 1.17750% 2,000 0.18248% 4,000 0.54779% 2017.10.18 3,000 0.64293% 2019.04.19 1,000 0.23550% 1,500 0.29000% 1,000 0.48000% 1,000 0.53000% 1,000 0.21561% 2017.11.30 2,000 0.42456% 2018.09.28 1,000 0.48000% 2020.08.31 1,000 0.48000% 1,000 0.53000% 2,000 0.55000% 2015.07.31 2,000 0.21880% 1,000 0.22000% 1,000 0.24000% 1,000 0.36000% 2021.06.28 2023.08.31 6.0 years 2027.08.31 10.0 years 2025.09.30 5.0 years 2014.05.30 2024.05.31 10.0 years 2026.06.30 5.0 years 2021.09.30 2031.04.30 10.0 years 2021.11.30 2022.05.31 2031.11.28 10.0 years 2032.05.31 10.0 years 2032.11.30 10.0 years 2023.04.11 10.0 years 2024.02.06 10.5 years BulletPayment *1 Unsecured Unguaranteed Pari Passu *2 2013.08.06 2014.04.01 2016.06.30 2024.08.06 11.0 years 2025.04.01 11.0 years 2027.12.30 11.5 years 2029.04.18 11.5 years 2030.10.21 11.5 years 2017.09.14 2019.05.31 2021.04.09 2021.06.28 2024.09.17 7.0 years 2026.05.29 7.0 years 2031.03.31 10.0 years 2031.06.30 10.0 years 2023.05.31 5.5 years 2027.03.31 8.5 years 2030.08.30 10.0 years 2021.02.26 2031.02.28 10.0 years 2021.11.30 2031.11.28 10.0 years 2023.07.31 8.0 years 2016.05.31 2026.05.29 10.0 years 2019.05.31 2020.07.01 2024.11.29 5.5 years 2026.01.05 5.5 years 2028.06.28 7.0 years 59#61Long-term loans SBI Shinsei Bank, Limited Shinkin Central Bank THE BANK OF FUKUOKA, LTD. MUFG Bank, Ltd. 1,000 0.99250% 2014.05.28 1,000 0.53000% 2021.05.28 1,000 0.53000% 2021.06.28 1,000 1.18600% 2023.01.19 2,000 0.38880% 2017.01.31 3,000 0.30950% 2017.07.31 2025.07.31 2,000 0.12930% 2019.01.31 2025.01.31 2,000 0.26930% 2019.01.31 2028.01.31 3,000 0.38178% 2019.06.28 2,000 0.43500% 2017.02.20 2,000 0.33500% 2018.04.27 1,000 0.65000% 2020.01.08 1,000 0.45000% 2020.04.28 1,500 0.68000% 2020.04.28 3,000 0.54500% 2017.04.25 2,000 0.48000% 2020.03.16 1,000 0.32000% 2020.09.15 1,000 0.48000% 1,000 0.47000% 2021.08.23 3,000 0.21000% 3,000 0.38000% 2022.09.07 3,000 0.44500% 2022.10.03 2024.05.28 10.0 years 2031.05.30 10.0 years 2031.06.30 10.0 years 2033.01.31 10.0 years 2027.01.29 10.0 years 8.0 years 6.0 years 9.0 years 2028.12.29 9.5 years 2027.02.26 10.0 years 2026.04.30 2032.01.08 8.0 years 12.0 years 2029.10.31 9.5 years 2032.04.30 12.0 years 2029.04.27 12.0 years 2030.03.15 10.0 years 2027.09.30 7.0 years 2020.09.15 2030.09.13 10.0 years 2030.08.30 9.0 years 2022.03.07 2026.02.27 4.0 years 2026.09.30 4.0 years 2026.09.30 4.0 years BulletPayment 1 The Norinchukin Bank 1,000 0.27000% 2,000 0.37000% 2,000 0.32000% 2020.07.01 3,000 0.36000% 1,500 0.38380% 2019.06.14 2025.12.30 6.6 years 2019.10.31 2028.04.28 8.5 years 2027.07.01 7.0 years 1,000 0.42000% 2020.11.30 2018.03.29 2019.08.30 2028.11.30 8.0 years 2028.03.29 10.0 years 2029.02.28 9.5 years Mizuho Trust & Banking Co., Ltd. The Yamaguchi Bank, Ltd. Daishi Hokuetsu Bank, Ltd. TAIJU LIFE INSURANCE COMPANY LIMITED The Ashikaga Bank, Ltd. 1,000 0.38000% 2021.06.14 2,000 0.26364% *5 2022.08.23 1,000 1.26000% 2013.06.14 1,000 1.28125% 2013.07.19 1,000 0.98750% 2014.05.30 1,000 0.55500% 2017.04.27 1,000 0.71000% 2021.06.28 1,000 0.36000% 2021.06.28 1,000 0.30000% 2021.06.30 2,000 0.32500% 2022.04.04 1,000 1.04375% 2014.03.28 1,000 0.53000% 2021.06.28 2,000 0.27000% 2019.06.28 1,000 0.36000% 2021.06.28 2028.11.30 7.5 years 2032.07.30 10.0 years 2023.06.14 10.0 years 2023.07.19 2024.05.31 10.0 years 10.0 years 2029.04.27 12.0 years 2033.06.28 12.0 years 2028.06.30 2027.06.30 2028.03.31 7.0 years 6.0 years 6.0 years 2024.03.28 10.0 years 2031.06.27 10.0 years 2025.12.30 6.5 years 2028.06.28 7.0 years Unsecured Unguaranteed Pari Passu *2 60#62Interest-Bearing Debt Nippon Accommodations Fund Lender DAIDO LIFE INSURANCE COMPANY TAIYO LIFE INSURANCE COMPANY The Iyo Bank, Ltd. Balance (JPY mn) Issue date of Use of Interest rate Date of maturity Loan period Repayment method Notes 1,000 loans 0.53000% 2021.06.30 2,000 0.64750% 2014.12.30 1,000 0.26364% *5 2022.03.31 funds 2031.06.30 10.0 years 2024.12.30 10.0 years 2032.03.31 10.0 years 1,000 0.31630% 2018.06.29 2026.06.30 8.0 years The Yamanashi Chuo Bank, Ltd. The 77 Bank, Ltd. Long-term loans The Chiba Bank, Ltd. SUMITOMO LIFE INSURANCE COMPANY Mitsui Sumitomo Insurance Company, Limited The Hyakugo Bank, Ltd. Momiji Bank, Ltd. Total long-term loans Total Loans 1,000 0.45000% 2019.12.16 1,000 0.65000% 2019.12.16 1,000 0.40500% 2018.06.29 1,000 0.48000% 2020.03.30 1,000 0.48000% 2021.02.26 1,000 0.53000% 2021.11.30 1,000 0.32250% 2018.09.03 1,000 0.66000% 2018.09.03 1,000 0.68000% 2019.04.26 1,000 0.48000% 2020.07.01 1,000 0.71000% 2021.06.28 1,000 0.29000% 2019.10.31 1,000 0.32000% 2020.08.31 1,000 0.48000% 1,000 0.59000% 158,500 160,500 2029.12.17 10.0 years 2031.12.16 12.0 years 2028.06.30 10.0 years 2030.03.29 10.0 years 2031.02.28 10.0 years BulletPayment *1 Unsecured Unguaranteed Pari Passu *2 2031.11.28 10.0 years 2025.09.03 2030.09.03 7.0 years 12.0 years 2032.04.30 13.0 years 2030.07.01 10.0 years 2033.06.30 12.0 years 2026.10.30 7.0 years 2027.08.31 7.0 years 2021.02.26 2022.05.20 2031.02.28 2032.04.30 10.0 years 10.0 years Issue date 4th Unsecured Investment Corporation Bonds Investment corporation bonds Issue 3rd Unsecured Investment Corporation Bonds (green bonds) (green bonds) Total Amount (JPY mn) Interest Rate Date of redemption Notes July 16,2020 2,000 0.260% July 16,2025 July 16,2020 2,000 0.520% 5th Unsecured Investment Corporation Bonds (green bonds) 6th Unsecured Investment Corporation Bonds September 30, 2021 September 30, 2021 1,000 0.320% 7th Unsecured Investment Corporation Bonds Total investment corporation bonds September 30, 2021 2,000 1,000 0.680% 8,000 0.390% July 16,2030 September 28, 2029 September 30, 2031 September 30, 2036 Unsecured, unguaranteed with special pari passu conditions among specified investment corporation bonds Total Interest-Bearing Debt 168,500 * As of February 28, 2023 * Long-term loans funded in the 34th Period are highlighted with orange. Long-term loans repaid in the 35th Period are highlighted with blue. *1. The proceeds of the above loans were applied to the purchase of property or real estate trust beneficiary interests and the refinancing of other loans and operational costs, etc. *2. The loans in the table above are ranked pari passu in accordance with specified clauses in the loan agreements between NAF and all of its lenders. *3. Among the loans in the table, below are "Green Loans" executed based on the Green Finance Framework established by NAF. ①Long-term loan of 1.0 billion yen as of November 30, 2021 from NIPPON LIFE INSURANCE COMPANY. ②Long-term loan of 1.0 billion yen as of November 30, 2021 from Mizuho Bank, Ltd. ③Long-term loan of 2.0 billion yen as of May 31, 2022 from NIPPON LIFE INSURANCE COMPANY. Long-term loan of 2.0 billion yen as of November 30, 2022 from NIPPON LIFE INSURANCE COMPANY. *4. The interest rate will be applied from February 28, 2023 to March 30, 2023. *5. The interest rate will be applied from December 30, 2022 to March 30, 2023. 61#63Historical Operating Performance Nippon Accommodations Fund 25th Period 26th Period 27th Period 28th Period 29th Period 30th Period Unit Aug. 2018 Feb. 2019 Aug. 2019 Feb. 2020 Aug. 2020 Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 Number of Operating Days Total Revenues Rental Revenues Gain on Sale of Investment Properties Days 184 181 184 182 184 181 184 181 184 181 JPY mn 11,047 11,186 12,361 11,401 11,520 11,560 11,986 12,217 12,434 JPY mn 11,047 11,137 11,421 11,401 11,520 11,560 11,986 12,217 12,327 12,344 12,344 JPY mn 48 939 Net Operating Income from Property Leasing*1 NOI Yield*2 JPY mn 8,120 8,348 8,454 8,564 8,606 8,550 8,820 9,138 107 9,031 9,187 % 5.3 5.5 5.4 5.6 5.5 5.4 5.3 5.5 5.3 5.5 Depreciation and Amortization JPY mn 2,018 2,007 2,020 1,998 1,999 1,982 2,050 2,048 2,022 1,967 Operating Income from Property Leasing JPY mn 6,102 6,340 6,433 6,566 6,606 6,567 6,769 7,089 7,008 7,219 Operating Income JPY mn 4,935 5,185 6,084 5,307 5,332 5,266 5,428 5,726 5,726 5,835 Income before Income Taxes JPY mn 4,439 4,729 5,624 4,866 4,898 4,862 4,978 5,279 5,293 5,427 Net Income JPY mn 4,438 4,728 5,623 4,865 4,897 4,861 4,978 5,278 5,292 5,426 Capital Expenditure JPY mn 245 465 346 600 296 337 256 506 632 526 Total Assets JPY mn 294,692 296,877 303,133 301,946 305,840 317,740 327,824 326,050 328,466 327,109 Interest-Bearing Debt JPY mn 147,500 149,500 154,500 153,500 LTV*3 % 50.1 Appraisal LTV*4 % 40.9 Total Net Assets JPY mn 140,167 50.4 40.2 140,457 51.0 39.8 141,378 50.8 38.4 141,181 157,500 51.5 38.6 141,213 159,500 50.2 37.4 151,023 169,500 167,500 169,500 168,500 Total Distribution JPY mn 4,438 4,702 5,062 4,865 4,897 5,074 51.7 37.7 150,926 5,052 51.4 36.8 151,153 5,278 51.6 36.0 51.5 35.2 151,167 151,408 5,185 5,426 Units Outstanding Units 484,522 484,522 484,522 484,522 484,522 503,472 503,472 503,472 503,472 503,472 Total Net Assets per Unit Yen 289,290 289,889 291,790 291,382 291,448 299,964 299,772 300,222 300,249 300,728 Unitholders' Capital per Unit Yen 279,870 279,870 279,870 279,870 279,870 288,893 288,893 288,893 288,893 288,893 Distribution per Unit Yen 9,161 9,706 10,449 10,042 10,108 10,080 10,035 10,485 10,299 10,778 NAV per Unit*5 Yen 415,422 435,488 455,926 483,264 491,968 505,293 532,123 546,488 572,875 591,009 Unit Market Price Yen 505,000 554,000 667,000 661,000 653,000 594,000 661,000 605,000 683,000 607,000 Book Value (A) JPY mn 283,628 285,482 287,761 286,443 291,495 292,229 310,714 309,327 310,204 308,835 Appraisal Value=(B) JPY mn 349,181 360,731 372,352 384,280 393,549 400,682 432,749 438,594 452,650 460,410 Unrealized Profit / Loss (B)-(A) JPY mn 65,552 75,248 84,590 97,836 102,053 108,452 122,034 129,266 142,445 151,574 Number of Investment Properties # Total Acquisition Price JPY mn 122 303,259 Total Rentable Units Units 12,052 124 306,342 12,186 126 309,723 12,351 126 309,723 12,351 128 129 134 134 316,208 318,441 337,930 337,930 134 339,966 134 339,966 12,559 12,627 13,275 13,275 13,286 13,286 Rental Apartments (Including Retail Spaces) Hospitality Facilities Units 10,674 10,730 10,725 10,725 10,933 11,001 11,567 11,567 11,648 11,648 Units 1,378 1,456 1,626 1,626 1,626 Total Rentable Area m² 497,027 504,197 508,052 Average Month-End Occupancy Rate % 97.3 97.7 97.7 508,052 97.7 513,446 96.8 1,626 515,985 96.4 1,708 538,154 96.2 1,708 538,154 96.8 1,638 1,638 539,260 96.5 539,260 97.0 *1. Net operating income from property leasing does not include gain on sale of investment properties. *2. NOI Yield = Weighted average of actual NOI annualized / Acquisition price x 100 *3. LTV (loan-to-value) ratio at the end of the period = Total interest-bearing debt / Total assets x 100 *4. Appraisal LTV (loan-to-value) ratio at the end of the period = Total interest-bearing debt / (Total assets + Unrealized profit or loss) x 100 *5. NAV (net asset value) per Unit = (Net assets - Total distribution + Unrealized profit or loss) / Units outstanding 62#64328,466 million yen 15,116 million yen 309,602 million yen Total Liabilities 3,748 million yen 177,299 million yen Interest-bearing debt 169,500 million yen Tenant security deposits 3,725 million yen Others 4,074 million yen Balance Sheet and Income Statement Balance Sheet Total Assets Cash and cash equivalents Total investment properties Others 33rd Period (Ended August 31, 2022) 34th Period (Ended February 28, 2023) 327,109 million yen 15,107 million yen 308,231 million yen 3,769 million yen Change Nippon Accommodations Fund -1,357 million yen -9 million yen -1,370 million yen +21 million yen -1,598 million yen -1,000 million yen -9 million yen -589 million yen 175,701 million yen 168,500 million yen 3,716 million yen 3,484 million yen Total Net Assets Unitholders' capital Reserve for distribution Retained earnings Income Statement Total Revenues 151,167 million yen 145,449 million yen 424 million yen 5,292 million yen 151,408 million yen +241 million yen 145,449 million yen 531 million yen +107 million yen 33rd Period (Ended August 31, 2022) Rental expenses 12,327 million yen 2,632 million yen Real estate taxes 664 million yen 5,426 million yen 34th Period (Ended February 28, 2023) 12,344 million yen 2,494 million yen 662 million yen +134 million yen Change Depreciation and amortization 2,022 million yen 1,967 million yen Total Rental Expenses 5,319 million yen 5,124 million yen +16 million yen -137 million yen -1 million yen -55 million yen -194 million yen Operating Income from Property Leasing 7,008 million yen 7,219 million yen Gain on Sale of Investment Properties 107 million yen Asset Management Fees Other Expenses Operating Income 931 million yen 935 million yen 457 million yen 5,726 million yen Non-Operating Income and Expenses -433 million yen 448 million yen 5,835 million yen -408 million yen Income before Income Taxes 5,293 million yen 5,427 million yen +211 million yen -107 million yen +3 million yen -8 million yen +108 million yen +25 million yen +133 million yen Current and Deferred Income Taxes 0 million yen 0 million yen Net Income Internal Reserves Total Distribution Distribution per Unit 5,292 million yen 107 million yen 5,185 million yen 10,299 yen 5,426 million yen Number of Units Outstanding 503,472 units 5,426 million yen 10,778 yen 503,472 units -0 million yen +134 million yen -107 million yen +241 million yen +479 yen 63#65Nippon Accommodations Fund Appendix (4) Sustainability Initiatives#66Sustainability Initiatives (1) Structure for Promotion/External Certification Asset management operations focused on sustainability Nippon Accommodations Fund Sustainability Policy Reduction of Environmental Load (Responding to Climate Change) In-House Structure for Promotion of Sustainability Sustainability Promotion Office established to ensure effective sustainability policies The Asset Management Company Collaboration with Various Internal and External Stakeholders Initiatives for Governance *Now preparing new ESG website Board of Directors Report Advice NAF Investment Committee Sustainability Promotion Office All officers and employees Formulate plans Chairperson CEO Objectives and implementation plans Share objectives and plans Report Board of Directors Decide Report Sustainability Decision Maker Status of progress and achievements Implement Advice Review ■Mitsui Fudosan Group's ESG Guidelines Mitsui Fudosan Co., Ltd., the parent company of Mitsui Fudosan Accommodations Fund Management Co., Ltd., the Asset Management Company, considers ESG a management priority and sets key goals for relevant initiatives to consistently create value under the Group statement of "Bring affluence and comfort to urban living." MITSUI FUDOSAN https://www.mitsuifudosan.co.jp/english/esg_csr/approach/ ■Consistently Acquire External Certification of Sustainability We consistently acquire external certification including GRESB Real Estate Assessment as opportunities to improve NAF's sustainability initiatives. ‣ GRESB Real Estate ► SMBC Environmental Assessment GRESB 2022 Assessment SMBC ECO Rating Assessment Assessment 2 Stars Green Star A Initiatives with good environmental consideration Initiatives for climate change Support for TCFD and disclosure The Asset Management Company expressed support for the recommendations of the Task Force on Climate- related Financial Disclosures (TCFD) in September 2021. Along with such, it joined the TCFD Consortium, which is an organization of Japanese companies supporting TCFD. For details of the disclosure based on the TCFD recommendations, please refer to NAF's website. *Now preparing new ESG website TCFD TCFD Consortium TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES 65#67Sustainability Initiatives (2) Environment N Nippon Accommodations Fund Steadily reduce environmental load by systematically installing LED lighting Installation of LED Lighting in Common Areas Systematically installing LED lighting promotes energy-saving and reduction of CO2 emissions throughout our portfolio. Installation completed 117 properties In the 34th Period 3 properties (As of February 28, 2023) Okawabata Apartment Communities (Parking) Environmental Performance ■External Certification of Investment Properties We strive to acquire Green building certifications (DBJ Green Building Certification and Certification for CASBEE for Real Estate) to ensure the validity and objectivity of the results of our initiatives to reduce environmental impact. Certification Details ***** CASBEE CASBEE 不動產:2023: 不断两2023 No. of properties Total floor space Park Cube Meguro Tower Park Axis Ochanomizu Stage 8 properties Percentage of floor space certified 247,503.99 m² 32.6% (As of April 19, 2023) Targets (Target year: 2030) CO₂ emissions from energy use Reduction of 50% compared with the actual emissions in 2015 (based on intensity) Water consumption No increase in amount used in comparison with 2015 (based on intensity) Green Building certified floor area as a percentage of the entire portfolio Results CO2 emissions from energy use Water consumption (t) CO2 emissions 11 Intensity 6,000 (t/m2) (m³) 0.06 30,000 Water consumption -Intensity (m³/m²) 0.3 5,038 4,958 34.3 % reduction (annual average - 4.9%) 24,273 23,811 - 22.3 % reduction (annual average - 3.2%) 4,509 23,836 24,055 4,183 22,811 20,078 19,996 20,180 2,000 4,000 0.0249 0.0243 0.0220 0.0203 0.0163 0.0159 0.0157 0.02 10,000 0.0127 3,297 3,356 3,542 0.04 20,000 0.2 0.1198 2,646 0.1169 0.1169 0.1163 0.1101 0.0931 0.0961 0.0940 0.1 40% (based on total floor space) 0 0 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022 For details of environmental initiatives, please visit our website (*Now preparing new ESG website) 66#68Sustainability Initiatives (3) Social Nippon Accommodations Fund Promote sustainability through collaborative initiatives with various stakeholders Officers and Employees of the Asset Management Company The Asset Management Company recognizes that human resources are its most valuable assets and has implemented various initiatives for its employees. Human Resource Development The Company takes various measures to foster human resources having a high level of expertise, deep knowledge, and ethical values. • Support for Acquisition of Qualifications • Support for Education and Training Interviews for Setting Objectives of Individual Employees Performance Evaluations ■Tenants We conduct various initiatives to improve safety, security, and comfort in assets under management to enhance tenant satisfaction. Greater Satisfaction Initiatives in collaboration with property management company (Mitsui Fudosan Residential Lease) Toll-Free Helpline for Tenants Chatbot to Answer Inquiries • Renovation of Common Areas ⚫ Tenant Satisfaction Surveys ► Health and Safety, Respect for Human Rights We maintain healthy workplaces that facilitate work so that all officers and employees can fully demonstrate their abilities. Implementation of Periodic Medical Examinations, etc. Work-Life Balance Special Leave Program (maternity leave, caregiver leave and time off for sick/injured childcare, etc.) Consultation Service Office for Compliance Promotion of Active Roles for Women • Support for Childcare and Nursing Care ■Supply Chains When selecting/evaluating suppliers, which are important in NAF's asset management, NAF keeps in mind the promotion of sustainability throughout its supply chain by also confirming suppliers' initiatives in consideration of society, the environment, etc. Local Communities As a member of a local community, NAF endeavors to contribute to the vitalization and development of local communities where the assets it manages are located. Cooperation in Local Events At the Okawabata Apartment Communities, NAF has proactively cooperated in activities of the management association and strives to contribute to the formation of a local community. ふれあいがとイベント ほたる鑑賞のタベ [Event] See and Touch Unicorn Beetles [Event] Firefly Watching Night For details of social initiatives, please visit our website (*Now preparing new ESG website) フラッシュ 67#69Sustainability Initiatives (4) Governance An organizational structure that ensures fair transactions Basic Philosophy on Governance Thorough compliance The Company has established an organizational structure that should secure compliance with laws and regulations and implement fair transactions at any time. At the same time, the Company works to ensure that its officers and employees will act based on high ethical values and win the trust of its stakeholders. Management Structure Nippon Accommodations Fund General Meeting of Unitholders Nippon Accommodations Fund Establishment of risk management structure The Company has established a proper risk management structure to appropriately manage a variety of risks, to avoid or minimize risks in conducting asset management. MITSUI FUDOSAN ACCOMMODATIONS FUND MANAGEMENT General Meeting of Stockholders Board of Directors Executive Directors: Takashi Ikeda Supervisory Directors: Mitsutoshi Masuda, Mika Etoh, Eiki Enomoto Independent Auditor KPMG AZSA LLC Auditor Board of Directors Compliance Committee CCO REIT Management Investment Committee Agreement CIO Investment, Research & Strategy Team Asset Management Team CEO Sustainability Decision Maker CFO Financial Team Corporate Operation Team Sustainability Promotion Office (Composed of personnel appointed by team general managers and general managers) 68#70Sustainability Initiatives (5) Governance Governance structure for avoiding conflicts of interest ■The Asset Management Company's Decision-Making Process Flow for Acquiring or Selling Investment Assets Preliminary Plan Related-party transaction When CCO determines that a compliance issue has arisen 1 Approval of CCO 2 Confirmation of Compliance Committee Proposal by CIO 3 Investment Committee *1 Report to Board of NAF Compliance Checking System N Nippon Accommodations Fund 1 Approval by Chief Compliance Officer (CCO) The following require approval of the Compliance Committee Related-party transactions*2 When CCO determines that a compliance issue has arisen *2 Property acquisition price from sponsor-related parties is below appraisal value 2 The Compliance Committee Requires approval by independent external professionals Members: CCO (Chairperson), CEO, 2 external professionals (Currently 1 lawyer and 1 CPA) External professionals: Appoint professionals independent from sponsor-related parties Resolution: Requires the votes of 2/3 or more members and at least 1 of the 2 independent external professionals 3 Functions as a Check on the Investment Committee CCO can suspend discussion when he sees any problem in the discussion process *1 When NAF acquires or sells of assets in transactions with related parties as defined by the Investment Trust and Investment Corporation Act of Japan, the Asset Management Company must obtain consent from NAF based on the approval of NAF's Board of Directors prior to the deliberations of the Investment Committee. However, such consent is not required for property or other real estate acquisitions stipulated by Article 245-2-1 of the Investment Trust and Investment Corporation Act as having immaterial impact on NAF's assets because the acquisition cost represents less than 10 percent of the book value of NAF's investment properties. For details of governance initiatives, please visit our website (*Now preparing new ESG website) 69#71Appendix (5) Others Nippon Accommodations Fund#72Structure of the REIT Asset Custodian Sumitomo Mitsui Trust Bank, Limited Transfer Agent Sumitomo Mitsui Trust Bank, Limited General Administrative Agent (Accounting) RWA Accounting Holdings Co., Ltd. General Administrative Agent (Tax Return Filing) PwC Zeirishi-Hojin Asset Custody REIT Agreement Transfer Agency Service Agreement/ Agreement regarding Management of Special Accounts General Administrative Service Agreement (Accounting) General Administrative Service Agreement (Tax Return Filing) NAF Nippon Accommodations Fund Inc. (TSE 3226) REIT Management Agreement and General Administrative Service Agreement N Nippon Accommodations Fund Independent Auditor KPMG AZSA LLC Master Lease and Property Management Agreement Fiscal Agency Agreement Property Management Company Mitsui Fudosan Residential Lease Co., Ltd. General Administrative Agent (Regarding Investment Corporation Bonds) Sumitomo Mitsui Trust Bank, Limited Sumitomo Mitsui Banking Corporation The Norinchukin Bank Real Estate Information/ Advisory Service Provider Mitsui Fudosan Residential Co., Ltd. Real Estate Information Provider Mitsui Fudosan Realty Co., Ltd. Agreement on Provision of Real Estate Information/ Advisory Service Memorandum on Provision of Real Estate Brokerage Information REIT Management Company Mitsui Fudosan Accommodations Fund Management Co., Ltd. I Parent Company of REIT Management Company Mitsui Fudosan Co., Ltd. Basic Agreement on Property Management Property Management Company Mitsui Fudosan Residential Lease Co., Ltd. 71#73Unitholders Historical Ownership by Unitholders Number of Units and Unitholders Financial Institutions Nippon Accommodations Fund 34th Period Feb. 2023 4.1% 51.1% 10.1% 7.5% 18.1% 9.1% Individuals Trust Banks Other (Investment Trusts, etc.) Regional Banks Overseas Financial Investors Institutions Other Total Number of Units Held 20,789 257,406 50,873 37,956 90,840 45,608 503,472 33rd Period Number of Unitholders 4,387 10 46 88 266 133 4,930 4.0% 50.2% 10.1% 7.4% 20.0% 8.3% Aug. 2022 Major Unitholders*1 32nd Period Name Number of Units Held Percentage of Total (%) *2 4.0% 49.4% 11.5% 6.7% 20.5% 7.9% Feb. 2022 Custody Bank of Japan, Ltd. (Trust Account) 139,798 27.77 The Master Trust Bank of Japan, Ltd. (Trust Account) 81,445 16.18 31st Period The Nomura Trust and Banking Co., Ltd. (Investment Account) 21,936 4.36 4.1% 49.3% 11.6% 6.3% 18.3% 10.4% Aug. 2021 Mitsui Fudosan Residential Co., Ltd. 15,600 3.10 The Chugoku Bank, Limited 9,276 1.84 30th SMBC Nikko Securities Inc. Period Feb. 2021 8,110 1.61 4.4% 50.0% 11.3% 6.3% 20.0% 8.0% STATE STREET BANK WEST CLIENT-TREATY 505234 7,542 1.50 MetLife Insurance 6,957 1.38 29th STATE STREET BANK AND TRUST COMPANY 505103 Period 4.3% 6,296 1.25 52.6% 10.3% 5.8% 19.1% 7.9% Aug. 2020 Japan Securities Finance Co., Ltd. 5,576 1.11 Total 302,536 60.09 0% 20% 40% 60% 80% 100% Individuals Regional Banks Overseas Investors Trust Banks (Investment Trusts, etc.) Other Financial Institutions Other *1 Major unitholders ranked in top 10 in unitholding ratio as of February 28, 2023. *2 Number of units held as a percentage of total units issued and outstanding, rounded down to the nearest hundredth. 72#74Historical Unit Price Since IPO Index: Date of IPO (NAF: August 4, 2006) = 100 260 240 220 200 180 160 Unit price on May 24, 2007 JPY 515,000 140 120 100 80 60 60 40 Unit price on August 4, 2006 JPY 296,000 NAF Unit Price (Closing Price) 20 0 Unit price on March 13, 2009 JPY 180,500 Tokyo Stock Exchange REIT Index (Closing Price) * Unit price on February 21, 2020 JPY 728,000 Nippon Accommodations Fund Unit price on February 28, 2023 JPY 607,000 06/08 07/02 07/08 08/02 08/08 09/02 09/08 10/02 10/08 11/02 11/08 12/02 12/08 13/02 13/08 14/02 14/08 15/02 15/08 16/02 16/08 17/02 17/08 18/02 18/08 19/02 19/08 20/02 20/08 21/02 21/08 22/02 22/08 23/02 Source: QUICK (unit prices have been retroactively restated to reflect the two-for-one split of NAF investment units on the effective date of March 1, 2014.) * The Tokyo Stock Exchange calculates and presents the Tokyo Stock Exchange REIT Index, a market price index that adopts weighted average aggregation for all real estate investment trusts listed on the Tokyo Stock Exchange. 73#75Empty#76Disclaimer Nippon Accommodations Fund This document is intended for informational purposes only. The contents of this document do not constitute an offer to sell or solicitation of an offer to buy or sell any security or other financial instrument of Nippon Accommodations Fund Inc. Factors including changes in the price or earning capacity of real estate under management or worsening of the financial condition of the issuing entity, may cause the trading price of real estate investment securities to drop, resulting in a loss for the investor. Investment decisions should be based on your own judgment and responsibility. Please consult with a securities company regarding the purchase of units or investment corporation bonds of Nippon Accommodations Fund Inc. The information provided in this document does not constitute the disclosure or asset management reports required under the Financial Instruments and Exchange Act or laws relevant to investment trusts or investment corporations. Nippon Accommodations Fund Inc. has exercised due care in providing the information in this document but does not guarantee its accuracy or completeness. Information in this document contains future projections. Accordingly, actual results may differ substantially from the performance, management results, financial details, or other matters expressed or implied by such future projections. Nippon Accommodations Fund Inc. is not responsible for updating the information in this document. The information in this document may be changed without prior notice. Duplication or use of information in this document for other purposes without the prior consent of Nippon Accommodations Fund Inc. is prohibited. REIT Management Company: Mitsui Fudosan Accommodations Fund Management Co., Ltd. (Financial Instruments Firm, Kanto Finance Bureau (registration) No. 401 Member of the Investment Trusts Association, Japan) Please note that this English translation of the Japanese original document is provided solely for information purposes. Contents of this document have been summarized or omitted from the Japanese document. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail. The financial statements of Nippon Accommodations Fund Inc. have been prepared in accordance with generally accepted accounting principles in Japan (Japanese GAAP), which may differ materially in certain respects from generally accepted accounting principles in other jurisdictions. 75