#1Nippon Accommodations Fund Nippon Accommodations Fund Inc. 35th Period Investor Presentation March 1, 2023 - August 31, 2023 mimim mimim mmm Mitsui Fudosan Accommodations Fund Management Co., Ltd. October 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 339.0 billion Total Interest-Bearing Debt JPY 167.5 billion No. of Investment Properties 133 LTV 51.2% Total Rentable Units 13,146 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 96.9% The Highest Credit Ratings Among Residential J-REITS ESG Summary GRESB 3 Stars*3/Green Star Acquired for 8 buildings 32.8% 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 35th Period. *3 The results of GRESB assessment for 2023 is shown. Green Building *4 Certification* *4 Green Building Certification percentage is calculated based on gross floor area. (End of the 35th Period; as of August 31, 2023) 1#335th Period Summary Distribution per Unit 35th Period JPY 10,645 (JPY +315 from forecast*1) *1 The forecast distribution per unit for the 35th Period stated in the financial results report dated April 19, 2023, was JPY 10,330. Internal Growth Nippon Accommodations Fund p.5 p.6 ▸ Occupancy Rate Average Month-End Occupancy Rate ► Rent Trends Rent Change at Tenant Turnover Rent Change at Renewal 96.9% (+0.1 points from forecast*2) +4.0% +0.3% p.7 2 p.11 *2 The forecast average month-end occupancy rate during the 35th Period stated in the financial results report dated April 19, 2023, was 96.8 %. External Growth Sold in the 35th Period 1 Property / JPY 1.3 billion Acquired in the 36th Period 3 Properties / JPY 3.1 billion P.12 Financial Strategy Decrease in Financing Costs Weighted-Average Interest Rate 0.48% 0.48% P.16 P.17 Stable Financial Position Duration of Long-Term Debt 4.7 years → 4.7 years 2#4Contents Nippon Accommodations Fund Overview Financial Highlights Internal Growth / Historical Occupancy Rates 57 7 Appendix (2): Business Environment Trends in Apartment Rents Supply and Demand of Rental Apartments 53 Internal Growth / Rent Trends at Tenant Turnover 8 Tokyo 23 Wards 54 Internal Growth / Rent Trends at Renewal 10 Tokyo: Trends in Population and Number of Households 55 Demand for Rental Apartments Internal Growth / Rent Trends of Rental Apartments 11 - Other Major Cities 56 Status of External Growth 12 Supply of Rental Apartments External Growth Strategy 13 Regional Areas 57 40 Capital Expenditures 14 Sustainability Initiatives 15 Appendix (3): Financial Details Financial Strategy and Credit Ratings 16 Interest-Bearing Debt Unrealized Profit / Loss 18 Historical Operating Performance Forecasts Balance Sheet and Income Statement 59 62 63 (36th Period: September 2023 February 2024) (37th Period: March 2024 - August 2024) Track Record of Distributions 19 21 Features and Strategies Appendix (4): Sustainability Initiatives Sustainability Initiatives 65 Features and Strategies (1) Appendix (5): Others Investment in Accommodation Assets_ 25 Features and Strategies (2) Structure of the REIT Leveraging the Mitsui Fudosan Group_ 26 Unitholders Appendix (1): Portfolio 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#6Financial Highlights (1) (35th Period: March 2023 - August 2023) A Nippon Accommodations Fund Comparison with the 34th Period 35th Period (Forecast) *1 (Ended Aug. 31, 2023) 1 35th Period (Actual results) (Ended Aug. 31, 2023) 2 Comparison with Forecast Change 2-1 Notes 34th Period (Actual results) Change (Ended Feb. 28, 2023) Notes (JPY million) (JPY million) (JPY million) Total Revenues 12,467 13,049 +581 ■Revenues Existing properties +581 +33 12,344 +704 Revenues +704 Existing properties +156 Operating Gain on sale of Gain on sale of Income 5,645 6,256 +611 property that occurred in the 35th Period 5,835 +420 property that occurred in the +548 35th Period +548 (Internal reserves +533) (Internal reserves +533) Net Income 5,201 5,892 +690 5,426 +465 ■Operating expenses +283 Internal 533 +533 ■Operating expenses -29 +533 Rental expenses +232 reserves Rental expenses -63 Real estate taxes +8 Real estate taxes +6 Depreciation and Net Income per Unit *2 Distribution per Unit 10,330 11,703 +1,373 Depreciation and 10,778 +925 amortization -36 amortization -4 yen yen yen yen yen Asset management fees +45 Asset management fees +51 Other expenses +33 10,330 10,645 +315 Other expenses -18 10,778 -133 yen yen yen yen yen Non-operating income +49 ■Non-operating income +61 Units 503,472 Outstanding units 503,472 units ■Non-operating expenses Interest expense, etc. 503,472 units -18 -18 ■Non-operating expenses Interest expense, etc. +3 +3 Total Acquisition 339,966 339,038 -928 339,966 -928 Price AUM No. of Investment properties 134 properties 133 properties -1 properties 134 properties -1 properties Average Month- End Occupancy Rate 96.8 % 96.9 % +0.1 97.0 -0.1 points % points LTV (At the end of the Period) 51.5 % 51.2 % -0.3 points 51.5 -0.3 % points *1 The forecast for the 35th Period are the figures announced in the financial results report (excluding LTV) dated April 19, 2023. *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#7Financial Highlights (2) (35th Period: March 2023 - August 2023) Factors in Change of Distribution per Unit (35th Period Actual vs. Forecast) Nippon Accommodations Fund Factors in increase Factors in decrease (Unit: JPY) Others Existing properties Asset sale +30 Asset management fees + 198 ▲ 101 +188 Gain on sale of Dormy Ashiya Internal reserves Increase in income (JPY +67) 1 Rent, etc. JPY +49 2 Key money, etc. JPY +36 10,330*1 3 Other revenues Decrease in expenses 1 Tenant soliciting fees 2 Utilities expenses 3 Other expenses JPY -18 (JPY +121) (JPY +1,088) - (JPY 1,058) Insurance income (JPY +121) (Park Axis Taito Negishi fire, etc.) Decrease in interest expense, etc. (JPY +36) etc. Occupancy Rate *2 Forecast Actual 10,645 JPY +25 JPY +90 JPY +6 96.8% 96.9% 35th Period Actual results 35th Period Forecast (Ended Aug. 2023) *1 The forecast for the 35th Period are the figures announced in the financial results report April 19, 2023. *2 Occupancy rate is the average month-end occupancy rate during the period. (Ended Aug. 2023) 6#898.5% 98.0% Internal Growth / Historical Occupancy Rates The trend of rising occupancy rates is maintained Change in Month-End Occupancy Rates for the Past Five Years N Nippon Accommodations Fund 97.0% 97.0% 97.3% 97.2% 96.4% 96.3% 97.4% 97.5% 97.0% 96.5% 96.0% 35th Period - 36th Period 95.5% Mar. 2023-Sep. 2023 95.0% Mar. Apr. May Jun. Jul. Period Average Occupancy Rate Since the Listing Aug. Sep. Oct. Nov. Dec. Jan. Feb. 27th Period 28th Period Mar. 2019 Feb. 2020 29th Period 30th Period Mar. 2020 Feb. 2021 31st Period 32nd Period Mar. 2021 Feb. 2022 33rd Period - 34th Period Mar. 2022 Feb. 2023 100% 99% 98% 97.6% 97.7% 97.7% 97.1% 96.8% 96.8% 96.9% 97% 95.9% 96.1% 96.3% 96.4% 96.1% 97.7% 96.4% 96.8% 95.6% 95.8% 95.4% 97.3% 97.0% 96% 96.7% 96.8% 96.4% 96.5% 96.2% 95% 95.4% 95.6% 95.7% 95.9% 95.9% 95.7% 95.7% 94% 94.3% 94.5% 93% * 92% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2023 2019 2020 2021 2022 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 End of 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. Feb. Aug. Feb. Aug. Feb. Aug. 2nd 1 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 35th 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 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 steady Change in Rent of Rental Apartments at Tenant Turnover Nippon Accommodations Fund (JPY thousand) ■ Percentage of Rent Changed Units at Tenant Turnover 100% Tenant Turnover Total Rentable Units*1 No. of Units*1 Rent Increase 32nd Period (Feb. 2022) 11,520 units 1,240 units 537 units 33rd Period (Aug. 2022) 11,601 units 1,399 units 714 units 34th Period (Feb. 2023) 35thPeriod (Aug. 2023) 90% 11,601 units 11,601 units 80% 43.3% 1,124 units 1,326 units 51.0% 70% 60.3% 64.9% 677 units 860 units 60% Rent Unchanged Rent Decrease 130 units 185 units 119 units 170 units 50% 10.5% 574 units 500 units 327 units 297 units Monthly Rent Net Change 40% 13.2% 1,542 4,493 5,880 7,832 10.6% 9,413 30% 12.8% Rent Increase 6,366 7,960 7,784 Average rate of increase: 6.9% 46.3% 20% 35.8% -1,581 29.1% 10% 22.4% Rent Decrease -4,823 -3,467 -1,904 Average rate of decrease: -4.4% 0% Percentage Change 0.8 % 2.1 % 3.5 % 4.0 % 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 35th Period (Aug. 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 Rent increase Rent unchanged Rent decrease 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% -10.0% -3.8% -4.3% -6.2% -9.3% -8.5% 2009 2010 2011 -3.5% -2.8% 6.5% 7.0%6.7% 5.8% 4.4% 3.5% 3.2% 4.0% -1.3% -0.9% 0.8% 0.1% 0.7% 1.0%1 1.3% 1.9%2.6% 3.5% 2.0% 7.3% 7.1% O 2.1% O 0.8% 4.4% 3.3% 4.6% 4.8% 3.9% 3.8% -1.8% -0.3% -0.4% -1.2% 1.9% 2.5% 1.7% 1.1% -0.8% Percentage change in rent at Tenant Turnover Portion contributing to rent increase Portion contributing to rent decrease 2007 2008 2012 2013 2014 2015 2016 2017 2019 Aug. Feb. Aug. Feb. Aug. Feb. 2020 2021 2022 2023 2018 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 End of 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. 2nd 3rd 4th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 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 5th 6th 7th 8th 9th Feb. Aug. 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 8#10Internal Growth / Rent Trends at Tenant Turnover (2) Improved in all areas Percentage Change in Rent of Rental Apartments at Tenant Turnover by Area Nippon Accommodations Fund Ratio of Rental Apartments by Area 10.0% Other Major Cities 7.0% 8.0% Greater Tokyo --Tokyo CBD --Greater Tokyo 6.8% -Excluding Tokyo CBD -Other Major Cities 4.5% 7.1% Tokyo CBD Tokyo CBD 6.0% 30.8% 4.3% 3.6% 4.0% 3.1% Tokyo 23 Wards 3.4% 2.5% 2.6% 2.6% 2.9% 3.6% Greater Tokyo 3.5% Excluding Tokyo CBD excluding Tokyo CBD 57.7% 2.0% 3.3% 2.6% 2.1% 0.3% 1.5% 0.0% 0.1% ● -0.6% 0.2% -0.7% Other Major Cities -1.0% -0.9% -0.9% (As of the end of the 35th Period, acquisition price basis) -2.0% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. Rents rose in all categories and single-type units also recovered to a positive change 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% 9.2% 7.9% 7.1% 7.7% 8.0% 6.4% 8.7% -- Compact <--Large 10.4% Large 10.0% Family 6.0% 4.9% 4.1% Single 3.8% 3.3% 4.3% 4.0% 41.9% 3.9% Compact 2.0% 3.8% 2.4% 2.7% Compact 41.5% 0.0% 1.1% 0.1% 0.3% Single -2.0% -1.7% -4.0% -0.9% -2.4% -6.0% (As of the end of the 35th Period, unit basis) 30th Period Feb. 2021 31st Period Aug. 2021 -4.0% 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. *Please refer to page 30 for definition of respective category. 9#11Rent Increase Rent Unchanged 33rd Period (Aug. 2022) 11,601 units 2,195 units 63 units 2,126 units 34th Period (Feb. 2023) 11,601 units 1,815 units 64 units 1,750 units Internal Growth / Rent Trends at Renewal N Nippon Accommodations Fund Percentage change in rent at renewal expanded in the positive territory Change in Rent of Rental Apartments at Renewal Renewal Total Rentable Units*1 No. of Units*1 32nd Period (Feb. 2022) 11,520 units 1,700 units 80 units 1,618 units Percentage of Rent Changed Units at Renewal 2.9% 3.5% 8.8% (JPY thousand) 100% 35th Period 4.7% (Aug. 2023) 90% 11,601 units 80% 2,286 units 70% 201 units 60% 2,084 units Rent Decrease 2 units 6 units 1 units 50% 1 units 95.2% 96.8% 96.4% 91.2% Monthly Rent Net Change 402 226 288 982 40% 990 30% Rent Increase 408 287 291 Average rate of increase: 2.5% 20% -8 10% 0.1% 0.3% 0.1% 0.0% Rent Decrease Percentage Change -6 0.2 % -61 0.1 % -3 Average rate of decrease: -6.3% 0% 0.1 % 0.3 % 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 35th Period (Aug. 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% -0.0% 0.0% 0.2% 0.0% -0.2% -0.4% -0.6% -0.8% -1.0% -1.2% -0.2% -0.4% -1.0% -0.8% -1.0% 0.6% 0.6% 0.5% 0.1% 0.2% 0.1% 0.2% 0.2% 0.3% 0.3% 0.3% 0.1% 0.1% 0.6% 0.6% 0.5% 0.2% 0.1% -0.0% 0.0% 0.0% 0.3% 0.1% 0.1% 0.3% 0.2% -0.1% -0.4% -0.4% 0.5% -0.6% -0.6% -0.5% -0.9% Percentage change in rent at renewal Portion contributing to rent increase Portion contributing to rent decrease 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2007 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 End of 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. Feb Aug. Feb. Aug. Feb. Aug. 2nd 3rd 4th 7th 9th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 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 5th 6th 8th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 10#12Internal Growth/ Rent Trends of Rental Apartments Average Rent per Tsubo (JPY) 12,500 Average rent per tsubo is steadily rising Nippon Accommodations Fund 12,400 12,335 12,230 12,273 12,300 12,138 12,167 12,183 12,200 12,100 12,061 12,000 11,900 11,800 29th Period Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 * Average rent per tsubo = = approx. 3.3 m²). 35th Period Aug. 2023 Total rent at the end of each period / Total rentable area in tsubo (1 tsubo * Shown here is the change in average rent per tsubo for the 110 rental apartments rented of the properties owned from the 29th to the 35th Periods. Improved in all Areas Percentage Change in Average Rent per Tsubo by Area 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 Ratio of Rental Apartments by Area Other Major Cities 7.0% Greater Tokyo 30th Period (Feb. 2021) 31st Period (Aug. 2021) 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 35th Period (Aug. 2023) 4.5% Tokyo CBD*1 +0.57% +0.43% +0.17% +0.62% +0.54% +0.63% Tokyo Tokyo CBD 30.8% 23 Wards Excluding +0.63% Tokyo CBD +0.29% +0.15% +0.27% +0.24% +0.45% Greater Tokyo +0.23% +0.21% -0.08% +0.55% Tokyo 23 Wards excluding Tokyo CBD 57.7% Other Major Cities +0.05% -0.15% +0.43% +0.56% -0.08% -0.37% +0.04% +0.04% Total +0.63% +0.34% +0.13% +0.37% +0.33% +0.51% (As of the end of the 35th Period, acquisition price basis) * *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. Above percentages indicate approximate change in average rent per tsubo of the properties owned (excluding properties sold) at the end of each period compared with the end of the immediately preceding period (six months before). * Calculations above do not include figures for retail units and Hospitality Facilities. 11#13Status of External Growth Nippon Accommodations Fund Asset acquisition in line with post-COVID society and achieved unrealized gain through asset sale Acquired budget hotels with strong demand aiming a view to the recovery in business, tourism and inbound demand Achieved unrealized gain by carefully reviewing the portfolio and selling one property (Part of gain from the Sale is internally reserved) Achieved expanded asset size, increased NOI, shortening of property age of hospitality facilities, and longer lease contracts ■Sale in the 35th Period (Period Ended August 2023) ■ Acquisitions in the 36th Period (Period Ending February 2024) Property Name Location Smile Hotel Nishi-Akashi Akashi-shi, Hyogo Smile Hotel Okinawa Naha Smile Hotel Matsuyama Matsuyama-shi, Ehime Total Property Name Location Property Age *1 Naha-shi, Okinawa Property Age *1 20 years 16 years 15 years 17 years (average) Total Rentable Units Number of Rooms 106 128 97 331 Long-term contract with fixed rent with specialized operator (remaining period: 13 years) Lease Contracts Acquisition Price Appraisal Value JPY 970 million JPY 994 million JPY 1,120 million JPY 1,240 million JPY 58,856 thousand JPY 1,010 million JPY 1,040 million JPY 57,266 thousand JPY 3,100 million JPY 3,274 million JPY 174,550 thousand 5.3% 5.7% 5.6% (average) *1 ΝΟΙ NOI Yield *2 JPY 58,428 thousand 6.0% Lease Contracts Sale Price Gain on Sale *3 ΝΟΙ NOI Yield *2 Dormy Ashiya Ashiya-shi, Hyogo 20 years 140 Same as left (7 years) JPY 1,304 million JPY 548 million JPY 72,244 thousand 5.5% Smile Hotel Nishi-Akashi LTV and Acquisition Capacity 51.2% *3 Smile Hotel Okinawa Naha Smile Hotel Matsuyama LTV Around 51.2% (Actual results at the end of the 35th Period) (Assumption for the end of the 36th Period) "Property Age" is as of the acquisition date of each property for "Acquisitions in the 36th Period (Period Ending February 2024)" (September 1, 2023 in all cases), and the average property age is calculated using the weighted average of the property age of each of the three properties acquired based on the acquisition price. The "Property Age" in "Sale in the 35th Period (Period Ended August 2023)" is as of the sold date of the sold property (August 4, 2023). NOI Yield = net operating income (NOI)stated in the appraisal report ÷ acquisition price (selling price for "Sale in the 35th Period (Period Ended August 2023)") x 100. The average NOI Yield in "Acquisitions in the 36th Period (Period Ending February 2024)" is calculated using the weighted average of the NOI Yield of each of the three properties acquired based on the acquisition price. JPY 533 million of the gain from the sale will be internally reserved as a reserve for reduction entry. Acquisition capacity*4 *4 Borrowing capacity up to 55% LTV Approx. JPY 27 Billion (Assumption for the end of the 36th Period) 12#14External Growth Strategy Nippon Accommodations Fund Park Axis Series Development Status (Pipeline) Developed and leasing 4,080 units at 39 properties centering on Tokyo 23 Wards Tokyo 23 Wards Asset Classification of Rental Apartments (As of the end of the 35th Period, acquisition price basis) Okawabata Apartment Park Cube Series 27.0% Other Major Cities 32 properties 3,195 units 3 properties 368 units Greater Tokyo Total 4 properties 517 units 39 properties 4,080 units Park Axis Series 60.9% Communities 9.6% Shibaura Island Air Tower 2.5% Developed by the Mitsui Fudosan Group Nerima-ku Suginami-kut Kita-ku Adachi-ku Itabashi-ku Nakano-ku Toshima-ku Shibuya-ku Bunkyo-ku Shinjuku-ku Chiyoda-ku Katsushika-ku Arakawa-ku Sumida-ku Chuo-ku Minato-ku Setagaya-ku Meguro-ku Shinagawa-ku Ota-ku Koto-ku Edogawa-ku Source: Prepared based on the material provided by Mitsui Fudosan Residential Co., Ltd. *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. Developed by third parties Investment mainly focused on rental apartments developed by the Mitsui Fudosan Group Supply Record of Park Axis by NAF (by Acquisition Subject) (Units) 20,000 Mitsui Fudosan Residential 18,000 Third party, etc. 16,000 NAF (including properties sold) 14,000 18,311 17,178 16,211 15,407 14,904 13,53513,754 12,859 12,000 11,908 10,245 10,000 9,393 7,9947,994 8,410 8,000 7,053 5,852 6,000 7,847 3,842 4,000 5,923 6,086 6,965 7,468 7,548 7,847 7,847 7,847 2,153 4,681 2,000 5,923 6,815 7,468 7,548 7,783 2,797 5,355 1,772 0 FY 2005 FY 2006 FY 2007 FY 2008 FY FY FY FY FY FY 2009 2010 2011 2012 2013 Source: Prepared based on the material provided by Mitsui Fudosan Residential Co., Ltd. 2022 completion) FY FY FY FY FY FY FY FY (Fiscal year of 2014 2015 2016 2017 2018 2019 2020 2021 13#15Capital Expenditures ■Ratio of Rental Apartments by Property Age (As of the end of the 35th Period, acquisition price basis) Actual and Planned Capital Expenditures Nippon Accommodations Fund (JPY million) 1,600 Percentage of Capital Expenditure to Depreciation Less than 5 years 2.8% 1,400 Value-enhancement Investment for Capital Expenditure for Other Properties Private Areas at Okawabata Apartment Communities Other Capital Expenditure for Okawabata Apartment Communities 62.7% 56.1% 1,195 1,200 42.0% 1,068 120 20 years or more 1,000 120 31.3% 10.8% 5-10 years 811 275 26.8% 800 24.7% 44 9.3% 17.0% 632 57 600 526 12.5% 506 56 10-15 years 86 337 54 215 948 18.5% 400 43 800 41 256 192 710 101 15-20 years 58.6% 31 200 361 397 195 224 260 -Plan 0 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 36th Period Feb. 2024 37th Period Aug. 2024 Average property age 16.7 years * Figures for the 36th Period and 37th Period are estimates, and therefore are subject to change. They include accounting expenses. ▸ Value-enhancement investment for private areas of Okawabata Apartment Communities will continue, and there are also plans for work on facilities. In other properties, there are plans to implement concentrated work such as large-scale repairs, patching up exterior walls repairs and renewing of automated parking. Effect of Value-enhancement investment in Private Area at Okawabata Apartment Communities ► Percentage Change in Rent at Tenant Turnover ► Change in Rent at Tenant Turnover 70.0% 10 properties held by NAF located in Chuo Ward, Tokyo, excluding Okawabata Apartment Communities Units recently renovated among those at Okawabata Apartment Communities 60.0% Other units at Okawabata Apartment Communities 53.9% 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 (JPY thousand) 50.0% 40.0% ■ Okawabata Apartment Communities are mostly comprised of family type units. 30.9% No. of Units 40 units 34 units 34 units 41 units ■Earning capacity improved due to value-enhancement investment 33 units 27 units 29 units 39 units Rent Increase 804 881 1,162 1,295 30.0% 21.1% 20.0% 24.7% 33.8% 6 units (Value-enhancement investment rooms) 17.0% 343 5 units 352 15 units 9 units 787 550 14.2% Rent Unchanged 3 units 0 units 1 unit 0 units 0 units 33 units 33 units 1,597 9 units 845 21 units 1,290 4 units 506 0 units 21 units 10.7% 7.6% 10.0% 4.1% 4.9% 2.0% 5.0% 5.2% 4 units 7 units 4 units 2 units 0 units 0 units 2.8% 1.0% 2.5% 2.5% Rent Decreased -58 -99 -92 0.0% 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 Monthly Rent Net Change 746 781 1,069 -4 1,291 - 1,597 1,290 Percentage Change 6.6 % * In the 35th period, the percentage change in rent at the time of tenant turnover increased because the tenants prior to turnover moved in a comparatively long time ago. (Value-enhancement investment rooms) 21.1 % 7.8 % 30.9 % 10.4 % 10.7 % 16.7 % 19.9% 17.0 % 24.7 % 33.8 % 53.9% 14#16Sustainability Initiatives Nippon Accommodations Fund E GRESB Real Estate Assessment GRESB ✰✰✰✰✰2023 (2022) 2 Stars (2023) Improved to 3 Stars Endorsement of the Task Force on Climate-related Financial Disclosures (TCFD) and disclosure, and efforts to increase the coverage rate of energy used in exclusive areas were recognized, resulting in the GRESB rating improving from 2 Stars last year to 3 Stars. E Green Finance Following on from the previous period, financing was conducted using green loans (JPY 2 billion). [ Obtained Green1(F), the highest rating under the JCR Green Finance Framework Evaluation E Green Building Certifications (DBJ Green Building Certification and CASBEE Certification for Real Estate) ▸ Targets (Target year: 2030) During the 35th period, CASBEE Certification for Real Estate was obtained for Park Axis Ochanomizu Stage. 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 32.8% Residents can join a membership-based organization that offers one- stop residential-related services from the Mitsui Fudosan Group. 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 (based on gross floor area) (As of August 31, 2023) いい日は、つくれる。 三井のすまい LOOP Life Membership Service Tanabata (Star Festival) event E Targets for Environmental Performance ► Targets (Target year: 2030) ► Results Changes in CO2 emissions from energy use CO2 emissions from energy use (t) CO2 emissions (left axis) Intensity (right axis) (t/m2) Reduction of 6,000 5,038 4,958 50% compared with the actual emissions in 4,509 4,183 -34.3% reduction (annual average -4.9%) 0.06 4,000 3,297 0.0249 3,355 3,542 0.04 2015 0.0243 0.0203 2,646 0.0220 0.0163 2,000 0.0159 0.0157 0.0127 0.02 (based on intensity) 0 2015 ▸ Third-party guarantee Acquired a third-party guarantee report by Deloitte Tohmatsu Sustainability Co., Ltd. for environmental performance data (results for 2022), 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 34th period (previous period). Installation completed 117 properties S Introduction of Investment Unit Cumulative Investment Program 0 An investment unit cumulative investment program was introduced to further raise awareness of the improvement of the performance of NAF, contribute to the improvement of medium- to long-term investor value of NAF, and promote welfare benefits for employees by having employees of the asset management company hold investment units in NAF. 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 Short-Term Loans Long-Term Loans (Variable-Rate) Debt Overview 34th Period 35th Period (JPY billion) (Ended February 28, 2023) (Ended August 31, 2023) 2.0 7.0 Change 2.0 7.0 - Long-Term Loans (Fixed-Rate) 151.5 150.5 -1.0 Investment Corporation Bonds 8.0 8.0 - Total 168.5 167.5 -1.0 LTV 51.5% 51.2% -0.3 points Appraisal LTV 35.2% 34.2% -1.0 points Long-Term Debt Ratio 98.8% 98.8% Long-Term, Fixed-Rate Debt Ratio 94.7% 94.6% -0.1 points Weighted-Average Interest Rate 0.48% 0.48% Duration of Long-Term Debt 4.7 years 4.7 years Lender 27 financial institutions 27 financial institutions Short-Term Loans 1.2% Long-Term Loans (Variable-Rate) 4.2% Investment Corporation Bonds 4.8% Long-Term Debt Ratio 98.8% Long-Term, Fixed-Rate Debt Ratio 94.6% Long-Term Loans (Fixed-Rate) 89.8% *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, 2026 Agreement effective date August 1, 2016 Agreement termination date July 31, 2026 Agreement effective date October 9, 2018 Agreement termination date July 31, 2026 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) (Years) 6 5 1.50% 1.46% 1.44% 1.38% 4.9 4.9 1.5% 1.28% 1.25% 1.24% 4.8 4.7 4.6 4.6 4 4.3 1.11% 1.09% 4.2 4.3 4.2 4.2 4.4 4.4 1.02% 0.95% 0.87% 0.85% 0.84% 3 1.0% 4.7 4.9 -- 4.8 4.1 4.2 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% 0.48% 0.48% 2 3.4 3.3 3.4 3.4 4.3 0.5% 3.1 4.3 2.7 2.8 2.7 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 35th 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 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. Aug. 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2021 2021 2022 2022 2023 2023 2020 Long-Term Interest-Bearing Debt Maturity Ladder (JPY billion) 16 Long-term loans Investment Corporation Bonds Funded in the 35th Period (loans) 14 12 35th Period Maturities (Long-Term) Repayment total Average interest rate JPY 11.5 billion 0.65% Average maturity 7.7 years 10 8 6 1.5 2.0 13.0 8.5 11.0 10.5 2.0 4 8.5 7.0 6.0 2 2.0 9.5 9.5 3.0 6.0 5.0 8.5 8.0 8.0 7.0 7.0 7.0 2.0 2.0 1.0 36th 37th 38th 39th 40th 41st 42nd 43rd 44th 45th 46th 47th 48th 49th 50th 51st 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. 2024 2024 2025 2025 2026 2026 2027 2027 2028 2030 2031 Aug. Feb. Aug. Feb. 2028 2029 2029 2030 Aug. 2031 о Average interest rate 2.0 35th Period Funding (Long-Term) Funding total JPY 10.5 billion Average interest rate 0.71% Average maturity 6.8 years 2.0 3.0 2.0 1.0 62nd 63rd 52nd 53rd 54th 55th 56th 57th 58th 59th 60th 61st Period Period Period: Period Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2032 2032 2033 2033 2034 2034 2035 2036 2036 2037 2037 0.59% 1.12% 0.33% 0.48% 0.25% 0.29% 0.41% 0.35% 0.26% 0.34% 0.38% 0.49% 0.67% 0.49% 0.56% 0.56% 0.52% 0.52% 0.93% 0.88% * Average interest rate is a weighted average of the interest rates on long-term interest-bearing debt. 2035 0.68% * Average maturity is a weighted average of the maturities of long-term interest-bearing debt. 17#19180 160 Unrealized Profit / Loss Unrealized Profit / Loss and Unrealized Profit / Loss Ratio (JPY billion) Unrealized Profit (left axis) -- Unrealized Profit / Loss Ratio (right axis) Unrealized Loss (left axis) Nippon Accommodations Fund 60% 49.1% 52.9% 45.9% 41.8% 50% 140 39.3% 37.1% 34.2% 35.0% 120 40% 29.4% 162.2 26.4% 100 21.3% 23.1% 142.4 151.5 30% 19.4% 129.2 122.0 80 13.9% 16.3% 12.0% 14.6% 9.0% 102.0 108.4 20% 97.8 60 5.5% 84.5 3.0% 75.2 0.1% 10% 40 -5.6% -5.9% -4.8% -3.8% -3.1% -1.8% 39.3 41.8 55.4 60.3 65.5 34.3 46.1 25.3 20 15.4 0% 0.3 8.0 0 -10% -10.5 -10.9 -10.6 -8.8 -7.2 -4.3 -20 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 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. 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 -20% 23rd 24th 25th Period Period Period 2017 26th 27th Period Period Aug. Feb. Aug. Feb. Aug. 2018 2018 2019 2019 2021 28th 29th 30th 31st 32nd 33rd 34th 35th Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2020 2020 2021 2023 2023 2022 2022 NAV per Unit*1 (JPY thousand) 600 500 400 572 591 613 300 200 100 225 224 237 242 246 254 273 289 305 327 350 361 366 375 394 404 415 435 455 483 491 505 532 546 0 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 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. 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 2023 *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% 5.3% 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% 3.8% 3.7% 3.6% 3.5% 7% 6% 5% 4% 3% 9th 12th 10th 11th Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2010 2011 2011 2012 2012 2013 2013 2014 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th Period Period Period Period Period Period Period Period Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. 2014 2015 2015 2016 2016 2017 2017 2018 27th 28th 29th 30th Period Period Period Aug. Feb. Aug. 2018 2019 2019 31st 32nd 33rd 34th 35th Period Period Period Period Period Period Period Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2020 2020 2021 2021 2022 2022 2023 2023 18#20Forecasts (1) (JPY million) 35th Period (Actual) (Ended Aug. 31, 2023) 1 36th Period (Forecast) (Ending Feb. 28, 2024) (36th Period: September 2023 - February 2024) (37th Period: March 2024 - August 2024) Comparison with the 35th Period Change 2-1 Notes 37th Period (Forecast) (Ending Aug. 31, 2024) ③ (3) - Nippon Accommodations Fund Comparison with the 36th Period Change Notes Total Revenues 13,049 12,533 -515 Revenues Existing properties (JPY million) -515 -30 (JPY million) 12,632 +99 ■Revenues +99 Existing properties +99 Operating Full-year operation of 3 properties Income 6,256 5,990 -265 acquired in the 36th Period +97 5,859 -131 ■Operating expenses +230 1 property sold in the 35th Period -34 Rental expenses +221 Net Income 5,892 5,558 -333 Gain on sale of property 5,387 -171 Real estate taxes +6 in the 35th Period -548 Depreciation and (Internal reserves amortization -2 -533) Internal 533 -533 Asset management fees -3 - reserves ■Operating expenses -250 Other expenses +8 Net Income per Unit *1 11,703 yen 11,040 -663 Rental expenses -179 10,700 -340 Real estate taxes -2 ■Non-operating expenses +39 yen yen yen yen Depreciation and Distribution per Unit amortization -24 Interest expense, etc. Others +42 -2 10,645 11,040 +395 10,700 Asset management fees -28 yen yen yen yen -340 yen Other expenses -14 Units 503,472 503,472 503,472 Outstanding units units ■Non-operating income -61 units Total Acquisition 339,038 342,138 +3,100 Price*2 AUM ■Non-operating expenses Interest expense, etc. Others +6 342,138 +9 -2 No. of Investment properties 133 properties 136 properties +3 properties 136 properties Average Month- End Occupancy Rate 96.9 % 97.2 % +0.3 97.0 points % -0.2 points LTV (At the end of 51.2 the Period) % 51.2 % 51.2 % *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) (36th Period: September 2023 - February 2024) (37th Period: March 2024 - August 2024) Nippon Accommodations Fund Factors in Change of Distribution per Unit (36th Period Forecast vs. 35th Period Actual) +133 ▲ 136 Factors in decrease (Unit: JPY) Factors in increase +57 10,645 +341 Existing properties Actual Occupancy Rate*1 96.9% Full-year operation of 3 properties acquired in the 36th Period ▸ Seasonal factors Decrease in income Decrease in expenses 1 property sold in the 35th Period Management fees Others Absence of insurance income, etc. 11,040 JPY -122 JPY -61 JPY +446 ▸ Increase in interest expense, etc. JPY -17 Expected Occupancy Rate *1 JPY -44 97.2% 35th Period Actual results (Ended Aug. 2023) ■Factors in Change of Distribution per Unit (37th Period Forecast vs. 36th Period Forecast) Factors in increase 36th Period Forecast (Ending Feb. 2024) Factors in decrease (Unit: JPY) 11,040 ▲ 251 Existing properties Seasonal factors Increase in income Increase in expenses JPY +197 JPY -448 36th Period Forecast (Ending Feb. 2024) *1 Occupancy rate is the average month-end occupancy rate during the period. +7 Management fees A96 Others ▸ Increase in interest expense, etc. 10,700 JPY -84 Expected Occupancy Rate*1 97.0% 37th Period Forecast (Ending Aug. 2024) 20#22LTV (%) 60 Track Record of Distributions Achieved stable DPU while controlling LTV A Nippon Accommodations Fund Distribution per Unit (JPY) 12,000 2015 Public Offering 2020 Public Offering 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 51.2 50.2 11,040 (Forecast) 50 11,000 10,778 10,645 10,700 (Forecast) 10,449 10,485 10,299 10,108 10,000 Actual distribution per unit (left axis) Forecast distribution per unit (left axis) LTV (right axis) 10,042 10,080 10,035 40 9,706 40 9,000 9,179 9,161 8,428 8,497 8,130 7,984 8,036 8,000 7,688 7,000 Average Annual Growth DPU 3 years 1.8% 5 years 3.2% 10 years 5.5% 30 20 20 6,000 18th 19th 20th Period Period Period 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period Period Period 31st 32nd Period Period 33rd Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 34th Period Feb. 35th 36th Period Period Period 37th Aug. Feb. Aug. 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 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 August 31, 2023: 95.2%) Tokyo 23 Wards Over 80% (As of August 31, 2023: 86.0%) 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 Shibaura Island 300 Air Tower Okawabata Apartment Communities 200 140.0 140.0 140.0| 123.2 22.9 22.9 22.9 108.2 14.4 101.3 100 14.4 12.8 87.3 87.3 87.3 79.0 64.0 58.8 Nippon Accommodations Fund 2020 Public Offering 337.9 337.9 339.9 339.9 339.0 316.2 318.4 17.6 17.6 17.3 17.3 16.3 306.3 287.7 287.7 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 13.4 309.7 309.7 14.0 15.8 15.8 15.8 15.8 271.7 267.4 87.0 87.0 87.0 87.0 87.0 9.8 9.8 242.1 78.7 78.7 78.7 78.7 78.7 78.7 80.4 81.2 81.2 81.2 85.3 85.3 231.2 231.9 9.8 78.7 78.7 223.8 8.1 9.8 65.9 65.9 8.1 51.0 41.7 40.7 36.1 186.9 186.9 180.0 29.9 29.9 22.9 142.0 143.7 143.7 143.7 127.3 127.3 127.3 153.9 158.2 160.4 160.4 166.8 166.8 169.5 168.2 170.5 170.5 170.5 172.3 173.8 173.8 176.2 178.5 194.4 194.4 196.8 196.8 196.8 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 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 30.8 0 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 35th (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) (Aug. 23) Properties 27 30 37 44 44 44 61 63 63 63 83 87 88 90 105 108 112 112 116 116 119 118 121 121 122 124 126 126 128 129 134 134 134 134 133 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. Tokyo 23 Wards excluding Tokyo CBD 57.7% Average: 16.7 years (14.8 years excluding Okawabata) *The calculations are based on individual property age as of August 31, 2023. 2 Category Single and Compact Units: 83.4% *Calculation based on unit categories as of August 31, 2023. Large 4.1% Family 12.5% Single 41.9% Compact 41.5% 4 Unit Area 15-20 years 58.6% 80 m2 or more 4.6% Nippon Accommodations Fund Less than 5 years 2.8% 5-10 years 9.3% 10-15 years 18.5% 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 ≥70 m² ≥80 m² ≥90 m² <60 m² <70 m² <80 m² <90 m² <100 m² ≥100 m² STUDIO 1BED 2BED 3BED 4BED S 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 3.9% JPY 200,000- 300,000 19.0% 0.6% Less than JPY 100,000 22.6% וד F F F F L JPY 157 thousand per Unit Studio: 1K, studio 1 Bed: 1DK, 1LDK, 1LDK + utility room 2 Bed: 2DK, 2LDK, 2LDK + utility room 3 Bed: 3DK, 3LDK, 3LDK + utility room 4 Bed: 4DK, 4LDK, 4LDK + utility room JPY 150,000- JPY 100,000- *Calculation based on total monthly rent (rent and common area fees) per unit as of August 31, 2023. 200,000 150,000 22.8% 31.1% * The data above are calculations for rental apartments owned as of August 31, 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 39.7% Individual 60.3% 60 or older 8.8% 50-59 18.2% Under 30 21.4% 40-49 22.2% 30-39 29.4% 3 Number of Occupants 4 people 3.0% 3 people 6.1% 5 people or more 0.5% 2 people 24.4% 1 person 66.0% 4 Gender of Single Occupants Female 39.5% Male 60.5% * 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 August 31, 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 35th Period) Portfolio share 4.8% Hospitality Facilities with Stable Cash Flow Long-Term Lease Contracts 20 years or more 10-15 years 4.5% Fixed Rents Number of Properties 15 Acquisition price JPY 16.3 billion Highly Competent and Trustworthy Operators Kyoritsu Maintenance 15.8% Average remaining years 7.5 years Less than 5 years 26.6% 5-10 years 53.1% * Calculated based on acquisition price. * Calculated based on years remaining on lease contracts at each property as of August 31, 2023. Dormitories, Corporate Housing Operators J.S.B. Fixed rent ratio: 100% Senior Residence Operator Benesse Style Care Hotel Operator SHR Hotels 32#34Portfolio Map 82 Kita-ku Adachi-ku Itabashi-ku Nerima-ku 91 81 Suginami-ku Toshima-ku Arakawa-ku Katsushika-ku Taito Sumida-ku Bunkyo-ku Nakano -ku Shinjuku-ku 31.98 Chiyoda-ku 5km Imperial Palace 60 13 Koto-ku 139 Shibuya-ku Minato-ku (112 ez Chuo ku 77 78 Setagaya-ku 113 85 Meguro an -ku 36 37 45 56 57 Shinagawa -KL * * Rental Apartments Hospitality Facilities Tokyo 23 Wards: 99 Properties Greater Tokyo: 13 Properties Other Major Cities: 21 Properties NAF's portfolio consisted of 133 properties as of August 31, 2023. Circled numbers correspond to the property numbers on pages 34 to 38. Ota-ku Edogawa-ku 10km Located within a 2 km radius of Tokyo Station OAN Sta Chuo Ave. Showa Ave. circu kutoshin Hibiya Line JR Kefya Line Yurakucho Line Kyobashi JCT Yaesu Ave. Hatchobori Sta. Shintomicho Sta. Okawabata Apartment Communities Higashi-ginza Sta Harumi Avg. Tsukiji Sta 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 Route 9 Met. Expy. Strategic management maintaining competitiveness Property name River Point Tower Location Fukuzumi Access Okawabata River City 21 Completion Scale: Oedo Line Sumida River Rentable units Layout Acquisition price 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 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 2 km radius Tsukishima Sta. 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 Retail, (Units)³ Large Single Compact Family (%) etc. 1.8 1 Okawabata Apartment Communities River Point Tower Park Side Wings Pier West House Okawabata Parking 2.7 Chuo-ku, Tokyo 1989.03 2005.11 30,816 9.1 43,812.41 544 1 62 52 297 195 1 2.7 1.7 2 Park Axis Gakugei Daigaku Setagaya-ku, Tokyo 2004.10 2005.11 1,760 0.5 2,437.66 64 19 37 21 60 5.0 4 Park Axis Shibuya Jinnan Park Axis Aoyama Kotto Dori 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 16 Park Axis Tameike Sanno Shibuya-ku, Tokyo 2005.08 2005.11 3,230 1.0 2,766.62 75 51 24 4.1 |G Minato-ku, Tokyo 2005.08 2005.11 1,730 0.5 1,537.24 40 12 28 - - 4.5 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 66 34 64 20 1 4.5 Minato-ku, Tokyo 2004.12 2006.08 2,025 0.6 2,426.45 80 67 12 - 1 3.3 Bunkyo-ku, Tokyo 2005.11 2006.08 2,910 0.9 3,317.94 87 40 46 - 1 4.0 Minato-ku, Tokyo 2005.12 2006.08 2,860 0.8 2,710.69 70 30 40 - 3.5 17 Park Axis Roppongi Hinokicho Koen Minato-ku, Tokyo 2006.01 2006.08 2,170 0.6 2,054.46 46 3 37 18 Park Axis Ochanomizu Stage 19 Park Axis Okachimachi Bunkyo-ku, Tokyo 2006.02 2006.08 9,710 2.9 12,025.25 324 178 136 60 5.8 9 1 3.9 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 22 2.4 2.9 23 Park Cube Asakusa Tawaramachi Taito-ku, Tokyo 2006.01 2006.08 2,508 0.7 4,012.68 76 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 60 625 46 24 2.8 25 66 - 2.8 15 45 5.8 3.4 East 30 Park Axis Shin Itabashi Itabashi-ku, Tokyo 2007.02 2007.04 3,430 1.0 4,395.99 152 122 30 30 . West 3.3 31 Park Axis Akihabara Chiyoda-ku, Tokyo 2006.09 2007.09 1,200 0.4 1,346.07 41 18 23 - - 3.3 32 Park Axis Toyocho Koto-ku, Tokyo 2007.03 2007.09 3,950 1.2 5,412.40 140 - 140 - 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 5 - 1 4.0 Taito-ku, Tokyo 2007.07 2007.09 2,717 0.8 3,400.78 79 26 52 1 3.2 34#36Portfolio List (2/5) 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, Single Compact Family (Units)³ Large (%) etc. 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 Koto-ku, Tokyo Itabashi-ku, Tokyo Meguro-ku, Tokyo Chuo-ku, Tokyo 2006.07 2008.03 5,540 1.6 6,999.83 118 - 75 Shibuya-ku, Tokyo 2007.07 2008.03 1,975 0.6 1,929.10 38 2007.02 2008.03 1,700 0.5 1,886.39 585 1 33 2008.03 2008.03 4,170 1.2 5,317.07 166 125 40 2008.03 2008.03 910 0.3 957.88 24 13 23277 43 4.2 36 - 1 5.8 - 5.1 - - 1 2.9 - - - 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 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 12 - 4.2 Toshima-ku, Tokyo 2009.11 2011.03 1,389 0.4 1,979.51 40 3 36 - 1 2.5 75 Shibaura Island Air Tower Air Tower Air Terrace Itabashi-ku, Tokyo Minato-ku, Tokyo 2010.01 2011.03 1,859 0.5 3,661.58 99 44 55 - 3.1 2007.03 2011.04 7,905 2.3 17,646.33 272 47 103 68 63 54 1.9 57 2 7.5 84 Park Cube Higashi Shinagawa Shinagawa-ku, Tokyo 2007.02 2011.08 6,060 1.8 10,636.67 201 137 23 23 41 3.5 86 Park Cube Sasazuka 88 Park Axis Higashi Jujo Shibuya-ku, Tokyo Kita-ku, Tokyo 2009.08 2011.09 2,200 0.6 2,416.00 93 2007.02 2012.01 1,700 0.5 2,893.54 71 22 75 16 - 1 1 3.4 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 - 33 - 2.8 Meguro-ku, Tokyo 2008.02 2012.12 9,000 2.7 12,367.62 194 43 64 10 76 1 2.2 Chuo-ku, Tokyo 2005.05 2013.03 2,711 0.8 4,235.33 77 55 22 4.4 35#37Portfolio List (3/5) Nippon Accommodations Fund No. Property Name Location Completion Acquisition Date¹ Date¹ Acquisition Price Portfolio Share (JPY mn)² (%) Rentable Area (m²) Rentable Units (Units)³ PML Single Compact Family Large Retail, 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 - 77 3.0 Chuo-ku, Tokyo 2006.03 2013.03 1,105 0.3 1,695.06 28 - 18 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 2012.01 2013.03 1,439 0.4 2,326.32 56 14 42 Taito-ku, Tokyo 2012.01 2013.03 1,389 0.4 1,992.29 59 31 28 ידידי 3.9 - 3.3 Taito-ku, Tokyo 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 Sumida-ku, Tokyo 2012.06 2013.04 1,369 0.4 2,085.62 60 32 28 - 7.5 105 Park Cube Kasuga Andozaka 106 Park Cube Kameido Bunkyo-ku, Tokyo 2005.10 2013.06 2,670 0.8 3,581.09 68 13 29 26 2.7 Koto-ku, Tokyo 2007.08 2013.07 3,020 0.9 4,442.09 122 88 33 - 108 Park Axis Shin Okachimachi East Taito-ku, Tokyo 2012.09 2013.09 1,299 0.4 1,847.01 49 23 26 ידידי 1 5.5 - - 3.0 110 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 Akatsuka 5 133 Park Cube Oimachi Residence 134 Park Axis Toyocho Shinsui Koen 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 2.6 8,389.91 165 Minato-ku, Tokyo 2012.10 2014.04 1,045 0.3 1,273.60 42 735 74 21 44 26 2.4 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 Suginami-ku, Tokyo 2015.02 2017.04 2,300 0.7 2,679.96 85 35 30 15 55 30 BG - - 4.0 - - - 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 24 21 6.7 Itabashi-ku, Tokyo Shinagawa-ku, Tokyo Koto-ku, Tokyo 2018.09 2020.03 2,420 0.7 2,403.67 88 73 13 - 2 3.2 2018.01 2020.07 5,807 1.7 4,271.17 171 131 39 - 1 4.0 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 Acquisition Price Portfolio Share. Date¹ Date¹ (JPY mn)² Rentable Area (%) (m²) Rentable Units (Units)³ PML Single Compact Family Large Retail, etc. (%) 137 Park Axis Kikukawa Station Gate 138 Park Axis Kiba Canal West 139 Park Axis Kiba Canal East 140 Park Axis Kikukawa Sumida-ku, Tokyo Koto-ku, Tokyo Koto-ku, Tokyo 2013.03 2021.06 3,200 0.9 3,411.32 107 69 38 - 5.7 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 50 13 - 1 7.0 Sumida-ku, Tokyo 2014.06 2022.04 2,410 0.7 2,595.60 81 45 36 4.9 Tokyo 23 Wards Total 285,660 84.3 402,387.80 9,112 3,484 2 3,905 1,218 473 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 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 6.3 Chuo-ku, Chiba-shi, Chiba 2008.05 2011.03 1,679 0.5 3,318.15 84 66 11 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 2011.09 2,250 0.7 3,057.36 136 136 - - - 3.3 102 Park Axis Yokohama Tanmachi Koen 109 Park Axis Yokohama Yamashitacho 135 Park Axis Ofuna Kanagawa-ku, Yokohama-shi, Kanagawa 2012.06 Naka-ku, Yokohama-shi, Kanagawa 2012.10 2013.09 Sakae-ku, Yokohama-shi, Kanagawa 2010.01 2013.03 1,119 0.3 1,682.46 63 45 18 - - 4.1 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 4.3 27,628.81 830 614 114 91 11 58 Park Axis Sapporo Shokubutsuen Mae 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 Other Major Cities Total Rental Apartments Total Nakamura-ku, Nagoya-shi, Aichi 2006.02 Naka-ku, Nagoya-shi, Aichi 2006.11 Chuo-ku, Fukuoka-shi, Fukuoka 2007.03 2007.09 Hakata-ku, Fukuoka-shi, Fukuoka 2007.03 Hakata-ku, Fukuoka-shi, Fukuoka 2007.08 Higashi-ku, Nagoya-shi, Aichi 2008.02 Wakabayashi-ku, Sendai-shi, Miyagi 2008.03 Hakata-ku, Fukuoka-shi, Fukuoka 2008.12 Minami-ku, Fukuoka-shi, Fukuoka 2009.03 Chuo-ku, Sapporo-shi, Hokkaido 2008.02 Atsubetsu-ku, Sapporo-shi, Hokkaido 2008.03 Nishi-ku, Osaka-shi, Osaka 2010.01 Chuo-ku, Osaka-shi, Osaka Naka-ku, Nagoya-shi, Aichi 2006.08 2,440 0.7 5,565.13 169 114 46 9 - 3.7 2007.09 1,920 0.6 3,821.75 99 56 42 - 1 2.9 1,515 0.4 3,473.67 112 55 56 - 1 2.5 2007.09 1,890 0.6 4,668.29 177 176 - - - 1 3.0 2009.11 742 0.2 2,707.88 112 112 - - 2.9 2009.11 1,547 0.5 4,735.89 86 6 45 2009.11 2,320 0.7 8,843.17 204 - 175 55 35 3.0 28 1 2.8 2009.11 960 0.3 3,461.85 112 34 78 - 2.7 2009.11 605 0.2 2,289.21 70 16 54 5.1 2009.12 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 2011.03 2007.01 2013.07 2,399 0.7 4,952.45 133 92 41 - - 8.6 1,970 0.6 4,683.33 138 97 41 - 5.7 2006.02 2018.09 1,770 0.5 4,795.13 63 63 4.4 22,555 322,641 6.7 95.2 65,571.81 1,706 758 795 148 1 4 495,588.42 11,648 4,856 4,814 1,457 474 47 37#39Portfolio List (5/5) Nippon Accommodations Fund No. Property Name Location Completion Acquisition Acquisition Price Portfolio Share Rentable Area Date¹ Date¹ (JPY mn)² Rentable Units PML (%) (m²) (Units)³ Single Compact Family Large Retail, etc. (%) 77 Dormy Kyoto Nijyo 78 Sundai Horikawa Ryo 80 Rikkyo University International Dormitory (RUID) Shiki 81 Dormy Naka Itabashi 82 Philosophia Nishidai 83 Dormy Musashi Kosugi 89 Artis Sendai Kakyoin 90 Artis Sendai Kimachi Dori 118 Medical Home Granda Sangen Jaya (Land with leasehold interest) Setagaya-ku, Tokyo 119 Dormy Nishi Ogikubo Suginami-ku, Tokyo Nakagyo-ku, Kyoto-shi, Kyoto 2004.03 2011.03 991 0.3 3,492.88 134 - 12.9 Kamigyo-ku, Kyoto-shi, Kyoto 2005.02 2011.03 916 0.3 2,793.71 113 8.8 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 Aoba-ku, Sendai-shi, Miyagi Nakahara-ku, Kawasaki-shi, Kanagawa 2010.03 2011.03 Aoba-ku, Sendai-shi, Miyagi 2008.12 2012.03 2010.03 1,152 0.3 3,017.34 112 - - - 7.3 540 0.2 2,234.24 60 - - 3.0 2012.03 1,160 0.3 4,864.04 142 - 2.7 2015.03 735 0.2 - - 123 Granda Kanazawa Hakkei Kanazawa-ku, Yokohama-shi, Kanagawa 124 Dormy Kamisugi 128 Dormy Odawara 131 Chisun Hotel Hiroshima 136 Campus terrace Waseda 1992.03 2016.03 2012.06 2017.06 Aoba-ku, Sendai-shi, Miyagi 1997.03 2017.06 Miyagino-ku, Sendai-shi, Miyagi 1998.02 2019.01 Naka-ku, Hiroshima-shi, Hiroshima 1986.11 2019.05 Bunkyo-ku, Tokyo 1,100 0.3 1,616.52 71 - - - 8.8 774 0.2 1,826.29 58 9.6 1,050 0.3 3,151.56 124 - 4.6 521 0.2 2,452.14 78 I 0.2 1,880 0.6 4,275.59 170 - - - - 6.4 2020.01 2021.04 1,810 0.5 1,747.51 82 3.5 Hospitality Facilities Total 16,397 4.8 39,942.13 1,498 - - Grand Total 339,038 100.0 535,530.55 13,146 4,856 4,814 1,457 474 47 2.5 * As of August 31, 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 August 31, 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, 132 properties excluding Medical Home Granda Sangen Jaya (Land with leasehold interest). (Portfolio PML) 38#40Appraisal Value Value (1/5) Nippon Accommodations Fund 34th Period 35th Period Change from Previous Period No. Property Name 1 Okawabata Apartment Communities Acquisition Price (JPY mn) Appraisal Book Value (JPY mn) Appraisal Value (JPY mn) Appraisal Book Value Appraisal Value Appraisal Profit/Loss Appraisal Profit/Loss Appraisal Appraisal Profit/Loss Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 30,816 32,113 33,600 3.4% 1,486 31,999 34,300 3.3% 2,300 ▲ 0.1% 813 2 Park Axis Gakugei Daigaku 1,760 1,458 2,430 3.3% 971 1,480 2,510 3.2% 1,029 ▲ 0.1% 57 4 Park Axis Shibuya Jinnan 3,230 2,837 3,980 3.2% 1,142 2,832 4,120 3.1% 1,287 ▲ 0.1% 144 5 Park Axis Aoyama Kotto Dori 1,730 1,518 2,250 3.2% 731 1,517 2,300 3.1% 782 ▲ 0.1% 50 6 Park Axis Kagurazaka Stage 1,400 1,203 1,960 3.5% 756 1,238 2,020 3.4% 781 ▲ 0.1% 24 7 Park Axis Shirokanedai 5,140 4,541 6,980 3.3% 2,438 4,545 7,160 3.2% 2,614 ▲ 0.1% 175 8 Park Axis Bunkyo Stage 4,440 3,855 6,460 3.5% 2,604 3,844 6,710 3.4% 2,865 ▲ 0.1% 261 9 Park Axis Tsukishima 10 Park Axis Otsuka 930 781 1,470 3.4% 688 778 1,510 3.3% 731 ▲ 0.1% 43 1,655 1,406 2,320 3.6% 913 1,401 2,430 3.5% 1,028 ▲ 0.1% 114 11 Park Axis Minami Azabu 3,939 3,578 4,800 3.4% 1,221 3,570 4,910 3.3% 1,339 ▲ 0.1% 118 13 Park Axis Nihonbashi Stage 7,557 6,432 11,000 3.3% 4,567 6,414 11,500 3.2% 5,085 ▲ 0.1% 517 14 Park Axis Hamamatsucho 2,025 1,808 2,810 3.4% 1,001 1,809 2,890 3.3% 1,080 ▲ 0.1% 79 15 Park Axis Hongo no Mori 2,910 2,460 4,410 3.3% 1,949 2,452 4,530 3.2% 2,077 ▲ 0.1% 128 16 Park Axis Tameike Sanno 2,860 2,462 3,800 3.3% 1,337 2,454 3,900 3.2% 1,445 ▲ 0.1% 107 17 Park Axis Roppongi Hinokicho Koen 2,170 1,968 2,740 3.2% 771 1,962 2,830 3.1% 867 ▲ 0.1% 95 18 Park Axis Ochanomizu Stage 9,710 8,421 14,900 3.3% 6,478 8,413 15,200 3.2% 6,786 ▲ 0.1% 308 19 Park Axis Okachimachi 1,070 908 1,570 3.4% 661 904 1,610 3.3% 705 0.1% 44 20 Park Cube Hongo 1,760 1,631 2,760 3.3% 1,128 1,626 2,830 3.2% 1,203 ▲ 0.1% 74 21 Park Cube Kanda 2,454 2,230 3,790 3.3% 1,559 2,225 3,890 3.2% 1,664 ▲ 0.1% 105 22 Park Cube Ichigaya 1,949 1,826 2,860 3.3% 1,033 1,823 2,940 3.2% 1,116 ▲ 0.1% 83 23 Park Cube Asakusa Tawaramachi 2,508 2,184 3,840 3.4% 1,655 2,175 3,990 3.3% 1,814 ▲ 0.1% 158 24 Park Cube Ueno 2,233 1,996 3,040 3.4% 1,043 1,996 3,120 3.3% 1,123 ▲ 0.1% 80 29 Park Axis Meguro Honcho 1,810 1,601 2,050 3.5% 448 1,597 2,110 3.4% 512 ▲ 0.1% 64 30 Park Axis Shin Itabashi 3,430 2,829 3,530 3.7% 700 2,815 3,660 3.6% 844 ▲ 0.1% 143 31 Park Axis Akihabara 1,200 1,037 1,520 3.5% 482 1,031 1,570 3.4% 538 ▲ 0.1% 55 32 Park Axis Toyocho 3,950 3,308 4,700 3.8% 1,391 3,287 4,810 3.7% 1,522 ▲ 0.1% 131 33 Park Axis Takinogawa 1,820 1,566 2,620 3.5% 1,053 1,561 2,720 3.4% 1,158 ▲ 0.1% 105 34 Park Axis Asakusabashi 2,717 2,328 4,150 3.5% 1,821 2,316 4,190 3.5% 1,873 51 38 Park Axis Nihonbashi Hamacho 5,540 4,734 7,460 3.4% 2,725 4,715 7,640 3.3% 2,924 ▲ 0.1% 198 39 Park Cube Yoyogi Tomigaya 1,975 1,736 2,290 3.4% 553 1,727 2,380 3.3% 652 ▲ 0.1% 98 39#41Appraisal Value Value (2/5) Nippon Accommodations Fund 34th Period No. Property Name Acquisition Price (JPY mn) Appraisal Book Value Appraisal Value Appraisal Book Value 35th Period Appraisal Value Appraisal Profit/Loss Appraisal Profit/Loss Change from Previous Period Appraisal Appraisal Profit/Loss (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 41 Park Axis Monzen Nakacho 1,700 1,454 2,080 3.6% 625 1,452 2,140 3.5% 687 ▲ 0.1% 62 42 Park Cube Itabashi Honcho 4,170 3,621 4,840 3.4% 1,218 3,605 4,980 3.3% 1,374 ▲ 0.1% 156 43 Park Cube Gakugei Daigaku 910 816 976 3.3% 159 813 1,040 3.2% 226 ▲ 0.1% 67 44 Park Cube Oimachi 1,440 1,258 1,760 3.6% 501 1,250 1,810 3.5% 559 ▲ 0.1% 57 46 Park Axis Nishigahara 840 748 1,200 3.9% 451 742 1,220 3.8% 477 ▲ 0.1% 25 47 Park Axis Kinshicho 1,448 1,270 2,420 3.5% 1,149 1,263 2,490 3.4% 1,226 ▲ 0.1% 77 48 Park Axis Tatsumi Stage 7,464 6,387 12,800 3.9% 6,412 6,346 13,100 3.8% 6,753 ▲ 0.1% 341 51 Park Axis Kameido 2,359 2,009 3,350 3.9% 1,340 1,995 3,470 3.8% 1,474 ▲ 0.1% 133 52 Park Axis Honancho 745 659 1,070 3.7% 410 653 1,100 3.6% 446 ▲ 0.1% 35 53 Park Axis Itabashi 1,448 1,218 2,380 3.5% 1,161 1,209 2,440 3.4% 1,230 ▲ 0.1% 69 54 Park Axis Oshiage 1,193 1,010 1,840 3.9% 829 1,003 1,890 3.8% 886 ▲ 0.1% 57 55 Park Axis Takadanobaba 1,222 1,142 1,780 3.4% 637 1,136 1,850 3.3% 713 ▲ 0.1% 75 59 Park Axis Toyosu 14,300 11,704 23,300 3.7% 11,595 11,621 24,100 3.6% 12,478 ▲ 0.1% 882 60 Park Axis Hatchobori 1,760 1,537 2,820 3.6% 1,282 1,528 2,890 3.5% 1,361 ▲ 0.1% 79 61 Park Axis Itabashi Honcho 987 789 1,420 3.8% 630 784 1,460 3.7% 675 ▲ 0.1% 44 62 Park Axis Sumiyoshi 1,006 824 1,400 4.0% 575 816 1,450 3.9% 633 ▲ 0.1% 57 63 Park Cube Yotsuya Sanchome 2,749 2,406 4,280 3.4% 1,873 2,440 4,410 3.3% 1,969 0.1% 95 64 Park Cube Hatchobori 4,200 3,858 6,450 3.5% 2,591 3,934 6,570 3.4% 2,635 ▲ 0.1% 43 68 Park Axis Kamata Ichibankan 1,069 951 1,460 3.7% 508 945 1,500 3.6% 554 ▲ 0.1% 46 70 Park Axis Taito Negishi 672 564 1,060 3.9% 495 601 1,080 3.8% 478 ▲ 0.1% ▲ 17 72 Park Axis Komagome 1,389 1,215 2,190 3.6% 974 1,208 2,270 3.5% 1,061 ▲ 0.1% 87 74 Park Axis Itabashi Honcho Nibankan 1,859 1,502 2,740 3.8% 1,237 1,489 2,820 3.7% 1,330 ▲ 0.1% 93 75 Shibaura Island Air Tower¹ 7,905 6,331 11,300 4,968 6,331 11,300 4,968 0 84 Park Cube Higashi Shinagawa 6,060 5,337 8,560 3.8% 3,222 5,308 8,730 3.7% 3,421 ▲ 0.1% 199 86 Park Cube Sasazuka 2,200 2,026 2,990 3.4% 963 2,017 3,050 3.3% 1,032 ▲ 0.1% 69 88 Park Axis Higashi Jujo 1,700 1,595 2,600 3.5% 1,004 1,585 2,670 3.4% 1,084 ▲ 0.1% 79 91 Park Cube Heiwadai 1,204 1,085 1,670 3.9% 584 1,089 1,710 3.8% 620 ▲ 0.1% 35 92 Park Cube Meguro Tower 9,000 8,527 15,200 3.4% 6,672 8,481 15,600 3.3% 7,118 ▲ 0.1% 446 93 Park Cube Nihonbashi Suitengu 2,711 2,524 4,380 3.4% 1,855 2,515 4,520 3.3% 2,004 ▲ 0.1% 148 94 Park Cube Ginza East 2,269 2,101 3,330 3.4% 1,228 2,099 3,430 3.3% 1,330 ▲ 0.1% 101 40#42Appraisal Value Value (3/5) Nippon Accommodations Fund 34th Period No. Property Name Acquisition Price Appraisal Book Value Appraisal Value Appraisal Book Value 35th Period Appraisal Value Change from Previous Period Appraisal Appraisal Appraisal Appraisal Profit/Loss Profit/Loss Profit/Loss (JPY mn) (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 95 Park Cube Kayabacho 1,105 1,064 1,810 3.4% 745 1,062 1,880 3.3% 817 ▲ 0.1% 71 96 Park Cube Honjo Azumabashi 1,252 1,172 2,080 3.5% 907 1,168 2,140 3.4% 971 ▲0.1% 64 97 Park Axis Kiyosumi Shirakawa 696 652 1,040 3.5% 387 650 1,060 3.4% 409 ▲0.1% 22 98 Park Axis Asakusabashi Nichome 1,079 950 1,570 3.7% 619 942 1,580 3.6% 637 ▲0.1% 17 99 Park Axis Nishi Sugamo 1,439 1,303 2,120 3.7% 816 1,294 2.170 3.6% 875 ▲0.1% 59 100 Park Axis Ueno 1,389 1,236 2,050 3.7% 813 1,227 2,080 3.6% 852 0.1% 38 101 Park Axis Akihabara East 1,369 1,222 1,880 3.7% 657 1,213 1,890 3.6% 676 ▲ 0.1% 18 103 Park Axis Kayabacho 1,809 1,594 2,570 3.6% 975 1,581 2,610 3.5% 1,028 ▲ 0.1% 52 104 Park Axis Kinshicho Shinsui Koen 1,369 1,223 1,900 3.8% 676 1,214 1,930 3.7% 715 ▲ 0.1% 39 105 Park Cube Kasuga Andozaka 2,670 2,501 4,050 3.4% 1,548 2,504 4,200 3.3% 1,695 ▲ 0.1% 146 106 Park Cube Kameido 3,020 2,792 4,120 3.5% 1,327 2,778 4,260 3.4% 1,481 ▲ 0.1% 154 108 Park Axis Shin Okachimachi East 1,299 1,205 1,810 3.7% 604 1,200 1,850 3.6% 649 ▲ 0.1% 45 110 Park Axis Nihonbashi Honcho 1,469 1,368 2,320 3.4% 951 1,360. 2,440 3.3% 1,079 ▲ 0.1% 127 111 Park Cube Nishigahara Stage³ 4,110 3,536 5,300 1,763 3,493 5,330 1,836 ▲ 0.1% 72 112 Park Cube Atagoyama Tower 113 Park Axis Shibaura 8,650 8,374 12,300 3.0% 3,925 8,343 12,300 3.0% 3,956 30 1,045 999 1,510 3.5% 510 994 1,550 3.4% 555 ▲ 0.1% 45 114 Park Axis Asakusa Kuramae 1,095 1,039 1,570 3.4% 530 1,034 1,570 3.4% 535 5 115 Park Axis Kamata Station Gate 4,144 3,992 5,630 3.5% 1,637 3,974 5,750 3.4% 1,775 A0.1% 138 116 Park Axis Kinshicho Residence 1,251 1,189 1,710 3.4% 520 1,182 1,760 3.3% 577 ▲ 0.1% 56 117 Park Axis Oshiage Sumida Koen 1,055 996 1,520 3.6% 523 990 1,550 3.5% 559 ▲ 0.1% 36 120 Park Axis Magome Residence 1,450 1,414 1,830 3.3% 415 1,408 1,830 3.3% 421 6 121 Park Axis Higashi Ueno 1,250 1,213 1,680 3.2% 466 1,206 1,680 3.2% 473 6 122 Park Axis Higashi Koenji 2,300 2,235 2,750 3.6% 514 2,221 2,810 3.5% 588 ▲ 0.1% 74 125 Park Cube Shin Itabashi 1,700 1,688 2,080 3.6% 391 1,679 2,140 3.5% 460 ▲ 0.1% 69 126 Park Cube Nishi Shinjuku 2,400 2,404 2,820 3.5% 415 2,397 2,900 3.4% 502 ▲ 0.1% 87 129 Park Axis Oshiage Terrace 2,610 2,613 3,120 3.4% 506 2,601 3,200 3.3% 598 ▲ 0.1% 92 130 Park Axis Ikegami 1,260 1,262 1,570 3.3% 307 1,256 1,570 3.3% 313 5 132 Park Axis Akatsuka² 2,420 2,453 2,680 3.7% 226 2,441 2,720 3.6% 278 ▲ 0.1% 51 133 Park Cube Oimachi Residence 5,807 5,944 6,830 3.3% 885 5,921 7,030 3.2% 1,108 ▲ 0.1% 222 134 Park Axis Toyocho Shinsui Koen 6,380 6,539 7,950 3.3% 1,410 6,508 8,000 3.3% 1,491 80 137 Park Axis Kikukawa Station Gate 3,200 3,272 3,700 3.5% 427 3,254 3,700 3.5% 445 17 138 Park Axis Kiba Canal West 4,660 4,783 5,270 3.5% 486 4,762 5,400 3.4% 637 ▲ 0.1% 150 139 Park Axis Kiba Canal East 1,830 1,885 2,080 3.5% 194 1,876 2,130 3.4% 253 ▲ 0.1% 58 140 Park Axis Kikukawa 2,410 2,485 2,820 3.5% 334 2,472 2,900 3.4% 427 ▲ 0.1% 92 41#43Appraisal Value (4/5) Nippon Accommodations Fund 34th Period 35th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Appraisal Book Value (JPY mn) (JPY mn) Appraisal Value (JPY mn) Appraisal Book Value Appraisal Value Appraisal Appraisal Profit/Loss Profit/Loss Profit/Loss Cap Rate (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate (JPY mn) 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 1,130 934 1,570 4.1% 635 927 1,580 4.0% 652 ▲0.1% 16 1,020 786 1,180 4.2% 393 777 1,210 4.1% 432 ▲0.1% 39 1,419 1,157 1,900 4.1% 742 1,146 1,920 4.0% 773 ▲ 0.1% 31 1,679 1,340 2,220 4.3% 879 1,327 2,270 4.2% 942 ▲0.1% 63 970 752 1,220 4.4% 467 745 1,250 4.3% 504 0.1% 37 85 Park Cube Kita Matsudo 1,200 990 1,590 4.4% 599 980 1,630 4.3% 649 ▲ 0.1% 50 87 Park Cube Musashi Kosugi 2,250 1,912 3,240 3.8% 1,327 1,899 3,310 3.7% 1,410 ▲ 0.1% 83 102 Park Axis Yokohama Tanmachi Koen 1,119 982 1,570 4.0% 587 973 1,600 3.9% 626 ▲ 0.1% 38 109 Park Axis Yokohama Yamashitacho 1,539 1,388 2,090 3.9% 701 1,379 2,140 3.8% 760 ▲ 0.1% 59 135 Park Axis Ofuna 2,100 2,159 2,540 4.6% 380 2,151 2,630 4.5% 478 ▲ 0.1% 98 27 Park Axis Meieki Minami 2,440 1,876 2,610 4.3% 733 1,868 2,610 4.2% 741 ▲ 0.1% 8 35 Park Axis Marunouchi 1,920 1,510 1,790 4.2% 279 1,499 1,810 4.1% 310 ▲ 0.1% 31 36 Park Axis Ropponmatsu 1,515 1,201 1,580 3.9% 378 1,192 1,580 3.8% 387 ▲ 0.1% 8 37 Park Axis Hakataeki Minami 1,890 1,465 1,980 4.0% 514 1,453 1,980 3.9% 526 ▲ 0.1% 11 45 Park Axis Naka Gofukumachi 742 593 1,120 4.0% 526 586 1,120 3.9% 533 ▲ 0.1% 7 49 Park Axis Shirakabe 1,547 1,259 2,000 4.3% 740 1,247 2,000 4.2% 752 ▲ 0.1% 12 50 Park Axis Sendai 2,320 1,853 3,520 4.7% 1,666 1,833 3,550 4.6% 1,716 ▲ 0.1% 49 56 Park Axis Hakata Minoshima 960 702 1,230 4.5% 527 691 1,240 4.4% 548 ▲ 0.1% 20 57 Park Axis Takamiya Higashi 605 398 765 4.5% 366 390 770 4.4% 379 ▲ 0.1% 13 58 Park Axis Sapporo Shokubutsuen Mae 1,650 1,184 2,190 4.6% 1,005 1,288 2,220 4.5% 931 ▲ 0.1% ▲ 74 65 Park Axis Shin Sapporo 827 600 1,080 4.8% 479 591 1,100 4.7% 508 ▲ 0.1% 28 73 Park Axis Utsubo Koen 2,399 1,959 2,900 4.2% 940 1,942 2,970 4.1% 1,027 ▲ 0.1% 87 107 Park Cube Kitahama 1,970 1,747 2,320 4.2% 572 1,747 2,370 4.1% 622 ▲ 0.1% 50 127 Park Axis Kanayama WEST 1,770 1,803 2,100 4.1% 296 1,798 2,150 4.0% 351 ▲ 0.1% 54 77 Dormy Kyoto Nijyo 991 786 1,470 4.5% 683 777 1,470 4.5% 692 8 78 Sundai Horikawa Ryo 916 798 1,390 4.5% 591 793 1,390 4.5% 596 5 80 Rikkyo University International Dormitory (RUID) Shiki 1,478 1,318 2,070 4.8% 751 1,308 2,070 4.8% 761 10 81 Dormy Naka Itabashi 1,041 922 1,540 4.2% 617 914 1,540 4.2% 625 7 82 Philosophia Nishidai 1,249 1,083 1,790 4.3% 706 1,073 1,790 4.3% 716 9 42#44Appraisal Value (5/5) Nippon Accommodations Fund 34th Period 35th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Appraisal Book Value (JPY mn) (JPY mn) Appraisal Value (JPY mn) Appraisal Book Value Appraisal Value Appraisal Appraisal Profit/Loss Profit/Loss Profit/Loss Cap Rate (JPY mn) (JPY mn) (JPY mn) Cap Rate (JPY mn) Cap Rate (JPY mn) 83 Dormy Musashi Kosugi 1,152 1,008 1,680 4.5% 671 998 1,670 4.5% 671 0 89 Artis Sendai Kakyoin 540 458 732 5.0% 273 453 745 4.9% 291 ▲ 0.1% 18 90 Artis Sendai Kimachi Dori 1,160 992 1,600 5.0% 607 978 1,620 4.9% 641 ▲ 0.1% 33 118 Medical Home Granda Sangen Jaya (Land with leasehold interest) 735 770 899 3.7% 128 770 900 3.7% 129 1 119 Dormy Nishi Ogikubo 1,100 1,156 1,250 4.2% 93 1,152 1,280 4.1% 127 ▲ 0.1% 33 123 Granda Kanazawa Hakkei 774 751 882 4.3% 130 746 903 4.2% 156 ▲ 0.1% 26 124 Dormy Kamisugi 1,050 1,183 1,210 4.9% 26 1,180 1,210 4.9% 29 2 128 Dormy Odawara 131 Chisun Hotel Hiroshima 136 Campus terrace Waseda 521 570 596 5.1% 25 585 603 5.0% 17 ▲ 0.1% A7 1,880 1,983 1,850 5.0% ▲ 133 1,999 1,840 5.0% ▲ 159 A26 1,810 1,857 2,010 3.8% 152 Subtotal 339,038 308,073 459,050 150,976 1,850 307,043 2,010 3.8% 159 7 469,331 162,287 11,310 Property sold in the 35th Period 76 Dormy Ashiya Subtotal 928 761 1,360 4.8% 928 761 1,360 598 598 ▲ 598 ▲ 598 Total 339,966 308,835 460,410 151,574 307,043 469,331 162,287 10,712 Appraisal value and book value are as of the end of each period (34th Period: February 28, 2023; 35th Period: August 31, 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 4.0% for the 34th period and 3.9% for the 35th 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 Decrease Total 112 properties 19 properties 2 properties 133 properties 43#45No. Occupancy Rates (1/5) Nippon Accommodations Fund 35th Period Property Name Rentable Units (Units) Rentable 2023 2023 2023 2023 2023 2023 2023 2023 34th Period 2022 2022 2022 2022 Area (m) Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Occupancy Rate 1 Okaw abata Apartment Communities 544 43,812.41 94.1% 94.8% 95.4% 95.3% 95.4% 95.9% 96.0% 95.5% 95.6% 95.4% 95.1% 94.2% 2 Park Axis Gakugei Daigaku 64 2,437.66 98.8% 98.8% 100.0% 97.1% 96.4% 96.4% 98.1% 98.1% 100.0% 98.8% 98.8% 96.3% 4 Park Axis Shibuya Jinnan 75 2,766.62 93.9% 98.8% 100.0% 98.8% 100.0% 96.3% 94.9% 95.0% 92.5% 92.5% 94.0% 95.2% 5 Park Axis Aoyama Kotto Dori 40 1,537.24 100.0% 98.3% 95.9% 87.8% 87.8% 94.4% 95.8% 91.3% 98.3% 96.5% 96.5% 96.5% 6 Park Axis Kagurazaka Stage 59 1,891.05 94.3% 92.0% 100.0% 98.4% 96.3% 100.0% 92.8% 93.5% 94.9% 97.6% 95.9% 100.0% 7 Park Axis Shirokanedai 99 4,704.44 97.3% 100.0% 99.4% 100.0% 97.4% 99.4% 100.0% 100.0% 100.0% 98.6% 98.7% 99.1% 8 Park Axis Bunkyo Stage 9 Park Axis Tsukishima 10 Park Axis Otsuka 154 6,078.93 98.0% 98.9% 96.5% 95.5% 94.0% 95.4% 97.8% 94.7% 97.4% 98.3% 95.3% 97.7% 30 1,383.99 96.4% 100.0% 100.0% 100.0% 100.0% 96.8% 100.0% 97.1% 97.1% 100.0% 96.4% 96.4% 52 2,606.37 98.0% 100.0% 95.7% 98.0% 96.0% 95.7% 97.7% 96.0% 92.9% 93.4% 95.7% 95.2% 11 Park Axis Minami Azabu 64 3,938.14 96.5% 100.0% 98.2% 97.5% 94.2% 94.0% 93.3% 96.9% 100.0% 100.0% 98.5% 98.5% 13 Park Axis Nihonbashi Stage 185 10,025.40 98.1% 97.2% 97.8% 97.8% 98.4% 97.9% 95.5% 97.4% 97.8% 96.5% 95.7% 96.3% 14 Park Axis Hamamatsucho 80 2,426.45 95.0% 94.3% 93.7% 95.5% 96.8% 97.2% 97.1% 97.1% 96.5% 92.2% 90.5% 95.9% 15 Park Axis Hongo no Mori 87 3,317.94 98.7% 97.2% 95.8% 94.9% 98.6% 96.9% 97.7% 96.1% 96.7% 97.0% 96.9% 97.5% 16 Park Axis Tameike Sanno 70 2,710.69 94.9% 98.5% 96.7% 95.8% 94.7% 95.9% 94.8% 95.8% 97.3% 98.4% 98.2% 100.0% 17 Park Axis Roppongi Hinokicho Koen 46 2,054.46 92.1% 97.9% 97.9% 96.2% 94.4% 97.9% 100.0% 93.4% 95.3% 98.1% 96.6% 98.5% 18 Park Axis Ochanomizu Stage 324 12,025.25 96.4% 96.8% 97.4% 96.9% 97.4% 98.4% 99.1% 98.3% 98.3% 97.3% 95.0% 95.3% 19 Park Axis Okachimachi 42 1,621.73 96.2% 98.5% 100.0% 95.8% 95.8% 100.0% 100.0% 100.0% 100.0% 100.0% 97.7% 100.0% 20 Park Cube Hongo 60 2,160.12 98.4% 96.6% 95.0% 93.4% 95.0% 95.0% 100.0% 98.3% 98.3% 98.3% 96.8% 96.8% 21 Park Cube Kanda 95 3,194.59 95.6% 95.3% 97.0% 99.0% 98.0% 100.0% 98.3% 96.2% 95.0% 95.2% 97.3% 97.3% 22 Park Cube Ichigaya 53 2,288.46 96.4% 98.7% 100.0% 98.6% 96.3% 97.7% 100.0% 98.6% 100.0% 97.7% 100.0% 100.0% 23 Park Cube Asakusa Taw aramachi 76 4,012.68 96.1% 97.1% 97.3% 94.4% 92.1% 98.6% 97.9% 95.1% 94.2% 99.3% 100.0% 98.4% 24 Park Cube Ueno 91 3,041.61 98.9% 96.6% 98.8% 97.8% 96.0% 94.7% 97.7% 98.9% 98.8% 98.8% 97.7% 94.5% 29 Park Axis Meguro Honcho 60 1,884.77 100.0% 100.0% 98.6% 98.3% 96.5% 96.5% 98.3% 100.0% 100.0% 98.2% 100.0% 95.1% 30 Park Axis Shin Itabashi 152 4,395.99 98.7% 97.8% 95.1% 97.3% 96.7% 98.9% 98.4% 96.8% 97.4% 95.9% 94.2% 96.4% 31 Park Axis Akihabara 41 1,346.07 88.1% 97.1% 100.0% 98.2% 98.2% 98.2% 100.0% 98.2% 100.0% 100.0% 95.3% 93.0% 32 Park Axis Toyocho 140 5,412.40 97.1% 98.6% 97.9% 95.7% 95.7% 97.2% 96.4% 96.4% 97.9% 99.3% 97.1% 97.1% 33 Park Axis Takinogaw a 49 2,924.75 96.3% 98.2% 98.1% 95.2% 98.1% 98.3% 96.4% 98.3% 94.7% 98.1% 96.4% 94.7% 34 Park Axis Asakusabashi 79 3,400.78 95.4% 97.0% 94.7% 95.3% 97.7% 97.0% 97.7% 97.7% 99.3% 100.0% 98.6% 94.0% 38 Park Axis Nihonbashi Hamacho 118 6,999.83 97.0% 99.2% 98.5% 98.3% 98.3% 98.6% 98.6% 97.8% 97.1% 96.5% 96.3% 97.0% 39 Park Cube Yoyogi Tomigaya 38 1,929.10 97.5% 97.5% 97.1% 100.0% 100.0% 100.0% 100.0% 100.0% 97.8% 97.1% 97.5% 97.5% 41 Park Axis Monzen Nakacho 55 1,886.39 96.0% 97.5% 97.5% 98.6% 97.5% 98.6% 100.0% 98.6% 97.2% 92.3% 92.1% 96.1% 44#46No. Occupancy Rates (2/5) Nippon Accommodations Fund 35th Period 34th Period Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Occupancy Rate 42 Park Cube Itabashi Honcho 166 5,317.07 94.9% 93.9% 95.0% 95.0% 96.6% 96.2% 98.0% 98.8% 98.3% 97.1% 96.4% 96.0% 43 Park Cube Gakugei Daigaku 44 Park Cube Oimachi 24 957.88 100.0% 100.0% 100.0% 96.2% 100.0% 100.0% 94.8% 100.0% 100.0% 100.0% 100.0% 100.0% 65 1,511.12 98.6% 100.0% 100.0% 93.9% 95.3% 96.9% 98.6% 97.0% 95.7% 95.7% 98.6% 100.0% 46 Park Axis Nishigahara 46 1,435.83 94.4% 96.0% 96.0% 92.5% 92.6% 94.7% 92.7% 92.7% 94.5% 92.7% 96.3% 96.3% 47 Park Axis Kinshicho. 65 2,288.13 96.1% 96.6% 98.5% 100.0% 100.0% 98.3% 98.6% 96.3% 97.4% 97.4% 98.5% 96.6% 48 Park Axis Tatsumi Stage 300 16,474.06 98.1% 97.4% 97.8% 97.3% 96.4% 97.1% 97.5% 97.5% 96.3% 98.5% 98.8% 97.5% 51 Park Axis Kameido 118 3,986.78 99.3% 96.5% 96.0% 94.4% 98.5% 98.0% 98.7% 96.9% 97.7% 97.0% 97.7% 97.6% 52 Park Axis Honancho 31 1,231.08 96.5% 96.5% 100.0% 100.0% 100.0% 96.2% 100.0% 96.5% 100.0% 100.0% 96.5% 100.0% 53 Park Axis Itabashi 54 Park Axis Oshiage 55 Park Axis Takadanobaba 59 Park Axis Toyosu 64 2,567.96 98.7% 97.7% 96.4% 96.1% 98.0% 100.0% 98.0% 96.0% 92.7% 96.4% 100.0% 97.4% 58 2,121.29 96.7% 98.1% 100.0% 98.6% 96.1% 97.4% 98.6% 100.0% 100.0% 100.0% 98.1% 98.1% 37 1,463.25 94.7% 95.0% 100.0% 94.9% 95.0% 97.7% 100.0% 100.0% 100.0% 100.0% 97.7% 100.0% 403 25,537.94 97.9% 97.4% 94.4% 93.9% 93.1% 96.7% 97.6% 96.7% 97.1% 98.2% 99.0% 98.2% 60 Park Axis Hatchobori 64 2,416.29 100.0% 97.8% 100.0% 91.4% 91.1% 98.7% 100.0% 97.6% 93.6% 96.8% 94.6% 95.7% 61 Park Axis Itabashi Honcho 66 2,048.31 92.1% 92.3% 96.0% 97.9% 97.9% 97.9% 93.2% 93.2% 93.7% 95.7% 94.2% 92.7% 62 Park Axis Sumiyoshi 60 1,785.72 98.6% 100.0% 98.6% 100.0% 100.0% 95.6% 100.0% 96.4% 97.3% 98.6% 97.3% 95.9% 63 Park Cube Yotsuya Sanchome 130 3,599.82 97.4% 98.7% 99.3% 95.0% 94.8% 94.2% 97.5% 97.1% 96.8% 95.7% 96.0% 95.2% 64 Park Cube Hatchobori 120 5,191.86 100.0% 99.2% 96.6% 97.6% 100.0% 99.2% 99.2% 96.3% 95.9% 95.2% 96.8% 96.0% 68 Park Axis Kamata Ichibankan 63 1,721.28 100.0% 98.6% 98.4% 97.1% 93.4% 96.1% 96.3% 96.3% 97.3% 98.6% 98.6% 95.9% 70 Park Axis Taito Negishi 40 1,283.13 96.1% 86.6% 88.5% 90.4% 96.1% 96.1% 96.1% 96.1% 100.0% 100.0% 98.0% 96.1% 72 Park Axis Komagome 40 1,979.51 100.0% 91.4% 92.7% 98.0% 95.3% 97.3% 95.3% 95.3% 93.3% 95.3% 90.0% 88.0% 74 Park Axis Itabashi Honcho Nibankan 99 3,661.58 98.7% 99.3% 92.6% 92.7% 96.2% 97.4% 96.1% 97.4% 95.5% 97.4% 93.3% 96.1% 75 Shibaura Island Air Tow er 272 17,646.33 96.2% 96.4% 97.2% 95.7% 96.0% 96.6% 97.4% 97.5% 97.6% 97.7% 97.2% 97.4% 84 Park Cube Higashi Shinagawa 201 10,636.67 98.6% 99.6% 97.2% 97.6% 96.4% 97.3% 97.9% 97.3% 96.4% 97.4% 96.0% 95.5% 86 Park Cube Sasazuka 88 Park Axis Higashi Jujo 93 2,416.00 94.1% 99.1% 97.5% 96.6% 97.4% 97.5% 98.3% 97.5% 97.5% 98.3% 97.5% 96.6% 71 2,893.54 100.0% 100.0% 96.5% 90.7% 95.0% 97.4% 100.0% 99.1% 99.1% 99.1% 97.4% 98.4% 91 Park Cube Heiw adai 34 2,656.00 93.3% 93.4% 100.0% 100.0% 97.0% 97.0% 96.8% 100.0% 100.0% 100.0% 100.0% 100.0% 92 Park Cube Meguro Tower 194 12,367.62 94.8% 95.5% 94.7% 95.1% 94.0% 93.7% 95.8% 92.2% 91.9% 95.5% 95.4% 94.9% 93 Park Cube Nihonbashi Suitengu 77 4,235.33 96.1% 96.1% 94.4% 93.9% 93.2% 93.7% 93.9% 90.3% 94.4% 96.1% 95.7% 94.8% 94 Park Cube Ginza East 77 3,358.63 98.8% 96.3% 95.8% 94.6% 100.0% 98.5% 97.3% 96.1% 95.8% 94.6% 98.7% 97.2% 95 Park Cube Kayabacho 28 1,695.06 100.0% 93.3% 93.3% 86.8% 86.8% 96.8% 100.0% 96.8% 96.8% 100.0% 100.0% 96.0% 96 Park Cube Honjo Azumabashi 45 2,241.63 97.6% 97.6% 98.7% 93.9% 96.3% 100.0% 100.0% 97.6% 100.0% 100.0% 97.5% 97.5% 45#47Occupancy Rates (3/5) Nippon Accommodations Fund 35th Period 34th Period No. Property Name Rentable Units (Units) Rentable Area (m) 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 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 95.3% 100.0% 100.0% 100.0% 95.0% 100.0% 100.0% 97.3% 97.4% 95.1% 95.1% 97.7% 48 1,569.00 98.3% 96.7% 98.3% 98.3% 93.3% 92.7% 98.3% 96.7% 93.7% 96.7% 96.7% 96.4% 56 2,326.32 100.0% 100.0% 97.7% 94.2% 96.5% 98.7% 98.6% 98.6% 98.6% 100.0% 100.0% 100.0% 59 1,992.29 97.9% 100.0% 96.7% 94.2% 96.2% 98.7% 97.9% 100.0% 100.0% 94.2% 94.2% 92.9% 101 Park Axis Akihabara East 58 1,890.20 98.6% 100.0% 98.6% 96.5% 98.6% 95.8% 97.2% 96.5% 96.5% 95.1% 92.3% 97.2% 103 Park Axis Kayabacho 72 2,355.07 100.0% 98.3% 92.8% 94.5% 90.5% 94.3% 96.1% 95.6% 95.6% 95.6% 96.7% 100.0% 104 Park Axis Kinshicho Shinsui Koen 60 2,085.62 98.7% 98.5% 98.5% 97.2% 100.0% 98.7% 96.3% 95.1% 96.3% 96.0% 98.5% 98.1% 105 Park Cube Kasuga Andozaka 68 3,581.09 95.6% 97.7% 95.7% 97.0% 95.8% 93.1% 92.7% 96.1% 96.1% 96.5% 97.7% 98.8% 106 Park Cube Kameido 122 4,442.09 98.1% 99.4% 97.2% 96.9% 97.2% 100.0% 96.7% 99.4% 100.0% 98.5% 98.8% 97.1% 108 Park Axis Shin Okachimachi East 49 1,847.01 94.5% 91.7% 98.6% 98.6% 98.6% 100.0% 96.2% 96.2% 95.2% 97.6% 97.6% 96.2% 110 Park Axis Nihonbashi Honcho 49 1,808.12 97.4% 98.4% 98.4% 97.8% 97.8% 94.4% 97.4% 97.4% 98.4% 93.2% 90.9% 89.6% 111 Park Cube Nishigahara Stage 358 19,693.35 97.3% 96.2% 97.3% 95.6% 94.9% 94.8% 95.6% 97.4% 97.8% 97.9% 97.5% 97.4% 112 Park Cube Atagoyama Tower 165 8,389.91 97.4% 97.2% 98.7% 95.9% 96.4% 97.6% 98.4% 96.5% 96.0% 96.5% 96.2% 96.0% 113 Park Axis Shibaura 42 1,273.60 100.0% 100.0% 98.0% 89.8% 93.9% 97.1% 95.8% 95.8% 100.0% 100.0% 100.0% 100.0% 114 Park Axis Asakusa Kuramae 45 1,456.35 100.0% 100.0% 98.3% 96.4% 100.0% 100.0% 93.6% 94.8% 94.6% 96.3% 94.6% 94.6% 115 Park Axis Kamata Station Gate 158 4,582.72 97.4% 96.2% 97.5% 95.8% 98.4% 99.5% 95.2% 94.8% 95.7% 93.0% 93.5% 97.4% 116 Park Axis Kinshicho Residence 56 1,793.33 94.8% 100.0% 97.7% 96.3% 96.3% 100.0% 100.0% 97.1% 95.4% 96.8% 93.7% 98.3% 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 49 1,610.49 96.8% 100.0% 98.4% 95.5% 98.4% 100.0% 96.8% 95.1% 96.8% 96.8% 93.9% 89.4% 55 1,621.94 94.8% 93.8% 93.9% 96.8% 100.0% 100.0% 97.5% 97.5% 95.9% 94.9% 93.3% 96.8% 45 1,460.10 93.0% 91.7% 95.2% 97.0% 100.0% 100.0% 98.2% 100.0% 100.0% 98.2% 94.6% 92.8% 85 2,679.96 96.5% 93.2% 98.7% 97.7% 96.8% 99.1% 100.0% 98.0% 97.1% 94.0% 94.7% 97.9% 71 1,930.12 100.0% 100.0% 97.4% 96.1% 97.4% 96.0% 100.0% 100.0% 100.0% 100.0% 98.7% 100.0% 126 Park Cube Nishi Shinjuku 58 1,809.56 100.0% 98.5% 95.7% 98.5% 100.0% 98.4% 100.0% 98.6% 98.6% 98.6% 97.2% 97.2% 129 Park Axis Oshiage Terrace 80 2,498.08 97.3% 97.9% 98.3% 97.1% 94.9% 95.6% 99.0% 99.0% 98.0% 97.9% 96.6% 97.9% 130 Park Axis Ikegami 45 1,391.34 95.8% 92.9% 100.0% 98.1% 96.1% 100.0% 100.0% 98.2% 95.3% 88.9% 91.2% 92.8% 132 Park Axis Akatsuka 88 2,403.67 99.4% 97.7% 96.0% 96.5% 97.1% 97.6% 96.5% 94.1% 94.7% 96.0% 95.4% 95.4% 133 Park Cube Oimachi Residence 171 4,271.17 99.1% 100.0% 99.1% 97.6% 96.2% 97.2% 95.8% 96.3% 96.0% 97.7% 98.4% 98.8% 134 Park Axis Toyocho Shinsui Koen 192 7,254.57 98.0% 97.8% 97.7% 96.7% 98.4% 100.0% 98.6% 97.4% 97.6% 98.4% 99.5% 99.5% 137 Park Axis Kikukaw a Station Gate 107 3,411.32 100.0% 100.0% 99.2% 97.7% 97.7% 99.3% 97.0% 97.8% 99.2% 100.0% 97.8% 98.5% 138 Park Axis Kiba Canal West 147 4,430.50 96.1% 93.6% 94.8% 92.4% 94.3% 97.4% 98.3% 94.5% 91.2% 92.0% 93.5% 95.3% 139 Park Axis Kiba Canal East 64 1,830.46 100.0% 98.3% 96.9% 93.9% 93.6% 100.0% 96.9% 95.2% 95.2% 90.7% 89.3% 91.1% 46#48Occupancy Rates (4/5) Nippon Accommodations Fund 35th Period 34th Period No. Property Name Rentable Units (Units) Rentable 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 Area (m) Aug 31 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Occupancy Rate 140 Park Axis Kikukaw a 81 2,595.60 96.7% 96.5% 98.5% 97.3% 97.5% 96.5% 95.6% 94.5% 94.6% 98.5% 98.4% 100.0% Tokyo 23 Wards Total 9,112 402,387.80 96.9% 97.1% 96.9% 96.0% 96.1% 97.0% 97.2% 96.7% 96.8% 97.0% 96.6% 96.6% 26 Park Cube Keio Hachioji II 48 3,082.32 95.9% 100.0% 100.0% 100.0% 100.0% 98.1% 98.2% 94.1% 98.1% 96.2% 98.1% 100.0% 40 Park Axis Nishi Funabashi 55 2,074.35 98.5% 97.8% 100.0% 100.0% 100.0% 100.0% 98.7% 97.3% 96.0% 95.1% 97.4% 96.5% 66 Park Axis Yokohama Idogaya 100 2,706.59 98.2% 99.1% 100.0% 98.1% 96.3% 98.3% 100.0% 98.2% 97.2% 97.2% 96.2% 95.3% 67 Park Axis Chiba Shinmachi 84 3,318.15 96.8% 96.8% 96.8% 95.0% 92.0% 96.0% 94.3% 95.0% 95.8% 95.9% 95.8% 98.4% 69 Park Axis Chiba 91 2,270.32 96.7% 97.8% 97.8% 96.7% 96.7% 98.9% 96.7% 95.5% 95.5% 96.7% 96.7% 95.6% 85 Park Cube Kita Matsudo 109 2,358.66 94.1% 94.9% 97.5% 95.8% 98.3% 100.0% 94.9% 92.4% 94.9% 94.1% 94.9% 97.5% 87 Park Cube Musashi Kosugi 136 3,057.36 100.0% 98.5% 97.8% 99.2% 100.0% 99.2% 97.1% 100.0% 95.5% 97.0% 98.5% 97.8% 102 Park Axis Yokohama Tanmachi Koen 63 1,682.46 98.1% 96.6% 92.3% 91.8% 93.8% 94.7% 97.1% 92.2% 94.7% 96.6% 96.6% 97.1% 109 Park Axis Yokohama Yamashitacho 135 Park Axis Ofuna. 71 2,325.92 94.7% 96.5% 96.0% 91.7% 93.9% 98.1% 98.9% 97.8% 98.9% 98.9% 97.8% 95.6% 73 4,752.68 97.2% 97.2% 98.4% 97.4% 97.5% 97.4% 94.7% 98.7% 97.5% 97.1% 94.4% 100.0% Greater Tokyo Total 830 27,628.81 97.0% 97.6% 97.9% 96.9% 96.9% 98.0% 96.8% 96.4% 96.6% 96.5% 96.5% 97.7% 27 Park Axis Meieki Minami 169 5,565.13 91.8% 89.5% 88.6% 92.6% 95.2% 96.8% 97.0% 96.3% 95.2% 94.8% 93.1% 91.6% 35 Park Axis Marunouchi 99 3,821.75 94.7% 95.3% 94.7% 96.2% 94.3% 96.1% 95.3% 90.0% 89.9% 87.8% 92.1% 94.7% 36 Park Axis Ropponmatsu 112 3,473.67 94.4% 98.2% 98.9% 97.9% 98.3% 100.0% 98.2% 98.2% 99.3% 99.3% 97.6% 97.6% 37 Park Axis Hakataeki Minami 177 4,668.29 99.5% 99.3% 97.8% 94.2% 95.2% 99.5% 100.0% 96.2% 96.9% 97.3% 98.5% 98.0% 45 Park Axis Naka Gofukumachi 112 2,707.88 95.5% 97.3% 96.4% 96.4% 97.3% 99.1% 100.0% 98.2% 98.2% 99.1% 100.0% 98.2% 49 Park Axis Shirakabe 86 4,735.89 98.6% 97.9% 97.3% 95.5% 96.4% 96.4% 94.1% 96.2% 95.0% 93.9% 89.7% 92.0% 50 Park Axis Sendai 204 8,843.17 96.1% 97.8% 96.5% 96.2% 97.3% 98.7% 98.0% 98.5% 98.6% 97.7% 96.4% 96.3% 56 Park Axis Hakata Minoshima 112 3,461.85 100.0% 100.0% 95.7% 97.3% 96.2% 100.0% 98.1% 92.2% 93.2% 95.1% 96.0% 96.1% 57 Park Axis Takamiya Higashi 70 2,289.21 98.4% 98.7% 94.4% 95.6% 94.1% 97.0% 98.7% 100.0% 97.8% 98.9% 97.4% 98.5% 58 Park Axis Sapporo Shokubutsuen Mae 146 7,845.01 96.5% 96.6% 96.6% 95.3% 94.5% 97.0% 96.7% 97.3% 98.6% 99.3% 98.6% 98.6% 65 Park Axis Shin Sapporo 85 3,729.05 94.2% 94.2% 96.6% 95.4% 95.3% 95.1% 94.5% 94.2% 96.3% 96.3% 97.5% 98.7% 73 Park Axis Utsubo Koen 133 4,952.45 90.8% 91.8% 89.3% 88.9% 93.7% 92.2% 87.0% 85.7% 83.9% 87.2% 87.4% 87.4% 107 Park Cube Kitahama 138 4,683.33 95.8% 97.6% 97.0% 95.2% 99.2% 100.0% 98.7% 98.7% 97.1% 95.1% 97.4% 97.8% 127 Park Axis Kanayama WEST 63 4,795.13 95.1% 96.7% 96.7% 96.7% 96.7% 100.0% 100.0% 94.8% 93.2% 98.3% 98.3% 95.2% Other Major Cities Total 1,706 65,571.81 95.7% 96.3% 95.4% 95.1% 96.0% 97.7% 96.7% 95.6% 95.4% 95.8% 95.6% 95.6% Rental Apartments Total 11,648 495,588.42 96.8% 97.0% 96.7% 96.0% 96.1% 97.2% 97.2% 96.5% 96.6% 96.8% 96.5% 96.5% 47#49Occupancy Rates (5/5) Nippon Accommodations Fund 35th Period 34th Period No. Property Name Rentable Units (Units) Rentable Area (m) 2023 Aug 31 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 Jul 31 Jun 30 May 31 Apr 30 Mar 31 Feb 28 Jan 31 Dec 31 Nov 30 Oct 31 Sep 30 Occupancy Rate 76 Dormy Ashiya 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% 78 Sundai Horikaw a Ryo 113 2,793.71 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% 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% 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 83 Dormy Musashi Kosugi 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% 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 Kanazawa 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% 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% 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% 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% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Hospitality Facilities Total Grand Total 1,498 39,942.13 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 13,146 535,530.55 97.0% 97.2% 97.0% 96.3% 96.4% 97.4% 97.4% 96.8% 96.8% 97.1% 96.8% 96.8% 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 Nippon Accommodations Fund 100% Average month-end occupancy rate Total Rentable Units 99% 96.8% 98% 97% 96% 95% 94% 97.1% W 95.4% W 97.6% 97.7% 97.7% 96.8% 97.0% 97.7% 96.3% 96.4% 96.8% 96.8% 97.3% 96.1% 95.9% 95.8% 96.1% 95.6% 95.4% 96.7% 96.4% 96.9% 96.4% 96.5% 96.2% 95.9% 95.9% 95.6% 95.7% 95.7% 95.7% 94.5% 94.3% 93% 92% 13,27513,27513,286 13,286 13,146 91% 11,56311,56311,73411,7141 11,98111,98112,052 12,186 12,35112,351 12,559 12,627 11,30011,300 10,521 10,690 90% 9,136 9,286 9,514 8,727 89% 88% 4,256 4,256 4,256 3,735 87% 3,038 2,761 86% 6,464 6,464 6,214 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 35th (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) (Aug. 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 Nippon Accommodations Fund Month-end occupancy rate 100% 95% 90% Comparison by Area (As of August 31, 2023; acquisition price basis) Other Major Cities 7.0% Greater Tokyo 4.5% Tokyo 23 Wards 88.5% 85% Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. 2021 2022 Tokyo 23 Wards Greater Tokyo Other Major Cities Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. 2023 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% 97.0% 96.1% 96.0% 96.9% 97.1% 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% 98.0% 96.9% 96.9% 97.9% 97.6% 97.0% 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% 97.7% 96.0% 95.1% 95.4% 96.3% 95.7% Tokyo 23 Wards Greater Tokyo 96.0% Other Major Cities 96.3% 96.9% 96.6% 96.5% * 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% 85% Comparison by Category (As of August 31, 2023; acquisition price basis) Large 4.1% Family 12.5% Compact 41.5% Single 41.9% Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 2021 May Jun. Jul. Aug. Sep. Oct. 2022 Single Compact Family Large Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. 2023 Single Compact Family Large 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% 97.7% 96.4% 96.0% 97.0% 97.1% 96.8% 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% 97.2% 95.9% 95.5% 96.5% 96.8% 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% 96.8% 96.5% 96.7% 97.1% 97.6% 97.0% 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% 95.3% 94.8% * The figures above are calculations for rental apartments owned at the end of each month, excluding retail units and hospitality facilities. 95.3% 95.5% 95.6% 94.5% 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 96.9 96.6 96.3 96.3 96.4 100.0 98.4 90.0 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 120.0 Index: 2009 Q1=100 110.0 100.0 116.8 114.6 114.3 115.6 106.6 102.2 103.2 104.2 114.2 100.9 111.1 97.9 96.2 95.1 95.0 100.0 98.8 --------·-········ 90.0 80.0 Apartment rent index (Tokyo 23 wards) Q1Q2Q3Q4Q1Q2Q3Q4Q1QZQ3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1QZQ3Q4Q1Q2Q3Q4 Q3 Q4Q1 Q2 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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- Supply and Demand of Rental Apartments Tokyo 23 Wards Back to In-migration in Tokyo 23 Wards Nippon Accommodations (No. of people) 400,000 O 300,000 200,000 69,95876,786 77,267 67,842 61,28163,976 68,917 65,853 70,461 58,207 49,655 61,158 100,000 37,391 35,435 33,098 0 -100,000 Net in-migration of more than 930,000 people over the past 18 years -200,000 -300,000 In-migration (Left axis) -400,000 Out-migration (Left axis) (No. of people) 90,000 60,000 19,887 30,000 22,421 0 Total number of monthly net in-migration (Jan. 2023 to Aug. 2023) O -7,983 46,599 people -30,000 Year-on-year change -60,000 20,635 people -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 37,001 31,314 30,000 20,000 10,000 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 6,691 275 268 261 127.76 128.05 255 289 127.09 126.14 123.26 314 580 597 605 603 120.11 549 116.63 506 120 112.83 30 6,000 100 25 1,611 1,593 1,557 1,606 1,517 25 5,000 1,568 80 20 20 4,000 1,188 1,220 1,244 1,261 1,271 1,139 60 60 13.52 13.16 13.73 13.85 13.85 13.88 13.76 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#59D Appendix (3) Financial Details Nippon Accommodations Fund#60Interest-Bearing Debt Nippon Accommodations Fund Use of Balance Issue date of Interest rate Date of maturity Loan period Repayment method funds Short-term loans Lender Sumitomo Mitsui Trust Bank, Limited Total short-term loans (JPY mn) 2,000 0.11500% loans 2023.08.31 2023.11.30 3 month BulletPayment *1 Notes Unsecured Unguaranteed Pari Passu *2 2,000 Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank, Limited NIPPON LIFE INSURANCE COMPANY 1,500 0.18045% *4 2016.07.29 4,500 0.18000% 2020.02.28 1,000 0.26000% 2020.02.28 3,000 0.21000% 2021.05.28 2,000 0.30000% 2021.11.30 2,000 0.33000% 2022.08.15 2,000 0.46200% 2022.09.30 2026.09.30 2,000 0.45200% 2023.05.31 1,000 0.13545% *4 2017.08.14 2,000 0.22000% 2020.09.30 1,500 0.19045% *4 2023.08.31 3,000 0.98750% 2014.05.30 2,000 0.25000% 2021.06.28 1,000 0.50000% 1,000 0.53000% 2,000 0.65000% 2029.07.31 13.0 years 2024.02.29 4.0 years 2026.02.27 2025.05.28 2027.11.30 6.0 years 4.0 years 6.0 years 2026.07.31 4.0 years 4.0 years 2027.05.31 2027.08.31 4.0 years 10.0 years 2025.09.30 5.0 years 2028.08.31 5.0 years 2024.05.31 10.0 years 2026.06.30 5.0 years 2021.09.30 2031.04.30 9.5 years 2021.11.30 2031.11.28 10.0 years 2022.05.31 2032.05.31 10.0 years 2,000 0.80000% 2022.11.30 2032.11.30 10.0 years Long-term loans Development Bank of Japan Inc. The Hachijuni Bank, Ltd. Mizuho Bank, Ltd. The Chugoku Bank, Limited 2,500 1.32900% 2013.08.06 2,500 1.39800% 2013.08.06 2,500 1.17750% 2014.04.01 2,000 0.18248% 2016.06.30 4,000 0.54779% 2017.10.18 3,000 0.64293% 2019.04.19 3,000 0.93000% 2023.04.11 1,000 0.23550% 2017.09.14 1,500 0.29000% 2019.05.31 1,000 0.48000% 2021.04.09 1,000 0.53000% 2021.06.28 2,000 0.42456% 2018.09.28 1,000 0.48000% 2020.08.31 1,000 0.48000% 2021.02.26 1,000 0.53000% 2021.11.30 2,000 0.21880% 2016.05.31 1,000 0.22000% 2019.05.31 1,000 0.24000% 2020.07.01 1,000 0.36000% 2021.06.28 2,000 0.68800% 2023.07.31 2024.02.06 10.5 years 2024.08.06 11.0 years BulletPayment *1 Unsecured Unguaranteed Pari Passu *2 2025.04.01 11.0 years 2027.12.30 11.5 years 2029.04.18 11.5 years 2030.10.21 11.5 years 2029.10.31 6.5 years 2024.09.17 7.0 years 2026.05.29 7.0 years 2031.03.31 10.0 years 2031.06.30 10.0 years 2027.03.31 8.5 years 2030.08.30 10.0 years 2031.02.28 10.0 years 2031.11.28 10.0 years 2026.05.29 10.0 years 2024.11.29 5.5 years 2026.01.05 5.5 years 2028.06.28 7.0 years 2031.07.31 7.0 years 59#61Long-term loans SBI Shinsei Bank, Limited Shinkin Central Bank 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 2,000 0.12930% 2019.01.31 2,000 0.26930% 2019.01.31 3,000 0.38178% 2019.06.28 2,000 0.43500% 2017.02.20 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 2025.07.31 8.0 years 2025.01.31 6.0 years 2028.01.31 9.0 years 2028.12.29 9.5 years 2027.02.26 10.0 years 2,000 0.33500% 2018.04.27 2026.04.30 8.0 years THE BANK OF FUKUOKA, LTD. MUFG Bank, Ltd. The Norinchukin Bank 1,000 0.65000% 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% 2020.09.15 1,000 0.47000% 2021.08.23 3,000 0.21000% 2022.03.07 3,000 0.38000% 2022.09.07 3,000 0.44500% 2022.10.03 1,000 0.27000% 2019.06.14 2,000 0.37000% 2019.10.31 2,000 0.32000% 2020.07.01 3,000 0.36000% 1,500 0.38380% 1,000 0.42000% 2020.01.08 2032.01.08 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 2030.09.13 10.0 years 2030.08.30 9.0 years 2026.02.27 4.0 years 2026.09.30 4.0 years 2026.09.30 4.0 years 2025.12.30 2028.04.28 2027.07.01 6.5 years 8.5 years 7.0 years 2020.11.30 2018.03.29 2028.11.30 8.0 years 2028.03.29 10.0 years 2019.08.30 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 0.27455% *5 2022.08.23 1,000 0.98750% 2014.05.30 1,000 0.55500% 2017.04.27 2029.04.27 1,000 0.71000% 2021.06.28 1,000 0.98800% 2023.06.14 1,000 1.11000% 2023.07.19 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 2024.05.31 10.0 years 12.0 years 2033.06.28 12.0 years 2033.06.28 10.0 years 2033.06.28 2028.06.30 10.0 years 7.0 years 2027.06.30 6.0 years 2028.03.31 6.0 years 2024.03.28 10.0 years 2031.06.27 10.0 years 2025.12.30 2028.06.28 6.5 years 7.0 years BulletPayment 1 Unsecured Unguaranteed Pari Passu *2 60#62Interest-Bearing Debt Nippon Accommodations Fund Balance Issue date of Use of Interest rate Date of maturity Loan period Repayment method Notes Lender (JPY mn) loans funds DAIDO LIFE INSURANCE COMPANY TAIYO LIFE INSURANCE COMPANY The Iyo Bank, Ltd. 1,000 0.53000% 2021.06.30 2031.06.30 10.0 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 2,000 0.64750% 2014.12.30 1,000 0.27455% *5 2022.03.31 1,000 0.31630% 2018.06.29 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% 1,000 0.48000% 1,000 0.71000% 1,000 0.29000% 1,000 0.32000% 1,000 0.48000% 1,000 0.59000% 157,500 159,500 2024.12.30 10.0 years 2032.03.31 10.0 years 2029.12.17 2031.11.28 2025.09.03 2026.06.30 8.0 years 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 10.0 years BulletPayment *1 Unsecured Unguaranteed Pari Passu *2 7.0 years 2030.09.03 12.0 years 2019.04.26 2020.07.01 2032.04.30 13.0 years 2030.07.01 10.0 years 2021.06.28 2019.10.31 2020.08.31 2021.02.26 2022.05.20 2033.06.30 12.0 years 2026.10.30 7.0 years 2027.08.31 7.0 years 2031.02.28 10.0 years 2032.04.30 10.0 years Issue date Investment corporation bonds Issue 3rd Unsecured Investment Corporation Bonds (green bonds) 4th Unsecured Investment Corporation Bonds (green bonds) July 16,2020 July 16,2020 5th Unsecured Investment Corporation Bonds (green bonds) 6th Unsecured Investment Corporation Bonds September 30, 2021 September 30, 2021 Total Amount (JPY mn) 2,000 0.260% 2,000 0.520% 1,000 Interest Rate Date of redemption Notes 0.320% July 16,2025 July 16,2030 September 28, 2029 Unsecured, unguaranteed with special pari passu conditions among specified investment corporation bonds 7th Unsecured Investment Corporation Bonds Total investment corporation bonds September 30, 2021 2,000 0.390% 1,000 0.680% 8,000 September 30, 2031 September 30, 2036 Total Interest-Bearing Debt 167,500 * As of August 31, 2023 * Long-term loans funded in the 35th Period are highlighted with orange. Long-term loans repaid in the 36th 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. 3 Long-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. ⑤Long-term loan of 2.0 billion yen as of May 31, 2023 from Sumitomo Mitsui Banking Corporation. *4. The interest rate will be applied from August 31, 2023 to September 28, 2023. *5. The interest rate will be applied from June 30, 2023 to September 28, 2023. 61#63Historical Operating Performance Nippon Accommodations Fund 26th Period 27th Period 28th Period 29th Period 30th Period Unit Feb. 2019 Aug. 2019 Feb. 2020 Aug. 2020 Feb. 2021 31st Period Aug. 2021 32nd Period 33rd Period 34th Period 35th Period Feb. 2022 Aug. 2022 Feb. 2023 Aug. 2023 Number of Operating Days Total Revenues Rental Revenues Gain on Sale of Investment Properties Days 181 184 182 184 181 184 181 184 181 184 JPY mn 11,186 12,361 11,401 11,520 11,560 11,986 12,217 12,434 12,344 13,049 JPY mn 11,137 11,421 11,401 11,520 11,560 11,986 12,217 12,327 12,344 12,500 JPY mn 48 939 107 Net Operating Income from Property Leasing*1 NOI Yield*2 JPY mn 8,348 8,454 8,564 8,606 8,550 8,820 9,138 9,031 9,187 548 9,101 % 5.5 5.4 5.6 5.5 5.4 5.3 5.5 5.3 5.5 5.3 Depreciation and Amortization JPY mn 2,007 2,020 1,998 1,999 1,982 2,050 2,048 2,022 1,967 1,930 Operating Income from Property Leasing JPY mn 6,340 6,433 6,566 6,606 6,567 6,769 7,089 7,008 7,219 7,171 Operating Income JPY mn 5,185 6,084 5,307 5,332 5,266 5,428 5,726 5,726 5,835 6,256 Income before Income Taxes JPY mn 4,729 5,624 4,866 4,898 4,862 4,978 5,279 5,293 5,427 5,893 Net Income JPY mn 4,728 5,623 4,865 4,897 4,861 4,978 5,278 5,292 5,426 5,892 Capital Expenditure JPY mn 465 346 600 296 337 256 506 632 526 811 Total Assets JPY mn 296,877 303,133 301,946 305,840 317,740 327,824 326,050 328,466 327,109 327,052 Interest-Bearing Debt JPY mn 149,500 154,500 153,500 157,500 LTV*3 % 50.4 Appraisal LTV*4 % 40.2 51.0 39.8 Total Net Assets JPY mn 140,457 141,378 50.8 38.4 141,181 51.5 38.6 141,213 Total Distribution JPY mn 4,702 5,062 4,865 4,897 159,500 50.2 37.4 151,023 5,074 169,500 51.7 37.7 150,926 5,052 167,500 51.4 36.8 151,153 5,278 169,500 51.6 36.0 151,167 168,500 51.5 35.2 151,408 167,500 51.2 34.2 151,874 5,185 5,426 5,359 Units Outstanding Units 484,522 484,522 484,522 484,522 503,472 503,472 503,472 503,472 503,472 503,472 Total Net Assets per Unit Yen 289,889 291,790 291,382 291,448 299,964 299,772 300,222 300,249 300,728 301,653 Unitholders' Capital per Unit Yen 279,870 279,870 279,870 279,870 288,893 288,893 288,893 288,893 288,893 288,893 Distribution per Unit Yen 9,706 10,449 10,042 10,108 10,080 10,035 10,485 10,299 10,778 10,645 NAV per Unit*5 Yen 435,488 455,926 483,264 491,968 505,293 532,123 546,488 572,875 591,009 613,344 Unit Market Price Yen 554,000 667,000 661,000 653,000 594,000 661,000 605,000 683,000 607,000 657,000 Book Value (A) JPY mn 285,482 287,761 286,443 291,495 292,229 310,714 309,327 310,204 308,835 307,043 Appraisal Value=(B) JPY mn 360,731 372,352 384,280 393,549 400,682 432,749 438,594 452,650 460,410 469,331 Unrealized Profit / Loss (B)-(A) JPY mn 75,248 84,590 97,836 102,053 108,452 122,034 129,266 142,445 151,574 162,287 Number of Investment Properties # 124 Total Acquisition Price JPY mn 306,342 Total Rentable Units Units 12,186 126 309,723 12,351 126 309,723 12,351 128 129 134 134 134 134 133 316,208 318,441 337,930 337,930 12,559 12,627 13,275 13,275 339,966 13,286 339,966 339,038 13,286 13,146 Rental Apartments (Including Retail Spaces) Hospitality Facilities Units 10,730 10,725 10,725 10,933 11,001 11,567 11,567 11,648 11,648 11,648 Units 1,456 1,626 1,626 1,626 Total Rentable Area m² 504,197 508,052 508,052 Average Month-End Occupancy Rate % 97.7 97.7 97.7 513,446 96.8 1,626 515,985 96.4 1,708 538,154 96.2 1,708 538,154 96.8 1,638 539,260 96.5 1,638 1,498 539,260 97.0 535,531 96.9 *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#64Balance Sheet and Income Statement Balance Sheet Total Assets Cash and cash equivalents Total investment properties Others 34th Period (Ended February 28, 2023) 327,109 million yen 15,107 million yen 308,231 million yen 35th Period (Ended August 31, 2023) 327,052 million yen 16,872 million yen 306,441 million yen Change Nippon Accommodations Fund -56 million yen +1,764 million yen -1,790 million yen -31 million yen -522 million yen -1,000 million yen -90 million yen +567 million yen Total Liabilities Interest-bearing debt 3,769 million yen 175,701 million yen 168,500 million yen Tenant security deposits 3,716 million yen Others 3,484 million yen 3,738 million yen 175,178 million yen 167,500 million yen 3,626 million yen 4,051 million yen Total Net Assets Unitholders' capital Reserve for distribution Retained earnings Income Statement Operating Revenues 151,408 million yen 151,874 million yen +465 million yen 145,449 million yen 145,449 million yen 531 million yen 5,426 million yen 35th Period (Ended August 31, 2023) 531 million yen 5,892 million yen 34th Period (Ended February 28, 2023) Rental expenses 12,344 million yen 2,494 million yen Real estate taxes 662 million yen 12,500 million yen 2,727 million yen 671 million yen Depreciation and amortization 1,967 million yen 1,930 million yen Total Rental Expenses 5,124 million yen Operating Income from Property Leasing 7,219 million yen 5,329 million yen 7,171 million yen +465 million yen Change +156 million yen +232 million yen +8 million yen -36 million yen +204 million yen -48 million yen Gain on Sale of Investment Properties Asset Management Fees 935 million yen Other Expenses 448 million yen 548 million yen 981 million yen 482 million yen +548 million yen Operating Income 5,835 million yen 6,256 million yen Non-Operating Income and Expenses -408 million yen -363 million yen Income before Income Taxes 5,427 million yen 5,893 million yen +45 million yen +33 million yen +420 million yen +45 million yen +465 million yen Current and Deferred Income Taxes 0 million yen 0 million yen Net Income 5,426 million yen 5,892 million yen Internal Reserves Total Distribution Distribution per Unit Number of Units Outstanding 503,472 units 5,426 million yen 10,778 yen 533 million yen 5,359 million yen 10,645 yen 503,472 units -0 million yen +465 million yen +533 million yen -66 million yen -133 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 Investment Committee Initiatives for Governance https://www.naf-r.jp/english/esg/index.html Board of Directors Report Advice NAF 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 ✰✰✰✰✰ 2023 Assessment SMBC ECO Rating Assessment 3 Stars Green Star Assessment 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. https://www.naf-r.jp/english/esg/index.html 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 ■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 117 properties (As of August 31, 2023) Okawabata Apartment Communities (Parking) Environmental Performance 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 建築環境秘合性能評価認證 CASBEE 不動産 2023 CO₂ emissions from energy use Park Axis Ochanomizu Stage No. of properties Total floor space Percentage of floor space certified 8 properties 247,503.99 m² 32.8% (As of August 31, 2023) 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 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 3,355 3,542 0.04 20,000 19,996 20,180 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 (https://www.naf-r.jp/english/esg/index.html) 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 フラッシュ [Event] See and Touch Unicorn Beetles [Event] Firefly Watching Night For details of social initiatives, please visit our website (https://www.naf-r.jp/english/esg/index.html) 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: Mika Etoh, Eiki Enomoto, Seiji Iwatani 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 (https://www.naf-r.jp/english/esg/index.html) 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 35th Period Aug. 2023 4.0% 51.6% 10.0% 7.3% 19.0% 8.1% Individuals Trust Banks (Investment Trusts, etc.) Regional Banks Other Financial Institutions Overseas Investors Other Total Number of Units Held 20,336 259,986 50,048 36,455 95,731 40,916 503,472 34th Number of Unitholders 4,293 10 46 89 270 127 4,835 Period 4.1% 51.1% 10.1% 7.5% 18.1% 9.1% Feb. 2023 Major Unitholders*1 33rd Period 4.0% 50.2% 10.1% 7.4% 20.0% 8.3% Aug. 2022 Name Number of Units Held Percentage of Total (%) *2 Custody Bank of Japan, Ltd. (Trust Account) 151,369 30.06 The Master Trust Bank of Japan, Ltd. (Trust Account) 71,833 14.26 32nd The Nomura Trust and Banking Co., Ltd. (Investment Account) 22,587 4.48 Period 4.0% 49.4% 11.5% 6.7% 20.5% 7.9% Feb. 2022 Mitsui Fudosan Residential Co., Ltd. 15,600 3.09 SMBC Nikko Securities Inc. 9,727 1.93 31st The Chugoku Bank, Limited 9,276 1.84 Period 4.1% Aug. 2021 49.3% 11.6% 6.3% 18.3% 10.4% STATE STREET BANK WEST CLIENT-TREATY 505234 7,659 1.52 MetLife Insurance 6,957 1.38 30th STATE STREET BANK AND TRUST COMPANY 505103 6,666 1.32 Period 4.4% 50.0% 11.3% 6.3% 20.0% 8.0% Feb. 2021 JP MORGAN CHASE BANK 385771 5,521 1.09 Total 307,195 61.02 0% 20% 40% 60% 80% 100% *1 Major unitholders ranked in top 10 in unitholding ratio as of August 31, 2023. Individuals Regional Banks Overseas Investors Trust Banks (Investment Trusts, etc.) Other Financial Institutions Other *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 Unit price on August 4, 2006 100 80 60 60 40 20 JPY 296,000 NAF Unit Price (Closing Price) Unit price on March 13, 2009 Tokyo Stock Exchange REIT Index (Closing Price) * JPY 180,500 Unit price on February 21, 2020 JPY 728,000 Nippon Accommodations Fund www Unit price on August 31, 2023 JPY 657,000 0 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 23/08 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