Investor Presentaiton

Forecasts (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

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