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Market Review Leasing Market~ Retail Retail and Restaurant Sales Volume by Store Type Year-on-Year Change Hotel Change in Total Number of Overnight Stays Nationwide Jan. '22 Feb. '22 Mar. '22 ■ Apr. '22 ■May '22 Jun. '22 ■Jul. '22 ■Aug. '22 (Min) 80 40% 20% 0% -20% -40% -60% -80% -100% Supermarkets 09 60 40 40 Japanese ■Foreign Visitor Drugstores General merchandise stores (GMS) Convenience stores Department stores 20 Restaurants total Pubs izakaya Source: Prepared by NREAM based on data from the Ministry of Economy, Trade and Industry and various organizations in the respective industries Note: The figures represent a portion of year-on-year change in nationwide sales, including preliminary figures. Drugstores, restaurants total, and pubs/izakaya are on an all-shops basis. All others are on an existing-shop basis. 0 '17 '18 '19 '20 '21 '22 Source: Prepared by NREAM based on data from the Japan Tourism Agency Note: Preliminary figures are included Logistics Large-Scale Rental Logistics Facility Supply and Demand in the Greater Tokyo Area as of Q2 2022 Large-Scale Rental Logistics Facility Supply and Demand in Kinki Area as of Q2 2022 Room Occupancy Rates (nationwide, facilities with 10 or more employees) New supply New demand Forecast 20% (Tsubo) 400,000 Vacancy rate (overall) (right axis) Vacancy rate (a year or more after completion) (right axis) Forecast (%) 20% 90 963,000 80 15% 15% 300,000 270,000 70 60 10% 50 10% 200,000 40 5% $60,000 2.1% 30 4.4% 5% 100,000 0.7% 20 0% 10 -5% 0 '16 '17 '18 '19 '20 '21 '22 '23 '17 (Tsubo) New supply 1,100,000 1,000,000 New demand Vacancy rate (overall) (right axis) Vacancy rate (a year or more after 900,000 completion) (right axis) 800,000 700,000 705,000 626,000 600,000 500,000 400,000 300,000 200,000 100,000 1.3% 0 0% '16 '17 '18 '19 '20 '21 '22 '23 Source: Prepared by NREAM based on data from CBRE '18 Resort '19 '20 Business City '21 '22 Source: Prepared by NREAM based on data from CBRE Source: Prepared by NREAM based on data from the Japan Tourism Agency Note: Preliminary figures are included 67

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