Investor Presentaiton

External 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

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