Investor Presentaiton

Nippon 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

View entire presentation