Investor Presentaiton

Hospitality 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

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