Investor Presentaiton

Status of External Growth Nippon Accommodations Fund Asset acquisition in line with post-COVID society and achieved unrealized gain through asset sale Acquired budget hotels with strong demand aiming a view to the recovery in business, tourism and inbound demand Achieved unrealized gain by carefully reviewing the portfolio and selling one property (Part of gain from the Sale is internally reserved) Achieved expanded asset size, increased NOI, shortening of property age of hospitality facilities, and longer lease contracts ■Sale in the 35th Period (Period Ended August 2023) ■ Acquisitions in the 36th Period (Period Ending February 2024) Property Name Location Smile Hotel Nishi-Akashi Akashi-shi, Hyogo Smile Hotel Okinawa Naha Smile Hotel Matsuyama Matsuyama-shi, Ehime Total Property Name Location Property Age *1 Naha-shi, Okinawa Property Age *1 20 years 16 years 15 years 17 years (average) Total Rentable Units Number of Rooms 106 128 97 331 Long-term contract with fixed rent with specialized operator (remaining period: 13 years) Lease Contracts Acquisition Price Appraisal Value JPY 970 million JPY 994 million JPY 1,120 million JPY 1,240 million JPY 58,856 thousand JPY 1,010 million JPY 1,040 million JPY 57,266 thousand JPY 3,100 million JPY 3,274 million JPY 174,550 thousand 5.3% 5.7% 5.6% (average) *1 ΝΟΙ NOI Yield *2 JPY 58,428 thousand 6.0% Lease Contracts Sale Price Gain on Sale *3 ΝΟΙ NOI Yield *2 Dormy Ashiya Ashiya-shi, Hyogo 20 years 140 Same as left (7 years) JPY 1,304 million JPY 548 million JPY 72,244 thousand 5.5% Smile Hotel Nishi-Akashi LTV and Acquisition Capacity 51.2% *3 Smile Hotel Okinawa Naha Smile Hotel Matsuyama LTV Around 51.2% (Actual results at the end of the 35th Period) (Assumption for the end of the 36th Period) "Property Age" is as of the acquisition date of each property for "Acquisitions in the 36th Period (Period Ending February 2024)" (September 1, 2023 in all cases), and the average property age is calculated using the weighted average of the property age of each of the three properties acquired based on the acquisition price. The "Property Age" in "Sale in the 35th Period (Period Ended August 2023)" is as of the sold date of the sold property (August 4, 2023). NOI Yield = net operating income (NOI)stated in the appraisal report ÷ acquisition price (selling price for "Sale in the 35th Period (Period Ended August 2023)") x 100. The average NOI Yield in "Acquisitions in the 36th Period (Period Ending February 2024)" is calculated using the weighted average of the NOI Yield of each of the three properties acquired based on the acquisition price. JPY 533 million of the gain from the sale will be internally reserved as a reserve for reduction entry. Acquisition capacity*4 *4 Borrowing capacity up to 55% LTV Approx. JPY 27 Billion (Assumption for the end of the 36th Period) 12

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