Investor Presentaiton

Historical Operating Performance Nippon Accommodations Fund 25th Period 26th Period 27th Period 28th Period 29th Period 30th Period Unit Aug. 2018 Feb. 2019 Aug. 2019 Feb. 2020 Aug. 2020 Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 Number of Operating Days Total Revenues Rental Revenues Gain on Sale of Investment Properties Days 184 181 184 182 184 181 184 181 184 181 JPY mn 11,047 11,186 12,361 11,401 11,520 11,560 11,986 12,217 12,434 JPY mn 11,047 11,137 11,421 11,401 11,520 11,560 11,986 12,217 12,327 12,344 12,344 JPY mn 48 939 Net Operating Income from Property Leasing*1 NOI Yield*2 JPY mn 8,120 8,348 8,454 8,564 8,606 8,550 8,820 9,138 107 9,031 9,187 % 5.3 5.5 5.4 5.6 5.5 5.4 5.3 5.5 5.3 5.5 Depreciation and Amortization JPY mn 2,018 2,007 2,020 1,998 1,999 1,982 2,050 2,048 2,022 1,967 Operating Income from Property Leasing JPY mn 6,102 6,340 6,433 6,566 6,606 6,567 6,769 7,089 7,008 7,219 Operating Income JPY mn 4,935 5,185 6,084 5,307 5,332 5,266 5,428 5,726 5,726 5,835 Income before Income Taxes JPY mn 4,439 4,729 5,624 4,866 4,898 4,862 4,978 5,279 5,293 5,427 Net Income JPY mn 4,438 4,728 5,623 4,865 4,897 4,861 4,978 5,278 5,292 5,426 Capital Expenditure JPY mn 245 465 346 600 296 337 256 506 632 526 Total Assets JPY mn 294,692 296,877 303,133 301,946 305,840 317,740 327,824 326,050 328,466 327,109 Interest-Bearing Debt JPY mn 147,500 149,500 154,500 153,500 LTV*3 % 50.1 Appraisal LTV*4 % 40.9 Total Net Assets JPY mn 140,167 50.4 40.2 140,457 51.0 39.8 141,378 50.8 38.4 141,181 157,500 51.5 38.6 141,213 159,500 50.2 37.4 151,023 169,500 167,500 169,500 168,500 Total Distribution JPY mn 4,438 4,702 5,062 4,865 4,897 5,074 51.7 37.7 150,926 5,052 51.4 36.8 151,153 5,278 51.6 36.0 51.5 35.2 151,167 151,408 5,185 5,426 Units Outstanding Units 484,522 484,522 484,522 484,522 484,522 503,472 503,472 503,472 503,472 503,472 Total Net Assets per Unit Yen 289,290 289,889 291,790 291,382 291,448 299,964 299,772 300,222 300,249 300,728 Unitholders' Capital per Unit Yen 279,870 279,870 279,870 279,870 279,870 288,893 288,893 288,893 288,893 288,893 Distribution per Unit Yen 9,161 9,706 10,449 10,042 10,108 10,080 10,035 10,485 10,299 10,778 NAV per Unit*5 Yen 415,422 435,488 455,926 483,264 491,968 505,293 532,123 546,488 572,875 591,009 Unit Market Price Yen 505,000 554,000 667,000 661,000 653,000 594,000 661,000 605,000 683,000 607,000 Book Value (A) JPY mn 283,628 285,482 287,761 286,443 291,495 292,229 310,714 309,327 310,204 308,835 Appraisal Value=(B) JPY mn 349,181 360,731 372,352 384,280 393,549 400,682 432,749 438,594 452,650 460,410 Unrealized Profit / Loss (B)-(A) JPY mn 65,552 75,248 84,590 97,836 102,053 108,452 122,034 129,266 142,445 151,574 Number of Investment Properties # Total Acquisition Price JPY mn 122 303,259 Total Rentable Units Units 12,052 124 306,342 12,186 126 309,723 12,351 126 309,723 12,351 128 129 134 134 316,208 318,441 337,930 337,930 134 339,966 134 339,966 12,559 12,627 13,275 13,275 13,286 13,286 Rental Apartments (Including Retail Spaces) Hospitality Facilities Units 10,674 10,730 10,725 10,725 10,933 11,001 11,567 11,567 11,648 11,648 Units 1,378 1,456 1,626 1,626 1,626 Total Rentable Area m² 497,027 504,197 508,052 Average Month-End Occupancy Rate % 97.3 97.7 97.7 508,052 97.7 513,446 96.8 1,626 515,985 96.4 1,708 538,154 96.2 1,708 538,154 96.8 1,638 1,638 539,260 96.5 539,260 97.0 *1. Net operating income from property leasing does not include gain on sale of investment properties. *2. NOI Yield = Weighted average of actual NOI annualized / Acquisition price x 100 *3. LTV (loan-to-value) ratio at the end of the period = Total interest-bearing debt / Total assets x 100 *4. Appraisal LTV (loan-to-value) ratio at the end of the period = Total interest-bearing debt / (Total assets + Unrealized profit or loss) x 100 *5. NAV (net asset value) per Unit = (Net assets - Total distribution + Unrealized profit or loss) / Units outstanding 62

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