Investor Presentaiton

Appraisal Value (4/5) Nippon Accommodations Fund 33rd Period 34th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Appraisal Book Value Appraisal Value Appraisal Book Value Appraisal Value Appraisal Appraisal (JPY mn) Profit/Loss Profit/Loss Profit/Loss (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 26 Park Cube Keio Hachioji II 1,130 936 1,550 4.1% 613 934 1,570 4.1% 635 22 40 Park Axis Nishi Funabashi 1,020 795 1,150 4.3% 354 786 1,180 4.2% 393 ▲ 0.1% 38 66 Park Axis Yokohama Idogaya 1,419 1,169 1,890 4.2% 720 1,157 1,900 4.1% 742 ▲ 0.1% 21 67 Park Axis Chiba Shinmachi 1,679 1,353 2,170 4.4% 816 1,340 2,220 4.3% 879 ▲ 0.1% 63 69 Park Axis Chiba 970 761 1,190 4.5% 428 752 1,220 4.4% 467 ▲ 0.1% 38 85 Park Cube Kita Matsudo 1,200 1,001 1,580 4.4% 578 990 1,590 4.4% 599 20 87 Park Cube Musashi Kosugi 2,250 1,926 3,240 3.8% 1,313 1,912 3,240 3.8% 1,327 13 102 Park Axis Yokohama Tanmachi Koen 1,119 991 1,530 4.1% 538 982 1,570 4.0% 587 ▲ 0.1% 48 109 Park Axis Yokohama Yamashitacho 1,539 1,398 2,090 3.9% 691 1,388 2,090 3.9% 701 10 135 Park Axis Ofuna 2,100 2,165 2,540 4.6% 374 2,159 2,540 4.6% 380 6 27 Park Axis Meieki Minami 2,440 1,887 2,570 4.4% 682 1,876 2,610 4.3% 733 ▲ 0.1% 50 35 Park Axis Marunouchi 1,920 1,521 1,790 4.3% 268 1,510 1,790 4.2% 279 ▲ 0.1% 10 36 Park Axis Ropponmatsu 1,515 1,213 1,580 3.9% 366 1,201 1,580 3.9% 378 11 37 Park Axis Hakataeki Minami 1,890 1,479 1,980 4.0% 500 1,465 1,980 4.0% 514 14 45 Park Axis Naka Gofukumachi 742 601 1,120 4.0% 518 593 1,120 4.0% 526 7 49 Park Axis Shirakabe 1,547 1,270 1,980 4.4% 709 1,259 2,000 4.3% 740 ▲ 0.1% 31 50 Park Axis Sendai 2,320 1,853 3,470 4.8% 1,616 1,853 3,520 4.7% 1,666 ▲ 0.1% 50 56 Park Axis Hakata Minoshima 960 713 1,200 4.6% 486 702 1,230 4.5% 527 ▲ 0.1% 40 57 Park Axis Takamiya Higashi 605 407 750 4.6% 342 398 765 4.5% 366 ▲ 0.1% 23 58 Park Axis Sapporo Shokubutsuen Mae 1,650 1,203 2,130 4.7% 926 1,184 2,190 4.6% 1,005 ▲ 0.1% 78 65 Park Axis Shin Sapporo 827 611 1,050 4.9% 438 600 1,080 4.8% 479 ▲ 0.1% 40 73 Park Axis Utsubo Koen 2,399 1,978 2,960 4.3% 981 1,959 2,900 4.2% 940 ▲ 0.1% 40 107 Park Cube Kitahama 1,970 1,760 2,260 4.3% 499 1,747 2,320 4.2% 572 ▲ 0.1% 72 127 Park Axis Kanayama WEST 1,770 1,810 2,070 4.1% 259 1,803 2,100 4.1% 296 36 76 Dormy Ashiya 928 769 1,390 4.7% 620 761 1,360 4.8% 598 0.1% ▲ 22 77 Dormy Kyoto Nijyo 991 795 1,470 4.5% 674 786 1,470 4.5% 683 9 78 Sundai Horikawa Ryo 916 803 1,400 4.5% 596 798 1,390 4.5% 591 4 80 Rikkyo University International Dormitory (RUID) Shiki 1,478 1,328 2,070 4.8% 741 1,318 2,070 4.8% 751 10 81 Dormy Naka Itabashi 1,041 929 1,540 4.2% 610 922 1,540 4.2% 617 7 82 Philosophia Nishidai 1,249 1,093 1,790 4.3% 696 1,083 1,790 4.3% 706 9 42

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