Investor Presentaiton

Forecasts (1) (35th Period: March 2023 - August 2023) (36th Period: September 2023 - February 2024) 34th Period (Actual) (Ended Feb. 28, 2023) 1 35th Period Comparison with the 34th Period (Forecast) (Ending Aug. 31, 2023) Change 2-1 Notes 36th Period (Forecast) (Ending Feb. 28, 2024) ③ Nippon Accommodations Fund Comparison with the 35th Period Change (3) - Notes (JPY million) (JPY million) (JPY million) Total Revenues 12,344 12,467 +122 Revenues +122 12,434 -32 ■Revenues -32 Existing properties +122 Existing properties -32 Operating Income 5,835 5,645 -190 5,832 +187 ■Operating expenses +313 ■Operating expenses -219 Rental expenses +296 Rental expenses -162 Net Income 5,426 5,201 -225 Real estate taxes +2 5,367 +166 Real estate taxes -0 Depreciation and Depreciation and amortization -32 amortization -38 Internal Asset management fees -5 - reserves Other expenses +52 Asset management fees Other expenses +7 -25 Net Income per Unit *1 10,778 yen 10,330 yen -448 yen ■Non-operating income -12 10,660 yen +330 ■Non-operating expenses +21 yen Distribution per Unit 10,778 yen Non-operating expenses +21 Interest expense, etc. Others +23 -2 10,330 -448 Interest expense, etc. +22 yen yen 10,660 yen +330 yen Others -0 Units 503,472 503,472 Outstanding units units 503,472 units Total Acquisition Price*2 339,966 339,966 339,966 AUM No. of 134 Investment properties properties 134 properties 134 properties Average Month- End Occupancy Rate 97.0 % 96.8 -0.2 97.0 % points % +0.2 points LTV (At the end of the Period) 51.5 % 51.5 51.5 % % *1 Calculated based on 503,472 units outstanding at the end of the period. *2 Acquisition-related expenses and property tax are not included. 19

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