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Investor Presentaiton

Appraisal Value Value (3/5) Nippon Accommodations Fund 34th Period No. Property Name Acquisition Price Appraisal Book Value Appraisal Value Appraisal Book Value 35th Period Appraisal Value Change from Previous Period Appraisal Appraisal Appraisal Appraisal Profit/Loss Profit/Loss Profit/Loss (JPY mn) (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate Cap Rate (JPY mn) (JPY mn) (JPY mn) 95 Park Cube Kayabacho 1,105 1,064 1,810 3.4% 745 1,062 1,880 3.3% 817 ▲ 0.1% 71 96 Park Cube Honjo Azumabashi 1,252 1,172 2,080 3.5% 907 1,168 2,140 3.4% 971 ▲0.1% 64 97 Park Axis Kiyosumi Shirakawa 696 652 1,040 3.5% 387 650 1,060 3.4% 409 ▲0.1% 22 98 Park Axis Asakusabashi Nichome 1,079 950 1,570 3.7% 619 942 1,580 3.6% 637 ▲0.1% 17 99 Park Axis Nishi Sugamo 1,439 1,303 2,120 3.7% 816 1,294 2.170 3.6% 875 ▲0.1% 59 100 Park Axis Ueno 1,389 1,236 2,050 3.7% 813 1,227 2,080 3.6% 852 0.1% 38 101 Park Axis Akihabara East 1,369 1,222 1,880 3.7% 657 1,213 1,890 3.6% 676 ▲ 0.1% 18 103 Park Axis Kayabacho 1,809 1,594 2,570 3.6% 975 1,581 2,610 3.5% 1,028 ▲ 0.1% 52 104 Park Axis Kinshicho Shinsui Koen 1,369 1,223 1,900 3.8% 676 1,214 1,930 3.7% 715 ▲ 0.1% 39 105 Park Cube Kasuga Andozaka 2,670 2,501 4,050 3.4% 1,548 2,504 4,200 3.3% 1,695 ▲ 0.1% 146 106 Park Cube Kameido 3,020 2,792 4,120 3.5% 1,327 2,778 4,260 3.4% 1,481 ▲ 0.1% 154 108 Park Axis Shin Okachimachi East 1,299 1,205 1,810 3.7% 604 1,200 1,850 3.6% 649 ▲ 0.1% 45 110 Park Axis Nihonbashi Honcho 1,469 1,368 2,320 3.4% 951 1,360. 2,440 3.3% 1,079 ▲ 0.1% 127 111 Park Cube Nishigahara Stage³ 4,110 3,536 5,300 1,763 3,493 5,330 1,836 ▲ 0.1% 72 112 Park Cube Atagoyama Tower 113 Park Axis Shibaura 8,650 8,374 12,300 3.0% 3,925 8,343 12,300 3.0% 3,956 30 1,045 999 1,510 3.5% 510 994 1,550 3.4% 555 ▲ 0.1% 45 114 Park Axis Asakusa Kuramae 1,095 1,039 1,570 3.4% 530 1,034 1,570 3.4% 535 5 115 Park Axis Kamata Station Gate 4,144 3,992 5,630 3.5% 1,637 3,974 5,750 3.4% 1,775 A0.1% 138 116 Park Axis Kinshicho Residence 1,251 1,189 1,710 3.4% 520 1,182 1,760 3.3% 577 ▲ 0.1% 56 117 Park Axis Oshiage Sumida Koen 1,055 996 1,520 3.6% 523 990 1,550 3.5% 559 ▲ 0.1% 36 120 Park Axis Magome Residence 1,450 1,414 1,830 3.3% 415 1,408 1,830 3.3% 421 6 121 Park Axis Higashi Ueno 1,250 1,213 1,680 3.2% 466 1,206 1,680 3.2% 473 6 122 Park Axis Higashi Koenji 2,300 2,235 2,750 3.6% 514 2,221 2,810 3.5% 588 ▲ 0.1% 74 125 Park Cube Shin Itabashi 1,700 1,688 2,080 3.6% 391 1,679 2,140 3.5% 460 ▲ 0.1% 69 126 Park Cube Nishi Shinjuku 2,400 2,404 2,820 3.5% 415 2,397 2,900 3.4% 502 ▲ 0.1% 87 129 Park Axis Oshiage Terrace 2,610 2,613 3,120 3.4% 506 2,601 3,200 3.3% 598 ▲ 0.1% 92 130 Park Axis Ikegami 1,260 1,262 1,570 3.3% 307 1,256 1,570 3.3% 313 5 132 Park Axis Akatsuka² 2,420 2,453 2,680 3.7% 226 2,441 2,720 3.6% 278 ▲ 0.1% 51 133 Park Cube Oimachi Residence 5,807 5,944 6,830 3.3% 885 5,921 7,030 3.2% 1,108 ▲ 0.1% 222 134 Park Axis Toyocho Shinsui Koen 6,380 6,539 7,950 3.3% 1,410 6,508 8,000 3.3% 1,491 80 137 Park Axis Kikukawa Station Gate 3,200 3,272 3,700 3.5% 427 3,254 3,700 3.5% 445 17 138 Park Axis Kiba Canal West 4,660 4,783 5,270 3.5% 486 4,762 5,400 3.4% 637 ▲ 0.1% 150 139 Park Axis Kiba Canal East 1,830 1,885 2,080 3.5% 194 1,876 2,130 3.4% 253 ▲ 0.1% 58 140 Park Axis Kikukawa 2,410 2,485 2,820 3.5% 334 2,472 2,900 3.4% 427 ▲ 0.1% 92 41
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