Investor Presentaiton

Financial Strategy and Credit Ratings (1) Nippon Accommodations Fund Short-Term Loans Long-Term Loans (Variable-Rate) Debt Overview 34th Period 35th Period (JPY billion) (Ended February 28, 2023) (Ended August 31, 2023) 2.0 7.0 Change 2.0 7.0 - Long-Term Loans (Fixed-Rate) 151.5 150.5 -1.0 Investment Corporation Bonds 8.0 8.0 - Total 168.5 167.5 -1.0 LTV 51.5% 51.2% -0.3 points Appraisal LTV 35.2% 34.2% -1.0 points Long-Term Debt Ratio 98.8% 98.8% Long-Term, Fixed-Rate Debt Ratio 94.7% 94.6% -0.1 points Weighted-Average Interest Rate 0.48% 0.48% Duration of Long-Term Debt 4.7 years 4.7 years Lender 27 financial institutions 27 financial institutions Short-Term Loans 1.2% Long-Term Loans (Variable-Rate) 4.2% Investment Corporation Bonds 4.8% Long-Term Debt Ratio 98.8% Long-Term, Fixed-Rate Debt Ratio 94.6% Long-Term Loans (Fixed-Rate) 89.8% *Borrowings are classified according to lender contract. Commitment Line Rating Status Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank, Limited Mizuho Bank, Ltd. Rating and Investment Information, Inc. (R&I) Maximum amount of borrowing JPY 5.0 billion Maximum amount of borrowing JPY 5.0 billion Maximum amount of borrowing JPY 5.0 billion Issuer rating AA- Outlook Stable Agreement effective date August 1, 2016 Agreement termination date July 31, 2026 Agreement effective date August 1, 2016 Agreement termination date July 31, 2026 Agreement effective date October 9, 2018 Agreement termination date July 31, 2026 S&P Global Ratings Japan Inc. (S&P) Long-term Corporate Outlook A+ Stable 16

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