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Investor Presentaiton

Forecasts (2) (35th Period: March 2023 - August 2023) (36th Period: September 2023 - February 2024) Nippon Accommodations Fund Factors in Change of Distribution per Unit (35th Period Forecast vs. 34th Period Actual) Factors in increase Factors in decrease (Unit: JPY) A285 +10 Existing properties Management fees ▲43 Interest expense, ▲ 130 etc. Others 10,778 ‣ Seasonal factors Actual Occupancy Increase in income Rate 97.0% Increase in expenses JPY +243 JPY -528 (Includes the JPY 76 increase in utilities expenses) Expected Occupancy Rate*1 96.8% 34th Period Actual results (Ended Feb. 2023) Factors in Change of Distribution per Unit (36th Period Forecast vs. 35th Period Forecast) 10,330 +334 Existing properties ▸ Seasonal factors Decrease in income Decrease in expenses ▲ 13 ▲47 +56 Management fees Interest expense, etc. Others JPY -64 JPY +398 35th Period Forecast (Ending Aug. 2023) *1 Occupancy rate is the average month-end occupancy rate during the period. Expected Occupancy Rate*1 97.0% 10,330 35th Period Forecast (Ending Aug. 2023) 10,660 36th Period Forecast (Ending Feb. 2024) 20
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