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Investor Presentaiton

Appraisal Value (4/5) Nippon Accommodations Fund 34th Period 35th Period Change from Previous Period No. Property Name Acquisition Price Appraisal Appraisal Appraisal Book Value (JPY mn) (JPY mn) Appraisal Value (JPY mn) Appraisal Book Value Appraisal Value Appraisal Appraisal Profit/Loss Profit/Loss Profit/Loss Cap Rate (JPY mn) (JPY mn) Cap Rate (JPY mn) (JPY mn) Cap Rate (JPY mn) 26 Park Cube Keio Hachioji II 40 Park Axis Nishi Funabashi 66 Park Axis Yokohama Idogaya 67 Park Axis Chiba Shinmachi 69 Park Axis Chiba 1,130 934 1,570 4.1% 635 927 1,580 4.0% 652 ▲0.1% 16 1,020 786 1,180 4.2% 393 777 1,210 4.1% 432 ▲0.1% 39 1,419 1,157 1,900 4.1% 742 1,146 1,920 4.0% 773 ▲ 0.1% 31 1,679 1,340 2,220 4.3% 879 1,327 2,270 4.2% 942 ▲0.1% 63 970 752 1,220 4.4% 467 745 1,250 4.3% 504 0.1% 37 85 Park Cube Kita Matsudo 1,200 990 1,590 4.4% 599 980 1,630 4.3% 649 ▲ 0.1% 50 87 Park Cube Musashi Kosugi 2,250 1,912 3,240 3.8% 1,327 1,899 3,310 3.7% 1,410 ▲ 0.1% 83 102 Park Axis Yokohama Tanmachi Koen 1,119 982 1,570 4.0% 587 973 1,600 3.9% 626 ▲ 0.1% 38 109 Park Axis Yokohama Yamashitacho 1,539 1,388 2,090 3.9% 701 1,379 2,140 3.8% 760 ▲ 0.1% 59 135 Park Axis Ofuna 2,100 2,159 2,540 4.6% 380 2,151 2,630 4.5% 478 ▲ 0.1% 98 27 Park Axis Meieki Minami 2,440 1,876 2,610 4.3% 733 1,868 2,610 4.2% 741 ▲ 0.1% 8 35 Park Axis Marunouchi 1,920 1,510 1,790 4.2% 279 1,499 1,810 4.1% 310 ▲ 0.1% 31 36 Park Axis Ropponmatsu 1,515 1,201 1,580 3.9% 378 1,192 1,580 3.8% 387 ▲ 0.1% 8 37 Park Axis Hakataeki Minami 1,890 1,465 1,980 4.0% 514 1,453 1,980 3.9% 526 ▲ 0.1% 11 45 Park Axis Naka Gofukumachi 742 593 1,120 4.0% 526 586 1,120 3.9% 533 ▲ 0.1% 7 49 Park Axis Shirakabe 1,547 1,259 2,000 4.3% 740 1,247 2,000 4.2% 752 ▲ 0.1% 12 50 Park Axis Sendai 2,320 1,853 3,520 4.7% 1,666 1,833 3,550 4.6% 1,716 ▲ 0.1% 49 56 Park Axis Hakata Minoshima 960 702 1,230 4.5% 527 691 1,240 4.4% 548 ▲ 0.1% 20 57 Park Axis Takamiya Higashi 605 398 765 4.5% 366 390 770 4.4% 379 ▲ 0.1% 13 58 Park Axis Sapporo Shokubutsuen Mae 1,650 1,184 2,190 4.6% 1,005 1,288 2,220 4.5% 931 ▲ 0.1% ▲ 74 65 Park Axis Shin Sapporo 827 600 1,080 4.8% 479 591 1,100 4.7% 508 ▲ 0.1% 28 73 Park Axis Utsubo Koen 2,399 1,959 2,900 4.2% 940 1,942 2,970 4.1% 1,027 ▲ 0.1% 87 107 Park Cube Kitahama 1,970 1,747 2,320 4.2% 572 1,747 2,370 4.1% 622 ▲ 0.1% 50 127 Park Axis Kanayama WEST 1,770 1,803 2,100 4.1% 296 1,798 2,150 4.0% 351 ▲ 0.1% 54 77 Dormy Kyoto Nijyo 991 786 1,470 4.5% 683 777 1,470 4.5% 692 8 78 Sundai Horikawa Ryo 916 798 1,390 4.5% 591 793 1,390 4.5% 596 5 80 Rikkyo University International Dormitory (RUID) Shiki 1,478 1,318 2,070 4.8% 751 1,308 2,070 4.8% 761 10 81 Dormy Naka Itabashi 1,041 922 1,540 4.2% 617 914 1,540 4.2% 625 7 82 Philosophia Nishidai 1,249 1,083 1,790 4.3% 706 1,073 1,790 4.3% 716 9 42
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