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Investor Presentaiton

Track Record of External Growth ■ AUM (Based on Acquisition Price) 2009 Public Offering 2011 Public Offering 2013 Public Offering 2015 Public Offering (JPY billion) Hospitality Facilities Park Cube Series Park Axis Series 300 200 Shibaura Island Air Tower Okawabata Apartment Communities 140.0 140.0 140.0 123.2 22.9 22.9 22.9 108.2 14.4 100 101.3 12.8 14.4 87.3 87.3 87.3 79.0 58.8 64.0 Nippon Accommodations Fund 2020 Public Offering 337.9 337.9 339.9 339.9 316.2 318.4 17.6 17.6 17.3 17.3 306.3 309.7 309.7 287.7 287.7 9.8 9.8 294.9 294.9 10.5 10.5 298.7 297.4 11.6 11.6 301.5 301.5 303.2 13.4 13.4 13.4 15.8 15.8 14.0 15.8 15.8 271.7 267.4 9.8 9.8 242.1 231.2 231.9 9.8 223.8 8.1 8.1 9.8 87.0 87.0 87.0 87.0 78.7 78.7 78.7 78.7 78.7 78.7 80.4 81.2 81.2 81.2 85.3 85.3 78.7 78.7 65.9 65.9 51.0 41.7 40.7 36.1 186.9 186.9 180.0 29.9 29.9 22.9 142.0 143.7 143.7 143.7 127.3 127.3 127.3 153.9 158.2 160.4 160.4 166.8 166.8 169.5 168.2 170.5 170.5 170.5 172.3 173.8 173.8 176.2 178.5 194.4 194.4 196.8 196.8 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.9 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 30.8 0 2nd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 27th 30th 31st 32nd 33rd 34th 3rd 26th 28th 29th (Feb. 07) (Aug. 07) (Feb. 08) (Aug. 08) (Feb. 09) (Aug. 09) (Feb. 10) (Aug. 10) (Feb. 11) (Aug. 11) (Feb. 12) (Aug. 12) (Feb. 13) (Aug. 13) (Feb. 14) (Aug. 14) (Feb. 15) (Aug. 15) (Feb. 16) (Aug. 16) (Feb. 17) (Aug. 17) (Feb. 18) (Aug. 18) (Feb. 19) (Aug. 19) (Feb. 20) (Aug. 20) (Feb. 21) (Aug. 21) (Feb. 22) (Aug. 22) (Feb. 23) Properties 27 30 34 37 44 44 44 61 63 63 63 83 87 88 90 105 108 112 112 116 116 119 118 121 121 122 124 126 126 128 129 134 134 134 134 29
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