Investor Presentaiton

Summary of NAF N Nippon Accommodations Fund Seek to secure stable earnings and steadily grow assets under management from a medium- to long-term perspective with the aim of maximizing unitholder value Features 1. Investments in Accommodation Assets, Primarily “Rental Apartments" 2. Leveraging the Mitsui Fudosan Group's Value Chain Portfolio Summary Financial Summary Total Acquisition Price JPY 339.9 billion Total Interest-Bearing Debt JPY 168.5 billion No. of Investment Properties 134 LTV 51.5% Total Rentable Units 13,286 Long-Term Debt Ratio 98.8% Portfolio in Tokyo 23 Wards*1 88.5% Weighted-Average Interest Rate 0.48% Percentage of Duration of Long-Term Debt 4.7 years 83.4% Single and Compact Units*1 AA- R&I Focused Investment in Tokyo 23 Wards Credit Rating A+ S&P Primarily Single and Compact Units High Occupancy Rate*2 97.0% The Highest Credit Ratings Among Residential J-REITS ESG Summary GRESB 2 Stars*3/Green Star Acquired for 8 buildings 32.6% of portfolio certified *1 Percentage of portfolio in Tokyo 23 Wards is based on acquisition price for "Rental Apartments" only. Percentage of single and compact units is based on units for "Rental Apartments" only. *2 "Occupancy rate" is the average month-end occupancy rate during the 34th Period. *3 The results of GRESB assessment for 2022 is shown. *4 Green Building Certification percentage and the number of certified buildings is as of April 19, 2023. Certified percentage is calculated based on gross floor area. Green Building *4 Certification* (End of the 34th Period; as of February 28, 2023) 1

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