Investor Presentaiton

Internal Growth / Rent Trends at Tenant Turnover (2) Improved in all areas Percentage Change in Rent of Rental Apartments at Tenant Turnover by Area Nippon Accommodations Fund Ratio of Rental Apartments by Area 10.0% Other Major Cities 7.0% 8.0% Greater Tokyo --Tokyo CBD --Greater Tokyo 6.8% -Excluding Tokyo CBD -Other Major Cities 4.5% 7.1% Tokyo CBD Tokyo CBD 6.0% 30.8% 4.3% 3.6% 4.0% 3.1% Tokyo 23 Wards 3.4% 2.5% 2.6% 2.6% 2.9% 3.6% Greater Tokyo 3.5% Excluding Tokyo CBD excluding Tokyo CBD 57.7% 2.0% 3.3% 2.6% 2.1% 0.3% 1.5% 0.0% 0.1% ● -0.6% 0.2% -0.7% Other Major Cities -1.0% -0.9% -0.9% (As of the end of the 35th Period, acquisition price basis) -2.0% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. Rents rose in all categories and single-type units also recovered to a positive change Ratio of Rental Apartments Percentage Change in Rent of Rental Apartments at Tenant Turnover by Category by Category Large 4.1% Family 12.5% 14.0% 12.0% -- Single --Family 10.0% 9.2% 7.9% 7.1% 7.7% 8.0% 6.4% 8.7% -- Compact <--Large 10.4% Large 10.0% Family 6.0% 4.9% 4.1% Single 3.8% 3.3% 4.3% 4.0% 41.9% 3.9% Compact 2.0% 3.8% 2.4% 2.7% Compact 41.5% 0.0% 1.1% 0.1% 0.3% Single -2.0% -1.7% -4.0% -0.9% -2.4% -6.0% (As of the end of the 35th Period, unit basis) 30th Period Feb. 2021 31st Period Aug. 2021 -4.0% 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 * Calculations above do not include figures for retail units and Hospitality Facilities. *Please refer to page 30 for definition of respective category. 9

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