Investor Presentaiton

Internal Growth / Rent Trends of Rental Apartments Average Rent per Tsubo (JPY) 12,500 Average rent per tsubo has continued to rise Nippon Accommodations Fund 12,400 12,273 12,300 12,138 12,167 12,183 12,230 12,200 12,061 12,015 12,100 12,000 11,900 11,800 28th Period 29th Period Feb. 2020 Aug. 2020 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 * Average rent per tsubo = Total rent at the end of each period / Total rentable area in tsubo (1 tsubo = approx. 3.3 m²). * Shown here is the change in average rent per tsubo for the 110 rental apartments rented of the properties owned from the 28th to the 34th Periods. Improved in all Areas Percentage Change in Average Rent per Tsubo by Area Ratio of Rental Apartments by Area Other Major Cities 7.0% Greater Tokyo 29th Period (Aug. 2020) 30th Period (Feb. 2021) 31st Period (Aug. 2021) 32nd Period (Feb. 2022) 33rd Period (Aug. 2022) 34th Period (Feb. 2023) 4.5% Tokyo CBD*1 +0.41% +0.57% +0.43% +0.17% +0.62% +0.54% Tokyo Tokyo CBD 30.8% 23 Wards Excluding +0.71% Tokyo CBD +0.63% +0.29% +0.15% +0.27% +0.24% Greater Tokyo +0.57% +0.23% +0.21% -0.08% +0.55% +0.43% Tokyo 23 Wards excluding Tokyo CBD 57.7% Other Major Cities -0.20% +0.05% -0.15% -0.08% -0.37% +0.04% Total +0.38% +0.63% +0.34% +0.13% +0.37% +0.33% *1 Tokyo CBD (Central Business District) includes Minato, Chuo, and Chiyoda wards. (As of the end of the 34th Period, acquisition price basis) * of each period compared with the end of the immediately preceding period (six months before). Above percentages indicate approximate change in average rent per tsubo of the properties owned (excluding properties sold) at the end * Calculations above do not include figures for retail units and Hospitality Facilities. 11

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