Investor Presentaiton

LTV (%) 60 Track Record of Distributions Achieved stable DPU while controlling LTV A Nippon Accommodations Fund Distribution per Unit (JPY) 12,000 2015 Public Offering 2020 Public Offering 53.2 50.6 50.2 50.4 50.1 50.2 50.0 50.1 50.4 51.0 50.8 51.5 51.7 51.4 51.6 51.5 51.2 50.2 11,040 (Forecast) 50 11,000 10,778 10,645 10,700 (Forecast) 10,449 10,485 10,299 10,108 10,000 Actual distribution per unit (left axis) Forecast distribution per unit (left axis) LTV (right axis) 10,042 10,080 10,035 40 9,706 40 9,000 9,179 9,161 8,428 8,497 8,130 7,984 8,036 8,000 7,688 7,000 Average Annual Growth DPU 3 years 1.8% 5 years 3.2% 10 years 5.5% 30 20 20 6,000 18th 19th 20th Period Period Period 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period Period Period 31st 32nd Period Period 33rd Period Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 34th Period Feb. 35th 36th Period Period Period 37th Aug. Feb. Aug. 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 10 10 0 21

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