Investor Presentaiton

Capital Expenditures ■Ratio of Rental Apartments by Property Age (As of the end of the 35th Period, acquisition price basis) Actual and Planned Capital Expenditures Nippon Accommodations Fund (JPY million) 1,600 Percentage of Capital Expenditure to Depreciation Less than 5 years 2.8% 1,400 Value-enhancement Investment for Capital Expenditure for Other Properties Private Areas at Okawabata Apartment Communities Other Capital Expenditure for Okawabata Apartment Communities 62.7% 56.1% 1,195 1,200 42.0% 1,068 120 20 years or more 1,000 120 31.3% 10.8% 5-10 years 811 275 26.8% 800 24.7% 44 9.3% 17.0% 632 57 600 526 12.5% 506 56 10-15 years 86 337 54 215 948 18.5% 400 43 800 41 256 192 710 101 15-20 years 58.6% 31 200 361 397 195 224 260 -Plan 0 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 36th Period Feb. 2024 37th Period Aug. 2024 Average property age 16.7 years * Figures for the 36th Period and 37th Period are estimates, and therefore are subject to change. They include accounting expenses. ▸ Value-enhancement investment for private areas of Okawabata Apartment Communities will continue, and there are also plans for work on facilities. In other properties, there are plans to implement concentrated work such as large-scale repairs, patching up exterior walls repairs and renewing of automated parking. Effect of Value-enhancement investment in Private Area at Okawabata Apartment Communities ► Percentage Change in Rent at Tenant Turnover ► Change in Rent at Tenant Turnover 70.0% 10 properties held by NAF located in Chuo Ward, Tokyo, excluding Okawabata Apartment Communities Units recently renovated among those at Okawabata Apartment Communities 60.0% Other units at Okawabata Apartment Communities 53.9% 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 (JPY thousand) 50.0% 40.0% ■ Okawabata Apartment Communities are mostly comprised of family type units. 30.9% No. of Units 40 units 34 units 34 units 41 units ■Earning capacity improved due to value-enhancement investment 33 units 27 units 29 units 39 units Rent Increase 804 881 1,162 1,295 30.0% 21.1% 20.0% 24.7% 33.8% 6 units (Value-enhancement investment rooms) 17.0% 343 5 units 352 15 units 9 units 787 550 14.2% Rent Unchanged 3 units 0 units 1 unit 0 units 0 units 33 units 33 units 1,597 9 units 845 21 units 1,290 4 units 506 0 units 21 units 10.7% 7.6% 10.0% 4.1% 4.9% 2.0% 5.0% 5.2% 4 units 7 units 4 units 2 units 0 units 0 units 2.8% 1.0% 2.5% 2.5% Rent Decreased -58 -99 -92 0.0% 30th Period Feb. 2021 31st Period Aug. 2021 32nd Period Feb. 2022 33rd Period Aug. 2022 34th Period Feb. 2023 35th Period Aug. 2023 Monthly Rent Net Change 746 781 1,069 -4 1,291 - 1,597 1,290 Percentage Change 6.6 % * In the 35th period, the percentage change in rent at the time of tenant turnover increased because the tenants prior to turnover moved in a comparatively long time ago. (Value-enhancement investment rooms) 21.1 % 7.8 % 30.9 % 10.4 % 10.7 % 16.7 % 19.9% 17.0 % 24.7 % 33.8 % 53.9% 14

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