As of December 30, 2024

The total number of investment units authorized for issue by Nippon Hotel & Residential Investment Corporation (the “Investment Corporation”) and the total number of investment units issued are as indicated below.

Total equity	25,364 million yen
Investment units authorized for issue by the Investment Corporation	10,000,000 units
Total number of investment units issued	311,023 units

Changes in total equity and in the total number of investment units issued since the incorporation of the Investment Corporation are as indicated below.

Date	Description	Total equity (mn yen)		Total number of investment units issued
		Amount of increase	Balance	Amount of increase	Balance
March 29, 2016	Incorporation by private placement	200	200	2,000	2,000
August 30, 2016	Capital increase by public offering	15,552	15,752	174,200	176,200
December 1, 2017	Capital increase by public offering	4,667	20,419	56,330	232,530
December 26, 2017	Capital increase by third-party allotment	233	20,653	2,817	235,347
December 2, 2024	Capital increase by public offering	4,491	25,144	72,152	307,499
December 30, 2024	Capital increase by third-party allotment	219	25,364	3,524	311,023