As of November 30, 2023

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	20,653 million yen
Investment units authorized for issue by the Investment Corporation	10,000,000 units
Total number of investment units issued	235,347 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