#1Results for January-June 2016 (30th Period) Investors Presentation August 16, 2016 NBF Nippon Building Fund Nippon Building Fund Inc. Nippon Building Fund Management Ltd.#2CONTENTS NBF Mapen Building Fund 1. Overview of NBF 1-1 Features and Basic Policies 3 2. Financial Results & Forecast 2-1 1H/2016 (30th Period) Financial Highlights (1/2)_ 2-1 1H/2016 (30th Period) Financial Highlights (2/2) 2-2 1H/2016 (30th Period) Statement of Income 5 19 5. Appendix 1 Trends in the Office Building Leasing Market (1/4) 1 Trends in the Office Building Leasing Market (2/4). 1 Trends in the Office Building Leasing Market (3/4)_ 1 Trends in the Office Building Leasing Market (4/4)_ 2 Trends in the Property Acquisition Market_ 33 34 35 36 3 Unit Price, Distributions per Unit & NAV per Unit_ 37 38 2-3 1H/2016 (30th Period) Balance Sheet_ 8 4 Asset Scale (Total Acquisition Price) & 2-4 1H/2016 (30th Period) Financial Position_ 0 9 Period Average Occupancy Rate_ 39 2-5 1H/2016 (30th Period) Appraisal Value Assessment_ 10 5 Financial Management_ 40 2-6 2H/2016 (31st Period) Forecast_ 11 6 Lenders & Borrowings_ 41 Reference: Performance Indicators 12 7 Floor Space of Tenants Moving in and out by Property (1H/2016)_42 8 Top 10 Tenants (Leased Floor Space Basis). 43 3. Operating Results & Outlook 9 Tenants by Industry_ 44 3-1 Occupancy, Floor Space of Tenants Moving in and out_ 15 10 Property Age_ 45 3-2 Rental Revenue 16 11 Achievements: Environmental Evaluation & Certification 46 3-3 Properties acquired in the 30th Period (ended June 30, 2016)_ 3-4 Planned Properties Acquisition for the 31st Period 17 12 Sustainability Initiatives (1/2)_ 47 12 Sustainability Initiatives (2/2). 48 (ending December 31, 2016) 18 13 Status of NBF Kumamoto Building_ 49 3-5 Dispositions and Internal Reserves for the 30th Period (ended June 30, 2016)_ 14 Overview of Unit Ownership_ 3-6 Financial Management_ 120 19 15 Property Portfolio Overview (1/2) - 23 Wards of Tokyo_ 455 50 51 15 Property Portfolio_Overview (2/2) - Other Greater Tokyo & Other Cities_ 52 4. NBF's Strengths & Strategies 16 Appraisal Value (1/2) - 23 Wards of Tokyo_ 53 4-1 Portfolio Strategy (1/3) - Quality_ 4-1 Portfolio Strategy (2/3) - Size_ 4-1 Portfolio Strategy (3/3) - Pipeline_ 4-2 Leasing Strategy_ 4-3 Property Management Strategy (1/2) - Organization & Additional Investment_ 4-3 Property Management Strategy (2/2) Management & Operation Quality_ 4-4 Financial Strategy (1/2). - LTV and Long-Term Fixed-Rate Debt Ratio_ 4-4 Financial Strategy (2/2) - Debt Maturity Diversification_ 4-5 Strategies (Conclusion)_ 2222 2 2 205 23 24 16 Appraisal Value (2/2) - Other Greater Tokyo & Other Cities_ 17 Appraisal Rate (1/2) - 23 Wards of Tokyo_ 54 55 25 26 17 Appraisal Rate (2/2) - Other Greater Tokyo & Other Cities_ 18 Revenue by Property (1/3) - 23 Wards of Tokyo_ 56 57 18 Revenue by Property (2/3) - Other Greater Tokyo_ 58 27 18 Revenue by Property (3/3) - Other Cities_ 59 28 19 Historical Summary of Results and Financial Position_ 20 Portfolio Map_ 60 61 29 21 Properties (1/4) - 23 Wards of Tokyo_ 62 30 21 Properties (2/4) - 23 Wards of Tokyo_ 63 31 21 Properties (3/4) - 23 Wards of Tokyo & Other Greater Tokyo 21 Properties (4/4) - Other Cities_ 64 65 1 Disclaimer#31. Overview of NBF NBF Nippon Building Fund 2#4NBF Mapen Building Fund 1-1 Features and Basic Policies NBF is an office-specialized J-REIT, sponsored by Mitsui Fudosan. Portfolio Quality Focused investment in highly competitive premium office building Ratio of investment in central 5 wards: 51.0% (acquisition price basis) (share of investment in 23 wards of Tokyo:79.0%) Appraisal Value Unrealized gain ratio: 16.0% Occupancy rate Average occupancy rate during the period*: 97.9% (1H/2016 (30th Period)) *Average occupancy rate during the period: Weighted average of month-end occupancy rate on a floor space basis X (As of June 30, 2016) Financial Fundamentals Sound LTV control LTV (ratio of interest-bearing debt to total assets):42.1% Diversified Maturity Long-Term Fixed-Rate Debt Long-term fixed-rate debt ratio: 93.8% Average maturity 5.16 years (long-term interest-bearing debt) High Credit Ratings JCR AA+ R&I AA S&P A+ Size The Largest J-REIT Total assets Market cap Properties ¥1,029.0 billion ¥893.7 billion 73 Total rentable area 1.083 million m² Basic Policies Sponsor Property acquisition pipeline from the Mitsui Fudosan Group Leverage the comprehensive strengths of the Mitsui Fudosan Group Leasing capabilities Property management capabilities Increase Unitholder Value Stable mid-to-long-term growth in DPU Expansion of NAV per unit* *NAV per unit = (Unitholders' capital at period end + Reserve for advanced depreciation in the next period (reserve - reversal) + Unrealized gain or loss on appraisal value at period end) ÷ Units issued and outstanding at period end 3#52. Financial Results & Forecast NBF Nippon Building Fund Definition of Terms Fiscal period 1H 2016 (30th Period) - Actual (Properties at period end: 73) 2H 2016 (31th Period) - Forecast (Properties at period end: 74) Terms 2 new properties 2 properties disposed of Existing 72 properties 4 new properties 2 properties disposed of Existing 72 properties Definitions 2 property acquired during the period ended June 30, 2016 (30th Period) (One property is an additional acquisition) 2 properties disposed of during the period ended June 30, 2016 (30th Period) 72 properties excluding the 2 acquisitions above from the 73 properties owned as of June 30, 2016 (end of 30th Period) 2 properties acquired (one property is an additional acquisition) during the 30th Period, ended June 30, 2016, and 2 properties planned to be acquired (one property will be an additional acquisition) during the 31st Period, ending December 31, 2016. 2 properties disposed of during the period ended June 30, 2016 (30th Period) 72 properties excluding the 4 new properties from the 74 properties planned to be owned as of December 31, 2016 (end of 31th Period) Property Name Ueno East Tower, Kowa Nishi-Shinbashi Bldg. B(additional acquisition) NBF Sendai Honcho Bldg., NBF Atsugi Bldg. Ueno East Tower, Kowa Nishi-Shinbashi Bldg. B(additional acquisition) Toyo-cho Center Bldg., Nishi-Shinjuku Mitsui Bldg. (additional acquisition) NBF Sendai Honcho Bldg., NBF Atsugi Bldg. 4#62-1 1H/2016 (30th Period) Financial Highlights (1/2) NBF Mapen Building Fund 2H/2013 (25th Period) 1H/2014 (26th Period) 2H/2014 (27th Period) 1H/2015 (28th Period) 2H/2015 (29th Period) 1H/2016 (30th Period) (million yen) PoP Change (%) Total operating revenues 37,134 36,561 34,806 34,593 34,640 35,671 +3.0% (Profits/Loss from dispositions) (2,289) (1,902) (951) NOI from property leasing activities 22,864 22,482 22,219 22,167 22,014 22,638 +2.8% (NOI yield) (Note 1) (4.67%) (4.51%) (4.47%) (4.48%) (4.44%) (4.57%) (+0.13pt) Net income 13,276 12,771 10,846 10,995 10,977 12,808 +16.7% (Profits/Loss from dispositions) (2,003) (1,902) (951) Reserve for advanced Provision:1,311 Provision: 1,260 Reversal:370 Provision:951 depreciation Total assets (period end) LTV (period end) 1,022,811 1,040,572 1,022,951 1,022,385 1,012,708 1,029,045 +1.6% 43.8% 43.1% 41.9% 41.9% 41.3% 42.1% +0.8pt DPU (yen) (Note2). 8,645 8,152 7,681 7,787 8,036 8,397 +4.5% (Reference) (Note3) (17,290) NAV per unit 407,432 (yen; period end) (Note2) 421,123 430,707 444,359 460,478 484,767 +5.3% (Reference) (Note3) (814,865) Units issued and 692,000 1,412,000 outstanding (period end) 1,412,000 1,412,000 1,412,000 1,412,000 Note1: NOI yield Note2: = NOI from properties in operation for the entire period / Book value of the properties at period end x2 Figures for the 25th period are adjusted for the two-for-one investment unit split. Figures are rounded down to the nearest yen. Note3: Figures in parentheses are prior to the investment unit split. 5#72-1 1H/2016 (30th Period) Financial Highlights (2/2) Total Operating Revenues Net Income Total Assets (Period End) NBF Mapen Building Fund (million yen) 40,000 (million yen) 14,000 (billion yen) 1,100 13,276 12,771 12,808 1,040.5 35,000 37,134 36,561 (34,845) (34,659) 1,022.8 1,022.9 1,022.3 1,029.0 35,671 34,806 12,000 (11,273) (11,856) 1,012.7 34,593 34,640 (10,869) 10,846 10,995 10,977 1,000 (34,719) 10,000 30,000 8,000 900 6,000 25,000 800 4,000 0 0 2H/13 25th 1H/14 2H/'14 1H/'15 2H/'15 1H/'16 26th 27th 28th 29th 30th Period Period Period Period Period Period Profits from dispositions included in total operating revenues Figures in parentheses are total operating revenues excluding profits/loss from dispositions 2H/'13 1H/'14 25th 26th Period Period Period Profits from dispositions included in net income Figures in parentheses are net income excluding profits/loss from dispositions 0 2H/'14 27th 2H/'15 1H/'15 28th 29th Period Period 1H/'16 30th Period 2H/'13 25th Period 1H/'14 2H/'14 26th Period 27th Period 1H/'15 2H/'15 28th 29th Period Period 1H/'16 30th Period DPU(Note) NAV per Unit (Period End) (Note) (yen) (yen) 9,000 500,000 8,645 484,767 8,397 (8,145) 8,152 8,036 460,478 8,000 7,787 (7,697) 7,681 450,000 444,359 (7,773) 430,707 421,123 407,432 7,000 400,000 6,000 0 2H/'13 25th Period 1H/'14 26th Period 2H/'14 27th Period 1H/'15 28th Period 2H/15 29th Period 1H/16 30th Period Profits from dispositions included in DPU (after provision to the reserve for advanced depreciation) Figures in parentheses are DPU excluding profits from dispositions (after provision to the reserve for advanced depreciation) DPU include reversal of reserve for advanced depreciation. Figures in parentheses are DPU excluding reversal of reserve for advanced depreciation. 6 350,000 0 2H/13 25th Period 1H/14 26th Period 2H/'14 27th Period 1H/15 28th Period 2H/'15 29th Period 1H/'16 30th Period Note: Figures for the 25th period are adjusted for the two-for-one investment unit split. Figures are rounded down to the nearest yen.#8NBF Mapen Building Fund (million yen) 2H/2015 1H/2016 PoP Change (29th Period) (30th Period) Amount Total operating revenues Operating revenues 34,640 35,671 2-2 1H/2016 (30th Period) Statement of Income ■Statement of Income ■Summary of PoP Change Total operating revenues Rental revenues (million yen) +1,030 Percentage +479 1,030 3.0% 34,640 34,719 78 0.2% 2 acquisitions, 2 dispositions +71 rental revenues 31,268 31,748 479 1.5% 72 existing properties +408 Other revenues related to property leasing 3,372 2,971 -400 -11.9% Profits from dispositions 951 951 Other revenues related to property leasing -400 Total operating expenses 21,164 20,660 -504 -2.4% Cancellation fees -101 Operating expenses 19,736 19,155 -580 -2.9% Rental expenses (excl. depreciation and amortization) 12,626 12,080 -545 -4.3% Incidental income (seasonal factors, etc.) -285 Depreciation and amortization 7,110 7,074 -35 -0.5% Profits from dispositions (2 dispositions) +951 Asset management fees 1,205 1,264 58 4.9% Selling,general and administrative expenses 222 240 17 7.9% Total operating expenses: - 504 Operating Income 13,475 15,011 1,535 11.4% Net non-operating income and expenses -2,497 -2,202 295 Non-operating income 5 3 -1 Rental expenses Utilities (seasonal factors, etc.) -580 - 353 Non-operating expenses 2,503 2,205 -297 -11.9% Property management expenses -108 Ordinary income 10,978 12,808 1,830 16.7% Extraordinarity income(loss) Repair and maintenance expenses -55 Income before income taxes 10,978 12,808 1,830 16.7% Property taxes (incl. properties newly acquired in 2015) +45 Income taxes 1 0 -0 Non-operating income and expenses: +295 Net income 10,977 12,808 1,830 16.7% Non-operating expenses -297 Provision/Reversal of reserve for advanced depreciation 370 -951 -1,321 Payment of dividends 11,346 11,856 509 4.5% Interest expense -293 Distribution per unit(JPY) 8,036 8,397 361 4.5% Average Occupancy rate during the Period (%) 96.8 97.9 1.1 Units issued and outstanding at period end 1,412,000 1,412,000 Reference NOI from property leasing activities 22,014 22,638 624 2.8% Operating income (excl. profits from dispositions) 13,475 14,059 583 4.3% Net income (excl. profits from dispositions) 10,977 11,856 879 8.0% 7#92-3 1H/2016 (30th Period) Balance Sheet NBF Mapen Building Fund ■Balance Sheet Assets (million yen) December 31,2015 (29th Period end) Current assets Cash and cash equivalents Other current assets Fixed assets 14,901 June 30,2016 (30th Period end) 19,570 PoP Change Amount Percentage 4,668 31.3% 14,005 18,606 4,600 32.8% 896 964 68 7.6% 997,758 1,009,394 11,636 1.2% Fixed assets Tangible fixed assets 954,805 966,373 11,567 1.2% Intangible fixed assets 35,893 35,984 90 0.3% 2 acquisitions, 2 disposals, etc. ■Summary of Pop Change Total assets: Current assets Cash and cash equivalents (million yen) +16,337 +4,668 +4,600 +11,636 +16,400 Investments and other assets 7,059 7,037 -22 -0.3% Capital expenditures +2,232 Deferred assets 47 79 31 66.1% Total assets 1,012,708 1,029,045 16,337 1.6% Depreciation and amortization -7,074 Liabilities and Net Assets December 31,2015 (29th Period end) Current liabilities 74,793 June 30,2016 (30th Period end) 63,599 PoP Change Amount -11,193 Percentage -15.0% Other Total liabilities: +78 +14,875 Interest-bearing debt +14,625 Short-term debt 12,000 8,000 -4,000 -33.3% Long-term debt due within one year 40,750 24,750 -16,000 -39.3% Short-term debt -4,000 Investment corporation bonds due within one year 10,000 20,000 10,000 100.0% Long-term debt +13,625 Other current liabilities 12,043 10,849 -1,193 -9.9% Long-term liabilities 403,626 429,696 26,069 6.5% Investment corporation bonds +5,000 Investment corporation bonds 30,000 25,000 -5,000 -16.7% Long-term debt 325,625 355,250 29,625 9.1% Total net assets: +1,461 Security deposits received 48,001 49,446 1,444 3.0% Retained earnings +1,461 (Interest-bearing debt) (418,375) (433,000) Total liabilities 478,420 493,295 (14,625) 14,875 (3.5%) 3.1% Undistributed earnings +1,831 Net assets 534,287 535,749 1,461 0.3% Reversal of reserve for advanced depreciation -370 Unitholders'capital 519,124 519,124 Retained earnings 15,163 16,624 1,461 9.6% Reserve for advanced depreciation 4,185 3,815 -370 -8.8% Undistributed earnings 10,977 12,809 1,831 16.7% Total net assets 534,287 535,749 1,461 0.3% Total liabilities and net assets 1,012,708 1,029,045 16,337 1.6% 8#102-4 1H/2016 (30th Period) Financial Position Financial Data 2H/2015 (29th Period) 1H/2016 (30th Period) PoP Change LTV 41.3% 42.1% +0.8pt Long-Term Fixed-Rate Debt 95.2% 93.8% -1.4pt Short-Term Debt 8,000million yen Ratio Average interest Rate 1.10% 0.94% -0.16pt Average Maturity (Long-Term Interest-Bearing Debt) 4.11 5.16 1.05 Investment Corporation Bonds 45,000million yen ■Interest-Bearing Debt 2H/2015 (million yen) 1H/2016 PoP Change (29th Period) (30th Period) Short-Term Debt 12,000 8,000 -4,000 Long-Term Debt (floating-rate) 8,000 19,000 11,000 Long-Term Debt (fixed-rate) 358,375 361,000 2,625 Investment Corporation 40,000 45,000 5,000 Bonds Total 418,375 433,000 14,625 Credit Ratings Credit Rating Agency Credit Ratings (As of June 30,2016) Remarks JCR Long-Term Issuer Rating : AA+ Outlook: Stable R&I Issuer rating: AA Outlook: Stable Long-Term Corporate Rating : A+ S&P Outlook: Stable Short-Term Corporate Rating: A-1 9 NBF Mapen Building Fund Long-Term Debt (floating-rate) 19,000million yen Interest-Bearing Debt 433,000million yen Long-Term Debt (fixed-rate) 361,000million yen#11NBF Mapen Building Fund 2-5 1H/2016 (30th Period) Appraisal Value Assessment ■ Appraisal Value Appraisal Value, Book Value and Unrealized Gain Ratio 2H/2015 (29th Period) 1H/2016 (30th Period) PoP Change (billion yen) 1,400 (%) 18 Number of properties 74 73 -1 Appraisal value (period end) Book value (period end) Unrealized gain Book value (period end) (Left Axis) Appraisal value (period end) (Left Axis) Unrealized gain ratio (Right Axis) 16 10 1,117.9 billion yen 1,162.9 billion yen 45.0 billion yen 14 1,200 990.7 billion yen 1,002.3 billion yen 11.6 billion yen 12 127.2 billion yen 160.5 billion yen 33.3 billion yen 10 12 10 Unrealized gain ratio 12.8% 16.0% 3.2 pt 1,000 ■Changes by Property (POP) Direct Return Cap Rate 800 (Properties) Appraisal Value (Properties) 2H/2015 (29th Period) 1H/2016 2H/2015 1H/2016 (30th Period) (29th Period) (30th Period) Down 72 69 Up 69 69 Same 2 Up Same 0 Down 3 4 0 10 8 6 4 2 0 0 2H/2013 25th Period 1H/2014 26th Period 2H/2014 1H/2015 2H/2015 1H/2016 27th 28th 29th 30th Period Period Period Period#122-6 2H/2016 (31st Period) Forecast NBF Men Building Fund ■Results Forecast 1H/2016 (Actual) 2H/2016 (Forecast) PoP Change 1H/2017 (Reference) PoP Change (million yen) Summary of PoP change for 2H/2016 Total operating revenues: (million yen) – 1 (30th Period) (31st Period) Amount Percentage Total operating revenues Pperating revenues 35,671 35,669 -1 -0.0% (32nd Period) 35,614 Amount Percentage Rental revenues +776 -54 -0.2% 34,719 35,669 950 2.7% 35,614 -54 -0.2% 4 acquisitions, 2 dispositions +440 Rental revenues 31,748 32,524 776 2.4% 32,660 135 0.4% 72 existing properties +336 Other revenues related to property leasing 2,971 3,144 173 5.8% 2,954 -190 -6.1% Profits from dispositions 951 -951 Other revenues related to property leasing +173 Total operating expenses 20,660 21,368 708 3.4% 21,362 -6 -0.0% Incidental income (seasonal factors, etc.). +223 Operating expenses 19,155 19,858 702 3.7% 19,847 -10 -0.1% Rental expenses (excl. depreciation and amortization) 12,080 12,679 598 5.0% 12,617 -61 -0.5% Profits from dispositions -951 Excluding 30th Period profits from dispositions (2 properties) Depreciation and amorization 7,074 7,178 104 1.5% 7,229 51 0.7% Asset management fees 1,264 1,269 4 0.4% 1,268 0 -0.1% Total operating expenses: +708 Selling, general and administrative expenses 240 241 0 0.3% 246 5 2.1% Rental expenses +702 Operating income 15,011 14,301 -709 -4.7% 14,252 -48 -0.3% Net non-operating income and expenses -2,202 -2,101 101 -2,038 62 Utilities +189 Non-operating income 3 4 0 4 - Property management expenses (new property acquisitions, etc.) +173 Non-operating expenses 2,205 2,105 -100 Ordinary income 12,808 12,199 -4.6% -608 -4.8% 2,042 12,214 -62 -3.0% 14 0.1% Repair and maintenance expenses +213 Extraordinary income(loss) Depreciation and amortization (new property acquisitions, etc.) +104 Income before infome taxes 12,808 12,199 -608 -4.8% 12,214 14 0.1% Income taxes 0 0 0 0 0 Non-operating income and expenses: +101 Net income 12,808 12,199 -608 -4.7% 12,214 14 0.1% Non-operating expenses -100 Reserve for advanced depreciation -951 951 Payment of dividends 11,856 12,199 343 2.9% 12,213 Interest expense -98 14 0.1% Distribution per unit(JPY) 8,397 8,640 243 2.9% 8,650 10 0.1% Average occupancy rate during the period (%) 97.9 98.2 0.3 Units issued and outstanding at period end 1,412,000 1,412,000 98.2 0.0 1,412,000 Reference NOI from property leasing activities 22,638 22,990 352 Operating income (excl. profits from dispositions) 14,059 14,301 242 Net income (excl. profits from dispositions) 11,856 12,199 342 1.6% 1.7% 2.9% 22,997 7 0.0% 14,252 12,214 -48 -0.3% 2H/2016 (31st Period) forecast data and 1H/2017 (32nd Period) reference data are based on current assumptions. Actual results may differ if conditions change. Also, distributions are not guaranteed. 14 0.1% 11#13Reference: Performance Indicators Rental Revenue Net Income & DPU NBF Mapen Building Fund ■72 existing properties 4 acquisitions, 2 disposals Net income(left scale) --DPU(right scale) (million yen) 33,500 (million yen) 13,000 (yen) 12,808 12,199 951 9,000 33,000 32,500 32,000 31,500 31,396 31,268 31,000 12,500 32,524 12,000 440 31,748 32,084 11,500 8,036 71 7,787 370 31,676 (Reversal of reserve for 11,000 advanced depreciation) 10,995 10,977 10,500 Profits from disposition (Provision of reserve for advanced depreciation) 8,640 8,397 8,500 8,000 7,500 0 0 0 1H/2015 (Actual) 2H/2015 (Actual) 1H/2016 (Actual) 2H/2016 (Forecast) 1H/2015 (Actual) 2H/2015 (Actual) 1H/2016 (Actual) 2H/2016 (Forecast) *The existing 72 properties for 1H/2015 and 2H/2015 plus two dispositions 12#14<<MEMO>> 13 NBF Mapen Building Fund#153. Operating Results & Outlook NBF Nippon Building Fund 14#163-1 Occupancy, Floor Space of Tenants Moving in and out NBF Mapen Building Fund Average occupancy rate during the period, the percentage of floor space of tenants moving in and out (%) 15.0 97.5 97.8 97.6 97.9 96.7 96.8 97.1 97.0 10.0 5.0 2.8 0.0 -5.0 96.8 (Forecast) (%) 100 98.2 98.2 97.9 Average occupancy rate during the period (right scale) (Note 1) Percentage of floor space of tenants moving in (left scale) (Note2) Percentage of floor space of tenants moving out (left scale) (note3) 95 95 00 90 4.4 3.5 27 3.3 3.0 3.1 2.7 3.1 2.5 2.5 23 2.2 85 95 80 -1.8 -2.1 -2.2 -2.6 -3.4 -3.2 -3.0 -3.0 -3.0 2.2 2.3 -4.9 75 Celestine Shiba Mitsui Bldg. NBF Toyosu Canal Front -10.0 2H/2011 1H/2012 2H/2012 1H/2013 2H/2013 21st 22nd 23rd 24th 25th Period Period Period Period Period 28th Period 29th Period 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 2H/2016 1H/2017 26th 27th 30th 31st 32nd Period Period Period Period Period Note 1: Average occupancy rate during the period-weighted average of month-end occupancy rate on a floor space basis Note 2: The percentage of floor space of tenants moving in divided by average of total rentable area at the end of each month Note 3: The percentage of floor space of tenants moving out divided by average of total rentable area at the end of each month 15 70 70#1710% 3-2 Rental Revenue ■Breakdown of Change in Leasing Revenues (External and Internal Growth) (POP) 2% (Forecast) External growth External growth (contract base) Internal growth Total 5% We achieved internal growth for the first time in the 7.5 years since 2H/2008. 0% 1% 0% -1% ■Breakdown of Change in Leasing Revenues at Existing Properties (replacement and rent revision) ➡replacement rent revision We achieved positive rent revisions for the first time in the 6.5 years since 1H/2009. NBF Mapen Building Fund (POP) (Forecast) -5% -2% 2H/2011 1H/20122H/20121H/20132H/20131H/2014 2H/2014 1H/20152H/2015 1H/20162H/2016 1H/2017 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd Period Period Period Period Period Period Period Period Period Period Period Period 2H/2011 1H/20122H/20121H/20132H/20131H/20142H/2014 1H/20152H/2015 1H/20162H/20161H/2017 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd Period Period Period Period Period Period Period Period Period Period Period Period 16#183-3 Properties acquired in the 30th Period (ended June 30, 2016) NBF Mapen Building [Map] Ueno East Tower 上野の森美術館 上野 バンダ 上野棒 台東区役所 チサン O 上野觀察署 上野の森 さくらテラス 上野 上野消防署 EB 全仁会上野店院 下谷神前局 アメ マルイ シティ センタービル ABAB 東北上越新幹線 田 永寿絡合納院 三菱東京UFJ [上野御徒町 Ueno East Tower 都営大江戸線 松坂 [Sectional View] Hotel Office Kowa Nishi-Shinbashi Bldg.B(additional acquisition) Location Completion Total floor space Contract date Acquisition date Acquisition price Appraisal value (As of March 1, 2016) Higashi-Ueno, Taito-ku, Tokyo December 7, 2015 12,457 tsubo (41,180m²) March 30, 2016 June 1, 2016 ¥21,600 million ¥21,600 million NOI yield (Appraisal NOI/ 4.2% Acquisition price) Occupancy rate (As of June 30, 2016) Share Seller 100% 60% Naeba Properties SPC (Mitsui Fudosan investment fund) [Property Features] Acquisition Background ⚫ NBF acquired the property in a negotiated transaction with a fund operated by NBF's main sponsor, Mitsui Fudosan. . We expect the property to produce stable income because the hotel on the upper floors and the offices on the lower floors are both under long-term lease contracts. Location ⚫Ueno is a northern gateway to Tokyo that offers convenient transportation as a terminal station served by various JR lines, the Tohoku, Joetsu and Hokuriku shinkansen lines, and the Keisei Line. Specifications ⚫A competitive newly built large-scale property featuring leading-edge office building specifications. Standard area per floor: approx. 420 tsubo (1,388m²); ceiling height: 2,700 mm; OA flooring; zone air conditioning. Location Acquisition date Acquisition price Share Nishi Shinbashi, Minato-ku, Tokyo March 1, 2016 ¥48 million 0.37% (After acquisition: 83.37%) 17#193-4 Planned Properties Acquisition for the 31st Period (ending December 31, 2016) [Map] Toyo-cho Center Bldg. [Floor Plan (2nd, 3rd Floor)] NBF Wapen Building Fund DRITING e フレッサイン W MY ARELY 1478 甘そば 永代通用第三体育 RET 「塩浜通り ホテルルートイン センター Toyo-cho Center Bldg. Location Completion Total floor space Contract date Acquisition date Acquisition price Appraisal value (As of July 1, 2016) Toyo, Koto-ku, Tokyo March 18, 1994 5,757 tsubo (19,033m²) July 29, 2016 August 31, 2016 ¥7,800 million ¥8,270 million NOI yield (Appraisal NOI/ 5.5% Acquisition price) Occupancy rate 100% (As of July 1, 2016) Share 100% [Property Features] Location The Toyocho area offers excellent access to Nihonbashi, Otemachi and the central business districts of Tokyo, thus serving the growing need for back-up offices for finance and IT companies. In additional the property has a highly convenient location that is a four-minute walk from Toyocho Station on the Tokyo Metro Tozai Line. Specifications A solidly competitive property in the Toyocho area with extensive open space and appropriate basic specifications. Area for floors 2 and 3: approx. 880 tsubo (2,908m); ceiling height: 2,700 mm; OA flooring. Seller Domestic general corporation and individuals 18 Rentable area of about 880 tsubo (2,908m²) (floors 2 and 3) Nishi-Shinjuku Mitsui Bldg. (additional acquisition) Location Acquisition date Acquisition price Share Nishi Shinjuku, Shinjuku-ku, Tokyo July 21, 2016 ¥68 million 0.31% (After acquisition: 86.36%)#203-5 Dispositions and Internal Reserves for the 30th Period (ended June 30, 2016) NBF Mapen Building Fund NBF Sendai Honcho Bldg. NBF Atsugi Bldg. Internal Reserves*2 (million yen) 6,000 ■Reversal of reserve for advanced deprecation Provision of reserve for advanced deprecation 4,767 5,000 4,185 4,185 4,185 951 4,000 370 1,260 2,924 3,815 3,000 1,311 2,000 1,612 1,000 1,278 0 Overview of Dispositions Property Name Location NBF Sendai Honcho Bldg. Sendai, Miyagi NBF Atsugi Bldg. Total Sale date Age June 1, 2016 *1 Floor space 29 years 3,202 tsubo (10,585m²) Atsugi, Kanagawa June 30, 2016 25 years 2,032 tsubo (6,717m²) 5,234 tsubo (17,302m²) Appraisal value (as of December 31, 2015) Disposition price Sale price and expenses Gain (loss on disposition) *1. Age at time of sale Reserve for advanced depreciation Internal reserves² ¥2,890 million ¥3,700 million ¥3,323 million ¥2,140 million ¥2,750 million ¥2,174 million ¥376 million ¥575 million ¥5,030 million ¥6,450 million ¥5,498 million ¥951 million ¥951 million ¥4,767 million (¥3,376/unit) 19 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 24th Period 25th Period 26th Period 27th Period 28th Period 29th Period 30th Period *2. Internal Reserves: Amount at period end reflecting provisions to or reversal of reserve for advance depreciation in the following period. This figure differs from the reserve for advance depreciation at period end as presented on the balance sheet. Reserve for Advanced Depreciation To be utilized for stable management and distributions in the future#213-6 Financial Management NBF Mapen Building Fund ■New Funding & Repayment 1H/2016 (30th Period) Long-Term Borrowings & Investment Corporation Bonds Repayment Overview ■Long-Term Debt Procured in 1H/2016 (30th Period) • Long-term borrowings New Funding Overview Repayment 37,000 million yen total Average 1.90% interest rate Repayment total Average interest rate Borrowing Date Lender 56,000 million yen Amount (million yen) Term (years) Floating Fixed/ Interest Rate 2016.2.3 0.33% Sumitomo Life Insurance Company 3,000 10 10 Fixed 0.30% Development Bank of 2016.2.15 10,000 12 Fixed 0.36% Japan Inc. Average maturity 8.4 years Average maturity 12.9 years Development Bank of 2016.4.8 10,000 Japan Inc. 10 10 Fixed 0.26% Sumitomo Life 2016.5.23 5,000 10 Fixed 0.25% Insurance Company ■ Planned Repayment of Long-Term Debt & Investment Corporation Bonds 2H/2016 (31st Period) Repayment Overview Repayment Total Development Bank of 5,000 10 Fixed 0.25% Japan Inc. Mitsubishi UFJ Trust 2016.6.1 and Banking 7,000 12 Fixed 0.36% Corporation Sumitomo Mitsui Banking Corporation Total 1 11,000 13 Floating 0.15% 51,000 11.3 0.27% Average interest rate Average maturity 13,000 million yen 0.66% 5.0 years We forecast that borrowing costs will decrease further. • Investment corporation bonds Issued a 30-year bond, the longest maturity among J-REITS 1H/2017 (32nd Period) Repayment Overview Repayment 31,000 million yen total Issuance Name of Investment Amount Date Corporation Bonds (millions yen) Term (years) Fixed/ Floating Interest Rate No. 14 Investment 2016.6.9 5,000 30 Fixed 1.00% Corporation Bond Total② 5,000 30 1.00% Average 1.20% interest rate Average maturity 6.9 years Total (1+2) 56,000 12.9 0.33% 20#22<MEMO>> 21 NBF Mapen Building Fund#234. NBF's Strengths & Strategies NBF Nippon Building Fund 22#244-1 Portfolio Strategy (1/3) - Quality Focused investment in highly competitive premium office buildings IInvestment Ratio by Area (Acquisition price basis; as of June 30, 2016) ■Continued Appraisal Value & Floor Space (20 properties over 10,000 tsubo) NBF Mapen Building Fund *The size of the dot for each property indicates amount of NOI (NBF's share, annualized) Other Greater Tokyo ¥100.7 billion (9.2%) Continued Appraisal Other Cities Value (billion yen) 23 Wards of Tokyo Other Greater Tokyo Other Cities ¥129.5 billion (11.8%) 90.0 23 Wards of Tokyo NBF Osaki Bldg. 80.0 ¥865.8 billion (79.0%) 70.0 -23 Wards of Tokyo- Central 5 Wards 1,096.1 billion 73properties NBF Hibiya Bldg. (Chiyoda-ku, Tokyo) Mitsubishi Heavy Industries Head Office Bldg. (Minato-ku, Tokyo) Panasonic Tokyo Shiodome Bldg. (Minato-ku, Tokyo) 60.0 NBF Platinum Tower NBF Hibiya Bldg. 50.0 Mitsubishi Heavy Industries Head Office Bldg. 40.0 Nishi-Shinjuku Mitsui Bldg. NBF Toyosu Canal Front. Nakanosakaue Sunbright Twin Gate City Ohsaki 30.0 NBF Toyosu Shiba NBF Tower Garden Fron Celestine Shiba Mitsui Bldg. Central 5 Wards ¥558.9 billion (51.0%) Ueno East Towe Nakameguro GT Tower Shin-Kawasaki Mitsui Bldg. 20.0 Aqua Dojima NBF Tower Nakanoshima Central Tower Yokohama ST Bldg. 10.0 Shinanobashi Mitsui Bldg. NBF Shin-Urayasu Tower Panasonic Tokyo Shiodome Bldg. 0.0 Floor space 0 1 2 3 4 5 6 7 8 9 (10,000 tsubo) -Other Greater Tokyo- Other Cities NBF Platinum Tower (Minato-ku, Tokyo) Gate City Ohsaki (Shinagawa-ku, Tokyo) NBF Osaki Bldg. (Shinagawa-ku, Tokyo) Shin Kawasaki Mitsui Bldg. (Kawasaki city, Kanagawa) Yokohama ST Bldg. (Yokohama city, Kanagawa) Nakanoshima Central Tower (Osaka city, Osaka) 23 Aqua Dojima NBF Tower (Osaka city, Osaka)#254-1 Portfolio Strategy (2/3) - Size Diversity, stability and liquidity as the largest J-REIT NBF's J-REIT Market Share (As of June 30, 2016) ■Total Acquisition Price By Asset Type NBF Hippon Suilding Other (infrastructure, seniors) 7.4% 3.8% Hotels 4.7% Logistics 11.6% Housing 16.3% Acquisition Price (Total) ¥14,831.2 billion Retail facility 17.6% Office 46.0% Source: Asset management companies compiled from publicly available information 24 Market Capitalization By Type of Investment Corporation Diversified (3 types) 28.6% Diversified (2 types) 14.1% Market Capitalization (Total) ¥11,597.3 billion Health care REIT 0.3% NBF 7.7% Hippon Suiding Office REIT 21.9% NBF Mapen Building Fund Retail facility REIT 10.4% Housing REIT 11.3% Hotel REIT 3.6% Logistics REIT 9.7% Source: Asset management companies compiled from QUICK#264-1 Portfolio Strategy (3/3) - Pipeline We are aggressively acquiring and flexibly selling properties. Since our IPO, we have acquired approximately 60% of our properties from the Mitsui Fudosan Group (acquisitions and brokerage). Total Acquisitions by Seller (billion yen) 1,200 ■ Co-Existence Model with Mitsui Fudosan Group 1,000 800 600 400 200 0 1,096.1 382.0 219.6 Approx. 60%* 408.2 Gate City Ohsaki 86.2 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Acquired from Mitsui Fudosan and funds that it manages Acquired through Mitsui Fudosan brokerage ■Acquired from other (external) sources Properties acquired when NBF began managing properties *Ratio to total acquisitions since the initial public offering in September 2001 25 NBF FROM Nippon Building Nippon Building Fund Inc. (Acquired 2006 & 2013) Toranomon Kotohira Tower (Acquired 2004 & 2006) Acquire Sell Mitsui Fudosan Group Own Manage NBF Magen Building Fun JFE Bldg. (Disposal 2006) NBF Nihonbashi Muromachi Center Bldg. (Disposal 2013) Develop Redevelop#274-2 Leasing Strategy Conduct leasing promotion and existing tenant relations by fully using the sales capabilities of the Mitsui Fudosan Group. ■ Average Occupancy Rate during the Period & Total Rentable Area 00 90 (%) 100 95 NBF Mapen Building Fund (10 thousand m) 210 NBF's average occupancy rate during the period¹ (left scale) ■•Reference: average market occupancy rate during the period² (Tokyo business districts)(left scale) INBF's total rentable area at period end (right scale) 97.8 97.9 97.9 97.5 97.6 97.1 97.0 96.8 96.7 96.8 96.8 180 95.9 95.5 95.8 95.4 95.5 94.7 94.3 93.9 93.4 93.3 93.7 93.3 150 92.2 91.5 91.1 92.2 90.8 120 91.2 91.2 91.0 91.0 107.4 105.6 103.8 107.9 107.4 107.9 108.3 91.4 89.3 86.1 90 82.8 76.4 77.0 77.0 76.3 76.3 0 2H/2008 1H/2009 2H/2009 1H/2010 2H/2010 1H/2011 2H/2011 1H/2012 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Note1: NBF's average occupancy rate during the period - weighted average of month-end occupancy rate on a floor space basis 30th Period Note2: Average market occupancy rate during the period - simple average of month-end occupancy rate (Prepared by Nippon Building Fund Management using data from Miki Shoji Co., Ltd.) 26#28Maren Building Fund 4-3 Property Management Strategy (1/2) - Organization & Additional Investment NBF We use the comprehensive capabilities of the Mitsui Fudosan Group and strategically make additional investments. ■ Property Management Structure Formulate & execute management & operation plans • . Formulate & execute large-scale repair plans • Approval for major issues Strategic Additional Investment with Clear Objectives Set building grades based on the revenue performance and potential of each property Formulate and execute investment plans according to building grade Nippon Building Fund Management 【AM exclusive to NBF) Cooperation NBF Office Management 【PM exclusive to NBF] Mitsui Fudosan • New tenant leasing • Provides management and operation . expertise and operating systems Overall management of subleased properties Ratio of Capex to Depreciation and Amortization (Actual) (%) (million yen) --Ratio of capex to depreciation (left scale) 50 5,000 Capex (right scale) 40 36.6 39.9 37.2 4,000 32.5 31.6 30 28.6 30 2,839 3,000 25.4 2,655 23.3 2,268 2,329 20 20 1,980 1,703 1,646 2,232 2,000 10 10 The three companies leverage their respective strengths and maintain and increase the competitiveness, occupancy rates and rents of portfolio properties through close cooperation. 0 2H/20121H/20132H/20131H/20142H/20141H/20152H/20151H/2016 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period 27 1,000 0#294-3 Property Management Strategy (2/2) - Management & Operation Quality NBF Mapen Building Fund We create trusting relationships with tenants by providing high-quality operations that tenants and office workers appreciate. ■ Program to Raise Management & Operation Quality (PDCA cycle based on customer satisfaction surveys*) • We conduct annual customer satisfaction surveys of tenants and office workers Overall Customer Satisfaction Demonstrated by the Customer Satisfaction Survey Tenant (General Affairs Manager) Survey (Points) • Determine improvements 900 at each building. 850 CHECK ACTION 851 853 841 823 805 800 784 775 DO PLAN 750 700 2010 2011 2012 2013 2014 2015 2016 • Formulate action plans for each building. Office Worker Survey (Points) 850 • Execute action plans at each building. • Feedback to tenants *Overview of Fiscal 2016 Customer Satisfaction Survey Survey subjects: Number of responses: Survey period: Survey scope: Evaluation method: Tenant survey at 56 buildings (excluding masterleased and other properties) Office Worker Survey at 55 buildings (excluding masterleased and other properties) 860 tenant companies (response rate: 83%) 6,221 office workers (response rate: 80%) April-May 2016 overall management and operations including air conditioning, elevators, bathrooms, cleanliness, security and emergency preparedness rank order survey with five quality options. Overall customer satisfaction calculated by tabulating the impact of each survey item (1,000 is a perfect score. 800 represents the score if all respondents select the second-highest quality ranking for every question.) 28 795 794 800 784 766 758 745 750 729 700 2010 2011 2012 2013 2014 2015 2016#30Mapen Building Fund 4-4 Financial Strategy (1/2) - LTV and Long-Term Fixed-Rate Debt Ratio NBF 36-46% (maximum of 56%) for LTV 90% or higher for the long-term fixed-rate debt ratio ■LTV & Long-Term Fixed-Rate Debt Ratio (%) 100 ■ Average Maturity (Long-Term Interest-Bearing Debt) (Years) 00 90 80 70 6 99.6 5 96.4 97.7 96.5 95.0 94.7 95.2 5.16 93.8 4 4.76 4.73 4.53 4.29 Target 90% or higher for the long-term fixed-rate debt ratio 4.20 4.02 4.11 3 2 1 0 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period 60 50 ■Average Interest Cost on Borrowings 45.2 40 40 44.4 43.8 43.1 41.9 41.9 41.3 42.1 (%) 2.00 Target: 36-46% for LTV 30 50 20 20 10 10 1.44 1.32 1.34 1.00 1.25 1.23 1.18 1.10 0.94 0 0.00 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 23rd 24th 25th 26th 27th 28th 29th 30th Period Period Period Period Period Period Period Period 29#314-4 Financial Strategy (2/2) - Debt Maturity Diversification Reduced refinancing risk through diversification of debt maturity NBF Mapen Building Fund Debt Maturity Schedule ■ Overview of Commitment Lines (billion yen) 80.0 (As of June 30, 2016) Short-term debt Long-term debt Investment corporation bonds Maximum borrowing amount ¥40.0 billion ¥20.0 billion 70.0 Funds procured in 1H/2016 (30th Period) Contract start date September 1, 2014 March 19, 2014 60.0 Outside limit date August 30, 2019 March 31, 2019 50.0 40.0 30.0 20.0 10.0 Collateral Unsecured/ non-guaranteed Unsecured/ non-guaranteed 0.0 रस 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2046 (Year) 30#324-5 Strategies (Conclusion). Four strategies for the goal of increasing unitholder value Portfolio Strategy • Aggressive property acquisitions & flexible disposition ⚫ Focused investment in highly competitive premium office buildings • Further expansion of assets • Use the stable pipeline of the Mitsui Fudosan Group Leasing Strategy Financial Strategy • Conservative LTV level (36-46%) and a high long-term fixed-rate debt ratio (90% or higher) enable flexible response to the financial environment and property acquisition opportunities • Diversified maturities reduces financial risk Basic Policies Increase Unitholder Value •Stable growth in DPU over the mid-to-long-term •Expansion in NAV per unit • Conduct leasing promotion and existing tenant relations by fully using the sales capabilities of the Mitsui Fudosan Group •Maintain the occupancy rate at a high level 31 Property Management Strategy • Use the comprehensive capabilities of the Mitsui Fudosan Group •Maintain and increase asset value through strategic additional investment • Deliver a high level of management and operational quality through NBF's exclusive property management company NBF Mapen Building Fund#335. Appendix NBF Nippon Building Fund 32#341 Trends in the Office Building Leasing Market (1/4) ■ Average Vacancy Rate in Tokyo, Osaka & Nagoya CBDS ■ Average Asking Rent in Tokyo CBD Tokyo business districts: Osaka business districts: 169 (%) 16 Nagoya business districts: Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku Umeda area, Minamimorimachi area, Yodoyabashi & Honcho areas, Funaba area, Shinsaibashi & Nanba areas, Shin Osaka area Nagoya Station area, Fushimi area, Sakae area, Marunouchi area (Yen/tsubo) 40,000 12 8 4 35,000 30,000 6.89% 6.17% 25,000 3.94% 20,000 0 15,000 '02.1 '03.1 '04.1 '05.1 '06.1 '07.1 '08.1 '09.1 '10.1 '11.1 '12.1 '13.1 '14.1 '15.1 '16.1 '16.7 Tokyo business districts Nagoya business districts Osaka business districts Source: Miki Shoji Co., Ltd. 33 NBF Mapen Building Fund ¥28,350 ¥18,271 ¥18,053 '02.1 '03.1 '04.1 '05.1 '06.1 '07.1 '08.1 '09.1 '10.1 11.1 12.1 '13.1 '14.1 '15.1 '16.1 '16.7 Average (2,599 buildings) Existing (2,573 buildings) Newly constructed (26 buildings) Source: Miki Shoji Co., Ltd.#351 Trends in the Office Building Leasing Market (2/4) NBF Mapen Building Fund ■Market Rents for Office Buildings in Tokyo Business Districts (Average Asking Rent & Average Vacancy Rate) (Yen/tsubo) 25,000 20,000 15,000 8.57% ('03.6 & 8) ¥17,526 ('04.10) ¥22,901 ('08.8) Average vacancy rate (right scale) 2.49% ('07.11) -Average asking rent (right scale) (%) 9.43% 10 ('12.6) ¥16,207 ('13.12) ¥18,271 ('16.7) 8 6 3.94% ('16.7) 2 0 10,000 '02.1 '03.1 '04.1 '05.1 '06.1 '07.1 '08.1 '09.1 '10.1 '11.1 '12.1 '13.1 '14.1 '15.1 '16.1 '16.7 Source: Prepared by Nippon Building Fund Management using data from Miki Shoji Co., Ltd. 34#361 Trends in the Office Building Leasing Market (3/4) NBF Mapen Building Fund ■ Office Space Supply & Demand (Net Absorption) in the 23 Wards of Tokyo (10,000 tsubo) 60 40 40 20 20 0 -20 Supply Demand Supply (Jan-Jun) Demand (Jan-Jun) -40 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Jan-Jun) Source: Compiled by asset management company from Sanko Estate Co., Ltd. 35 Area supply is the total rentable area for rent in newly constructed buildings Area demand (net absorption) = Area completed and available for rent at the beginning of the period + Newly supplied area (area available for rent in buildings completed during the period) - Area completed and available for rent at the beginning of the period#371 Trends in the Office Building Leasing Market (4/4) NBF Mapen Building Fund ■New Supply of Large-Scale Office Buildings in the 23 Wards of Tokyo (10 thousand m²) 300 250 200 150 100 91 72 60 50 36 216 125 121 154 Historical average (1986-2015) 1.03 million m²/year (gross floor space basis) 119 86 85 55 77 65 559 117 175 58 (Forecast) Average of 1.14 million m²/year (gross floor space basis) from 2016 onward 109 102 87 69 139 137 124 0 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 *Large-scale office buildings have at least 10,000m2 of gross office space. Source: Prepared by Nippon Building Fund Management using data from Mori Building Co., Ltd. as of April 21, 2016 36#382 Trends in the Property Acquisition Market NBF Mapen Building Fund Acquisitions of Assets by J-REITS (billion yen) 1,000 Office Housing ■Retail 800 Logistics Hotels Other 600 400 200 0 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2011 2013 2016 Source: Compiled by asset management company from data published by various companies Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 Benchmark Yields for Office Buildings in Prime Areas 4.0% 3.5% 3.5% 3.5% 3.5% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.0% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.2% 3.0% 2.9% 2.8% 2.8% 2.0% '06.6 '06.12 '07.6 '07.12 '08.6 '08.12 '09.6 '09.12 '10.6 '10.12 '11.6 '11.12 '12.6 '12.12 '13.6 '13.12 '14.6 '14.12 '15.6 '15.12 '16.6 Office buildings in prime areas: Properties in Marunouchi, Otemachi in Chiyoda-ku, and Nihonbashi in Chuo-ku that are at least five years old with 20,000 tsubo or more and have standard floor space of 500 tsubo or more. Benchmark yield (net cash flow basis): Yield by application and region based on capitalization rates assessed by Japan Real Estate Institute. Source: Compiled by asset management company from data published by Japan Real Estate Institute 37#393 Unit Price, Distributions per Unit & NAV per Unit NBF Mapen Building Fund (yen) Unit Price (Note 1) 1,500,000 1,000,000 500,000 0 Distributions per Unit (Note 1) (yen) 12,000 11,27411,126 9,513 9,695 10,064 10,887 9,000 8,126 8,645 9,612 9,9041 9,836 8,523 8,001 7,683 8,446 8,562 7,592 7,291 7,747 8,427 7,600 7,569 7,740 7,877 6,000 3,000 0 NAV per Unit (Notes 1 and 2) (yen) 600,000 400,000 274,984 255,090 200,000 0 581,646 8,645 8,152 7,681 7,787 8,036 8,397 484,767 389,663 HITHH 2H/2001 1H/2002 2H/2002 1H/2003 2H/2003 1H/2004 2H/2004 1H/2005 2H/2005 1H/2006 2H/2006. 1H/2007 2H/2007 1H/2008 2H/2008 1H/2009 2H/2009 1H/2010 2H/2010 1H/2011 2H/2011 1H/2012 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 1st 2nd 3rd 6th. 7th 8th 9th 10th 11th Period: Period Period Period Period Period Period Period Period 4th Period 5th Period 12th Period 13th 14th 15th Period Period Period 16th Period 17th Period 18th Period 19th 20th 21st Period Period Period 22nd Period 23rd 24th 25th Period Period Period 26th 27th Period Period Period 28th 29th Period 30th Period Note 1: Historical data for the 25th Period, the six months ended December 31, 2013, and before are adjusted for the two-for-one investment unit split. Figures are rounded down to the nearest yen. Note 2: NAV per unit = (Unitholders' capital at period end + Reserve for advanced depreciation in the next period (reserve - reversal) + Unrealized gain or loss on appraisal value at period end) Units issued and outstanding at period end 38#404 Asset Scale (Total Acquisition Price) & Period Average Occupancy Rate NBF Mapen Building Fund (billion yen) 1,300 Period average occupancy rate (right scale) 23 wards of Tokyo (left scale) Central 5 Wards (incl. in above) (left scale) Other greater Tokyo (left scale) Other cities (left scale) 1,200 97.3 97.1 95.5 1,100 95.1 92.4 1,000 900 800 700 600 500 (%) 180 100 98.7 98.3 98.3 97.9 98.4 97.9 97.0 96.9 97.2 97.3 96.8 97.5 97.8 97.6 97.9 96.7 96.8 97.1 97.0 95.5 95.4 1,066.4 96.8 1,080.3 1,080.3 1,096.1 95 95 1,074.3 1,074.3 93.4 93.3 93.9 1,050.7 414.1 393.8 400 336.1 260.2 285.6 300 276.0 246.0 226.5 192.1 200 100 539.3 921.6 892.8 870.2 837.1 783.1 783.1 779.5 779.5 762.3 725.2 674.3 674.3 624.8 624.8 0 8th Period Operations2H/2001 1H/2002 2H/2002 1H/2003 2H/2003 1H/2004 2H/2004 1H/2005 2H/2005 1H/2006 2H/2006 1H/2007 2H/2007 1H/2008 2H/2008 1H/2009 2H/2009 1H/2010 2H/2010 1H/2011 2H/2011 1H/2012 2H/2012 1H/2013 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 Commence 1st 2nd 3rd 4th 5th 6th 7th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period 26th 27th 28th 29th 30th Period Period Period Period Period Period 222 22 24 26 28 29 33 43 43 47 47 662 52 55 55 56 56 58 60 00 14 61 61 59 59 59 64 64 67 68 74 71 73 73 74 74 73 *Data uses the new geographical categories introduced on June 30, 2014. 39 90 90 85 80 75 70 वै 65 60 60 55 50#415 Financial Management (billion yen) 600 550 Investment corporation bonds (left scale) Long-term fixed-rate debt ratio (right scale) LTV (Interest-bearing debt to total assets) (right scale) NBF Mapen Building Fund (%) 100 94.2 93.8 92.9 92.2 99.6 86.7 87.3 87.0 97.5 97.7 85.8 95.2 95.1 84.8 95.0 94.7 96.4 97.7 96.5 95.2 00 90 95.2 83.1 82.3 80.8 Borrowings (left scale) 500 73.5 450 66.7 65.2 400 350 79.1 75.7 65.6 50.8 C 45.6 OHO 41.4 40.5 37.5 37.3 300 44.4 41.7 250 43.3 41.9 200 38.0 36.0 150 30.7 100 80 60 70 60 50 30 50 43.2 43.2 43.1 42.5 42.6 44.2 44.4 45.2 40 42.9 43.8 43.1 40 41.6 41.9 41.9 41.3 42.1 38.7 20 10 220 0 0 '01.12 '02.6 '02.12 '03.6 '03.12 '04.6 '04.12 1st 2nd 3rd 4th 5th Period Period Period Period Period 6th Period 7th Period '05.6 8th '05.12 9th '06.6 '06.12 '07.6 '07.12 '08.6 '08.12 '09.6 '09.12 '10.6 '10.12 11.6 '11.12 '12.6 '12.12 13.6 '13.12 '14.6 14.12 15.6 '15.12 10th Period Period Period 11th Period 12th Period 13th 14th 15th 16th 17th Period Period Period Period Period 18th Period 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th '166 30th Period Period: Period Period Period Period Period Period Period Period Period Period Market cap at period end 238.9 155.5 174.6 184.4 193.1 220.9 318.7 364.7 420.6 563.9 802.6 868.6 797.5 677.5 530.0 447.6 382.7 381.5 451.4 454.7 364.4 472.6 547.4 794.4 847.0 835.9 852.8 756.8 814.7 893.7 (billion yen) 50 40#426 Lenders & Borrowings (million yen) 2H/2015 1H/2016 Repayment The Yamanashi Chuo Bank, Ltd. Short-Term Borrowings Lender Sumitomo Mitsui Trust Bank, Ltd. Shinsei Bank, Ltd. Other 29th Period End 30th Period End Method 7,000 7,000 Lump sum 1,000 1,000 repayment on 3,000 due date Unsecured, unguaranteed, ranked pari passu Resona Bank, Ltd. 1,000 Subtotal 12,000 8,000 Development Bank of Japan Inc. (Note 1) 63,375 78,000 Mitsubishi UFJ Trust and Banking 55,000 55,000 Corporation Sumitomo Mitsui Trust Bank, Ltd. 39,000 39,000 Sumitomo Mitsui Banking Corporation 26,000 37,000 Mizuho Bank, Ltd. 27,000 27,000 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 26,000 26,000 Sumitomo Life Insurance Company 25,000 25,000 Mizuho Trust & Banking Co., Ltd. 14,000 14,000 Mitsui Life Insurance Company Ltd. 12,000 12,000 The Bank of Fukuoka, Ltd. 10,000 10,000 Nippon Life Insurance Company 7,000 7,000 Shinkin Central Bank The Norinchukin Bank 6,000 6,000 5,000 5,000 Lump sum The Daishi Bank, Ltd. 5,000 5,000 Long-Term repayment on Unsecured, unguaranteed, Resona Bank, Ltd. 4,000 4,000 Borrowings due date (Note 1) ranked pari passu Taiyo Life Insurance Company 4,000 4,000 (contract basis) Daido Life Insurance Company 4,000 4,000 The Chugoku Bank, Ltd. 5,000 3,000 The Hachijuni Bank, Ltd. 3,000 3,000 The Iyo Bank, Ltd. 3,000 3,000 The Yamaguchi Bank, Ltd. 3,000 3,000 Meiji Yasuda Life Insurance Company 3,000 3,000 The Joyo Bank, Ltd. 2,000 2,000 The 77 Bank, Ltd. 2,000 2,000 The Gunma Bank, Ltd. 1,000 1,000 Shinsei Bank, Ltd. 1,000 1,000 The Hiroshima Bank, Ltd. 1,000 1,000 Zenkyoren(National Mutual Insurance 10,000 Federation of Agricultural Cooperatives) Subtotal Total (29 companies) (28 companies) Note 1: Initial loans of 5,000 million yen (April 28, 2009) and 10,000 million yen (August 31, 2009) from the Development Bank of Japan Inc. are repayable in installments. 366,375 378,375 380,000 388,000 41 NBF Mapen Building Fund#437 Floor Space of Tenants Moving in and out by Property (1H/2016) NBF Mapen Building Fund Area(Tsubo) 4,000 3,500 3.000 1,500 1,000 500 0 -500 -1,000 -1,500 -2,000 -2,500 23 wards of Tokyo Tokyo Other Greater Other Cities NBF Osaki Bldg. NBF Hibiya Bldg. Gate City Ohsaki Nishi-Shinjuku Mitsui Bldg. Nakanosakaue Sunbright Twin Mitsubishi Heavy Industries Head Office Bldg. NBF Toyosu Canal Front Shiba NBF Tower NBF Platinum Tower NBF Minami-Aoyama Bldg. NBF COMODIO Shiodome NBF Toyosu Garden Front Toranomon Kotohira Tower Nakameguro GT Tower Celestine Shiba Mitsui Bldg. Ueno East Tower NBF Ochanomizu Bldg. NBF Shibuya Garden Front NBF Ginza Street Bldg. Shinjuku Mitsui Bldg. No.2 GSK Bldg. River City M-SQUARE NBF Toranomon Bldg. Kowa Nishi-Shinbashi Bldg. B NBF Shinkawa Bldg. Shinbashi M-SQUARE NBF Ueno Bldg. NBF ALLIANCE Yotsuya Medical Bldg. NBF Ikebukuro East Higashi Gotanda Square NBF Shibuya East NBF Shibakouen Bldg. NBF Takanawa Bldg. NBF Akasaka Sanno Square NBF Shibakouen Daimon Street Bldg. NBF Kandasudacho Bldg. Sumitomo Densetsu Bldg. NBF Higashi-Ginza Square Panasonic Tokyo Shiodome Bldg. NBF Ogawamachi Bldg. Nihonbashi Kabuto-cho M-SQUARE NBF Ikebukuro Tower NBF Ikebukuro City Bldg. Ryukakusan Bldg. Jingumae M-SQUARE Chofu South Gate Bldg. Shin-Kawasaki Mitsui Bldg. Yokohama ST Bldg. Parale Mitsui Bldg. Tsukuba Mitsui Bldg. NBF Utsunomiya Bldg. S-ino Omiya North Wing NBF Urawa Bldg. NBF Shin-Urayasu Tower NBF Matsudo Bldg. Sapporo L-Plaza NBF Sapporo Minami Nijo Bldg. NBF Unix Bldg. NBF Niigata Telecom Bldg. Sumitomo Mitsui Banking Nagoya Bldg. NBF Nagoya Hirokoji Bldg. Aqua Dojima NBF Tower Nakanoshima Central Tower Shinanobashi Mitsui Bldg. Sakaisuji-Honmachi Center Bldg. Sun Mullion NBF Tower Aqua Dojima East NBF Hiroshima Tatemachi Bldg. Hiroshima Fukuromachi Bldg. NBF Matsuyama Nichigin-mae Bldg. Hakata Gion M-SQUARE NBF Kumamoto Bldg. Floor space of tenants moving in (3.5%) Increase in floor space of existing tenants (0.9%) Number in parenthesis is an average of total rentable area at the end of each month 42 Floor space of tenants moving out (3.0%)#448 Top 10 Tenants (Leased Floor Space Basis) (As of June 30, 2016) NBF Mapen Building Fund Tenant Name Leased Property 1. Mitsui Fudosan Co., Ltd. (Note) Gate City Ohsaki and 10 other properties Leased Areas (m²) Ratio of Total Rentable Area (%) 226,552 21.1 (Note) Mitsui Fudosan Co., Ltd. 2. Sony Corporation NBF Osaki Bldg. 74,425 6.9 3. Mitsubishi Heavy Industries, Ltd. Mitsubishi Heavy Industries Head Office Bldg. 34,187 3.2 Mitsui Fudosan Co., Ltd. generally subleases the properties on the left that it leases from NBF, although it uses some of the floor space itself. Mitsui Fudosan pays rent to NBF after 4. Transcosmos inc. NBF Shibuya Garden Front and 3 other properties 23,778 2.2 deducting a fixed percentage of the rent it receives from sublease tenants. 5. Glaxo SmithKline K.K. GSK Bldg. and 3 other properties 21,176 2.0 NBF Toyosu Garden Front and 6. Hakuhodo DY Holdings Inc. 20,976 2.0 2 other property 7. AXA Life Insurance Co., Ltd. NBF Platinum Tower and 3 other buildings 18,419 1.7 8. NS Solutions Corporation NBF Shinkawa Bldg. 15,302 1.4 9. Hitachi Urban Investment, Ltd. Ueno East Tower and 4 other properties 15,170 1.4 10. American Family Life Assurance Company of Columbus Chofu South Gate Bldg. and 2 other properties Total Leased Floor Space 14,483 1.3 1,064,760 43#459 Tenants by Industry NBF Mapen Building Fund Industry Share of Floor Space (As of June 30, 2016) Main Companies 1. Service Electrical 2. 21.5% Transcosmos inc., Hakuhodo DY Holdings Inc. 11.4% Sony Corporation, NEC Corporation equipment Information & 3. 11.3% NS Solutions Corporation, Softbank Corp. communications 4. Wholesale 8.9% Autobacs Seven Company, Limited, ACE Co., Ltd. Hitachi Urban Investment, Ltd., Other financial institutions 1.7% Banking 1.9% Other products 2.8% Other 9.4% Service 21.5% 5. Real estate 7.6% 6. Insurance 6.3% Mitsui Fudosan Residential Service Co., Ltd. AXA Life Insurance Co., Ltd., American Family Life Assurance Company of Columbus Pharmaceuticals 3.4% Retail 3.4% 7. Machinery 5.3% Mitsubishi Heavy Industries, Ltd., Fuji Xerox Co., Ltd. Construction 5.0% 1,583 tenant companies Electrical equipment 11.4% 8. Construction 5.0% Sumitomo Mitsui Construction Co., Ltd., Sumitomo Densetsu Co., Ltd. Machinery 5.3% 9. Retail 3.4% Lawson, Inc., JIMOS Co., Ltd. Insurance 6.3% Glaxo SmithKline K.K., 10. Pharmaceuticals 3.4% Real estate Mitsubishi Tanabe Pharma Corporation. Information & communications 11.3% 7.6% Wholesale 8.9% 11. Other products 2.8% Nikkei Business Publications, Inc., Tasaki & Co., Ltd. Sumitomo Mitsui Banking Corporation, 12. Banking 1.9% The Norinchukin Bank 13. Other financial institutions Japan Finance Corporation, 1.7% Yamada Servicer Synthetic Office 14. Other 9.4% Total 100.0% The asset management company has classified the type of industry based on the industry classification codes of the Securities Identification Code Committee. Industry classification includes sublease tenants. 44#4610 Property Age December 31, 2015 (29th Period End) 39.4% Average Property Age 17.79 years 20.8% 39.8% 39.3% Under 10 years Over 10 years but under 20 years 20 years or older 45 June 30, 2016 (30th Period End) Average Property Age 17.89 years 22.5% 38.2% NBF Mapen Building Fund#4711 Achievements: Environmental Evaluation & Certification NBF Magen Building Fun GRESB The Global Real Estate Sustainability Benchmark (GRESB) survey is an indicator that evaluates the sustainability initiatives of real estate companies and REITs rather than particular real assets. NBF received a Green Star, the highest rating, in the 2015 GRESB survey. GRES B Green Star 2015 DBJ Green Building DBJ Green Building Certification is a certification system established by the Development Bank of Japan to support buildings with high environmental and social awareness (a "Green Building"). Property Name NBF Osaki Bldg. NBF Toyosu Canal Front NBF Toyosu Garden Front River City M-SQUARE NBF Kandasudacho Bldg. Nakanoshima Central Tower Hakata Gion M-SQUARE Ranking DBJ Green Building 2015 0000 CASBEE CASBEE (Comprehensive Assessment System for Built Environment Efficiency) is a system for comprehensively evaluating the quality of buildings, including but not limited to environmental considerations such as the use of materials and equipment which save energy or have a lower environmental impact, internal amenities, and landscaping. Property Name Gate City Ohsaki NBF Toyosu Garden Front Ranking S CASBEE - Existing Building A CASBEE - New Construction (Brief Version) Tokyo Metropolitan Top-Level-Facility The Top-Level-Facility (Specified High Quality Commercial Facility with Measures against Global Warming) is a scheme to proportionally mitigate the obligations of a commercial facility to achieve the percentage of reduction of greenhouse gas emission in accordance with the level of measures taken against global warming, if such building is approved by the Tokyo Governor as meeting "certain standards set forth by the Governor" as an "office building promoting an excellent level of measures against global warming (Specified High Quality Commercial Facility with Measures against Global Warming)". Property Name Gate City Ohsaki Mitsubishi Heavy Industries Head Office Bldg. Panasonic Tokyo Shiodome Bldg. *Inspections involve over 70 evaluation items Category Semi-Top-Level Facility™ 46#4812 Sustainability Initiatives (1/2) Improving Business Continuity and Creating Added Value Disaster Prevention and BCP Measures Earthquake sensor installation Checking the earthquake sensor and building conditions will enable our building managers an appropriate safety management such as promptly directing evacuation routes for occupants. [NBF Kandasudacho Bldg.】 【NBF Toranomon Bldg.] [NBF Niigata Telecom 16/03/07 10:51 Bldg.] [NBF Matsuyama Nichigin-mae Bldg.] NBF Mapen Building Fund Earthquake-resistance improvement and renewal of elevators Installation and renewal of earthquake sensors and control mechanism 【Sumitomo Mitsui Banking Nagoya Bldg. 】 Installing rail backing Rope misalignment stop CELLULASS Enhancement work on emergency power generator oil tank [Gate City Ohsaki) 47 【Parale Mitsui Bldg.] Additional Counter bracket earthquake sensors reinforcement Traction machine motor renewal Control panel renewal#4912 Sustainability Initiatives (2/2) Achieving occupant comfort while minimizing environmental impacts / Community engagements Energy efficiency improvement Common Area Lighting Upgrades (Installation of LED Lighting) 【Nakanosakaue Sunbright Twin ] Indirect Lighting at Elevator Hall Lavatory Slop Sink Booth NBF Mapen Building Fund CS improvement and Community Engagement Programs Facilities Retrofit (Lavatory Renewal) Various Events [NBF Nagoya Hirokoji Bldg. ) Concerts and various other events are promoting communication between occupants and local community. Disaster drill [NBF ALLIANCE) [NBF Shibakouen Bldg.】 【NBF Matsudo Bldg.) 48 Music Live Chamber 2016 Lunch time concert [NBF Toyosu Canal Front) [Shiba NBF Tower] Photo contest Free Rental Umbrella 【S-ino Omiya North Wing] [Kowa Nishi-Shinbashi Bldg. B】#5013 Status of NBF Kumamoto Building ■Building Status • • Earthquake damage was minor and included cracking of some interior and exterior surfaces. However, tenants regained use of the premises in stages from the next day. Disaster restoration work was completed in the period, ended June 30, 2016 (30th Period). ■Response Headquarters Establishment and Actions • We established the Response Headquarters on April 14, 2016, the day of the earthquake. Conducted disaster recovery construction ~Repaired damaged portions, restarted elevator operation, restored damaged facilities in buildings and restored infrastructure Coordinated with Mitsui Fudosan NBF Mapen Building Fund ~Requested full material and other support from Mitsui Fudosan's Kyushu Branch and shared information about buildings, etc. in Kumamoto City related to Mitsui Fudosan . • Building management company was on 24-hour call to deal with aftershocks, and full support for tenant recovery activities. Provided daily necessities to tenants, including drinking water, emergency food, and cleaning wipes. etc. 【Cracked glass smoke barrier】 [Exterior photo】 【Property Overview] 【Before repair】 【After repair】 [Cracked board cloth corridor wall】 【Before repair】 Chuo-ku, Location Kumamoto city, Kumamoto Constructed February 18,2008 Age 8 years Site area Floors 537 tsubo (1,775m²) 2,954 tsubo (9,765m²) 10floors above ground Floor space 【After repair】 49 PML 3.0%#5114 Overview of Unit Ownership NBF Mapen Building Fund Ownership by Unitholder Uniholder Category Individuals & others Number of Unitholders by Type Dec. 31, 2015 (29th Period end) Jun. 30, 2016 PoP Change (30th Period end) Uniholder Category Dec. 31, 2015 (29th Period end) Jun. 30, 2016 PoP Change (30th Period end) Units % Units % Units % Units Held Units Held % Units Held 67,359 4.8 61,023 4.3 -6,336 -0.4 Individuals & others 14,456 93.3 13,242 92.5 -1,214 -0.8 Financial institutions 850,240 60.2 823,768 58.3 -26,472 -1.9 Financial institutions 196 1.3 203 1.4 7 0.2 City banks 868 0.1 303 -565 City banks 1 0.0 1 Regional banks 123,678 8.8 117,198 8.3 -6,480 -0.5 Regional banks 64 0.4 Trust banks 630,077 44.6 612,653 43.4 -17,424 -1.2 Trust banks 20 0.1 Life insurance companies 61,403 4.3 58,195 4.1 -3,208 -0.2 Life insurance companies 11 0.1 Non-life insurance companies 6,351 0.4 7,466 0.5 1,115 0.1 Non-life insurance companies 7 0.0 Credit unions 15,137 1.1 15,795 1.1 658 0.0 Credit unions 57 0.4 Other financial institutions 12,726 0.9 12,158 0.9 -568 0.0 Other financial institutions 36 0.2 Other domestic corporations 101,659 7.2 98,633 7.0 -3,026 -0.2 Other domestic corporations 385 2.5 364 Overseas investors 350,040 24.8 382,877 27.1 Securities companies 42,702 Total 1,412,000 3.0 100.0 45,699 3.2 32,837 2,997 2.3 0.2 Overseas investors Securities companies 432 2.8 472 20 0.1 1,412,000 100.0 Total 15,489 100.0 14,309 $ས ཝཙྪསྒྱུ Ńg 0.5 2 0.0 0.1 1 0.0 0.1 0.1 2 0.0 0.4 3 0.1 35 0.2 -1 0.0 2.5 -21 0.1 3.3 40 -0.5 28 0.2 8 0.1 100.0 -1,180 Top 10 Unitholders Individuals & others Financial institutions Other domestic corporations Overseas investors Securities companies Dec. 31, 2015 (29th Period end) Jun. 30, 2016 (30th Period end) Unitholder Name Units Held % Units Held % Japan Trustee Services Bank, Ltd. 278,869 19.7 266,331 18.9 60.2% Dec 31,2015 (29th Period 4.8% 7.2% 24.8% 3.0% end) Trust banks 44.6% Regional banks 8.8% Other financial institutions 6.8% Trust & Custody Services Bank, Ltd. The Master Trust Bank of Japan, Ltd. 152,103 10.8 131,909 9.3 112,845 8.0 130,172 9.2 The Nomura Trust and Banking Co., Ltd. 54,824 3.9 53,097 3.8 Individuals & others Financial institutions Other domestic corporations Overseas investors Securities companies Mitsui Fudosan Co., Ltd. 47,630 3.4 47,630 3.4 Nomura Bank Luxembourg SA 14,743 1.0 28,936 2.0 June. 30, 2016 STATE STREET BANK WEST CLIENT - TREATY505234 27,216 1.9 26,486 1.9 58.3% (30th Period end) 4.8% 7.0% 27.1% 3.2% Trust banks 43.4% Regional banks Other financial institutions Sumitomo Life Insurance Company 24,512 1.7 24,512 1.7 8.3% 6.6% STATE STREET BANK-WEST PENSION FUND CLIENTS-EXEMPT505233 23,512 1.7 23,686 1.7 Nomura Securities Co., Ltd. 20,570 1.5 23,400 1.7 50 50#5215 Property Portfolio Overview (1/2) - 23 Wards of Tokyo 23 Wards of Tokyo NBF Mapen Building Fund Total Leased Total Rentable Property Name Area (m) Area (m) (incl. subleases) Occupancy rate at end of period (%) Total Number PML (%) Property Name of Tenants Total Rentable Area (m) Total Leased Area (m) (incl. subleases) Occupancy rate at end of period (%) Total Number of Tenants PML (%) NBF Osaki Bldg. 74,425 74,425 100.0 1 0.9 NBF Shinkawa Bldg. 17,307 17,207 99.4 35 3.5 NBF Hibiya Bldg. 27,572 27,471 99.6 97 1.6 Shinbashi M-SQUARE 5,392 5,392 100.0 7 2.6 Gate City Ohsaki 41,881 41,456 99.0 80 1.5 NBF Ueno Bldg. 8,504 8,504 100.0 6 1.9 Nishi-Shinjuku Mitsui Bldg. 33,338 29,162 87.5 40 1.9 NBF Alliance 4,033 4,033 100.0 7 7.3 Nakanosakaue Sunbright Twin 32,021 31,447 98.2 17 1.4 Yotsuya Medical Bldg. 7,481 7,263 97.1 37 5.6 Mitsubishi Heavy Industries Head 35,641 35,641 100.0 11 1.7 NBF Ikebukuro East 11,073 10,835 97.9 20 2.8 Office Bldg. NBF Toyosu Canal Front 36,661 36,661 100.0 14 4.2 Higashi Gotanda Square 6,166 4,594 74.5 12 2.0 Shiba NBF Tower 24,730 24,730 100.0 33 2.3 NBF Shibuya East 4,999 4,820 96.4 3 4.4 NBF Platinum Tower 33,503 33,503 100.0 7 1.6 NBF Shibakouen Bldg. 7,084 7,034 99.3 17 5.9 NBF Minami-Aoyama Bldg. 9,631 9,521 98.9 11 4.7 NBF Takanawa Bldg. 10,458 10,458 100.0 13 5.3 NBF COMODIO Shiodome 20,538 20,125 98.0 15 7.3 NBF Akasaka Sanno Square 5,258 5,258 100.0 6 9.9 NBF Shibakouen Daimon Street NBF Toyosu Garden Front 28,289 28,289 100.0 5 3.5 3,432 3,432 100.0 8 2.8 Bldg. Toranomon Kotohira Tower 16,848 16,848 100.0 24 1.6 NBF Kandasudacho Bldg. 4,470 4,470 100.0 9 3.7 Nakameguro GT Tower 21,423 21,423 100.0 19 1.2 Sumitomo Densetsu Bldg. 5,991 5,991 100.0 1 5.2 Celestine Shiba Mitsui Bldg. 16,915 16,309 96.4 10 1.9 NBF Higashi-Ginza Square 4,871 4,871 100.0 6 3.1 Ueno East Tower 17,227 17,227 100.0 2 1.8 Panasonic Tokyo Shiodome Bldg. 4,577 4,577 100.0 1 1.6 NBF Ochanomizu Bldg. 6,627 6,627 100.0 6 5.8 NBF Ogawamachi Bldg. 4,805 4,805 100.0 16 4.2 Nihonbashi Kabuto-cho NBF Shibuya Garden Front 16,516 16,516 100.0 1 3.4 3,298 3,298 100.0 2 6.4 M-SQUARE NBF Ginza Street Bldg. 3,440 3,440 100.0 1 8.2 NBF Ikebukuro Tower 5,631 5,631 100.0 18 3.9 Shinjuku Mitsui Bldg. No.2 14,828 14,536 98.0 49 1.7 NBF Ikebukuro City Bldg. 5,127 5,127 100.0 11 9.9 GSK Bldg. 20,426 20,426 100.0 1 0.8 Ryukakusan Bldg. 5,332 5,332 100.0 12 4.4 River City M-SQUARE 16,261 16,261 100.0 8 4.0 Jingumae M-SQUARE 7,232 7,232 100.0 8 3.5 NBF Toranomon Bldg. 10,067 10,039 99.7 14 8.4 Tokyo 23 wards (46 properties) 711,462 702,378 98.7 741 Kowa Nishi-Shinbashi Bldg. B 10,134 10,134 100.0 20 20 2.0 51#5315 Property Portfolio Overview (2/2) - Other Greater Tokyo & Other Cities NBF Mapen Building Fund Other Greater Tokyo Other Cities Property Name Total Rentable Area (m) Total Leased Area (m) (incl. subleases) Occupancy rate at end of period (%) Total Number of Tenants PML (%) Property Name Total Rentable Area (m) Total Leased Area (m) (incl. subleases) Occupancy rate at end of period (%) Total Number of Tenants PML (%) Chofu South Gate Bldg. 13,762 13,762 100.0 1 4.3 Sapporo L-Plaza 11,396 11,396 100.0 13 0.3 Shin-Kawasaki Mitsui Bldg. 39,837 38,452 96.5 20 2.2 NBF Sapporo Minami Nijo Bldg. 5,351 5,351 100.0 3 1.0 Yokohama ST Bldg. 20,046 20,046 100.0 96 1.7 NBF Unix Bldg. 13,355 13,349 100.0 54 2.7 Parale Mitsui Bldg. 12,545 12,545 100.0 34 2.8 NBF Niigata Telecom Bldg. 10,193 9,648 94.7 31 4.9 Sumitomo Mitsui Banking Tsukuba Mitsui Bldg. 16,832 16,697 99.2 64 0.5 17,658 17,340 98.2 11 3.9 Nagoya Bldg. NBF Utsunomiya Bldg. 6,160 5,973 97.0 39 0.5 NBF Nagoya Hirokoji Bldg. 9,876 9,637 97.6 22 22 7.1 S-ino Omiya North Wing 20,698 20,666 99.8 43 1.9 Aqua Dojima NBF Tower 21,917 20,505 93.6 41 3.8 NBF Urawa Bldg. 3,455 3,455 100.0 11 10.2 Nakanoshima Central Tower 17,344 14,346 82.7 19 NBF Shin-Urayasu Tower 22,760 21,600 94.9 53 2.6 Shinanobashi Mitsui Bldg. 25,314 24,689 97.5 1100 3.2 65 5.3 NBF Matsudo Bldg. 4,770 4,770 100.0 25 7.8 Sakaisuji-Honmachi Center Bldg. 23,230 23,230 100.0 52 3.8 Other greater Tokyo 160,864 157,965 98.2 386 Sun Mullion NBF Tower 14,954 14,954 100.0 29 1.8 (10 properties) Aqua Dojima East 3,245 3,115 96.0 19 3.7 NBF Hiroshima Tatemachi Bldg. 5,567 5,388 96.8 31 4.3 Hiroshima Fukuromachi Bldg. 3,927 3,927 100.0 12 3.5 NBF Matsuyama Nichigin-mae Bldg. 5,983 5,821 97.3 21 21 4.0 Rounded down to the Hakata Gion M-SQUARE 14,328 13,790 96.2 16 nearest tenth NBF Kumamoto Bldg. 7,931 7,931 100.0 17 3.0 Other City (17 Properties) 211,567 204,417 96.6 456 Total (73 properties) 1,083,893 1,064,760 98.2 1,583 1.5 52#5416 Appraisal Value (1/2) - 23 Wards of Tokyo 23 Wards of Tokyo NBF Men Building Fund Property Name Acquisition Price (1) Book Value at (2) Appraisal Value (3) Appraisal Value 1H/2016 at 1H/2016 30th Period End 30th Period End at 2H/2015 29th Period End Unrealized gain (loss) (2) - (1) PoP change in appraisal value (2) - (3) Property Name Acquisition Price (1) Book Value at (2) Appraisal Value 1H/2016 at 1H/2016 30th Period End 30th Period End at 2H/2015 29th Period End (3) Appraisal Value Unrealized gain (loss) (2) - (1) (million yen) PoP change in appraisal value (2) - (3) NBF Osaki Bldg. 66,660 66,660 82,900 79,900 16,239 3,000 NBF Shinkawa Bldg. 12,614 11,908 14,120 13,980 2,211 140 NBF Hibiya Bldg. 63,500 63,953 55,500 54,400 -8,453 1,100 Shinbashi M-SQUARE 11,900 11,754 14,200 13,600 2,445 600 Gate City Ohsaki 57,281 49,025 68,500 63,600 19,474 4,900 NBF Ueno Bldg. 10,400 9,450 9,010 8,870 -440 140 Nishi-Shinjuku Mitsui Bldg. 45,145 33,498 41,600 41,400 8,101 200 NBF Alliance 9,126 9,350 12,100 11,700 2,749 400 Nakanosakaue Sunbright 40,750 36,480 31,600 30,800 -4,880 800 Yotsuya Medical Bldg. 8,800 7,796 7,390 7,360 -406 30 Twin Mitsubishi Heavy Industries 36,300 35,947 47,200 45,600 11,252 1,600 NBF Ikebukuro East 8,630 9,130 10,200 9,650 Head Office Bldg. 1,069 550 NBF Toyosu Canal Front 35,200 29,842 34,200 33,300 4,357 900 Higashi Gotanda Square 8,350 7,855 8,090 8,020 234 70 Shiba NBF Tower 32,000 26,995 29,100 28,700 2,104 400 NBF Shibuya East 8,000 8,104 7,010 6,630 -1,094 380 NBF Platinum Tower 31,000 26,698 60,100 58,900 33,401 1,200 NBF Shibakouen Bldg. 6,770 6,171 7,860 7,780 1,688 80 80 NBF Minami-Aoyama Bldg. 31,000 31,529 18,500 18,100 -13,029 400 NBF Takanawa Bldg. 6,667 6,332 7,160 7,140 827 20 20 NBF COMODIO Shiodome 28,800 27,979 33,100 32,200 5,120 900 NBF Akasaka Sanno Square 6,250 6,222 6,380 6,250 157 130 NBF Shibakouen Daimon NBF Toyosu Garden Front 25,018 22,936 28,100 28,100 5,163 6,100 6,215 4,300 4,280 -1,915 Street Bldg. 20 20 Toranomon Kotohira Tower 24,543 18,721 33,900 32,800 15,178 1,100 NBF Kandasudacho Bldg. 5,960 5,954 7,720 7,550 1,765 Nakameguro GT Tower 23,856 17,826 21,500 21,100 3,673 400 Sumitomo Densetsu Bldg. 5,365 4,760 5,810 5,740 1,049 Celestine Shiba Mitsui Bldg. 22,500 22,328 25,400 25,200 3,071 200 NBF Higashi-Ginza Square 5,200 4,451 7,360 7,120 2,908 Ueno East Tower(Note 1) Panasonic Tokyo Shiodome 21,600 21,763 21,700 21,600 -63 100 5,075 5,004 6,020 5,850 1,015 Bldg. NBF Ochanomizu Bldg. 20,840 20,195 13,400 13,000 -6,795 400 NBF Ogawamachi Bldg. 4,940 5,083 5,670 5,660 586 ➢ ➢ ༔ ཎྜ ྣ 170 70 240 170 10 Nihonbashi Kabuto-cho NBF Shibuya Garden Front 20,269 18,884 29,700 29,000 10,815 700 4,850 4,588 5,430 5,300 841 130 M-SQUARE NBF Ginza Street Bldg. 17,000 17,531 16,500 16,000 -1,031 500 NBF Ikebukuro Tower 4,695 4,292 5,530 5,390 1,237 140 Shinjuku Mitsui Bldg. No.2 16,285 15,944 18,000 17,200 2,055 800 NBF Ikebukuro City Bldg. 4,428 4,119 5,210 5,060 1,090 150 GSK Bldg. 14,434 11,736 16,600 16,600 4,863 Ryukakusan Bldg. 4,050 4,383 4,550 4,450 166 100 River City M-SQUARE 13,350 12,329 16,000 15,500 3,670 500 Jingumae M-SQUARE 3,700 3,471 4,120 3,750 648 370 NBF Toranomon Bldg. 13,337 13,115 16,700 16,300 3,584 400 Tokyo 23 wards (46 properties) 865,804 799,456 939,540 914,689 140,083 24,969 Kowa Nishi-Shinbashi Bldg. B(Note2) 13,265 11,129 14,500 14,259 3,370 241 Note 1: Ueno East Tower's appraisal value at the end of the 29th Period is the appraisal value when NBF decided to acquire the property (value as of March 1, 2016). Note 2: Kowa Nishi-Shinbashi Building's appraisal value at the end of the 29th Period is the sum of the appraisal values of NBF's existing interest and the additional acquisition. The appraisal value of the additional acquisition is as of March 31, 2016, when NBF decided to add to its ownership of the property. 53#5516 Appraisal Value (2/2) - Other Greater Tokyo & Other Cities NBF Other Greater Tokyo Other Cities Men Building Fund Property Name Acquisition Price (1) Book Value at (2) Appraisal Value 1H/2016 at 1H/2016 30th Period End 30th Period End (3) Appraisal Value at 2H/2015 29th Period End Chofu South Gate Bldg. 9,320 8,354 10,000 9,970 Unrealized gain (loss). (2)- (1) 1,645 PoP change in appraisal value (2) (3) Property Name Acquisition Price (1) Book Value at (2) Appraisal Value 1H/2016 at 1H/2016 30th Period End 30th Period End (3) Appraisal Value at 2H/2015 29th Period End Unrealized gain (loss) (2) - (1) (million yen) PoP change in appraisal value (2)- (3) 30 Sapporo L-Plaza 4,404 3,248 6,970 6,920 3,721 Shin-Kawasaki Mitsui Bldg. 25,820 22,388 22,400 21,800 11 600 NBF Sapporo Minami Nijo Bldg. 1,870 1,604 1,350 1,330 -254 50 50 20 Yokohama ST Bldg. 13,529 12,626 15,100 14,800 2,473 300 NBF Unix Bldg. 4,028 2,896 3,400 3,390 503 10 10 Parale Mitsui Bldg. 3,800 3,130 3,790 3,750 659 40 NBF Niigata Telecom Bldg. 3,957 3,399 2,990 2,970 -409 20 20 Sumitomo Mitsui Banking Tsukuba Mitsui Bldg. 8,875 7,365 7,610 7,450 244 160 14,900 14,568 16,300 16,000 1,731 300 Nagoya Bldg. NBF Utsunomiya Bldg. 2,435 2,156 2,080 2,050 -76 30 NBF Nagoya Hirokoji Bldg. 7,232 6,350 7,220 7,050 869 170 S-ino Omiya North Wing 16,816 13,811 19,700 19,300 5,888 NBF Urawa Bldg. 2,000 1,828 2,100 2,060 271 ㅎㅎ 400 Aqua Dojima NBF Tower. 17,810 16,210 17,400 17,100 1,189 300 40 Nakanoshima Central Tower 14,900 14,601 16,700 16,400 2,098 300 NBF Shin-Urayasu Tower 15,700 15,613 9,980 9,980 -5,633 Shinanobashi Mitsui Bldg. 14,400 10,606 12,900 12,800 2,293 100 NBF Matsudo Bldg. 2,455 2,289 2,290 2,280 10 10 Sakaisuji-Honmachi Center 12,700 12,138 13,200 12,900 1,061 300 Bldg. Other greater Tokyo (10 properties) 100,751 89,565 95,050 93,440 5,484 1,610 Sun Mullion NBF Tower 10,500 7,282 7,010 6,950 -272 09 60 Aqua Dojima East 1,914 1,681 1,460 1,440 -221 20 NBF Hiroshima Tatemachi 2,930 2,691 2,440 2,390 -251 50 Bldg. Hiroshima Fukuromachi 2,215 1,881 2,350 2,310 468 40 Bldg. NBF Matsuyama Nichigin- 3,310 3,148 3,680 3,630 531 mae Bldg. 40 50 50 Hakata Gion M-SQUARE 8,000 7,093 9,120 9,000 2,026 120 NBF Kumamoto Bldg. 4,500 3,964 3,910 3,910 -54 . Other City (17 Properties) 129,572 113,368 128,400 126,490 15,031 1,910 Total (73 properties) 1,096,128 1,002,390 1,162,990 1,134,619 160,599 28,489 (A) (B) Difference between approasal value and book value 160,599 million yen (113,738 yen/per Unit) (B)-(A) 54 5.4#5617 Appraisal Rate (1/2) - 23 Wards of Tokyo. 23 Wards of Tokyo NBF Mapen Building Fund Appraisal Value at 1H/2016 Direct Return Method DCF Method Appraisal Value at Direct Retum Method 2H/2015 DCF Method Appraisal Value at Direct Retum Method DCF Method Appraisal Value at Direct Return Method DCF Method 1H/2016 Property Name 30th Period End CR DR TCR (million yen) 29th Period End (million yen) Property Name CR DR TCR 30th Period End (million yen) CR DR TCR 2H/2015 29th Period End (million yen) CR DR TCR NBF Shinkawa NBF Osaki Bldg. 82,900 3.5% 3.3% 3.7% 79,900 3.6% 3.4% 3.8% Bldg. (Note3) (West Building) 14,120 4.3% 4.2% 4.5% 13,980 4.4% 4.3% 4.6% NBF Hibiya Bldg. 55,500 3.4% 3.0% 3.5% 54,400 3.5% 3.1% 3.6% (East Building) 4.4% 4.2% 4.6% 4.5% 4.3% 4.7% Gate City Ohsaki 68,500 3.6% 3.4% 3.8% 63,600 3.7% 3.5% 3.9% (Residential Tower) 4.8% 4.6% 5.0% 4.8% 4.6% 5.0% Nishi-Shinjuku Mitsui Bldg. 41,600 3.8% 3.4% 4.0% 41,400 3.9% 3.5% 4.1% Shinbashi M-SQUARE 14,200 3.4% 3.2% 3.6% 13,600 3.5% 3.3% 3.7% Nakanosakaue Sunbright Twin 31,600 4.0% 3.6% 4.2% 30,800 4.1% 3.7% 4.3% NBF Ueno Bldg. 9,010 4.0% 3.8% 4.2% 8,870 4.1% 3.9% 4.3% Mitsubishi Heavy Industries 47,200 3.4% 3.2% 3.6% 45,600 3.5% 3.3% 3.7% NBF Alliance 12,100 3.4% 3.2% 3.6% 11,700 3.5% 3.3% 3.7% Head Office Bldg. NBF Toyosu Canal Front 34,200 4.1% 3.9% 4.3% 33,300 4.2% 4.0% 4.4% Yotsuya Medical Bldg. 7,390 4.2% 4.0% 4.4% 7,360 4.3% 4.1% 4.5% Shiba NBF Tower 29,100 3.7% 3.9% 3.9% 28,700 3.8% 4.0% 4.0% NBF Ikebukuro East 10,200 4.4% 4.2% 4.6% 9,650 4.5% 4.3% 4.7% NBF Platinum Tower 60,100 3.7% 3.9% 3.8% 58,900 3.8% 4.0% 3.9% Higashi Gotanda Square 8,090 3.8% 3.6% 4.0% 8,020 3.9% 3.7% 4.1% NBF Minami-Aoyama Bldg. 18,500 3.4% 3.1% 3.6% 18,100 3.5% 3.2% 3.7% NBF Shibuya East 7,010 3.7% 3.5% 3.9% 6,630 3.8% 3.6% 4.0% NBF COMODIO Shiodome 33,100 3.7% 3.5% 3.9% 32,200 3.8% 3.6% 4.0% NBF Shibakouen Bldg. 7,860 4.1% 3.9% 4.3% 7,780 4.2% 4.0% 4.4% NBF Toyosu Garden Front 28,100 4.2% 4.0% 4.4% 28,100 4.2% 4.0% 4.4% NBF Takanawa Bldg. 7,160 4.5% 4.7% 4.7% 7,140 4.6% 4.8% 4.8% Toranomon Kotohira Tower 33,900 3.5% 3.4% 4.0% 32,800 3.6% 3.5% 4.1% NBF Akasaka Sanno Square 6,380 3.6% 3.3% 3.8% 6,250 3.7% 3.4% 3.9% NBF Shibakouen Daimon Nakameguro GT Tower 21,500 3.9% 4.0% 4.1% 21,100 4.0% 4.1% 4.2% 4,300 3.9% 3.7% 4.1% 4,280 4.0% 3.8% 4.2% Street Bldg. Celestine Shiba Mitsui Bldg. 25,400 3.8% 3.6% 4.0% 25,200 3.9% 3.7% 4.1% NBF Kandasudacho Bldg. 7,720 3.7% 3.5% 3.9% 7,550 3.8% 3.6% 4.0% Ueno East Tower (Note 1) 21,700 4.0% 3.8% 4.2% 21,600 4.0% 3.8% 4.2% Sumitomo Densetsu Bldg. 5,810 4.2% 4.4% 4.4% 5,740 4.3% 4.5% 4.5% NBF Ochanomizu Bldg. 13,400 3.5% 3.3% 3.7% 13,000 3.6% 3.4% 3.8% NBF Higashi-Ginza Square 7,360 3.9% 3.7% 4.1% 7,120 4.0% 3.8% 4.2% NBF Shibuya Garden Front 29,700 3.4% 3.6% 3.6% 29,000 3.5% 3.7% 3.7% Panasonic Tokyo Shiodome Bldg. 6,020 3.5% 3.3% 3.7% 5,850 3.6% 3.4% 3.8% NBF Ginza Street Bldg. 16,500 3.3% 3.0% 3.4% 16,000 3.4% 3.1% 3.5% NBF Ogawamachi Bldg. 5,670 3.8% 3.6% 4.0% 5,660 3.9% 3.7% 4.1% Shinjuku Mitsui Bldg. No.2 18,000 3.8% 3.9% 3.9% 17,200 3.9% 4.0% 4.0% Nihonbashi Kabuto-cho M-SQUARE 5,430 3.7% 3.5% 3.9% 5,300 3.8% 3.6% 4.0% GSK Bldg. 16,600 4.1% 4.2% 4.3% 16,600 4.2% 4.3% 4.4% NBF Ikebukuro Tower 5,530 4.3% 4.1% 4.5% 5,390 4.4% 4.2% 4.6% River City M-SQUARE 16,000 4.1% 4.0% 4.3% 15,500 4.2% 4.1% 4.4% NBF Ikebukuro City Bldg. 5,210 4.2% 4.0% 4.4% 5,060 4.3% 4.1% 4.5% NBF Toranomon Bldg. 16,700 3.5% 3.3% 3.7% 16,300 3.6% 3.4% 3.8% Ryukakusan Bldg. 4,550 4.2% 4.0% 4.4% 4,450 4.3% 4.1% 4.5% Kowa Nishi-Shinbashi Bldg. B (Note2) 14,500 3.6% 3.7% 3.7% 14,259 3.7% 3.8% 3.8% Jingumae M-SQUARE (Note4) 4,120 3.8% 3.6% 4.1% 3,750 3.9% 3.7% 4.2% Tokyo 23 wards 939,540 י 914,689 (46 properties) Note 1: Ueno East Tower's appraisal value at the end of the 29th Period is the appraisal value when NBF decided to acquire the property (value as of March 1, 2016). Note 2: Kowa Nishi-Shinbashi Building's appraisal value at the end of the 29th Period is the appraisal value of NBF's existing interest. Note 3: Figures for the NBF Shinkawa Bldg. are presented for the West Building, East Building and Residential Tower. Note 4: NBF subleases the land for Jingumae M-SQUARE. Therefore, data in the CR column are discount rates for direct capitalization using the inwood method. Data in the DR column are discount rates for years one through ten. Data in the TCR column are resale discount rates (from year 11 to contract expiration). 55#5717 Appraisal Rate (2/2) - Other Greater Tokyo & Other Cities NBF Mapen Building Fund Other Greater Tokyo Other Cities Appraisal Value at 1H/2016 Direct Return Method DCF Method Appraisal Value at Direct Retum Method 2H/2015 DCF Method Appraisal Value at Direct Retum Method 1H/2016 DCF Method Appraisal Value at Direct Retum Method 2H/2015 DCF Method Property Name 30th Period End Property Name CR DR TCR (million yen) 29th Period End (million yen) CR DR TCR 30th Period End (million yen) CR DR TCR 29th Period End (million yen) CR DR TCR Chofu South Gate Bldg. 10,000 5.0% 4.8% 5.2% 9,970 5.0% 4.8% 5.2% Sapporo L-Plaza 6,970 5.0% 5.1% 5.2% 6,920 5.1% 5.2% 5.3% Shin-Kawasaki Mitsui Bldg. 22,400 5.0% 4.8% 5.2% 21,800 5.1% 4.9% 5.3% NBF Sapporo Minami Nijo Bldg. 1,350 5.5% 5.3% 5.6% 1,330 5.6% 5.4% 5.7% Yokohama ST Bldg. 15,100 4.3% 4.4% 4.5% 14,800 4.4% 4.5% 4.6% NBF Unix Bldg. 3,400 6.1% 6.1% 6.3% 3,390 6.2% 6.2% 6.4% Parale Mitsui Bldg. 3,790 4.8% 4.6% 5.0% 3,750 4.9% 4.7% 5.1% NBF Niigata Telecom Bldg. 2,990 5.9% 5.7% 6.1% 2,970 6.0% 5.8% 6.2% Sumitomo Mitsui Banking Tsukuba Mitsui Bldg. 7,610 5.5% 5.3% 5.7% 7,450 5.6% 5.4% 5.8% 16,300 4.5% 4.3% 4.7% 16,000 4.6% 4.4% 4.8% Nagoya Bldg. NBF Utsunomiya Bldg. 2,080 5.8% 5.6% 6.0% 2,050 5.9% 5.7% 6.1% NBF Nagoya Hirokoji Bldg. 7,220 4.5% 4.3% 4.7% 7,050 4.6% 4.4% 4.8% S-ino Omiya North Wing 19,700 4.7% 4.8% 4.9% 19,300 4.8% 4.9% 5.0% Aqua Dojima NBF Tower 17,400 4.1% 3.9% 4.3% 17,100 4.2% 4.0% 4.4% NBF Urawa Bldg. 2,100 5.0% 4.8% 5.2% 2,060 5.1% 4.9% 5.3% Nakanoshima Central Tower 16,700 4.1% 4.2% 4.3% 16,400 4.2% 4.3% 4.4% NBF Shin-Urayasu Tower 9,980 4.6% 4.4% 4.8% 9,980 4.7% 4.5% 4.9% Shinanobashi Mitsui Bldg. 12,900 5.0% 4.8% 5.2% 12,800 5.1% 4.9% 5.3% NBF Matsudo Bldg. 2,290 5.1% 5.1% 5.3% 2,280 5.2% 5.2% 5.4% Sakaisuji-Honmachi Center Bldg. 13,200 4.5% 4.3% 4.7% 12,900 4.6% 4.4% 4.8% Other greater Tokyo (10 properties) 95,050 93,440 Sun Mullion NBF Tower 7,010 4.9% 5.0% 5.1% 6,950 5.0% 5.1% 5.2% Aqua Dojima East 1,460 4.5% 4.3% 4.7% 1,440 4.6% 4.4% 4.8% NBF Hiroshima Tatemachi Bldg. 2,440 5.6% 5.7% 5.8% 2,390 5.7% 5.8% 5.9% Hiroshima Fukuromachi Bldg. 2,350 5.5% 5.6% 5.7% 2,310 5.6% 5.7% 5.8% NBF Matsuyama Nichigin-mae Bldg. 3,680 5.9% 5.8% 6.1% 3,630 6.0% 5.9% 6.2% Hakata Gion M-SQUARE 9,120 5.0% 4.9% 5.2% 9,000 5.1% 5.0% 5.3% NBF Kumamoto Bldg. 3,910 6.0% 5.9% 6.2% 3,910 6.0% 5.9% 6.2% Other City (17 Properties) 128,400 126,490 56 Total (73 properties) 1,162,990 1,134,619 .#5818 Revenue by Property (1/3) 23 Wards - - of Tokyo 23 Wards of Tokyo NBF Mapen Building Fund (million yen) NBF Osaki Operating revenues Rental revenues Other revenues Bldg. (Note 1) NBF Hibiya Bldg. Gate City Ohsaki Nishi-Shinjuku Nakanosakaue Industries Head Mitsui Bldg. Sunbright Twin Office Bldg Mitsubishi Heavy NBF Toyosu Canal Front Shiba NBF Tower NBF Platinum NBF Minami- Tower Aoyama Bldg. NBF COMODIO Shiodome NBF Toyosu Garden Front Toranomon Kotohira Tower Celestine Nakameguro GT Tower Shiba Mitsui Bldg. Ueno East Tower Note1) NBF Ochanomizu Bldg. NBF Shibuya Garden Front Note) NBF Ginza Street Bldg. (Note 1) Shinjuku Mitsui Bldg. No.2 1,363 1,922 1,038 1,000 579 981 1,456 473 769 800 817 854 588 253 1,241 1,676 1,006 945 501 926 1,377 438 723 719 780 755 554 228 121 246 31 55 77 54 79 35 46 80 37 98 33 Operating expenses 785 930 527 631 556 620 631 248 320 399 484 590 328 Property taxes 309 171 135 125 72 54 86 85 57 54 36 92 70 Expenses: 330 480 187 318 227 295 298 114 141 180 291 240 152 Water, lighting and heating expenses 104 105 52 73 54 86 32 42 76 48 61 47 Building maintenance costs 135 342 133 194 81 90 103 40 50 59 93 173 89 Office management fees 60 3 3 43 23 46 71 21 37 38 3 3 3 Repair expenses. 20 27 48 19 9 8 27 18 2 3 4 0 5 ཤྲུ ླ * ༤ 。 སྒྲ ༄ ྨ སྔ ་ GSK Bldg. (Note 1) River City M-SQUARE NBF Toranomon Bldg. Kowa Nishi- Shinbashi Bldg. B(Note 1) 550 607 449 505 568 418 44 39 30 176 349 317 205 21 68 53 70 52 134 138 96 33 35 22 20 58 71 34 26 28 21 1 5 0 13 Rental expenses - - 87 - 138 - - - Trust fees 1 - 2 0 0 0 0 - - - - 1 - 0 Insurance 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 Other expenses 6 0 1 4 37 5 7 1 6 1 1 0 5 1 8 1 3 Depreciation and amortization 145 278 204 188 256 270 246 48 121 164 157 257 105 102 147 125 38 Leasing income 974 578 992 510 368 613 23 360 824 225 448 401 332 264 260 55 76 442 262 200 314 290 244 207 Net operating income 1,414 724 1,271 715 557 775 279 630 1,071 274 569 565 490 521 365 82 178 550 267 348 430 415 282 268 (million yen) NBF Shinkawa Bldg. (Note 1) Shinbashi M-SQUARE NBF Ueno Bldg. NBF Alliance Yotsuya Medical Bldg. NBF Ikebukuro East Higashi Gotanda Square NBF Shibuya East NBF Shibakouen Bldg. NBF Takanawa Bldg. NBF Akasaka NBF Shibakouen Sanno Square Daimon Street Bldg. NBF Kandasudacho Bldg. Sumitomo Densetsu NBF Higashi- Panasonic Tokyo NBF Bldg. (Note 1) Ginza Square Shiodome Bldg. (Note 1) Nihonbashi NBF Ikebukuro NBF Ikebukuro Ryukakusan Ogawamachi Kabuto-cho M- Tower Bldg. SQUARE(Note 1) Total of 23 City Bldg. Bldg. Jingumae M-SQUARE Wards of Tokyo Operating revenues Rental revenues Other revenues 351 273 269 196 383 209 206 258 268 180 125 193 205 158 187 170 183 361 24,725 334 249 252 183 353 186 190 210 242 161 114 182 183 153 169 152 162 338 22,895 17 23 16 13 30 23 16 48 25 19 10 10 22 4 17 18 21 22 1,830 Operating expenses 137 205 87 183 193 134 87 127 131 97 48 98 102 78 95 76 105 298 13,162 Property taxes 33 22 26 24 23 21 17 24 24 32 11 14 16 19 14 14 20 13 2,519 Expenses: 47 74 40 98 96 38 40 57 59 41 19 30 50 33 41 37 52 213 5,746 Water, lighting and heating expenses 12 20 10 16 26 11 17 23 11 8 8 13 11 12 13 16 1,415 Building maintenance costs 16 36 13 28 35 31 16 16 19 15 0 11 19 25 18 14 20 19 2,394 Office management fees 17 12 13 3 18 3 9 12 12 8 6 9 10 3 9 8 8 13 926 Repair expenses 0 0 47 14 3 0 8 1 0 2 1 1 1 0 4 9 402 Rental expenses - - 4 - - - - 149 409 Trust fees 0 0 - - 1 0 0 0 0 0 22 Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 Other expenses 0 5 0 1 1 0 0 1 0 0 0 0 3 3 0 0 5 4 151 Depreciation and amortization 55 109 19 60 73 73 28 45 47 23 Leasing income 159 214 67 182 13 190 75 119 131 136 83 76 17 53 36 25 40 24 32 71 4,896 76 94 83 102 79 79 73 91 93. 78 63 11,563 Net operating income 336 269 176 202 74 263 149 148 177 184 106 94 94 147 119 139 111 105 105 131 118 110 134 16,460 57#5918 Revenue by Property (2/3) Other Greater Tokyo - NBF Mapen Building Fund Other Greater Tokyo (million yen) Chofu South Gate Bldg. (Note1) Shin-Kawasaki Mitsui Bldg. NBF Atsugi Tsukuba Mitsui Yokohama ST Bldg. Parale Mitsui Bldg. Bldg. (Note) Bldg. NBF Utsunomiya Bldg. S-ino Omiya North Wing NBF Urawa Bldg. Tower NBF Shin-Urayasu NBF Matsudo Bldg. Total of Greater Tokyo Operating revenues Rental revenues Other revenues 1,104 641 282 117 410 131 726 98 473 126 4,523 1,015 584 268 102 371 112 645 84 398 108 4,081 89 57 13 14 39 19 81 13 75 18 442 Operating expenses 655 398 174 63 333 76 341 46 367 66 2,775 Property taxes. 89 53 27 7 27 8 48 6 41 7 344 Expenses: 355 196 115 32 165 39 150 23 222 34 1,450 Water, lighting and heating expenses 110 56 43 9 61 13 49 7 64 11 460 Building maintenance costs 135 64 65 13 49 16 52 8 94 15 568 Office management fees 60 35 3 5 18 6 35 4 20 5 213 Repair expenses 47 34 1 2 26 1 5 1 34 1 163 0 0 Rental expenses - - Trust fees 1 1 2 Insurance 1 0 0 0 0 0 0 0 0 0 6 Other expenses 0 3 1 0 6 0 7 2 8 0 35 Depreciation and amortization 210 148 30 23 140 28 142 15 103 23 980 Leasing income 158 448 243 108 53 77 55 384 51 105 59 1,748 Net operating income 270 658 391 139 77 218 83 527 67 209 83 2,728 58#6018 Revenue by Property (3/3) Other Cities - Other Cities (million yen) Sumitomo Mitsui Sapporo L-Plazal NBF Sapporo Minami Nijo Bldg. NBF Sendai NBF Niigata Honcho Bldg. (Note3) NBF Unix Bldg. Banking Nagoyal Telecom Bldg. NBF Nagoya Aqua Dojima NBF Hirokoji Bldg. Tower Nakanoshima Central Tower Shinanobashi Mitsui Bldg. Bldg. Sakaisuji- Honmachi Center Bldg. Sun Mullion Aqua Dojima East NBF Tower NBF Hiroshima Tatemachi Bldg. Operating revenues 316 101 129 277 188 655 253 604 474 524 542 350 82 131 Rental revenues 258 86 107 238 164 573 221 521 420 468 482 305 64 112 Other revenues 57 14 22 39 24 81 31 82 53 55 60 45 17 19 Operating expenses 159 66 85 150 126 297 152 425 321 295 287 226 55 78 Property taxes. 18 10 12 20 18 61 25 73 54 55 61 34 10 13 Expenses: 88 35 40 90 73 143 52 183 123 136 150 102 29 34 Water, lighting and heating expenses 38 13 14 34 22 41 19 59 35 51 43 36 9 10 Building maintenance costs Office management fees 14 Repair expenses 344。 14 13 35 25 62 19 56 54 76 68 43 14 15 4 5 12 8 30 11 27 21 3 24 15 3 6 0 1 4 2 12 4 0 32 3 4 10 3 0 1 Rental expenses - 0 - - - - Trust fees 0 0 0 1 0 0 0 0 0 Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other expenses 0 1 0 4 3 1 1 5 7 1 1 2 0 1 Depreciation and amortization 52 19 32 39 34 Leasing income 156 35 44 127 61 357 Net operating income 208 54 77 167 96 450 5555 100 174 17 2 169 143 103 75 89 15 29 178 152 228 254 123 26 53 347 295 332 330 213 42 83 (million yen) Hiroshima NBF Matsuyama Fukuromachi Bldg. Nichigin-mae Bldg. Hakata Gion M- SQUARE NBF Kumamoto Bldg. Total of Other Cities Total Operating revenues 101 159 390 187 5,469 34,719 Rental revenues 92 141 341 169 4,771 31,748 Other revenues 8 18 48 18 698 2,971 Operating expenses 57 90 226 114 3,217 Property taxes 7 8 23 10 521 19,155 3,386 Expenses: 23 40 100 47 1,498 8,694 Water, lighting and heating expenses 7 11 39 13 502 2,379 Building maintenance costs 8 19 39 18 621 3,584 Office management fees 4 7 19 9 231 1,371 Repair expenses 1 0 5 91 657 Rental expenses 0 409 Trust fees 6. 30 Insurance 0 0 0 0 8 39 Other expenses 0 2 1 0 36 223 Depreciation and amortization 26 41 101 56 1,197 7,074 Leasing income 43 68 164 72 2,252 15,564 Net operating income 70 110 266 129 3,450 22,638 Note1: Explanation of net operating income from property leasing activities and NOI NBF has not received consent from tenants or co-owners of these properties to disclose rental revenue and is therefore unable to disclose it. Note2: Data for NBF Atsugi Building is through June 29, 2016. Note3: Data for NBF Sendai Honcho Building is through May 31, 2016. 59 NBF Mapen Building Fund#6119 Historical Summary of Results and Financial Position NBF Mapen Building Fund 35,671 34,719 951 12,808 Note 1: Figures in parentheses are annualized from monthly data. Note 2: NOI from prop Note 2: NOI from property leasing activities does not include such Note 2 items as gain or loss on sale of investment properties. SUCH Note 3: FFO Net income + Depreciation and amortization Note 3 Gain or loss on sale of investment properties Lization- Note 4: AFFO=FFO Capital expenditures Opertise Note 5: FFO per unit = FFO/Weighted average number of units Note 5: FFO per 12,808 Hole issued and outstanding during the periodumber of units Note 6: NAV per unit = (Unitholders' capital at period end + Reserve for Mole advanced depreciation in the next period (reserve - reversal) +or Unrealized gain or loss on appraisal value at period end) ++ Units issued and outstanding at period end at period and) + Note 7: DSCR = (Operating income - Gain or loss on sale of Nowa 7 investment properties + Depreciation and sale of amortization)/Interest expense clation and amortizaden Winterest expense 1H/2014 26th Period 2H/2014 1H/2015 2H/2015 27th Period 28th Period 29th Period 1H/2016 30th Period Operating revenues (million y en) 36,561 34,806 34,593 34,640 Leasing revenues (million y en) 34,659 34,806 34,593 34,640 Profits from dispositions (million y en) 1,902 NOI from leasing activities² Income before income taxes (million y en) 22,482 22,219 22,167 22,014 22,638 (million y en) 12,772 10,847 10,996 10,978 Net income (million y en) 12,771 10,846 10,995 10,977 FFO³ (million y en) 17,945 18,009 18,140 18,087 AFFO4 (million y en) 16,299 15,680 15,484 15,248 18,930 16,698 Depreciation and amortization (million y en) 7,077 7,163 7,145 7,110 7,074 Profits/loss from dispositions (million y en) Capital expenditures (million yen) 1,646 2,329 2,655 2,839 2,232 Total assets (million y en) 1,040,572 1,022,951 1,022,385 1,012,708 1,029,045 Interest-bearing debt (million y en) 448,500 428,125 428,750 Net assets (million yen) 534,820 534,156 534,306 418,375 534,287 433,000 535,749 Payment of dividends (million y en) 11,510 10,845 10,995 11,346 11,856 Units issued and outstanding (period end) (Units) Net assets per unit (JPY) 1,412,000 378,768 1,412,000 1,412,000 1,412,000 1,412,000 Distributuions per unit (JPY) 8,152 FFO per unit5 (JPY) 12,818 378,297 7,681 12,754 378,403 7,787 12,847 378,390 8,036 379,425 8,397 NAV per unit (JPY) 421,123 430,707 444,359 12,809 460,478 13,407 484,767 ROA¹ (%) 1.24 (2.48) 1.05 (2.10) 1.08 (2.15) 1.08 (2.16) 1.25 (2.51) ROE¹ (%) 2.42 (4.85) 2.03 (4.06) 2.06 (4.12) 2.05 (4.11) 2.39 (4.79) LTV (ratio of interest-bearing debt to total assets) (%) 43.1 41.9 41.9 41.3 42.1 DSCR7 (Times) 7.1 7.6 8.2 8.4 9.8 Payout ratio (%) 90.1 99.9 99.9 103.3 92.5 Operating days in the period (Days) 181 184 181 184 182 Investment properties (period end) (Properties) 73 73 74 74 73 Number of tenants (period end) (Properties) 1,546 1,568 1,579 1,595 1,583 Total rentable area (period end) (m) 1,074,857 Average occupancy rate during the period (%) 97.0 1,074,771 97.6 1,079,185 97.9 1,079,164 96.8 1,083,893 97.9 60#6220 Portfolio Map Nakano-ku Kita-ku Toshima-ku 20 Shibuya-ku Shinjuku-ku Arakawa-ku Taito-ku Bunkyo-ku Sumida-ku 45 Chiyoda-ku Imperial Palace 42 Koto-ku 46 10 Minato-ku 18 Setagaya-ku Meguro-ku Shinagawa-ku Other Cities 17 Properties ¥129.5 billion 69 70 73 74 63 64 65 66 67 68 Note: Numbers on the maps correspond to property numbers on pages 61-64. NBF Mapen Building Fund 23 Wards of Tokyo 46 Properties ¥865.8 billion 58 (As of June 30, 2016) Acquisition Price (Total) 73 Properties ¥1,096.1 billion Investment by Region Other Cities 11.8% 66 62 60 59 Greater Tokyo 9.2% Central 5 Wards 51.0% 23 Wards of Tokyo 79.0% Ibaraki 51 52 Saitama Tochigi 53 54 Tokyo Chiba Choty shi Greater Tokyo 10 Properties¥100.7 billion Yokohama 49 Kanagawa 61 55 48 K Tokyo Bay 50#6321 Properties (1/4) - 23 Wards of Tokyo NBF Mapen Building Fund NBF Osaki Bldg Laation Ares 10-12- O Nakanosakaue Sunbright Twin Lati NBF Platinum Tower Teranomon Kotohire Tower KBF Ochanomizu Bldg. AG-1,4-d Lictin 169452 Are 103310 174,9ka d 437999 28 re 31131.22,94, 35 X Prof bug 123,803. Area 1767.94 Structure 113258 Complatice Feb 24,2011 Shucke Completion BRY2F New 21.2006 Gradie Four of budding 25858 thidaw SV/ITH Cowolsten Completin ONBF Hibiya Bldg. Mitsubishi Heavy Industries Head Office Bldg. NBF Minami Aoyama Bldg. 1-7 1 D Tokyo 16-52- 70,4714 Completice 30, 1984 Complete Ape 1,200 18.720.5 Completion J31196 Kakameguro GT Tower NBF Shibuya Garden Front 25-11-26-3, 3- Flowing Fat 22.30.5 N Shy Garden Front A EF Sarfat BUT Completion NBF Toyosu Canal Front NBF COMODIO Shiodome † Celestine Shiba Mitsui Bldg NBF Ginza Street Bldg. 11-12,ne 6525-ch 141 75G 5-che Take 425003 1433640 40580 Roring 3.406.79 Structure Complati J1000 Stature Completive 11F 7,200 Structure Corle BIGF 10,2006 Completion An 12, 1990 Exposin Sep 301007 Gate City Ohsaki Nishi-Shinjuku Mitsui Bldg. Shiba NBF Tower Completion Apr. 28. 1999 Complete 01, 196 NBF Toyosu Garden Front Ueno East Tower Shinjuku Mitsui Bldg. No.2 15 Laxar 16-1, Higashi-Ueno 2-chome, Taito-ku, Tokyo 2-11- -chare Sh 125613 Strate Completion 7,2007 Saya Rob Bayar Compicior B2/25F 3,508.73m² 41,180.99m² 2000b4er Dec. 7, 2015 Completion D 62 62#6421 Properties (2/4) -23 Wards of Tokyo GSK Bldg. NBF Shinkaws Bldg. Locate 618, or doaga ch ST S Cande River City M-SQUARE Lacation BABF Now 1000 Lipancor:Oc11882 Corption Shinbashi M-SQUARE 1-2cm For 20 Golf 16.2013 31-1.31-7.30-15 S2-chore Chuo-ku, Toky 43004 Eat and Man New ubing 1/10 Yotsuya Medical Bldg. 20 2.082 AD Comple May 25.2004 NBF Ikebukuro East 10-61-chom. Location Foxy 7.250.0 Complice B1/11F 31, 2011 2007 19 Completion Feb. 1, 1993 NBF Shibakouen Bldg. NBF Kandasudacho Bidg 2-16.3 31. Stacke Corktong 17,1930 B01F NBF Takanawa Bldg. Roof 12,847 Completion Tx 25, 1967 NBF Mapen Building Fund 2-hone Chyle 7307 Structure Completion W 302013 Sumitomo Densetsu Bldg. 13-Mar T вла Compion 27, NBF Toranomon Bidg. NBF Ueno Bldg Higashi Gotanda Square NBF Akasaka Sanne Square NBF Higashi-Ginza Square Lacation 24-11 2-12 13-14 1home M Mus 94000 Site A 77 A 17, TIN Couple 2010 Expo Apr 25, 197 Seucture Completion T-7,18 Completion BLOF Feb 20,2005 Completan 2009 Kowa Nishi-Shinbashi Bldg B NOF Alliance 244040 For of 201804 Corption NBF Shibuya East NBF Shibakouen Daimon Street Bldg Panasonic Tokyo Shiodome Bldg. 21. Man Apane 34. ShToy Loca 6-1, Ch EA 1070838 Fresh Stane 6.254.7 91.5F Complice Jn 25.1 Fly by 203 84435 Completion 31, T Completion 291001 RO 80 63#6521 Properties (3/4) - 23 Wards of Tokyo & Other Greater TokyoNBF NBF Ogawamachi Bldg. Ryukakusan Bldg. Locate 31 Kad-wra Le 6-12 Hack-Sardi Dy 2 de Tak 111486 Ste Area 13496 Four wwf building 100326 Strictes Carrala 3 D27 1966 Carpake 30, 1991 Nihonbashi Kabuto-cho M-SQUARE NBF Ikebukuro Tower 1 NBF Ikebukuro City Bidg 178 Jingumae M-SQUARE 14. K OT 4-16 e 1-mex for 742 Con 152000 254335m Fox afouling 0 123 45 Scan Congleton 3521 OF 27.200 Chots South Gate Bidg 2 Complet NBF Shin-Urayasu Tower 1-21- Cortice NBF Utsunomiya Bidg NBF Matsude Bldg. 18-4 Me (acquisition planned for the 31st Period, Yokohama ST Bidg 5-ino Omiya North Wing Toyo-cho Center Bldg. ending December 31, 2016) SA Her SKUP Comp 3-2, Toyo 2-chome, Koto-ku, Tokyo 5,700.14m² building 19,033.93m² B1/5F Mar. 18, 1994 19 64 NDF Urawa Bldg. 2-5 Hot-Takasago Uku Sa For wing 50672 BUSE Stacka#6621 Properties (4/4) - Other Cities Sapporo L-Plaza Sumitomo Mitsui Banking Nagoya Bldg. Shinanobashi Mitsui Bidg NBF Hirushima Tatemachi Bidg Lab $theme pare Site Are Hang Completion NBF Sapporo Minami Nijo Bldg. 18-1, MN Hado $7042 Fox 140 Completan 26, 1990 NHF Unix Bldg. Location A 3.112. Forsting 23.420.12 Shickes B211F NBF Nagoya Hirokoj Bidg Sakaisuji-Honmachi Center Bidg Hiroshima Fukuromachi Bldg Aqua Dojima NF Towar Sun Mullion NBF Tower NBF Matsuyama Nichigie-mae Bidg NBF Niigata Telecom Bidg Nakanoshima Central Tower Aqua Dojima East Hakata Gion M-SQUARE Locnice 407 27 440 21, Dup 258585 Duk Duke 354 San Carpick HOF 200 Completion A211 Complet Just. 25, 2000 65 NBF Mapen Building Fund#67Disclaimer NBF Mapen Building Fund This English language notice is a translation of the Japanese language Investor Presentation dated August 16, 2016 and was prepared solely for the convenience of, and reference by, overseas investors. Neither NBF nor Nippon Building Fund Management, Ltd. makes any warranties as to its accuracy or completeness. These materials are intended to provide information, and are not a solicitation or recommendation to purchase securities or financial instruments or engage in transactions of any kind. Please consult with a securities company regarding the purchase of NBF units or investment corporation bonds. The information provided in these materials does not constitute the disclosure or asset management reports required under the Financial Instruments and Exchange Act or laws relevant to investment trusts or investment corporations. Nippon Building Fund Inc. and Nippon Building Fund Management Ltd. have exercised due care in providing these materials but do not guarantee the accuracy, validity, or completeness of information, whether created by Nippon Building Fund Inc., Nippon Building Fund Management Ltd., or third parties. This document contains forward-looking statements and information that are not historical or current facts. Forward-looking statements and information are assumptions and judgments based on information available to Nippon Building Fund Inc. and Nippon Building Fund Management Ltd. when preparing this document or as of the date otherwise stated. Forward-looking statements and information are premised on the Nippon Building Fund Inc.'s investment plan, applicable laws and regulations, market environment, interest rate environment, operating realities and the other facts as of the document date, and do not reflect or take into consideration subsequent change. These statements and information involve known and unknown risks, uncertainties and assumptions. Our future performance could materially differ from those set out in these forward-looking statements. The content of these materials is subject to change without notice. Nippon Building Fund Inc. and Nippon Building Fund Management Ltd. do not undertake and will not undertake to release revisions of forward-looking statements to reflect future events or circumstances or of any other statements or information contained herein. Duplication or use for other purposes of these materials without the prior consent of Nippon Building Fund Inc. and Nippon Building Fund Management Ltd. is prohibited. 66