PitchSend

Investor Presentaiton

1 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

View entire presentation