Investor Presentaiton

ESG Measures Disclosures based on the TCFD Recommendations~ (Verification of financial impact based on scenario analysis) *Pale red and blue indicate a minor impact, and deep red and blue indicate a major Scope of Financial Impact Amount Transition Risks 4°C 2t 1.5°C Category Financial impacts Type 2030 (Mid) 2050 2030 (Long) (Mid) 2050 (Long) 2030 2050 (Mid) (Long) 1 Retrofitting expenses Risk Lower utility expenses as a result of ZEB Opportunity Policy Increased carbon tax burdens Risk Costs for purchase of renewable energy credits will be incurred Risk Certification and other costs will be incurred Risk Market Lower capital procurement costs as a result of green bonds, green loans, etc. Opportunity Higher occupancy rates at energy-generating and energy-conserving buildings Opportunity Reputation Lower occupancy rates at buildings with high disaster Risk risks Physical Risks Acutex Loss of sales opportunities due to building flooding Risk Increase in repair costs and 1 casualty insurance premiums due to building flooding Risk In light of the intent of the Paris Agreement, NMF set three patterns-a 4°C scenario, 2°C scenario, and 1.5°C scenario-as the assumed scenarios for scenario analysis. NMF verified the scope of the financial impacts from the identified risks and opportunities for each of the three scenario patterns. Impacts were verified at 2030 (medium-term outlook) and 2050 (long-term outlook) for each scenario. *The effects of chronic physical risks are likely to manifest after 2050, so they are excluded from the investigation of financial Impact amounts. 42 223

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