Investor Presentaiton

1 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

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