Investor Presentaiton

4-1 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

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