Investor Presentaiton

External Growth Policy Continued selective investment with a focus on sponsor-developed properties and continued dispositions with a focus on asset replacement, etc. Acquisitions • Selective investment with a focus on sponsor-developed properties: Sponsor pipeline of 820 billion yen (Note 1) Quality of properties across four brands (Note 2) Acquisition of properties across four brands Ratio of Greater Tokyo area 98.2% Average age at acquisition 1.1 years PROUD FLAT 11.2% GEMS 8.9% PMO 35.1% Landport 44.8% Disposition ⚫• Flexible disposition through asset replacement and exchange with a focus on properties under consideration (approximately 50 billion yen) Office Properties expected to experience reduced competitiveness due to age and specifications, or reduced profitability due to the future balance between supply and demand in the area, etc. Properties under consideration for disposition Retail Properties that will require considerable time to recover performance after the significant effects of COVID-19, including properties in regional areas Residential Properties expected to experience reduced competitiveness due to being more than 30 years old, being in regional areas, or being small, single-person dwellings, etc. In the event of gains on sales, a portion is added to distributions and, in consideration of such factors as achievement of earnings forecasts and as long as tax can be avoided, internal reserves are increased (as a guide, any portion that exceeds a distribution of 3,300 yen). (Note 1) Figures based on the financial results of Nomura Real Estate Holdings for the first quarter of the fiscal year ended March 31, 2023. Of this amount, completed properties amount to approximately 300 billion yen. (Note 2) The four brands are PMO, GEMS, Landport, and PROUD FLAT series of properties acquired after listing on the stock exchange. For details, refer to page 48. 10 10

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