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Investor Presentaiton

CONTENTS NBF Mapen Building Fund 1. Overview of NBF 1-1 Features and Basic Policies 3 2. Financial Results & Forecast 2-1 1H/2016 (30th Period) Financial Highlights (1/2)_ 2-1 1H/2016 (30th Period) Financial Highlights (2/2) 2-2 1H/2016 (30th Period) Statement of Income 5 19 5. Appendix 1 Trends in the Office Building Leasing Market (1/4) 1 Trends in the Office Building Leasing Market (2/4). 1 Trends in the Office Building Leasing Market (3/4)_ 1 Trends in the Office Building Leasing Market (4/4)_ 2 Trends in the Property Acquisition Market_ 33 34 35 36 3 Unit Price, Distributions per Unit & NAV per Unit_ 37 38 2-3 1H/2016 (30th Period) Balance Sheet_ 8 4 Asset Scale (Total Acquisition Price) & 2-4 1H/2016 (30th Period) Financial Position_ 0 9 Period Average Occupancy Rate_ 39 2-5 1H/2016 (30th Period) Appraisal Value Assessment_ 10 5 Financial Management_ 40 2-6 2H/2016 (31st Period) Forecast_ 11 6 Lenders & Borrowings_ 41 Reference: Performance Indicators 12 7 Floor Space of Tenants Moving in and out by Property (1H/2016)_42 8 Top 10 Tenants (Leased Floor Space Basis). 43 3. Operating Results & Outlook 9 Tenants by Industry_ 44 3-1 Occupancy, Floor Space of Tenants Moving in and out_ 15 10 Property Age_ 45 3-2 Rental Revenue 16 11 Achievements: Environmental Evaluation & Certification 46 3-3 Properties acquired in the 30th Period (ended June 30, 2016)_ 3-4 Planned Properties Acquisition for the 31st Period 17 12 Sustainability Initiatives (1/2)_ 47 12 Sustainability Initiatives (2/2). 48 (ending December 31, 2016) 18 13 Status of NBF Kumamoto Building_ 49 3-5 Dispositions and Internal Reserves for the 30th Period (ended June 30, 2016)_ 14 Overview of Unit Ownership_ 3-6 Financial Management_ 120 19 15 Property Portfolio Overview (1/2) - 23 Wards of Tokyo_ 455 50 51 15 Property Portfolio_Overview (2/2) - Other Greater Tokyo & Other Cities_ 52 4. NBF's Strengths & Strategies 16 Appraisal Value (1/2) - 23 Wards of Tokyo_ 53 4-1 Portfolio Strategy (1/3) - Quality_ 4-1 Portfolio Strategy (2/3) - Size_ 4-1 Portfolio Strategy (3/3) - Pipeline_ 4-2 Leasing Strategy_ 4-3 Property Management Strategy (1/2) - Organization & Additional Investment_ 4-3 Property Management Strategy (2/2) Management & Operation Quality_ 4-4 Financial Strategy (1/2). - LTV and Long-Term Fixed-Rate Debt Ratio_ 4-4 Financial Strategy (2/2) - Debt Maturity Diversification_ 4-5 Strategies (Conclusion)_ 2222 2 2 205 23 24 16 Appraisal Value (2/2) - Other Greater Tokyo & Other Cities_ 17 Appraisal Rate (1/2) - 23 Wards of Tokyo_ 54 55 25 26 17 Appraisal Rate (2/2) - Other Greater Tokyo & Other Cities_ 18 Revenue by Property (1/3) - 23 Wards of Tokyo_ 56 57 18 Revenue by Property (2/3) - Other Greater Tokyo_ 58 27 18 Revenue by Property (3/3) - Other Cities_ 59 28 19 Historical Summary of Results and Financial Position_ 20 Portfolio Map_ 60 61 29 21 Properties (1/4) - 23 Wards of Tokyo_ 62 30 21 Properties (2/4) - 23 Wards of Tokyo_ 63 31 21 Properties (3/4) - 23 Wards of Tokyo & Other Greater Tokyo 21 Properties (4/4) - Other Cities_ 64 65 1 Disclaimer
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