Investor Presentaiton

Internal Growth Management Status~ Office Despite softness in the market, we controlled rent levels while leveraging rent gaps. Amount of change in monthly rent and rate of change in monthly rent upon tenant replacement (Note 1) (min) Monthly rent decrease 17.6% 20.7% 15.9% Amount of change in monthly rent and rate of change in monthly rent upon rent revision (Note 1) Monthly rent increase Average rate of rent increase within rent revision +5.7% with rent increase Monthly rent change rate Average rate of rent increase within tenant replacement with rent increase +14.7% I Monthly rent increase Monthly rent change rate Monthly rent decrease (min) 17 17 17 69 8 7 2.4% 6 4 4.6% 4 T 7.0% -1 3.4% 3.0% -2 1.6% -0.3% -6 -2.5% -6 Change rate when rent decrease in one large section is +0.8% excluded (22,830 tsubo) (22,254 tsubo) (16,384 tsubo) (27,162 tsubo) (35,820 tsubo) (27,697 tsubo) -16 -2.3% 7 4 7 (2,255 tsubo) (1,109 tsubo) (2,052 tsubo) (3,194 tsubo) (5,825 tsubo) (3,637 tsubo) Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Rent gap (as of end of August 2022) (Note 2) : 4.0% (market rents are higher than current rents) [Future policy and forecasts] Continue leasing program leveraging the strengths of NMF with the aim of maintaining stable occupancy rates at around 98% (Period-average occupancy rate for August 2022 FP: 97.7% ⇒ Expected rate for February 2023 FP: 97.7%) (Note 3) [Strengths of NMF] Property competitiveness Advantages of location Competitive advantage of physical assets Property management capabilities Property management capabilities of the Nomura Real Estate Group (Note 1) Figures in brackets at the bottom of the charts represent floor areas of rent revisions or tenant replacements. The rates of change in monthly rents are calculated as weighted averages of all relevant sections. This is the same for other sectors explained later. (Note 2) Calculated from owned properties, excluding properties when leased as a whole building. (Note 3) Calculated from assumed floor areas of move ins/outs in the earnings forecast. 13

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