UND

Nippon Building Fund Inc.

Nippon Building Fund Management Ltd.

1H 2022 (42nd Period)

Investor Presentation August 16, 2022

CONTENTS

1. Financial Highlights

1-1 Financial Highlights (1/3)

3

1-1 Financial Highlights (2/3)

4

1-1 Financial Highlights (3/3)

5

2. Financial Results

2-1 1H/2022 (42nd Period) Income Statement(P/L)

7

2-2 1H/2022 (42nd Period) Balance Sheet(B/S)

8

3. Investment Results and Outlook

3-1 Investment Policy

11

12

3-2 External growth (properties acquired and disposed)

3-3 Internal Growth (1/2)

13

3-3 Internal Growth (2/2)

14

3-4 Finance (1/2)

15

3-4 Finance (2/2)

16

3-5 Continuing

Appraisal

17

4. Forecast

4-1 2H/2022 (43rd Period), 1H/2023 (44th Period) Forecasts

19

(Reference) Business Outlook

20

4-2 Distribution Policy (1/2):

Utilization of retained earnings

and gains from transfers

21

4-2 Distribution Policy (2/2): Utilization of retained earnings

and gains from transfers

22

5. About the Market

5-1 Office Building Leasing Market Trends (1/2)

25

5-1 Office Building Leasing Market Trends (2/2)

26

5-2 Real Estate Market Trends

27

5-3 NBF unit price, TSE REIT

index, 10-year JGB interest rate

28

6. Superiority of NBF

6-1 Longest track record for J-REIT (1/2)

31

6-1 Longest track record for J-REIT (1/2)

32

6-2 Largest J-REIT

33

6-3Tokyo-based

portfolio

34

6-4 Use of Sponsor (Mitsui

Fudosan Group) (1/4) Pipeline

35

6-4 Use of Sponsor (Mitsui Fudosan Group) (2/4) Portfolio

36

6-4 Use of Sponsor (Mitsui Fudosan Group) (3/4) Leasing

37

6-4 Use of Sponsor (Mitsui Fudosan Group) (4/4)

Property Management

38

6-5 Conservative financial

management

39

1

7. ESG Initiatives

7-1 ESG Policy

41

7-2 Key KPI

42

7-3 Environment

43

7-4 Initiatives for

tenants and employees of

the asset management company (Social)

44

7-5 Governance Initiatives

45

8. Appendix

8-1 Top 10 Major Tenants (based on leased area)

/ Tenant Industry

48

8-2 List of Occupied and Vacated Square Feet by Building

(January 1, 2022 - June 30, 2022)

49

8-3

Building Age Status

50

8-4 Changes in Financial

Management

51

8-5 List of Borrowing Sources

52

8-6

Unitholders

53

8-7 Changes in

Key Management Indicators, etc.

54

8-8 List of properties (1/2) (23 Wards of Tokyo)

55

8-8

List of properties (2/2)

(Tokyo and surrounding urban areas and regional cities)

56

8-9 Property Price List (1/3) (23 Wards of Tokyo)

57

8-9 Property Price List (2/3) (23 Wards of Tokyo)

58

8-9 List of property prices (3/3)

(Tokyo and surrounding urban areas and regional cities)

59

8-10 Income status of individual properties (1/3)

(23 Wards of Tokyo)

60

8-10 Income status of individual properties (2/3)

(23 Wards of Tokyo, Tokyo and surrounding urban areas)

61

8-10 Income status of individual properties (3/3)

(Local urban area)

62

8-11 Portfolio Map

63

8-12 List of Properties (1/4)(23 Wards of Tokyo)

64

8-12 List of Properties (2/4)(23 Wards of Tokyo)

65

8-12 List of Properties (3/4)

66

(23 Wards of Tokyo, Tokyo and surrounding urban areas)

8-12 List of Properties (4/4)(Local urban area)

67

Disclaimer

1. Financial Highlights

2

1-1 Financial Highlights (1/3)

Actual

Forecast

1H/2022

2H/2022

1H/2023

(42nd Period)

(43rd Period)

(44th Period)

PoP change

Total operating revenue

52,215 million yen

+1,880 million yen

+3.7%

47,326 million yen

44,532 million yen

Operating income

26,806 million yen

+3,802 million yen

+16.5%

21,442 million yen

18,439 million yen

Operating income

19,818 million yen

-457 million yen

-2.3%

19,252 million yen

18,439 million yen

(excl. profits (losses) from

disposition)

Net income

25,439 million yen

+3,712 million yen

+17.1%

20,071 million yen

17,057 million yen

Net income

18,451 million yen

-548 million yen

-2.9%

17,880 million yen

17,057 million yen

(excl. profits (losses) from

disposition)

DPU

13,476 yen

+1,628 yen

+13.7%

11,500 yen

11,500 yen

DPU: Forecast （Announced February 2022) ¥13,000 + ¥476

Number of investment units

1,700,991 units

+48,491 units

1,700,991 units

1,700,991 units

issued and outstanding

Occupancy rate

96.3%

-0.1%

95.8%

96.1%

(Average for the period)

3

1-1 Financial Highlights (2/3)

Total assets

Asset

1,451.6 billion yen

Unrealized gains on appraisal value

333.6 billion yen

Location

23 Wards of Tokyo : 81.5%

Central 5 Wards of Tokyo: 59.0%

(as of June 30, 2022)

Occupancy rate

(Average for the period)*1

96.3%

LTV

Long-term fixed

interest rate ratio

Debt

42.0%91.3%

Market cap

NAV per unit *2

Average interest rate

0.45%

Average maturity

5.64 years

Equity

1,149.8 billion yen

599,556 yen

*1 Occupancy rate is the weighted average of the occupancy rate at the end of each month on an area basis.

*2 (Unitholders' capital at end of period + reserve for reduction entry at end of period + reserve for reduction entry for next period (reserve amount - reversal amount))+ unrealized gains on appraisal at end of period) / number of investment units issued and outstanding at end of period

4

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Nippon Building Fund Inc. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 15:53:34 UTC.