Financial Results of 11th Fiscal Period(Ended April 30, 2009)

Contents

1. Overview of Fund Management

3. Details of the Financial Results

Appendix• Highlights of the 11th Fiscal Period
2• General Overview of the 11th Fiscal Period 3• Income Statement

10• List of Property (1)31• Balance Sheet

11• List of Property (2)32• Cash Distribution

12• Earnings by Property

33• Interest-Bearing Debts

13• List of End-of-Period Appraisal Value 34• Unitholders• 12th Fiscal Period (October 2009)
Forecast

14• Map of Properties

35• Acquisition Channel of Properties

36• Fund Summary

37• Cash Flow Statement38• Unit Price and Market Capitalization• Organization of the AssetManagement Company

39

2. Future Management Policies• Real Estate Investment Market

5• Office Leasing Market• J-REIT Market• Future Growth Strategies

6
7
8

15

4. Fund Management Results• Results of Investment Sector

17• Summary of New Acquisitions

18• New Acquisitions (1) 〜 (3)19 〜 21• Summary ofAsset Replacement Transactions 22• Diversification of Tenants
2340• Results of Asset Management Sector 24• Increase in Rent of Portfolio

25• End-of-Period Appraisal Value

26• Move-ins and Move-outs

27• End-of-Period Financial Status (1)28• End-of-Period Financial Status (2)29June 2009

1. Overview of Fund Management

Highlights of the 11th Fiscal Period (November 1, 2008 ~ April 30, 2009)
Performance of the 11th Period (184 business days)

Forecasts
as of Dec 15, 2008

Comparison
with Actual Results(April 2009)

Comparison
with the Previous Period

Operating Revenues¥15,409 mln+ ¥1,484 mln+ 10.7 ％¥14,537 mln+ ¥872 mln+ 6.0 ％

Operating Profits¥7,078 mln+ ¥145 mln+ 2.1 ％

¥6,960 mln+ ¥117 mln+ 1.7 ％Net Income¥5,392 mln+ ¥136 mln+ 2.6 ％

¥5,287 mln+ ¥104 mln+ 2.0 ％Cash Distribution
per Unit¥17,673 / unit

+ ¥448 / unit

+ 2.6 ％

¥17,330 / unit

+ ¥343 / unit

+ 2.0 ％

11th Period

Changes in Performance
Net Income

Operating Revenues(¥mln)(¥)(¥mln)
6,000

15,40916,000Cash Distribution per Unit

14,262

13,925

5,255

14,00012,00010,0004,466 4,486 4,499

4,000

3,484

6,656

5,392

5,186

15,905
15,63815,15016,000

4,229

8,641

8,000
6,000

5,000

12,183
11,968
11,09010,7399,810

17,673
17,22517,00016,923
16,75016,918

18,00014,520
14,1143,596

14,000

7,106

3,000

4,531

2,000

4,000

2,606 2,681

12,000
1,526

10,273

2,000

Apr.
2004

Oct.
2004

Apr.
2005

Oct.
2005

Apr.
2006

Oct.
2006

1. Overview of Fund Management

Apr.
2007

Oct.
2007

Apr.
2008

Oct.
2008

Apr.
2009

1,000

Oct.
2009
(Forecast)

Apr.
2004

Oct.
2004

Apr.
2005

Oct.
2005

Apr. Oct.
2006 2006

Apr.
2007

Oct. Apr.
2007 2008

Oct.
2008

10,000

Apr. Oct.
2009 2009(Forecast)

Apr.
2004

Oct.
2004

Apr.
2005

Oct.
2005

Apr.
2006

Oct.
2006

Apr.
2007

Oct.
2007

Apr.
2008

Oct.
2008

Apr.
2009

Oct.
2009
(Forecast)2General Overview of the 11th Fiscal Period

Sustainable Growth of Operating Revenues, Operating Profits, and Cash Distribution per unit
for 11 Consecutive periods in a row

Performance

Activities

Improved Quality of
the Portfolio fromthe Replacement of Properties

Maintained Portfolio Profitability

zInvested in 7 properties ¥30.7 billion
mainly from the sponsor
zDisposed NOF Midosuji Bldg.,
Hiroshima Tatemachi NOF Bldg.,
and Kita-Sanjo Bldg., the totalof ¥18.8 billion

zPursuing upward revision of the rentzAvoiding downward revision of the rent
and move-outs with flexible responseto the existing tenants
zStrengthen leasing of properties
in regional cities

Improved the Portfolio Area
Allocation and the Average
Building Age

Average Occupancy Rate:

Maintained Debt Financing
Capacity and Secure
Conservative Financial Strategies
zRefinanced the total amount of ¥ 20.9bln
zStrengthened IR with Lenders

LTV at the end of
11 th Period : 46.1%

96.4％ (End of 11th Period)
Increase in Average Rents/tsubo:＋0.8％

BackgroundLess competitive market
in property sales

1. Overview of Fund Management

Slowing of officeleasing market

Stricter lending standards
imposed by financial
institutions3

2. Future Management Policies

Real Estate Investment Market

Forecast

Current Condition• Decrease in amount of information of properties onsale in the market due to the diminished investment
appetite of the buy-side players• Information of prime properties are limited as theincrease of property prices has been sluggish• Increase in number of properties on sale from private funds
and etc., due to the redemption of CMBS
• Selective postures of buyers’ strategies are ongoing

Weakening trend of demand and supply in
the investment market

NOF’
NOF’s Position<Volume of Office Building Sales Information >* excludes other purpose properties such as residential, commercial, and logistics

11th Fiscal Period: 94
10th Fiscal Period: 159
・ Number of properties
complied with investment
criteria: 114

2. Future Management Policies

・ Number of properties compliedwith investment criteria : 73

Approx. 60% decrease in
number of property sales
information(Number of properties applied
due diligence: 21)

5

Office Leasing Market

Current Condition

Forecast• Because of economic slowdown, corporate
demand for office space remains weak

• Considering weak performance forecast for 2009 fiscal
year, corporations are assumed to tighten their office
related costs• Asking rent for leasing office is in downturn, andthe lead time it takes to fill the vacant floor islengthening• Significant discrepancy between existing-rent and market
asking-rent encourage corporations to implement drastic
cost reduction through downsizing and removal of officefloor• In regional cities, available vacant floor isincreasing due to excess of supply

Downward trend of the rent is expecteduntil the average occupancy rate recovers
to approximately 95%

NOF’
NOF’s Position

・ Increase in number of floor cancellation notices and rent
deduction demands, mostly by small and medium-sizedtenants, from the beginning of 2009
・ By taking flexible measures towards market variation,
maintain stable occupancy rates by deduction of askingrent, existing-rent, and etc.

2. Future Management Policies

・Average occupancy rate : 96.4%(end of 11th Period)

・Average rent/tsubo :+0.8%(compare to the previous period)

6

J-REIT Market

Current Condition• Narrowing of polarized unit prices due to the seriesof emergency relief programs introduced by thegovernment• Overseas investors continue to take cautious
position while the transaction volume by individual
investors are increasing

Forecast• Trends of further capital and financial reconstruction
through means such as sponsor replacement• Credit concerns ease by recognizing the effectiveness ofgovernment’s emergency relief programs• Seeking bottoming out signs of the real estate market

Once concerns such as bottoming out ofreal estate market and etc. are clarified, therisk premium of JJ-REITs should be readyfor revaluations

NOF’
NOF’s Position

・ LTV at the end of Period : 46.1%
・ Unit price at the end of Period : ¥509,000・ Dividend yield (annualized) : 6.8%

No concerns over debt financing;strategies and timing of the next public
offering to be determined cautiously

・ PBR : 0.81

2. Future Management Policies

7

Future Growth Strategies

Basic Policies
Secure stable mid- to long-term income

Steady portfolio growthMid- to long-term management strategy
Promote diversification of assets
through asset size expansion

Asset management with mid- tolong-term vision

Maintain conservative financial strategy

Short-term management strategy
Acquisitions
・ Restrain new investments
・ Deliberate replacement ofexisting properties

Asset Management
・ Property management
focusing on occupancy
rates
・ Flexible negotiation on
renewal of contracts
・ Reduce building
management costs

2. Future Management Policies

Financial Activities

IR/Others

・ Steady refinancing

・ Aggressive IR activities

・ Consider issuance of REIT
bonds

・ Strengthening the risk
management system

・ Consider strategies andtiming of Public Offering83. Details of the Financial ResultsIncome Statement
10th Fiscal Period

11th Fiscal Period

May 1, 2008 - Oct. 31, 2008

Nov. 1, 2008 - Apr. 30, 2009

Rental Business Revenues

Total Rental Business Revenues

Profit on sale of real estate
Operating Expenses
Property management costs
Taxes and duties
Utility expenses
Insurance expenses
Repairs and maintenances
Other expenses
Depreciation
Rental Business Expenses

Operating Profits

Operating Revenues
Rental business revenues
Rental revenues
Common area charges
Other rental business revenues
Monthly parking revenues
Incidental income
Other rental revenues
Miscellaneous revenues

Total Rental Business Expenses

Loss on sale of real estate

Non-Operating Profits

Current Profits(¥000)

Asset management fees
Selling and administrative expenses
Rental Profits
Operating Profits
Non-Operating Revenues
Other non-operating revenues
Non-Operating Expenses
Interest expenses
Interest expenses on short-term bonds

Interest expenses on bonds
Amortization of bond issuance costs

Loan arrangement fees
Investment unit issuance costs
Other non-operating expenses
Non-Operating Profits
Current Profits
Income before income taxes
Corporate, local and enterprise taxes
Tax adjustment
Net Income
Retained earnings brought forward
Retained earnings at end of period

13,925,429
12,493,338
10,150,766
2,342,571
1,432,090
302,604
1,056,710
68,4004,375
13,925,429
6,993,077
1,387,207
971,039
1,084,225
26,729320,218
208,367
1,793,087
5,790,875
1,025,096
177,105
8,134,553
6,932,351
77,14877,1481,752,668
916,962
51,378432,525
38,490
119,318
50,788143,204▲ 1,675,520
5,256,831
5,256,831
1,032
05,255,797
124
5,255,922

(%)

100.0
89.7
72.9
16.8
10.3
2.2
7.6
0.5
0.0
100.0
50.2
10.0
7.0
7.8
0.2
2.3
1.5
12.9
41.6
7.4
1.3
58.4
49.8
0.6
0.6
12.6
6.6
0.4
3.1
0.3
0.9
0.4
1.0
▲ 12.0
37.7
37.7
0.0
0.0
37.7
0.0
37.7

(¥000)

15,409,647
13,022,990
10,668,131
2,354,859
1,258,607
306,928880,072
69,471
2,134
14,281,598
1,128,049
8,331,568
1,394,693
982,904
987,225
27,100374,257
288,506
1,862,469
5,917,157
1,033,415
1,159,373
221,6228,364,441
7,078,078
63,65063,6501,748,482
1,154,970
428,086
6,636
84,94173,846▲ 1,684,831
5,393,247
5,393,247
916
6
5,392,324
178
5,392,502

3. Details of the Financial Results

(%)

100.0
84.5
69.2
15.3
8.2
2.0
5.7
0.5
0.0
92.7
7.3
54.1
9.1
6.4
6.4
0.2
2.4
1.9
12.1
38.4
6.7
7.5
1.4
54.3
45.9
0.4
0.4
11.3
7.5
2.8
0.0
0.6
0.5
▲ 10.9
35.0
35.0
0.0
0.0
35.0
0.0
35.0

Rental Business Revenues
The total number of properties in the portfolio at the 11th period has
become 50 as a result of new acquisition of 7 properties: PMO
Nihonbashi Honcho, Nomura Sapporo Bldg, Nomura Higashinihonbashi Bldg, Nomura Ueno Bldg, Kichijoji Mark Bldg, MY Higashi
Gotanda Bldg, and NOF Tenjin-Minami Bldg. Also, the Fund disposed
NOF Midosuji Bldg, Kita-sanjo Bldg, and Hiroshima Tatemachi NOF
Bldg.
Occupancy rate for the 11th period (April 2009) was 96.4%, down
0.9% from 97.3% for the 10th period (October 2008).

Taxes and Duties
Property taxes, urban planning taxes and other duties for the 11th
period were charged on the 35 properties out of the total 50 properties
held at the end of the 11th period.

Repairs and Maintenances
In addition to cost of repair of ¥374 mln, there was capital expenditureof ¥1,376 mln, of which ¥70 mln was an initial reserve.

Rental Profits: ¥8,364 mln(+ ¥229 mln from the previous period)
Additional revenues from the newly acquired 7 properties: + ¥299 mln
Decrease in revenues from the disposition of 3 properties: ▲¥205 mln
Increase in revenues from the existing 43 properties:+ ¥135 mln

Incidental Revenues:

Revenues received as utility charges, charges forusage of facility and signboard, etc.
Other Rental Revenues: Hourly parking charges, etc.
Miscellaneous Revenues: Ground rents, etc.
Other Expenses:
Trust fees, commissions, other maintenance fees, etc.
Selling and administrative: Custodian, Administrative service, and auditing fees,
expensesetc.
Non-operating Expenses: Cost of restitution in integrum, etc

10Balance Sheet

AssetsAssetsCurrent Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Other current assets
Fixed Assets
Tangible assets
Properties
Buildings
Lands
Properties in trust
Buildings
Lands
Other tangible assets
Other tangible assets
Intangible assets
Leaseholds
Trust and other intangible assets
Investments and other assets
Security deposits
Other Investments and other assets
Deferred Assets
Issuing cost of corporation bonds

Total Assets

10th Fiscal Period

11th Fiscal Period

as of Oct. 31, 2008(¥000)(%)

as of Apr. 30, 2009(¥000)(%)

39,129,145
16,730,725
21,837,101
561,318
362,451,662
360,078,235
58,261,503
17,822,463
40,439,039
301,774,529
84,969,040
216,805,489
42,202
42,202
1,904,397
1,900,904
3,492
469,029
411,300
57,729103,438
103,438
401,684,246

9.7
4.2
5.4
0.1
90.2
89.6
14.5
4.4
10.1
75.1
21.2
54.0
0.0
0.0
0.5
0.5
0.0
0.1
0.1
0.0
0.0
0.0
100.0

34,967,933
14,142,640
20,190,376
634,916
374,288,283
371,932,162
79,918,517
24,984,007
54,934,509
291,980,550
83,398,977
208,581,572
33,09533,095
1,904,105
1,900,904
3,200
452,015
410,850
41,16596,80196,801
409,353,018

8.5
3.5
4.9
0.2
91.4
90.9
19.5
6.1
13.4
71.3
20.4
51.0
0.0
0.0
0.5
0.5
0.0
0.1
0.1
0.0
0.0
0.0
100.0

Liabilities and Net Assets

Liabilities

Current Liabilities
Trade accounts payable
Short-term debt
Long-term debt to be repaid within 1 year
Other accounts payable
Rent received in advance
Other current liabilities

Fixed Liabilities
Corporation bonds
Long-term debt
Security deposits
Security deposits in trust
Other Fixed Liabilities

Net Assets

Total Liabilities
Unitholders' Equity
Unitholders' capital
Retained earnings

Total Net Assets
Total Liabilities and Net Assets

10th Fiscal Period

11th Fiscal Period

as of Oct. 31, 2008(¥000)(%)

as of Apr. 30, 2009(¥000)(%)

54,544,993
821,170
34,100,000
15,000,000
2,242,039
2,366,636
15,147
156,427,883
44,500,000
88,500,000
2,641,643
20,763,747
22,493210,972,877
190,711,368
185,455,446
5,255,922
190,711,368
401,684,246

13.6
0.2
8.5
3.7
0.6
0.6
0.0
38.9
11.1
22.0
0.7
5.2
0.0
52.5
47.5
46.2
1.3
47.5
100.0

47,839,416
739,720
35,730,000
6,500,000
2,503,376
2,286,617
79,701
170,665,651
44,500,000
102,000,000
4,143,229
20,003,382
19,039218,505,068
190,847,949
185,455,446
5,392,502
190,847,949
409,353,018

11.7
0.2
8.7
1.6
0.6
0.6
0.0
41.7
10.9
24.9
1.0
4.9
0.0
53.4
46.6
45.3
1.3
46.6
100.0

3. Details of the Financial Results

Cash and Cash Equivalents
Deposits in own name
Equivalent to security deposits received
Equivalent to reserved capital expenditure
Others(¥ mln)14,142
4,452
2,352
7,337

Deposits in trust
Equivalent to security deposits received
Equivalent to reserved capital expenditures
Others

20,19013,501
155
6,533

Tangible Assets
Acquisition Accumulated
pricedepreciation(¥ mln)Depreciation for End-of-termcurrent term
book value

Properties

386,325

14,393(1,862)371,932

Buildings in trust, etc.

96,793

13,361(1,427)

83,432Lands in trust

208,581--

208,581

Buildings, etc.

26,015

1,031

(434)

24,984Lands

54,934--54,934

Debts
Balance of interest-bearing debts¥188,730mln

S/T debts + L/T debts + REIT bonds

Interest-bearing debts ratio

Total assets

46.1%

L/T debts + REIT bonds
Long-term interest-bearing debt ratio

S/T debts + L/T debts + REIT bonds

77.6%

11

Cash Distribution

Cash Distribution

Item

10th Fiscal Period

11th Fiscal Period

from May. 1, 2008
to Oct. 31, 2008

from Nov. 1, 2008
to Apr. 30, 2009

Retained Earnings(¥000)

5,255,922

5,392,502

Cash Distribution(¥000)

5,255,743

5,392,438

17,225

17,673

178

64

Cash Distribution per Unit(¥)

Balance Carried Forward(¥000)z Cash Distribution
Cash distribution for the 11th fiscal period was decided to be approximately all of
retained earnings for the period, with pay-out to total outstanding number of units asof the period-end of 305,123; resulting in cash distribution per unit of ¥17,673.

Comparison with Forecasts
Forecasts

Item

Actual Results

announced on
11th Fiscal Period
December 15, 2008

Difference(amount)z Difference between Actual Results and Forecasts(%)

Operating Revenues(¥ mln)14,537

15,409872

6.0

Current Profits(¥ mln)

5,288

5,393

104

2.0

Net Income(¥ mln)

5,287

5,392

104

2.0

(¥)

17,33017,673343

2.0

Cash Distribution per Unit

3.Details of the Financial ResultszOperating Revenues
Difference in rental business revenues : ▲¥255 mln
Capital gains from the disposition of NOF Midosuji Bldg : ¥1,128 mlnzCurrent Profits
Difference in rental business expenses: ¥303 mln
Disposal losses on the disposition of Kita-Sanjo Bldg and Hiroshima Tatemachi
NOF Bldg : ▲¥1,033 mln
Increase in non-operating expenses from interest on borrowings: ▲¥46 mln

12Interest-Bearing Debts
As of April 30, 2009
AmountLenderShort-term debt
(Including long-term debt
to be paid within a year)

Total short-term debt

Long-term debt

Type of Asset

Interest Rate (p.a.)

Repayment Date
Jun. 24, 2009

5 finan insti¥15,000 mln

Floating

1.43500%

5 finan insti¥9,800 mln

Floating

1.33500%

Jun. 25, 2009

5 finan insti¥5,000 mln

Floating

1.44333%

Dec. 24, 2009

4 finan insti¥3,930 mln

Floating

1.42167%

Dec. 24, 2009

1 finan insti¥3,000 mln

Fixed (Note 1)

1.77500％(Weighted average after interest rate swap)

Feb. 26, 2010

1 finan insti¥1,000 mln

Fixed

1.50625%

Feb. 26, 2010

3 finan insti¥2,500 mln

Fixed

1.48375%

Feb. 26, 2010

5 finan insti¥2,000 mln

Floating

1.18417%Mar. 26, 2010

10 finan insti¥42,230 mln

-

-

-

2 finan insti¥2,000 mln

Fixed

1.65500%

Aug. 26, 2010

4 finan insti¥4,000 mln

Floating

1.12667%

Aug. 26, 2010

3 finan insti¥2,500 mln

Floating

1.35750%

Dec. 8, 2010

5 finan insti¥7,500 mln

Fixed (Note 2)

1.68000％(Weighted average after interest rate swap)

Feb. 26, 2011

6 finan insti¥8,500 mln

Fixed (Note 5)

1.43200％(Weighted average after interest rate swap)

Jun. 10, 2011

5 finan insti¥4,500 mln

Fixed (Note 7)

1.44800％(Weighted average after interest rate swap)

Aug. 25, 2011

3 finan insti¥4,000 mln

Fixed (Note 4)

1.63825％(Weighted average after interest rate swap)

Aug. 26, 2011

2 finan insti¥2,000 mln

Fixed (Note 9)

1.43950％(Weighted average after interest rate swap)

Sep. 25, 2011

7 finan insti¥11,000 mln

Fixed (Note 3)

1.89764％(Weighted average after interest rate swap)

Feb. 26, 2012

5 finan insti¥5,000 mln

Fixed

1.43750%

Aug. 26, 2012

1 finan insti¥1,000 mln

Fixed

1.53625%

Aug. 26, 2012

5 finan insti¥7,500 mln

Fixed (Note 6)

1.46000％(Weighted average after interest rate swap)

Aug. 26, 2012
Sep. 25, 2012

Remarks

Unsecured /Unguaranteed-

Unsecured /Unguaranteed

2 finan insti¥2,000 mln

Fixed (Note 10)

1.61150％(Weighted average after interest rate swap)

4 finan insti¥10,000 mln

Fixed (Note 11)

1.51175％(Weighted average after interest rate swap)

Nov. 4, 2012

3 finan insti¥5,000 mln

Fixed (Note 8)

1.87200％(Weighted average after interest rate swap)

Dec. 27, 2012

1 finan insti¥1,000 mln

Fixed

1.75250%

Feb. 26, 2013

1 finan insti¥2,000 mln

Fixed

1.99250%

Feb. 26, 2013

4 finan insti¥7,500 mln

Fixed (Note 12)1.68680%

Dec. 8, 2013

3 finan insti¥4,000 mln

Fixed

1.98000%

Mar. 19, 2014

1 finan insti¥3,000 mln

Fixed

1.91875%

Feb. 26, 2015

3 finan insti¥8,000 mln

Fixed

2.31750%

Jun. 24, 2015

Total long-term debt

27 finan insti¥102,000 mln

-

-

-

-

Total debt

29 finan insti¥144,230 mln

-

-

-

-

1st series corp bondPrivate placement¥5,000 mln

Fixed

1.85%

Mar. 16, 2015

2nd series corp bondPrivate placement¥5,000 mln

Fixed

2.47%

Mar. 16, 2020

3rd series corp bondPublic offering¥10,000 mln

Fixed

1.19%

Nov. 29, 2010

4th series corp bondPublic offering¥10,000 mln

Fixed

2.05%

Nov. 30, 2015

5th series corp bondPublic offering¥5,000 mln

Fixed

1.61%

Mar. 19, 2012

6th series corp bondPublic offering¥5,000 mln

Fixed

2.21%

Mar. 17, 2017

7th series corp bondPublic offering¥4,500 mln

Fixed

2.90%

Mar. 17, 2028

Total corporation bond-

¥44,500 mln

-

-

-

-

Grand total

29 finan insti¥188,730 mln

-

-

-

-

Unsecured /Unguaranteed(Note 1) Fixed by interest rate swap from May 27, 2004

(Note 4) Fixed by interest rate swap from Mar. 19, 2007

(Note 7) Fixed by interest rate swap from Apr. 25, 2008

(Note 10) Fixed by interest rate swap from Sep. 25, 2008

(Note 2) Fixed by interest rate swap from Feb. 27, 2006

(Note 5) Fixed by interest rate swap from Dec. 10, 2007

(Note 8) Fixed by interest rate swap from Jun. 27, 2008

(Note 11) Fixed by interest rate swap from Nov. 4, 2008

(Note 3) Fixed by interest rate swap from Dec. 8, 2006

(Note 6) Fixed by interest rate swap from Feb. 26, 2008

(Note 9) Fixed by interest rate swap from Sep. 25, 2008

(Note 12) Fixed by interest rate swap from Dec. 8, 2008

3.Details of the Financial Results

13Unitholders
Number of Unitholders
Individuals
11,735 （94.6％）

10th Period(Oct. 2008)
12,406Unitholders

Individuals
11,826 （94.6％）

11th Period(Apr. 2009)
12,503Unitholders

Breakdown of Financial Institutions

Financial Institutions
Other Domestic Corporations
Foreign Corporations

Financial Institutions
Other Domestic Corporations
Foreign Corporations

168 （1.4％）
208 （1.7％）295 （2.4％）(Units)156 （1.2％）
209 （1.7％）
312 （2.5％）

10th Period

11th PeriodBanks38,51012.62%

37,76712.38%

Trust Banks

102,040

33.44%

102,92033.73%

Life Insurance Companies

10,863

3.56%

6,975

2.29%

Non-Life Insurance Companies

5,146

1.69%

4,712

1.54%

Other Financial Institutions

15,723

5.15%

15,187

4.98%

172,282

56.46%

167,56154.92%

Units

Ratio

1 NikkoCiti Trust and Banking Corporation

26,437

8.66%

2 Japan Trustee Services Bank, Ltd.

23,832

7.81%

3 Trust & Custody Services Bank, Ltd.

21,676

7.10%

4 The Master Trust Bank of Japan, Ltd.

17,376

5.69%

5 Nomura Real Estate Development Co., Ltd.

15,287

5.01%

6 The Nomura Trust and Banking Co., Ltd.

8,782

2.88%

7 Kawasaki Gakuen

7,000

2.29%

8 North Pacific Bank,Ltd.

5,926

1.94%

9 The Bank of IKEDA, Ltd.

5,669

1.86%

10 The State Street Bank and Trust Company

5,436

1.78%

Top 10 Unitholders
0%

25%

50%

75%

100%

Unitholders

Number of Investment Units

10th Period(Oct. 2008)
305,123
Units

Financial Institutions
172,282 units（56.5％）

Individuals
30,062 units（9.9％）

11th Period(Apr. 2009)
305,123
Units

Financial Institutions
167,561 units（54.9％）

Individuals
30,588 units（10.0％）

Other Domestic
Corporations
28,918 units（9.5％）

Other Domestic
Corporations
29,457 units（9.7％）

Foreign
Corporations
73,861units（24.2％）

Foreign
Corporations
77,517units（25.4％）

Total
0%

25%

50%

75%

100%

3.Details of the Financial Results

137,421 45.04%(The ratio of Top 10 Unitholders for the 10th Period: 44.65%)

14

12th Fiscal Period (October 2009) Forecast

Rental business revenues
Other rental business revenues
Total rental business revenues
Profit on sale of real estate
Operating Revenues
Property management costs
Taxes and duties
Utility expenses
Insurance expenses
Repairs and maintenances
Other expenses
Depreciation
Total rental business expenses
Loss on sale of real estate
Asset management fees
Selling and administrative expenses

Operating Expenses
Rental business profits
Operating Profits
Non-operating revenues
Non-operating expenses
Non-operating Profits
Current Profits
Income before income taxes
Corporate, local and enterprise taxes
Tax adjustment
Net Income
Retained earnings brought forward
Retained earnings at end of period
Outstanding units at period-end (unit)
Cash distribution per unit (¥)

11th Period

12th Period
Forecasts(¥mln)(¥mln)

Difference(¥mln)(%)

13,022
1,258
14,281
1,128
15,409
1,394
982
987
27
374
288
1,862
5,917
1,033
1,159
221
8,331
8,364
7,078
63
1,748
▲1,684
5,393
5,393
0
0
5,392
0
5,392

12,966
1,295
14,262
14,262
1,412
1,154
1,057
30
209
238
1,903
6,005
1,113
220
7,339
8,256
6,922
33
1,767
▲1,734
5,187
5,187
0
0
5,186
0
5,187

▲56
36
▲19
▲1,128▲1,147
17
171
70
3
▲165
▲50
40
88
▲1,033
▲46
▲0
▲991
▲107
▲155
▲30
19
▲49
▲205
▲205
0
0
▲205
▲0
▲205

▲0.4
2.9
▲0.1
▲100.0
▲7.4
1.2
17.5
7.1
11.5
▲44.1
▲17.3
2.2
1.5
▲100.0
▲4.0
▲0.3
▲11.9
▲1.3
▲2.2
▲48.2
1.1
3.0
▲3.8
▲3.8
8.5
0.0
▲3.8
▲64.0
▲3.8

305,123
17,673

305,123
17,000

0
▲ 673

0.0
▲ 3.8

3. Details of the Financial Results

Rental Business Revenues
Forecasts were made for the 12th period on the basis that the
number of properties under management would remain to be 50,
plus, the acquisition of NOF Nagoya Fushimi Building (tentative)
in October 2009 (scheduled), the total of 51 properties without
any new acquisition or sale.

Taxes and Duties
Property taxes, urban planning taxes and other duties for the
11th period were estimated on the basis that 45 properties out of
50 properties which were held at the end of the 11th period andnewly acquired property (scheduled) in 12th period, would betaxable for that period.

Other Rental Business Revenues:
Revenues received as monthly parking charges,
utility charges, charges for usage of facility, etc.
Other Expenses: Trust fees, commissions, other maintenance fees,
etc.
Selling and Administrative Expenses:
Custodian, administrative service, and auditing
fees, etc.
Non-operating Expenses:
Interest costs, Interest expenses on bonds,
amortization of bond issuance costs, etc.

15

4. Fund Management Results

Results of Investment Sector

Changes in Total Portfolio (by Acquisition Price)

Diversification of Portfolio(¥ bln)400

362.2 374.5

Shinjuku Nomura Bldg

350
300

240.8

250

184.6

200
150
100

104.2

127.2

282.8 292.4
259.1

317.4

*Based on Acquisition PriceCentral Tokyo

Other Cities

210.1

58.5%

26.8%

151.5

Suburban Tokyo50
0z Diversification by Location

37.2% 30.4% 25.6% 21.0% 18.4% 16.1% 14.9% 13.7% 13.2% 12.2% 10.7% 10.3%
Dec. 2003
at Listing

Apr. 2005
3rd Period

Oct. 2006
6th Period

Apr. 2008
9th Period

14.7%

Apr. 2009
11th Periodz Diversification by Property (Top 10 and Other Properties)

11th Period Performance Results

Shinjuku Nomura Bldg 10.3%
JAL Bldg

Acquisition of 7 Properties (¥30.7 billion)
Replacement of Properties
Improved NOF’s Portfolio Quality

Other 40
Buildings
47.7%
2.7% NOF Shiba Bldg
3.1% Secom Medical Bldg

8.8%

Omron Kyoto
Center Bldg

6.3%

NOF Nihonbashi
Honcho Bldg

5.5%

SORA Shin-Osaka 21 5.1%
Tennozu Park Side Bldg 4.0%

3.2% NOF Shibuya Koen-dori Bldg
Shinjuku Sanshin Bldg

4.Fund Management Results

3.3%

17

Summary of New Acquisitions
List of Properties Acquired during 11th Fiscal Period

Completion Floors(Ground)

Total Floor
Space(㎡Space(㎡）Occupancy
Rate(Note 1)# ofTenants

Acquisition
Date

AcquisitionPrice(¥mln)
mln)

Cap Rate(Note 2)

Seller

Property Name

Location

PMO Nihonbashi Honcho

Chuo-ku,Tokyo

2008. 693,507.37

87.5%

6

2008. 11

5,000

4.5%

Nomura Real Estate
Development Co., Ltd.

NomuraHigashi-nihonbashi Bldg

Chuo-ku,Tokyo

1990. 996,741.42

100.0%

6

2009. 1

4,060

5.2%

Nomura Real Estate
Development Co., Ltd.

MY Higashi Gotanda Bldg

Shinagawa-ku,
Tokyo

1993. 48

4,764.00

100.0%

13

2009. 2

3,010

5.6%

Mizuho Trust & Banking
Co., Ltd. (Note 3)

Nomura Ueno Bldg

Taito-ku,Tokyo

1990. 3

10

7,117.78

96.8%

8

2009. 1

7,830

4.7%

Nomura Real Estate
Development Co., Ltd.

Kichijoji Mark Bldg

Musashino City,Tokyo

1987. 1082,664.83

100.0%

6

2009. 1

1,800

6.6%

Nomura Real Estate
Development Co., Ltd.

Nomura Sapoporo Bldg

Kita-ku,
Sapporo City

2008. 710

9,603.81

100.0%

6

2008. 11

5,300

5.8%

Nomura Real Estate
Development Co., Ltd.

NOF Tenjin-Minami Bldg

Chuo-ku,
Fukuoka City

2008. 2

10

4,603.61

82.2%

12

2009. 3

3,739

4.9%

Global Investment
Partners I LLC.

(Ref.) (Scheduled Acquisition)
NOF Nagoya
Fushimi Bldg (Note 4)

Naka-ku,
Nagoya City

2009. 10
(Scheduled)

11

5,216.89−−(2009. 10)

4,050

4.4%

Shimizu Corporation(Note 1) Each Occupancy Rate indicates as of April 30, 2009.
(Note 2) Calculated based on each Estimated NOI at the time of acquisition.
(Note 3) Mizuho Trust & Banking Co. Ltd., as a trustee, was to sell the Property to NOF in accordance with the instructions from YK NPS Management as the beneficiary.
(Note 4) The building name is tentative.

4.Fund Management Results

18New Acquisitions (1)PMO Nihonbashi Honcho

Location

Chuo-ku, Tokyo

Nomura Sapporo Building【Features】
Features】

2（1,060.97 tsubo） ・Located in Nihonbashi area, which is aFloor

3,507.37m

Type ofOwnership(Land) Ownership(Bldg) Ownership

AcquisitionPrice¥ 5,000 mln

Date of
Acquisition

November 5, 2008

Seller

Nomura Real Estate
Development Co., Ltd.

traditional office district of central Tokyo.
Has excellent access to multiple stations.

・Completed in June 2008. A high quality
and value-added office building equivalent
to a large-scale office building, in terms ofdesign, function, security system, etc.
・The first Property of PMO (Premium
Midsize Office), the new office building
brand developed by NRED.

Location

Kita-ku, Sapporo City2（2,905.15 tsubo）

Floor

9,603.81m

Type ofOwnership(Land) Ownership(Bldg) Ownership

AcquisitionPrice¥ 5,300 mln

Date of
Acquisition

November 5, 2008

Seller

Nomura Real Estate
Development Co., Ltd.

4.Fund Management Results【Features】
Features】
・Located at 2 minutes walk from Sapporo
Station・Located in the area which is officiallydesignated as a “city landscape planningarea” by Sapporo City, thus, it is expectedfurther development as an office district.
・Completed in July 2008. With ceiling heightof 2,800mm, “individual” air conditioning
system, quake-absorbing structure, and etc.

19

New Acquisitions (2)Nomura Higashi-nihonbashi Building

Location

Chuo-ku, Tokyo2（2,039.27 tsubo）

Floor

6,741.42m

Type ofOwnership(Land) Ownership(Bldg) Ownership

AcquisitionPrice¥ 4,060 mln

Date of
Acquisition

January 14, 2009

Seller

Nomura Real Estate
Development Co., Ltd.

【Features】
Features】
・Has excellent location, located close to
Higashi-nihonbashi Station on the Toei
Asakusa Line and Bakuro-yokoyama
Station on the Toei Shinjuku Line.
・Has high specifications such as the total
floor area of approx. 6,700 sq. meters, thestandard floor area of approx. 560 sq.
meters, completed in 1990, and therenovation of the common area has been
completed in 2007.
・The stable demand can be expected fromtenants such as manufacturers in
Horidomecho/Higashi-nihonbashi area.

Nomura Ueno Building

Location

Taito-Ku, Tokyo2（2,153.13 tsubo）【Features】
Features】
・Has superior location, situated in
Ueno/Okachimachi area including Ueno
Station, the terminal station, andOkachimachi Station in the concentrated
commercial district.

Floor

7,117.78m

Type ofOwnership(Land) Ownership(Bldg) Ownership

AcquisitionPrice¥ 7,830 mln

Date of
Acquisition

January 14, 2009

・Has features such as the total floor area ofapprox. 7,000 sq. meters, the standard floorarea of approx. 500 sq. meters, and therenovation of the common area has been
completed in 2008.

Seller

Nomura Real Estate
Development Co., Ltd.

・the excellent location and specifications
enable the Property to meet the tenants in
manufacturing, financial institutions, etc.,stably for mid- to long-term.

4.Fund Management Results

20New Acquisitions (3)Kichijoji Mark Building

MY Higashi Gotanda Building

Location

Musashino City, Tokyo

Floor

2,664.83㎡（806.11 tsubo）

Acquisition Price¥1,800 mln

Date of Acquisition January 17, 2009
Seller

Nomura Real Estate Development

Location

Shinagawa-Ku, Tokyo

Floor

4,764.00㎡ （1,441.11 tsubo）

Acquisition Price¥3,010 mln

Date of Acquisition

February 27, 2009

SellerMizuho Trust & Banking Co., Ltd. (Note)(Note) Mizuho Trust & Banking Co. Ltd., as a trustee, was to sell the Property to NOF in accordance with the instructions fromYK NPS Management as the beneficiary.

(Tentative Name)NOF Tenjin-Minami Building

NOF Nagoya Fushimi Building (Scheduled Acquisition)

Location

Chuo-ku, Fukuoka City

Floor

4,603.61㎡（1,392.59 tsubo）

Acquisition Price¥3,739 mln

LocationNaka-ku, Nagoya City

Floor

5,216.89㎡（1,578.10 tsubo）

Acquisition Price¥4,050 mln

Date of Acquisition March 27, 2009

Date of Acquisition Octber 30, 2009 (scheduled)

SellerSellerGlobal Investment Partners I LLC.

4.Fund Management Results

SHIMIZU CORPORATION

21

Summary of Asset Replacement Transactions
Acquisition of 4 Properties in Tokyo and Disposition of 3 Properties
Properties in Regional Cities

Nomura Higashinihonbashi Bldg

Nomura Ueno
Bldg

Kichijoji MarkBldg

・NomuraReal Estate
Development
Co., Ltd.

MY Higashi
Gotanda Bldg

Acquired Properties from the Sponsor *Total Acquisition Price : ¥16,700 mln
Disposed Properties *Total Transfer Price : ¥18,840 mln

・NREG Toshiba
Building Co., Ltd.

Kita-Sanjo Bldg

NOF Midosuji Bldg

Hiroshima
Tatemachi NOF Bldg

<Effectiveness of the Transaction （ Improved Quality of the Portfolio ）>(1) Improvement of NOF’s Portfolio Area Allocation
The ratio of Properties in regional cities ： 30.8%

26.8%(2) Improvement of Average Building Age
Average Building Age ： 21.5 yrs

21.1 yrs*Comparison between 48 properties before the transaction and 50 properties held at the end of 11th Period.

4.Fund Management Results

22Diversification of Tenants

Top 10 Tenants (by Space)

Diversification in Business (by Space)
As of Apr. 30, 2009

TenantWeight in
portfolio(%)

Weight fromprevious
term (%)

42,084.11

10.0

10.0

34,616.84

8.2

8.3

18,218.17

4.3

4.3

737.020.2-

8,821.24

2.1

2.1

Dec. 31, 2010755.690.2

0.2

Feb. 7, 2018

9,062.04

2.2

2.2

Nov. 30, 2013

4,594.06

1.1

1.1

Jun. 30, 2009305.540.1-

Nomura Osaka Bldg. Nov. 30, 2013345.370.1

0.1

1,266.19

0.3

0.3

574.110.1

0.1

1,140.85

0.3

0.3

1,847.63

0.4

0.4

2,834.48

0.7

0.7

3,813.62

0.9

0.9

255.150.1

0.1

1,293.78

0.3

1.6

4,065.64

1.0

1.0

283.020.1

0.1

4,160.94

1.0

1.0

141,075.49

33.6

Industry

Property

Expiry ofcontract

Leasedspace（㎡）

JAL Bldg.

Mar. 31, 2015

1

Flagship Properties
Private Company

Real Estate

2

OMRON Corporation

Electronic
Devices

3

XYMAX AXISCORPORATION

Omron Kyoto
Mar. 29, 2021
Center Bldg.
NOF Toyo-cho
Nov. 30, 2014
Bldg.
Real Estate
NOF Tenjin-Minami
Mar. 31, 2013
Bldg.
Secom Medical Bldg. Feb. 28, 2025

4

5

6

7

8

9

10

SECOM Co., Ltd.

JCB Co., Ltd.

Nomura Real Estate
Development Co., Ltd.

Nomura Facilities Co., Ltd.

FUJITSU LIMITEDSOMPO JAPAN
INSURANCE INC.
KYORIN CO., LTD.
Total

Services

FinancingRealEstateNOF Sendai
Aoba-dori Bldg.
JCB Sapporo
Higashi Bldg.
Shinjuku
Nomura Bldg.
PMO Nihonbashi
HonchoNomuraNov. 30, 2013
Yotsubashi Bldg.
Shinjuku
May 31, 2011
Nomura Bldg.
NOF Utsunomiya
Dec. 31, 2009
Bldg.
Real
EstateNomuraNov. 30, 2009
Yotsubashi Bldg.
NomuraMar. 31, 2011
Hiroshima Bldg.
NOF Technoport
Jul. 31, 2009
Kamata Center Bldg.
Electronic
Faret Tachikawa
Dec. 31, 2009
Devices
Center Square
NOF Shin-Yokohama
Sep. 30, 2010
Bldg.
Shinjuku
Apr. 30, 2009
Nomura Bldg.
Insurance
NomuraFeb. 28, 2010
Hiroshima Bldg.
NOF Surugadai
WholesaleMar. 31, 2013
Plaza Bldg.

As of Apr. 30, 2009

Other 19
Businesses
16.1%

Banking 2.2%

Services
19.5%

Financing 3.3%
Insurance 3.6%

Total

661
Real Estate 4.3%

Tenants

Retail 4.3%

Wholesale 8.3%

AirlineAirline
10.5%
10.6%

IT IT
15.4%
14.9%

Electronics
12.5%(Note) Broken-down by business of the sub-lessees in case of sub-lets.

Stable (Mid-to-Long Term) Contracts
Mid-to-long term contracts expiring after
three years from now

z Based on floor space： 30.5％30.5％

z Based on contract rent ： 23.0％
23.0％
As of Apr. 30, 2009

4.Fund Management Results

23

Results of Asset Management Sector

Changes in Average Unit Rent*1

Changes in NOI Return of Portfolioz Ratio of change between 10th and 11th periods[Changes in NOI Return of Portfolio (%)]

NOI of Portfolio

Apr.
2004

Oct.
2004

Apr.
2005

Oct.
2005

Apr.
2006

Oct.
2006

Apr.
2007

Oct.
2007

Apr.
2008

Oct.
2008

Apr.
2009

7.2

6.2

6.1

6.1

5.9

6.0

5.8

5.9

5.8

5.8

5.5

[Breakdown by the number of properties held at each Period-end (%)]
15 for 1st Period
18 for 2nd Period
19 for 3rd Period
23 for 4th Period

7.2

Average for
entire portfolio

Average for Tokyo
metropolitan properties(43 properties held at
the 10th periodperiod-end)(excluding bldgs
with longlong-term fixed contracts*2)

+0.8%

+0.9%

6.5

6.7

6.6

6.6

7.1

6.9

7.0

7.1

7.4

7.2

6.2

6.3

6.4

6.3

6.8

6.7

6.7

6.8

7.1

6.9

6.1

6.2

6.1

6.4

6.3

6.4

6.4

6.6

6.5

*1 Average Unit Rent: Average of monthly rent and common area charges prescribed inlease contracts as of period-end.

6.1

6.0

6.2

6.1

6.2

6.3

6.5

6.3

*2 JAL Building and Secom Medical Building.

6.1

6.1

6.2

6.2

6.4

6.3

z Changes in average unit rent

6.0

6.0

6.0

6.1

6.3

6.1

5.8

5.9

5.9

6.1

5.9

5.9

5.9

6.0

5.9

5.8

6.0

5.8

5.8

5.6

26 for 5th Period
28 for 6th Period
29 for 7th Period
31 for 8th Period
34 for 9th Period

5.9(Average initial rent for portfolio at period-end = 100)

43 for 10th Period

5.5

50 for 11th Period

110.0

108.0

106.0

1st Period 15bldgs

2nd Period 18bldgs

3rd Period 19bldgs
5th Period 26bldgs

4th Period 23bldgs
6th Period 28bldgs

7th Period 29bldgs
9th Period 34bldgs

8th Period 31bldgs
10th Period 43bldgs

104.0

z Main factors for change in NOI between 10th and 11th periods(based on 34 properties held at the beginning of 10th period)・ Decrease of rent/common service fees: ¥196 mln (-1.6% from previous
period) (rent increase from tenant turnover / lease renewals)
・ Increase in Tax and Duties

102.0

100.0

: ¥30 mln (+3.1% from previous period)

・ Increase in other expenses : ¥41 mln (+20.2% from previous period)

98.0

96.0
1st
Period2nd
Period3rd
Period4th
Period5th
Period6th
Period7th
Period8th
Period9th
Period10th
Period11th
Period(Note) The Properties disposed during the 11th period of Kita-Sanjo Bldg., NOF Midosuji Bldg., and Hiroshima Tatemachi NOF Bldg. are excluded when calculating in this page.

4.Fund Management Results

24Increase in Rent of Portfolio

Changes in Portfolio Occupancy Rate
10th Period

100.0%

Rent before and after Upward Revision*2

11th Period

・Change = ((Rent of renewed contracts / rent of previous contracts) – 1) x 100(Including common area charges)

20.0%

96.4%

97.3%

97.5%

Average Change ＋4.1%+17.3%

16.0%(Ref.)
10th Period
Average Change

95.0%+ 6.4％

12.0%

+9.1%
8.0%

+4.0%
90.0%

Central Tokyo
Greater Tokyo
Other Regional Cities
Average85.0%

Oct. 2008
End of10th Period

May 2008

4.0%
0.0%

Central Tokyo
Apr. 2009
End of11th Period

Results of Contract Renewals*1 (number of renewals)
100%

4.0% 6.5% 1.9%

14.6%

80%

21.0%
32.9%

41.2%

10.0%

72.9%

52.4%
44.8%48.4%

20% 44.0%

Average Change +0.8％

0%
2nd

3rd

4th

9.0%
5th

+ 3.8％

5.0%
0.0%
-5.0%

56.9%

-3.6%
-8.5%
Central Tokyo

15.0%
2.4% 0.9% 1.1% 0.7% 2.0%
6th

7th

8th

9th

10th

(Ref.)
10th Period
Average Change-10.0%
23.9%
14.8%12.5%

1stRent of the Same Space before Move-out and after Move-in*2

Flat

70.0%
64.7%

73㎡

・ Change = ((Rent of move-in / rent of move-out) – 1) X100 (Including common area charges)
15.0%

Dow n

40%

586㎡

Other Cities

Up

69.6%83.3%
72.9%

14,317㎡

+9.9%
46.9%
54.3%50.5%

52.0%
60%

12.0%

Space subject
to revision

Suburban Tokyo

11th

Number of
Period Period Period Period Period Period Period Period Period Period Period
Renewed
102
133
50
46
54
48
100
85
116
95
145
contracts*1 Excluding the disposed Properties of Kita-Sanjo Bldg., NOF Midosuji Bldg., and Hiroshima Tatemachi NOF Bldg. for the
11th period.

Suburban Tokyo

Other Cities

Move-ins

6,408㎡

5,233㎡

7,445㎡

Move-outs

4,923㎡

7,525㎡

8,490㎡*2 The Properties disposed during the 11th period of Kita-Sanjo Bldg., NOF Midosuji Bldg., and Hiroshima Tatemachi NOF
Bldg. are excluded when calculating.

4.Fund Management Results25End-of-Period Appraisal Value

Changes in Appraisal Values

Appraisal Values at 11th Period-End(¥mln)

10th Period
End
AppraisalValue(¥mln)*
mln)*
Central Tokyo(23 bldgs)

11th Period
End
AppraisalValue(¥mln)
mln)

500,000
436,948
399,602

Change340,383
294,037

300,000

279,168

252,190

261,120- 9.7%

219,380
187,290

200,000

Suburban Tokyo(12 bldgs)

64,002Other Cities(15 bldgs)

105,888

95,386- 9.9%

Total Portfolio(50 bldgs)

449,058

407,229- 9.3%

59,653

407,229

366,938

400,000

127,120- 6.8%

151,500

100,000

0
1st
Period2nd
Period3rd
Period4th
Period5th
Period6th
Period7th
Period8th
Period9th
Period10th
Period11th
PeriodChanges in Unrealized Gains/Losses of Portfolio◇ Please refer to “Appendix” for details on individual properties.
* Appraisal value at acquisition is added for property acquired in the 11th period. (the appraisal
value as of the contract date is added for NOF Tenjin-Minami Building)(¥ mln) (Appraisal Value at Period-End – Book Value)

Total Appraisal Value¥ mln

407,229

Total Book Value¥ mln

373,833

Total Unrealized Gain/Loss¥ mln

33,395

Unrealized Gain/Loss per Unit¥

109,450

90,00075,084

82,662 74,968

70,00058,25250,00033,39534,587* Unrealized gain/loss: Appraisal Value – Book Value

30,00019,218(For Reference) Net Asset per Unit
BPS (Book Value)¥625,478

NAV (Based on Appraisal Value)¥

734,929

10,000

30

-315

1,883

1st
Period2nd
Period3rd
Period7,813-10,000
4th
Period4.Fund Management Results

5thPeriod6th
Period7th
Period8th
Period9th
Period10th
Period11th
Period26

Move-ins and Move-outszSpace occupied by move-ins and vacated by move-outs

Move-ins

19,088 ㎡ (5,774 tsubo) : 4.5% of weighted averageof total floor spaceMove-outs 20,939 ㎡ (6,334 tsubo) : 4.9% of weighted averageof total floor space⇒ Change 1,850 ㎡ (559 tsubo) : More move-outs than move-ins
Move-ins

Past Tenant Change Rate (Average of the Portfolio)*
Mov e-ins+6,408 ㎡-4,923 ㎡+1,485 ㎡

Suburban Tokyo+5,233 ㎡-7,525 ㎡-2,291 ㎡

Other Cities+7,445 ㎡-8,490 ㎡-1,044 ㎡

11th Period Status (Refers Only to Buildings with change)

2,500

5.4%

4,229

（㎡）

〜
〜

4.5%

4.3%

Move-ins

2,000

4.0%

3.8%

ChangeCentral Tokyo

Mov e-outs

6.0%

Move-outs

4.0%
1,500

2.0%
2.0%

2.4%

2.0%

2.0%

1,000

1.2%

0.9%

500

4th
Period5th
Period6th
Period7th
Period8th
Period9th
Period10th
Period11th
Period

-0.6%
-2.0%

-1,000

-1.7%

-1.9%

-2.1%

-2.3% -2.3%
-4.0%

-3.0%

-500

-1,500

-3.0%
-3.5%

-2,000

-4.3%
-4.9%
-6.0%

-2,50021

NOF Tenjin-Minami Bldg
EME Hakata Ekimae Bldg
Nomura Hiroshima Bldg
NOF Kobe Kaigan Bldg
Nomura Nishi-Umeda Bldg
Nomura Osaka Bldg

3rd
PeriodSORA Shin-Osaka
NOF Utsunomiya Bldg
NOF Sendai Aoba-dori Bldg
Nomura Sapporo Bldg
Sapporo North Plaza
Yokohama Odori Koen Bldg
NOF Shin-Yokohama Bldg
NOF Yokohama Nishiguchi Bldg
NOF Kawasaki Higashiguchi Bldg

2nd
PeriodFaret Tachikawa Center Square
Kichijoji Mark Bldg
Crystal Park Bldg
Toho Edogawabashi Bldg
NOF Minami Shinjuku Bldg
Central Kyobashi Bldg
NOF Kanda Iwamoto-cho Bldg
Hatchobori NF Bldg

1stPeriodPMO Nihonbashi Honcho
NOF Shinagawa Konan Bldg
NOF Tameike Bldg
Nishi-Shinjuku Showa Bldg
Shinjuku Sanshin Bldg
Tennozu Park Side Bldg
NOF Nihonbashi Honcho Bldg
Shinjuku Nomura Bldg

0

0.0%

〜
〜

〜
〜

5,253

3,313

Move-outs*1 Excluding the disposed Properties of Kita-Sanjo Bldg., NOF Midosuji Bldg., and Hiroshima Tatemachi NOF Bldg. for the
11th period.

4.Fund Management Results27End-of-Period Financial Status (1)List of Lenders (Total 29 Financial Institutions)11th Fiscal Period Financial Results(¥mln)z

Total Amountof Debt
Remaining

LenderBorrowings
・ Procured ¥12.0 bln for acquisition
・ Refinanced the total amount of ¥20.9 bln

Total Amountof Debt
Remaining

LenderLenderTotal Amountof Debt
Remaining

Bank of Tokyo-Mitsubishi UFJ

29,510Norinchukin Bank

3,000

Keiyo Bank

Sumitomo Mitsui Banking Corp.

26,750

Taiyo Life Insurance

3,000

Chugoku Bank

1,000
1,000

Mitsubishi UFJ Trust and Banking

13,180Chuo Mitsui Trust and Banking

3,000Bank of Fukuoka

1,000

Sumitomo Trust & Banking Corp.

12,610Mitsui Life Insurance

2,000

Mitsui Sumitomo Insurance

1,000

Mizuho Corporate Bank

8,180

Daido Life Insurance

2,000

Sompo Japan Insurance Inc.

1,000

Development Bank of Japan

6,000

Hachijuni Bank

2,000

Tokio Marine & Nichido Fire Insurance

1,000
1,000

Dai-Ichi Mutual Life Insurance

5,000

National Mutual Insurance Federation of Agricultual
Cooperatives

2,000

Nippon Life Insurance Company

Sumitomo Life Insurance Company

5,000

Chiba Bank

1,500

Hyakujushi Bank

1,000

Nomura Trust and Banking

4,000

Hiroshima Bank

1,500

The 77 Bank

1,000

Iyo Bank

3,500

Yamanashi Chuo Bank

1,500

Total borrowings

144,230(Reference)

Investment Corporation Bonds

44,500

Diversification of Maturity（\ bln）
30

Borrowings
25

REIT Bonds

24.8

19.0

20

20.0

17.4

18.0
16.0

15.5

15
11.5
10.0

10

8.0 8.0
6.0

5

5.0

5.0

4.5

‘17/04‘20/04‘28/040‘09/10‘10/10‘11/10‘12/10 ‘13/04‘14/04‘15/04‘16/04

4.Fund Management Results28End-of-Period Financial Status (2)Funding capabilities

Status of Debtsz

Average remaining duration of long-term fixed debts(including REIT Bonds)z・Commitment line A （acquisition）： Amount of ¥20 bln

4.5 yearsz

Weighted average of interest rate of all the debts

・Commitment line B （refinancing, etc.）： Amount of ¥20 bln

1.68％
1.68％
z

Ratio of long-term debts (including REIT Bonds)
z

77.6%
z

Ratio of fixed-rate debts (including Interest-Rate Swaps)

77.6%
long-term fixed interest borrowings >

4

5.5

3.0

5.4

5.1

5

4.9
4.5

4.6

4.4
3.9

3.8

3

1.65
1.30
1.00

1.10

1.10

1.63

1.40

1.56

1.68

1.68

1.10

0

0.0
Apr.
2005

Oct.
2005

Apr.
2006

Oct.
2006

Agencies

the FundOutlook

R&I

AA-

StableS&P

A

Negative

Moody’s

A2

Negative

1.0
0.5

Oct.
2004

Ratings

1.5

1

Apr.
2004

¥30 bln

2.5
2.0

3.3

2

Aggregate amount ：6.0

Average remaining duration ofborrowings
Average borrowing rates

Aggregate amount ： ¥100 bln

(%)
3.5

7
6

REIT Bondsz Commercial Paper (CP)< Changes in average duration and all borrowing rates of(year)

Commitment Lines (Renewed on June 11, 2009)

Apr.
2007

Oct.
2007

Apr.
2008

Oct.
2008

Apr.
2009

4.Fund Management Results

29Appendix

List of Property(1)As of Apr 30, 2009
Property Name
Shinjuku Nomura Bldg
JAL Bldg
NOF Nihonbashi Honcho Bldg
Tennozu Park Side Bldg
Shinjuku Sanshin Bldg
NOF Shibuya Koen-dori Bldg
Secom Medical Bldg
NOF Shiba Bldg
Nishi-Shinjuku Showa Bldg

Central Tokyo

Nomura Shibuya Dogenzaka Bldg
NOF Tameike Bldg
Iwamoto-cho Toyo Bldg
NOF Shinagawa Konan Bldg
NOF Surugadai Plaza Bldg
PMO Nihonbashi Honcho
Nomura Higashi-nihonbashi Bldg
Hatchobori NF Bldg
NOF Kanda Iwamoto-cho Bldg
MY Higashi Gotanda Bldg
Central Kyobashi Bldg
NOF Minami Shinjuku Bldg
Central Shintomicho Bldg
Sunworld Yotsuya Bldg
Subtotal (23 properties)

Location
Nishi-Shinjuku,
Shinjuku-ku
Higashi-Shinagawa,Shinagawa-ku
Nihonbashi Honcho,
Chuo-ku
Higashi-Shinagawa,Shinagawa-ku
Yoyogi,Shibuya-ku
Udakawa-cho,Shibuya-ku
Nibancho,
Chiyoda-ku
Shiba,
Minato-ku
Nishi-Shinjuku,
Shinjuku-ku
Dogenzaka,
Shibuya-ku
Akasaka,Minato-ku
Iwamoto-cho,
Chiyoda-ku
Higashi-Shinagawa,Shinagawa-ku
Kanda Surugadai,
Chiyoda-ku
Nihonbashi Honcho,
Chuo-ku
Higashi-nihonbashi,
Chuo-ku
Hatchobori,Chuo-ku
Iwamoto-cho,
Chiyoda-ku
Higashi Gotanda,
Shinagawa-ku
Kyobashi,Chuo-ku
Sendagaya,
Shibuya-ku
Minato,Chuo-kuAraki-cho,Shinjuku-ku

Completion

Floors(Ground)1978. 550

1996. 6

26

1961. 4

8

1995. 1
1974. 4(Extension 1968.4)

Total Floor Space(㎡) (Note 1, 2)
117,258.88(Entire building)①81,421.13②25,260.48# ofLeasable Space Leased Space Occupancy
Rate (Note 3) Tenants（㎡）（㎡）Standard Floor
Space （㎡）

Air
Conditioning

Room
Height （㎜）PML(Note 4)

AcquisitionDate
2003.1231,500.89

30,656.50

97.3%

83

1,262.37

Each 1/4 floor

2,600

5%

42,084.11

42,084.11

100.0%

1

2,214.55

Each 1/6 floor

2,700

6%

2005. 329,430.67

19,233.25

18,437.39

95.9%

12

2,615.23

Each span

2,650

14%

2003.1221①43,893.46②17,587.30

18,051.60

17,735.94

98.3%

16

1,331.14

Each 1/4 floor

2,650

6%

2004. 289,044.04

6,675.23

6,327.67

94.8%

14

856.30Each span

2,420

13%

2008. 6

1987. 985,358.55

3,420.16

3,420.16

100.0%

3

442.38Each span

2,500

12%

2004. 92005.2

78,683.73

8,821.24

8,821.24

100.0%

1

980.00Each span

2,500〜2,7004%

2006. 91991. 3

7

11,425.20

8,165.10

8,165.10

100.0%

9

1,260.41

Each span

2,600

14%

2004. 5

1982.411①10,902.22②5,858.26

5,659.96

5,659.96

100.0%

21585.99Each span

2,500

13%

2005.11

1999, 394,463.86

3,436.67

3,436.67

100.0%

6

399.37

Each 1/4 floor

2,600

12%

2008. 91959. 896,478.50

4,715.20

4,275.52

90.7%

12

519.06

Each span

2,500

17%

2005. 91993. 695,367.28

4,117.26

4,117.26

100.0%

7481.17

Each floor

2,575

13%

2008. 6

1987.118

10,077.02

7,667.55

7,667.55

100.0%

5928.29Each floor

2,600

11%

2003.121997. 48

5,782.27

4,160.94

4,160.94

100.0%

1

626.33

Each 1/2 floor

2,700

6%

2004. 2

2008. 693,507.37

2,450.06

2,143.70

87.5%

6

306.36

Each 1/9 floor

2,700

13%

2008. 111990. 996,741.42

4,554.98

4,554.98

100.0%

6

558.67

Each floor

2,600

10%

2009. 1

1990.109①3,799.40②3,036.14

2,854.83

2,854.83

100.0%

7

388.87

Each 1/2 floor

2,600

12%

2007.8

1988. 7

94,698.97

4,076.38

3,695.06

90.6%

7480.07

Each floor

2,550

14%

2004. 2

1993. 48

4,751.35

3,361.48

3,361.48

100.0%

13

453.98Each 1/4 floor

2,600

14%

2009. 2

1998. 982,332.21

1,720.05

1,720.05

100.0%

8

250.32Each floor

2,500

15%

2008. 6

1986. 38

3,160.05

2,464.71

2,464.71

100.0%

5

327.66

Each floor

2,500

12%

2004. 6

1990. 38

2,777.61

2,467.14

2,467.14

100.0%

7

322.74Each 1/3 floor

2,500

15%

2008. 6

62,367.51

2,367.51

2,367.51

100.0%

1

229.47

Each 1/4 floor

2,500

12%

2008. 6

194,026.30

190,595.47

98.2%

251

(Extension 1992.7)

1991. 11

Appendix31

List of Property(2)Suburban Tokyo

Property Name

Location

Higashi-Ueno,
Nomura Ueno Bldg
Taito-Ku
Shinsuna,
NOF Toyo-cho Bldg
Koto-ku
Minami-Kamata,NOF Technoport Kamata Center Bldg
Ota-kuSekiguchi,
Toho Edogawabashi Bldg
Bunkyo-ku
Shimo-Meguro,Toshin Meguro Bldg
Meguro-ku
Gotenyama,
Crystal Park Bldg
Musashino City
Kichijoji Honcho,
Kichijoji Mark Bldg
Musashino City
Akebono-cho,
Faret Tachikawa Center Square
Tachikawa City
Kawasaki-ku,
NOF Kawasaki Higashiguchi Bldg
Kawasaki City
Nishi-ku,
NOF Yokohama Nishiguchi Bldg
Yokohama City
Kohoku-ku,
NOF Shin-Yokohama Bldg
Yokohama City
Naka-ku,
Yokohama Odori Koen Bldg
Yokohama City

Completion

Floors(Ground)

Total Floor Space(㎡) (Note 1, 2)

Nomura Sapporo Bldg
JCB Sapporo Higashi Bldg
NOF Sendai Aoba-dori Bldg
NOF Utsunomiya Bldg

Other Cities

NOF Nagoya Yanagibashi Bldg
Omron Kyoto Center Bldg
SORA Shin-Osaka 21
Nomura Osaka Bldg
Nomura Nishi-Umeda Bldg
Nomura Yotsubashi Bldg
NOF Kobe Kaigan Bldg

Chuo-ku,
Sapporo City
Kita-ku,
Sapporo City
Chuo-ku,
Sapporo City
Aoba-ku,
Sendai City
Baba-dori,
Utsunomiya City
Nakamura-ku,
Nagoya City
Simogyo-ku,
Kyoto City
Yodogawa-ku,
Osaka City
Chuo-ku,
Osaka City
Kita-ku,
Osaka City
Nishi-ku,
Osaka City
Chuo-ku,
Kobe City
Naka-ku,
Hiroshima City
Hakata-ku,
Fukuoka City
Chuo-ku,
Fukuoka City

Standard Floor
Space （㎡）

Air
Conditioning

PML
Room
Height （㎜） (Note 4)

AcquisitionDate

1990. 3

10

7,117.78

4,869.32

4,714.8496.8%

8481.06

Each floor

2,440

12%

2009. 1

1989.117

18,051.08

18,218.17

18,218.17

100.0%

1

1,986.46

Each span

2,550

14%

2003.12

1990. 911

1993.3

921,516.54

13,652.45

13,264.78

97.2%

14

1,148.45

Each span

2,650

10%

2003.123,405.76

2,058.97

1,825.39

88.7%

6

235.47

Each floor

2,580

14%

2008.3(Exclusively owned area)

1989 991,595.27

1,610.07

1,610.07

100.0%

1

140.39Each floor

2,550

14%

2008. 6

1991.10

11①6,462.19②3,868.36

3,900.85

3,900.85

100.0%

9

193.93〜590.35

Each floor

2,500

14%

2006. 2

1987. 1082,664.83

1,936.40

1,936.40

100.0%

6

269.37

Each floor

2,500

14%

2009. 1

1994.1212①33,706.03②6,865.80

6,853.38

6,455.12

94.2%

16

1,099.32

Each 1/4 floor

2,600

10%

2003.121988. 3

12

10,932.69

8,253.41

7,567.24

91.7%

24

684.62Each 1/3 floor

2,550

16%

2005. 6

1985.109

10,055.13

6,817.76

6,346.39

93.1%

29

794.75

Each 1/8 floor

2,500

14%

2005. 5

1990.10

9

11,149.99

8,074.83

7,050.83

87.3%

7

940.84Each span

2,500

17%

2003.12

1989.311

6,445.72

4,236.46

3,848.93

90.9%

13

418.39Each 1/3 floor

2,600

19%

2007.980,482.07

76,739.01

95.3%

134

1981. 812

18,842.51

13,644.81

12,195.40

89.4%

39

1,105.75

Each floor
Auxiliary

2,580

1%

2006. 6

2008. 710

9,603.81

6,559.34

6,559.34

100.0%

6

697.83

Each 1/2 floor

2,800

1%

2008. 11

1966. 107

9,062.04

9,062.04

9,062.04

100.0%

1

796.31Each span

2,600

2%

2008. 2

Subtotal (12 properties)
Sapporo North Plaza# of
Leasable Space Leased Space Occupancy（㎡）（㎡）
Rate (Note 3) Tenants

1968. 7

11

12,977.45

6,153.65

5,562.82

90.4%

28

802.79Each span

2,480

8%

2005.111999.12

10

10,479.63

5,887.40

5,661.20

96.2%

23

664.68Each span

2,700

5%

2003.12

1991. 312

7,363.25

4,655.74

4,249.78

91.3%

11

405.96

Each 1/2 floor

2,460

14%

2005. 92000.7

11

34,616.84

34,616.84

34,616.84

100.0%

1

2,035.94

Each 1/16
floor

2,600

9%

2007. 3

1994. 7

21

38,252.92

21,589.70

19,756.67

91.5%

25

1,008.28

Each 1/4 floor

2,700

9%

2008. 4

1983.12

12

23,522.82

16,977.79

15,887.62

93.6%

25

1,336.52

Each floor
Auxiliary

2,500

19%

2003.12

1993. 612

8,036.71

5,213.02

5,213.02

100.0%

11

435.04Each span

2,580

13%

2008. 91991.1115

16,845.87

11,558.68

10,948.21

94.7%

16

797.35

Each floor
Auxiliary

2,650

13%

2003.12

1998. 2

16

10,292.93

6,425.16

6,245.00

97.2%

34

528.43

Each span

2,600

7%

2003.122003.12

1976. 7

9

11,950.37

7,903.22

7,435.95

94.1%

11

1,047.54

Each floor
Auxiliary

2,450

11%

1983. 7

11

10,961.34

7,504.44

6,571.38

87.6%

33

675.70Each span

2,500

1%

2008. 6

2008. 2

10

4,603.61

3,834.21

3,150.30

82.2%

12

411.49Each 1/3 floor

2,750

1%

2009. 3

Subtotal (15 properties)

161,586.04

153,115.57

94.8%

276

Total (50 properties)

436,094.41

420,450.05

96.4%

661

Nomura Hiroshima Bldg
EME Hakata Ekimae Bldg
NOF Tenjin-Minami Bldg

7.0%

(Note 1) Total floor space is taken from the registry book.
(Note 2) Total floor space of the properties owned in compartment, except NOF Technoport Kamata Center Bldg, is expressed as ① entire building, and ② portion owned by NOF.
(Note 3) Each Occupancy Rate indicates as of April 30, 2009.
(Note 4) Rate of PML (Probable Maximum Loss) for each building was calculated by Shimizu Corporation. 7.0% at the bottom field is for the entire portfolio.

Appendix32

Earnings by Property(¥000)
Property Name
Number of business days
Rental business revenues
Rental revenues *incl. common charges

Other revenues
Rental business expenses
Property management costs
Taxes and duties
Utility expenses
Insurance expenses
Repairs and maintenances
Other expenses
Depreciation
Rental Profits
Net Operating Income (NOI)
Property Name
Number of business days
Rental business revenues
Rental revenues *incl. common charges

Other revenues
Rental business expenses
Property management costs
Taxes and duties
Utility expenses
Insurance expenses
Repairs and maintenances
Other expenses
Depreciation
Rental Profits
Net Operating Income (NOI)
Property Name
Number of business days
Rental business revenues
Rental revenues *incl. common charges

Other revenues
Rental business expenses
Property management costs
Taxes and duties
Utility expenses
Insurance expenses
Repairs and maintenances
Other expenses
Depreciation
Rental Profits
Net Operating Income (NOI)

Shinjuku
Nomura Bldg

181
1,990,243
1,824,929
165,314779,500
199,508
159,286
184,766
3,097
36,50860,039136,294
1,210,743
1,347,037

JAL Bldg *1

181

146,336
614,800
761,137

MY Higashi Central Kyobashi
Bldg
Gotanda Bldg
63
181
40,592
86,10936,47779,716
4,115
6,393
15,792
24,264
3,925
5,319
41
0
2,822
4,125
82
112
1,251
4,480
88
3,801
7,581
6,423
24,80061,84532,381
68,268NOF Nihonbashi
Honcho Bldg

181865,046
821,918
43,128248,450
64,992
37,84848,8901,257
1,062
15,772
78,625616,596695,222
NOF Minami
Shinjuku Bldg

181
103,720
90,095
13,62433,646
7,974
8,744
7,683
156
645
3,473
4,969
70,07375,043Tennozu Park
Side Bldg

181805,819
706,795
99,024
410,552
159,085
51,85731,188
190
8,525
3,273
156,432
395,267
551,699
Central
Shintomicho Bldg

181
69,72057,394
12,32628,183
5,829
2
5,254
142
8,296
932
7,724
41,53649,261

Shinjuku Sanshin NOF Shibuya
Bldg
Koen-dori Bldg

181
317,550
295,325
22,22475,306
17,05618
19,470422
16,875
7,084
14,377242,244
256,622181
369,364
342,543
26,82079,917
17,40823,71812,800
304
5,652
1,556
18,475
289,447
307,923

Sunworld
Nomura Ueno
Yotsuya Bldg *1
Bldg

181

2,195
27,71529,910NomuraJCB Sapporo
Kita-Sanjo Bldg
NOF Sendai
NOF Utsunomiya*2
Aoba-dori Bldg
Bldg
Sapporo Bldg Higashi Bldg *1
177
181
74
181
181
130,127
47,376
165,250
168,190
112,91237,839141,244
139,934
17,215
9,537
24,00628,25597,41933,764
86,103
110,441
13,247
6,108
24,792
23,2459,780
5,653
18,184
14,196
17,8196,654
15,98619,155
430
139
491
533
118
2,201
5,404
9,474
7,503
688
1,694
3,402
48,51935,155
12,31819,54840,43332,70870,951
13,611
79,14757,74881,227106,107
25,92998,69598,181

107
141,434
126,299
15,13442,852
12,658584
10,193
217
2,506
366
16,32598,581
114,907
NOF Nagoya
Yanagibashi Bldg

181
140,289
128,299
11,99067,385
12,615
12,25011,501
315
8,278
625
21,79872,903
94,702

Secom Medical
Bldg *1

181

45,063
183,010228,074
NOF Toyo-cho
Bldg *1

181

35,119220,121
255,241
Omron Kyoto
Center Bldg *1

181

161,585
291,584
453,170

NOF Shiba Bldg

Nishi-Shinjuku
Showa Bldg

Nomura Shibuya
Dogenzaka Bldg

181
353,937
314,784
39,153
113,209
23,99422,802
25,796522
10,0582,494
27,541
240,728
268,269

181
325,686
298,435
27,251
113,73147,713
27,912
18,461751
81
5,441
13,369211,955
225,324

181
194,550
180,308
14,241
50,59912,451
2
9,188
249
6,322
2,745
19,640143,950
163,591

NOF Technoport
Kamata Center Bldg

Toho Edogawabashi
Bldg

181
427,523
377,231
50,291
193,272
51,66435,15445,569908
11,806
6,015
42,155234,250
276,405

181
67,63655,932
11,70428,901
6,416
7,482
145
2,099
679
12,077
38,73550,813

SORA ShinOsaka 21

181
586,831506,866
79,964
336,456
72,12532,96064,240
1,795
20,481
17,080127,772
250,374
378,147

NOF Midosuji
Bldg *274
169,003150,361
18,641
94,851
15,031
27,38810,807
363
8,532
2,316
30,411
74,151
104,563

NOF Tameike
Bldg

181
220,838
205,992
14,84575,616
15,90016,621
18,672
282
3,822
6,518
13,799145,222
159,021

NOF Kanda
Iwamoto-cho NOF Shinagawa NOF Surugadai PMO Nihonbashi Nomura Higashi- Hatchobori NF
Iwamoto-cho Bldg
Konan Bldg
Plaza Bldg *1
Honchonihonbashi Bldg
Bldg
Toyo Bldg
181
181
177
107
181
181
181
230,211
102,418
91,111
91,623
147,684
154,602
209,766
98,00084,54882,620133,501
140,023
20,445
4,418
6,562
9,002
14,182
14,57990,085
42,10434,681
44,262
42,95950,52019,061
8,432
10,894
11,496
9,896
13,34615,324
365
405
6,825
9,172
1
18,743
4,375
7,169
6,244
8,260
9,878
482
204
201
24
222
288
2,692
173
72
218
531
9,307
3,014
714
5,793
2,982
1,651
24,47330,47325,53815,223
13,658
11,89425,355140,126
179,678
60,31456,42947,361
104,724
104,081
164,599
210,151
85,85371,65261,019116,619
129,437

Kichijoji MarkToshin Meguro
Crystal Park Bldg
Bldg *1
Bldg
181

4,277
31,40935,686
NomuraOsaka Bldg

181
510,013425,198
84,814
216,923
63,846
41,73655,912
1,069
12,122
3,128
39,107
293,090
332,197

181
134,952
120,505
14,44662,88022,466
9,688
7,398
135
3,582
3
19,606
72,071
91,677

107
43,08339,387
3,696
14,448
3,366
25
2,442
80
85
2,257
6,189
28,63534,824

Nomura NishiUmeda Bldg

NomuraYotsubashi Bldg

181
202,967
186,162
16,80487,91917,553
7,227
14,191394
2,099
25,227
21,225
115,047
136,272181
311,008
279,605
31,402
187,406
44,33929,78030,039735
41,7672,165
38,577
123,601
162,179

Faret Tachikawa NOF Kawasaki
Center Square Higashiguchi Bldg

181
229,923
209,916
20,006123,61342,832
14,77027,987465
76,145
31,404
106,309
137,713
NOF Kobe
Kaigan Bldg

181
190,546
159,81330,732
116,962
24,295
16,15020,790644
13,411
6,724
34,94373,583
108,527

NOF Yokohama
NOF ShinYokohama
Sapporo North
Nishiguchi Bldg Yokohama Bldg Odori Koen Bldg
Plaza

181
322,108
281,414
40,694105,452
21,507
18,861
26,477
515
4,815
2,244
31,029216,656
247,686

181
253,402226,847
26,554
100,606
22,354
18,81017,003466
23,824
4,337
13,810152,795
166,606

Hiroshima Tatemachi
NOF Bldg *3

NomuraHiroshima Bldg

118
69,60758,368
11,23937,182
7,481
5,694
9,853
188
1,038
2,464
10,46232,42542,887

181
179,959
161,422
18,53792,51425,012
19,657
16,239
493
3,677
5,465
21,96987,445
109,414

181
73,241
61,503
11,737
85,13018,246
17,262
13,197443
803
14,14821,030▲11,889
9,140
EME Hakata
Ekimae Bldg

181
189,964
167,192
22,771
81,62818,5040
16,291
534
6,879
3,815
35,603
108,335
143,938

181
113,467
93,727
19,74068,307
12,157
7,404
16,689
255
2,895
162
28,74245,16073,902
NOF TenjinMinami Bldg
35
8,523
7,350
1,173
10,548
1,776
29
871
39
186
1,106
6,539
▲2,0254,514

181
338,032
282,71355,318
193,699
37,49930,42746,043841
12,47817,221
49,188144,333
193,521
Total 53
Properties

14,281,598
13,022,990
1,258,607
5,917,083
1,394,693
982,904
987,225
27,100374,257
288,506
1,862,395
8,364,514
10,226,910*1 Detailed figures are not disclosed due to compelling reasons. However, they are included in "Total 53 Properties.“*2 The Fund has disposed the Property on January 14, 2009.
*3 The Fund has disposed the Property on February 27, 2009.

Appendix33

List of End-of-Period Appraisal Value

Central Tokyo

Shinjuku Nomura Bldg
JAL Bldg
NOF Nihonbashi Honcho Bldg
Tennozu Park Side Bldg
Shinjuku Sanshin Bldg
NOF Shibuya Koen-dori Bldg
Secom Medical Bldg
NOF Shiba Bldg
Nishi-Shinjuku Showa Bldg
Nomura Shibuya Dogenzaka Bldg

NOF Tameike Bldg
Iwamoto-cho Toyo Bldg
NOF Shinagawa Konan Bldg
NOF Surugadai Plaza Bldg
PMO Nihonbashi Honcho
Nomura Higashi-nihonbashi Bldg
Hatchobori NF Bldg
NOF Kanda Iwamoto-cho Bldg
MY Higashi Gotanda Bldg
Central Kyobashi Bldg
NOF Minami Shinjuku Bldg
Central Shintomicho Bldg
Sunworld Yotsuya Bldg
Total Central Tokyo
Nomura Ueno Bldg
NOF Toyo-cho Bldg

Suburban TokyoNOF Technoport Kamata Center Bldg

Toho Edogawabashi Bldg
Toshin Meguro Bldg
Crystal Park Bldg
Kichijoji Mark Bldg
Faret Tachikawa Center Square
NOF Kawasaki Higashiguchi Bldg

NOF Yokohama Nishiguchi Bldg
NOF Shin-Yokohama Bldg
Yokohama Odori Koen Bldg
Total Suburban Tokyo

Acquisition Price at 11th Period End(¥ mln)38,73033,08020,60014,80012,30012,00011,50010,000
8,800
7,660
7,400
6,020
5,500
5,150
5,000
4,060
3,160
3,080
3,010
2,550
2,280
1,750
778
219,208
7,830
7,550
6,416
2,080
1,340
3,700
1,800
3,290
9,500
5,050
3,600
2,993
55,149(¥ mln)39,636
33,102
20,737
13,32912,326
12,556
11,32910,132
8,724
7,685
7,606
6,000
5,453
5,058
4,998
4,087
3,210
3,109
3,032
2,559
2,292
1,751
790
219,513
7,871
7,117
6,427
2,100
1,343
3,629
1,813
2,986
9,492
5,011
3,334
2,938
54,064

Appraisal Valueat 11th Period
End

Appraisal Valueat 10th PeriodEnd(¥ mln)59,30032,70024,90021,90011,50013,00010,60010,400
9,280
6,830
7,560
5,370
6,380
6,940
4,680
3,920
2,920
3,650
2,940
2,430
2,670
1,600
720
252,190
7,460
8,580
7,330
1,630
1,160
3,840
1,780
5,140
9,200
6,853
4,080
2,600
59,653(¥ mln)72,60033,40027,40023,30012,60014,00011,60010,90010,100
7,660
8,280
5,880
6,970
7,300
5,000
4,060
3,190
3,920
3,010
2,590
2,980
1,650
778
279,168
7,830
9,030
7,820
1,830
1,210
4,200
1,800
5,660
9,800
7,682
4,450
2,690
64,002(Note 1)
(Note 1)

(Note 1)

(Note 1)

(Note 1)

Difference between
10th and 11th Period(¥ mln)-13,300-700-2,500-1,400-1,100-1,000-1,000
-500
-820
-830
-720
-510
-590
-360
-320
-140
-270
-270
-70
-160
-310
-50
-58
-26,978
-370
-450
-490
-200
-50
-360
-20
-520
-600
-829
-370
-90
-4,349Change-18.3%
-2.1%
-9.1%
-6.0%
-8.7%
-7.1%
-8.6%
-4.6%
-8.1%
-10.8%
-8.7%
-8.7%
-8.5%
-4.9%
-6.4%
-3.4%
-8.5%
-6.9%
-2.3%
-6.2%
-10.4%
-3.0%
-7.5%
-9.7%
-4.7%
-5.0%
-6.3%
-10.9%
-4.1%
-8.6%
-1.1%
-9.2%
-6.1%
-10.8%
-8.3%
-3.3%
-6.8%

Acquisition Price

Property Name

Other Cities

Book Value

Property Name

Sapporo North Plaza
Nomura Sapporo Bldg
JCB Sapporo Higashi Bldg
NOF Sendai Aoba-dori Bldg
NOF Utsunomiya Bldg
NOF Nagoya Yanagibashi Bldg
Omron Kyoto Center Bldg
SORA Shin-Osaka 21
Nomura Osaka Bldg
Nomura Nishi-Umeda Bldg
Nomura Yotsubashi Bldg
NOF Kobe Kaigan Bldg
Nomura Hiroshima Bldg
EME Hakata Ekimae Bldg
NOF Tenjin-Minami Bldg
Total Other Cities
Grand Total(¥ mln)
6,820
5,300
3,700
3,200
2,970
3,550
23,70019,251
6,410
5,660
3,940
3,280
1,930
6,750
3,739
100,200
374,557

Book Valueat 11th Period End

Appraisal Valueat 11th Period
End

Appraisal Valueat 10th PeriodEnd(¥ mln)
7,435
5,295
3,773
3,185
2,578
3,704
23,05819,335
6,419
5,741
3,661
2,948
2,614
6,736
3,767
100,255
373,833（Ａ）(¥ mln)
6,666
4,890
3,370
3,090
3,150
3,410
20,90016,200
9,760
5,120
5,950
3,200
2,120
5,280
2,280
95,386407,229（Ｂ）(¥ mln)
7,268
5,300
3,470
3,310
3,490
3,670
22,00018,20011,000
5,660
6,690
3,490
2,490
5,900
3,950
105,888
449,058

Difference between Book Value and Appraisal Value(Note 1)

(Note 1)

Difference between
10th and 11th Period(¥ mln)
-602
-410
-100
-220
-340
-260
-1,100-2,000-1,240
-540
-740
-290
-370
-620
-1,670-10,502-41,829

Change
-8.3%
-7.7%
-2.9%
-6.6%
-9.7%
-7.1%
-5.0%
-11.0%-11.3%-9.5%-11.1%-8.3%-14.9%-10.5%-42.3%-9.9%-9.3%\33,395 mln （\109,450 / unit）（Ｂ）−（Ａ）(Note 1) For these buildings acquired at the 11th Period, appraisal value is that of the time of acquisition. (for NOF TenjinMinami Building, the appraisal value is that of the contract basis)(Note 2) In addition to the buildings in the table, the Fund is scheduled to acquire “NOF Nagoya Fushimi Bldg (tentative)”on October 31, 2009. As the building is currently under construction, its “Surveyed value” as of April 30, 2009 is¥2,600 million. The “Surveyed value” is calculated by the appraiser using a certain appraisal method based on
certain date assuming that the building shall be completed in accordance with the Drawing and specification.
Hence, the value may vary from the actual appraisal value after the completion.

Appendix34

Map of Properties
01

02

Central Tokyo
01 Shinjuku Nomura Bldg
02 JAL Bldg
03 NOF Nihonbashi Honcho Bldg
04 Tennozu Park Side Bldg
05 Shinjuku Sanshin Bldg
06 NOF Shibuya Koen-dori Bldg
07 Secom Medical Bldg
08 NOF Shiba Bldg
09 Nishi-Shinjuku Showa Bldg
10 Nomura Shibuya Dogenzaka Bldg
11 NOF Tameike Bldg
12 Iwamoto-cho Toyo Bldg
13 NOF Shinagawa Konan Bldg
14 NOF Surugadai Plaza Bldg
15 PMO Nihonbashi Honcho
16 Nomura Higashi-nihonbashi Bldg
17 Hatchobori NF Bldg
18 NOF Kanda Iwamoto-cho Bldg
19 MY Higashi Gotanda Bldg
20 Central Kyobashi Bldg
21 NOF Minami Shinjuku Bldg
22 Central Shintomicho Bldg
23 Sunworld Yotsuya Bldg

Shinjuku Nomura Bldg

03

NOF Nihonbashi
Honcho Bldg

JAL Bldg

04

06

Tennozu Park
Side Bldg

NOF Shibuya
Koen-dori Bldg

26

29

31

NOF Technoport
Kamata Center Bldg

Crystal Park Bldg

Faret Tachikawa
Center Square

43

46

47

SORA Shin-Osaka 21

Nomura Yotsubashi
Bldg

Suburban Tokyo
24 Nomura Ueno Bldg
25 NOF Toyo-cho Bldg
26 NOF Technoport Kamata Center Bldg
27 Toho Edogawabashi Bldg
28 Toshin Meguro Bldg
29 Crystal Park Bldg
30 Kichijoji Mark Bldg
31 Faret Tachikawa Center Square
32 NOF Kawasaki Higashiguchi Bldg
33 NOF Yokohama Nishiguchi Bldg
34 NOF Shin-Yokohama Bldg
35 Yokohama Odori Koen Bldg

Other Cities
36 Sapporo North Plaza
44 Nomura Osaka Bldg
37 Nomura Sapporo Bldg
45 Nomura Nishi-Umeda Bldg
38 JCB Sapporo Higashi Bldg
46 Nomura Yotsubashi Bldg
39 NOF Sendai Aoba-dori Bldg
47 NOF Kobe Kaigan Bldg
40 NOF Utsunomiya Bldg
48 Nomura Hiroshima Bldg
41 NOF Nagoya Yanagibashi Bldg 49 EME Hakata Ekimae Bldg
42 Omron Kyoto Center Bldg
50 NOF Tenjin-Minami Bldg
43 SORA Shin-Osaka 21

NOF Kobe
Kaigan Bldg

Appendix35

Acquisition Channel of Properties
Acquisition
ChannelOriginally owned
by or developedby Nomura Real
Estate Group
Companies• Information fromor
• Intermediation *by Nomura Real
Estate Group
Companies

Key Properties
Acquired at Listing

Shinjuku
Nomura Bldg

Faret Tachikawa
Center Square

Key Properties Acquired after Listing

Tennozu Park
Side Bldg

Secom Medical Bldg

Omron Kyoto
Center Bldg

15 Properties
Cumulative Acquisition Price:¥ 141.6 bln

Nomura Yotsubashi
Bldg

Nomura Osaka Bldg

Nomura NishiUmeda Bldg

PMO Nihonbashi
HonchoNOF Nihonbashi
Honcho Bldg

NOF Shinagawa
Konan Bldg

JAL Bldg *NOF Minami
Shinjuku Bldg

Nomura Sapporo Bldg

Nishi-Shinjuku
Showa Bldg

Sapporo North Plaza

21 Properties
Cumulative Acquisition Price:¥ 140 bln

NOF Toyo-cho Bldg

NOF Kobe
Kaigan Bldg

NOF Yokohama
Nishiguchi Bldg

NOF Sendai Shinjuku Sanshin Bldg Hatchobori NF Bldg
Aoba-dori Bldg

Information fromsources outside
Nomura Real
Estate Group

14 PropertiesNOF Shiba Bldg

NOF Shibuya
Koen-dori Bldg

NOF Kawasaki SORA Shin-Osaka 21
Higashiguchi Bldg

Cumulative Acquisition Price:¥ 92.8 bln
Appendix36

Fund Summary

1st Period
April 2004

2nd Period
October 2004

3rd Period
April 2005

4th Period
October 2005

5th Period
April 2006

6th Period
October 2006

7th Period
April 2007

8th Period
October 2007

9th Period
April 2008

10th Period
October 2008

11th Period
April 2009

Total Assets
Interest-bearing Liabilities
LTV (Based on Total Assets)
Unitholders' Capital
Outstanding Units Issued
Net Assets
Net Assets per Unit
End-of-Period Closing Unit PriceMarket Capitalization

¥ mln
¥ mln
%
¥ mln
unit
¥ mln
¥
¥
¥ mln

147,946
61,00041.2
71,706
148,600
73,233492,820
645,000
95,847

173,545
64,50037.2
92,168
184,650
94,774513,266
767,000
141,626

208,00396,50046.4
92,168
184,650
94,849513,672
758,000
139,964

239,067
93,00038.9
124,610
229,970
128,094
557,004
782,000
179,836

268,559
120,000
44.7
124,610
229,970
128,206
557,492
998,000
229,510

288,060
106,000
36.8
156,767
265,903
161,004
605,499
991,000
263,509

315,402130,000
41.2
156,767
265,903
161,221606,315
1,490,000
396,195

326,711140,000
42.9
156,767
265,903
161,272
606,510
1,160,000
308,447

353,730
165,700
46.8
156,767
265,903
161,267
606,488826,000
219,635

401,684
182,100
45.3
185,455
305,123
190,711625,031551,000
168,122409,353
188,730
46.1
185,455
305,123
190,847
625,478
509,000
155,307

Operating Revenues
Operating Income
Net Income
Total Cash Distribution
Cash Distribution per Unit

¥ mln
¥ mln
¥ mln
¥ mln
¥

4,531
2,313
1,526
1,526
10,273

6,656
2,930
2,606
2,606
14,114

7,106
3,228
2,681
2,681
14,520

8,641
4,111
3,484
3,484
15,150

9,810
4,558
3,596
3,596
15,638

10,739
5,182
4,229
4,229
15,905

11,090
5,137
4,466
4,453
16,75011,968
5,725
4,486
4,498
16,91812,183
5,823
4,499
4,499
16,923

13,925
6,932
5,255
5,255
17,225

15,409
7,078
5,392
5,392
17,673

Total Portfolio (Based on Acquisition Price)
Number of Properties
Leasable Space
Number of Tenants
Occupancy Rate

¥ mln

%

127,260
15
180,793.50
264
93.3

151,540
18
194,673.65
277
94.4

184,62019
236,904.67
287
98.1

210,12023
261,428.50
357
97.3

240,82028
293,464.10
467
98.4

259,14030
316,132.49
512
98.2

282,84031
350,712.00
517
98.5

292,40934
362,733.62
533
97.9

317,44037
395,330.99
583
97.6

362,24846
430,487.81
676
97.3

374,55750
436,094.41
661
96.4

%
%
%
%
%
x

1.1
2.8
2.1
5.2
49.5
11.45

1.6
3.1
2.8
5.6
54.6
11.05

1.4
2.8
2.8
5.7
45.6
9.95

1.5
3.1
2.7
5.4
53.6
10.08

1.4
2.9
2.8
5.7
47.7
7.92

1.5
3.0
2.7
5.4
55.9
8.35

1.5
3.0
2.8
5.6
51.1
7.88

1.4
2.8
2.8
5.5
49.4
6.49

1.3
2.7
2.8
5.6
45.6
6.22

1.4
2.7
2.8
5.6
47.5
6.06

1.3
2.7
2.8
5.7
46.6
5.53

Net Asset Value per Unit (Based on Appraisal Value)

¥ mln
¥ mln
¥ mln
¥
¥

127,089
127,12030
202
493,023

151,815
151,500-315-1,707
511,559

185,406
187,290
1,883
10,199523,872

211,566
219,380
7,813
33,975590,979

241,901
261,120
19,21883,572641,064

259,449
294,037
34,587130,074
735,574

282,130
340,383
58,252
219,075
825,390291,853
366,938
75,084282,374
888,884

316,999399,60282,602
310,649
917,138

361,979
436,948
74,968245,700
870,731373,833
407,229
33,395
109,450
734,929

NOI
Rate of NOI (p.a.)
Depreciation
Capital ExpendituresFFO
FFO per Unit

¥ mln
%
¥ mln
¥ mln
¥ mln
¥

3,350
7.2
666
22
2,193
14,757

4,451
6.2
949
511
3,555
19,255

4,970
6.1
1,023
484
3,719
20,142

6,125
6.1
1,229
1,016
4,727
20,559

6,952
5.9
1,399
934
5,034
21,889

7,591
6.0
1,471
588
5,739
21,585

7,763
5.7
1,478
757
5,985
22,509

8,286
5.8
1,518
1,252
6,039
22,714

8,572
5.7
1,601
1,346
6,134
23,069

9,927
5.7
1,793
1,552
7,087
23,228

10,226
5.5
1,862
1,376
7,167
23,488

Appendix

37

Return on Assets (ROA)(annualized)
Return on Equity (ROE)(annualized)
Capital-Asset Ratio
Debt-Service Coverage Ratio （DSCR）
End-of-Period Total Book Value
End-of-Period Total Appraisal Value
Total Latent Profit and Loss
Latent Profit and Loss per Unit㎡

Cash Flow Statement
10th Fiscal Period

11th Fiscal Period

May 1, 2008 - Oct. 31, 2008

Nov. 1, 2008 - Apr. 30, 2009(¥000)(¥000)

I. Cash Flow of Operating Activities
Income before income taxes
Depreciation
Amortization of long-term prepaid expenses
Amortization of corporate bond issuance costs
Interest income
Interest expenses
Loss on disposal of tangible assets
Change in rental receivables (▲increase)
Change in consumption tax refundable（▲increase）

Change in trade accounts payable （▲decrease）
Change in other accounts payable （▲decrease）
Change in tax receivable（▲decrease）
Change in rent received in advance （▲decrease）
Change in security deposits received （▲decrease）
Decrease in disposal of tangible assets
Decrease in disposal of tangible assets in trust
OthersSubtotalInterest received
Interest paid
Taxes and duties (▲paid)
Net cash provided by operating activities
II. Cash Flow of Investing Activities
Payments for placement of time deposits
Purchase of tangible assets
Purchase of tangible assets in trust
Purchase of intangible assets
Tenants' security deposits paid
Security deposits received
Security deposits in trust paid
Security deposits in trust received
Security deposits paid
Security deposits collected
Net cash used in investing activities
III. Cash Flow of Financing Activities
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from short-term investment corporation bonds
Redemption of short-term investment corporation bonds

Proceeds from long-term debt
Repayment of long-term debt
Proceeds from issuance of investment units
Cash distribution to unitholders
Net cash provided by financing activities
IV. Change in Cash and Cash Equivalent （▲decrease）

V. Starting Balance of Cash and Cash Equivalent
VI. Ending Balance of Cash and Cash Equivalent

5,256,831
1,793,147
10,53738,490▲ 36,975
1,400,866
7,600▲ 94,688
309,377
83,883▲ 320,025
53,222
265,869▲ 19,182▲ 50,112
8,698,841
36,975▲ 1,196,677▲ 1,857
7,537,282

5,393,247
1,862,687
16,5896,636▲ 30,545
1,583,057
878
19,184▲ 81,449
245,955
1,530▲ 80,018
64,842
3,411,998
15,272,662▲ 94,634
27,592,623
23,892▲ 1,371,541
1,577
26,246,551▲ 11,665,065▲ 33,230,048▲ 1,900,904▲ 16,798
714,359▲ 647,041
1,848,789▲ 200,050▲ 45,096,758▲ 2,260,000▲ 25,521,115▲ 7,088,517▲ 1,901▲ 376,161
1,877,748▲ 1,760,136
999,771450▲ 34,129,861

34,100,000▲ 14,700,000
14,954,207▲ 35,000,000
21,000,000▲ 4,000,000
28,688,253▲ 4,498,779
40,543,681

12,930,000▲ 11,300,000
20,000,000▲ 15,000,000▲ 5,241,499
1,388,500

2,984,204
35,583,622
38,567,826▲ 6,494,809
38,567,826
32,073,016

Appendix38

Unit Price and Market Capitalization (Dec. 4, 2003 – June 12, 2009)

1,600,000
1,500,000
1,400,000
1,300,000

Market Capitalization (\ mln)

Unit Price ( ¥ )As of June 12, 2009Market Capitalization :All-time High Price :All-time Low Price:Market Capitalization¥166,902 mln¥1,560,000¥ 407,000

TSE REIT Index (Note)

600,000
Unit Price

4th Public Offering¥926,100
500,000

1,200,000
1,100,000
1,000,000

700,000

Initial Public
Offering¥500,000

2nd Public Offering¥588,000

3rd Public Offering¥740,782

5th Public Offering¥756,560
400,000

900,000
300,000
800,000
700,000

200,000

600,000
500,000

100,000

400,0000

300,000

2003/12 2004/3 2004/6 2004/9 2004/12 2005/3 2005/6 2005/9 2005/12 2006/3 2006/6 2006/9 2006/12 2007/3 2007/6 2007/9 2007/12 2008/3 2008/6 2008/9 2008/12 2009/3 2009/6(Note) TSE REIT Index on June 12, 2008 = NOF’s closing unit price on the same date (one year from June 12, 2008)

Appendix39Organization of the Asset Management Company

Corporate Profile[ Registered Trade Name ]Nomura Real Estate Asset Management Co., Ltd.

[ Date of Incorporation ]January 24, 2003

[ Capital ]¥300,000,000[ Shareholder ]Nomura Real Estate Holdings Inc. (100%)[ Number of Employees ]66 (including Directors)[ Description of Business ]Asset management business for investment
corporations (J-REITs)◆Registered for a financial instruments business:
Director of Kanto Local Finance Bureau No. 374◆Licensed for discretionary proxy in realty trading:
Minister of Land, Infrastructure and Transport
No. 18◆Licensed for real estate trading:Governor of Tokyo No. (2) 81679

NOF Management Division
Appendix40Below is a message announced jointly with the asset management company at the time of listing on December 4, 2003.

We, at Nomura Real Estate Office Fund Inc., believe that listingof Real Estate Investment Trust (REIT) serves to form a baseon which the nation can build their financial resources. The
long-term investment capital will contribute to stabilization of not
only the real estate market, but also the Japanese economy asa whole.
Many investors wish stable investment more than anything else.
Responding to such needs of asset building, we have set ourinvestment policy as being “stable over mid- to long-term”.
Wishing to make a contribution to the nation’s economic growth
in any way, we are determined to continue doing the best of ourability in our function to combine the private financial resources
directly with the real estates.
AN INVESTOR ORIENTED COMPANY
respecting the trust and expectation of the investors
Nomura Real Estate Office Fund, Inc.
(TSE code: 8959)
http://www.nre-of.jp/english/

Fund Manager: Nomura Real Estate Asset Management Co., Ltd.

This document has been prepared for the purpose of provision of information only, andshould not be construed as an offer, solicitation or commercial conduct of any natureassociated with any specific products. Investors wishing to purchase the investment
units of Nomura Real Estate Office Fund, Inc. should contact their own securities
brokers or dealers.
The forward-looking statements with respect to the future financial results contained inthis document should not be construed as a guarantee of the actual performance in the
future.
Although the information contained in this document is intended to be complete andthorough, there is no assurance of precision and safety of the same. Please note thatthe contents of this document is subject to change or cancellation without prior notice.
It is prohibited to make duplication, reproduction, distribution or use of any part or wholeof the information contained in this document without express prior written consent.