Nomura Real Estate Holdings, Inc.
Briefing session of the FY23/3 2Q financial results held on October 27th, 2022
Q&A Summary

Q. An acquisition of treasury shares was announced. Is the P/NAV used as the basis fordetermining an acquisition of treasury shares?
A. In addition to the share price and the P/NAV, the determination of an acquisition of treasury
shares is based on multiple factors, such as investment opportunities and financial soundness,
etc.

Q. How will it affect property sales business in case of rising interest rates in Japan?
A. Even if rates rise, it would not have a major impact on the amounts of interest expenses so far
because we have been increasing the share of fixed and long-term loans. However, we expect
some impacts on property sales business from the rises in housing loan rates and cap rates.

Q. Is the gross profit ratio of housing sales business for FY23/3 expected to be higher than
FY22/3?
A. The gross profit ratio for FY23/3 is expected to be above the same level as FY22/3.

Q. Is there any impact on your business due to the rise of construction materials prices?
A. We have almost completed contracts with general contractors for housings to be sold till FY25/3
and for properties for sales to be sold till FY26/3 as for property sales business. We plan toincrease reserve fund in business plans to prepare for potential increases in construction costs for
future projects.

Q. Housing sales business seems to be robust. Do more customers rush to purchase housing
before the interest rate rising?
A. We don't think there is a rush demand from customers prompted by the anticipation of risinginterest rates.

Q. In terms of land acquisition in housing sales business, what kind of area are you targeting?

A. Our target areas are mainly Tokyo metropolitan area, Osaka, Nagoya and Sendai. We also aim toacquire land in local core cities with a focus on redevelopment projects, taking care to maintainthe right balance. We recognize that there is an increasing need for us to contribute to thedevelopment of highly convenient cities centered on housing.

Q. What is the background of your decision to transfer fixed assets to inventories twice
annually? What is the actual amount of properties you transferred to inventories as of 2Q
FY23/3?
A. In order to realize more flexible decision-making, we changed our internal policy regarding thefrequency of judgment of transfer. We consider transfers every six months going forward. At theend of 2Q FY23/3, we transferred approximately 10.0 billion yen. In the Mid- to Long-term
Business Plan, we have announced that we aim to realize unrealized gain and improve leasing
assets portfolio through replacement of properties at appropriate timing. This is an initiative thatforms part of that.

Q. What is the background of the vacancy rate rising? What are the situations of leasing ofPMOs and Shibaura Project?
A. The impact was mainly due to the tenants moving out from properties under rebuilding plan.
There is a large supply of large-scale office buildings in the overall market, and regarding PMOs,
primarily inventory not fixed asset, due to the effect of some large-scale office buildings being
leased in smaller lots, PMOs with larger single-floor are competing with those office buildings.
As regards Shibaura Project, we've been negotiating with tenants of Hamamatsucho Building on
relocation and have gained some traction.
Q. What is the plan for the training facility in Yokohama?
A. We decided to demolish the facility for rebuilding and booked extraordinary losses as losses onbuilding reconstruction. We will discuss the operational plans going forward.

Q. You acquired a large amount of land for logistics facility in 2Q. How are the situations ofleasing and land acquisition of logistics facility?
A. In terms of the situation of leasing, existing properties and newly developed properties are bothgoing well. Although the competition for land acquisition remains tough, we have acquired landwith enough profitability in 2Q through deals similar to one-on-one deals.

Q. What is the background of the decision to participate in the project in Portland?
A. In the Mid- to Long-term Business Plan, we set the target of increasing the ratio of businessprofits from overseas business to over 15% of the total. We have steadily acquired properties
mainly in residential development business in fast-growing Asian countries. To further expand
our business, we have been considering entering commercial property for sales business in theUnited States. We decided to participate in the rental housing development business with strong
demand from population growth. The project is positioned as a commercial property for sales
business, we expect to sell the property.

Q. Some reports said that the real estate market in China is deteriorating. What is the localsituation?
A. It is not a tough situation for the business in China as a whole, but housing sales performancevaries between properties.

Q. Will it be difficult to expand the amount of property sold unless the J-REIT market shareprices go up?
A. In addition to listed REIT, there are private REIT and private funds as buyers. We believe we will
be able to proceed with property sales. We expect strong demand from domestic and overseas
institutional investors, etc., for properties in Japan, and expect situations to remain favorable forproperty sales.