First, I would like to explain the impact of the spread of the novel coronavirus
infection (“COVID-19”), which has been the major topic in recent days. I will be also
referring to the features of our portfolio to elaborate the situation.

One of the features of our investment is “diversified” investment across a broad
range of sectors. The upper half of the page summarizes the ratio of properties ineach sector to the entire portfolio and their current situations.



While the three sectors of office, residential and logistics account for around 82% of
the portfolio, there has not been any major impact on these sectors at this point.

On the other hand, as written in the red frame on the right, retail and hotel sectors
have seen an impact, such as a decrease in variable rent accompanied by adecrease in sales due to people avoiding outings, the closure of nearby facilities,
decreased number of guests and other reasons. However, these sectors account for
only around 17% of the portfolio.

Furthermore, since our rent is based on fixed rent, including for these sectors, thepercentage of variable rent in the entire portfolio revenue was a mere 0.7% even
before the spread of COVID-19, as shown in the pie chart in the bottom half. In
addition, most of such rent comes from the two properties Universal CityWalk Osaka(“UCW”) and Hotel Vista Sapporo Odori.



I would like to explain the impact on our earnings based on the features explainedin the previous page.



In the current fiscal period ending August 2020 (the 10th Fiscal Period), although
there are some impacts of COVID-19, distribution is expected to be unchanged fromthe forecast due to internal growth and other factors. As for the fiscal period ending
February 2021 (the 11th Fiscal Period), since the period starts in September 2020,
which is still far from now, we assume there will be no major impact of COVID-19.



In the frame in the upper half of the page, the outlooks for UCW, Hotel Vista
Sapporo Odori and Nakaza Cui-daore Building are described as main
assumptions. They include closure of shops, a decrease in variable rent due to low
occupancy, and postponement of starting time of downtime reflecting the impact of
the current leasing.



Earning forecast for the 10th Fiscal Period in light of such situation is shown in thetable at the bottom of the page. Considering various incomes and expenditures,
distribution per unit has been decided to be 3,317 yen, unchanged from the initial
forecast.



As we have received requests for deferment of rent or reduction/exemption of rent
from several tenants mostly of retail facilities and hotels, we are allowing fordeferment for some tenants as financial support after assessing the collectability inorder to prevent them from going bankrupt or withdrawing. With states of emergency
announced in several municipalities, further responses may be taken depending on
the situations going forward. Even in such cases, we will make decisions carefully
from the perspective of whether the response is the best for securing stable income
over the medium to long term and such.


Although it is difficult at this point to forecast accurately when COVID-19 will end orwhether there will be additional impact, as described at the bottom of the page, if
any additional impact arises due to a temporary decrease in revenue, we plan tomake distribution in excess of retained earnings up to the amount of internal
reserves, which was reserved for the amount of gain on sales in the past.

As our second topic, I would like to explain the public offering we conducted in
December 2019.



Through this public offering, which was the third offering since listing, we raised
approximately 29 billion yen in equity. It was conducted at a flexible timing inconsideration of capital cost.



The points of the public offering are summarized in the box on the upper left. The
main highlights are the following four:To acquire relatively new properties developed by the sponsor, centering on
offices and residentials in the Greater Tokyo area (9 properties for 40.4 billion
yen).



To realize strategic property replacement by capitalizing on NMF’s feature as adiversified-type REIT and development capability of the sponsor responding toa wide range of sectors.



Existing portfolio having realized proactive internal growth capturing thefavorable market environment.



To lower LTV by 0.8 percentage points while increasing distribution per unit by
3.4%.



With a broad range of investors recognizing these points, we received more
applications than for the previous public offering as a result.



Changes in indicators before and after the public offering are as shown in the table
at the bottom of the page. With regard to diversification of properties due to asset
size expansion, average building age, the ratio of the Greater Tokyo area and such,the effects of the public offering are also demonstrated in concrete numbers.



I would like to explain the financial highlights for the fiscal period ended February2020 (9th Fiscal Period).

Distribution per unit was 3,279 yen, up 2.2% from the previous fiscal period result.

On the right, the main factors for the change from the result of the 8th Fiscal Period(fiscal period ended August 2019), the immediately preceding fiscal period, aresummarized.



As to rental revenues, internal growth of existing properties significantly surpassed
the impact of tenant turnover at Landport Iwatsuki, bringing an increase of
approximately 500 million yen combined with the effect of external growth fromadditional property acquisition. With this and other expenses reflected, net income
increased by around 500 million yen.

Furthermore, as shown in the pink frame, we have decided to implement stable
distribution by conducting reversal of internal reserves of approximately 650 million
yen, which is an amount obtained by adding the amount equivalent to dilution due
to public offering during the period to the amount of impact from tenant turnover at
a logistics facility initially expected.

This page shows factors for the change from the previous fiscal period result, broken
down to the distribution-per-unit scale.

Considering both the increase factors in light blue and the decrease factors in pink,
distribution per unit for the fiscal period ended February 2020 stood at 3,279 yen.



I would like to explain the earnings forecasts for the fiscal period ending August 2020
(10th Fiscal Period) and the fiscal period ending February 2021 (11th Fiscal Period).

Distribution per unit for the 10th Fiscal Period is forecast to be 3,317 yen, an increaseof 1.2% from the 9th Fiscal Period. Distribution per unit for the 11th Fiscal Period isforecast to be 3,328 yen, an increase of 0.3% from the 10th Fiscal Period.

For each period, changes from the results of the immediately preceding period areshown on the right.



For the 10th Fiscal Period, rental revenues are expected to increase by around 1.4
billion yen due to internal growth of existing properties and external growth ofadditionally acquired properties. With this and other expenses reflected, net income
is expected to increase by around 800 million yen.

For the 11th Fiscal Period, as it is still some time away, the forecast is madeconservatively mainly based on uncertain factors that have positive impact. The final
net income is expected to increase by around 50 million yen.

No reversal of internal reserves is forecast for either the 10th or 11th fiscal periods.

This page shows the changes in operating revenues, NOI and other indicators overthe past three years.

On the bottom right of the page is the change in distribution per unit. Since the fiscal
period ended February 2018 when a large-scale property replacement was mostly
completed, we have conducted management that aimed for internal growth of 2% orhigher per year. As a result, we have achieved growth of 7.6%, or 3.8% annually,
including growth in line with the third public offering. Moreover, while increasing
distribution, we have gradually lowered LTV, which is indicated in red, achieving
financial stability and future acquisition capacity as well.

Starting from this page, I would like to explain external growth.

As I previously explained, we acquired 9 properties developed by the sponsor
through the public offering conducted in December 2019.



Although most of the properties are office and residential properties located in Tokyo
with expected upsides, the total acquisition price was 40.4 billion yen, which is 5.8
billion yen lower (-13%) than the appraisal value.



Since all the properties fall under the four brands (PMO: office, Landport: logistics,
GEMS; retail, PROUD FLAT: residential) for which the sponsor has accumulated adevelopment track record and the average building age is about one year, they are
judged to be highly competitive.



As Landport Higashi-Narashino on the upper right and PROUD FLAT Shibuya
Tomigaya on the lower right are properties acquired under redevelopment andreacquisition type SPR (Strategic Property Replacement), I will explain them in detaillater in this presentation.



We have been able to acquire quality properties developed by the sponsor sinceconclusion of a leasing value chain agreement. I would like to explain how such has
strengthened external growth.

I mentioned the four brands on the previous page, and the features of those
properties under the four brands we have acquired are summarized in the threegraphs on the top half here.



Since over 97% of the properties are located in the Greater Tokyo area and theaverage building age is around 6 years, they contribute to improving the quality ofthe portfolio, and profitability is also similar to that of the entire portfolio.

On the lower left is the acquisition track record of sponsor-developed properties, andon the lower right is the ratio of sponsor-developed properties including the ratio of
those that are not under the four brands. The ratio of properties under the fourbrands to the entire portfolio has increased to approximately 30%, and since wehave heard that pipeline properties are steadily being prepared, we would like tocapitalize on them as the driving force for external growth.

I would like to once again explain redevelopment and reacquisition type SPR(Strategic Property Replacement), which we realized upon property acquisition thistime around.



As described on the left, the two properties on the right, which we acquired this time,
had been sold to the sponsor after the tenant move-out and redeveloped. We
acquired them by exercising preferential negotiation rights.

As the photos on the left indicate, the use of the properties was retail when we owned
them. However, as the photos on the right indicate, the use was changed toresidential and logistics after the redevelopment to utilize the full potential of the land.



The transaction this time was realized by joining the features of a diversified-type
REIT capable of utilizing investment opportunities of various sectors and thedevelopment capabilities of the sponsor covering various sectors.

As summarized in the middle, with the implementation of the redevelopment andreacquisition type SPR this time, we were able to realize (1) avoidance of downtime
accompanying tenant move-out, (2) profits from sales, (3) value enhancement
through redevelopment and (4) property acquisition with favorable terms by
exercising preferential negotiation rights.



We intend to use redevelopment and reacquisition type SPR effectively when we
have a chance to do so in the future.

Here, I would like to explain track record of external growth since incorporation.



As shown in the graph in the lower half of the page, while we have acquired 71 properties
that are mainly comprised of newly constructed properties developed by the sponsor in the
Greater Tokyo area at an approximate value of 370 billion yen, we have disposed ofproperties that consisted of mainly old properties with concerns regarding their future
management valued at more than 110 billion yen.

As a result, as shown in the table in the upper half of the page, we were able to strengthen
our portfolio by promoting property diversification, increasing the ratio of properties locatedin the Greater Tokyo area and lowering the average building age, and also raised the
distribution level.

We will continue to work with an aim to draw out more positive effects.



Next, I would like to explain internal growth.

For the office sector, steady internal growth was achieved through tenant
replacements and rent revisions.



As shown in the asset management topics in the upper left, the rate of rent increase
upon tenant replacement was up 17.6%, that upon rent revision was up 3.4% andthat upon rent revision exclusively at PMOs was up 4.7%, all surpassing the resultsof the previous fiscal period.

The rent gap as of February 29, 2020, was 9.9%, expanding by 3.5% from the endof the previous fiscal period.

This page describes some our progress in leasing.



As shown in the lower left, the area subject to tenant replacement was approximately
2,200 tsubo for the fiscal period ended February 2020. We implemented proactive
leasing activities against the backdrop of strong demand, and achieved a rent
increase rate of 17.6%, the highest since establishment.



As shown in the lower right, the rate of rent increase for areas already contracted
stood at over 24% also for the current fiscal period ending August 2020. We willcontinue to seek realization of internal growth going forward.



As for residential, we continued to raise rent mainly at the time of move-ins andmove-outs at properties in the downtown Tokyo area.



As described in the upper left, the rate of change in monthly rent due to move-ins
and move-outs was up 4.5%, surpassing the result of the previous fiscal period as
did the rate of change in monthly rent due to contract renewals.



Furthermore, as shown in the table on the upper right, there is more than one
property in the downtown Tokyo area with a rate of change in monthly rent due tomove-ins and move-outs surpassing 10%. As a result, the average rate of changestood at 5.4% for properties in the 23 wards of Tokyo.

In the retail sector, as a result of implementing proactive leasing activities forproperties in stations areas as we have done for office properties, the rent change
upon tenant replacement was up nearly 20% and the rent change upon rent revision
was up 5.0%, as stated on the upper left.

The rent change upon tenant replacement and rent revision both improved from theprevious fiscal period as shown in the graphs in the bottom.



The year-on-year decrease in the rate of sales-linked rent in the entire retail sector
indicated in the graph on the upper right is mainly due to the decrease in the numberof visitors to UCW.



In the logistics sector, we completed lease-up of Landport Iwatsuki as well as theconclusion of a green lease agreement for Landport Hachioji.



As shown on the upper left, we have carried out proactive leasing activities in linewith the move-out of a tenant leasing the entire building scheduled for December
2019. As a result, we were able to lease up almost half of the sections without
downtime and also concluded a short-term lease agreement for the remaining halfwith a tenant eyeing continuous leasing in the future.



In addition, as described on the upper right, at Landport Hachioji, we concluded agreen lease agreement with multiple tenants in line with LED installment work. Suchhas resulted in extended contracts, rent increase, etc., and also led to reduction ofenvironmental burden.



I would like to explain appraisal valuation.



Unrealized gain at the end of the fiscal period ended February 2020 stood at 141.2
billion yen for the entire portfolio, increasing by around 17.0 billion yen from the endof the previous fiscal period.



As shown in the red frame in the table on the right, approximately 80% of the portfolio
properties saw a decrease in CAP rate and an increase in appraisal value. As aresult, the portfolio average of CAP rate shown in dashed line in the graph on thelower right decreased by 0.1 percentage points from the end of the previous fiscal
period to 4.1%.

The decrease of appraisal value for some properties is mainly due to reassessmentof the engineering report and rises in costs including fixed asset tax and city planning
tax.



This page explains financing status.



As shown in the table on the upper left, upon refinancing of approximately 38.0 billion
yen in the fiscal period ended February 2020, we continued to press ahead withimproving economic conditions capitalizing on the current financial environment.

Furthermore, as described in the middle right, the credit rating by Rating andInvestment Information, Inc. was upgraded from A+ to AA- in January of this year.
This was the result of their recognition of (1) the improvement of portfolio quality due
to incorporation of properties developed by the sponsor, (2) significant diversificationof portfolio properties worth over 1 trillion yen, and (3) decrease in LTV.



We will continue to aim to establish a strong financial base alongside pursuing better
economic conditions.



As an ESG measure, we became the first J-REIT to acquire a certification ofEnvironmental Management System (EMS) EcoAction 21, leading to receipt of the
Minister of Environment Award as an example of best practice in the Principles for
Financial Action for the 21st Century. This represents recognition of the structure,process and other systems (environmental management systems) of the AssetManagement Company which has set NMF’s environmental policy and goals on its
own and worked to achieve them.



Although NMF has already determined material ESG issues (materiality) across a
broad range of items, we decided to review them this time around.



The major changes are summarized in the red frame on the upper right. These
include an addition of response to water resources to materiality, qualitative
improvement of property criteria for Green Certifications, and raising of numericalgoals for reduction of greenhouse gas emissions.



We will continue to make efforts to achieve the goals by monitoring progress of each
item.



As I explained in the previous page, with regard to environmental measures, wehave revised the two numerical targets (Green Certification/greenhouse gas
emissions) for 2030 to higher than the previous.

While progress has been made steadily towards the targets, we will work to ensure
the achievement of the targets through execution of various measures stated in theframe on the right.



As described on the left, social measures included conducting tenant satisfaction
surveys and providing responses based on their opinions or requests as well as
supporting the U.N. campaigns.

Furthermore, as described on the right, we have continued to strengthen
governance of the Asset Management Company through various training programs,
disaster drills, etc., as measures for governance.



We will continue to discuss and implement effective measures for each aspect of
ESG going forward.